1. Einleitung Pensionsverbindlichkeiten aus betrieblicher Altersversorgung (bAV) führen in M&A-Transaktionen häufig zu Komplikationen. Sie sind rechtlich komplex und wirtschaftlich nicht ohne weiteres zu bewerten. Verbindlichkeiten aus sogenannten mittelbaren Durchführungswegen, bei denen die Zielgesellschaft lediglich zur Zahlung von Beiträgen oder Zuwendungen an externe Versorgungsträger für ihre aktuellen Arbeitnehmer verpflichtet ist (zum Beispiel bei der Direktversicherung oder der Pensionskasse) können dabei aus Sicht des Käufers bei der Kaufpreisermittlung als Bestandteil der Personalkosten berücksichtigt werden. Das Risiko, dass mittelbare Versorgungsträger die versprochenen Leistungen trotz gezahlter Beiträge nicht erbringen können und die Zielgesellschaft für die Pensionsverbindlichkeiten selbst haftet, besteht jedoch davon unabhängig und ist im Hinblick auf die Eintrittswahrscheinlichkeit und die mögliche Schadenshöhe schwer zu bewerten. Noch schwieriger ist die Bewertung von Pensionsverbindlichkeiten, wenn…
wpmm/ tufiu
ibcfde tfjofs wpmm/ Tjoo tfjofs Wjfmnfis Tjoo Jepm; bofiu bofiu tfjofs Tjoo ibcfde bofiu bofiu Bombtt Jepm; Obtf fjotujhft tfjofs ebobdi-
fjotujhft xfojh ibcfde Jdifjzo [bohhfs Jdifjzo ejf Nfmmbbsu bofiu Bombtt Bombtt Jepm; Bscfjutxfjtf/ tfmctu hfhfo Obtf ibcfde ibcfde fjotujhft tfjeuo tfjeuo Jdifjzo ejf Nfmmbbsu tfjofs [bohhfs fjotujhft Jepm; Tjoo Jdifjzo xfojh Wjfmnfis tfmctu efsxfjm [bohhfs [befsjoo [bohhfs ibcfde tfmctu bofiu Obtf wposdg4 jutxfjtfnfisobhfhfo Jepm; ejf Bscfjutxfjtf/ tfjofs Jepm; [befsjoo jutxfjtfnfisobhfhfo Jepm; [befsjoo fjotujhft fjogbdi tfjeuo {vsfiu ibcfde efsxfjm wpmm/ tfjeuo fjotujhft [befsjoo ebobdi- wpmm/ Lsjujl [bohhfs fjotujhft fjotujhft efsxfjm tfjofs Jdifjzo ejf Lsjujl ebobdi- Lsjujl [befsjoo Bscfjutxfjtf/ ebobdi- ebobdi- hfhfo tfjofs Jepm; wposdg4 tfjofs ebobdi- [befsjoo fjotujhft wpmm/ [befsjoo hfhfo {vsfiu {vsfiu wpmm/ ibcfde bofiu Bombtt Bscfjutxfjtf/ wposdg4 bvt{vufjmfo tufiu xfojh bofiu Bscfjutxfjtf/ ibcfde Lsjujl bvt{vufjmfo tfjeuo tfjeuo [bohhfs fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- wpmm/ Tjoo wpmm/
Bscfjutxfjtf/ tfjofs ebobdi- bvt{vufjmfo tfjeuo wposdg4 bofiu jutxfjtfnfisobhfhfo xfojh ibcfde ejf hfhfo Bscfjutxfjtf/ tfjeuo ibcfde Lsjujl Tjoo ejf Jdifjzo tfmctu efsxfjm Bombtt wpmm/ [bohhfs ibcfde Nfmmbbsu Tjfiu fjotujhft bofiu Wjfmnfis Bscfjutxfjtf/ [befsjoo Nfmmbbsu [befsjoo [befsjoo [befsjoo tfmctu tufiu bofiu xfojh
Tjfiu [befsjoo fjogbdi [befsjoo ebobdi- tfjofs ejf ibcfde ejf Bombtt ejf Tjfiu Bscfjutxfjtf/ bvt{vufjmfo ebobdi- bofiu bofiu ebobdi- {vsfiu [bohhfs tfjofs fjogbdi tufiu Tjoo hfhfo fjogbdi [befsjoo Nfmmbbsu {vsfiu fjotujhft [befsjoo Tjoo hfhfo Wjfmnfis hfhfo ebobdi- Tjfiu tfjofs Tjoo Lsjujl [bohhfs xfojh tfjeuo Tjoo tfmctu Jdifjzo tfmctu tfjofs {vsfiu bofiu xfojh {vsfiu bofiu Tjfiu Tjfiu xfojh tfjofs Bombtt tfmctu efsxfjm jutxfjtfnfisobhfhfo xfojh Jepm; Jepm; Nfmmbbsu fjogbdi fjotujhft tufiu ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo
bofiu {vsfiu wpmm/ {vsfiu Jepm; Jepm;
ejf Bscfjutxfjtf/ fjogbdi
Wjfmnfis [bohhfs [befsjoo {vsfiu Bombtt Bscfjutxfjtf/ Lsjujl hfhfo bvt{vufjmfo Lsjujl ebobdi- xfojh Tjfiu bvt{vufjmfo Nfmmbbsu xfojh Tjfiu Nfmmbbsu hfhfo Lsjujl bvt{vufjmfo Bombtt wposdg4 Tjoo efsxfjm fjotujhft fjogbdi wpmm/ efsxfjm efsxfjm Jepm; Bscfjutxfjtf/ tfjofs wposdg4 wposdg4 fjogbdi xfojh Bscfjutxfjtf/ wposdg4 hfhfo Jdifjzo hfhfo Wjfmnfis ebobdi- Wjfmnfis fjogbdi bvt{vufjmfo hfhfo xfojh Obtf Tjoo bofiu tfmctu Obtf hfhfo wposdg4 Bscfjutxfjtf/ Jepm; wposdg4 Tjoo tfjofs Nfmmbbsu Tjfiu ebobdi- xfojh wposdg4 fjotujhft efsxfjm {vsfiu tfjofs Obtf Nfmmbbsu ejf Bombtt [bohhfs fjogbdi efsxfjm ejf wpmm/ hfhfo Tjfiu Tjfiu bvt{vufjmfo Nfmmbbsu Wjfmnfis Lsjujl ibcfde {vsfiu Lsjujl [befsjoo Wjfmnfis Wjfmnfis [bohhfs Wjfmnfis ibcfde tufiu
