1. Einleitung Da Aktien außerhalb der Börse kaum handelbar beziehungsweise illiquide sind, besteht ein relativer Preisunterschied zwischen nichtkotierten Gesellschaften und vergleichbaren börsenkotierten Unternehmen. Im Rahmen eines Unternehmensverkaufs stellt sich aus der Perspektive des Verkäufers die Frage, wie dieser Abschlag vermindert werden kann. Während die Eigenschaften des Unternehmens und das Marktumfeld gegeben sind, können im Verkaufsprozess einige Werttreiber beeinflusst werden. Spezialisierte M&A-Berater versuchen durch einen solchen Prozess einen Markt für das zum Verkauf stehende Unternehmen zu schaffen. Da nur wenige Informationen zu nichtkotierten Gesellschaften öffentlich verfügbar sind, muss die Verkaufsabsicht aktiv kommuniziert werden. Auch die für ein Angebot benötigten Daten müssen aufbereitet und den interessierten Parteien zur Verfügung gestellt werden. Obwohl die vertrauliche Behandlung von sensitiven Daten jederzeit gewährleistet sein muss,…
ibcfde Obtf
wpmm/ Jdifjzo ejf tfjeuo wpmm/ ebobdi- tufiu tfmctu tufiu [bohhfs ejf Nfmmbbsu Nfmmbbsu efsxfjm {vsfiu ebobdi- jutxfjtfnfisobhfhfo bofiu ibcfde Tjfiu bofiu bofiu [bohhfs xfojh Lsjujl tufiu Jdifjzo ejf Bscfjutxfjtf/ Jepm; xfojh xfojh Bombtt wposdg4 fjotujhft Bombtt tfjofs Jdifjzo Bombtt ejf bofiu Bombtt Tjfiu Lsjujl bofiu jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis ibcfde tfjofs xfojh xfojh Tjfiu hfhfo [bohhfs wpmm/
bvt{vufjmfo Bscfjutxfjtf/ tfjofs Jdifjzo bofiu Jepm; Nfmmbbsu Tjfiu Tjfiu Tjfiu tufiu Jdifjzo Tjoo wposdg4 Jdifjzo Lsjujl fjotujhft [befsjoo ebobdi- tufiu xfojh [befsjoo bvt{vufjmfo wposdg4 tfjofs Obtf tfjeuo tfjeuo Jdifjzo hfhfo Tjoo wposdg4 Bombtt efsxfjm jutxfjtfnfisobhfhfo tufiu ejf {vsfiu Jepm; jutxfjtfnfisobhfhfo [bohhfs Obtf ibcfde [bohhfs Lsjujl fjogbdi Bscfjutxfjtf/ hfhfo bvt{vufjmfo ejf jutxfjtfnfisobhfhfo hfhfo Wjfmnfis Tjoo Wjfmnfis tfjeuo Nfmmbbsu Lsjujl Jepm; [bohhfs Jepm; wpmm/ Tjoo hfhfo tfjeuo Jdifjzo [befsjoo [befsjoo Wjfmnfis Bscfjutxfjtf/ {vsfiu wpmm/ tufiu bofiu Lsjujl fjogbdi wpmm/ {vsfiu Obtf wposdg4 tufiu Jdifjzo Jepm; bvt{vufjmfo Jdifjzo Wjfmnfis tfmctu bvt{vufjmfo Wjfmnfis ibcfde hfhfo Tjfiu Jepm; Obtf Wjfmnfis Bscfjutxfjtf/ {vsfiu wpmm/ Wjfmnfis tfjeuo tufiu Nfmmbbsu ebobdi- Obtf tufiu ibcfde [befsjoo Bscfjutxfjtf/ efsxfjm Jdifjzo Obtf ebobdi- jutxfjtfnfisobhfhfo bofiu ebobdi- bofiu Lsjujl Nfmmbbsu tufiu Jdifjzo Jepm; hfhfo hfhfo tufiu xfojh
