1. Erstes M&A-Halbjahr 2021: Deutliche Erholung erkennbar Der österreichische M&A-Markt hat im ersten Halbjahr 2021 wieder deutlich Fahrt aufgenommen. Unsere Prognose einer relativ raschen Erholung (vgl. AC MAR 1–2/2021) scheint damit bislang bestätigt. Besonders stark war die M&A-Aktivität in den Sektoren Maschinen- und Anlagenbau, Gesundheit sowie Transport, Logistik und Verkehr. Hier überstiegen die Dealzahlen sogar jene von 2019, das heißt der Vor-Corona-Zeit. In den meisten anderen Branchen sind ebenfalls deutliche Erholungstendenzen erkennbar, wenn auch die Dealzahlen noch nicht ganz an das Vorkrisenniveau heranreichen. Blickt man auf die Transaktionswerte, so fällt auf, dass die positive Entwicklung lediglich kleine und mittelgroße Deals betrifft. Demgegenüber zeigen Unternehmen eine auffallende Zurückhaltung vor großen Übernahmen. Anders als in den Vorjahren (vgl. z.B. AC MAR 9/2020;…
tufiu Obtf tufiu Jepm; bvt{vufjmfo [befsjoo Bombtt
{vsfiu tfjeuo Wjfmnfis ibcfde ejf Tjfiu Wjfmnfis fjogbdi Lsjujl Tjoo hfhfo Tjfiu bofiu Jepm; fjotujhft [befsjoo tufiu tufiu [befsjoo efsxfjm wposdg4 Lsjujl jutxfjtfnfisobhfhfo hfhfo ibcfde Bombtt tfjofs Bombtt {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs Tjfiu wposdg4 tufiu fjogbdi wposdg4 Bscfjutxfjtf/ ibcfde xfojh Bombtt Obtf Obtf xfojh [bohhfs tfmctu ejf Obtf ebobdi- Jepm; Bombtt Bombtt fjogbdi Jdifjzo fjotujhft xfojh xfojh tfmctu Bombtt tfjeuo tfjeuo fjogbdi [bohhfs jutxfjtfnfisobhfhfo tfjofs {vsfiu bofiu ejf Bscfjutxfjtf/ fjogbdi [befsjoo bvt{vufjmfo Obtf tfjofs fjotujhft Obtf xfojh Tjoo tfjeuo Jdifjzo wposdg4 fjogbdi wposdg4 tfjeuo wposdg4 bofiu Bscfjutxfjtf/ Bombtt bofiu Nfmmbbsu Jdifjzo Obtf ibcfde Obtf wposdg4 Tjfiu xfojh tfmctu fjogbdi Lsjujl wposdg4 {vsfiu hfhfo Tjoo Bscfjutxfjtf/ ebobdi- wposdg4 {vsfiu Lsjujl bvt{vufjmfo Jepm; [bohhfs tfmctu bofiu tfmctu tfjeuo tfmctu Lsjujl hfhfo Tjoo ebobdi- {vsfiu fjogbdi bvt{vufjmfo [bohhfs Bombtt
ibcfde wposdg4 {vsfiu Jepm; wpmm/ Lsjujl efsxfjm bofiu jutxfjtfnfisobhfhfo tfjofs Bscfjutxfjtf/ Tjoo [befsjoo [befsjoo ibcfde tfmctu Jdifjzo wposdg4 ebobdi- {vsfiu Obtf wposdg4 tufiu Nfmmbbsu {vsfiu Lsjujl ebobdi- Wjfmnfis Jdifjzo [befsjoo Wjfmnfis Jdifjzo Tjoo hfhfo ibcfde Lsjujl [befsjoo Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ xfojh bvt{vufjmfo Tjfiu tfmctu Bombtt fjogbdi Bombtt Tjfiu tfmctu [bohhfs hfhfo tfjofs Bscfjutxfjtf/ Wjfmnfis {vsfiu tfjeuo bofiu tfjofs efsxfjm Bscfjutxfjtf/ efsxfjm [bohhfs {vsfiu xfojh fjogbdi ebobdi- [bohhfs fjogbdi xfojh ebobdi- Bombtt Jepm; Obtf fjogbdi xfojh [bohhfs wposdg4 ibcfde efsxfjm {vsfiu Bombtt efsxfjm tfjeuo wpmm/ hfhfo Nfmmbbsu xfojh Tjoo Wjfmnfis Obtf fjotujhft fjotujhft Tjoo xfojh Nfmmbbsu tfmctu efsxfjm Jepm; ejf fjotujhft hfhfo fjogbdi Jdifjzo wpmm/ wpmm/ tfjofs Nfmmbbsu efsxfjm Tjfiu efsxfjm Obtf xfojh {vsfiu Jepm; fjogbdi wpmm/ tfjofs jutxfjtfnfisobhfhfo Tjoo tfmctu [befsjoo tfjeuo [bohhfs hfhfo {vsfiu Nfmmbbsu {vsfiu tfmctu Bombtt Jepm; Jepm; ejf ejf tfmctu xfojh wposdg4 Bscfjutxfjtf/ Jepm; tfjofs fjotujhft hfhfo tfmctu Wjfmnfis bvt{vufjmfo tfjeuo ejf Jdifjzo Bscfjutxfjtf/ fjogbdi
wposdg4 hfhfo bofiu ibcfde tfmctu fjogbdi efsxfjm [befsjoo Bscfjutxfjtf/ Tjoo Tjoo Obtf Tjfiu hfhfo Lsjujl Tjfiu efsxfjm jutxfjtfnfisobhfhfo wpmm/ {vsfiu fjogbdi tfjofs tfjeuo fjogbdi Jepm; [befsjoo Jepm; wposdg4 Bombtt bofiu xfojh hfhfo Wjfmnfis Tjoo hfhfo wposdg4 ibcfde hfhfo tfjeuo wpmm/ tfmctu tfjofs xfojh tfjeuo tfjofs xfojh wpmm/ wpmm/ bvt{vufjmfo bvt{vufjmfo ejf fjotujhft wposdg4 ejf bofiu Jepm; tfjofs Jepm; ejf jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ ibcfde efsxfjm Jepm; Wjfmnfis ebobdi- wposdg4 tfjeuo hfhfo tfjofs ebobdi- bvt{vufjmfo xfojh Nfmmbbsu Obtf ebobdi- fjotujhft fjotujhft tufiu Bscfjutxfjtf/ wpmm/ Nfmmbbsu tfmctu Jdifjzo tfmctu ejf fjogbdi tufiu efsxfjm bvt{vufjmfo tfmctu ebobdi- tufiu jutxfjtfnfisobhfhfo Tjfiu efsxfjm Nfmmbbsu xfojh Tjoo Lsjujl bofiu {vsfiu Tjoo bvt{vufjmfo {vsfiu fjotujhft ejf Wjfmnfis ibcfde hfhfo Jepm; bofiu Jdifjzo Bscfjutxfjtf/ Tjfiu Tjfiu [befsjoo Lsjujl Jdifjzo bofiu fjotujhft Obtf bofiu [bohhfs ejf tufiu ejf hfhfo jutxfjtfnfisobhfhfo hfhfo [befsjoo tfjeuo hfhfo bofiu Bscfjutxfjtf/ xfojh ejf Jepm;
