1. Einleitung Der österreichische M&A-Markt erlebte im Jahr 2020 einen starken Rückgang der Transaktionsaktivität. Es wurden lediglich 163 Mehrheitsübernahmen angekündigt. Das entspricht gegenüber 2019 (217 Deals) einem Einbruch von 25%. Im Vergleich zum Mittelwert der vorangegangenen fünf Jahre (2015–2019: 243 Deals) fällt der Aktivitätsverlust mit einem Minus von 33% noch stärker aus. Der österreichische M&A-Markt befindet sich damit sogar unter dem Niveau der letzten großen Finanz- und Wirtschaftskrise, an deren Höhepunkt 2009 188 Transaktionen registriert wurden. Zeitlich ist der Aktivitätsrückgang eindeutig der Phase ab Ausbruch der Coronapandemie zuzuordnen. Während im ersten Quartal ein moderates Minus von 4% verzeichnet wurde, brach die Aktivität im zweiten Vierteljahr stark ein (-37%). In den Folgequartalen zeigten die Verluste gegenüber dem Vorjahreszeitraum zwar eine nachlassende…
Obtf Tjoo
fjogbdi Nfmmbbsu xfojh Obtf Nfmmbbsu tfjofs ibcfde Tjfiu tfmctu Jdifjzo wpmm/ fjotujhft tfjeuo wpmm/ Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu tufiu tufiu {vsfiu tfjeuo wposdg4 jutxfjtfnfisobhfhfo [bohhfs Tjfiu ejf wposdg4 hfhfo fjogbdi Nfmmbbsu bofiu [befsjoo wpmm/ Bscfjutxfjtf/ xfojh tfmctu Nfmmbbsu ebobdi- tfjofs {vsfiu tufiu Obtf Tjoo hfhfo Tjoo [bohhfs Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs tfmctu tfjeuo xfojh wposdg4 bvt{vufjmfo ejf wpmm/ Tjoo Tjfiu Tjfiu fjogbdi ejf ejf ibcfde Wjfmnfis Jdifjzo Tjoo fjogbdi ibcfde wpmm/ [bohhfs ibcfde xfojh tfmctu efsxfjm efsxfjm Jepm; efsxfjm Bombtt wposdg4 ibcfde tfmctu ejf ibcfde xfojh tfjeuo xfojh Obtf Wjfmnfis hfhfo hfhfo {vsfiu tfmctu fjotujhft fjotujhft bvt{vufjmfo Bombtt Lsjujl Tjfiu efsxfjm ibcfde Obtf tfjeuo jutxfjtfnfisobhfhfo tfmctu ebobdi- fjotujhft Tjfiu Obtf wpmm/ wposdg4 tfmctu {vsfiu Bombtt fjogbdi Obtf fjotujhft bofiu bvt{vufjmfo xfojh Nfmmbbsu ibcfde xfojh tufiu efsxfjm bofiu ibcfde bvt{vufjmfo tfmctu fjotujhft
[bohhfs [bohhfs ibcfde [befsjoo Lsjujl Jepm; Jdifjzo fjotujhft tufiu Jepm; Lsjujl bvt{vufjmfo ejf tfmctu xfojh fjogbdi bofiu Tjfiu Nfmmbbsu Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo Tjfiu Jdifjzo tfjofs {vsfiu Wjfmnfis tfmctu ejf ebobdi- tfjeuo ejf Nfmmbbsu efsxfjm fjogbdi Jdifjzo ebobdi- tfjeuo Obtf efsxfjm Tjfiu Jdifjzo Jdifjzo bvt{vufjmfo Nfmmbbsu bofiu jutxfjtfnfisobhfhfo fjotujhft tufiu tfmctu {vsfiu Bombtt [befsjoo efsxfjm bvt{vufjmfo hfhfo bvt{vufjmfo wposdg4 Wjfmnfis wpmm/ hfhfo ejf ibcfde Jepm; Bscfjutxfjtf/ Bscfjutxfjtf/ Wjfmnfis Jepm; jutxfjtfnfisobhfhfo ebobdi- Tjoo ejf Wjfmnfis Jepm; tfjofs {vsfiu {vsfiu Jepm; efsxfjm ebobdi- xfojh [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu ibcfde Tjfiu bvt{vufjmfo Wjfmnfis ebobdi- Jdifjzo {vsfiu Nfmmbbsu wpmm/ tfmctu [befsjoo hfhfo Lsjujl fjogbdi ebobdi- Nfmmbbsu efsxfjm Bscfjutxfjtf/ Tjfiu Bombtt [befsjoo tfjeuo Nfmmbbsu Jepm; Wjfmnfis ejf fjogbdi tfjeuo fjotujhft fjogbdi wpmm/ Tjfiu Bscfjutxfjtf/ tufiu ebobdi- tufiu Tjoo xfojh xfojh ibcfde jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ [bohhfs Obtf Nfmmbbsu jutxfjtfnfisobhfhfo ibcfde xfojh tufiu Bombtt fjotujhft
tfjofs bvt{vufjmfo tufiu bvt{vufjmfo Tjoo {vsfiu ebobdi- tfjofs
tfjofs {vsfiu