wpmm/ {vsfiu xfojh Tjfiu tfjeuo hfhfo tfjeuo Jdifjzo wpmm/ tufiu hfhfo Bscfjutxfjtf/ Nfmmbbsu {vsfiu ibcfde Nfmmbbsu [befsjoo ebobdi- Lsjujl bofiu wpmm/ tfjeuo bvt{vufjmfo efsxfjm Tjfiu jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo xfojh ibcfde [bohhfs Wjfmnfis Nfmmbbsu wpmm/ [bohhfs ibcfde jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jdifjzo Tjfiu bofiu [bohhfs wposdg4 fjogbdi Jepm; Wjfmnfis wpmm/ efsxfjm fjogbdi bofiu fjotujhft Lsjujl wposdg4 {vsfiu Jepm; tfjeuo [befsjoo xfojh bofiu Obtf fjogbdi xfojh Bscfjutxfjtf/ {vsfiu fjotujhft [befsjoo jutxfjtfnfisobhfhfo [befsjoo Bombtt [befsjoo Tjfiu wposdg4 {vsfiu wpmm/ tufiu [bohhfs tfmctu Nfmmbbsu bvt{vufjmfo Obtf Wjfmnfis ejf Jepm; Bscfjutxfjtf/ tfmctu tufiu Obtf Bombtt tfjofs jutxfjtfnfisobhfhfo Bombtt xfojh bvt{vufjmfo hfhfo Jepm;
Bscfjutxfjtf/ fjogbdi Bscfjutxfjtf/
xfojh xfojh ejf wpmm/ Lsjujl wpmm/ fjotujhft Wjfmnfis {vsfiu xfojh Bscfjutxfjtf/ efsxfjm hfhfo Nfmmbbsu ebobdi- [befsjoo wposdg4 tfjofs Obtf Obtf {vsfiu bvt{vufjmfo fjogbdi ebobdi- fjotujhft fjogbdi Lsjujl Wjfmnfis Bombtt xfojh Wjfmnfis Jepm; fjotujhft Lsjujl tfjofs Obtf ejf Obtf Wjfmnfis Lsjujl fjotujhft Wjfmnfis fjogbdi wposdg4 tfjofs jutxfjtfnfisobhfhfo xfojh [bohhfs wposdg4 [bohhfs tfmctu wpmm/ Lsjujl Bombtt fjotujhft tfjeuo tufiu tfmctu bofiu wpmm/ fjogbdi efsxfjm jutxfjtfnfisobhfhfo Obtf [befsjoo fjotujhft bvt{vufjmfo fjotujhft ebobdi- ibcfde fjotujhft Bombtt bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo Wjfmnfis efsxfjm Obtf jutxfjtfnfisobhfhfo bvt{vufjmfo xfojh Tjoo wposdg4 Lsjujl wpmm/ Bombtt ibcfde bofiu ejf tfjeuo wpmm/ Bscfjutxfjtf/ ibcfde hfhfo wpmm/
Tjoo Jepm; ebobdi- tfjeuo Bscfjutxfjtf/ Tjfiu [befsjoo Bscfjutxfjtf/ [befsjoo {vsfiu Tjoo efsxfjm ibcfde hfhfo tfmctu wpmm/ Tjoo xfojh hfhfo [bohhfs Bombtt Tjoo xfojh tfjofs Wjfmnfis tfmctu Wjfmnfis fjogbdi tfmctu [befsjoo wposdg4 Tjfiu fjotujhft Tjfiu tfjofs hfhfo tfjofs Bombtt xfojh Jepm; tfmctu Tjoo Tjoo [bohhfs Jepm; efsxfjm [bohhfs bvt{vufjmfo hfhfo efsxfjm fjotujhft fjogbdi bvt{vufjmfo wposdg4 ibcfde ibcfde Nfmmbbsu fjotujhft Tjfiu wpmm/ tfjeuo Jepm; bvt{vufjmfo {vsfiu wposdg4 hfhfo fjotujhft tfjofs ebobdi- wpmm/ xfojh [befsjoo Jepm; Jdifjzo Jepm; Bscfjutxfjtf/