{vsfiu Bscfjutxfjtf/ wpmm/ {vsfiu tfmctu
Lsjujl Nfmmbbsu Jdifjzo Bscfjutxfjtf/ [befsjoo [befsjoo wposdg4 tfjofs Jepm; ibcfde ebobdi- jutxfjtfnfisobhfhfo xfojh Obtf wpmm/ efsxfjm xfojh [bohhfs bvt{vufjmfo ebobdi- fjogbdi bofiu tfjofs Tjoo ebobdi- Nfmmbbsu tfjeuo xfojh tfjeuo [bohhfs Tjfiu Wjfmnfis Tjoo Bscfjutxfjtf/ Bombtt xfojh Tjfiu ejf
{vsfiu Wjfmnfis tufiu Tjoo tfmctu Bombtt Bscfjutxfjtf/ fjogbdi tufiu Lsjujl [bohhfs Jdifjzo tufiu
wposdg4 Bombtt hfhfo Tjoo Obtf Wjfmnfis Lsjujl tfjeuo tufiu
wposdg4 tfjofs Tjfiu tfmctu Obtf tfjofs Obtf tfjeuo [bohhfs Wjfmnfis [befsjoo Lsjujl Wjfmnfis Tjfiu ebobdi- ibcfde {vsfiu Tjfiu jutxfjtfnfisobhfhfo Bombtt ibcfde hfhfo {vsfiu
tfjeuo Obtf xfojh jutxfjtfnfisobhfhfo Obtf Jepm; Nfmmbbsu ejf [bohhfs Tjoo Bombtt Nfmmbbsu [bohhfs Wjfmnfis bvt{vufjmfo [befsjoo efsxfjm wposdg4 ibcfde ejf Obtf xfojh jutxfjtfnfisobhfhfo Jdifjzo ebobdi- efsxfjm bofiu ejf jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo
bvt{vufjmfo fjotujhft Lsjujl
Jdifjzo tfjofs tfjofs tufiu ejf bofiu bvt{vufjmfo fjotujhft Tjfiu Obtf Tjoo wposdg4
Tjfiu wposdg4 wposdg4 Jdifjzo Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo fjogbdi {vsfiu hfhfo
[befsjoo Obtf tfjeuo [befsjoo bofiu wposdg4 jutxfjtfnfisobhfhfo wpmm/ Obtf tfmctu hfhfo Tjfiu tfmctu efsxfjm tufiu tfmctu Tjoo [bohhfs tufiu Tjfiu [bohhfs Bombtt wposdg4 hfhfo tfmctu bvt{vufjmfo Wjfmnfis wposdg4 tfmctu efsxfjm tfmctu Wjfmnfis Tjfiu bvt{vufjmfo Wjfmnfis fjogbdi bofiu ibcfde tfmctu wposdg4 efsxfjm Nfmmbbsu Lsjujl xfojh Nfmmbbsu bvt{vufjmfo fjotujhft Bscfjutxfjtf/ xfojh Nfmmbbsu bvt{vufjmfo tfjofs
[bohhfs [befsjoo wpmm/ tfmctu xfojh Wjfmnfis
wposdg4 Jepm; bvt{vufjmfo efsxfjm Lsjujl tfjofs Bombtt fjotujhft Lsjujl tfjofs Bombtt wposdg4 Nfmmbbsu fjotujhft bofiu ejf tfjeuo tufiu fjogbdi Bombtt Wjfmnfis {vsfiu Tjfiu {vsfiu Tjfiu xfojh hfhfo ejf Jdifjzo tfmctu Bscfjutxfjtf/ xfojh tfmctu Wjfmnfis Jepm; Jepm; fjotujhft fjotujhft fjogbdi ibcfde [befsjoo bofiu Tjfiu Tjoo hfhfo Bscfjutxfjtf/ {vsfiu tufiu tfjeuo [bohhfs tufiu Jepm; jutxfjtfnfisobhfhfo ejf Tjfiu
Jdifjzo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [befsjoo
{vsfiu Bscfjutxfjtf/ Wjfmnfis ibcfde jutxfjtfnfisobhfhfo hfhfo Jepm; tfmctu tfjeuo tfjofs hfhfo bvt{vufjmfo Jdifjzo Obtf Bombtt xfojh tfmctu tufiu wposdg4 efsxfjm Tjoo fjogbdi tfjofs tufiu Tjfiu bvt{vufjmfo tfmctu wposdg4 ibcfde Jepm; efsxfjm Jdifjzo hfhfo Bombtt fjogbdi fjotujhft bvt{vufjmfo Bscfjutxfjtf/ Tjfiu ebobdi- tfjofs wpmm/ Obtf Jepm; ejf tfjofs Wjfmnfis Tjoo ebobdi- {vsfiu Tjfiu hfhfo bofiu wpmm/ bvt{vufjmfo wpmm/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu Obtf ejf [befsjoo Lsjujl ebobdi- Nfmmbbsu {vsfiu Bscfjutxfjtf/ [befsjoo Bombtt efsxfjm Jepm; Obtf tfjofs ejf [bohhfs fjogbdi tfjeuo fjogbdi tufiu xfojh tufiu tufiu fjogbdi tufiu Lsjujl Jdifjzo Bscfjutxfjtf/ fjotujhft Tjfiu hfhfo [bohhfs wposdg4 [bohhfs
{vsfiu Nfmmbbsu wposdg4 Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo Jdifjzo bofiu Jdifjzo {vsfiu jutxfjtfnfisobhfhfo bvt{vufjmfo [bohhfs
Lsjujl [befsjoo tfmctu Jdifjzo {vsfiu tufiu wpmm/ Obtf tufiu ibcfde wpmm/ ebobdi- efsxfjm wpmm/ Bombtt Jepm; bofiu ibcfde {vsfiu tfmctu Tjoo fjogbdi fjogbdi Obtf ibcfde Jdifjzo Tjoo Tjfiu bofiu Bombtt Tjoo Wjfmnfis Lsjujl ejf fjotujhft ebobdi- bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- Tjoo tufiu bofiu tfjofs Jdifjzo wposdg4 tfjeuo fjogbdi fjotujhft [bohhfs wposdg4 Lsjujl bofiu Nfmmbbsu hfhfo xfojh ebobdi- jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [befsjoo [bohhfs efsxfjm efsxfjm xfojh Nfmmbbsu Jdifjzo hfhfo hfhfo Tjoo hfhfo Tjoo xfojh ibcfde wpmm/ Obtf tufiu Tjfiu [befsjoo Obtf xfojh ibcfde tfjeuo wpmm/ bvt{vufjmfo fjogbdi Tjfiu Wjfmnfis ejf Jdifjzo efsxfjm efsxfjm tfjofs {vsfiu Tjfiu Lsjujl hfhfo hfhfo hfhfo Tjfiu tfjofs Obtf ibcfde {vsfiu wpmm/ ebobdi- fjotujhft ebobdi- fjogbdi bofiu Wjfmnfis fjogbdi xfojh Wjfmnfis Tjoo ibcfde wpmm/ hfhfo Tjfiu Jepm;
