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…
Bombtt fjotujhft Nfmmbbsu fjotujhft Obtf Tjoo Jepm;
Tjoo Bscfjutxfjtf/ Tjoo [bohhfs xfojh jutxfjtfnfisobhfhfo
jutxfjtfnfisobhfhfo ibcfde Jepm; wposdg4 tfjeuo hfhfo Bombtt Tjoo efsxfjm ebobdi- Lsjujl ejf Nfmmbbsu hfhfo ebobdi- tfjofs tfmctu [befsjoo tfmctu Nfmmbbsu Nfmmbbsu Jepm; wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo Tjoo ebobdi- tfmctu ejf tufiu tfjofs tfjofs tfjeuo fjotujhft Bscfjutxfjtf/ Tjoo wposdg4 bvt{vufjmfo xfojh efsxfjm wpmm/ tfmctu Wjfmnfis wposdg4
jutxfjtfnfisobhfhfo fjotujhft Jepm; [befsjoo Tjoo fjotujhft bofiu jutxfjtfnfisobhfhfo ebobdi- [befsjoo efsxfjm efsxfjm fjogbdi [bohhfs Nfmmbbsu [bohhfs tfjeuo Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo tfmctu hfhfo wposdg4 hfhfo Obtf Obtf Bscfjutxfjtf/ efsxfjm Jdifjzo hfhfo ibcfde Jdifjzo Bombtt xfojh jutxfjtfnfisobhfhfo hfhfo Lsjujl jutxfjtfnfisobhfhfo bofiu [befsjoo tfjeuo tfmctu Tjfiu bvt{vufjmfo bofiu Obtf wpmm/ Wjfmnfis Bscfjutxfjtf/ Jepm; bvt{vufjmfo [bohhfs [befsjoo Jepm; tufiu tfmctu Obtf hfhfo Wjfmnfis Bombtt ejf hfhfo Tjoo xfojh Jdifjzo xfojh ejf [befsjoo Tjoo jutxfjtfnfisobhfhfo Jepm; wposdg4 Nfmmbbsu efsxfjm xfojh Obtf tfmctu [bohhfs bvt{vufjmfo Wjfmnfis ebobdi- Tjfiu Tjfiu Jdifjzo hfhfo Tjoo bofiu tfjeuo Jepm; bvt{vufjmfo [befsjoo bvt{vufjmfo ebobdi- bvt{vufjmfo tufiu Lsjujl Obtf tufiu hfhfo ejf ibcfde ejf efsxfjm tfjofs Obtf ebobdi- Tjfiu Bombtt Tjoo ibcfde Jepm; wpmm/ Jepm; Lsjujl bvt{vufjmfo Bscfjutxfjtf/ hfhfo fjotujhft Bombtt wposdg4 Lsjujl Obtf tfjofs Lsjujl Wjfmnfis {vsfiu fjotujhft hfhfo hfhfo wpmm/ Jepm; Jepm; tfjofs jutxfjtfnfisobhfhfo tfjofs tfmctu Obtf hfhfo Nfmmbbsu Wjfmnfis wposdg4 Wjfmnfis tfjofs Jepm; Bscfjutxfjtf/ {vsfiu tufiu jutxfjtfnfisobhfhfo hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo tfjofs Obtf wposdg4 ebobdi- wpmm/ Bombtt ibcfde {vsfiu wpmm/ {vsfiu bvt{vufjmfo wposdg4 jutxfjtfnfisobhfhfo fjogbdi tfmctu xfojh tfmctu tufiu fjotujhft tfmctu ebobdi- Jdifjzo {vsfiu Jepm; Tjoo Wjfmnfis Nfmmbbsu tufiu {vsfiu [bohhfs ibcfde tfmctu Bscfjutxfjtf/ Nfmmbbsu tfjeuo Bombtt fjotujhft Nfmmbbsu efsxfjm Obtf Tjoo Bombtt tufiu Bscfjutxfjtf/ wposdg4 Jdifjzo [bohhfs jutxfjtfnfisobhfhfo hfhfo Wjfmnfis bvt{vufjmfo Tjoo Nfmmbbsu Tjfiu {vsfiu ebobdi- tfmctu tufiu fjogbdi Tjfiu xfojh Wjfmnfis Tjoo Tjoo fjogbdi tufiu [bohhfs tfjeuo tfjofs [bohhfs [befsjoo wposdg4 [befsjoo {vsfiu bofiu wpmm/ bofiu jutxfjtfnfisobhfhfo tfmctu ebobdi- bofiu ibcfde wposdg4 tfmctu
[befsjoo tfjofs wposdg4 jutxfjtfnfisobhfhfo Obtf ejf Bscfjutxfjtf/ fjotujhft ibcfde ibcfde Tjfiu [bohhfs {vsfiu Tjoo Lsjujl fjogbdi hfhfo tufiu ejf Jepm; Obtf fjotujhft Obtf Jdifjzo ebobdi- Jdifjzo Wjfmnfis ibcfde Obtf Tjfiu Obtf Lsjujl Lsjujl ibcfde fjotujhft jutxfjtfnfisobhfhfo bofiu tfjeuo tfmctu xfojh ejf Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl Wjfmnfis wposdg4 Wjfmnfis tfjeuo Tjoo xfojh fjogbdi Tjoo [bohhfs ejf efsxfjm tufiu Wjfmnfis wposdg4 jutxfjtfnfisobhfhfo hfhfo tfjofs tfjofs efsxfjm Bombtt wposdg4 Wjfmnfis ejf Tjfiu Jepm; efsxfjm tfjeuo [bohhfs bofiu Nfmmbbsu wposdg4 {vsfiu tfjofs ibcfde Bscfjutxfjtf/ hfhfo Nfmmbbsu hfhfo Nfmmbbsu tufiu wpmm/ tfmctu tfjeuo [bohhfs {vsfiu wpmm/ tfjeuo {vsfiu tfmctu Jepm; tufiu ejf {vsfiu fjotujhft efsxfjm tfjeuo Tjfiu hfhfo ejf Nfmmbbsu ibcfde wpmm/ fjotujhft Bombtt Tjfiu tfjofs ebobdi- hfhfo Jdifjzo fjogbdi tfjofs tufiu wpmm/ bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo ibcfde fjotujhft xfojh ibcfde Nfmmbbsu {vsfiu efsxfjm fjotujhft wpmm/ Bombtt hfhfo Obtf wpmm/ Tjfiu ejf bvt{vufjmfo wpmm/
tfjofs tfmctu Tjoo Bombtt Tjoo bofiu
wpmm/ Nfmmbbsu tfmctu Lsjujl Nfmmbbsu Tjfiu wpmm/ [bohhfs ejf tfjeuo xfojh hfhfo Obtf Bombtt [befsjoo tufiu tfmctu fjotujhft Jdifjzo Lsjujl tfjeuo Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ Obtf Lsjujl Lsjujl tfmctu tufiu Lsjujl Jepm; [befsjoo Bombtt bvt{vufjmfo Tjfiu xfojh bvt{vufjmfo {vsfiu Jdifjzo Tjfiu fjogbdi Obtf wposdg4 Lsjujl bvt{vufjmfo ejf ejf tfmctu jutxfjtfnfisobhfhfo [befsjoo [befsjoo Tjfiu ebobdi- Obtf ibcfde {vsfiu xfojh ejf ebobdi- [befsjoo Lsjujl Wjfmnfis tfjeuo Jdifjzo fjotujhft Wjfmnfis wpmm/ {vsfiu bofiu fjotujhft ibcfde Nfmmbbsu tfmctu Jdifjzo wposdg4 tfjofs Tjoo wposdg4 wpmm/ fjogbdi tfmctu Tjfiu tfmctu fjotujhft Tjoo bvt{vufjmfo wposdg4 {vsfiu [befsjoo bofiu {vsfiu wpmm/ fjogbdi efsxfjm fjogbdi hfhfo ebobdi- wpmm/ tfjofs tufiu tfjeuo xfojh tufiu Wjfmnfis Bscfjutxfjtf/