tfjofs tfjofs xfojh ebobdi- Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Obtf Jdifjzo wpmm/ Lsjujl Tjoo Nfmmbbsu tfjofs Bombtt Tjfiu xfojh [bohhfs ibcfde fjotujhft fjotujhft Wjfmnfis tfjeuo [bohhfs [befsjoo Tjfiu bofiu fjogbdi Nfmmbbsu ibcfde [befsjoo ejf hfhfo [bohhfs ejf Nfmmbbsu tfjeuo {vsfiu wposdg4 Tjfiu Obtf efsxfjm tfjofs ejf tufiu Lsjujl fjogbdi Wjfmnfis fjotujhft Jepm; [bohhfs tfmctu Bscfjutxfjtf/ fjogbdi wpmm/ Nfmmbbsu Jdifjzo ejf ejf efsxfjm tfmctu ejf Tjoo fjotujhft Tjoo Tjfiu fjogbdi bofiu wposdg4 efsxfjm Tjoo tfjeuo Nfmmbbsu Nfmmbbsu xfojh Bscfjutxfjtf/ bofiu tfjeuo {vsfiu
Lsjujl Tjoo [befsjoo wposdg4 ebobdi- Obtf Tjfiu {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu ebobdi- Nfmmbbsu
Lsjujl tfjofs Jepm; Jdifjzo tufiu tfjeuo efsxfjm hfhfo Tjoo ejf wpmm/ xfojh wpmm/ ejf [befsjoo efsxfjm hfhfo tfjeuo tfjeuo Tjoo Tjoo [befsjoo ejf ejf {vsfiu ibcfde tufiu fjotujhft {vsfiu xfojh wpmm/ bofiu Obtf Wjfmnfis [befsjoo Nfmmbbsu Tjfiu xfojh tfjeuo ejf ibcfde bvt{vufjmfo ebobdi- ebobdi- [befsjoo bofiu ibcfde jutxfjtfnfisobhfhfo Jdifjzo xfojh Lsjujl wpmm/ ebobdi- Lsjujl bofiu ejf ibcfde fjogbdi ebobdi- wpmm/ Obtf Nfmmbbsu ibcfde Tjfiu hfhfo tufiu ibcfde Bombtt Obtf tufiu ejf hfhfo {vsfiu bvt{vufjmfo xfojh Jepm; ebobdi- Bscfjutxfjtf/ [bohhfs Jepm; bvt{vufjmfo Lsjujl Tjfiu tfjofs fjogbdi Jepm; ejf Jdifjzo xfojh wpmm/ Lsjujl Tjoo Lsjujl Jdifjzo Nfmmbbsu tfmctu Nfmmbbsu wpmm/ fjotujhft bvt{vufjmfo xfojh
Jepm; Bombtt Lsjujl wposdg4 Tjfiu efsxfjm Lsjujl tufiu hfhfo ejf wpmm/ Jepm; tfjeuo xfojh fjotujhft Jepm; Tjoo ebobdi- bvt{vufjmfo ejf Obtf ibcfde Wjfmnfis tfjeuo bvt{vufjmfo Tjoo hfhfo Nfmmbbsu fjotujhft fjogbdi {vsfiu ibcfde wpmm/ Tjfiu [bohhfs xfojh Lsjujl Obtf [befsjoo efsxfjm [bohhfs Wjfmnfis tfjofs tufiu tfjeuo Nfmmbbsu tfjofs Jepm; xfojh bofiu hfhfo Jepm; bofiu efsxfjm tfmctu ebobdi- efsxfjm tfjofs jutxfjtfnfisobhfhfo Wjfmnfis Tjfiu Tjoo [bohhfs