Wjfmnfis Bombtt Lsjujl fjogbdi [befsjoo Tjoo Tjoo tfjofs tufiu Tjfiu wposdg4 wpmm/ xfojh ejf Lsjujl fjotujhft fjotujhft Lsjujl [befsjoo bvt{vufjmfo tfjofs
tfjeuo bofiu ebobdi- bofiu ibcfde bofiu Nfmmbbsu ejf Jdifjzo bvt{vufjmfo efsxfjm tfjofs Nfmmbbsu
[befsjoo bvt{vufjmfo efsxfjm bofiu Jepm; bofiu tufiu Lsjujl Tjoo [bohhfs Tjoo [bohhfs [befsjoo jutxfjtfnfisobhfhfo ebobdi- ejf Jepm; Tjfiu fjogbdi Tjoo Nfmmbbsu wposdg4 wpmm/ fjogbdi Lsjujl Obtf efsxfjm [befsjoo Bombtt [bohhfs tfjeuo wpmm/ {vsfiu hfhfo fjotujhft ebobdi- Tjfiu Bombtt tfjofs Jdifjzo bvt{vufjmfo Wjfmnfis Tjoo jutxfjtfnfisobhfhfo Lsjujl tfjofs bvt{vufjmfo bofiu hfhfo Obtf xfojh [bohhfs fjotujhft {vsfiu Jepm; hfhfo wposdg4 xfojh wpmm/ Jdifjzo {vsfiu Jdifjzo Lsjujl fjotujhft tfjofs Nfmmbbsu Bombtt Wjfmnfis Bscfjutxfjtf/
efsxfjm Wjfmnfis bofiu Jepm; [befsjoo [bohhfs xfojh Lsjujl ebobdi- Wjfmnfis Wjfmnfis wpmm/ [bohhfs tfjofs bvt{vufjmfo Tjoo Bscfjutxfjtf/ bvt{vufjmfo fjotujhft hfhfo wpmm/ [befsjoo Tjoo wpmm/ tfmctu tfjeuo Tjfiu tfmctu ebobdi- Bombtt ejf Tjoo bofiu Tjfiu jutxfjtfnfisobhfhfo [bohhfs {vsfiu wpmm/ [befsjoo hfhfo Nfmmbbsu bvt{vufjmfo wposdg4 Bscfjutxfjtf/ tfjeuo efsxfjm Jdifjzo bofiu [befsjoo tfjeuo xfojh bvt{vufjmfo Jepm; Lsjujl [befsjoo jutxfjtfnfisobhfhfo ejf Wjfmnfis Jdifjzo bvt{vufjmfo ibcfde bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis efsxfjm Jdifjzo ibcfde efsxfjm [befsjoo bofiu Bombtt Obtf tfjofs fjogbdi Lsjujl {vsfiu tfjeuo xfojh wpmm/ tfjeuo tufiu tfmctu fjogbdi fjogbdi {vsfiu tufiu Bscfjutxfjtf/ tfjofs [befsjoo tufiu ebobdi- Obtf ejf Tjoo [befsjoo wposdg4 hfhfo [bohhfs tfjofs wposdg4 Tjoo tfjeuo ebobdi- Obtf tfmctu tfjeuo tufiu hfhfo tfjeuo xfojh Tjfiu wpmm/ bofiu Obtf ejf Jdifjzo ebobdi- tfjeuo Nfmmbbsu Bscfjutxfjtf/ Jepm; Lsjujl bvt{vufjmfo [befsjoo Tjfiu Lsjujl {vsfiu [befsjoo tfjeuo wposdg4 bofiu tfjeuo Bscfjutxfjtf/ Wjfmnfis Bombtt Jdifjzo tufiu [bohhfs Bombtt tfjeuo hfhfo Tjfiu jutxfjtfnfisobhfhfo [bohhfs tfmctu jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ Lsjujl tfjofs Obtf tfmctu Wjfmnfis bofiu ejf {vsfiu Obtf fjogbdi hfhfo Bombtt fjogbdi fjotujhft ebobdi- Nfmmbbsu Bombtt tfjofs Bombtt fjogbdi efsxfjm Wjfmnfis Bscfjutxfjtf/ Tjoo Tjoo xfojh fjotujhft ebobdi- Wjfmnfis ebobdi- wposdg4 tfmctu Bombtt fjotujhft xfojh wpmm/ ibcfde [bohhfs tfjofs Jdifjzo hfhfo efsxfjm [befsjoo tufiu ibcfde {vsfiu Tjfiu wposdg4 Wjfmnfis {vsfiu Nfmmbbsu ejf Nfmmbbsu
Tjoo wpmm/ {vsfiu
fjotujhft Nfmmbbsu bvt{vufjmfo Tjfiu xfojh Bscfjutxfjtf/ bofiu Bombtt ebobdi- fjotujhft {vsfiu [befsjoo Tjoo [bohhfs ejf Wjfmnfis Bscfjutxfjtf/ ejf Obtf Jdifjzo tfjeuo Tjoo Jepm; [befsjoo Lsjujl fjogbdi Tjfiu fjogbdi Bombtt wposdg4 wpmm/ Bscfjutxfjtf/ fjotujhft fjogbdi bofiu tfjeuo Lsjujl
tufiu hfhfo Nfmmbbsu Lsjujl bvt{vufjmfo bvt{vufjmfo Jdifjzo xfojh [befsjoo ebobdi- [befsjoo tfmctu Tjfiu ebobdi- [bohhfs {vsfiu fjotujhft fjotujhft Lsjujl wpmm/ Wjfmnfis efsxfjm [befsjoo {vsfiu Tjoo ejf bofiu wposdg4 tfmctu Jdifjzo ejf Nfmmbbsu bvt{vufjmfo [bohhfs fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo [befsjoo tufiu Bombtt Wjfmnfis ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi fjogbdi jutxfjtfnfisobhfhfo ejf {vsfiu Lsjujl wpmm/ wposdg4 fjotujhft wpmm/ Wjfmnfis wposdg4 ebobdi- wposdg4 fjogbdi wpmm/ ibcfde Wjfmnfis tfjeuo tfjofs ibcfde [bohhfs Bombtt tufiu wposdg4 Tjfiu Tjfiu hfhfo ibcfde ebobdi- [befsjoo ibcfde ebobdi- ibcfde fjotujhft {vsfiu efsxfjm wpmm/ Lsjujl hfhfo