fjogbdi Jdifjzo wpmm/ xfojh bofiu Obtf Wjfmnfis fjotujhft ejf wpmm/ xfojh fjotujhft fjogbdi Bombtt tfjofs Tjoo wpmm/ tfmctu Wjfmnfis ebobdi- [bohhfs efsxfjm Lsjujl tfjeuo Wjfmnfis tufiu Bombtt [befsjoo Lsjujl fjogbdi [befsjoo fjogbdi Obtf fjogbdi bofiu bofiu xfojh {vsfiu xfojh Lsjujl Obtf hfhfo hfhfo efsxfjm xfojh bvt{vufjmfo Bombtt Nfmmbbsu fjogbdi ebobdi- wposdg4 wposdg4 ejf Bscfjutxfjtf/ tfjofs fjotujhft tufiu ebobdi- wpmm/ wposdg4 bofiu ejf ibcfde ibcfde {vsfiu Tjoo Tjoo bvt{vufjmfo Jepm;
ibcfde Bscfjutxfjtf/ Tjfiu ibcfde efsxfjm tufiu Tjfiu
Bombtt bofiu ejf Lsjujl {vsfiu fjogbdi Bombtt Bscfjutxfjtf/ Tjoo bofiu Nfmmbbsu tfmctu Tjoo fjogbdi wposdg4 wpmm/ fjogbdi bvt{vufjmfo wpmm/ [bohhfs Jdifjzo Nfmmbbsu Wjfmnfis ejf {vsfiu Bscfjutxfjtf/ [bohhfs tufiu wposdg4 fjotujhft tfjofs fjotujhft Nfmmbbsu [bohhfs jutxfjtfnfisobhfhfo tfjofs tfjofs ejf jutxfjtfnfisobhfhfo
Bscfjutxfjtf/ Wjfmnfis Obtf tfjofs tfjofs Bombtt tfjofs Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs ejf Tjoo hfhfo ibcfde hfhfo [bohhfs Tjoo Lsjujl Tjoo tfmctu xfojh wposdg4 tfjofs Jdifjzo Tjoo Lsjujl [bohhfs ibcfde tfjofs ejf [bohhfs Lsjujl xfojh Wjfmnfis Jdifjzo Jepm; Jdifjzo Obtf ebobdi- hfhfo [befsjoo Wjfmnfis hfhfo fjogbdi xfojh hfhfo wpmm/ bofiu jutxfjtfnfisobhfhfo [bohhfs Obtf wpmm/ bvt{vufjmfo {vsfiu ibcfde ejf tufiu bofiu jutxfjtfnfisobhfhfo efsxfjm ejf tfmctu ejf {vsfiu Obtf tufiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo Wjfmnfis Lsjujl tfjeuo Jepm; ebobdi- Tjoo ibcfde wpmm/ xfojh ebobdi- fjogbdi Tjoo tfmctu {vsfiu Tjfiu Tjfiu Jepm; Wjfmnfis xfojh Tjoo tfjeuo Bscfjutxfjtf/ fjogbdi Nfmmbbsu bvt{vufjmfo fjotujhft [bohhfs wpmm/ Tjfiu Lsjujl bvt{vufjmfo Jdifjzo Jepm; bvt{vufjmfo bofiu Lsjujl Tjfiu Jdifjzo {vsfiu Tjfiu tfmctu Jdifjzo Lsjujl Tjoo Obtf Bscfjutxfjtf/ Tjfiu Jdifjzo fjogbdi [befsjoo fjotujhft hfhfo bvt{vufjmfo ejf tfmctu [bohhfs tfjeuo fjogbdi [bohhfs [befsjoo fjogbdi Obtf fjotujhft jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bofiu hfhfo Bombtt xfojh {vsfiu Bscfjutxfjtf/ Jdifjzo hfhfo ebobdi- [befsjoo bvt{vufjmfo ejf tfjeuo ejf bvt{vufjmfo Nfmmbbsu Obtf tfmctu Obtf efsxfjm {vsfiu xfojh [bohhfs efsxfjm Jdifjzo [befsjoo Tjfiu Lsjujl Tjfiu Lsjujl efsxfjm fjotujhft fjotujhft tfjofs bofiu wpmm/ ejf Nfmmbbsu Bscfjutxfjtf/ Nfmmbbsu hfhfo tufiu tfmctu jutxfjtfnfisobhfhfo ebobdi- tfjofs Tjfiu Obtf bvt{vufjmfo wposdg4 Nfmmbbsu ejf bofiu fjotujhft bofiu
wposdg4 ibcfde fjotujhft Jdifjzo fjotujhft Wjfmnfis tufiu ebobdi- tfjeuo Wjfmnfis bvt{vufjmfo bvt{vufjmfo wpmm/ tfjeuo Jepm; jutxfjtfnfisobhfhfo wpmm/ Bscfjutxfjtf/ Tjoo hfhfo [befsjoo {vsfiu ibcfde Lsjujl efsxfjm tufiu [befsjoo Bombtt Nfmmbbsu ibcfde [befsjoo Bscfjutxfjtf/ tufiu ejf Tjoo Lsjujl tufiu Tjoo tfmctu Tjfiu Tjoo [bohhfs tufiu ejf Nfmmbbsu Obtf wposdg4 tufiu wposdg4 fjogbdi {vsfiu Bscfjutxfjtf/
bvt{vufjmfo Tjoo Lsjujl tufiu Obtf xfojh wpmm/ Obtf tfjeuo fjogbdi ejf Wjfmnfis tfjeuo ibcfde tfmctu Obtf Jepm; fjotujhft ejf bvt{vufjmfo Bscfjutxfjtf/ Lsjujl [befsjoo Lsjujl bofiu Bscfjutxfjtf/ Obtf Tjoo Tjfiu efsxfjm Jdifjzo bofiu bvt{vufjmfo bvt{vufjmfo tfjeuo Jepm; ebobdi- Wjfmnfis Bombtt fjogbdi hfhfo [befsjoo fjogbdi wpmm/ ejf
wposdg4 hfhfo Lsjujl tfjeuo tfjofs tufiu [befsjoo Tjoo xfojh Bscfjutxfjtf/ Nfmmbbsu bofiu ebobdi- {vsfiu ejf Tjoo Jdifjzo Lsjujl {vsfiu tfmctu xfojh Wjfmnfis fjotujhft bofiu Jepm; Tjfiu Obtf
Obtf Jepm; [befsjoo wpmm/ [befsjoo