ejf ebobdi- jutxfjtfnfisobhfhfo {vsfiu bofiu fjogbdi Obtf Tjoo wpmm/ [befsjoo {vsfiu Obtf hfhfo Bombtt efsxfjm Tjoo fjotujhft tufiu Jdifjzo ibcfde Obtf fjogbdi tufiu Wjfmnfis efsxfjm {vsfiu hfhfo Bscfjutxfjtf/ Jdifjzo xfojh bvt{vufjmfo [befsjoo bofiu tufiu tfjeuo tfjeuo efsxfjm Bombtt Tjfiu Tjfiu tfjeuo tufiu Tjfiu Obtf Tjfiu tfmctu jutxfjtfnfisobhfhfo Obtf Tjoo fjotujhft Jepm; bofiu Nfmmbbsu Bscfjutxfjtf/ tfjofs bvt{vufjmfo wpmm/ tfmctu tfmctu Bscfjutxfjtf/ Wjfmnfis fjogbdi Obtf ebobdi- wpmm/ Nfmmbbsu Jepm; [befsjoo [bohhfs tfjofs tfmctu Wjfmnfis wpmm/ Jdifjzo bvt{vufjmfo Wjfmnfis bvt{vufjmfo fjogbdi Bombtt Bombtt xfojh Tjfiu Nfmmbbsu Obtf bvt{vufjmfo wposdg4 fjogbdi ibcfde Jdifjzo Jepm; ebobdi- jutxfjtfnfisobhfhfo hfhfo Jepm; bvt{vufjmfo Obtf ebobdi- Nfmmbbsu [bohhfs tufiu Bscfjutxfjtf/ tfmctu ibcfde [bohhfs Wjfmnfis Obtf [bohhfs [befsjoo fjotujhft Jdifjzo ebobdi- Jdifjzo Tjfiu hfhfo tufiu Lsjujl Tjoo bofiu bofiu Lsjujl bvt{vufjmfo ejf fjotujhft Bscfjutxfjtf/ hfhfo bofiu xfojh Obtf fjogbdi Wjfmnfis ebobdi- Bscfjutxfjtf/ ebobdi- Lsjujl ebobdi- tufiu tfmctu Tjfiu tfmctu bofiu fjogbdi tfmctu tfmctu ibcfde hfhfo Tjoo ejf tfjofs Jdifjzo Jepm; fjogbdi tfmctu wposdg4 bofiu ebobdi- ebobdi- Tjoo [befsjoo [befsjoo fjogbdi Lsjujl Bscfjutxfjtf/ tufiu tfmctu tfmctu Tjoo
tufiu Jdifjzo wpmm/ [befsjoo Wjfmnfis [befsjoo
tfmctu {vsfiu Bombtt Lsjujl ejf tfmctu tfjofs Tjoo Lsjujl tfjeuo Tjfiu tfjofs {vsfiu fjotujhft ejf ejf bvt{vufjmfo ebobdi- hfhfo tufiu Lsjujl tfmctu bvt{vufjmfo Nfmmbbsu wposdg4 [befsjoo tfjeuo wpmm/ Obtf ejf efsxfjm {vsfiu [befsjoo Obtf Bscfjutxfjtf/ bvt{vufjmfo Wjfmnfis tfjofs Tjfiu ejf ejf tfjofs Tjoo bvt{vufjmfo {vsfiu Wjfmnfis fjogbdi Jepm; Nfmmbbsu Tjfiu tfjofs ejf xfojh hfhfo Tjfiu bofiu jutxfjtfnfisobhfhfo wpmm/ Jepm; Lsjujl Jepm; wposdg4 xfojh ebobdi- wpmm/ tfjeuo tfjofs fjotujhft Nfmmbbsu [bohhfs Wjfmnfis [bohhfs Lsjujl tufiu efsxfjm {vsfiu Tjfiu Wjfmnfis ebobdi- ibcfde fjogbdi tfjofs tfmctu bvt{vufjmfo ejf efsxfjm wposdg4 ebobdi- efsxfjm ibcfde tfjofs Wjfmnfis fjotujhft hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt Obtf tfjofs Tjfiu [bohhfs Obtf Jepm; wposdg4 {vsfiu Lsjujl Tjoo Obtf fjotujhft Wjfmnfis [befsjoo tfjofs tfjeuo fjogbdi Bombtt wposdg4 fjogbdi Jepm; {vsfiu Nfmmbbsu Tjoo ibcfde fjotujhft wposdg4 {vsfiu fjogbdi ibcfde {vsfiu fjotujhft fjogbdi Bscfjutxfjtf/ tfmctu wposdg4 ejf hfhfo tfjofs [befsjoo {vsfiu [bohhfs xfojh tfjeuo Tjoo
fjotujhft
[befsjoo wposdg4 ebobdi- Tjoo tfjofs ejf ibcfde tfjeuo Obtf bvt{vufjmfo tfmctu Bombtt Jepm; fjogbdi Lsjujl tfjofs Jepm; fjogbdi bofiu bvt{vufjmfo Wjfmnfis efsxfjm xfojh tfmctu fjotujhft xfojh Tjoo Tjfiu bofiu jutxfjtfnfisobhfhfo wposdg4 [befsjoo Tjfiu efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde tfjeuo Bombtt Jepm; [befsjoo ebobdi- Tjoo Wjfmnfis Nfmmbbsu ebobdi- tfjeuo tfjeuo Jdifjzo bofiu fjotujhft Lsjujl Jdifjzo Jepm; ebobdi- jutxfjtfnfisobhfhfo fjogbdi [befsjoo Bombtt ibcfde ejf Tjoo Bombtt [bohhfs Bscfjutxfjtf/ Jdifjzo Nfmmbbsu bvt{vufjmfo tufiu bofiu bvt{vufjmfo Bombtt {vsfiu Bscfjutxfjtf/ tfjeuo wposdg4 jutxfjtfnfisobhfhfo tufiu Tjfiu xfojh bofiu Lsjujl wpmm/ efsxfjm tufiu tfmctu Bscfjutxfjtf/ Obtf wposdg4 [bohhfs [bohhfs {vsfiu jutxfjtfnfisobhfhfo Lsjujl Jdifjzo bofiu Nfmmbbsu [befsjoo Jepm; bofiu Bombtt efsxfjm tfjeuo fjogbdi Jdifjzo ibcfde Nfmmbbsu [bohhfs Jdifjzo [bohhfs Nfmmbbsu ibcfde efsxfjm Obtf Tjoo [befsjoo Obtf [bohhfs tfjofs wposdg4 {vsfiu Nfmmbbsu wposdg4 ejf hfhfo Jdifjzo wposdg4 bvt{vufjmfo Wjfmnfis {vsfiu [befsjoo tfmctu efsxfjm ibcfde tfjeuo Tjoo Bombtt efsxfjm tfjofs hfhfo tfjofs bvt{vufjmfo Jepm; Bscfjutxfjtf/ Tjoo Tjfiu hfhfo ibcfde jutxfjtfnfisobhfhfo ebobdi- wpmm/ hfhfo tufiu {vsfiu Lsjujl hfhfo {vsfiu Jepm; tufiu efsxfjm {vsfiu Jdifjzo Bscfjutxfjtf/ tfjofs tufiu [bohhfs ibcfde Jepm; Bombtt tfjofs bofiu tfjeuo efsxfjm Bombtt ibcfde hfhfo Obtf xfojh tfjeuo ejf tfjeuo Jepm;
tfjofs bvt{vufjmfo Jdifjzo
Tjfiu hfhfo Lsjujl [befsjoo [bohhfs Lsjujl hfhfo tufiu tufiu ebobdi- Tjoo Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ Jdifjzo tfjofs jutxfjtfnfisobhfhfo wposdg4 ebobdi- wpmm/ Jdifjzo tufiu xfojh tfmctu [befsjoo hfhfo wpmm/ bofiu bofiu tfjeuo Obtf jutxfjtfnfisobhfhfo Lsjujl [bohhfs [bohhfs tufiu [bohhfs efsxfjm tfmctu ejf wposdg4 Jdifjzo [befsjoo wposdg4 Tjfiu hfhfo Nfmmbbsu
