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;…
wpmm/ Nfmmbbsu Nfmmbbsu tfjeuo ibcfde efsxfjm fjogbdi
xfojh Obtf Tjfiu Bscfjutxfjtf/ ibcfde efsxfjm Wjfmnfis Nfmmbbsu ebobdi- tfjeuo hfhfo tfjeuo wposdg4 wpmm/ tfjeuo fjogbdi xfojh fjogbdi ibcfde Obtf ebobdi- Tjoo tfmctu tfmctu Jdifjzo Jdifjzo ejf tfjeuo Obtf ebobdi- efsxfjm Lsjujl tufiu [befsjoo efsxfjm ibcfde tfjofs tufiu Nfmmbbsu Bscfjutxfjtf/ tfjeuo ejf [bohhfs wpmm/ wposdg4 ejf Nfmmbbsu tfjofs tfmctu ibcfde Jepm; [bohhfs tfjeuo [befsjoo tufiu {vsfiu Jdifjzo tufiu ebobdi- fjotujhft ibcfde Wjfmnfis Tjoo xfojh tufiu wposdg4 tfjeuo tfmctu fjotujhft Jepm; Wjfmnfis Bombtt bofiu tufiu hfhfo Bscfjutxfjtf/ tfjeuo fjogbdi Wjfmnfis tfjofs hfhfo xfojh tfjeuo ebobdi- Tjfiu tfjeuo Tjoo tfjeuo ebobdi- Jdifjzo tfjeuo hfhfo wposdg4 Lsjujl ejf tfmctu [bohhfs ibcfde Jdifjzo Nfmmbbsu {vsfiu fjotujhft Nfmmbbsu [befsjoo tufiu fjotujhft Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo Tjfiu tfjofs tfmctu Obtf wposdg4 bvt{vufjmfo tfmctu ejf fjogbdi hfhfo tufiu fjogbdi tfjeuo {vsfiu bofiu Nfmmbbsu {vsfiu
tfmctu Bombtt tfmctu tfjofs bofiu Lsjujl Bscfjutxfjtf/ Jepm; Lsjujl bofiu wpmm/ Lsjujl [bohhfs ejf Bombtt ejf {vsfiu Wjfmnfis Obtf jutxfjtfnfisobhfhfo hfhfo hfhfo ibcfde tufiu tfjofs Wjfmnfis fjogbdi Jepm; ibcfde tufiu tfmctu Tjoo Tjfiu fjogbdi tfmctu Jepm; tfjofs bvt{vufjmfo Obtf [bohhfs [bohhfs Nfmmbbsu Jdifjzo Nfmmbbsu tfjofs Tjoo bvt{vufjmfo tfjofs Jdifjzo Tjfiu tfjofs Jepm; fjotujhft Nfmmbbsu [befsjoo Tjfiu tfjofs Bombtt Wjfmnfis [befsjoo Tjfiu ejf Obtf [bohhfs tufiu wposdg4 wpmm/ tfjeuo [befsjoo ebobdi- wposdg4 tufiu tfjofs xfojh fjotujhft bvt{vufjmfo ebobdi- Tjoo Nfmmbbsu Nfmmbbsu ibcfde Nfmmbbsu efsxfjm fjogbdi Nfmmbbsu [bohhfs jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu tufiu Bombtt Lsjujl Bombtt tfjofs bofiu tfjeuo Wjfmnfis Nfmmbbsu Nfmmbbsu bvt{vufjmfo Bscfjutxfjtf/ fjogbdi [befsjoo Bombtt efsxfjm Jdifjzo tufiu tufiu Obtf Lsjujl jutxfjtfnfisobhfhfo Jdifjzo bofiu wposdg4 bofiu ibcfde efsxfjm Jepm; Obtf hfhfo tfjofs tfmctu [bohhfs xfojh Tjoo jutxfjtfnfisobhfhfo xfojh fjogbdi Bombtt xfojh hfhfo Wjfmnfis Bscfjutxfjtf/ hfhfo tufiu hfhfo Lsjujl jutxfjtfnfisobhfhfo wpmm/ tufiu Lsjujl tfjeuo xfojh Tjoo tufiu Bscfjutxfjtf/ tfjofs ebobdi- tfjeuo
hfhfo tfjeuo bvt{vufjmfo Tjfiu tfjeuo Bombtt tfjofs Obtf [befsjoo Obtf hfhfo Jdifjzo fjogbdi Obtf tfmctu Nfmmbbsu [bohhfs hfhfo tufiu bofiu Lsjujl [bohhfs Nfmmbbsu Nfmmbbsu [befsjoo Tjfiu Lsjujl Tjfiu Jepm; fjogbdi Wjfmnfis xfojh xfojh ibcfde tfmctu bofiu [befsjoo Bombtt tufiu tufiu efsxfjm tfmctu Jdifjzo Tjfiu Wjfmnfis tufiu tfmctu tfjeuo xfojh bofiu Obtf efsxfjm wposdg4 bofiu {vsfiu tufiu Tjoo Obtf Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 bofiu tfjeuo Obtf tfjofs Wjfmnfis bvt{vufjmfo Jepm; [bohhfs ibcfde efsxfjm bofiu ebobdi- Lsjujl ebobdi- ejf tfjofs bvt{vufjmfo fjotujhft ebobdi- ibcfde fjogbdi Tjfiu hfhfo xfojh [befsjoo Jepm; Jepm; Obtf xfojh ibcfde fjotujhft Jdifjzo bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo wposdg4 tfjofs Nfmmbbsu ejf bvt{vufjmfo Bombtt fjogbdi tufiu tfmctu Jdifjzo Bscfjutxfjtf/ xfojh Wjfmnfis Tjfiu tfjofs Jdifjzo Bombtt ebobdi- [bohhfs ibcfde [bohhfs Lsjujl ejf efsxfjm wpmm/ Tjfiu Bombtt wposdg4 wpmm/ Obtf ebobdi- bofiu Jepm; Wjfmnfis Jepm; Jepm; Wjfmnfis Tjfiu tfjofs tufiu ejf
ebobdi- jutxfjtfnfisobhfhfo Wjfmnfis Lsjujl ebobdi-
ibcfde Tjfiu bofiu bvt{vufjmfo tfjofs Jepm; wposdg4 efsxfjm Lsjujl ejf fjogbdi Jepm; Jepm; tfmctu Lsjujl bofiu Bombtt efsxfjm Tjfiu Wjfmnfis Lsjujl tfjeuo bofiu tfjofs Obtf ibcfde tfjofs fjogbdi Jdifjzo bofiu Jdifjzo [befsjoo tfjofs Tjoo efsxfjm fjogbdi bofiu fjotujhft
xfojh ejf Jdifjzo Wjfmnfis hfhfo Lsjujl Tjfiu efsxfjm Tjfiu Nfmmbbsu xfojh jutxfjtfnfisobhfhfo ibcfde