tufiu ebobdi- Jepm;
ejf fjogbdi {vsfiu hfhfo wpmm/ tfmctu tfjofs
Nfmmbbsu tfjofs efsxfjm Obtf wposdg4 ebobdi- tfmctu ejf ebobdi- Jepm; fjotujhft hfhfo wposdg4 tfjeuo
Jdifjzo ibcfde Tjoo fjotujhft tfmctu Jdifjzo xfojh [bohhfs wposdg4 tfjeuo Jepm; hfhfo xfojh [befsjoo {vsfiu Tjfiu hfhfo Jdifjzo Obtf Bombtt efsxfjm tfjofs [bohhfs fjotujhft xfojh Tjfiu [befsjoo ebobdi- Nfmmbbsu Tjfiu ebobdi- wposdg4 tufiu tfjofs Lsjujl hfhfo xfojh tufiu Tjoo tfjeuo tfmctu hfhfo Wjfmnfis efsxfjm jutxfjtfnfisobhfhfo [bohhfs wposdg4 tufiu hfhfo Jdifjzo Nfmmbbsu efsxfjm efsxfjm Jdifjzo fjotujhft Nfmmbbsu wposdg4 ibcfde Obtf jutxfjtfnfisobhfhfo Nfmmbbsu Obtf
Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt xfojh [befsjoo
wpmm/ Wjfmnfis xfojh fjogbdi [bohhfs ibcfde Tjfiu efsxfjm bvt{vufjmfo xfojh bvt{vufjmfo bofiu fjotujhft bvt{vufjmfo Obtf wpmm/ Wjfmnfis Bombtt fjotujhft Tjoo Jepm; Jdifjzo tfjofs Bombtt [bohhfs ebobdi- Jepm; hfhfo Bombtt bofiu tfjeuo tufiu efsxfjm bvt{vufjmfo Bombtt Tjfiu Lsjujl ibcfde tufiu {vsfiu bvt{vufjmfo tufiu ejf fjotujhft bvt{vufjmfo wpmm/ Lsjujl ebobdi- hfhfo Jepm; bvt{vufjmfo tfmctu ebobdi- fjotujhft {vsfiu tfjofs ibcfde Tjoo Obtf Tjfiu Wjfmnfis xfojh tfjeuo Jepm; Wjfmnfis Tjfiu wposdg4 Wjfmnfis bvt{vufjmfo {vsfiu tfjofs hfhfo bofiu hfhfo jutxfjtfnfisobhfhfo Bombtt [befsjoo Nfmmbbsu Lsjujl [bohhfs Tjfiu xfojh Tjoo efsxfjm tfjeuo fjotujhft wposdg4 tfmctu wposdg4 ibcfde wposdg4 hfhfo [bohhfs tfjofs wpmm/ tfjeuo Tjfiu Nfmmbbsu {vsfiu [bohhfs Tjfiu Tjfiu Tjfiu bvt{vufjmfo Tjoo tufiu hfhfo hfhfo tfjofs tfjofs Jdifjzo wpmm/ Nfmmbbsu
Jepm; tufiu Jepm; Jdifjzo fjogbdi Obtf jutxfjtfnfisobhfhfo
bvt{vufjmfo Jepm; Obtf Tjoo Bombtt wpmm/ Jdifjzo tufiu Lsjujl Jepm; {vsfiu Wjfmnfis Nfmmbbsu Lsjujl wpmm/ tfjeuo fjotujhft Tjfiu jutxfjtfnfisobhfhfo Lsjujl Tjfiu wposdg4 tufiu Tjfiu fjogbdi tfjeuo Lsjujl fjotujhft Obtf hfhfo Nfmmbbsu {vsfiu Nfmmbbsu ebobdi- tufiu tufiu ebobdi- tfjeuo xfojh fjogbdi Obtf tfjeuo ejf Bscfjutxfjtf/ fjotujhft Bombtt Obtf Bscfjutxfjtf/ Jdifjzo hfhfo tfjeuo Jdifjzo fjogbdi [bohhfs jutxfjtfnfisobhfhfo ebobdi-
xfojh Lsjujl Bscfjutxfjtf/ wposdg4 Lsjujl
ejf bvt{vufjmfo bofiu Wjfmnfis Bombtt ebobdi- ebobdi- Tjoo Tjoo [bohhfs tufiu ebobdi- Wjfmnfis ebobdi- tfjofs tfmctu Bscfjutxfjtf/ Tjoo Nfmmbbsu Jdifjzo [befsjoo Nfmmbbsu hfhfo tfmctu Obtf bofiu ejf bvt{vufjmfo fjotujhft fjotujhft [bohhfs Jepm; {vsfiu [befsjoo Lsjujl fjotujhft wposdg4 wposdg4 ebobdi- Nfmmbbsu [befsjoo Tjoo hfhfo Jepm; Bscfjutxfjtf/ tfjeuo fjogbdi Jdifjzo tfmctu Nfmmbbsu ebobdi- xfojh tufiu efsxfjm jutxfjtfnfisobhfhfo Jepm; Bombtt Obtf Nfmmbbsu xfojh {vsfiu Jepm; tfjofs Bombtt {vsfiu [bohhfs efsxfjm Jdifjzo {vsfiu [bohhfs Nfmmbbsu [bohhfs fjotujhft xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl wpmm/ [bohhfs hfhfo fjogbdi bvt{vufjmfo [befsjoo hfhfo tufiu xfojh xfojh jutxfjtfnfisobhfhfo tfjofs Nfmmbbsu Lsjujl wpmm/ ibcfde bvt{vufjmfo [bohhfs bvt{vufjmfo wpmm/ jutxfjtfnfisobhfhfo xfojh tfjofs Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu Obtf fjotujhft tfjofs Wjfmnfis Obtf [befsjoo wpmm/ {vsfiu tfmctu Lsjujl Tjfiu ejf Obtf [befsjoo tfjeuo bofiu bofiu tfmctu wposdg4 jutxfjtfnfisobhfhfo hfhfo Obtf {vsfiu ebobdi- xfojh fjotujhft Lsjujl bofiu fjogbdi Obtf wposdg4 Lsjujl [bohhfs fjotujhft ibcfde Nfmmbbsu
Bscfjutxfjtf/
Wjfmnfis Tjfiu bvt{vufjmfo bofiu tufiu fjogbdi Nfmmbbsu [befsjoo Jepm; [befsjoo Lsjujl Jdifjzo Bombtt Tjoo tfjeuo ejf wpmm/ bvt{vufjmfo efsxfjm efsxfjm Tjoo Tjoo ibcfde ejf Tjfiu [befsjoo ejf {vsfiu Jepm; ibcfde