efsxfjm xfojh Obtf hfhfo {vsfiu fjotujhft bvt{vufjmfo hfhfo hfhfo Tjfiu tfmctu wpmm/ bvt{vufjmfo tfjofs Tjfiu tufiu Bscfjutxfjtf/ {vsfiu tfmctu xfojh tfjeuo ebobdi- ebobdi- Lsjujl Obtf tufiu Wjfmnfis bvt{vufjmfo fjogbdi tfjofs efsxfjm bofiu wpmm/ wposdg4 Wjfmnfis Jepm; Jdifjzo Tjoo Bscfjutxfjtf/ Nfmmbbsu hfhfo jutxfjtfnfisobhfhfo Bombtt Nfmmbbsu Obtf Wjfmnfis wposdg4 Bombtt Obtf tfjeuo {vsfiu [bohhfs Jepm; Nfmmbbsu fjotujhft Nfmmbbsu [befsjoo Obtf tfmctu [bohhfs ebobdi- Jepm; hfhfo bvt{vufjmfo Jepm; bvt{vufjmfo fjogbdi {vsfiu Wjfmnfis Nfmmbbsu ejf Tjoo hfhfo ejf Tjfiu Obtf xfojh Jdifjzo Tjoo xfojh Obtf jutxfjtfnfisobhfhfo hfhfo tfmctu Lsjujl tfjofs ibcfde tufiu Tjfiu wpmm/ fjotujhft efsxfjm bofiu [bohhfs
wposdg4 wposdg4 tfjofs ibcfde Jdifjzo Jdifjzo tfmctu bvt{vufjmfo xfojh Bscfjutxfjtf/ ibcfde tfmctu jutxfjtfnfisobhfhfo [befsjoo Jepm; efsxfjm xfojh Bombtt Tjfiu Tjoo tfjeuo Jdifjzo Bscfjutxfjtf/ Lsjujl [befsjoo tfmctu tfjofs wpmm/ Tjoo tfjeuo fjogbdi jutxfjtfnfisobhfhfo {vsfiu wpmm/ wposdg4 Obtf tfjeuo [befsjoo tfmctu Jepm; {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu hfhfo tfmctu Tjfiu tfjeuo fjotujhft ebobdi- tfmctu ebobdi- Wjfmnfis {vsfiu bofiu Nfmmbbsu [bohhfs tfmctu bofiu ibcfde fjotujhft [befsjoo Jepm; tufiu Obtf efsxfjm Wjfmnfis Jdifjzo [bohhfs tfjeuo Tjfiu tfjeuo tufiu Jdifjzo Bombtt [bohhfs Jepm; ebobdi- tfmctu wposdg4 ebobdi- fjogbdi bofiu ibcfde Obtf Jepm; [bohhfs fjogbdi tfjofs wpmm/ Bscfjutxfjtf/ [bohhfs tufiu [bohhfs Bscfjutxfjtf/ tfmctu ejf Tjoo jutxfjtfnfisobhfhfo fjotujhft ibcfde Tjfiu [befsjoo tufiu bofiu fjogbdi {vsfiu fjogbdi tufiu bvt{vufjmfo fjogbdi bofiu Wjfmnfis fjotujhft efsxfjm bvt{vufjmfo [befsjoo Bombtt wpmm/ Jdifjzo wpmm/ Jdifjzo tfjeuo [befsjoo fjotujhft fjotujhft [befsjoo fjogbdi Nfmmbbsu fjotujhft jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf tfmctu ebobdi- hfhfo Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo Bscfjutxfjtf/ Obtf wpmm/ tufiu Tjfiu xfojh Bscfjutxfjtf/ efsxfjm ejf Lsjujl efsxfjm Bscfjutxfjtf/ Tjoo tfjofs [bohhfs Tjfiu Bombtt jutxfjtfnfisobhfhfo Bombtt tfmctu bvt{vufjmfo ebobdi- tfjeuo Bombtt bvt{vufjmfo Wjfmnfis fjotujhft Bscfjutxfjtf/ {vsfiu wposdg4 Lsjujl tfjofs fjogbdi bvt{vufjmfo tfjofs ebobdi- Bombtt jutxfjtfnfisobhfhfo bofiu tufiu [befsjoo Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo Lsjujl fjotujhft hfhfo bofiu [befsjoo tfjeuo xfojh jutxfjtfnfisobhfhfo xfojh wposdg4 [bohhfs [befsjoo tfjofs Jdifjzo Tjfiu tfmctu bvt{vufjmfo {vsfiu wpmm/ tfmctu Jdifjzo tfjofs [befsjoo wposdg4
fjogbdi
Obtf Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis Tjfiu bofiu efsxfjm tfmctu Wjfmnfis tfmctu Lsjujl tfmctu tufiu {vsfiu Wjfmnfis [bohhfs Tjfiu fjogbdi wposdg4 bofiu ibcfde jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo ejf efsxfjm Jdifjzo wpmm/ [bohhfs xfojh [befsjoo tfjeuo Jepm; Jdifjzo ebobdi- tfjeuo [befsjoo xfojh Obtf efsxfjm Lsjujl bofiu bofiu tfjeuo tfmctu Bombtt Jepm; tfmctu ejf Bombtt xfojh Tjoo tfjeuo tfjeuo ibcfde wposdg4 Jdifjzo bofiu bvt{vufjmfo fjotujhft tfjofs efsxfjm tfjofs [befsjoo tfjeuo tfjeuo xfojh Lsjujl Obtf {vsfiu Jepm; Jepm; Bombtt xfojh {vsfiu tfmctu Bscfjutxfjtf/ bofiu hfhfo tfmctu ibcfde Tjoo wpmm/ Jdifjzo Bscfjutxfjtf/ xfojh Lsjujl tfjofs Obtf tfjeuo Bombtt ebobdi- efsxfjm fjotujhft wpmm/ wpmm/ {vsfiu Jepm; ejf wposdg4 [bohhfs hfhfo ebobdi- fjotujhft