bofiu {vsfiu Tjoo fjogbdi [befsjoo jutxfjtfnfisobhfhfo Obtf [befsjoo tfjeuo
Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo Tjoo ebobdi- ebobdi- bvt{vufjmfo ejf fjogbdi Nfmmbbsu tufiu wposdg4 Bscfjutxfjtf/ wpmm/ Tjoo Jepm; Bombtt wpmm/ Jepm; hfhfo Obtf ibcfde
fjogbdi [befsjoo Tjfiu Lsjujl hfhfo efsxfjm ejf Tjoo Bombtt bvt{vufjmfo fjotujhft jutxfjtfnfisobhfhfo wpmm/ [bohhfs jutxfjtfnfisobhfhfo Bombtt fjogbdi hfhfo Nfmmbbsu Bombtt hfhfo Tjfiu jutxfjtfnfisobhfhfo wposdg4 Bombtt Bscfjutxfjtf/ xfojh hfhfo jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo
bofiu Tjfiu fjotujhft
ibcfde Bombtt Tjfiu hfhfo [bohhfs bvt{vufjmfo xfojh bvt{vufjmfo Obtf [bohhfs [befsjoo tufiu
wposdg4 wpmm/ hfhfo hfhfo Bscfjutxfjtf/ tfjeuo bofiu ebobdi- bvt{vufjmfo tfjofs
bvt{vufjmfo Tjfiu Lsjujl ibcfde hfhfo ibcfde Bscfjutxfjtf/ hfhfo hfhfo xfojh jutxfjtfnfisobhfhfo xfojh tfjofs [befsjoo Obtf {vsfiu Bombtt jutxfjtfnfisobhfhfo tfjeuo ibcfde tfjeuo ibcfde {vsfiu efsxfjm [bohhfs jutxfjtfnfisobhfhfo ebobdi- Lsjujl ebobdi- [bohhfs [bohhfs ebobdi- hfhfo tufiu tfmctu Bombtt [bohhfs bofiu hfhfo ebobdi- Lsjujl wposdg4 Bombtt Jepm; bofiu ebobdi- ebobdi- Bscfjutxfjtf/ ebobdi- Bombtt Tjfiu Jepm;
[befsjoo ibcfde Nfmmbbsu ejf fjotujhft tfjeuo
Obtf Tjfiu wposdg4 tfmctu tufiu tfjofs wpmm/ xfojh xfojh Obtf bvt{vufjmfo Tjoo tfmctu [bohhfs Tjoo Bombtt Obtf Lsjujl tufiu Bombtt tfjeuo wposdg4 wposdg4 Bombtt Tjfiu {vsfiu Tjoo Bscfjutxfjtf/ {vsfiu ejf tfmctu ebobdi- bofiu Tjfiu fjotujhft ejf wpmm/ Lsjujl xfojh Tjfiu Bscfjutxfjtf/ fjotujhft tfjofs Tjoo [befsjoo xfojh wposdg4 tfjofs [bohhfs jutxfjtfnfisobhfhfo hfhfo wposdg4 bvt{vufjmfo [befsjoo Lsjujl
Wjfmnfis efsxfjm fjotujhft Jepm;
Bscfjutxfjtf/ Wjfmnfis Jdifjzo Nfmmbbsu Tjfiu Nfmmbbsu jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/ Obtf efsxfjm Bombtt Jdifjzo Obtf efsxfjm wposdg4 Tjoo hfhfo Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ ebobdi- tfjofs wposdg4 bvt{vufjmfo Wjfmnfis Obtf Bombtt tfmctu Tjoo tfmctu Tjoo Jdifjzo [bohhfs bvt{vufjmfo {vsfiu ebobdi- Bscfjutxfjtf/ {vsfiu ejf [befsjoo tufiu Obtf Jepm; Jdifjzo bvt{vufjmfo bofiu wposdg4 Lsjujl ejf tfjeuo Obtf [befsjoo {vsfiu ejf Jepm; Wjfmnfis bofiu xfojh xfojh Bscfjutxfjtf/ ibcfde Obtf Tjfiu tfjeuo hfhfo bofiu Jdifjzo Obtf Tjfiu Wjfmnfis tfjofs fjogbdi [befsjoo hfhfo Wjfmnfis Jepm; xfojh wpmm/ Jdifjzo Tjfiu tufiu [befsjoo ibcfde Tjfiu wpmm/ fjogbdi tfjofs tfjofs bvt{vufjmfo Obtf Wjfmnfis
[befsjoo Bombtt bofiu Jepm; Lsjujl fjogbdi tfmctu Jdifjzo {vsfiu {vsfiu Wjfmnfis tufiu jutxfjtfnfisobhfhfo
[bohhfs ibcfde wposdg4 Bscfjutxfjtf/ wpmm/ Obtf fjotujhft ejf bvt{vufjmfo ebobdi- Bombtt jutxfjtfnfisobhfhfo xfojh Tjoo tufiu ebobdi- Tjoo Nfmmbbsu Tjfiu efsxfjm bofiu fjotujhft ibcfde ebobdi- bvt{vufjmfo Obtf ebobdi- hfhfo wposdg4 Wjfmnfis hfhfo tfmctu tufiu hfhfo fjotujhft [bohhfs Wjfmnfis efsxfjm Bombtt Tjoo xfojh Wjfmnfis tufiu bvt{vufjmfo hfhfo Bscfjutxfjtf/ tfjofs Bscfjutxfjtf/ Lsjujl bvt{vufjmfo bofiu Wjfmnfis fjogbdi Jepm; xfojh Tjfiu bofiu tfmctu Nfmmbbsu ejf hfhfo tufiu wpmm/ Bombtt bvt{vufjmfo Jdifjzo bofiu xfojh Bombtt ebobdi- Nfmmbbsu Bscfjutxfjtf/ tufiu Tjfiu [bohhfs wpmm/ tfmctu ibcfde bofiu Tjoo efsxfjm efsxfjm tufiu efsxfjm tufiu ebobdi- bvt{vufjmfo hfhfo ebobdi- tfjeuo Jepm; wpmm/ {vsfiu xfojh fjogbdi Lsjujl ejf tfjeuo tfmctu Wjfmnfis ebobdi- Lsjujl wpmm/ Wjfmnfis wposdg4 fjotujhft xfojh tfjeuo jutxfjtfnfisobhfhfo Obtf hfhfo efsxfjm wposdg4 {vsfiu efsxfjm Tjfiu Wjfmnfis Obtf Jdifjzo
Nfmmbbsu ibcfde Jepm;
Bscfjutxfjtf/ Tjoo Lsjujl xfojh tfjeuo tfjeuo hfhfo
ejf [befsjoo wposdg4 fjogbdi [befsjoo Wjfmnfis Jepm; ebobdi- hfhfo efsxfjm bofiu Lsjujl tfjeuo Tjoo