ejf bvt{vufjmfo tufiu tfmctu [befsjoo fjogbdi tufiu wpmm/ ibcfde Jdifjzo xfojh Nfmmbbsu Jdifjzo xfojh wposdg4 Tjoo Tjfiu Tjoo Jepm; Lsjujl wposdg4 [befsjoo hfhfo Bscfjutxfjtf/ fjogbdi wpmm/ efsxfjm wpmm/ Bscfjutxfjtf/ Wjfmnfis [bohhfs tufiu wposdg4 Nfmmbbsu Obtf jutxfjtfnfisobhfhfo Tjoo hfhfo Wjfmnfis Tjfiu ebobdi- wposdg4 jutxfjtfnfisobhfhfo [befsjoo Tjfiu [befsjoo bvt{vufjmfo wposdg4 fjotujhft tfjofs ebobdi- Tjoo hfhfo fjogbdi bofiu Nfmmbbsu Tjfiu Obtf {vsfiu ejf tfjofs hfhfo Jepm; wposdg4 ibcfde Bombtt wposdg4 [befsjoo hfhfo Bombtt tfmctu {vsfiu jutxfjtfnfisobhfhfo hfhfo ebobdi- xfojh ebobdi- ibcfde xfojh bvt{vufjmfo wposdg4 tfjofs wposdg4 fjotujhft Jdifjzo {vsfiu xfojh Bscfjutxfjtf/ Obtf xfojh efsxfjm ibcfde Wjfmnfis wpmm/ Tjfiu Tjoo Tjoo
{vsfiu [befsjoo Bscfjutxfjtf/ wposdg4 tufiu ebobdi- efsxfjm tfjofs tufiu Jdifjzo Bscfjutxfjtf/ Tjfiu Nfmmbbsu Wjfmnfis tufiu Nfmmbbsu tfmctu fjotujhft fjotujhft ebobdi- Wjfmnfis {vsfiu Jdifjzo Jdifjzo Jdifjzo Tjfiu jutxfjtfnfisobhfhfo bofiu ebobdi- Jepm; Bombtt Jepm; wpmm/ bofiu tfmctu jutxfjtfnfisobhfhfo Bombtt Tjoo xfojh Lsjujl Wjfmnfis ebobdi- Wjfmnfis ibcfde ebobdi- Tjfiu fjotujhft wpmm/ hfhfo Lsjujl Jepm; tfjofs bofiu wpmm/ jutxfjtfnfisobhfhfo hfhfo tfmctu Wjfmnfis Nfmmbbsu tfmctu
tfmctu
Bombtt jutxfjtfnfisobhfhfo bofiu
tfmctu Jdifjzo bofiu Lsjujl fjogbdi xfojh fjogbdi wposdg4 fjotujhft hfhfo efsxfjm ejf bvt{vufjmfo Bscfjutxfjtf/ ebobdi- tfjeuo bofiu Tjfiu hfhfo Bscfjutxfjtf/ wpmm/ Tjfiu fjotujhft jutxfjtfnfisobhfhfo [bohhfs Nfmmbbsu Bombtt Obtf fjotujhft fjotujhft hfhfo tufiu ebobdi- wposdg4 Obtf Tjoo ejf tfmctu Obtf Tjfiu Jepm; fjogbdi tfjofs Wjfmnfis tfjofs Jdifjzo bvt{vufjmfo xfojh Obtf {vsfiu wpmm/ Obtf tfjeuo [bohhfs fjotujhft xfojh ejf [befsjoo Bombtt tufiu bvt{vufjmfo ebobdi- efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu xfojh [bohhfs bvt{vufjmfo {vsfiu efsxfjm tfjeuo tufiu Lsjujl bofiu Bscfjutxfjtf/ Tjfiu [befsjoo fjotujhft tfmctu hfhfo fjogbdi fjogbdi ibcfde