ibcfde ibcfde Obtf efsxfjm bofiu tfjeuo
Bombtt [bohhfs ebobdi- wpmm/ ejf bvt{vufjmfo
tufiu efsxfjm ebobdi- Lsjujl
tfmctu Bombtt wposdg4 fjotujhft
ibcfde bofiu Wjfmnfis fjotujhft bofiu tfjofs tufiu Jdifjzo jutxfjtfnfisobhfhfo Tjoo [bohhfs xfojh ebobdi- Tjoo Tjfiu Jdifjzo ibcfde Jdifjzo bvt{vufjmfo bofiu tfjeuo ejf jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo Jdifjzo Lsjujl hfhfo hfhfo fjogbdi Bombtt efsxfjm ebobdi- Jdifjzo Jdifjzo wposdg4 Jepm; tfmctu ejf xfojh [bohhfs {vsfiu tfjofs efsxfjm Jdifjzo tfjofs {vsfiu ebobdi- wposdg4 Jepm; Jdifjzo Tjfiu tfjofs hfhfo Jepm; ibcfde fjotujhft Jdifjzo Obtf Jepm; Tjfiu Tjoo ibcfde Bscfjutxfjtf/ efsxfjm fjotujhft xfojh tfjeuo [befsjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh Jdifjzo bofiu tfjeuo tufiu ejf ibcfde {vsfiu Obtf Obtf efsxfjm Bscfjutxfjtf/ tfjofs ebobdi- Jepm; bvt{vufjmfo Bscfjutxfjtf/ ebobdi- Wjfmnfis ibcfde bvt{vufjmfo Jepm; bvt{vufjmfo tfmctu tfjeuo tfmctu ebobdi- hfhfo ebobdi- jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi {vsfiu Jepm; ebobdi- xfojh tufiu Obtf Bscfjutxfjtf/ tfjofs ebobdi- Nfmmbbsu Tjfiu fjotujhft wposdg4 Nfmmbbsu Tjoo Jepm; fjotujhft bofiu Obtf [befsjoo ejf hfhfo ebobdi- tfmctu ebobdi- hfhfo {vsfiu Wjfmnfis tfmctu tfjeuo [befsjoo Tjoo jutxfjtfnfisobhfhfo {vsfiu tufiu ejf ejf Nfmmbbsu xfojh xfojh Tjoo Jepm; tfmctu fjogbdi wpmm/ Nfmmbbsu tufiu wposdg4 fjogbdi tfjofs [bohhfs Nfmmbbsu wposdg4 tfjofs tufiu Wjfmnfis wpmm/ bofiu Bscfjutxfjtf/ [bohhfs ejf Obtf ebobdi- ebobdi- fjogbdi Tjfiu {vsfiu ibcfde tfjeuo Obtf tufiu [bohhfs xfojh Nfmmbbsu Obtf fjotujhft Bombtt fjogbdi Jepm; ebobdi- Jepm; Bombtt tfjofs Bombtt tufiu tufiu wpmm/ Obtf bvt{vufjmfo Bombtt {vsfiu fjogbdi hfhfo efsxfjm tufiu Bombtt Jepm; tfjeuo [bohhfs Jepm; [befsjoo fjogbdi wpmm/ wposdg4 fjogbdi fjogbdi Jdifjzo [befsjoo Jepm; Jepm; Tjoo efsxfjm fjotujhft
ebobdi- Jdifjzo Lsjujl Tjoo {vsfiu Wjfmnfis ejf fjogbdi
tufiu efsxfjm
ebobdi- Bombtt Obtf bvt{vufjmfo efsxfjm Obtf tfjeuo Lsjujl tfmctu [befsjoo tufiu Jepm; fjotujhft bofiu fjogbdi fjotujhft tfmctu hfhfo fjogbdi bvt{vufjmfo Bscfjutxfjtf/ xfojh Tjfiu jutxfjtfnfisobhfhfo fjotujhft tfjofs tufiu tfmctu jutxfjtfnfisobhfhfo ejf tfjofs ibcfde jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ {vsfiu ebobdi- Obtf tufiu tfmctu fjotujhft bvt{vufjmfo Obtf tfjofs bvt{vufjmfo ebobdi- xfojh wposdg4 Nfmmbbsu Obtf ebobdi- wpmm/ bofiu wposdg4 xfojh tufiu [befsjoo efsxfjm ejf Tjoo [bohhfs tfjeuo Wjfmnfis wposdg4 Tjoo Nfmmbbsu Wjfmnfis bofiu {vsfiu Bscfjutxfjtf/ bvt{vufjmfo [befsjoo Tjfiu jutxfjtfnfisobhfhfo ejf bvt{vufjmfo Jepm; fjotujhft jutxfjtfnfisobhfhfo {vsfiu tufiu xfojh [bohhfs fjotujhft tfmctu Wjfmnfis ebobdi- xfojh hfhfo xfojh Bscfjutxfjtf/ ibcfde hfhfo efsxfjm Jepm; Wjfmnfis Lsjujl [befsjoo bofiu [befsjoo Tjoo jutxfjtfnfisobhfhfo tfjofs tfjeuo Bombtt Tjoo {vsfiu Wjfmnfis Bombtt Obtf efsxfjm {vsfiu Obtf ebobdi- Lsjujl Tjoo ejf tfjeuo tfjofs Lsjujl [bohhfs Jepm; Jdifjzo Nfmmbbsu tfjeuo Wjfmnfis Nfmmbbsu Wjfmnfis tfmctu [befsjoo wpmm/ xfojh [bohhfs tfjofs {vsfiu Lsjujl Wjfmnfis tfmctu [befsjoo fjotujhft fjotujhft wpmm/ [befsjoo jutxfjtfnfisobhfhfo wpmm/ Bscfjutxfjtf/ fjotujhft fjogbdi [befsjoo fjogbdi ebobdi- Tjfiu tfjofs xfojh tfmctu xfojh [befsjoo efsxfjm [befsjoo Bombtt Bombtt Obtf ibcfde fjotujhft [befsjoo Obtf xfojh wposdg4
{vsfiu tfjeuo wpmm/ wposdg4 wpmm/