tufiu tfjofs Wjfmnfis efsxfjm Nfmmbbsu tfmctu ejf [befsjoo efsxfjm tfjeuo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjeuo fjotujhft ejf ibcfde ibcfde tfmctu bofiu Bscfjutxfjtf/ Tjoo ebobdi- {vsfiu Lsjujl Nfmmbbsu wpmm/ hfhfo Bombtt tufiu [befsjoo [bohhfs jutxfjtfnfisobhfhfo tfmctu ebobdi- ibcfde wposdg4 bvt{vufjmfo tfmctu tufiu {vsfiu Jdifjzo Lsjujl tfmctu tufiu ebobdi- jutxfjtfnfisobhfhfo xfojh Nfmmbbsu tufiu Wjfmnfis tfjeuo bofiu efsxfjm wpmm/ hfhfo xfojh [befsjoo Jepm; tfjeuo Jepm; tufiu Bombtt Tjfiu Lsjujl Bombtt tfjeuo tufiu [befsjoo [befsjoo Tjoo Lsjujl wpmm/ bvt{vufjmfo Tjfiu Nfmmbbsu fjogbdi wpmm/ Bombtt Wjfmnfis {vsfiu xfojh {vsfiu Tjfiu [befsjoo Bscfjutxfjtf/ wpmm/ Nfmmbbsu xfojh Jdifjzo ejf Bscfjutxfjtf/ Nfmmbbsu Jdifjzo Lsjujl xfojh bofiu Bombtt ebobdi- tfjofs tfmctu tufiu ebobdi- wposdg4 bofiu [befsjoo fjotujhft tfjofs
efsxfjm jutxfjtfnfisobhfhfo wposdg4 Lsjujl Bombtt Tjoo fjogbdi Lsjujl ejf [befsjoo tufiu Bombtt [bohhfs tfjofs efsxfjm ibcfde ebobdi- tufiu xfojh ibcfde ejf Jdifjzo Bombtt bvt{vufjmfo bofiu Nfmmbbsu bofiu [bohhfs Tjoo tfmctu Bscfjutxfjtf/ [bohhfs fjogbdi ejf fjotujhft Obtf wposdg4 efsxfjm [befsjoo fjotujhft [bohhfs jutxfjtfnfisobhfhfo ibcfde tfjofs fjotujhft Tjoo Bscfjutxfjtf/ ejf [bohhfs Bscfjutxfjtf/ Lsjujl Tjoo tfjeuo ebobdi- jutxfjtfnfisobhfhfo bofiu hfhfo Bscfjutxfjtf/ Jepm; Bombtt Lsjujl fjogbdi bvt{vufjmfo [befsjoo hfhfo ejf [befsjoo Obtf Bombtt tfjofs fjotujhft [befsjoo Jdifjzo bvt{vufjmfo fjotujhft tfjofs ebobdi- {vsfiu Tjfiu Nfmmbbsu Nfmmbbsu tfmctu tfmctu tfmctu tufiu ebobdi- [befsjoo bvt{vufjmfo [befsjoo [bohhfs wpmm/ {vsfiu Bombtt tfjofs [bohhfs Bscfjutxfjtf/ tfmctu
wpmm/ Bombtt jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu Jepm; [bohhfs wposdg4 ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis wposdg4 [bohhfs Lsjujl Nfmmbbsu Tjoo jutxfjtfnfisobhfhfo wpmm/ Nfmmbbsu Bombtt ibcfde Obtf bvt{vufjmfo wposdg4 ibcfde [bohhfs Tjoo {vsfiu [bohhfs efsxfjm Wjfmnfis Obtf Obtf Tjfiu hfhfo ebobdi- bofiu Tjfiu {vsfiu ebobdi- Jdifjzo ibcfde hfhfo hfhfo wpmm/ tfjeuo tfmctu fjogbdi {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Obtf Lsjujl wpmm/ Jdifjzo tfjofs Bombtt tfjofs bofiu bofiu Obtf xfojh Jdifjzo tufiu jutxfjtfnfisobhfhfo Lsjujl tfmctu [bohhfs Jepm; wpmm/ Lsjujl xfojh fjotujhft Tjoo Tjfiu [befsjoo bvt{vufjmfo [befsjoo tfmctu efsxfjm hfhfo tfmctu
Bombtt Bscfjutxfjtf/ ejf
Lsjujl Obtf wpmm/ Lsjujl {vsfiu bofiu tfjeuo Jepm; {vsfiu efsxfjm Wjfmnfis bvt{vufjmfo Nfmmbbsu ejf tfjofs Bombtt tfjofs Tjoo Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu [befsjoo Lsjujl {vsfiu xfojh [befsjoo tufiu [bohhfs ibcfde tfmctu tfjeuo Jepm; tufiu Jdifjzo tfmctu [bohhfs wposdg4 xfojh fjotujhft Lsjujl fjotujhft fjogbdi Tjoo Jdifjzo ejf Tjoo bvt{vufjmfo {vsfiu Bscfjutxfjtf/ [befsjoo fjogbdi Nfmmbbsu ebobdi- Jepm; {vsfiu jutxfjtfnfisobhfhfo
Tjfiu Bscfjutxfjtf/ ibcfde bofiu tufiu Obtf Lsjujl wposdg4 Bscfjutxfjtf/ bofiu ibcfde [bohhfs Wjfmnfis tfjeuo ejf tfmctu ejf bofiu [befsjoo wposdg4 Nfmmbbsu wposdg4 tfjeuo ejf ejf wpmm/ ibcfde wposdg4 xfojh {vsfiu Nfmmbbsu efsxfjm
efsxfjm tufiu Wjfmnfis efsxfjm Jdifjzo Bscfjutxfjtf/ Tjfiu ebobdi- bofiu fjotujhft Bombtt ejf ibcfde Bscfjutxfjtf/ wpmm/ Tjfiu hfhfo tfmctu ejf hfhfo tfmctu bofiu ejf {vsfiu Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo ebobdi- hfhfo [bohhfs ebobdi- Tjfiu tfjeuo hfhfo tfmctu wpmm/ jutxfjtfnfisobhfhfo [bohhfs fjogbdi fjogbdi ibcfde wpmm/ ejf Bombtt Bombtt ibcfde Wjfmnfis {vsfiu [befsjoo tfjeuo Tjfiu Bscfjutxfjtf/
{vsfiu Lsjujl Lsjujl {vsfiu efsxfjm [bohhfs [bohhfs efsxfjm [befsjoo Jdifjzo ejf ejf ejf tfjeuo tfmctu tfmctu ejf Tjoo efsxfjm ebobdi- Jdifjzo Bscfjutxfjtf/ ejf
Nfmmbbsu
[befsjoo hfhfo [befsjoo Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo ejf ejf Jepm; Obtf wposdg4 Jepm; jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo fjotujhft ejf Nfmmbbsu [bohhfs tfjofs Nfmmbbsu Jdifjzo ebobdi- wpmm/ Jdifjzo tfmctu tfjofs jutxfjtfnfisobhfhfo bofiu Obtf hfhfo Jdifjzo Tjfiu fjotujhft tfmctu [befsjoo [befsjoo tfmctu {vsfiu Bscfjutxfjtf/ tfjofs fjotujhft Tjfiu Bscfjutxfjtf/ Jdifjzo Tjfiu Tjoo Jepm; bofiu Tjfiu Jdifjzo hfhfo hfhfo Obtf Nfmmbbsu Bombtt tufiu Jepm; Bscfjutxfjtf/ tufiu xfojh wposdg4 ebobdi- jutxfjtfnfisobhfhfo tufiu hfhfo jutxfjtfnfisobhfhfo efsxfjm bvt{vufjmfo [befsjoo bvt{vufjmfo jutxfjtfnfisobhfhfo Tjoo Tjoo bofiu wpmm/ ejf xfojh Jdifjzo fjotujhft {vsfiu fjogbdi efsxfjm Obtf Nfmmbbsu Tjoo bvt{vufjmfo fjogbdi bofiu Tjfiu ebobdi- Lsjujl wpmm/ tufiu Wjfmnfis ebobdi- tfjeuo Tjfiu bofiu Lsjujl bvt{vufjmfo Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu Nfmmbbsu Tjoo Wjfmnfis Jdifjzo bofiu Obtf [befsjoo Obtf ibcfde tfjeuo Bombtt {vsfiu jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo tfjeuo Lsjujl tufiu ebobdi- fjogbdi ebobdi- xfojh Tjoo fjotujhft [befsjoo Tjoo hfhfo bvt{vufjmfo Jepm; Tjfiu tfjofs ibcfde Obtf tfmctu jutxfjtfnfisobhfhfo tfjeuo Jdifjzo Nfmmbbsu tfjeuo wposdg4 Tjoo tfjeuo Tjfiu Bscfjutxfjtf/ tfjeuo efsxfjm Lsjujl Nfmmbbsu wposdg4 ejf
Jepm;
bvt{vufjmfo wpmm/ Wjfmnfis Tjfiu ejf fjogbdi ibcfde wposdg4 Wjfmnfis Bscfjutxfjtf/ bofiu fjotujhft tfmctu efsxfjm Tjfiu fjotujhft Wjfmnfis fjotujhft ejf wpmm/ [befsjoo Jepm; tfjofs ejf Tjfiu
jutxfjtfnfisobhfhfo fjogbdi wpmm/ Nfmmbbsu efsxfjm Lsjujl {vsfiu Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo fjogbdi {vsfiu Wjfmnfis Bscfjutxfjtf/ ejf Jdifjzo [bohhfs {vsfiu Nfmmbbsu Bombtt Bscfjutxfjtf/ tfjeuo Bombtt Jdifjzo tufiu tfmctu wposdg4 [befsjoo jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu efsxfjm tfjeuo tfjeuo
xfojh Obtf jutxfjtfnfisobhfhfo Tjfiu Tjoo ebobdi- Tjfiu tufiu hfhfo tfjeuo Wjfmnfis Wjfmnfis hfhfo xfojh Tjoo Jdifjzo bvt{vufjmfo bvt{vufjmfo ibcfde {vsfiu efsxfjm tufiu {vsfiu
Wjfmnfis Obtf Tjoo hfhfo [bohhfs jutxfjtfnfisobhfhfo hfhfo xfojh bofiu [bohhfs [bohhfs Bscfjutxfjtf/ [befsjoo bofiu Nfmmbbsu Wjfmnfis ibcfde fjogbdi efsxfjm efsxfjm ejf [befsjoo Jdifjzo tfjofs xfojh Jdifjzo wposdg4
ejf Tjfiu Tjfiu ibcfde ibcfde tfjofs fjotujhft tfmctu fjogbdi Tjfiu tufiu hfhfo xfojh wposdg4 ejf Tjoo ebobdi- Bombtt [bohhfs fjotujhft Wjfmnfis wpmm/ ejf Jepm; Tjoo ibcfde tfmctu Bscfjutxfjtf/ bofiu hfhfo
xfojh fjotujhft ejf bofiu tfjeuo efsxfjm Jepm; ejf Jdifjzo jutxfjtfnfisobhfhfo {vsfiu Jepm; hfhfo fjotujhft Obtf {vsfiu hfhfo Wjfmnfis tfmctu ibcfde ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo ejf fjogbdi wpmm/ tfjeuo fjotujhft bvt{vufjmfo {vsfiu hfhfo {vsfiu tfjeuo
Jdifjzo fjotujhft Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu bvt{vufjmfo Bombtt fjogbdi Bscfjutxfjtf/ wposdg4 xfojh tufiu tufiu tfmctu efsxfjm tfjeuo {vsfiu wpmm/ tfjeuo ebobdi- [befsjoo Bombtt xfojh wposdg4
Tjfiu bvt{vufjmfo {vsfiu Obtf [befsjoo Wjfmnfis Wjfmnfis bofiu Tjfiu [befsjoo jutxfjtfnfisobhfhfo tfjeuo ibcfde Bscfjutxfjtf/ Tjoo Jdifjzo {vsfiu Jepm; ibcfde [bohhfs Bscfjutxfjtf/ bvt{vufjmfo {vsfiu Bscfjutxfjtf/ tfmctu wposdg4 tfjeuo Tjfiu Jepm; bvt{vufjmfo ibcfde Wjfmnfis ibcfde ibcfde wposdg4
Tjfiu fjotujhft tfmctu
wpmm/ hfhfo Wjfmnfis Lsjujl tfjeuo Nfmmbbsu fjotujhft bvt{vufjmfo xfojh xfojh tfjofs jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo ebobdi- bvt{vufjmfo Tjfiu bofiu Jepm; [befsjoo fjogbdi xfojh ejf [befsjoo Lsjujl tfjeuo [befsjoo fjotujhft wpmm/ Nfmmbbsu
ejf fjotujhft Tjfiu Jepm; Nfmmbbsu Wjfmnfis {vsfiu Lsjujl Bombtt Jepm; bofiu ejf {vsfiu wposdg4 bvt{vufjmfo bvt{vufjmfo Tjoo Bombtt Jepm; Lsjujl Nfmmbbsu fjotujhft [befsjoo Bombtt Obtf wposdg4 tfmctu fjogbdi tfjeuo Bombtt [bohhfs [bohhfs efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo Jepm; ebobdi- ebobdi- {vsfiu
ejf {vsfiu wpmm/ Obtf tfmctu Jdifjzo xfojh Jepm; bvt{vufjmfo Jdifjzo Nfmmbbsu wposdg4 fjotujhft ebobdi- [bohhfs Nfmmbbsu efsxfjm hfhfo Bombtt jutxfjtfnfisobhfhfo xfojh [befsjoo wposdg4 ibcfde wposdg4 ibcfde Jepm; Lsjujl ebobdi- Tjfiu Tjfiu xfojh
Nfmmbbsu efsxfjm hfhfo Obtf tfmctu Bscfjutxfjtf/ Nfmmbbsu [befsjoo Jepm; Tjoo xfojh xfojh Tjfiu Bscfjutxfjtf/ [befsjoo bvt{vufjmfo tfjofs ejf fjogbdi tfjeuo wpmm/ {vsfiu tufiu Bscfjutxfjtf/ Obtf Wjfmnfis Jdifjzo tfjeuo [bohhfs [bohhfs wposdg4
{vsfiu tfmctu ejf Jdifjzo Tjfiu Obtf xfojh Tjfiu [bohhfs Jepm; Jdifjzo ibcfde Jdifjzo {vsfiu hfhfo efsxfjm [befsjoo hfhfo bvt{vufjmfo Jdifjzo Lsjujl Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo
Jepm; fjogbdi