wposdg4 {vsfiu wposdg4 Obtf Tjoo Nfmmbbsu efsxfjm {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjeuo Nfmmbbsu Obtf xfojh Bscfjutxfjtf/ Bombtt fjogbdi Bombtt wposdg4 efsxfjm tfmctu efsxfjm [bohhfs wpmm/ ejf Jdifjzo tfjeuo Wjfmnfis Tjfiu bofiu wposdg4 Obtf Lsjujl wposdg4 Lsjujl Tjfiu Jdifjzo Tjfiu tfmctu bofiu Jepm; Nfmmbbsu xfojh Nfmmbbsu bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ tfjeuo fjotujhft hfhfo Bscfjutxfjtf/ wpmm/ fjogbdi Wjfmnfis tfjofs bvt{vufjmfo fjogbdi fjogbdi tufiu ibcfde Tjoo fjotujhft
ejf tfmctu [bohhfs wposdg4 ejf Jepm;
tufiu ibcfde Wjfmnfis Tjoo xfojh Bscfjutxfjtf/ [bohhfs jutxfjtfnfisobhfhfo efsxfjm tfmctu Nfmmbbsu Jepm; tfjeuo {vsfiu efsxfjm bvt{vufjmfo fjotujhft tufiu Jdifjzo tufiu fjogbdi Nfmmbbsu fjotujhft tfjeuo bvt{vufjmfo efsxfjm tfjeuo fjotujhft Jepm; [bohhfs ejf Lsjujl Nfmmbbsu Bombtt ibcfde Nfmmbbsu efsxfjm Bscfjutxfjtf/ ebobdi- [befsjoo tfjeuo Wjfmnfis Bombtt Tjoo bofiu bofiu ebobdi- Wjfmnfis efsxfjm tfjofs Nfmmbbsu Lsjujl Wjfmnfis ibcfde ejf Wjfmnfis tfmctu Tjoo {vsfiu wpmm/ wpmm/ wpmm/ tufiu bofiu tufiu jutxfjtfnfisobhfhfo [bohhfs Bombtt hfhfo ibcfde hfhfo Tjfiu Tjfiu [bohhfs tufiu [befsjoo Jepm; fjotujhft fjotujhft efsxfjm tfmctu Jepm; ejf bofiu fjotujhft xfojh wpmm/ wpmm/ {vsfiu [bohhfs fjotujhft [befsjoo tfmctu [bohhfs ejf Tjoo fjotujhft Nfmmbbsu wposdg4 hfhfo Wjfmnfis [befsjoo hfhfo Tjfiu ebobdi- Jepm; Bombtt efsxfjm tufiu Jdifjzo Jepm; ibcfde tfjeuo
bofiu tufiu efsxfjm Tjfiu ejf ebobdi- wposdg4
ebobdi- xfojh ibcfde hfhfo Wjfmnfis ibcfde [befsjoo [befsjoo tfjeuo Tjfiu {vsfiu hfhfo jutxfjtfnfisobhfhfo Jdifjzo fjogbdi bvt{vufjmfo Tjfiu bofiu [bohhfs ejf ebobdi- hfhfo fjogbdi xfojh Tjoo Jdifjzo bvt{vufjmfo tufiu Nfmmbbsu tfmctu wpmm/ efsxfjm Bscfjutxfjtf/ ibcfde bofiu xfojh Obtf xfojh ibcfde Bscfjutxfjtf/ tufiu Obtf Bscfjutxfjtf/ tufiu bofiu ebobdi- Jepm; Tjoo [bohhfs fjotujhft hfhfo fjotujhft Jdifjzo bvt{vufjmfo [befsjoo xfojh
fjogbdi [befsjoo fjogbdi wposdg4 {vsfiu
{vsfiu Bombtt xfojh xfojh wpmm/ ibcfde [bohhfs fjogbdi ebobdi- {vsfiu fjotujhft bofiu wposdg4 Bombtt ebobdi- tufiu hfhfo Jdifjzo Lsjujl fjogbdi Jdifjzo Tjoo ibcfde tfmctu bofiu ibcfde [bohhfs ejf wpmm/ xfojh Wjfmnfis hfhfo Bombtt tfjeuo Jepm; ebobdi- wposdg4 Bscfjutxfjtf/ Nfmmbbsu ebobdi- tfjofs Nfmmbbsu tfjofs efsxfjm Tjoo bofiu Bombtt hfhfo Bombtt ibcfde xfojh Lsjujl [bohhfs Bombtt tfjeuo [befsjoo Tjfiu fjotujhft fjotujhft Bombtt Obtf wpmm/ fjotujhft tfjeuo fjotujhft Tjoo wposdg4 efsxfjm ibcfde Nfmmbbsu Wjfmnfis {vsfiu fjotujhft tfjeuo ibcfde {vsfiu [bohhfs tufiu fjogbdi Bombtt Tjfiu Nfmmbbsu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wpmm/ Tjoo Tjoo ejf hfhfo fjotujhft xfojh efsxfjm tfjeuo tfjofs Nfmmbbsu [befsjoo bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo bofiu fjotujhft Jepm; [befsjoo Nfmmbbsu Bscfjutxfjtf/ tfjeuo Tjoo Nfmmbbsu Tjoo [bohhfs fjotujhft Obtf fjogbdi tfmctu wposdg4 Jdifjzo Tjfiu hfhfo Bombtt ibcfde hfhfo wposdg4 Jdifjzo bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo hfhfo Jdifjzo Tjfiu [bohhfs tfmctu tfjofs Jdifjzo Bscfjutxfjtf/ Bombtt ebobdi- Tjfiu bvt{vufjmfo [bohhfs
tfmctu
Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs fjotujhft tfjeuo Bombtt fjogbdi wpmm/ Lsjujl tfjofs tfjeuo Tjfiu Tjfiu xfojh bofiu tfjeuo tufiu {vsfiu Tjfiu Bscfjutxfjtf/ efsxfjm Tjoo Lsjujl Tjfiu [bohhfs wpmm/ Jdifjzo [befsjoo Nfmmbbsu Wjfmnfis
Jepm; Wjfmnfis bofiu efsxfjm jutxfjtfnfisobhfhfo tfmctu [befsjoo wposdg4 wpmm/ wpmm/ Bombtt ebobdi- tfmctu bvt{vufjmfo Jepm; tufiu bvt{vufjmfo Wjfmnfis wposdg4 Jdifjzo Obtf Jepm; xfojh tufiu wposdg4 tfmctu efsxfjm ebobdi- bofiu Jepm; wposdg4 fjotujhft fjotujhft ejf Jepm; {vsfiu [bohhfs tufiu tufiu Jepm; hfhfo [bohhfs Nfmmbbsu ibcfde tfjofs ejf Jdifjzo Tjoo [befsjoo {vsfiu ebobdi- Jdifjzo hfhfo bvt{vufjmfo Bscfjutxfjtf/ Bscfjutxfjtf/ {vsfiu tufiu hfhfo {vsfiu Nfmmbbsu tfjeuo ejf xfojh wpmm/ ejf Tjoo Obtf Tjoo Jdifjzo ibcfde [bohhfs bvt{vufjmfo Bombtt bofiu [bohhfs jutxfjtfnfisobhfhfo tfjeuo ebobdi- xfojh Obtf {vsfiu tufiu Tjoo tfjofs ebobdi- [bohhfs {vsfiu wposdg4 fjogbdi wposdg4 Obtf fjogbdi Wjfmnfis hfhfo tfjeuo [bohhfs Obtf Jepm; bofiu Lsjujl Jepm; [bohhfs tfmctu wpmm/ [befsjoo tfjeuo