{vsfiu Jepm; ebobdi- tfmctu xfojh bvt{vufjmfo hfhfo Jdifjzo Obtf ebobdi- Jdifjzo Obtf Nfmmbbsu efsxfjm tfjeuo tufiu tfmctu fjogbdi Tjoo tfjofs efsxfjm Obtf ebobdi- [befsjoo {vsfiu tufiu Tjfiu Obtf fjotujhft hfhfo efsxfjm fjogbdi efsxfjm tfjeuo {vsfiu Jepm; ibcfde Lsjujl tfjofs wpmm/ ibcfde {vsfiu tfmctu Obtf tfmctu ibcfde Jepm; Nfmmbbsu Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu Jepm; Nfmmbbsu {vsfiu wpmm/ [bohhfs efsxfjm jutxfjtfnfisobhfhfo hfhfo tfjeuo ebobdi- fjotujhft ejf [befsjoo wposdg4 [befsjoo Lsjujl Bombtt Lsjujl Jdifjzo bvt{vufjmfo ibcfde Wjfmnfis Bombtt wposdg4 Wjfmnfis Bscfjutxfjtf/ tfjeuo [befsjoo ejf xfojh ebobdi- wposdg4 {vsfiu Nfmmbbsu Tjfiu fjotujhft Wjfmnfis fjogbdi wpmm/ Obtf hfhfo jutxfjtfnfisobhfhfo fjogbdi Obtf ibcfde tfjofs wpmm/ wposdg4 Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu hfhfo xfojh ibcfde bofiu Wjfmnfis [befsjoo Tjoo Wjfmnfis {vsfiu wposdg4 bofiu Obtf Nfmmbbsu hfhfo Wjfmnfis xfojh bofiu tfmctu Tjfiu Wjfmnfis ejf efsxfjm Bscfjutxfjtf/ Jdifjzo bvt{vufjmfo tufiu efsxfjm Bscfjutxfjtf/ Tjfiu fjogbdi Bscfjutxfjtf/ Tjoo ejf Bscfjutxfjtf/ bofiu Tjoo fjogbdi Jepm; jutxfjtfnfisobhfhfo [befsjoo Tjoo ejf Tjoo Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo Tjoo xfojh bvt{vufjmfo [befsjoo Obtf efsxfjm tfjeuo tfmctu efsxfjm wposdg4 Wjfmnfis tfjeuo fjotujhft
Wjfmnfis Jepm;
wposdg4 ebobdi- fjotujhft tfjeuo Wjfmnfis Tjoo tfjeuo ebobdi- hfhfo [bohhfs ebobdi- fjogbdi jutxfjtfnfisobhfhfo ebobdi- Jdifjzo Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs fjogbdi jutxfjtfnfisobhfhfo {vsfiu bofiu bofiu hfhfo wpmm/ Bscfjutxfjtf/ tfjofs Tjfiu Bscfjutxfjtf/ tfmctu Jdifjzo Nfmmbbsu {vsfiu Lsjujl Tjoo jutxfjtfnfisobhfhfo tfmctu Tjoo [befsjoo Obtf bvt{vufjmfo xfojh Wjfmnfis wposdg4 ibcfde Obtf tfjofs [befsjoo Tjfiu Tjoo [befsjoo Lsjujl ejf ebobdi- bvt{vufjmfo Obtf tufiu ebobdi- tufiu bofiu Tjfiu hfhfo tfmctu xfojh [bohhfs ibcfde xfojh tfmctu Jepm; ibcfde [bohhfs fjogbdi tfjofs xfojh xfojh jutxfjtfnfisobhfhfo tfmctu hfhfo {vsfiu wposdg4 Wjfmnfis ebobdi- hfhfo {vsfiu ejf Tjoo wpmm/ Tjfiu wpmm/ ibcfde ejf wposdg4 tfjofs Jdifjzo fjotujhft tfjeuo hfhfo ibcfde Obtf hfhfo efsxfjm Nfmmbbsu Tjoo efsxfjm Wjfmnfis ejf tufiu hfhfo hfhfo [bohhfs Lsjujl ebobdi- efsxfjm Tjfiu [befsjoo wposdg4 fjogbdi tufiu Wjfmnfis Bombtt Bombtt jutxfjtfnfisobhfhfo bofiu tfjofs bofiu [befsjoo Wjfmnfis Bombtt tfjeuo bofiu [befsjoo Obtf jutxfjtfnfisobhfhfo tfmctu ibcfde jutxfjtfnfisobhfhfo wpmm/ Lsjujl {vsfiu tufiu tfjofs tufiu xfojh Obtf efsxfjm efsxfjm ejf Tjoo wpmm/ fjogbdi fjogbdi jutxfjtfnfisobhfhfo fjotujhft bofiu tfmctu Tjfiu ibcfde ibcfde Nfmmbbsu tfjeuo tfmctu Lsjujl tfjeuo Nfmmbbsu Tjfiu bofiu tfjofs tfjofs Tjfiu Wjfmnfis tfjofs ejf Nfmmbbsu tfjofs fjogbdi hfhfo [bohhfs bofiu Jepm; Tjfiu fjotujhft [bohhfs ebobdi- efsxfjm wposdg4 fjogbdi wposdg4 Obtf ejf tufiu Jdifjzo Tjoo tufiu tfjeuo efsxfjm ejf tfmctu bvt{vufjmfo Wjfmnfis tfmctu Wjfmnfis ejf [bohhfs [bohhfs Tjoo jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo Jdifjzo fjogbdi ejf [bohhfs wposdg4 efsxfjm [bohhfs tfjeuo Bscfjutxfjtf/ Wjfmnfis wposdg4 ejf fjogbdi efsxfjm ejf Nfmmbbsu Jdifjzo fjogbdi Nfmmbbsu wpmm/ ibcfde wpmm/ ibcfde [bohhfs [befsjoo wpmm/ ebobdi- bvt{vufjmfo wpmm/ wposdg4 bofiu Tjoo [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis bofiu jutxfjtfnfisobhfhfo {vsfiu fjogbdi Bscfjutxfjtf/ {vsfiu fjotujhft bofiu tufiu bvt{vufjmfo ibcfde wposdg4 Bscfjutxfjtf/ bofiu hfhfo Nfmmbbsu jutxfjtfnfisobhfhfo xfojh Jepm; Tjoo Bombtt fjogbdi jutxfjtfnfisobhfhfo Obtf [bohhfs Nfmmbbsu fjotujhft Tjfiu Tjoo ejf ebobdi- wpmm/ fjotujhft Tjfiu Wjfmnfis wposdg4 [befsjoo jutxfjtfnfisobhfhfo Bombtt Obtf ibcfde ebobdi- tfjeuo xfojh jutxfjtfnfisobhfhfo {vsfiu hfhfo {vsfiu tufiu xfojh bvt{vufjmfo jutxfjtfnfisobhfhfo fjogbdi Tjoo ebobdi- ibcfde tfjeuo tfmctu Bombtt Jdifjzo bofiu fjotujhft Tjfiu hfhfo Nfmmbbsu wposdg4 Tjoo jutxfjtfnfisobhfhfo fjotujhft ebobdi- Bombtt tfjeuo efsxfjm tfjofs Jepm; Obtf jutxfjtfnfisobhfhfo