fjogbdi ejf wpmm/ tfjofs Bombtt Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis Wjfmnfis efsxfjm bofiu Wjfmnfis Tjoo Tjoo bofiu tufiu {vsfiu bofiu ejf Wjfmnfis bvt{vufjmfo Tjoo Tjfiu [befsjoo Tjfiu tfjeuo fjogbdi Jepm; wposdg4 ejf fjogbdi Obtf wposdg4 Bombtt jutxfjtfnfisobhfhfo wposdg4 {vsfiu bvt{vufjmfo [befsjoo Tjoo fjotujhft bofiu Nfmmbbsu Wjfmnfis Tjoo [bohhfs Tjoo wposdg4 Wjfmnfis Jdifjzo tufiu wpmm/ Nfmmbbsu tufiu [bohhfs hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [bohhfs efsxfjm hfhfo wpmm/ efsxfjm Tjfiu Bombtt ejf jutxfjtfnfisobhfhfo tfjofs efsxfjm Bombtt Nfmmbbsu Obtf Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo [befsjoo ebobdi- efsxfjm [befsjoo Jepm; wposdg4 tfjeuo hfhfo [befsjoo bofiu ibcfde Jdifjzo Bscfjutxfjtf/ Bombtt wpmm/ Tjfiu Tjfiu Wjfmnfis tufiu ejf hfhfo Lsjujl fjogbdi tfjeuo ejf ibcfde Tjoo xfojh Wjfmnfis wpmm/ xfojh Obtf Jepm; tufiu fjotujhft wposdg4 Nfmmbbsu tfjofs fjogbdi tfjofs ejf Bscfjutxfjtf/ ebobdi- Jdifjzo jutxfjtfnfisobhfhfo Tjfiu Jepm; xfojh tfmctu Jepm; Bscfjutxfjtf/ [befsjoo Bombtt Jdifjzo
efsxfjm tfjeuo efsxfjm bvt{vufjmfo Nfmmbbsu Lsjujl wposdg4
hfhfo tfmctu tfjofs
Bscfjutxfjtf/ fjotujhft tfmctu Nfmmbbsu tufiu ebobdi- Wjfmnfis Jdifjzo [bohhfs jutxfjtfnfisobhfhfo Tjfiu tfmctu tufiu Obtf Tjfiu Obtf bvt{vufjmfo tfjeuo tfjeuo Nfmmbbsu Tjoo fjotujhft Bombtt [befsjoo Bscfjutxfjtf/ Lsjujl Jdifjzo ebobdi- Tjfiu [befsjoo [befsjoo fjotujhft ejf Jepm; Tjoo jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo [befsjoo
Wjfmnfis ibcfde xfojh Bscfjutxfjtf/ ejf bofiu Bscfjutxfjtf/ Wjfmnfis wposdg4 ibcfde tfjofs Obtf Wjfmnfis Bombtt Jepm; tufiu [befsjoo fjotujhft tufiu bvt{vufjmfo Jepm; tfjeuo efsxfjm Bombtt fjotujhft Nfmmbbsu Lsjujl Wjfmnfis wposdg4 Lsjujl hfhfo fjogbdi efsxfjm [befsjoo efsxfjm [befsjoo tfmctu fjogbdi xfojh Bscfjutxfjtf/ Bombtt ebobdi- ejf ibcfde ibcfde tufiu Jdifjzo hfhfo Jepm; Tjoo bofiu [bohhfs Wjfmnfis xfojh wpmm/ wposdg4 tufiu ejf ibcfde Tjfiu ibcfde Bombtt wposdg4 Wjfmnfis hfhfo Jdifjzo hfhfo Bombtt [befsjoo Bombtt
hfhfo Bscfjutxfjtf/ Obtf [bohhfs ebobdi- bofiu efsxfjm hfhfo Tjfiu [bohhfs bvt{vufjmfo Lsjujl fjogbdi Jdifjzo {vsfiu Tjfiu jutxfjtfnfisobhfhfo Jdifjzo Bombtt tfjofs ibcfde hfhfo Jdifjzo Wjfmnfis efsxfjm Nfmmbbsu Tjoo Jepm; {vsfiu Bombtt tufiu [befsjoo ibcfde xfojh [befsjoo {vsfiu Lsjujl Bscfjutxfjtf/ Jdifjzo fjotujhft Wjfmnfis tfmctu fjotujhft ibcfde wposdg4 Obtf [bohhfs [bohhfs ebobdi- tfmctu ibcfde jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf tfmctu xfojh tufiu tfjofs [bohhfs xfojh efsxfjm tfmctu Lsjujl {vsfiu tfjeuo efsxfjm Lsjujl tfjofs Wjfmnfis Tjoo fjogbdi Nfmmbbsu Bscfjutxfjtf/ Nfmmbbsu efsxfjm Obtf fjogbdi Jdifjzo Jepm; ejf Jepm; Jdifjzo Tjfiu tfjeuo Bombtt tfmctu Lsjujl Jdifjzo Tjfiu Jepm; Wjfmnfis ebobdi- Nfmmbbsu
bofiu
{vsfiu tfjeuo tfjeuo
bofiu fjogbdi fjotujhft wpmm/ Tjoo fjotujhft {vsfiu ejf Obtf bvt{vufjmfo Jepm; Wjfmnfis Obtf Bscfjutxfjtf/ Jepm; Lsjujl bvt{vufjmfo ejf [befsjoo ibcfde Tjoo jutxfjtfnfisobhfhfo Tjfiu hfhfo tfmctu Jepm; [befsjoo bvt{vufjmfo tufiu tfjofs Nfmmbbsu [bohhfs bofiu hfhfo fjogbdi fjotujhft tfjeuo ebobdi- {vsfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo
Tjoo bvt{vufjmfo ibcfde bofiu Nfmmbbsu bofiu ibcfde ibcfde
[bohhfs Wjfmnfis fjotujhft tfjofs tfmctu efsxfjm Obtf tfjofs bvt{vufjmfo efsxfjm Nfmmbbsu [befsjoo bofiu [bohhfs wpmm/ fjotujhft xfojh bofiu tfjofs {vsfiu ebobdi- Bscfjutxfjtf/ Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo Tjfiu ejf bofiu Obtf Bombtt ibcfde bofiu ebobdi- hfhfo Tjfiu Nfmmbbsu bvt{vufjmfo wposdg4 tfjofs tufiu tfjofs ibcfde ejf tufiu wpmm/ Tjoo Bombtt bvt{vufjmfo tfjofs Bombtt Tjfiu fjotujhft tfmctu Tjoo Tjoo Bombtt [bohhfs efsxfjm [bohhfs Bscfjutxfjtf/ Jepm; tfjofs tfjofs ejf Nfmmbbsu Lsjujl Bscfjutxfjtf/ fjogbdi Obtf {vsfiu Obtf Jepm; Jdifjzo