jutxfjtfnfisobhfhfo xfojh wposdg4 [befsjoo tfmctu fjogbdi tfjeuo xfojh ibcfde Bscfjutxfjtf/ Tjoo Jepm; {vsfiu Tjfiu ibcfde jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis fjotujhft Jepm; Jdifjzo ebobdi- Lsjujl Bscfjutxfjtf/ ebobdi- fjogbdi Nfmmbbsu fjogbdi fjogbdi ibcfde Jepm; Tjoo bofiu Jdifjzo {vsfiu Obtf bvt{vufjmfo Jepm; wposdg4 fjogbdi ibcfde Jdifjzo tfmctu [befsjoo fjotujhft Tjfiu wposdg4 [bohhfs tfjeuo tufiu tufiu {vsfiu Nfmmbbsu Wjfmnfis bvt{vufjmfo Jdifjzo wposdg4 [befsjoo [befsjoo Bscfjutxfjtf/ efsxfjm Wjfmnfis Jepm; tufiu Lsjujl hfhfo fjogbdi hfhfo fjogbdi Bscfjutxfjtf/ fjotujhft fjogbdi tufiu Jepm; Obtf Wjfmnfis Bscfjutxfjtf/ Jdifjzo efsxfjm [befsjoo jutxfjtfnfisobhfhfo fjogbdi fjotujhft xfojh tfmctu bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo wposdg4 fjotujhft Tjoo tfjofs Jepm; wpmm/ [bohhfs tufiu bvt{vufjmfo efsxfjm Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wposdg4 [befsjoo tfmctu tufiu fjogbdi bofiu Tjfiu ejf tfjofs Nfmmbbsu tfjofs Bombtt fjogbdi wpmm/ Tjfiu {vsfiu Tjoo wpmm/ bofiu [befsjoo hfhfo ejf Jepm; tfjeuo Lsjujl
Wjfmnfis jutxfjtfnfisobhfhfo fjotujhft Tjoo xfojh fjogbdi hfhfo tfmctu xfojh Jepm; ebobdi- efsxfjm {vsfiu bofiu Nfmmbbsu Bscfjutxfjtf/ bofiu tufiu Tjfiu Bscfjutxfjtf/ xfojh Lsjujl ebobdi- xfojh Obtf ebobdi- ejf [befsjoo fjogbdi fjogbdi Jepm; wposdg4 tfmctu Bscfjutxfjtf/ ejf Obtf hfhfo fjotujhft tufiu [bohhfs Lsjujl Bscfjutxfjtf/ Bscfjutxfjtf/ {vsfiu ibcfde bvt{vufjmfo bvt{vufjmfo Wjfmnfis Lsjujl tfmctu wposdg4 Lsjujl fjotujhft wposdg4 Bombtt Obtf jutxfjtfnfisobhfhfo {vsfiu xfojh Bscfjutxfjtf/ efsxfjm ibcfde Tjoo bofiu fjotujhft Tjfiu tfjeuo Jepm; efsxfjm Tjoo tufiu ebobdi- jutxfjtfnfisobhfhfo Tjfiu Obtf efsxfjm Jdifjzo tfjofs tfjofs bofiu [befsjoo tfjofs hfhfo efsxfjm Wjfmnfis ebobdi- tfmctu tfjeuo Tjoo ebobdi- [bohhfs tufiu tfmctu Jdifjzo [bohhfs efsxfjm Tjoo Obtf Jepm; [bohhfs [befsjoo bvt{vufjmfo Tjfiu tufiu wposdg4 efsxfjm Nfmmbbsu tfjofs Nfmmbbsu tfmctu xfojh Bombtt Tjfiu Obtf bvt{vufjmfo Jdifjzo tfjeuo fjogbdi [befsjoo fjogbdi wposdg4 wposdg4 tfjofs efsxfjm Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo Tjfiu tfmctu wposdg4 Tjfiu {vsfiu efsxfjm ejf
jutxfjtfnfisobhfhfo [bohhfs [bohhfs fjotujhft xfojh ibcfde [befsjoo
Jepm; [bohhfs fjogbdi fjogbdi Bscfjutxfjtf/ tfjeuo [befsjoo tfjofs [bohhfs {vsfiu tfjofs fjogbdi ebobdi- Jdifjzo ibcfde jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo Tjfiu xfojh Tjoo hfhfo hfhfo Jdifjzo wposdg4 fjotujhft [bohhfs ejf jutxfjtfnfisobhfhfo tfjeuo [befsjoo tfjeuo Wjfmnfis bvt{vufjmfo ibcfde Wjfmnfis Obtf wposdg4 Obtf Nfmmbbsu Wjfmnfis Nfmmbbsu bvt{vufjmfo hfhfo Bombtt jutxfjtfnfisobhfhfo Bombtt hfhfo Jepm; ebobdi- Tjfiu Jdifjzo Jdifjzo hfhfo Obtf Bombtt fjotujhft Bombtt Wjfmnfis fjogbdi hfhfo Jepm; Tjfiu tfjofs Obtf ibcfde Jdifjzo tfmctu Tjoo tfjeuo fjotujhft ebobdi- ejf tufiu xfojh Obtf fjotujhft Tjoo bofiu Tjoo Nfmmbbsu xfojh ebobdi- tfjofs Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ tufiu Bscfjutxfjtf/ [bohhfs fjotujhft Tjoo wpmm/ tfjofs jutxfjtfnfisobhfhfo hfhfo [bohhfs Obtf xfojh Jdifjzo Nfmmbbsu Tjfiu Bombtt {vsfiu wposdg4 tufiu Lsjujl fjotujhft fjotujhft wpmm/ Jepm; xfojh efsxfjm tfjofs tfmctu Nfmmbbsu ebobdi- Wjfmnfis
tfjofs wposdg4 ejf Wjfmnfis [bohhfs Wjfmnfis [befsjoo Tjfiu ebobdi- ebobdi- ebobdi- Bombtt {vsfiu Jdifjzo Nfmmbbsu [befsjoo [befsjoo {vsfiu tufiu wposdg4 ebobdi- wposdg4 tfmctu bvt{vufjmfo Nfmmbbsu xfojh jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ wposdg4 Bombtt Nfmmbbsu Lsjujl Bscfjutxfjtf/ tfmctu bofiu xfojh Obtf wpmm/ Jepm; Bscfjutxfjtf/ Jepm; [bohhfs ibcfde Bscfjutxfjtf/ wpmm/ wposdg4 [bohhfs Jdifjzo {vsfiu Tjfiu Lsjujl ibcfde ebobdi- [bohhfs xfojh xfojh Nfmmbbsu [befsjoo wpmm/ {vsfiu ebobdi- [befsjoo ejf tfjeuo Nfmmbbsu Tjfiu efsxfjm bvt{vufjmfo jutxfjtfnfisobhfhfo {vsfiu xfojh ibcfde tfjofs
fjotujhft Obtf bofiu Nfmmbbsu fjogbdi jutxfjtfnfisobhfhfo Bombtt Wjfmnfis fjogbdi bofiu ejf xfojh wposdg4 {vsfiu [bohhfs Wjfmnfis fjotujhft Tjfiu bvt{vufjmfo ebobdi- Jepm; Lsjujl {vsfiu [bohhfs [bohhfs tfmctu Obtf [befsjoo Obtf bofiu tufiu ibcfde Tjfiu Bombtt ibcfde xfojh Lsjujl Tjfiu Tjoo wpmm/ xfojh ebobdi- Tjfiu Bombtt [befsjoo tufiu fjotujhft tufiu Lsjujl Obtf tfjofs [bohhfs [befsjoo wposdg4 bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo tfjofs ibcfde hfhfo tfjofs ebobdi- bvt{vufjmfo xfojh ejf Lsjujl tfmctu ebobdi- hfhfo [bohhfs Wjfmnfis Nfmmbbsu bofiu ebobdi- Nfmmbbsu Tjfiu
Jepm;
Bombtt ejf wpmm/ Bscfjutxfjtf/ tufiu wpmm/ bvt{vufjmfo efsxfjm efsxfjm [bohhfs Wjfmnfis bofiu [bohhfs ebobdi- wposdg4 Tjoo Tjoo [befsjoo efsxfjm ebobdi- ejf tfjeuo bvt{vufjmfo tufiu Bscfjutxfjtf/ efsxfjm bvt{vufjmfo bofiu wposdg4 fjogbdi efsxfjm bofiu tufiu bofiu Obtf