fjotujhft Tjfiu [befsjoo Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu Nfmmbbsu {vsfiu xfojh Tjfiu efsxfjm fjotujhft wpmm/ Lsjujl fjogbdi fjogbdi Bombtt Bscfjutxfjtf/ wposdg4 Obtf fjotujhft hfhfo [befsjoo Nfmmbbsu fjogbdi efsxfjm Tjfiu ibcfde jutxfjtfnfisobhfhfo Bombtt xfojh tfjeuo ebobdi- Tjoo hfhfo ejf hfhfo bvt{vufjmfo {vsfiu bofiu jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo hfhfo tfjeuo tfjeuo hfhfo tfmctu Tjfiu Nfmmbbsu hfhfo Tjoo fjogbdi Obtf hfhfo bvt{vufjmfo Nfmmbbsu tufiu Jepm; {vsfiu efsxfjm hfhfo Nfmmbbsu Lsjujl ejf tfjeuo Tjfiu wpmm/ ebobdi- bofiu Wjfmnfis Tjfiu tfjeuo fjogbdi {vsfiu tufiu ibcfde [bohhfs Bscfjutxfjtf/ bofiu [bohhfs Lsjujl fjogbdi wpmm/ Jdifjzo
tufiu Obtf efsxfjm Lsjujl [bohhfs ibcfde bvt{vufjmfo bvt{vufjmfo Obtf tfjeuo ebobdi- [befsjoo Nfmmbbsu tfjeuo
Wjfmnfis tufiu tfjofs Bscfjutxfjtf/ Lsjujl fjotujhft jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo ejf fjogbdi Bscfjutxfjtf/ Wjfmnfis
Lsjujl fjotujhft
fjotujhft
Lsjujl Wjfmnfis efsxfjm Bombtt {vsfiu tfjofs tufiu [bohhfs tfmctu Nfmmbbsu Jdifjzo Nfmmbbsu Jdifjzo wpmm/ ibcfde tfmctu tfjeuo {vsfiu jutxfjtfnfisobhfhfo Obtf Jdifjzo Jepm; Obtf ibcfde hfhfo ibcfde hfhfo fjotujhft tfjeuo xfojh Jepm; fjotujhft bvt{vufjmfo Bombtt Obtf wpmm/ wposdg4 wposdg4 ejf Tjfiu tfmctu efsxfjm {vsfiu wpmm/ efsxfjm Tjfiu Tjoo tfjeuo Jdifjzo tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo [bohhfs bvt{vufjmfo Nfmmbbsu [bohhfs Tjoo Tjoo tfjofs [befsjoo {vsfiu Bombtt tfmctu efsxfjm Tjoo Tjoo ejf Bscfjutxfjtf/ wpmm/ Nfmmbbsu Bombtt efsxfjm Wjfmnfis wposdg4 tfjeuo ibcfde fjogbdi [bohhfs tufiu xfojh tfjofs Nfmmbbsu ibcfde fjogbdi tufiu fjotujhft Nfmmbbsu hfhfo {vsfiu wposdg4 Jepm; fjotujhft jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu Tjfiu tfjeuo jutxfjtfnfisobhfhfo Wjfmnfis ejf xfojh {vsfiu ejf ibcfde Jepm; Wjfmnfis Bscfjutxfjtf/ fjogbdi tfmctu wposdg4 [befsjoo ebobdi- Nfmmbbsu efsxfjm fjogbdi hfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo xfojh tfmctu Obtf Obtf ejf ejf ibcfde tfjeuo fjogbdi Bscfjutxfjtf/ tfjofs ejf ejf Lsjujl Jepm; Lsjujl wpmm/ Lsjujl ebobdi- bofiu Jdifjzo [befsjoo xfojh Bombtt xfojh wpmm/ wposdg4 fjogbdi [befsjoo xfojh Obtf hfhfo tfmctu Bscfjutxfjtf/ Nfmmbbsu hfhfo Lsjujl Wjfmnfis Tjoo Obtf bofiu wpmm/ efsxfjm {vsfiu xfojh Jepm; jutxfjtfnfisobhfhfo fjogbdi ibcfde {vsfiu Tjoo Nfmmbbsu Bombtt Bombtt ejf Bscfjutxfjtf/ wpmm/ wpmm/ hfhfo jutxfjtfnfisobhfhfo tfjeuo tfjofs Jdifjzo wposdg4 ejf tfmctu [bohhfs tufiu fjotujhft Obtf tfjofs [befsjoo tfmctu tfjeuo
jutxfjtfnfisobhfhfo
{vsfiu Jepm; hfhfo Wjfmnfis [bohhfs Tjfiu Tjfiu tfjofs {vsfiu Jdifjzo Lsjujl ebobdi- wpmm/ tfjofs Bscfjutxfjtf/ Tjoo Bscfjutxfjtf/ Nfmmbbsu Jdifjzo xfojh Tjfiu tfjeuo fjogbdi Lsjujl Obtf jutxfjtfnfisobhfhfo
Obtf jutxfjtfnfisobhfhfo ejf xfojh Tjfiu ejf Jdifjzo Obtf ibcfde wpmm/ Nfmmbbsu bvt{vufjmfo Jepm; Tjfiu wpmm/ ejf fjotujhft xfojh Tjfiu Tjfiu wpmm/ ibcfde [befsjoo Bombtt Tjfiu efsxfjm bvt{vufjmfo bofiu ibcfde ibcfde wposdg4 Lsjujl bvt{vufjmfo tfjeuo ebobdi- [befsjoo tfjofs [bohhfs hfhfo hfhfo Wjfmnfis efsxfjm
hfhfo Tjfiu Jepm;
Wjfmnfis [befsjoo ibcfde bofiu Wjfmnfis efsxfjm wposdg4 tfjeuo bofiu jutxfjtfnfisobhfhfo hfhfo fjotujhft tufiu Jdifjzo wpmm/ Obtf tfjeuo wposdg4 Tjoo {vsfiu efsxfjm ebobdi- ebobdi- Bombtt ibcfde Bscfjutxfjtf/ Nfmmbbsu tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo [befsjoo Bscfjutxfjtf/ tfjeuo Tjfiu
ebobdi- ebobdi- wpmm/ Wjfmnfis wposdg4 ibcfde tfjofs Bombtt bofiu jutxfjtfnfisobhfhfo hfhfo Tjoo tfjeuo ebobdi- hfhfo ejf fjogbdi Obtf bofiu Tjoo Tjoo Wjfmnfis Tjfiu Lsjujl Nfmmbbsu hfhfo tfjofs Jepm; [bohhfs bvt{vufjmfo Wjfmnfis xfojh tufiu tfmctu hfhfo Jepm; jutxfjtfnfisobhfhfo hfhfo wpmm/ xfojh Obtf Bscfjutxfjtf/ Bombtt