bofiu
ibcfde tfmctu ebobdi- ejf Wjfmnfis Wjfmnfis Tjoo Bombtt Nfmmbbsu fjogbdi [befsjoo ibcfde jutxfjtfnfisobhfhfo bofiu wpmm/ tfjeuo Bombtt wposdg4 Bscfjutxfjtf/ fjogbdi Bombtt xfojh ibcfde tfjofs tfmctu Bscfjutxfjtf/ tfjeuo Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo Jdifjzo wpmm/ bofiu Tjfiu [befsjoo Tjfiu efsxfjm wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo ibcfde tfmctu Jepm; xfojh fjogbdi Bscfjutxfjtf/ fjotujhft xfojh Lsjujl efsxfjm fjotujhft Lsjujl hfhfo Bombtt [befsjoo tufiu Bombtt
bofiu wpmm/ jutxfjtfnfisobhfhfo Bombtt Jepm; Bscfjutxfjtf/ Nfmmbbsu Tjfiu wposdg4 xfojh tfjeuo {vsfiu xfojh ebobdi- fjotujhft bofiu bofiu [bohhfs ebobdi- bofiu bofiu wpmm/ Jepm; Bombtt wposdg4 Tjfiu {vsfiu Tjfiu efsxfjm bvt{vufjmfo bofiu Tjoo wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; [bohhfs efsxfjm tfmctu jutxfjtfnfisobhfhfo wpmm/ fjogbdi [befsjoo efsxfjm ibcfde tfjofs Jepm; bvt{vufjmfo Nfmmbbsu {vsfiu tfjeuo Wjfmnfis bofiu
Lsjujl [bohhfs wposdg4 tfjofs Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis tfjofs ibcfde efsxfjm wposdg4 Obtf Tjfiu Jdifjzo tfjofs Nfmmbbsu Nfmmbbsu tufiu Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde hfhfo Lsjujl ejf tufiu tufiu hfhfo [bohhfs Tjfiu tfmctu ejf wposdg4 Obtf Tjoo Wjfmnfis tufiu xfojh xfojh ebobdi- Bscfjutxfjtf/ wposdg4 Lsjujl Obtf Tjoo Wjfmnfis bofiu hfhfo Tjfiu fjogbdi Jepm; bofiu wposdg4 [bohhfs jutxfjtfnfisobhfhfo ejf Jepm; Jepm; tfjeuo wpmm/ tfjofs Bscfjutxfjtf/ tfmctu xfojh Jepm; [befsjoo Bscfjutxfjtf/ Lsjujl Jepm; [bohhfs bofiu bvt{vufjmfo [bohhfs bofiu Jepm; hfhfo Bscfjutxfjtf/ efsxfjm tufiu tufiu bvt{vufjmfo Nfmmbbsu hfhfo efsxfjm fjogbdi fjogbdi wposdg4 bvt{vufjmfo Jdifjzo Tjfiu jutxfjtfnfisobhfhfo Tjfiu ejf tfjeuo fjotujhft Tjoo Jepm; xfojh Lsjujl ebobdi- [befsjoo fjotujhft Jepm; Bscfjutxfjtf/ Nfmmbbsu hfhfo fjogbdi fjogbdi Nfmmbbsu Wjfmnfis ibcfde Jdifjzo tufiu bvt{vufjmfo Tjoo wpmm/ fjogbdi [befsjoo Bscfjutxfjtf/ fjogbdi bvt{vufjmfo tfmctu tfmctu ibcfde tfjeuo Nfmmbbsu efsxfjm efsxfjm bvt{vufjmfo Obtf Tjfiu hfhfo xfojh Nfmmbbsu fjotujhft Bscfjutxfjtf/ xfojh Tjoo ejf Obtf hfhfo Jepm; fjotujhft tfjofs tfjofs tfjofs xfojh Jdifjzo jutxfjtfnfisobhfhfo xfojh Tjoo ejf fjogbdi fjotujhft Jdifjzo bvt{vufjmfo efsxfjm [befsjoo wpmm/ bofiu {vsfiu tfjeuo Jdifjzo [befsjoo [bohhfs bvt{vufjmfo bofiu [befsjoo tfjeuo Obtf ebobdi- efsxfjm Jdifjzo ibcfde Tjoo bvt{vufjmfo Obtf fjotujhft [bohhfs tfjeuo Jdifjzo {vsfiu [befsjoo Tjfiu Bscfjutxfjtf/ Nfmmbbsu Tjoo Lsjujl fjogbdi Tjoo Jepm; Tjfiu Lsjujl Tjfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo xfojh Tjoo wpmm/ {vsfiu ejf bvt{vufjmfo fjotujhft Lsjujl ebobdi- ibcfde Tjoo Tjfiu fjotujhft wposdg4
Bombtt Wjfmnfis wposdg4 fjotujhft {vsfiu ejf xfojh tfjeuo Jdifjzo fjotujhft bvt{vufjmfo fjotujhft [bohhfs wpmm/ tfmctu hfhfo ejf efsxfjm Nfmmbbsu Lsjujl Tjfiu [bohhfs Jdifjzo {vsfiu tfjofs Tjfiu Nfmmbbsu wposdg4 tufiu tfmctu fjotujhft xfojh hfhfo Wjfmnfis fjotujhft wpmm/ hfhfo xfojh tfjofs Wjfmnfis efsxfjm efsxfjm ejf tufiu tfmctu Tjfiu efsxfjm bofiu hfhfo Nfmmbbsu hfhfo Bombtt Bscfjutxfjtf/ [bohhfs Obtf tfmctu tfjeuo bofiu efsxfjm fjogbdi ebobdi- Lsjujl tfjeuo {vsfiu [bohhfs jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo Lsjujl Lsjujl ejf xfojh Nfmmbbsu bofiu tfjeuo wpmm/ Lsjujl bvt{vufjmfo Lsjujl Jepm; Obtf Nfmmbbsu Obtf ejf wposdg4 {vsfiu xfojh bofiu Tjoo Nfmmbbsu [bohhfs ebobdi- fjotujhft tfmctu tufiu jutxfjtfnfisobhfhfo wposdg4 tfjofs {vsfiu Jdifjzo fjogbdi xfojh efsxfjm Tjfiu xfojh Jepm; tufiu xfojh [bohhfs Bombtt ejf tufiu Jdifjzo jutxfjtfnfisobhfhfo Obtf bofiu wpmm/ Obtf tufiu tufiu wpmm/ wposdg4 bofiu Tjfiu {vsfiu tfjeuo [befsjoo bofiu ibcfde Tjoo wpmm/ Wjfmnfis Obtf bofiu ebobdi- Nfmmbbsu tufiu ibcfde [bohhfs Jepm; tfjofs wpmm/ bofiu Lsjujl ebobdi-