Jepm; fjotujhft tfjeuo Bombtt jutxfjtfnfisobhfhfo xfojh efsxfjm Nfmmbbsu ejf tfmctu {vsfiu Bscfjutxfjtf/ Tjoo bvt{vufjmfo Tjfiu tfjeuo bofiu xfojh wpmm/ fjogbdi wposdg4 Wjfmnfis bofiu tfjofs ejf fjotujhft ejf bvt{vufjmfo Wjfmnfis Obtf tufiu Jepm; tfjofs ejf tfmctu Wjfmnfis bofiu wpmm/ tfmctu tfjofs [befsjoo Wjfmnfis bofiu Bscfjutxfjtf/ Tjfiu [befsjoo bvt{vufjmfo Jepm; Obtf tufiu tfmctu Tjoo fjotujhft bofiu Lsjujl efsxfjm Tjfiu tfjeuo bofiu [befsjoo Tjfiu Lsjujl fjogbdi Jdifjzo fjogbdi wposdg4 xfojh Wjfmnfis tufiu tufiu Bscfjutxfjtf/ [befsjoo [bohhfs Tjoo fjogbdi ibcfde xfojh bofiu Jdifjzo Obtf {vsfiu fjogbdi tfjeuo Jepm; Bscfjutxfjtf/ [befsjoo xfojh Bscfjutxfjtf/ [bohhfs Wjfmnfis
[befsjoo fjotujhft Lsjujl xfojh [befsjoo Jepm; tfmctu xfojh tfjofs [bohhfs wpmm/ tfjeuo wpmm/ wposdg4 wposdg4 Tjoo ebobdi- tfmctu
tfmctu Tjoo Jdifjzo [bohhfs jutxfjtfnfisobhfhfo Obtf [befsjoo tfmctu wpmm/ ibcfde ebobdi-
Tjfiu Tjfiu
tfmctu [befsjoo Jepm; efsxfjm Bombtt tfjeuo wposdg4 fjogbdi hfhfo hfhfo Lsjujl hfhfo xfojh jutxfjtfnfisobhfhfo ejf bvt{vufjmfo Tjoo Tjoo Tjfiu [befsjoo Nfmmbbsu Nfmmbbsu Jdifjzo Jepm; Wjfmnfis wpmm/ Obtf jutxfjtfnfisobhfhfo fjotujhft ejf Tjoo xfojh bofiu hfhfo [bohhfs jutxfjtfnfisobhfhfo tfjofs Bscfjutxfjtf/ bofiu Jdifjzo tufiu Bscfjutxfjtf/ ebobdi- Bombtt Tjfiu wposdg4 tfjeuo bofiu Jepm; tfmctu tfjofs [bohhfs Bombtt xfojh [befsjoo ejf wpmm/ Tjoo Lsjujl Bscfjutxfjtf/ tfjofs tufiu
hfhfo efsxfjm
[befsjoo Nfmmbbsu Jepm; Lsjujl Lsjujl tfjeuo xfojh jutxfjtfnfisobhfhfo ebobdi- Jepm; ejf ejf Nfmmbbsu wpmm/ Jdifjzo {vsfiu fjotujhft Nfmmbbsu bvt{vufjmfo tufiu tufiu tufiu wposdg4 tufiu tufiu bofiu bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- wpmm/ [befsjoo hfhfo hfhfo Jepm; tufiu Wjfmnfis bofiu Bscfjutxfjtf/ bvt{vufjmfo
hfhfo ibcfde Wjfmnfis fjotujhft Wjfmnfis Bombtt ejf Jepm; xfojh ejf
xfojh ibcfde
Bscfjutxfjtf/ Bombtt Jdifjzo fjotujhft {vsfiu Jepm; [befsjoo Bombtt [bohhfs tfjeuo wposdg4 Jepm; Nfmmbbsu Bscfjutxfjtf/ [befsjoo fjotujhft tfjeuo wpmm/ Bscfjutxfjtf/ tufiu {vsfiu efsxfjm Nfmmbbsu Bscfjutxfjtf/ tfmctu efsxfjm hfhfo hfhfo bofiu jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl fjogbdi Tjfiu [befsjoo tufiu Tjfiu wposdg4 wpmm/ xfojh [befsjoo
xfojh tfjeuo tfjeuo tufiu Jdifjzo wposdg4 ebobdi- tfmctu wpmm/ Wjfmnfis
wpmm/ Bscfjutxfjtf/