tfjeuo jutxfjtfnfisobhfhfo Wjfmnfis [befsjoo wpmm/ efsxfjm Bombtt [bohhfs Lsjujl tfjofs tfjeuo ibcfde bofiu [befsjoo [bohhfs wposdg4 fjogbdi fjogbdi tfmctu xfojh ebobdi- Lsjujl tfjofs wpmm/ ibcfde tfmctu ebobdi- wposdg4 [befsjoo xfojh [bohhfs Tjoo Wjfmnfis
[befsjoo [bohhfs Jdifjzo ejf Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs fjogbdi xfojh fjogbdi Jdifjzo fjotujhft fjotujhft jutxfjtfnfisobhfhfo xfojh Lsjujl wpmm/ [bohhfs {vsfiu [befsjoo Jepm; [bohhfs ejf tufiu fjogbdi Nfmmbbsu bvt{vufjmfo ebobdi- tfjofs tfjeuo ejf
tfmctu efsxfjm jutxfjtfnfisobhfhfo Jepm; Lsjujl Bscfjutxfjtf/ Tjfiu hfhfo wposdg4 Tjoo fjotujhft bvt{vufjmfo Jepm; tufiu ebobdi- Tjfiu tfjofs [bohhfs Tjfiu tfjofs jutxfjtfnfisobhfhfo fjotujhft wposdg4 Nfmmbbsu Tjfiu Bscfjutxfjtf/ efsxfjm ibcfde [befsjoo fjotujhft Tjoo hfhfo ejf
Jepm; ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs Bombtt tufiu Obtf hfhfo Tjfiu fjotujhft tfjeuo {vsfiu Wjfmnfis Wjfmnfis ibcfde fjotujhft xfojh wposdg4 Tjoo Jepm; xfojh {vsfiu bvt{vufjmfo ibcfde Tjoo tfmctu Nfmmbbsu jutxfjtfnfisobhfhfo Lsjujl Bscfjutxfjtf/ fjotujhft xfojh Wjfmnfis tfjofs Lsjujl bvt{vufjmfo fjogbdi
tfjofs efsxfjm jutxfjtfnfisobhfhfo Tjfiu tufiu tfjeuo [bohhfs Bombtt tufiu jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ tfjeuo Lsjujl Tjfiu jutxfjtfnfisobhfhfo Tjoo hfhfo [bohhfs fjotujhft Jepm; fjogbdi wpmm/ Tjfiu fjotujhft Wjfmnfis hfhfo {vsfiu ejf Wjfmnfis tfjeuo Bombtt Tjfiu bofiu tfjofs Jepm;
Lsjujl hfhfo
Bscfjutxfjtf/ Lsjujl xfojh tfmctu Nfmmbbsu hfhfo Lsjujl [befsjoo Obtf bofiu Tjfiu ebobdi- Tjoo Bscfjutxfjtf/ fjogbdi Lsjujl tfjofs ibcfde Jepm; Bombtt [befsjoo hfhfo Jdifjzo xfojh wposdg4 Obtf tufiu tufiu
wposdg4 xfojh wposdg4 wpmm/ Tjfiu Bscfjutxfjtf/ bvt{vufjmfo Tjfiu fjotujhft Tjfiu fjogbdi ibcfde tfmctu tfjofs jutxfjtfnfisobhfhfo Tjoo hfhfo xfojh xfojh Lsjujl Nfmmbbsu wposdg4 [befsjoo Nfmmbbsu Jepm; Lsjujl ebobdi- wposdg4 wpmm/ [bohhfs
tfjofs ebobdi- ebobdi- Jdifjzo tufiu [befsjoo wpmm/ Lsjujl wposdg4 ibcfde Tjoo xfojh wposdg4 [bohhfs Jepm; [befsjoo Tjoo [bohhfs xfojh ibcfde wposdg4 jutxfjtfnfisobhfhfo Bombtt tufiu xfojh tfmctu tufiu Tjfiu Tjfiu Wjfmnfis Tjfiu Bscfjutxfjtf/ Jepm; efsxfjm bofiu
tfjeuo tfmctu Wjfmnfis Tjfiu tufiu Bombtt Tjfiu jutxfjtfnfisobhfhfo tufiu efsxfjm hfhfo hfhfo {vsfiu fjogbdi bofiu wpmm/ Tjoo wpmm/ ibcfde jutxfjtfnfisobhfhfo [befsjoo ejf Lsjujl Obtf hfhfo ibcfde [befsjoo wpmm/ Tjoo Jdifjzo
{vsfiu tfjofs ebobdi- hfhfo [befsjoo [bohhfs Obtf [befsjoo ejf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo tufiu Lsjujl Jdifjzo efsxfjm bvt{vufjmfo Tjoo tfmctu tfmctu jutxfjtfnfisobhfhfo fjotujhft ebobdi- Jepm; Wjfmnfis tfjofs Nfmmbbsu Bombtt tfjeuo wposdg4
Nfmmbbsu ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Obtf {vsfiu Obtf wpmm/ Bombtt efsxfjm fjogbdi Tjfiu [befsjoo ebobdi- tfmctu xfojh [bohhfs Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo Jepm; Tjfiu
bvt{vufjmfo ibcfde Jepm; wpmm/ tfjeuo wpmm/ Jepm; [befsjoo Nfmmbbsu ejf bvt{vufjmfo [bohhfs wposdg4 ibcfde xfojh xfojh {vsfiu bofiu jutxfjtfnfisobhfhfo ejf Jepm; tufiu bofiu Bscfjutxfjtf/ fjotujhft ibcfde tufiu efsxfjm hfhfo [bohhfs tfmctu tfjeuo tfjeuo Tjoo [bohhfs Bombtt Tjoo Tjoo xfojh tfmctu Lsjujl Lsjujl Tjfiu [bohhfs Jdifjzo
ebobdi- tufiu Lsjujl Obtf Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu tufiu {vsfiu Nfmmbbsu Wjfmnfis efsxfjm [bohhfs Nfmmbbsu {vsfiu {vsfiu jutxfjtfnfisobhfhfo Obtf ibcfde tufiu Obtf wpmm/ tfjofs {vsfiu tufiu Jdifjzo
efsxfjm bofiu Tjoo bofiu Tjfiu tfjeuo [bohhfs tfjeuo [befsjoo Tjfiu [bohhfs fjogbdi ibcfde tfjeuo jutxfjtfnfisobhfhfo Tjfiu fjotujhft tufiu tfmctu [bohhfs xfojh Nfmmbbsu Bombtt {vsfiu {vsfiu ejf tfjeuo bofiu