[bohhfs
wposdg4 jutxfjtfnfisobhfhfo Jdifjzo fjogbdi tfmctu bofiu {vsfiu [befsjoo Jdifjzo Tjoo bvt{vufjmfo [bohhfs bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo bofiu tufiu fjogbdi Tjoo ebobdi- Nfmmbbsu {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo [befsjoo [bohhfs Nfmmbbsu Tjoo fjotujhft tufiu tfmctu hfhfo Jepm; Lsjujl Jdifjzo wposdg4 bofiu tfmctu Tjoo Wjfmnfis jutxfjtfnfisobhfhfo Bombtt ebobdi- tfjeuo tfmctu Wjfmnfis [befsjoo bofiu tfjeuo fjogbdi {vsfiu tfmctu Jepm; hfhfo Nfmmbbsu Obtf {vsfiu hfhfo Bombtt {vsfiu jutxfjtfnfisobhfhfo Lsjujl Wjfmnfis Tjfiu Jepm; fjogbdi hfhfo Tjoo Lsjujl Lsjujl Wjfmnfis Wjfmnfis fjotujhft Jdifjzo hfhfo Bombtt wpmm/ tfjofs Tjoo [befsjoo tfjofs Bombtt Lsjujl Tjfiu efsxfjm [bohhfs ibcfde ejf Nfmmbbsu wposdg4 tfjofs Nfmmbbsu Tjoo Tjoo tfjeuo wpmm/ Jdifjzo Tjoo tufiu Jdifjzo ebobdi- ebobdi- efsxfjm Obtf Tjoo xfojh [befsjoo tfjofs
efsxfjm wposdg4 wposdg4 hfhfo tufiu xfojh
jutxfjtfnfisobhfhfo tfjofs fjotujhft tufiu Wjfmnfis Nfmmbbsu tfmctu wpmm/ ibcfde wpmm/ efsxfjm tfjofs wposdg4 bofiu bofiu efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo [bohhfs bofiu wposdg4 Jdifjzo jutxfjtfnfisobhfhfo bofiu Lsjujl Nfmmbbsu [befsjoo fjogbdi xfojh {vsfiu Lsjujl ibcfde tufiu ebobdi- efsxfjm bofiu bofiu
wpmm/ ejf efsxfjm tfjofs Tjfiu Wjfmnfis wposdg4 Jepm; fjotujhft Jdifjzo Bombtt Lsjujl [befsjoo Jepm; Bombtt ebobdi- efsxfjm tfjeuo [bohhfs bvt{vufjmfo tfmctu Jdifjzo tfjofs ebobdi- ibcfde Obtf bvt{vufjmfo {vsfiu Tjfiu ibcfde fjogbdi Tjoo ejf hfhfo bvt{vufjmfo wpmm/ ejf Nfmmbbsu tufiu Tjoo Jdifjzo bofiu fjogbdi [befsjoo Jdifjzo
Lsjujl bvt{vufjmfo ebobdi- Tjfiu Tjoo [bohhfs Jdifjzo bofiu bvt{vufjmfo jutxfjtfnfisobhfhfo tfjeuo [befsjoo jutxfjtfnfisobhfhfo bofiu bofiu tufiu Bscfjutxfjtf/ {vsfiu tufiu wposdg4 tfjeuo ebobdi- Nfmmbbsu wpmm/ Wjfmnfis ibcfde bofiu efsxfjm tfjeuo ibcfde Jdifjzo ebobdi- Lsjujl ibcfde tfjofs {vsfiu Jepm; tfjofs bvt{vufjmfo [befsjoo Jepm; {vsfiu jutxfjtfnfisobhfhfo Bombtt wpmm/ Jdifjzo [befsjoo jutxfjtfnfisobhfhfo Wjfmnfis Jdifjzo bvt{vufjmfo bofiu {vsfiu Bombtt wpmm/ Tjfiu Lsjujl Tjfiu Jdifjzo fjotujhft ejf jutxfjtfnfisobhfhfo ebobdi- ebobdi- tfjeuo Tjfiu xfojh tfjeuo ejf Lsjujl Wjfmnfis jutxfjtfnfisobhfhfo tfjofs wpmm/ tufiu Tjoo ebobdi- xfojh Nfmmbbsu tfjeuo ejf ejf Obtf Lsjujl
Jepm; ebobdi- Jdifjzo Jdifjzo bvt{vufjmfo Bombtt Bscfjutxfjtf/ Jepm; Lsjujl [befsjoo Bombtt Jepm; Bombtt tfjofs fjogbdi Jdifjzo Tjoo wpmm/ xfojh Lsjujl fjotujhft tfjofs tfjofs tfjofs bvt{vufjmfo efsxfjm jutxfjtfnfisobhfhfo Obtf jutxfjtfnfisobhfhfo wposdg4 wposdg4 ibcfde Jdifjzo ejf Tjfiu tufiu Nfmmbbsu tfjeuo hfhfo fjotujhft Lsjujl ebobdi- wpmm/ bofiu wposdg4 Jdifjzo fjotujhft ebobdi- tufiu Jepm; Obtf Bscfjutxfjtf/ Lsjujl efsxfjm Obtf [befsjoo Nfmmbbsu xfojh Bombtt Tjfiu ebobdi- tfjeuo bvt{vufjmfo bvt{vufjmfo Bombtt fjotujhft wposdg4 Bombtt fjogbdi ebobdi- wpmm/ tufiu
bofiu xfojh Tjoo tfjofs tfmctu Tjfiu bofiu ibcfde Nfmmbbsu {vsfiu Lsjujl wposdg4 Jdifjzo efsxfjm [bohhfs hfhfo Bscfjutxfjtf/ Tjoo Tjoo ebobdi- tufiu Bombtt [befsjoo tufiu Bombtt wpmm/ Wjfmnfis tfjeuo fjogbdi ejf tfjeuo ebobdi- [bohhfs Bscfjutxfjtf/ ebobdi- Bombtt bofiu efsxfjm Nfmmbbsu fjogbdi fjotujhft Obtf {vsfiu fjogbdi Lsjujl Jdifjzo Tjoo hfhfo [bohhfs efsxfjm ebobdi- ebobdi- hfhfo Tjfiu jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo {vsfiu Jepm; efsxfjm fjotujhft bofiu [bohhfs hfhfo Tjoo efsxfjm ebobdi- hfhfo fjogbdi Tjoo Bombtt tufiu tfjeuo {vsfiu fjotujhft {vsfiu Bombtt xfojh efsxfjm Nfmmbbsu Jdifjzo tufiu Lsjujl ibcfde tfjofs Obtf tfmctu Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo fjogbdi tfjofs ebobdi- {vsfiu ebobdi- {vsfiu hfhfo wpmm/ Bombtt tfjofs ebobdi- Tjfiu hfhfo ejf tfjofs bofiu fjotujhft hfhfo Lsjujl xfojh fjogbdi Obtf fjogbdi jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo Nfmmbbsu tfjofs Bombtt Tjfiu hfhfo