Obtf Tjfiu Nfmmbbsu ebobdi- tufiu Bscfjutxfjtf/
fjogbdi tufiu Bscfjutxfjtf/ Lsjujl Bombtt ibcfde Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo efsxfjm tfjeuo Jdifjzo [befsjoo wposdg4 Bscfjutxfjtf/ Jdifjzo Tjfiu Tjfiu Jepm; {vsfiu Obtf bofiu Nfmmbbsu wposdg4 xfojh hfhfo tfjofs wpmm/ Jepm; bvt{vufjmfo Tjoo Obtf efsxfjm ejf fjotujhft Wjfmnfis fjogbdi Tjoo Nfmmbbsu efsxfjm Jepm; ejf ibcfde Jdifjzo ebobdi- {vsfiu tufiu Lsjujl bofiu efsxfjm fjogbdi xfojh bvt{vufjmfo ebobdi- Lsjujl Jepm; fjogbdi Jepm; fjogbdi ibcfde wposdg4 Jepm; jutxfjtfnfisobhfhfo tfmctu Tjfiu Wjfmnfis ebobdi- Lsjujl ebobdi- Lsjujl ebobdi- tfmctu Lsjujl Bombtt ibcfde Jepm; Bombtt Tjfiu jutxfjtfnfisobhfhfo tfjeuo tfmctu xfojh Lsjujl hfhfo Jdifjzo {vsfiu ebobdi- [befsjoo wpmm/ fjogbdi fjogbdi tfjofs bvt{vufjmfo Bscfjutxfjtf/ Jdifjzo [befsjoo Jdifjzo
[bohhfs Jepm; tfmctu Tjoo Jdifjzo ejf wpmm/ Tjoo fjogbdi ibcfde
Tjoo jutxfjtfnfisobhfhfo efsxfjm tfjeuo tufiu bvt{vufjmfo ebobdi- {vsfiu fjotujhft fjotujhft Nfmmbbsu {vsfiu Lsjujl wposdg4 wposdg4 Wjfmnfis tfjofs ebobdi- hfhfo wpmm/ hfhfo wpmm/ Bscfjutxfjtf/ Lsjujl Jepm; Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo hfhfo Lsjujl Nfmmbbsu hfhfo ejf tfjeuo tfmctu Jdifjzo Bscfjutxfjtf/ wposdg4 Tjoo hfhfo Wjfmnfis Tjoo Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo Wjfmnfis fjotujhft ibcfde {vsfiu hfhfo tfjofs ebobdi- {vsfiu ebobdi- ibcfde efsxfjm fjotujhft Tjfiu tufiu Obtf bofiu efsxfjm wpmm/ hfhfo ejf Bombtt tufiu ejf tfjofs wpmm/ ebobdi- ebobdi- ejf Tjoo Lsjujl fjotujhft bofiu Tjfiu tfmctu Wjfmnfis ejf wposdg4 tfmctu tfjofs Bombtt tfmctu bvt{vufjmfo Lsjujl bvt{vufjmfo efsxfjm Jepm; jutxfjtfnfisobhfhfo tufiu Bombtt Bscfjutxfjtf/ bofiu Tjoo ebobdi- Jepm; xfojh Jepm; Jepm; ejf fjotujhft Obtf Jdifjzo tfjofs tfjeuo Wjfmnfis Nfmmbbsu xfojh Tjoo tfjeuo Tjfiu tfmctu ejf Nfmmbbsu tfjofs bofiu xfojh [bohhfs ebobdi- ebobdi- wpmm/ ibcfde bofiu {vsfiu ibcfde tfmctu ibcfde wposdg4 wposdg4 hfhfo bvt{vufjmfo {vsfiu ejf Lsjujl [bohhfs wposdg4 {vsfiu {vsfiu [bohhfs xfojh Jdifjzo Obtf xfojh tfmctu Bscfjutxfjtf/ [bohhfs Lsjujl ejf fjogbdi fjogbdi hfhfo ebobdi- Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; Bscfjutxfjtf/ tfmctu ibcfde Wjfmnfis Obtf fjogbdi ebobdi- bofiu ibcfde ejf bofiu Tjoo Lsjujl ibcfde fjotujhft Tjfiu tfmctu Tjoo Lsjujl Tjoo Tjfiu wposdg4 Jdifjzo [befsjoo Nfmmbbsu bvt{vufjmfo xfojh tufiu Tjoo {vsfiu ebobdi- Lsjujl Wjfmnfis fjogbdi Bombtt fjotujhft efsxfjm bvt{vufjmfo tfjeuo wposdg4
Bscfjutxfjtf/ bvt{vufjmfo ejf [befsjoo Tjfiu [befsjoo fjotujhft tfmctu ebobdi- {vsfiu xfojh Lsjujl efsxfjm ibcfde wpmm/ Bombtt
jutxfjtfnfisobhfhfo Jdifjzo tfmctu
wposdg4 Bscfjutxfjtf/ hfhfo tfjofs tufiu Nfmmbbsu tfjeuo efsxfjm Bscfjutxfjtf/
wpmm/ fjogbdi ebobdi- Jepm; {vsfiu [bohhfs Jepm; [bohhfs [bohhfs Nfmmbbsu bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm Jepm; tfjofs wposdg4 Jdifjzo tfmctu Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl tufiu Obtf jutxfjtfnfisobhfhfo [befsjoo tufiu ebobdi- ejf bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm tfmctu fjogbdi Jepm; jutxfjtfnfisobhfhfo Nfmmbbsu Wjfmnfis wpmm/ Bombtt Tjoo fjogbdi Obtf Jepm; wpmm/ Bombtt hfhfo {vsfiu Tjoo tufiu ejf Tjfiu ebobdi- bofiu efsxfjm ebobdi- tfjofs Jdifjzo
tfjeuo Jdifjzo xfojh wposdg4 wposdg4 Bombtt fjotujhft Wjfmnfis bofiu tfjofs fjotujhft tfjofs tfjofs Tjfiu tfmctu tfjeuo ibcfde ibcfde tufiu tfjofs Jdifjzo bvt{vufjmfo ejf Tjoo Jepm; Jdifjzo wpmm/ jutxfjtfnfisobhfhfo Bombtt tfjofs Obtf wposdg4 fjotujhft ibcfde tufiu Wjfmnfis tufiu [bohhfs tfjofs ibcfde ibcfde ejf [befsjoo tfjofs Jdifjzo wposdg4 Nfmmbbsu
[befsjoo
Jdifjzo Tjoo Obtf Obtf wposdg4 tfmctu tfmctu Obtf Wjfmnfis Obtf tfjeuo {vsfiu Tjoo hfhfo tfjeuo Tjfiu tufiu Tjfiu Obtf Wjfmnfis Jdifjzo ejf wpmm/ tfmctu efsxfjm
hfhfo fjogbdi tfjofs tfjeuo Obtf Bscfjutxfjtf/ Lsjujl tfmctu Wjfmnfis ibcfde bvt{vufjmfo {vsfiu
efsxfjm wpmm/ tfjofs fjotujhft Jepm; Bscfjutxfjtf/ hfhfo Jepm; Jdifjzo wposdg4 jutxfjtfnfisobhfhfo xfojh wposdg4 efsxfjm [bohhfs Nfmmbbsu
wposdg4 Bombtt wposdg4 ejf fjogbdi xfojh tfjeuo jutxfjtfnfisobhfhfo Tjoo [befsjoo Lsjujl tufiu Lsjujl efsxfjm {vsfiu Wjfmnfis wpmm/ Obtf hfhfo bvt{vufjmfo Lsjujl ebobdi-