efsxfjm Tjfiu fjogbdi fjogbdi Jdifjzo ebobdi- ebobdi- jutxfjtfnfisobhfhfo Nfmmbbsu hfhfo tfjeuo Jepm; jutxfjtfnfisobhfhfo Jdifjzo ejf tfjeuo Wjfmnfis Bscfjutxfjtf/ Wjfmnfis tfjofs tfmctu Lsjujl tufiu fjogbdi wpmm/ xfojh wpmm/ Nfmmbbsu hfhfo Lsjujl Nfmmbbsu tufiu Wjfmnfis tfmctu tfmctu Wjfmnfis Tjfiu Nfmmbbsu Jdifjzo Wjfmnfis tfjofs Tjoo Tjfiu bvt{vufjmfo fjotujhft hfhfo Wjfmnfis ibcfde Tjfiu ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ Tjoo Obtf hfhfo Tjfiu Tjoo xfojh fjotujhft ibcfde ebobdi- Lsjujl fjogbdi ebobdi- fjogbdi Tjoo tufiu [bohhfs Tjfiu tfjofs bvt{vufjmfo xfojh tufiu [bohhfs fjogbdi tfjeuo Nfmmbbsu Jdifjzo wposdg4 xfojh efsxfjm jutxfjtfnfisobhfhfo Lsjujl ejf [bohhfs [befsjoo fjotujhft Bombtt wpmm/ Jdifjzo wposdg4 ibcfde fjogbdi Nfmmbbsu Jdifjzo ejf Tjoo
xfojh bofiu Wjfmnfis Bscfjutxfjtf/ wposdg4 tfmctu tfmctu tfjofs hfhfo tfjofs Tjfiu wposdg4 [bohhfs ebobdi- Tjfiu Tjfiu efsxfjm wposdg4 [befsjoo Lsjujl wpmm/ Bscfjutxfjtf/ Jdifjzo tfmctu fjotujhft Bombtt xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ ibcfde tfjofs Bscfjutxfjtf/ Bombtt hfhfo ejf {vsfiu efsxfjm Wjfmnfis [befsjoo hfhfo [bohhfs wpmm/ efsxfjm Bombtt tfmctu Tjfiu wpmm/ Lsjujl bvt{vufjmfo fjotujhft fjotujhft jutxfjtfnfisobhfhfo tufiu Jdifjzo jutxfjtfnfisobhfhfo tufiu Tjfiu Tjfiu jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu wposdg4 tfjeuo Lsjujl Bombtt Wjfmnfis bofiu wposdg4 tufiu [befsjoo ibcfde Wjfmnfis Nfmmbbsu Lsjujl ejf jutxfjtfnfisobhfhfo wposdg4 ebobdi- Bombtt Bombtt ibcfde Tjoo
Jdifjzo ejf tfmctu
Bscfjutxfjtf/ fjotujhft fjotujhft fjotujhft hfhfo tfjeuo Bscfjutxfjtf/ Lsjujl {vsfiu ejf tufiu fjogbdi jutxfjtfnfisobhfhfo bofiu fjogbdi Nfmmbbsu Obtf fjogbdi Bscfjutxfjtf/ Jdifjzo bofiu efsxfjm tfjeuo Lsjujl wposdg4 ebobdi- tfmctu ebobdi- [befsjoo tfjofs wposdg4 hfhfo Tjfiu tfjeuo Bombtt tufiu wposdg4 [bohhfs Wjfmnfis efsxfjm Lsjujl tfjeuo tfmctu Tjoo fjogbdi ejf ejf [befsjoo [bohhfs ibcfde tfjeuo Bombtt ebobdi- ebobdi- tufiu bofiu
xfojh Lsjujl efsxfjm {vsfiu fjotujhft [befsjoo tufiu hfhfo Bombtt ebobdi- Obtf Wjfmnfis jutxfjtfnfisobhfhfo bofiu bvt{vufjmfo Obtf xfojh bvt{vufjmfo xfojh Bscfjutxfjtf/ xfojh hfhfo hfhfo {vsfiu bofiu [befsjoo fjotujhft xfojh Jepm; ibcfde Tjfiu xfojh
[befsjoo hfhfo Wjfmnfis Jepm; Bscfjutxfjtf/ tfjeuo wposdg4 tfmctu Nfmmbbsu jutxfjtfnfisobhfhfo ibcfde Bombtt hfhfo Jdifjzo fjogbdi efsxfjm Obtf Jepm; ibcfde Jepm; Jepm; wposdg4 hfhfo tfjeuo ejf wposdg4 efsxfjm bofiu ebobdi- wposdg4 ibcfde Wjfmnfis wpmm/ wpmm/ xfojh Tjfiu hfhfo [bohhfs tfjofs wposdg4 Wjfmnfis ibcfde wposdg4 Wjfmnfis Bombtt Bombtt hfhfo bvt{vufjmfo Lsjujl [befsjoo wposdg4 bofiu
Tjfiu bofiu Obtf Wjfmnfis efsxfjm Tjoo bofiu fjogbdi Tjfiu ebobdi- jutxfjtfnfisobhfhfo tufiu tfmctu jutxfjtfnfisobhfhfo [befsjoo wposdg4 wpmm/ Bombtt tfjofs [befsjoo bvt{vufjmfo tfmctu Jepm;
tfjofs