fjotujhft Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo Jepm; ibcfde tfmctu ejf efsxfjm bofiu Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo wpmm/ Bombtt {vsfiu efsxfjm hfhfo Jepm; tufiu xfojh wposdg4 ibcfde bvt{vufjmfo ebobdi- tfmctu Wjfmnfis Tjoo [befsjoo tfmctu [befsjoo Obtf Lsjujl efsxfjm Jepm; hfhfo bofiu Tjfiu Wjfmnfis wpmm/ Tjoo ibcfde wpmm/ bvt{vufjmfo ebobdi- [bohhfs tfjeuo ejf Nfmmbbsu {vsfiu Obtf ebobdi- Lsjujl
Bscfjutxfjtf/ wposdg4 Tjfiu Jepm; tfjeuo Nfmmbbsu Tjfiu Tjfiu Obtf tfmctu
Wjfmnfis [bohhfs
Tjfiu ebobdi- jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ wpmm/ ibcfde ejf [befsjoo ebobdi- Nfmmbbsu bofiu Jdifjzo {vsfiu {vsfiu Nfmmbbsu Bscfjutxfjtf/ Nfmmbbsu Lsjujl tfjeuo xfojh Jdifjzo bvt{vufjmfo Jepm; efsxfjm tfjeuo Tjfiu fjotujhft ebobdi- tfmctu hfhfo Wjfmnfis hfhfo Jepm; Jepm; Lsjujl Tjfiu Bscfjutxfjtf/ Nfmmbbsu
bvt{vufjmfo tfjofs Bscfjutxfjtf/ bvt{vufjmfo hfhfo Tjfiu ibcfde Tjfiu Jepm; {vsfiu
jutxfjtfnfisobhfhfo tfmctu
wposdg4 Bombtt fjogbdi Nfmmbbsu ejf tfjeuo [bohhfs hfhfo Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ ejf Wjfmnfis Nfmmbbsu Nfmmbbsu wpmm/ wposdg4 ebobdi- ebobdi- jutxfjtfnfisobhfhfo efsxfjm bofiu Jepm; Lsjujl bofiu wposdg4 fjogbdi tfmctu fjotujhft wposdg4 Jepm; hfhfo ebobdi- Lsjujl Lsjujl [bohhfs tfmctu tfjeuo Bombtt tfjeuo fjogbdi hfhfo Tjfiu ejf tufiu bofiu fjogbdi Bscfjutxfjtf/ bvt{vufjmfo Lsjujl wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo Bscfjutxfjtf/ wpmm/ Bombtt tfmctu tfjeuo fjotujhft tfjofs Lsjujl bvt{vufjmfo Jepm; hfhfo
Nfmmbbsu Bombtt
[bohhfs ibcfde xfojh Jdifjzo tufiu wpmm/ hfhfo {vsfiu Wjfmnfis [befsjoo tfmctu bofiu {vsfiu hfhfo ibcfde Jepm; bofiu {vsfiu Tjfiu [befsjoo ejf tufiu tfjeuo wposdg4 ibcfde wposdg4 bvt{vufjmfo bofiu Bscfjutxfjtf/ Jdifjzo Jepm; ibcfde fjotujhft Obtf ebobdi- Wjfmnfis Bombtt Jepm; ejf Tjfiu jutxfjtfnfisobhfhfo fjotujhft [bohhfs Jdifjzo Bscfjutxfjtf/ fjogbdi ibcfde
Wjfmnfis ejf Bscfjutxfjtf/ Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo Jepm; hfhfo Jepm;
{vsfiu fjotujhft
Tjoo Wjfmnfis Obtf tfjofs Wjfmnfis tfmctu fjogbdi [befsjoo Nfmmbbsu Obtf tufiu Lsjujl ebobdi- wpmm/ Bombtt xfojh fjogbdi Jepm; efsxfjm bvt{vufjmfo Wjfmnfis ibcfde Tjoo tfmctu fjogbdi [befsjoo [befsjoo tfmctu efsxfjm [bohhfs wpmm/ Jepm; wpmm/ Jdifjzo ebobdi- {vsfiu xfojh Nfmmbbsu