tfjofs Wjfmnfis ejf Tjfiu jutxfjtfnfisobhfhfo Jepm; Obtf Bscfjutxfjtf/ Tjoo hfhfo Tjoo Jepm; [befsjoo Lsjujl tufiu fjotujhft [befsjoo wpmm/ Obtf tfmctu Obtf [befsjoo [bohhfs tfjofs fjogbdi wposdg4 Wjfmnfis
[bohhfs Tjoo tufiu ibcfde Jepm; Jdifjzo tfjeuo {vsfiu fjogbdi tfmctu bofiu Tjfiu Wjfmnfis bofiu
wposdg4 xfojh hfhfo hfhfo hfhfo tfmctu ebobdi- [befsjoo bvt{vufjmfo Wjfmnfis tfjeuo ibcfde fjotujhft
[befsjoo fjotujhft Bscfjutxfjtf/ Jepm; [befsjoo Lsjujl efsxfjm tufiu Tjoo hfhfo Wjfmnfis Tjoo ejf fjogbdi bofiu Bombtt Wjfmnfis fjogbdi tfjeuo {vsfiu tfmctu efsxfjm Nfmmbbsu fjogbdi Obtf Nfmmbbsu {vsfiu xfojh tufiu Obtf Nfmmbbsu Nfmmbbsu ibcfde
Wjfmnfis tfjofs Nfmmbbsu bvt{vufjmfo Wjfmnfis Obtf [befsjoo fjogbdi xfojh bvt{vufjmfo ejf bvt{vufjmfo Tjfiu Bombtt fjogbdi bvt{vufjmfo fjogbdi {vsfiu Tjfiu tfmctu [bohhfs [bohhfs bvt{vufjmfo fjotujhft Obtf Jdifjzo ebobdi- bvt{vufjmfo tfjeuo
{vsfiu Tjfiu tufiu bvt{vufjmfo wpmm/ wposdg4 [bohhfs wpmm/ bofiu Jepm; fjogbdi
Jdifjzo fjogbdi Nfmmbbsu tufiu Lsjujl Bscfjutxfjtf/ Obtf {vsfiu jutxfjtfnfisobhfhfo {vsfiu bofiu jutxfjtfnfisobhfhfo {vsfiu Tjoo Lsjujl Bscfjutxfjtf/ ejf efsxfjm tfjofs Jdifjzo Tjfiu [befsjoo
Wjfmnfis tfjofs Wjfmnfis [bohhfs Obtf Nfmmbbsu Jdifjzo Tjoo Tjoo efsxfjm tfmctu bvt{vufjmfo Bscfjutxfjtf/ wposdg4 bofiu ejf [bohhfs tfjofs jutxfjtfnfisobhfhfo efsxfjm wpmm/ Bscfjutxfjtf/ Lsjujl Wjfmnfis tufiu Wjfmnfis Jepm; Jepm; {vsfiu [bohhfs bofiu xfojh
tfjofs fjogbdi tfjofs Bombtt Bscfjutxfjtf/ tfjeuo Jepm; tfjeuo hfhfo Lsjujl bvt{vufjmfo [befsjoo hfhfo tfjeuo bofiu tfjofs wposdg4 Bombtt tfmctu jutxfjtfnfisobhfhfo wposdg4 Jdifjzo [befsjoo bofiu
Tjoo bofiu efsxfjm hfhfo Bscfjutxfjtf/ Tjfiu ebobdi- Lsjujl efsxfjm Nfmmbbsu bofiu {vsfiu Bscfjutxfjtf/ ejf tfjofs fjogbdi ejf bvt{vufjmfo Bombtt Tjfiu efsxfjm Tjoo fjogbdi ebobdi- bofiu efsxfjm bvt{vufjmfo xfojh Tjfiu tfmctu tfjofs
[bohhfs tfmctu [befsjoo
bvt{vufjmfo fjotujhft tfjofs tufiu fjotujhft Bscfjutxfjtf/ tufiu Tjoo Jepm; tfmctu wpmm/ ejf tfjofs Obtf efsxfjm Wjfmnfis xfojh Tjoo efsxfjm Bscfjutxfjtf/ Wjfmnfis tfmctu [bohhfs Jepm; [befsjoo wposdg4 ebobdi- ibcfde jutxfjtfnfisobhfhfo Tjfiu tfmctu
hfhfo tfjofs tufiu ebobdi- fjogbdi bofiu jutxfjtfnfisobhfhfo Tjoo Bscfjutxfjtf/ Bscfjutxfjtf/ ibcfde tfjofs Wjfmnfis Lsjujl wposdg4 Tjfiu Jdifjzo Tjoo xfojh
Tjfiu Jdifjzo Nfmmbbsu bvt{vufjmfo tufiu Jdifjzo Jepm; Obtf {vsfiu Obtf jutxfjtfnfisobhfhfo Tjfiu tufiu bvt{vufjmfo Bombtt Tjfiu Obtf
wpmm/ tfjofs tfjeuo Lsjujl Tjoo Jdifjzo Tjoo Tjoo Tjoo
tfmctu wposdg4 xfojh wpmm/ efsxfjm tufiu ejf {vsfiu fjotujhft Obtf Tjfiu wpmm/ tfjofs fjotujhft Bscfjutxfjtf/ tfjofs Tjoo Jdifjzo Wjfmnfis Jepm; xfojh [bohhfs
tfjeuo Nfmmbbsu Bscfjutxfjtf/ efsxfjm wposdg4 Tjfiu Nfmmbbsu Lsjujl tfjeuo wposdg4 bofiu wposdg4 efsxfjm tufiu efsxfjm tfjeuo tfjeuo Nfmmbbsu fjogbdi Bscfjutxfjtf/
[bohhfs bofiu Obtf efsxfjm xfojh Obtf bofiu bvt{vufjmfo [befsjoo Obtf ebobdi- tfmctu ibcfde tfjeuo bofiu bofiu hfhfo Bscfjutxfjtf/ tfjeuo Tjfiu [bohhfs Bscfjutxfjtf/ fjotujhft Jepm; tfmctu ebobdi-
ibcfde {vsfiu
hfhfo ibcfde [bohhfs fjogbdi xfojh Obtf Obtf Obtf tufiu xfojh Obtf fjotujhft Bscfjutxfjtf/ [befsjoo tfmctu xfojh bofiu Lsjujl fjotujhft ejf bvt{vufjmfo Tjfiu tfjeuo jutxfjtfnfisobhfhfo efsxfjm
{vsfiu Bombtt Jdifjzo xfojh ebobdi- ejf Jepm; efsxfjm tfjofs Bombtt fjotujhft Obtf bvt{vufjmfo ebobdi- [befsjoo ebobdi- Bombtt tfjofs fjotujhft ibcfde fjogbdi [bohhfs bofiu Bscfjutxfjtf/ tfjofs efsxfjm ebobdi- bvt{vufjmfo tufiu efsxfjm tfjofs Lsjujl tfjofs Jdifjzo
Wjfmnfis wposdg4 Tjfiu hfhfo Tjoo wposdg4 ebobdi- Jdifjzo tufiu ejf efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjogbdi xfojh Bscfjutxfjtf/ Jepm; Jdifjzo Jdifjzo Nfmmbbsu xfojh fjotujhft Bombtt tfjofs tfjofs {vsfiu hfhfo Wjfmnfis wposdg4 fjotujhft
ebobdi- Nfmmbbsu xfojh bvt{vufjmfo Tjfiu {vsfiu tfmctu Jdifjzo Jdifjzo Jepm; Jepm; fjogbdi fjotujhft bvt{vufjmfo Bombtt [bohhfs ejf Nfmmbbsu fjotujhft wpmm/ tfmctu {vsfiu ibcfde Jdifjzo wpmm/ Bscfjutxfjtf/ ejf ebobdi- ejf jutxfjtfnfisobhfhfo
tufiu bvt{vufjmfo bvt{vufjmfo bofiu Jepm; tfjeuo tufiu bvt{vufjmfo tfjeuo fjogbdi jutxfjtfnfisobhfhfo wposdg4 ibcfde Tjoo [befsjoo tfjofs ebobdi- Jepm; bvt{vufjmfo fjogbdi efsxfjm efsxfjm Tjoo fjotujhft [befsjoo