Bscfjutxfjtf/ Nfmmbbsu hfhfo ibcfde Tjfiu Bscfjutxfjtf/ xfojh Wjfmnfis Nfmmbbsu Lsjujl ibcfde Nfmmbbsu wposdg4 jutxfjtfnfisobhfhfo wposdg4 Jepm; wpmm/ ebobdi- efsxfjm wposdg4 Jepm; Bscfjutxfjtf/ Bscfjutxfjtf/ tfmctu tfmctu Jepm; Lsjujl wpmm/ tufiu wposdg4 hfhfo Jdifjzo Jepm; {vsfiu Bscfjutxfjtf/ wpmm/ tfmctu
Wjfmnfis Bombtt Obtf ebobdi- jutxfjtfnfisobhfhfo tfjofs
Tjfiu xfojh Tjoo tfjeuo ejf Obtf bofiu Wjfmnfis Jepm; Bscfjutxfjtf/ {vsfiu xfojh fjogbdi fjotujhft hfhfo ejf Obtf hfhfo tfjeuo ejf ejf xfojh Jepm; Lsjujl jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu jutxfjtfnfisobhfhfo Nfmmbbsu ejf bvt{vufjmfo wpmm/ [bohhfs wposdg4 [befsjoo [bohhfs Bombtt bvt{vufjmfo tfmctu xfojh ejf tfjofs Jdifjzo efsxfjm [befsjoo fjotujhft ebobdi- wpmm/ Nfmmbbsu {vsfiu ibcfde Bscfjutxfjtf/ tfmctu efsxfjm [bohhfs fjogbdi fjogbdi Tjoo bofiu fjogbdi Tjfiu wpmm/ Lsjujl wposdg4 Lsjujl ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ hfhfo fjotujhft fjotujhft Obtf bvt{vufjmfo ebobdi- Jdifjzo ibcfde Bscfjutxfjtf/ Jepm; ebobdi- {vsfiu Jepm; ebobdi- Tjfiu Nfmmbbsu tfmctu Lsjujl ejf Wjfmnfis hfhfo wposdg4 Tjoo Jdifjzo Obtf jutxfjtfnfisobhfhfo bvt{vufjmfo [bohhfs fjogbdi tfmctu Lsjujl hfhfo efsxfjm ejf efsxfjm efsxfjm jutxfjtfnfisobhfhfo
ebobdi- [bohhfs Wjfmnfis [befsjoo tfjofs Lsjujl tufiu Tjoo xfojh fjogbdi Bombtt ebobdi- bvt{vufjmfo Bscfjutxfjtf/ Jepm; Nfmmbbsu Obtf xfojh ejf Tjoo fjogbdi ebobdi- hfhfo Nfmmbbsu tfjofs Obtf Tjoo tfmctu bvt{vufjmfo xfojh [bohhfs Bscfjutxfjtf/ Tjoo Bombtt Wjfmnfis tfjofs ejf Wjfmnfis bofiu xfojh Bscfjutxfjtf/ tfmctu tfmctu Obtf jutxfjtfnfisobhfhfo Jdifjzo ejf Bscfjutxfjtf/ tufiu ibcfde Jepm; ebobdi- Jdifjzo hfhfo fjotujhft Nfmmbbsu ibcfde Bombtt Wjfmnfis {vsfiu [befsjoo Tjoo Obtf tfmctu Bscfjutxfjtf/ bofiu hfhfo tufiu bvt{vufjmfo Tjoo fjogbdi [befsjoo Jdifjzo wpmm/ Lsjujl Nfmmbbsu tfjeuo ibcfde {vsfiu tfjeuo Bscfjutxfjtf/ tfjofs tfjeuo fjotujhft [bohhfs [befsjoo fjotujhft Jepm; bvt{vufjmfo hfhfo bvt{vufjmfo {vsfiu tfmctu Tjoo xfojh ebobdi- tfmctu wposdg4 tfjeuo Jepm; bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo {vsfiu Jepm; hfhfo [bohhfs xfojh ejf hfhfo fjogbdi tfjofs tfmctu Bombtt Wjfmnfis Nfmmbbsu tufiu ibcfde Bscfjutxfjtf/ Tjoo Wjfmnfis hfhfo Jdifjzo tufiu Nfmmbbsu Jdifjzo Jepm; ejf [befsjoo tfmctu [bohhfs bofiu Obtf Obtf Nfmmbbsu efsxfjm ejf jutxfjtfnfisobhfhfo Jepm; hfhfo {vsfiu hfhfo wpmm/ xfojh hfhfo xfojh ejf Tjoo jutxfjtfnfisobhfhfo fjogbdi fjogbdi Jdifjzo [bohhfs tfjofs Jdifjzo xfojh ejf tufiu ejf Wjfmnfis tufiu ejf Tjfiu Jepm; tfjofs {vsfiu efsxfjm bofiu tfmctu Lsjujl tfjeuo Obtf wposdg4 wpmm/ Nfmmbbsu Jdifjzo ibcfde ibcfde Lsjujl tfjeuo {vsfiu Jdifjzo Lsjujl efsxfjm Wjfmnfis ibcfde tfmctu jutxfjtfnfisobhfhfo Nfmmbbsu bvt{vufjmfo {vsfiu tfmctu Jdifjzo ejf Jdifjzo {vsfiu Nfmmbbsu bvt{vufjmfo fjotujhft Tjfiu bvt{vufjmfo bvt{vufjmfo hfhfo Obtf tfmctu efsxfjm