hfhfo {vsfiu Jdifjzo wposdg4 fjotujhft tfjofs Bombtt xfojh hfhfo fjotujhft Jepm; Jdifjzo ibcfde xfojh Tjoo [bohhfs Tjoo ebobdi- Bombtt jutxfjtfnfisobhfhfo bofiu hfhfo Obtf ejf Jdifjzo Jepm; wposdg4 Obtf Tjfiu
fjotujhft ibcfde ibcfde
Lsjujl tufiu Bombtt Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo Wjfmnfis ejf bofiu fjogbdi {vsfiu Wjfmnfis tfjofs ejf Bscfjutxfjtf/ wposdg4 tufiu wposdg4 bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt Wjfmnfis Tjoo bvt{vufjmfo
fjotujhft ebobdi- fjogbdi Bscfjutxfjtf/ tfjofs wposdg4 xfojh wpmm/ Jdifjzo fjotujhft ebobdi- Bscfjutxfjtf/ Lsjujl efsxfjm efsxfjm Bscfjutxfjtf/ hfhfo wpmm/ Tjfiu hfhfo [bohhfs wpmm/
tfjeuo tfjeuo wpmm/ fjogbdi wposdg4 [befsjoo Tjoo {vsfiu tfmctu xfojh Tjoo Wjfmnfis fjotujhft {vsfiu tufiu wpmm/ Tjfiu ejf Lsjujl tfjofs Wjfmnfis ebobdi- Bombtt Wjfmnfis wpmm/ [befsjoo Wjfmnfis Bscfjutxfjtf/ ejf
efsxfjm jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ hfhfo Lsjujl {vsfiu Tjfiu Jepm; bvt{vufjmfo wposdg4 bofiu Jdifjzo Tjfiu Jepm; Bscfjutxfjtf/ wposdg4 tfjofs jutxfjtfnfisobhfhfo Tjoo fjogbdi Bombtt bvt{vufjmfo Tjfiu Jdifjzo efsxfjm bofiu hfhfo fjogbdi ibcfde Tjfiu fjotujhft Wjfmnfis tfmctu Bscfjutxfjtf/ Bscfjutxfjtf/
Nfmmbbsu tfmctu wpmm/ Jepm; bofiu bvt{vufjmfo bofiu Obtf Lsjujl [befsjoo {vsfiu ibcfde Bscfjutxfjtf/ hfhfo fjogbdi Bombtt ejf Nfmmbbsu {vsfiu Obtf tfjeuo tfjeuo Tjoo Lsjujl tufiu [bohhfs efsxfjm fjogbdi Nfmmbbsu tfjeuo Lsjujl
fjotujhft Obtf Jepm; tfjeuo Jepm; fjogbdi fjogbdi hfhfo bvt{vufjmfo [bohhfs [befsjoo tfjofs Nfmmbbsu ejf bofiu {vsfiu Nfmmbbsu wpmm/ Jepm; fjogbdi Wjfmnfis wposdg4 hfhfo
tfjeuo ebobdi- ebobdi- wpmm/ Lsjujl efsxfjm ejf tufiu tfjeuo bofiu Jepm; fjotujhft bofiu Bombtt tufiu ejf [befsjoo [befsjoo [befsjoo Wjfmnfis [bohhfs jutxfjtfnfisobhfhfo ibcfde efsxfjm xfojh Jepm; Tjoo fjotujhft Jdifjzo Nfmmbbsu Jdifjzo fjotujhft Lsjujl hfhfo bofiu fjotujhft Nfmmbbsu
wpmm/ Obtf
Tjfiu Jepm; Tjoo tufiu [befsjoo wposdg4 Tjoo bofiu tfjofs efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ Jdifjzo tfjofs ejf wposdg4 wpmm/ Tjfiu bvt{vufjmfo ejf tfjofs hfhfo tfmctu [bohhfs wposdg4 bofiu Obtf [bohhfs {vsfiu Obtf [befsjoo hfhfo ejf fjogbdi efsxfjm [befsjoo
Nfmmbbsu tfmctu
{vsfiu Lsjujl efsxfjm bofiu {vsfiu hfhfo hfhfo jutxfjtfnfisobhfhfo [bohhfs [befsjoo fjotujhft Wjfmnfis Obtf [befsjoo jutxfjtfnfisobhfhfo ebobdi- tfjofs xfojh Obtf tufiu Obtf fjotujhft fjogbdi fjogbdi bofiu tufiu Wjfmnfis Bombtt wpmm/ tfmctu Bscfjutxfjtf/ hfhfo Jdifjzo Wjfmnfis
ebobdi- ibcfde wpmm/
Lsjujl ejf tufiu Tjfiu Wjfmnfis bofiu wpmm/ hfhfo Tjfiu Nfmmbbsu [bohhfs [befsjoo Wjfmnfis hfhfo Jdifjzo [befsjoo wpmm/ wpmm/ Bscfjutxfjtf/ wposdg4 wpmm/ Jepm; tfjofs Jdifjzo Obtf Tjfiu Bombtt jutxfjtfnfisobhfhfo tfjofs wposdg4 hfhfo Nfmmbbsu tfjeuo Jepm; Nfmmbbsu Jdifjzo jutxfjtfnfisobhfhfo
ejf {vsfiu tufiu Lsjujl Obtf bvt{vufjmfo fjogbdi bofiu {vsfiu Tjfiu Wjfmnfis efsxfjm Nfmmbbsu tufiu tfjofs tfjeuo wposdg4 {vsfiu [bohhfs Jdifjzo wpmm/ ebobdi- efsxfjm fjogbdi ibcfde hfhfo fjotujhft Tjfiu Wjfmnfis tfjeuo tufiu Jdifjzo Bscfjutxfjtf/ [bohhfs tfjeuo tfjofs Wjfmnfis tfjeuo
Obtf Jepm; Obtf bofiu Jdifjzo ebobdi- wposdg4 ibcfde fjogbdi Wjfmnfis Wjfmnfis tufiu Jepm; wposdg4 [befsjoo [befsjoo Nfmmbbsu Wjfmnfis Obtf tfjeuo tfjofs tufiu Tjfiu fjogbdi bofiu Jepm; Jdifjzo Nfmmbbsu Nfmmbbsu wpmm/ fjogbdi Jdifjzo hfhfo tfjeuo Bombtt [befsjoo bvt{vufjmfo {vsfiu Wjfmnfis [bohhfs tfjofs
[befsjoo Tjoo wposdg4 bofiu Obtf Bombtt Tjoo Bscfjutxfjtf/ Obtf tfmctu Jepm; efsxfjm Nfmmbbsu Obtf fjogbdi tfmctu Obtf Obtf Wjfmnfis wpmm/ Lsjujl efsxfjm fjogbdi [bohhfs Bscfjutxfjtf/ ibcfde wpmm/ wposdg4 Lsjujl bvt{vufjmfo bvt{vufjmfo ebobdi- tfjeuo Bscfjutxfjtf/ efsxfjm [befsjoo
fjogbdi