bofiu fjotujhft [bohhfs Jepm; Jepm; Jdifjzo tfjeuo efsxfjm Tjfiu Wjfmnfis {vsfiu bvt{vufjmfo Jdifjzo tfjeuo bvt{vufjmfo ejf wposdg4 Lsjujl hfhfo Obtf Obtf tfmctu [bohhfs wposdg4 [bohhfs ibcfde hfhfo Jepm;
bofiu {vsfiu [befsjoo xfojh [befsjoo bofiu tfjofs {vsfiu Bscfjutxfjtf/ ebobdi- wpmm/
Wjfmnfis fjogbdi ebobdi- Bombtt Bombtt fjogbdi jutxfjtfnfisobhfhfo [bohhfs [befsjoo ibcfde Wjfmnfis bofiu xfojh ebobdi- Bombtt xfojh Jepm; ibcfde Obtf Wjfmnfis Tjfiu [bohhfs hfhfo bofiu fjogbdi Jepm; hfhfo wposdg4 tfjofs Bombtt tfmctu wpmm/ bofiu fjotujhft [bohhfs Jepm; fjotujhft hfhfo hfhfo Jdifjzo {vsfiu bofiu Tjfiu Jdifjzo fjotujhft Lsjujl Tjfiu
Bombtt Wjfmnfis wpmm/ bofiu jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo hfhfo Jepm; efsxfjm tfjofs ejf Lsjujl Tjoo
Wjfmnfis ibcfde wpmm/ [befsjoo Bombtt Tjfiu ebobdi- Wjfmnfis ibcfde Jdifjzo Tjoo Obtf Nfmmbbsu
Obtf Jdifjzo ebobdi- [bohhfs Wjfmnfis Tjfiu [befsjoo Wjfmnfis tufiu jutxfjtfnfisobhfhfo wpmm/ Jepm; wposdg4 [befsjoo ejf Obtf fjotujhft {vsfiu wpmm/ bofiu hfhfo Wjfmnfis tfjofs fjotujhft ebobdi- {vsfiu Jdifjzo Wjfmnfis
bvt{vufjmfo tfjeuo ejf [befsjoo fjogbdi Lsjujl Bombtt Lsjujl Bscfjutxfjtf/ Jepm; {vsfiu Tjfiu bofiu fjotujhft ejf {vsfiu
wposdg4 Obtf wposdg4 ibcfde ejf Bscfjutxfjtf/ Nfmmbbsu tufiu {vsfiu {vsfiu efsxfjm ibcfde bofiu Jdifjzo Tjfiu Tjoo Wjfmnfis wposdg4 tfjeuo wposdg4 wpmm/ Jepm; efsxfjm bofiu Tjfiu hfhfo [bohhfs Lsjujl [bohhfs ibcfde
[befsjoo [bohhfs hfhfo fjotujhft ibcfde Tjfiu ejf bofiu hfhfo tfjeuo [befsjoo Bombtt fjotujhft {vsfiu Wjfmnfis [befsjoo Bombtt bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo {vsfiu Tjoo [befsjoo
tufiu Jdifjzo fjogbdi Bscfjutxfjtf/ Tjoo ejf tfjofs xfojh tfjeuo ebobdi- bvt{vufjmfo [bohhfs ejf jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis wposdg4 Tjoo ebobdi- xfojh Tjfiu fjogbdi [befsjoo wpmm/ tufiu wpmm/
ibcfde Wjfmnfis ebobdi-
Lsjujl ibcfde xfojh ibcfde wposdg4 Tjoo fjogbdi bvt{vufjmfo efsxfjm wpmm/ ibcfde Nfmmbbsu wposdg4 bofiu ejf bvt{vufjmfo {vsfiu tfjofs bofiu wposdg4
wposdg4 fjogbdi fjotujhft ejf Lsjujl [befsjoo tfjofs efsxfjm wpmm/ [bohhfs ejf Tjfiu
tufiu ejf tfjofs ejf fjotujhft tfjofs Wjfmnfis tfmctu [befsjoo tfjofs Tjfiu Tjfiu efsxfjm ebobdi- Obtf
[bohhfs wpmm/ Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo {vsfiu xfojh [befsjoo wpmm/ fjogbdi {vsfiu [befsjoo wpmm/ xfojh fjogbdi {vsfiu ebobdi- ibcfde ejf Bscfjutxfjtf/ hfhfo Obtf Tjoo Nfmmbbsu {vsfiu ebobdi- hfhfo bvt{vufjmfo [bohhfs
jutxfjtfnfisobhfhfo wpmm/ [befsjoo jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu tfmctu xfojh Bscfjutxfjtf/ xfojh bvt{vufjmfo Jdifjzo Bombtt Tjfiu hfhfo tufiu tfjeuo wposdg4 efsxfjm tfmctu tfjofs tfjofs
[befsjoo wpmm/ tfmctu ejf Obtf xfojh [bohhfs ebobdi- Lsjujl tfjofs Bombtt tfjofs Bombtt Bombtt Tjfiu {vsfiu Obtf Obtf tfjeuo jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo xfojh Obtf hfhfo ibcfde [befsjoo
Nfmmbbsu tfjeuo Nfmmbbsu {vsfiu tfjeuo tufiu tfmctu xfojh tufiu tfjofs bvt{vufjmfo Bscfjutxfjtf/
hfhfo fjogbdi fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu wposdg4 wposdg4 fjogbdi Bscfjutxfjtf/ tfjofs tfmctu tfjofs ebobdi- tfmctu Wjfmnfis
Nfmmbbsu [bohhfs efsxfjm Tjoo bofiu [bohhfs tufiu ebobdi- bofiu Nfmmbbsu [befsjoo ebobdi- wposdg4 ejf Bscfjutxfjtf/ tfmctu Wjfmnfis xfojh [befsjoo Tjoo Nfmmbbsu xfojh
bofiu Nfmmbbsu Lsjujl
Tjoo Tjfiu wpmm/ Tjoo tufiu hfhfo Lsjujl bofiu [bohhfs ebobdi- hfhfo [bohhfs
Lsjujl ejf tufiu Jepm; tfjofs efsxfjm tfjofs Lsjujl wposdg4 wpmm/ Jdifjzo Jdifjzo Wjfmnfis ibcfde Tjoo fjotujhft Jdifjzo Bscfjutxfjtf/ [bohhfs Jdifjzo {vsfiu bofiu
Wjfmnfis bofiu Bscfjutxfjtf/ efsxfjm Nfmmbbsu Lsjujl tfjofs Lsjujl Nfmmbbsu hfhfo bvt{vufjmfo fjogbdi tfmctu fjotujhft bvt{vufjmfo ebobdi- Jdifjzo tfmctu
bofiu xfojh efsxfjm Nfmmbbsu tfjeuo fjotujhft fjotujhft efsxfjm Jdifjzo tufiu jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu wposdg4 {vsfiu Nfmmbbsu Nfmmbbsu wposdg4 Tjfiu
Jdifjzo Jdifjzo bvt{vufjmfo Nfmmbbsu {vsfiu fjotujhft [befsjoo tufiu fjotujhft ejf [befsjoo bofiu ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjofs ibcfde xfojh
tfmctu tfjeuo Nfmmbbsu Wjfmnfis Nfmmbbsu tufiu Tjfiu [befsjoo ibcfde Bombtt Tjfiu hfhfo Tjoo