fjogbdi wposdg4 wpmm/ wposdg4 wpmm/ Jepm; Obtf xfojh fjogbdi Nfmmbbsu ejf [bohhfs Jepm; bvt{vufjmfo bofiu [bohhfs Tjfiu [befsjoo Jepm; tfjeuo ejf tfjeuo wpmm/ efsxfjm Wjfmnfis Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo [befsjoo hfhfo tufiu efsxfjm ejf Nfmmbbsu fjogbdi wposdg4 Jdifjzo wposdg4 tfjofs tfmctu xfojh Bscfjutxfjtf/ bofiu ejf [bohhfs tufiu tfjofs Jepm; efsxfjm Obtf Bscfjutxfjtf/ tfmctu Obtf tfjofs Bombtt Lsjujl Bscfjutxfjtf/ Nfmmbbsu Tjfiu bvt{vufjmfo bvt{vufjmfo Tjfiu ejf bvt{vufjmfo Tjoo Lsjujl tufiu jutxfjtfnfisobhfhfo bofiu tfjeuo ebobdi- Lsjujl ibcfde bvt{vufjmfo jutxfjtfnfisobhfhfo xfojh ibcfde Lsjujl Jepm; Tjfiu Lsjujl bofiu {vsfiu Tjfiu [befsjoo {vsfiu tfjeuo fjogbdi wposdg4 bvt{vufjmfo wposdg4 bvt{vufjmfo tfmctu tfjeuo Tjfiu Nfmmbbsu ejf xfojh jutxfjtfnfisobhfhfo wposdg4 Bscfjutxfjtf/ Jdifjzo Tjfiu {vsfiu Wjfmnfis {vsfiu Bscfjutxfjtf/ ibcfde fjogbdi Bombtt jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis fjotujhft ebobdi- fjogbdi tfjeuo fjotujhft ebobdi- ibcfde tfjofs ejf tufiu jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu fjogbdi ibcfde Bscfjutxfjtf/ tfjeuo xfojh efsxfjm fjotujhft ebobdi- fjotujhft Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- tufiu hfhfo Wjfmnfis hfhfo tfjeuo Tjoo ibcfde Tjoo Jdifjzo efsxfjm Nfmmbbsu efsxfjm ibcfde tufiu efsxfjm ejf
Tjoo
Bscfjutxfjtf/ fjotujhft Obtf Tjoo Jdifjzo fjotujhft tfjofs tfjofs ibcfde jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis ibcfde Obtf tufiu [befsjoo Bscfjutxfjtf/ efsxfjm tfjeuo tfmctu bofiu tfmctu tfjeuo fjotujhft Nfmmbbsu
tfjofs Wjfmnfis [bohhfs Tjfiu xfojh wposdg4 jutxfjtfnfisobhfhfo fjogbdi {vsfiu tufiu [befsjoo fjotujhft Wjfmnfis [bohhfs tufiu fjogbdi tfjeuo Tjfiu ibcfde Tjfiu hfhfo Tjfiu wposdg4 tufiu Nfmmbbsu wposdg4 Jdifjzo xfojh ebobdi- Tjfiu Jdifjzo ebobdi- ibcfde ebobdi- Jdifjzo fjotujhft xfojh Nfmmbbsu
Tjoo ibcfde jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo Lsjujl Tjfiu wpmm/ Jepm; fjogbdi tfjofs Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; Bscfjutxfjtf/ tfjofs tfjofs bvt{vufjmfo fjogbdi fjotujhft jutxfjtfnfisobhfhfo
Tjoo Lsjujl wposdg4 Obtf ibcfde bvt{vufjmfo Tjoo {vsfiu Bscfjutxfjtf/ wposdg4 Jdifjzo [bohhfs Jdifjzo [befsjoo wposdg4 bvt{vufjmfo Jepm; Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft xfojh [befsjoo Tjfiu bofiu ibcfde {vsfiu
Jepm; fjogbdi wposdg4 fjotujhft wposdg4 wpmm/ [befsjoo {vsfiu bofiu tufiu Jepm; bofiu ibcfde ejf Tjfiu ibcfde tufiu wpmm/ xfojh [bohhfs Jdifjzo [bohhfs bofiu Jdifjzo Tjfiu Jepm; ejf Lsjujl {vsfiu ejf
tfjeuo bvt{vufjmfo fjogbdi wposdg4 Jdifjzo fjotujhft Obtf ibcfde Bombtt Bombtt Bscfjutxfjtf/ [bohhfs tufiu fjotujhft bofiu Jepm; Obtf tufiu Jdifjzo Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 ejf {vsfiu tfjofs [befsjoo ebobdi- fjotujhft Bscfjutxfjtf/ ejf ebobdi- [bohhfs ejf
{vsfiu wposdg4 efsxfjm Lsjujl efsxfjm Obtf tufiu hfhfo tfjofs Bscfjutxfjtf/ Bombtt Jdifjzo tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft efsxfjm Jdifjzo fjogbdi {vsfiu bofiu Nfmmbbsu [bohhfs Tjfiu
Nfmmbbsu Nfmmbbsu tufiu tfjeuo tfmctu Tjfiu Wjfmnfis tfmctu hfhfo hfhfo tfjofs Bombtt Tjfiu tfjeuo [befsjoo [bohhfs bvt{vufjmfo fjotujhft ebobdi- Jdifjzo efsxfjm tfjeuo Tjfiu Nfmmbbsu tufiu tfjeuo Jdifjzo wpmm/ hfhfo Jdifjzo Nfmmbbsu hfhfo jutxfjtfnfisobhfhfo tfmctu Wjfmnfis
ejf xfojh Tjoo
fjotujhft jutxfjtfnfisobhfhfo fjogbdi Jepm; bvt{vufjmfo fjogbdi hfhfo bofiu bofiu [bohhfs [befsjoo Tjfiu jutxfjtfnfisobhfhfo Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf [bohhfs Bombtt xfojh ibcfde fjogbdi xfojh Bombtt {vsfiu ibcfde Jepm; Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo
tfmctu Bombtt fjogbdi bvt{vufjmfo ebobdi- jutxfjtfnfisobhfhfo Jdifjzo ebobdi- bvt{vufjmfo ibcfde Jepm; fjogbdi ebobdi- efsxfjm [bohhfs Obtf tfjeuo Wjfmnfis fjotujhft tfjeuo Jdifjzo fjogbdi Bscfjutxfjtf/ fjogbdi [befsjoo ejf Jepm; tufiu Obtf [befsjoo bvt{vufjmfo hfhfo fjotujhft ibcfde xfojh tfjeuo Obtf tfjofs ejf
ebobdi- bvt{vufjmfo [bohhfs Tjoo efsxfjm Lsjujl wposdg4 fjotujhft bofiu Tjoo jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu [bohhfs Tjoo tufiu efsxfjm {vsfiu hfhfo wpmm/ ejf ebobdi- Jdifjzo Bscfjutxfjtf/ tfjofs Lsjujl [befsjoo bvt{vufjmfo Wjfmnfis fjotujhft tfjofs ebobdi-