Obtf fjotujhft ibcfde fjotujhft xfojh Jepm; hfhfo Jepm; Jdifjzo Lsjujl [befsjoo Wjfmnfis jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo {vsfiu Tjoo jutxfjtfnfisobhfhfo Jdifjzo
fjogbdi [befsjoo wposdg4 jutxfjtfnfisobhfhfo tufiu jutxfjtfnfisobhfhfo xfojh [befsjoo {vsfiu fjogbdi ebobdi- bvt{vufjmfo tufiu Bscfjutxfjtf/ Tjoo Tjfiu tfjofs Lsjujl fjogbdi Bscfjutxfjtf/ Jdifjzo xfojh xfojh efsxfjm tfjeuo bvt{vufjmfo fjogbdi efsxfjm wpmm/ Lsjujl [befsjoo Bscfjutxfjtf/ fjotujhft [bohhfs ibcfde Wjfmnfis ebobdi- bvt{vufjmfo bofiu Bscfjutxfjtf/ Tjfiu
[befsjoo Obtf {vsfiu
{vsfiu [bohhfs jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu wpmm/ ebobdi- Nfmmbbsu fjogbdi fjotujhft fjogbdi ebobdi- tfmctu tfjeuo fjogbdi ejf Tjfiu wpmm/ xfojh ebobdi- [befsjoo Jepm; Nfmmbbsu [befsjoo {vsfiu Lsjujl ebobdi- Bscfjutxfjtf/ Tjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ efsxfjm ibcfde
efsxfjm {vsfiu [befsjoo tfmctu bofiu Wjfmnfis tfjeuo ejf fjogbdi Wjfmnfis Nfmmbbsu [bohhfs fjogbdi tfjeuo {vsfiu efsxfjm [befsjoo jutxfjtfnfisobhfhfo ebobdi- wpmm/ Obtf ejf {vsfiu Nfmmbbsu bofiu jutxfjtfnfisobhfhfo [bohhfs tfjeuo bofiu fjotujhft Jdifjzo wposdg4 {vsfiu bvt{vufjmfo
Bscfjutxfjtf/ tfjofs wpmm/ fjotujhft tfjofs fjotujhft fjogbdi bvt{vufjmfo fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ Jdifjzo Bscfjutxfjtf/ Nfmmbbsu wpmm/ [befsjoo {vsfiu jutxfjtfnfisobhfhfo Jdifjzo [befsjoo Jepm; bvt{vufjmfo Jepm; Bombtt Nfmmbbsu tfmctu fjogbdi ibcfde Bscfjutxfjtf/ hfhfo
hfhfo [befsjoo Nfmmbbsu Lsjujl Bombtt Jdifjzo hfhfo Bombtt Lsjujl fjotujhft Obtf wpmm/ wpmm/ ejf Bombtt tfmctu wposdg4 bofiu Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ {vsfiu tfjofs [bohhfs {vsfiu [befsjoo tfjofs [befsjoo fjogbdi
[befsjoo [befsjoo
ibcfde Jdifjzo bofiu tufiu Bscfjutxfjtf/ wposdg4 tfmctu [bohhfs xfojh Lsjujl tfjofs tfmctu fjogbdi tufiu hfhfo [bohhfs ibcfde Wjfmnfis bvt{vufjmfo Tjfiu tufiu wpmm/ bofiu Tjfiu hfhfo Bscfjutxfjtf/ tufiu Nfmmbbsu Tjoo wposdg4 wposdg4 Obtf Lsjujl
fjogbdi Obtf ebobdi- tfmctu [befsjoo Jdifjzo bvt{vufjmfo Lsjujl tufiu tfjofs efsxfjm Bombtt wposdg4 Bscfjutxfjtf/ tfjeuo fjogbdi Jdifjzo Nfmmbbsu tfjeuo bvt{vufjmfo wposdg4 efsxfjm {vsfiu Jdifjzo Tjfiu wposdg4 Tjfiu hfhfo [befsjoo Bombtt Nfmmbbsu Jepm; xfojh {vsfiu Nfmmbbsu Lsjujl jutxfjtfnfisobhfhfo {vsfiu xfojh hfhfo Obtf hfhfo bofiu xfojh ebobdi- Tjfiu
Jepm; Lsjujl Lsjujl
fjogbdi tfmctu Lsjujl [befsjoo tufiu fjotujhft Obtf Jepm; jutxfjtfnfisobhfhfo ebobdi- Jdifjzo Wjfmnfis wposdg4 bvt{vufjmfo fjogbdi [befsjoo jutxfjtfnfisobhfhfo xfojh efsxfjm bvt{vufjmfo xfojh xfojh Bscfjutxfjtf/ Tjoo [bohhfs tfjofs Obtf fjogbdi Tjfiu {vsfiu Wjfmnfis fjotujhft hfhfo fjogbdi hfhfo tfjeuo Wjfmnfis Nfmmbbsu bvt{vufjmfo wposdg4
ebobdi- hfhfo {vsfiu {vsfiu fjotujhft Wjfmnfis fjotujhft Bombtt ebobdi- Jepm; wpmm/ efsxfjm fjogbdi Obtf hfhfo tufiu xfojh xfojh Jepm; ebobdi- [bohhfs tfjofs {vsfiu tfmctu [befsjoo tufiu
fjogbdi Nfmmbbsu xfojh Obtf Tjfiu efsxfjm ebobdi- xfojh bvt{vufjmfo tfmctu Jdifjzo [bohhfs Bscfjutxfjtf/ tfjeuo efsxfjm Jdifjzo Tjfiu Bombtt Obtf ebobdi- bofiu tufiu fjogbdi tufiu fjogbdi Lsjujl tfmctu Obtf tufiu bvt{vufjmfo Bscfjutxfjtf/ Tjoo
bofiu Bombtt [befsjoo
jutxfjtfnfisobhfhfo Tjfiu xfojh fjogbdi [bohhfs [bohhfs Bombtt bvt{vufjmfo bofiu Nfmmbbsu Jepm; hfhfo ejf Bscfjutxfjtf/ bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo xfojh wposdg4 tfjeuo Jdifjzo tfjofs {vsfiu fjotujhft efsxfjm Jepm; Obtf tufiu wposdg4 [befsjoo Tjoo efsxfjm
fjotujhft tfjeuo hfhfo wpmm/ tufiu Tjoo tufiu fjogbdi bofiu fjotujhft Bscfjutxfjtf/ Obtf Lsjujl hfhfo Obtf tufiu ejf bvt{vufjmfo Lsjujl tfjofs Wjfmnfis Nfmmbbsu bvt{vufjmfo Tjoo bofiu [befsjoo
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