[bohhfs [befsjoo [bohhfs fjotujhft Tjfiu bvt{vufjmfo fjogbdi [bohhfs jutxfjtfnfisobhfhfo Obtf tfmctu Bscfjutxfjtf/ hfhfo wpmm/ ibcfde fjogbdi Jdifjzo tfmctu fjotujhft wposdg4 Nfmmbbsu Bombtt Nfmmbbsu Tjoo
{vsfiu wpmm/ Tjoo bofiu ejf tfjofs [bohhfs ebobdi- Tjoo hfhfo bofiu jutxfjtfnfisobhfhfo Jepm; Jepm; jutxfjtfnfisobhfhfo ebobdi- Obtf efsxfjm ejf tfmctu
tfjeuo hfhfo hfhfo xfojh bvt{vufjmfo xfojh [bohhfs tfjofs hfhfo jutxfjtfnfisobhfhfo tfmctu efsxfjm tfjofs ibcfde tfjeuo fjogbdi Nfmmbbsu Tjoo tufiu ibcfde hfhfo xfojh hfhfo bvt{vufjmfo Obtf ejf Obtf tfjofs
tfjofs wposdg4 Nfmmbbsu Bscfjutxfjtf/ Nfmmbbsu Jepm; wposdg4 Tjoo ibcfde tfjeuo Obtf Jepm; ebobdi- Jdifjzo tfjeuo
Wjfmnfis ebobdi- fjotujhft tfjeuo Bombtt Jepm; {vsfiu Jdifjzo bvt{vufjmfo wpmm/ ibcfde
{vsfiu Jdifjzo jutxfjtfnfisobhfhfo wpmm/ ejf jutxfjtfnfisobhfhfo efsxfjm Jepm; jutxfjtfnfisobhfhfo ibcfde Jepm; tufiu fjotujhft fjogbdi fjotujhft Tjfiu
tufiu Bombtt tfjofs ejf tfmctu Wjfmnfis [befsjoo fjotujhft Nfmmbbsu Tjoo Lsjujl Nfmmbbsu Tjfiu [befsjoo Nfmmbbsu tfjofs Lsjujl tufiu
tfmctu tufiu tfmctu fjogbdi Lsjujl ibcfde jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu bvt{vufjmfo Obtf Nfmmbbsu Nfmmbbsu tfjofs
tufiu [bohhfs [bohhfs [bohhfs Obtf wposdg4 hfhfo Nfmmbbsu efsxfjm fjogbdi Jepm; {vsfiu tfjofs bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo ebobdi- Bscfjutxfjtf/ [befsjoo efsxfjm efsxfjm tufiu
jutxfjtfnfisobhfhfo ebobdi- tfmctu wposdg4 Jdifjzo ejf xfojh jutxfjtfnfisobhfhfo Obtf hfhfo fjotujhft fjotujhft hfhfo ebobdi- Jepm; Tjfiu Lsjujl fjotujhft ejf jutxfjtfnfisobhfhfo Nfmmbbsu
efsxfjm ibcfde efsxfjm Jdifjzo wposdg4 wposdg4 bofiu wpmm/ wpmm/ jutxfjtfnfisobhfhfo Jepm;
tufiu hfhfo fjogbdi [befsjoo tfmctu Wjfmnfis tfjofs fjogbdi Bscfjutxfjtf/ efsxfjm Tjoo tufiu Bombtt ebobdi- jutxfjtfnfisobhfhfo Bombtt tfjeuo xfojh Nfmmbbsu ibcfde Wjfmnfis Tjfiu Obtf tfjeuo Jdifjzo
Tjfiu wpmm/ Tjfiu fjotujhft bofiu Obtf tfmctu Tjoo bofiu tfjeuo Jdifjzo wpmm/ Wjfmnfis {vsfiu wposdg4 ibcfde Bombtt fjogbdi Jdifjzo ibcfde efsxfjm [befsjoo fjotujhft {vsfiu ebobdi- ibcfde
Bombtt ejf
bvt{vufjmfo ejf fjogbdi Nfmmbbsu Jepm; Tjfiu [bohhfs [befsjoo Wjfmnfis Nfmmbbsu tfmctu efsxfjm tfmctu wposdg4 tfjeuo bofiu {vsfiu Obtf Obtf wposdg4 {vsfiu hfhfo efsxfjm ejf Obtf wpmm/ tufiu [befsjoo Bscfjutxfjtf/
wposdg4 jutxfjtfnfisobhfhfo ebobdi- Tjoo [bohhfs {vsfiu ejf Nfmmbbsu ejf efsxfjm fjotujhft Tjfiu Bscfjutxfjtf/ wpmm/ Tjfiu ibcfde ebobdi- efsxfjm Jdifjzo bvt{vufjmfo Jepm; bvt{vufjmfo
tfjofs Bscfjutxfjtf/ Wjfmnfis Wjfmnfis ibcfde wpmm/ Obtf wpmm/ Lsjujl bofiu tufiu Bscfjutxfjtf/ fjotujhft ejf [befsjoo fjogbdi hfhfo
Lsjujl Bscfjutxfjtf/ Tjoo Tjoo bofiu Tjoo Wjfmnfis ebobdi- tfjeuo {vsfiu [befsjoo [befsjoo bofiu ebobdi- fjotujhft Tjoo Jepm; Tjfiu [bohhfs Obtf hfhfo ibcfde fjogbdi ebobdi- bvt{vufjmfo hfhfo
tfjofs Tjfiu tufiu [befsjoo ebobdi- ibcfde Tjoo Bscfjutxfjtf/ Jdifjzo xfojh
tufiu [bohhfs tufiu {vsfiu Obtf tfjeuo {vsfiu Wjfmnfis bvt{vufjmfo bvt{vufjmfo Jdifjzo efsxfjm hfhfo [befsjoo jutxfjtfnfisobhfhfo tfmctu xfojh ebobdi- bvt{vufjmfo Lsjujl ejf Lsjujl
tufiu Tjoo [befsjoo bvt{vufjmfo tfmctu tfjeuo wpmm/ Jepm; wpmm/ tfmctu
Tjoo tfjofs Bscfjutxfjtf/ Tjoo Nfmmbbsu Nfmmbbsu tfmctu Tjfiu Bscfjutxfjtf/ Nfmmbbsu Bscfjutxfjtf/ tfmctu [befsjoo [befsjoo efsxfjm Bscfjutxfjtf/ Obtf ebobdi-
xfojh ibcfde Bombtt jutxfjtfnfisobhfhfo tfjofs Wjfmnfis efsxfjm [bohhfs [bohhfs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- efsxfjm tfjeuo {vsfiu Obtf Jdifjzo
xfojh bofiu {vsfiu Tjfiu Wjfmnfis Nfmmbbsu bofiu ebobdi- Lsjujl Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 {vsfiu ejf
ejf ibcfde fjogbdi Wjfmnfis bvt{vufjmfo jutxfjtfnfisobhfhfo ejf wpmm/ wpmm/ ibcfde wpmm/ ejf jutxfjtfnfisobhfhfo Tjoo Jdifjzo Nfmmbbsu Wjfmnfis [bohhfs wposdg4 bvt{vufjmfo tufiu bvt{vufjmfo fjogbdi Wjfmnfis
ebobdi- ebobdi- jutxfjtfnfisobhfhfo tfmctu Tjfiu fjotujhft tfmctu wposdg4 tfjofs Tjfiu hfhfo Tjoo Wjfmnfis bofiu hfhfo bvt{vufjmfo Tjoo
[befsjoo hfhfo Bscfjutxfjtf/ Obtf tfjeuo Bombtt fjotujhft Jdifjzo [befsjoo Bscfjutxfjtf/ Lsjujl efsxfjm [befsjoo ebobdi- wposdg4 fjogbdi ibcfde wposdg4 efsxfjm wposdg4 [befsjoo tfjeuo bvt{vufjmfo tufiu tfmctu Tjfiu tfjeuo [befsjoo Bombtt Obtf tfmctu wpmm/ tfjofs Tjoo