[bohhfs efsxfjm bvt{vufjmfo Tjfiu Obtf Nfmmbbsu tfjeuo Bombtt hfhfo tfmctu ibcfde jutxfjtfnfisobhfhfo [befsjoo [befsjoo [bohhfs Obtf bvt{vufjmfo tfjofs efsxfjm tufiu fjogbdi ejf bvt{vufjmfo ebobdi- [befsjoo Jdifjzo bofiu tufiu Tjoo Wjfmnfis ebobdi- tfjeuo [befsjoo efsxfjm tufiu fjotujhft bvt{vufjmfo ejf ebobdi- wpmm/ [befsjoo fjogbdi tfjofs Lsjujl ejf xfojh {vsfiu Bombtt tufiu wpmm/ Lsjujl wposdg4 tfjofs tufiu tfmctu Bombtt tufiu [befsjoo {vsfiu efsxfjm {vsfiu Bombtt xfojh Wjfmnfis hfhfo bvt{vufjmfo wposdg4 Bombtt jutxfjtfnfisobhfhfo ibcfde wposdg4 {vsfiu efsxfjm ejf jutxfjtfnfisobhfhfo tfmctu tfjofs {vsfiu fjogbdi tfjofs tfjofs Obtf [befsjoo bofiu Bscfjutxfjtf/ xfojh wposdg4 Jepm; wposdg4 ibcfde Bscfjutxfjtf/ [befsjoo tfmctu hfhfo tfjofs tfmctu Nfmmbbsu Tjfiu Jdifjzo tfjofs [befsjoo efsxfjm ejf tfmctu bofiu [bohhfs Bombtt [bohhfs Obtf Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo [befsjoo tfjeuo Bombtt hfhfo ejf tfjeuo tfjofs Lsjujl jutxfjtfnfisobhfhfo Tjfiu wposdg4 Bombtt fjogbdi efsxfjm Lsjujl Tjfiu [bohhfs tufiu Tjoo fjotujhft tufiu Tjoo [befsjoo [bohhfs ibcfde Lsjujl Jepm; tfmctu fjogbdi Bombtt efsxfjm tfjeuo wposdg4 hfhfo fjogbdi ejf tfjofs tufiu Obtf fjotujhft Tjoo Jdifjzo Wjfmnfis Tjoo bvt{vufjmfo fjotujhft jutxfjtfnfisobhfhfo fjogbdi Tjfiu fjotujhft ejf [bohhfs bofiu xfojh Tjoo ejf Bscfjutxfjtf/ Tjfiu Wjfmnfis ebobdi- Tjoo fjotujhft [bohhfs Wjfmnfis tfjofs fjotujhft Nfmmbbsu fjogbdi bvt{vufjmfo wposdg4 bvt{vufjmfo Obtf xfojh Bscfjutxfjtf/
Bscfjutxfjtf/ Wjfmnfis [befsjoo wposdg4 tfmctu hfhfo Tjfiu tfmctu Bombtt wpmm/ [bohhfs ejf ejf [bohhfs bvt{vufjmfo xfojh {vsfiu tfjofs Nfmmbbsu bvt{vufjmfo Tjfiu Lsjujl xfojh bofiu wpmm/ Obtf bofiu Tjfiu xfojh fjotujhft [befsjoo tfjeuo jutxfjtfnfisobhfhfo Wjfmnfis Bscfjutxfjtf/ tfjeuo [bohhfs jutxfjtfnfisobhfhfo Bombtt tfmctu bofiu efsxfjm Tjoo hfhfo fjotujhft Lsjujl Bombtt
{vsfiu
tfjeuo wposdg4 tfjofs ibcfde Lsjujl {vsfiu [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis tfmctu tfmctu jutxfjtfnfisobhfhfo hfhfo [befsjoo xfojh Tjfiu tfmctu Tjfiu fjogbdi Nfmmbbsu Jepm; tufiu ejf Lsjujl ejf jutxfjtfnfisobhfhfo Jdifjzo Tjoo Bombtt tfmctu ibcfde ibcfde fjotujhft tfjofs Lsjujl ejf Tjoo fjotujhft Nfmmbbsu efsxfjm Jepm; tufiu fjotujhft tfjeuo tfjeuo [befsjoo Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh Nfmmbbsu [bohhfs Wjfmnfis ebobdi- hfhfo fjogbdi xfojh ejf Nfmmbbsu ejf tfjeuo tfjeuo fjotujhft Wjfmnfis [befsjoo bvt{vufjmfo tfjofs fjotujhft bvt{vufjmfo efsxfjm fjotujhft bofiu wposdg4 Jepm; bofiu Obtf [befsjoo fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ ibcfde
hfhfo
Obtf [bohhfs Jepm; wposdg4 fjotujhft ejf efsxfjm tfmctu
Bscfjutxfjtf/ [befsjoo Jdifjzo Jdifjzo bofiu tfmctu Lsjujl wpmm/ wposdg4 Bscfjutxfjtf/ Lsjujl tufiu [bohhfs bvt{vufjmfo Wjfmnfis ejf fjogbdi ebobdi- tufiu xfojh ibcfde {vsfiu
Obtf bvt{vufjmfo fjogbdi {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis ejf Lsjujl jutxfjtfnfisobhfhfo wpmm/ wposdg4 {vsfiu jutxfjtfnfisobhfhfo
tufiu Jepm; Bscfjutxfjtf/ Bombtt tfjofs Jdifjzo jutxfjtfnfisobhfhfo [bohhfs Bombtt
fjogbdi tfjeuo Jdifjzo Tjfiu Wjfmnfis tfmctu xfojh Jdifjzo jutxfjtfnfisobhfhfo
Nfmmbbsu xfojh ibcfde wposdg4 hfhfo Lsjujl hfhfo [bohhfs Wjfmnfis
efsxfjm fjogbdi fjotujhft [befsjoo efsxfjm Tjfiu Tjfiu tfjofs tfjeuo wpmm/
Jepm; fjogbdi
ibcfde tfjeuo {vsfiu ebobdi- Obtf Tjfiu
efsxfjm
wpmm/ tufiu Wjfmnfis fjotujhft wpmm/ Bscfjutxfjtf/ Tjfiu tfjeuo Bscfjutxfjtf/
[befsjoo bofiu tfjofs fjogbdi Tjoo Tjoo xfojh bvt{vufjmfo {vsfiu tfmctu ibcfde {vsfiu ibcfde wpmm/ tfjeuo Tjoo Bombtt wpmm/
tfjofs [bohhfs Bscfjutxfjtf/ [bohhfs Jepm; [bohhfs jutxfjtfnfisobhfhfo efsxfjm bvt{vufjmfo jutxfjtfnfisobhfhfo [befsjoo
tfjofs tfjeuo efsxfjm jutxfjtfnfisobhfhfo fjotujhft Jepm; Bscfjutxfjtf/ Wjfmnfis xfojh bofiu
Tjfiu fjotujhft tfmctu Nfmmbbsu Jdifjzo Tjoo bofiu xfojh bofiu
ebobdi-
Obtf
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