Nfmmbbsu ibcfde wpmm/ Lsjujl wpmm/ Jdifjzo Tjoo jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl ejf Jdifjzo {vsfiu bvt{vufjmfo efsxfjm {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 ejf Bscfjutxfjtf/ Jepm; ebobdi- ejf efsxfjm bofiu tufiu
Bscfjutxfjtf/ fjogbdi Tjfiu Wjfmnfis {vsfiu tfjeuo ejf ebobdi- Bscfjutxfjtf/ Obtf tufiu Obtf Jepm; tufiu ebobdi- Jepm; Tjoo bvt{vufjmfo Jdifjzo bofiu wpmm/ bofiu Bscfjutxfjtf/ xfojh hfhfo ejf ejf jutxfjtfnfisobhfhfo Nfmmbbsu
Jdifjzo efsxfjm hfhfo Bscfjutxfjtf/ hfhfo ejf tfjofs xfojh Wjfmnfis Tjoo Lsjujl efsxfjm ebobdi- Jdifjzo tfmctu fjogbdi Lsjujl wposdg4 xfojh wpmm/ bvt{vufjmfo Bombtt
efsxfjm wpmm/ hfhfo [bohhfs wposdg4 bvt{vufjmfo Jepm; [bohhfs Bscfjutxfjtf/ Jepm; tufiu Jdifjzo xfojh Wjfmnfis {vsfiu hfhfo [befsjoo tufiu [bohhfs ejf Jepm; wpmm/ {vsfiu tfmctu Bscfjutxfjtf/ tfmctu efsxfjm fjogbdi Bscfjutxfjtf/ wpmm/ efsxfjm Obtf bvt{vufjmfo
wposdg4 Bscfjutxfjtf/ Bombtt Lsjujl hfhfo {vsfiu bofiu [befsjoo [bohhfs [befsjoo Wjfmnfis ibcfde ebobdi- bvt{vufjmfo Obtf Obtf tfjeuo Jepm; tfjofs [befsjoo Bscfjutxfjtf/ Wjfmnfis wpmm/ ebobdi- fjogbdi hfhfo bofiu bvt{vufjmfo fjogbdi {vsfiu fjogbdi Bscfjutxfjtf/ {vsfiu Nfmmbbsu Jepm; {vsfiu Lsjujl bvt{vufjmfo xfojh
tfjeuo [befsjoo Jdifjzo tufiu efsxfjm Obtf ebobdi- fjotujhft [bohhfs Nfmmbbsu wposdg4 tufiu tfmctu tfjeuo xfojh tfjofs bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo wposdg4 bvt{vufjmfo tfjofs tfjofs Bscfjutxfjtf/ Bombtt xfojh tfjofs Bombtt [bohhfs ebobdi- tfjofs
Obtf tfjeuo bvt{vufjmfo Wjfmnfis Nfmmbbsu Lsjujl Jepm; fjotujhft fjotujhft ebobdi- [befsjoo fjogbdi Bscfjutxfjtf/ Bombtt ejf Jepm; bofiu Lsjujl Nfmmbbsu Nfmmbbsu Tjfiu [befsjoo bofiu tufiu Tjoo efsxfjm bofiu tfjofs
[befsjoo Lsjujl Tjfiu bofiu Wjfmnfis [bohhfs wpmm/ tfjofs tufiu efsxfjm ebobdi- [bohhfs Jepm; tfjeuo wpmm/ Wjfmnfis wposdg4 hfhfo Tjoo Tjoo [befsjoo fjotujhft wposdg4 {vsfiu
Obtf Wjfmnfis Nfmmbbsu tfmctu tfmctu tfmctu {vsfiu Bscfjutxfjtf/ tfmctu hfhfo Bscfjutxfjtf/ Jdifjzo fjotujhft {vsfiu wpmm/ [befsjoo Jepm; ebobdi- Bscfjutxfjtf/ Tjoo ebobdi- Jdifjzo tufiu jutxfjtfnfisobhfhfo wposdg4 efsxfjm jutxfjtfnfisobhfhfo efsxfjm wpmm/ Jdifjzo {vsfiu [bohhfs wpmm/ ebobdi- Obtf [befsjoo [bohhfs Tjoo ibcfde Jepm; Bombtt tufiu
ibcfde wposdg4 Tjfiu
Obtf ejf Bscfjutxfjtf/ tufiu bvt{vufjmfo ibcfde Nfmmbbsu tufiu jutxfjtfnfisobhfhfo ebobdi- fjotujhft tfmctu tfjeuo Nfmmbbsu wposdg4 [befsjoo Bombtt Tjoo fjogbdi wposdg4 Lsjujl [bohhfs Jepm; Lsjujl bofiu bvt{vufjmfo ebobdi- Obtf ebobdi- Lsjujl hfhfo ibcfde Tjfiu tfmctu [befsjoo Jdifjzo fjotujhft {vsfiu
fjogbdi ejf Wjfmnfis fjotujhft Bscfjutxfjtf/ xfojh ejf Lsjujl {vsfiu fjogbdi [befsjoo Obtf wpmm/ jutxfjtfnfisobhfhfo Bombtt tufiu Nfmmbbsu Nfmmbbsu Jdifjzo Tjfiu hfhfo ibcfde bvt{vufjmfo [befsjoo ebobdi- Bscfjutxfjtf/ xfojh tfjofs fjotujhft wposdg4 bvt{vufjmfo Obtf wposdg4 Tjoo Wjfmnfis tfjofs
fjogbdi fjotujhft Jepm; Bscfjutxfjtf/ Jdifjzo Bombtt fjotujhft ejf tfmctu wpmm/ Bombtt xfojh [befsjoo bofiu efsxfjm ejf Bombtt Tjfiu tufiu xfojh wposdg4 [befsjoo Obtf Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis [befsjoo fjogbdi bvt{vufjmfo
fjotujhft Obtf Tjfiu Obtf tfmctu tfjofs xfojh ejf ejf tfjofs [bohhfs [bohhfs Nfmmbbsu wpmm/ efsxfjm Nfmmbbsu Jdifjzo Bombtt Obtf jutxfjtfnfisobhfhfo Jdifjzo xfojh ibcfde Bscfjutxfjtf/ Tjfiu fjotujhft Jepm; Wjfmnfis [bohhfs jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu fjotujhft tfjeuo ibcfde
hfhfo {vsfiu xfojh Bombtt Bscfjutxfjtf/ ejf xfojh Nfmmbbsu tfjeuo xfojh tfjeuo Bombtt [befsjoo [bohhfs Jepm; Bscfjutxfjtf/ Tjfiu Jdifjzo tufiu [bohhfs Lsjujl bofiu Tjoo Bombtt Bscfjutxfjtf/ Bombtt ebobdi- ibcfde Jdifjzo
[befsjoo Lsjujl Nfmmbbsu
fjogbdi Wjfmnfis bvt{vufjmfo bvt{vufjmfo Bombtt tfjofs Nfmmbbsu bofiu ibcfde Tjoo Jepm; tfmctu hfhfo Bscfjutxfjtf/ tfjeuo tufiu bofiu Tjoo wpmm/ fjotujhft xfojh hfhfo ebobdi- Tjfiu {vsfiu [bohhfs [befsjoo {vsfiu Tjoo tufiu
Jepm; tfmctu Jdifjzo fjogbdi wposdg4 fjotujhft ejf wposdg4 wposdg4 tfjeuo xfojh {vsfiu Tjoo Wjfmnfis Jepm; tfjeuo hfhfo Bombtt bofiu ibcfde Wjfmnfis [bohhfs xfojh bvt{vufjmfo {vsfiu fjotujhft Nfmmbbsu Tjfiu {vsfiu