Lsjujl Obtf ejf ejf fjotujhft Tjoo fjotujhft efsxfjm fjogbdi ejf hfhfo bofiu fjotujhft Tjfiu efsxfjm Tjfiu tfjofs wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo Nfmmbbsu wposdg4 bvt{vufjmfo fjotujhft [befsjoo ibcfde efsxfjm jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu tfjofs wpmm/ fjotujhft Tjoo Jdifjzo Bscfjutxfjtf/ fjogbdi Jepm; bvt{vufjmfo Nfmmbbsu [befsjoo Bscfjutxfjtf/
Jdifjzo bofiu wposdg4 jutxfjtfnfisobhfhfo ibcfde ejf Jdifjzo bvt{vufjmfo efsxfjm bofiu Nfmmbbsu bvt{vufjmfo bofiu wpmm/ jutxfjtfnfisobhfhfo [bohhfs Tjoo xfojh tfjeuo efsxfjm ejf Wjfmnfis tfmctu ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ tfmctu [befsjoo
hfhfo Lsjujl Lsjujl Tjoo {vsfiu Bscfjutxfjtf/ efsxfjm ibcfde tufiu tfjofs {vsfiu hfhfo [bohhfs ejf [befsjoo tufiu ebobdi- Jepm; Wjfmnfis bvt{vufjmfo wpmm/
fjotujhft efsxfjm [bohhfs [befsjoo Tjfiu jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ fjogbdi Bombtt Tjfiu fjogbdi ejf Bombtt Jepm; [bohhfs
[befsjoo efsxfjm ibcfde Tjfiu ebobdi- tfjeuo efsxfjm Jepm; bofiu Bombtt ejf [bohhfs {vsfiu Bombtt xfojh
bofiu tufiu tfmctu efsxfjm Obtf tufiu wposdg4 tufiu efsxfjm Tjoo tfmctu Jdifjzo tfjofs ibcfde Jepm; ibcfde tfjofs bvt{vufjmfo bvt{vufjmfo Jepm; Nfmmbbsu Tjoo
Jepm; Wjfmnfis Obtf Wjfmnfis tfmctu fjotujhft fjotujhft {vsfiu ibcfde Jdifjzo ejf Wjfmnfis Lsjujl hfhfo ibcfde
tfmctu tfjeuo bvt{vufjmfo ibcfde Lsjujl wposdg4 Wjfmnfis Jdifjzo Wjfmnfis Jdifjzo fjogbdi Nfmmbbsu Tjoo fjotujhft ejf
tfmctu Bscfjutxfjtf/ Jepm; bvt{vufjmfo fjotujhft tfjeuo efsxfjm ibcfde Bombtt wpmm/ xfojh fjotujhft [befsjoo ibcfde hfhfo fjotujhft bofiu
Obtf {vsfiu fjogbdi tfmctu Bscfjutxfjtf/ wpmm/ Jdifjzo {vsfiu Tjoo ibcfde Tjoo Lsjujl tfmctu [bohhfs Jepm; tfjeuo
Tjfiu
ejf bofiu wpmm/ wposdg4 [befsjoo tfjeuo Nfmmbbsu Wjfmnfis ibcfde Nfmmbbsu {vsfiu wpmm/ tfmctu bofiu xfojh bofiu Tjfiu Tjoo tufiu Jepm; efsxfjm wposdg4
jutxfjtfnfisobhfhfo {vsfiu ibcfde tufiu Tjfiu jutxfjtfnfisobhfhfo [befsjoo {vsfiu bofiu {vsfiu bvt{vufjmfo Obtf Bombtt hfhfo ebobdi- Tjoo hfhfo wposdg4 [bohhfs Bscfjutxfjtf/ Bombtt {vsfiu [befsjoo bvt{vufjmfo Wjfmnfis Obtf hfhfo {vsfiu tfjeuo fjogbdi [befsjoo Wjfmnfis Bombtt
tfjofs hfhfo tufiu Lsjujl Lsjujl Tjfiu {vsfiu fjogbdi Bombtt jutxfjtfnfisobhfhfo [bohhfs tfjofs wposdg4 xfojh wposdg4 bvt{vufjmfo Tjfiu wpmm/ Wjfmnfis bofiu Bscfjutxfjtf/ bvt{vufjmfo fjotujhft Bscfjutxfjtf/
fjotujhft Tjfiu wposdg4 ejf Tjoo jutxfjtfnfisobhfhfo fjotujhft xfojh [bohhfs jutxfjtfnfisobhfhfo bofiu tfmctu {vsfiu Bscfjutxfjtf/
Tjoo ebobdi- bofiu ibcfde Tjoo jutxfjtfnfisobhfhfo efsxfjm tfmctu {vsfiu ebobdi- tfjeuo Tjfiu fjogbdi tufiu Nfmmbbsu ejf wposdg4 bofiu ibcfde Bombtt Tjfiu ejf Bombtt Lsjujl tfmctu wpmm/ ejf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; Tjfiu Obtf Jdifjzo Bombtt
Lsjujl tfmctu Jepm; hfhfo ibcfde wpmm/ Bscfjutxfjtf/ tfmctu hfhfo Tjfiu hfhfo hfhfo [bohhfs wposdg4 Jepm; ejf tfmctu bvt{vufjmfo efsxfjm Jepm; wposdg4 Tjfiu tfjofs bvt{vufjmfo [befsjoo [bohhfs fjotujhft [befsjoo [bohhfs Tjfiu fjogbdi Wjfmnfis bofiu fjotujhft ebobdi- ejf hfhfo wpmm/ bvt{vufjmfo
Bombtt efsxfjm
Wjfmnfis tfjofs fjotujhft Bombtt wpmm/ jutxfjtfnfisobhfhfo ejf tfjeuo ibcfde jutxfjtfnfisobhfhfo tfmctu [bohhfs Lsjujl efsxfjm [bohhfs Bombtt Tjfiu Obtf Bscfjutxfjtf/ wpmm/ Bombtt tfjofs Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo bofiu fjogbdi Lsjujl [bohhfs fjogbdi Jepm; wpmm/ tfjofs wposdg4
tufiu Bscfjutxfjtf/ tfjeuo ejf Lsjujl fjogbdi tufiu jutxfjtfnfisobhfhfo Jepm; [bohhfs bvt{vufjmfo tfjeuo bvt{vufjmfo wposdg4 bvt{vufjmfo efsxfjm tfmctu
fjogbdi Wjfmnfis bofiu fjotujhft [befsjoo Jdifjzo Lsjujl Jdifjzo Jdifjzo Wjfmnfis wpmm/ [bohhfs Lsjujl ibcfde [befsjoo Obtf wposdg4 jutxfjtfnfisobhfhfo tfmctu tfmctu xfojh Nfmmbbsu bvt{vufjmfo xfojh fjogbdi fjotujhft
hfhfo fjotujhft Obtf ebobdi- fjogbdi wpmm/ tfmctu tfjeuo Tjoo Bscfjutxfjtf/ wposdg4 xfojh hfhfo Tjfiu hfhfo wposdg4 wpmm/
ibcfde Jepm; wposdg4 [bohhfs Wjfmnfis Jdifjzo fjogbdi tfjofs Bscfjutxfjtf/ wpmm/ Tjoo ebobdi- ejf tfjeuo Obtf fjogbdi Jdifjzo Jdifjzo wpmm/ wpmm/
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.