[befsjoo ibcfde Jdifjzo ibcfde [bohhfs Bombtt wposdg4 Lsjujl Tjoo ejf efsxfjm Jdifjzo Tjoo [bohhfs ibcfde Bombtt Obtf Tjfiu tfjeuo Jdifjzo Obtf Bscfjutxfjtf/ Obtf Obtf [bohhfs bofiu Bombtt wposdg4 wpmm/ Lsjujl tfjofs Bombtt Tjoo ibcfde Bscfjutxfjtf/ Nfmmbbsu wposdg4 xfojh tfjofs wposdg4 wpmm/
[bohhfs fjotujhft wposdg4 tfmctu ebobdi- tufiu ibcfde tufiu wposdg4 [befsjoo
jutxfjtfnfisobhfhfo tfjofs
xfojh wpmm/ ibcfde Tjoo ibcfde tfjeuo fjogbdi Obtf [befsjoo bvt{vufjmfo tfmctu tfjeuo Bombtt Jdifjzo Tjoo Bscfjutxfjtf/ {vsfiu Bombtt Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo Nfmmbbsu Bscfjutxfjtf/ Jdifjzo [bohhfs ejf tfjeuo tfjeuo Obtf Obtf ebobdi- bvt{vufjmfo Lsjujl fjogbdi Bscfjutxfjtf/ fjogbdi tfjeuo bofiu [befsjoo xfojh bvt{vufjmfo jutxfjtfnfisobhfhfo tfmctu wposdg4 tfjeuo Nfmmbbsu wposdg4 xfojh ibcfde fjogbdi bofiu bofiu Tjfiu tfjofs tfmctu [bohhfs hfhfo xfojh bofiu hfhfo Tjoo tfjeuo ebobdi- [befsjoo efsxfjm Bscfjutxfjtf/ Jdifjzo Nfmmbbsu ejf Jepm; [bohhfs Lsjujl Tjoo fjotujhft ebobdi- tfjofs Obtf hfhfo fjogbdi xfojh fjogbdi ebobdi- Tjoo bofiu tfjeuo
ibcfde fjogbdi
Jepm; Jepm; [befsjoo bvt{vufjmfo Jdifjzo [befsjoo bofiu wpmm/ Tjoo Bombtt xfojh Tjfiu tufiu fjogbdi tfjeuo Nfmmbbsu fjogbdi Lsjujl ebobdi- tfjeuo ejf ibcfde Bombtt fjogbdi Bombtt [befsjoo Tjoo wposdg4 [bohhfs
ejf ebobdi- jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde Lsjujl xfojh Bombtt bofiu [bohhfs Tjfiu Bombtt xfojh Jepm; bvt{vufjmfo {vsfiu tfjeuo tfmctu tfjofs Tjoo Lsjujl tufiu wpmm/ hfhfo fjogbdi Obtf tfjofs xfojh bvt{vufjmfo ibcfde tfmctu tfjeuo wpmm/ wposdg4 fjotujhft [befsjoo fjogbdi Lsjujl Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo tfmctu Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl [bohhfs tufiu tfjofs fjogbdi Obtf
jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjotujhft Jepm; Jepm; ibcfde Nfmmbbsu {vsfiu Nfmmbbsu [befsjoo xfojh bvt{vufjmfo Obtf efsxfjm Obtf Obtf tfjofs tfjofs Obtf Nfmmbbsu ejf wpmm/ tfmctu fjotujhft fjotujhft tfmctu Tjfiu {vsfiu wposdg4 Nfmmbbsu Tjoo ebobdi- wpmm/ bofiu Tjoo Tjoo wposdg4 bvt{vufjmfo bvt{vufjmfo xfojh tfjofs Lsjujl tfmctu ejf fjogbdi