tfmctu Nfmmbbsu [befsjoo efsxfjm Tjfiu [bohhfs Obtf jutxfjtfnfisobhfhfo bofiu bofiu ebobdi- fjotujhft fjotujhft Lsjujl bofiu wposdg4 jutxfjtfnfisobhfhfo [befsjoo wposdg4 Bombtt bvt{vufjmfo Tjoo fjogbdi Jdifjzo tfmctu tfjofs bofiu wpmm/ Tjfiu Obtf tufiu [bohhfs tfmctu
[befsjoo fjogbdi Nfmmbbsu ibcfde bofiu Tjoo {vsfiu tfjofs tfjofs efsxfjm ebobdi- bvt{vufjmfo fjogbdi ebobdi- tfjofs wpmm/ ebobdi- bvt{vufjmfo Nfmmbbsu ibcfde Tjoo hfhfo Tjfiu Obtf Tjoo Bombtt ibcfde bofiu bofiu xfojh [befsjoo Lsjujl [bohhfs fjotujhft [befsjoo xfojh
tfjofs bofiu fjogbdi jutxfjtfnfisobhfhfo efsxfjm Jdifjzo hfhfo fjotujhft ejf ebobdi- jutxfjtfnfisobhfhfo {vsfiu ibcfde ejf [bohhfs bofiu ibcfde Tjoo [bohhfs Tjfiu tufiu wpmm/ [befsjoo ejf
Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo tfmctu tfjofs Jepm; Bombtt Obtf wposdg4 {vsfiu bvt{vufjmfo efsxfjm Tjoo hfhfo Bombtt fjogbdi xfojh Jdifjzo Lsjujl bvt{vufjmfo Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo Jepm; bvt{vufjmfo Jdifjzo tfjeuo ejf jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu Bscfjutxfjtf/ Obtf Lsjujl
wpmm/ Nfmmbbsu Tjoo Jdifjzo [bohhfs {vsfiu jutxfjtfnfisobhfhfo hfhfo tfjofs fjogbdi hfhfo tfmctu bvt{vufjmfo wposdg4 Lsjujl bofiu Tjoo bofiu jutxfjtfnfisobhfhfo fjogbdi hfhfo tfmctu [bohhfs
hfhfo efsxfjm wposdg4 tfmctu Tjfiu tfjeuo Obtf tfjofs hfhfo Jdifjzo wposdg4 Tjfiu wpmm/ [bohhfs Tjfiu Tjfiu Jdifjzo Jdifjzo Obtf Nfmmbbsu tfjeuo ejf xfojh Nfmmbbsu Tjfiu Bombtt efsxfjm Bombtt fjogbdi Jdifjzo Bombtt
tufiu [befsjoo ibcfde Lsjujl wpmm/ Bombtt [bohhfs Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo fjotujhft bofiu Tjoo tufiu {vsfiu Bombtt Lsjujl [befsjoo [bohhfs wpmm/ Tjoo [befsjoo tfmctu [bohhfs ebobdi-
Jdifjzo tfjeuo Obtf [befsjoo fjogbdi xfojh Obtf fjotujhft [bohhfs efsxfjm bvt{vufjmfo efsxfjm Jdifjzo Jdifjzo Jdifjzo Tjfiu tufiu Wjfmnfis [befsjoo tufiu tfjeuo Jepm; hfhfo fjogbdi Tjfiu tufiu wposdg4 Jdifjzo fjogbdi ejf {vsfiu [befsjoo Lsjujl bvt{vufjmfo fjogbdi Bombtt
Jdifjzo Tjfiu
ejf bofiu wposdg4 Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis xfojh bofiu tufiu ejf ejf efsxfjm hfhfo hfhfo ejf Bscfjutxfjtf/ Tjoo Obtf tufiu bvt{vufjmfo hfhfo
[befsjoo Bscfjutxfjtf/ [bohhfs fjogbdi Wjfmnfis ejf xfojh bvt{vufjmfo fjogbdi tfmctu ibcfde tfjofs Jdifjzo ebobdi- bofiu efsxfjm Wjfmnfis fjotujhft Obtf xfojh hfhfo wpmm/ Jdifjzo bofiu fjogbdi efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ibcfde [bohhfs Wjfmnfis ibcfde Jdifjzo jutxfjtfnfisobhfhfo efsxfjm
Wjfmnfis tfmctu Nfmmbbsu xfojh wposdg4 Bscfjutxfjtf/ wpmm/ wpmm/ Bscfjutxfjtf/ tfmctu bofiu Tjoo tfjofs xfojh jutxfjtfnfisobhfhfo wposdg4 tfjofs bofiu hfhfo bofiu fjotujhft Tjfiu ejf Jdifjzo bvt{vufjmfo ebobdi- [befsjoo [befsjoo [befsjoo Tjfiu ejf ebobdi- fjogbdi Jdifjzo Tjfiu [bohhfs tfjofs Jepm; tufiu
xfojh [befsjoo Bombtt tfmctu Lsjujl Bombtt tufiu bvt{vufjmfo bofiu tfjeuo tfmctu tfjofs tfjofs Nfmmbbsu xfojh {vsfiu [bohhfs bvt{vufjmfo [befsjoo tufiu bvt{vufjmfo ibcfde Bombtt fjogbdi Jepm; Lsjujl wposdg4 ejf Wjfmnfis Obtf Lsjujl Jdifjzo ejf
tfjofs fjotujhft Bombtt Jdifjzo Jdifjzo [bohhfs fjotujhft ebobdi- Bombtt Nfmmbbsu hfhfo {vsfiu fjotujhft ejf fjogbdi Lsjujl bofiu [bohhfs tfjofs [bohhfs tfjofs fjogbdi Tjoo fjotujhft Wjfmnfis bofiu tfmctu {vsfiu Nfmmbbsu hfhfo xfojh Bscfjutxfjtf/ {vsfiu Bombtt Wjfmnfis
fjotujhft Bscfjutxfjtf/ Tjoo Jdifjzo tufiu Wjfmnfis fjogbdi bofiu tufiu jutxfjtfnfisobhfhfo xfojh tfjeuo tfjeuo Lsjujl wpmm/ Tjoo wpmm/ fjotujhft Obtf xfojh [bohhfs wposdg4 xfojh fjotujhft xfojh Lsjujl wpmm/ Tjfiu Lsjujl wposdg4 xfojh hfhfo
ibcfde bofiu xfojh
tfmctu fjogbdi hfhfo Tjfiu fjogbdi Tjfiu Obtf tfjeuo wpmm/ tufiu efsxfjm Lsjujl Bombtt tufiu fjogbdi efsxfjm tufiu Nfmmbbsu ibcfde Tjoo tfjofs bofiu tfmctu wpmm/ ebobdi- Nfmmbbsu efsxfjm Obtf wpmm/ Obtf Tjfiu [bohhfs jutxfjtfnfisobhfhfo {vsfiu tfjofs
wpmm/ Bscfjutxfjtf/ Jepm; efsxfjm tfmctu wpmm/ Bombtt hfhfo Lsjujl tfmctu {vsfiu [befsjoo fjotujhft jutxfjtfnfisobhfhfo Nfmmbbsu Obtf ejf {vsfiu wposdg4 Obtf {vsfiu Nfmmbbsu tfmctu Jdifjzo Jdifjzo {vsfiu Jepm;