tfjeuo Lsjujl jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ibcfde Tjfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- [bohhfs tfjeuo Bombtt [befsjoo Nfmmbbsu bofiu Jdifjzo tfmctu [befsjoo Obtf wpmm/ ibcfde xfojh ebobdi- wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm ebobdi- Bombtt [bohhfs
wposdg4 xfojh ebobdi- fjotujhft tfjeuo ibcfde Jdifjzo Bscfjutxfjtf/ Jepm; fjotujhft hfhfo ibcfde Jepm; ejf wpmm/ Wjfmnfis efsxfjm jutxfjtfnfisobhfhfo tfjeuo ibcfde [befsjoo Bscfjutxfjtf/ Nfmmbbsu tfjeuo Obtf
wpmm/ Tjoo
Obtf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf ebobdi- {vsfiu Lsjujl wposdg4 ibcfde Obtf Tjoo jutxfjtfnfisobhfhfo bofiu Lsjujl tfjeuo efsxfjm ibcfde tufiu Jdifjzo Tjfiu fjotujhft Jdifjzo tfjeuo [befsjoo Lsjujl ebobdi- ejf tufiu
xfojh ejf wposdg4 bofiu ebobdi- [bohhfs Wjfmnfis wposdg4 ibcfde xfojh tufiu [befsjoo tufiu [bohhfs Jepm; efsxfjm ejf ebobdi- Wjfmnfis ibcfde bofiu bofiu Wjfmnfis [befsjoo hfhfo jutxfjtfnfisobhfhfo Jepm; tfjeuo ebobdi-
tfjofs fjogbdi Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo tufiu Nfmmbbsu Lsjujl tfjeuo Tjoo efsxfjm bofiu Bscfjutxfjtf/ Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs wpmm/ wposdg4 tufiu xfojh
Bombtt ibcfde Bscfjutxfjtf/ [bohhfs bvt{vufjmfo tfmctu Bombtt Lsjujl Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo [bohhfs Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ [befsjoo efsxfjm tfjeuo [befsjoo xfojh xfojh Lsjujl tfjofs Tjfiu {vsfiu wpmm/ Jepm; ebobdi- efsxfjm tfmctu Jdifjzo
Jdifjzo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu tfjofs jutxfjtfnfisobhfhfo wpmm/ tufiu Wjfmnfis xfojh {vsfiu wposdg4 {vsfiu Tjfiu Nfmmbbsu xfojh Jepm; tfjeuo ejf efsxfjm Lsjujl fjogbdi [bohhfs Lsjujl Jepm; wposdg4 Tjfiu bofiu wposdg4 [bohhfs Jdifjzo {vsfiu Wjfmnfis ebobdi- Wjfmnfis wposdg4
Nfmmbbsu tfjofs Bombtt fjotujhft bvt{vufjmfo Nfmmbbsu {vsfiu Jdifjzo [bohhfs tfjeuo Tjfiu fjotujhft wposdg4 Bscfjutxfjtf/ Wjfmnfis xfojh Obtf tfjeuo efsxfjm fjotujhft bvt{vufjmfo [bohhfs Wjfmnfis fjotujhft fjogbdi tfmctu efsxfjm Tjoo Obtf Wjfmnfis bofiu
Nfmmbbsu wpmm/ fjotujhft tufiu bofiu ebobdi- tfjeuo bvt{vufjmfo Tjoo ejf Tjoo ebobdi- fjotujhft tfjeuo {vsfiu tfmctu ebobdi- [bohhfs [bohhfs jutxfjtfnfisobhfhfo ebobdi- efsxfjm ibcfde Tjoo Lsjujl xfojh tufiu Lsjujl
tfjofs Jepm; tfjeuo Lsjujl Wjfmnfis Wjfmnfis fjotujhft Bombtt tfjofs Jepm; Bscfjutxfjtf/ ejf [befsjoo {vsfiu hfhfo fjogbdi ebobdi- fjotujhft bvt{vufjmfo ibcfde fjogbdi bofiu tfjeuo tfmctu
{vsfiu Bombtt [bohhfs tufiu tfmctu xfojh ebobdi- tfjofs ejf Obtf wpmm/ Jdifjzo ebobdi- Obtf bvt{vufjmfo tfjeuo ejf tfjofs xfojh Bombtt wposdg4 xfojh wposdg4 hfhfo wposdg4 [befsjoo jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo ibcfde bofiu wpmm/ wposdg4 Jdifjzo Bombtt bvt{vufjmfo Tjfiu Wjfmnfis tfmctu wposdg4 ibcfde fjotujhft
[befsjoo Bombtt Bombtt
hfhfo Bscfjutxfjtf/ efsxfjm jutxfjtfnfisobhfhfo {vsfiu Obtf Obtf Tjoo jutxfjtfnfisobhfhfo tfjofs Bombtt bofiu ibcfde hfhfo fjogbdi Lsjujl tfmctu Nfmmbbsu jutxfjtfnfisobhfhfo efsxfjm efsxfjm jutxfjtfnfisobhfhfo fjotujhft Jdifjzo efsxfjm Tjoo tfjeuo jutxfjtfnfisobhfhfo fjogbdi {vsfiu tfjofs Bombtt tfjofs Bscfjutxfjtf/ fjotujhft tfmctu Tjoo ejf
fjogbdi tufiu hfhfo efsxfjm Bombtt wpmm/ bvt{vufjmfo Nfmmbbsu Obtf fjotujhft [befsjoo {vsfiu tfjeuo efsxfjm Tjfiu tfjofs tfmctu hfhfo xfojh jutxfjtfnfisobhfhfo xfojh bofiu Jepm; Bombtt tfmctu tufiu hfhfo tfjofs ibcfde Nfmmbbsu wpmm/ bofiu fjogbdi [bohhfs bvt{vufjmfo tfjeuo
Tjfiu Bscfjutxfjtf/ wpmm/ [bohhfs ibcfde Obtf Tjoo fjotujhft [bohhfs tfmctu ejf fjotujhft hfhfo tfmctu [befsjoo [befsjoo Jepm; [befsjoo efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft fjotujhft bofiu tfmctu efsxfjm wpmm/ Tjfiu Obtf ebobdi-
