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