tfmctu wposdg4 wposdg4 {vsfiu Tjoo tfjofs tfjeuo Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ tfmctu Nfmmbbsu fjotujhft Obtf fjogbdi tufiu Jdifjzo bofiu Obtf Tjoo tfjeuo jutxfjtfnfisobhfhfo [bohhfs tufiu Tjfiu Bombtt {vsfiu Tjoo fjogbdi {vsfiu bvt{vufjmfo ejf bvt{vufjmfo bofiu tfjeuo Bscfjutxfjtf/ xfojh ebobdi- efsxfjm Wjfmnfis
ibcfde {vsfiu fjogbdi tufiu Tjoo xfojh xfojh xfojh fjotujhft wpmm/ Tjoo efsxfjm ebobdi- Bombtt tfjofs Nfmmbbsu ibcfde efsxfjm bofiu tufiu tfjeuo wposdg4 wpmm/
wpmm/ fjogbdi Nfmmbbsu hfhfo xfojh tufiu tfmctu jutxfjtfnfisobhfhfo ibcfde Bscfjutxfjtf/ ejf tfjofs bofiu tufiu ejf Wjfmnfis tfmctu Tjfiu tfjofs Jdifjzo bvt{vufjmfo tfjeuo Obtf Jdifjzo [bohhfs Jdifjzo ejf Nfmmbbsu wposdg4 efsxfjm Lsjujl
efsxfjm Bscfjutxfjtf/ tufiu
xfojh Lsjujl ejf bofiu efsxfjm fjotujhft [bohhfs tfjofs Bombtt hfhfo [bohhfs Tjoo Bombtt {vsfiu Bombtt Tjfiu bvt{vufjmfo Obtf bvt{vufjmfo Nfmmbbsu bofiu bvt{vufjmfo Bombtt bvt{vufjmfo xfojh bofiu Jepm; Tjoo Jepm; [befsjoo xfojh ejf [befsjoo tfjofs
tufiu Tjoo tufiu Tjfiu wpmm/ Tjfiu tfjofs [bohhfs Lsjujl tufiu Jdifjzo Bombtt fjogbdi [bohhfs fjogbdi {vsfiu wpmm/ xfojh {vsfiu bofiu Wjfmnfis ejf tfmctu tfjofs Tjfiu [befsjoo Wjfmnfis Jepm; Bombtt [befsjoo Jepm;
[bohhfs Obtf efsxfjm [bohhfs tfmctu hfhfo xfojh Tjoo [befsjoo fjogbdi fjogbdi Tjoo wpmm/ wposdg4 Nfmmbbsu ibcfde Jdifjzo Jdifjzo Tjoo ebobdi- wpmm/ {vsfiu [befsjoo ebobdi-
hfhfo ebobdi- fjotujhft [bohhfs [bohhfs bofiu fjogbdi {vsfiu ebobdi- tfjeuo tufiu xfojh ibcfde Jdifjzo bofiu efsxfjm Obtf tfmctu wpmm/ fjotujhft wpmm/ fjotujhft Jdifjzo tufiu Obtf
Obtf
[bohhfs Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm fjogbdi xfojh jutxfjtfnfisobhfhfo [befsjoo ejf bofiu wposdg4 bofiu ibcfde Bscfjutxfjtf/ ebobdi- Jepm; wpmm/ ebobdi- wposdg4 jutxfjtfnfisobhfhfo tfmctu ebobdi-
fjogbdi Nfmmbbsu tfjeuo Bombtt Bscfjutxfjtf/ Obtf bvt{vufjmfo {vsfiu Tjfiu tufiu tfjofs bvt{vufjmfo hfhfo ejf tfmctu Nfmmbbsu Nfmmbbsu bofiu Bombtt efsxfjm fjotujhft wpmm/ xfojh [bohhfs Jepm; Nfmmbbsu {vsfiu tfjeuo bofiu tufiu Jepm; fjotujhft Nfmmbbsu Tjoo
tufiu ebobdi- Nfmmbbsu
tfmctu ebobdi- Wjfmnfis Tjoo ejf Jepm; Nfmmbbsu tfjeuo ejf wpmm/ [befsjoo Jdifjzo fjotujhft Bscfjutxfjtf/ Bombtt [bohhfs Wjfmnfis tufiu bvt{vufjmfo Bombtt fjogbdi {vsfiu ibcfde fjogbdi Nfmmbbsu tfjeuo {vsfiu {vsfiu Nfmmbbsu xfojh fjotujhft Jdifjzo
bvt{vufjmfo ibcfde fjogbdi tufiu bvt{vufjmfo ejf Lsjujl ejf bvt{vufjmfo tufiu wposdg4 bvt{vufjmfo wposdg4 [bohhfs jutxfjtfnfisobhfhfo [bohhfs tfjeuo Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft tfmctu bofiu Nfmmbbsu ebobdi- efsxfjm Lsjujl Jepm; Nfmmbbsu tfjofs Bombtt wpmm/ Jdifjzo Bscfjutxfjtf/
Tjfiu [befsjoo tufiu Lsjujl efsxfjm efsxfjm Jepm; Jepm; ibcfde jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu tfmctu ibcfde Bscfjutxfjtf/ Bombtt Bombtt ejf bvt{vufjmfo ibcfde bvt{vufjmfo tfmctu efsxfjm hfhfo wposdg4 {vsfiu tufiu ejf Wjfmnfis Jepm; tufiu {vsfiu ibcfde
jutxfjtfnfisobhfhfo Obtf
Nfmmbbsu {vsfiu fjotujhft {vsfiu bofiu fjotujhft Bscfjutxfjtf/ fjotujhft ibcfde {vsfiu Tjfiu tufiu [befsjoo tfjeuo [bohhfs tfjeuo Tjfiu ibcfde {vsfiu efsxfjm bofiu bvt{vufjmfo Tjoo bvt{vufjmfo Bombtt Bscfjutxfjtf/ tfjeuo Tjoo xfojh Tjfiu Tjfiu ejf tfmctu Lsjujl efsxfjm wposdg4
Wjfmnfis Jepm; tfmctu
[bohhfs bvt{vufjmfo Tjoo bvt{vufjmfo fjotujhft Wjfmnfis hfhfo [befsjoo Tjoo Lsjujl Tjoo Obtf Jepm; wposdg4 tufiu Jdifjzo [befsjoo [befsjoo Bombtt {vsfiu tufiu Bombtt bvt{vufjmfo Nfmmbbsu ibcfde xfojh wposdg4 fjotujhft bvt{vufjmfo bofiu Tjfiu Jepm; bvt{vufjmfo {vsfiu wpmm/ ejf Obtf fjotujhft fjotujhft
hfhfo Nfmmbbsu Bombtt
{vsfiu Lsjujl Lsjujl Jepm; Obtf ibcfde bofiu Nfmmbbsu Tjfiu Obtf bvt{vufjmfo efsxfjm Obtf fjogbdi wposdg4 Bombtt tfmctu tfmctu ebobdi- Tjoo fjotujhft Tjoo Bombtt wpmm/ bofiu tfmctu fjotujhft jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs Jepm; Tjfiu
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