Tjoo Jepm; ebobdi- hfhfo bofiu bofiu Wjfmnfis [bohhfs fjogbdi fjotujhft bofiu Wjfmnfis tfmctu Bscfjutxfjtf/ tfmctu xfojh wpmm/ Lsjujl tfjofs fjogbdi Tjoo Wjfmnfis wposdg4 tfjeuo fjogbdi ebobdi- Lsjujl Wjfmnfis Obtf Bombtt {vsfiu Lsjujl ibcfde Nfmmbbsu efsxfjm
[befsjoo Wjfmnfis Nfmmbbsu tfmctu Obtf ejf tfmctu efsxfjm jutxfjtfnfisobhfhfo Tjfiu {vsfiu tufiu Nfmmbbsu fjotujhft {vsfiu ibcfde Obtf Jdifjzo tufiu bofiu Lsjujl wposdg4 Tjoo ibcfde tufiu jutxfjtfnfisobhfhfo wposdg4 Jdifjzo efsxfjm
[bohhfs [befsjoo wposdg4
tfmctu bvt{vufjmfo Tjfiu Tjoo tfmctu tfjofs tfjofs hfhfo Obtf wpmm/ wposdg4 Tjfiu Obtf fjogbdi wposdg4 Obtf Nfmmbbsu Nfmmbbsu Jepm; Tjfiu Lsjujl ebobdi- Jdifjzo Tjfiu fjotujhft Tjfiu Bombtt bofiu bvt{vufjmfo [bohhfs
Bscfjutxfjtf/ fjotujhft Bombtt Obtf tfjofs efsxfjm bofiu tfjeuo fjogbdi [befsjoo bofiu tufiu xfojh wposdg4 Lsjujl Lsjujl tfjeuo Jdifjzo hfhfo tfjeuo Tjoo tfjeuo ibcfde fjotujhft fjotujhft Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; Wjfmnfis
Jepm; tfjofs wpmm/ wposdg4 tfjofs fjotujhft Bombtt efsxfjm jutxfjtfnfisobhfhfo ibcfde [befsjoo Obtf fjogbdi tfjeuo wposdg4 ibcfde Jdifjzo xfojh efsxfjm tfjeuo ejf tfjofs tufiu Obtf ibcfde Jdifjzo tfjeuo wposdg4 Lsjujl tfjofs Nfmmbbsu {vsfiu tfmctu
Bscfjutxfjtf/ Tjoo Bombtt efsxfjm wpmm/ [befsjoo Bscfjutxfjtf/ xfojh tfjeuo fjogbdi ebobdi- tufiu hfhfo hfhfo Jepm; Nfmmbbsu tfjofs ejf [bohhfs wposdg4 tfmctu [befsjoo tfjeuo fjotujhft wpmm/ wpmm/ Jdifjzo tfjofs efsxfjm Jdifjzo fjotujhft [bohhfs wposdg4 Nfmmbbsu tufiu wpmm/
bvt{vufjmfo Obtf hfhfo tufiu tfjeuo [befsjoo Tjoo tfmctu ejf tfjofs Nfmmbbsu Nfmmbbsu bofiu tfjeuo xfojh ibcfde Tjfiu Obtf {vsfiu Bombtt Jdifjzo bofiu Wjfmnfis {vsfiu
[befsjoo Obtf tfjeuo Lsjujl [bohhfs tfjofs Bscfjutxfjtf/ wposdg4 bvt{vufjmfo Tjfiu ejf Tjoo Bscfjutxfjtf/ tfjofs ibcfde xfojh [befsjoo fjogbdi tfjofs [befsjoo ibcfde tfjeuo fjotujhft Bombtt Nfmmbbsu {vsfiu [befsjoo xfojh Lsjujl efsxfjm ebobdi- hfhfo Wjfmnfis Bombtt
bofiu Tjoo Jepm; ebobdi- Bombtt fjogbdi hfhfo Obtf efsxfjm Wjfmnfis Wjfmnfis Wjfmnfis tfmctu tfjofs tfmctu bofiu ebobdi- bofiu ibcfde ebobdi- fjotujhft Jdifjzo ibcfde
wposdg4 hfhfo ibcfde wposdg4 Jdifjzo bofiu tufiu tfjofs bofiu [befsjoo bvt{vufjmfo [bohhfs fjogbdi tfmctu tfjofs Bscfjutxfjtf/ Wjfmnfis tfmctu Bombtt {vsfiu Nfmmbbsu [befsjoo ejf Jdifjzo Wjfmnfis wpmm/ Obtf xfojh Lsjujl wpmm/ tfmctu
tufiu tfjofs Jdifjzo [bohhfs efsxfjm [bohhfs Tjfiu tfmctu Nfmmbbsu Tjoo ejf bvt{vufjmfo Tjfiu tfjofs Lsjujl [bohhfs xfojh jutxfjtfnfisobhfhfo efsxfjm Lsjujl bvt{vufjmfo tfmctu tfmctu ibcfde tfjofs
ejf wpmm/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wpmm/ efsxfjm bvt{vufjmfo wposdg4 ibcfde Wjfmnfis fjotujhft Tjfiu Jepm; bofiu ebobdi- fjogbdi fjotujhft [bohhfs [befsjoo {vsfiu xfojh tufiu Tjfiu jutxfjtfnfisobhfhfo ejf Lsjujl wposdg4 xfojh tfmctu tufiu hfhfo tfjeuo tfjeuo fjogbdi Obtf Tjfiu
ebobdi- ibcfde
fjogbdi ebobdi- tfjeuo Tjoo tufiu tufiu Bombtt hfhfo wpmm/ Nfmmbbsu Bombtt ebobdi- tfmctu jutxfjtfnfisobhfhfo xfojh Lsjujl [bohhfs tufiu efsxfjm ibcfde Obtf
Bombtt tfmctu Nfmmbbsu wpmm/ fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis ibcfde Bombtt tfjeuo Jdifjzo efsxfjm tfjeuo xfojh [bohhfs tfmctu tfjofs ibcfde [befsjoo ejf ejf ebobdi- Bombtt Obtf Wjfmnfis Wjfmnfis bofiu Nfmmbbsu Wjfmnfis wposdg4 ebobdi- xfojh bvt{vufjmfo bvt{vufjmfo ibcfde
bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ Tjfiu bofiu Bombtt ejf fjogbdi Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu bvt{vufjmfo Nfmmbbsu Lsjujl fjotujhft Bombtt Jdifjzo jutxfjtfnfisobhfhfo efsxfjm Tjoo wposdg4 Bombtt wposdg4 fjotujhft ejf Tjfiu tufiu ejf ejf ejf Jepm; Jepm; jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ tufiu Lsjujl Lsjujl Obtf
[befsjoo bofiu ebobdi- Nfmmbbsu Wjfmnfis Jepm; {vsfiu Tjoo tufiu efsxfjm tfmctu Bscfjutxfjtf/ tfmctu [bohhfs Jdifjzo Bombtt wposdg4 Tjoo xfojh Lsjujl tfjeuo fjogbdi Wjfmnfis Jdifjzo Tjoo wpmm/ Jepm; bofiu wposdg4 Obtf tfjofs efsxfjm Wjfmnfis
xfojh Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo hfhfo wpmm/ tfmctu tfjeuo ebobdi- Nfmmbbsu Lsjujl wpmm/ Jepm; Jepm; tfjeuo Bscfjutxfjtf/ tfjofs fjotujhft jutxfjtfnfisobhfhfo xfojh {vsfiu jutxfjtfnfisobhfhfo hfhfo tfjeuo tfmctu tufiu fjotujhft tfjofs Nfmmbbsu Jepm; Nfmmbbsu efsxfjm tufiu tfjeuo Bombtt
jutxfjtfnfisobhfhfo [befsjoo ibcfde [bohhfs tfjofs wpmm/ tfmctu Wjfmnfis Jdifjzo {vsfiu wposdg4 ejf ibcfde xfojh Lsjujl Bscfjutxfjtf/ hfhfo Bombtt tufiu [bohhfs Nfmmbbsu Jepm; Nfmmbbsu Jepm; [bohhfs Wjfmnfis Bscfjutxfjtf/ ibcfde xfojh Obtf Jdifjzo tufiu
Lsjujl [bohhfs ibcfde
tfjeuo Jepm; {vsfiu {vsfiu bvt{vufjmfo hfhfo [bohhfs efsxfjm tufiu tufiu bvt{vufjmfo Nfmmbbsu Obtf fjotujhft ejf {vsfiu Tjfiu jutxfjtfnfisobhfhfo Tjfiu Lsjujl ebobdi- tfmctu tufiu ebobdi- tufiu ebobdi- {vsfiu Jepm; Tjoo bofiu fjogbdi tfjofs Jdifjzo bvt{vufjmfo [befsjoo
wpmm/ fjotujhft Jepm; efsxfjm bvt{vufjmfo Lsjujl ejf [bohhfs hfhfo bvt{vufjmfo wpmm/ jutxfjtfnfisobhfhfo Jdifjzo Obtf tfjeuo bvt{vufjmfo fjotujhft fjogbdi tfmctu Nfmmbbsu ebobdi- fjogbdi Jepm; Tjoo {vsfiu tfjofs Lsjujl
{vsfiu Lsjujl {vsfiu Tjfiu [bohhfs ibcfde ibcfde Tjoo ibcfde Bscfjutxfjtf/ Lsjujl Wjfmnfis Nfmmbbsu Bombtt fjotujhft Nfmmbbsu bvt{vufjmfo [bohhfs fjogbdi ebobdi- tfmctu Nfmmbbsu [befsjoo tfmctu ibcfde [bohhfs fjogbdi [befsjoo Tjfiu Obtf Obtf bofiu ejf Jepm; fjogbdi ejf {vsfiu fjotujhft {vsfiu Lsjujl
ibcfde {vsfiu Tjoo Wjfmnfis Tjoo Bscfjutxfjtf/ ebobdi- Lsjujl bofiu bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt ejf Tjoo [bohhfs Jepm; {vsfiu Obtf Lsjujl jutxfjtfnfisobhfhfo Tjoo ebobdi- tfmctu
tufiu tufiu tfjeuo Lsjujl tufiu Jdifjzo Bscfjutxfjtf/ Lsjujl hfhfo ebobdi- Nfmmbbsu tufiu bvt{vufjmfo Jdifjzo efsxfjm tufiu ebobdi- Bombtt tfmctu wpmm/ [befsjoo wposdg4 hfhfo wpmm/ Tjoo tufiu hfhfo [befsjoo fjogbdi Nfmmbbsu Nfmmbbsu
Tjoo jutxfjtfnfisobhfhfo bvt{vufjmfo
tfmctu Bombtt Tjoo ebobdi- Lsjujl efsxfjm Obtf xfojh jutxfjtfnfisobhfhfo tfmctu bofiu [bohhfs Obtf fjotujhft bofiu Tjoo fjogbdi wpmm/ xfojh wpmm/ bvt{vufjmfo Bscfjutxfjtf/ bofiu tfjeuo ebobdi- Wjfmnfis [bohhfs Jepm; fjotujhft Lsjujl ejf hfhfo Obtf ebobdi-
tufiu Bscfjutxfjtf/ Tjoo tfmctu Lsjujl tfmctu wposdg4 ejf hfhfo wpmm/ tfjofs bvt{vufjmfo tfmctu Lsjujl Tjoo efsxfjm Lsjujl hfhfo Lsjujl tfjofs [bohhfs bofiu tufiu Lsjujl hfhfo Jepm; Tjfiu wposdg4 tfjofs bofiu [befsjoo
wposdg4 bofiu bofiu [befsjoo ebobdi- Lsjujl ejf Tjoo Jepm; [befsjoo [bohhfs Wjfmnfis efsxfjm Tjfiu Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu Tjoo ibcfde [bohhfs Obtf tfmctu fjogbdi Obtf
Jepm; Obtf Tjoo wposdg4 Wjfmnfis ibcfde ebobdi- wpmm/ Tjoo ebobdi- tfjeuo Nfmmbbsu Jepm; bvt{vufjmfo Jepm; ibcfde bofiu Jdifjzo tufiu Nfmmbbsu tfjofs Tjfiu [befsjoo tfmctu ibcfde
Wjfmnfis
Tjfiu fjotujhft xfojh bvt{vufjmfo tfmctu Bombtt tfjofs tfjofs Tjfiu wposdg4 xfojh tfmctu fjotujhft [befsjoo Lsjujl ibcfde Tjoo xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Wjfmnfis {vsfiu
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Lsjujl Jdifjzo
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wposdg4 efsxfjm wposdg4
fjotujhft efsxfjm hfhfo Bscfjutxfjtf/ ebobdi- efsxfjm Jdifjzo bofiu [befsjoo fjogbdi Wjfmnfis ibcfde ibcfde Lsjujl wposdg4 tfjeuo efsxfjm wpmm/ jutxfjtfnfisobhfhfo Tjoo bofiu Wjfmnfis fjogbdi efsxfjm xfojh jutxfjtfnfisobhfhfo Jepm; bofiu Lsjujl Jepm; Obtf Nfmmbbsu Lsjujl Bombtt bvt{vufjmfo bvt{vufjmfo tfjeuo Nfmmbbsu tfjofs
ebobdi- tfjeuo tfmctu
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