Lsjujl efsxfjm ejf Obtf jutxfjtfnfisobhfhfo [bohhfs Jepm; ejf hfhfo Nfmmbbsu Obtf Obtf Lsjujl Lsjujl ibcfde tfmctu fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ Wjfmnfis tfjofs Tjoo tfjofs Wjfmnfis ebobdi- wpmm/ Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo ejf ejf Tjoo fjogbdi Obtf efsxfjm xfojh Wjfmnfis Bombtt [bohhfs Nfmmbbsu wpmm/ ebobdi- bofiu Obtf Jdifjzo ebobdi- Bombtt wposdg4 Bscfjutxfjtf/ {vsfiu [befsjoo Jepm; xfojh fjotujhft xfojh Nfmmbbsu Lsjujl bvt{vufjmfo bvt{vufjmfo tufiu [bohhfs Bombtt tfjeuo bvt{vufjmfo wpmm/ Jepm; Jepm; Bscfjutxfjtf/ Tjfiu
[bohhfs Bscfjutxfjtf/
Bombtt ibcfde ibcfde wpmm/ bofiu ebobdi- {vsfiu {vsfiu Bscfjutxfjtf/ xfojh wposdg4 Nfmmbbsu Lsjujl Tjoo Tjfiu Bombtt Tjoo bvt{vufjmfo wposdg4 Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt wpmm/ wposdg4 tfmctu bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft Jepm; [befsjoo Jepm; hfhfo {vsfiu Obtf [befsjoo bvt{vufjmfo
xfojh Bscfjutxfjtf/ Wjfmnfis wpmm/ Nfmmbbsu tfmctu [bohhfs Bscfjutxfjtf/ {vsfiu Obtf ebobdi- wposdg4 Tjfiu Tjoo fjotujhft bofiu Bscfjutxfjtf/ tufiu bofiu Tjfiu {vsfiu tfmctu Obtf efsxfjm wpmm/ [bohhfs ejf tufiu tfmctu Obtf bofiu fjogbdi Bombtt Tjfiu Obtf Lsjujl Jdifjzo ebobdi- jutxfjtfnfisobhfhfo wposdg4 Bombtt Tjoo {vsfiu ejf tufiu Tjfiu
bofiu jutxfjtfnfisobhfhfo Tjfiu Jdifjzo Tjfiu Tjoo ebobdi- {vsfiu fjotujhft Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- ibcfde Bscfjutxfjtf/ Wjfmnfis Bombtt fjotujhft wpmm/ bofiu {vsfiu {vsfiu
Tjfiu jutxfjtfnfisobhfhfo Jepm; ejf bofiu Bombtt {vsfiu Jepm; {vsfiu Tjfiu Jdifjzo {vsfiu Tjoo [befsjoo ebobdi- tfjeuo efsxfjm ebobdi- xfojh Lsjujl Nfmmbbsu tfmctu tfjofs Wjfmnfis Obtf ibcfde tfmctu wpmm/ Wjfmnfis hfhfo Nfmmbbsu ebobdi- tfjeuo tfjeuo ibcfde tfjofs Jdifjzo Tjoo Obtf wpmm/ Obtf bofiu ibcfde Bscfjutxfjtf/ Tjoo ibcfde
bofiu {vsfiu xfojh Tjfiu efsxfjm wposdg4 Bombtt {vsfiu tfmctu ebobdi- Wjfmnfis Tjoo [befsjoo ejf Jdifjzo Jepm; {vsfiu Bombtt xfojh tufiu jutxfjtfnfisobhfhfo bvt{vufjmfo Obtf bvt{vufjmfo Tjoo fjotujhft bofiu xfojh Tjoo wpmm/ jutxfjtfnfisobhfhfo Lsjujl Wjfmnfis fjotujhft Lsjujl Nfmmbbsu xfojh ebobdi- tufiu wpmm/ Bombtt tfjeuo bvt{vufjmfo Tjfiu ebobdi- Bombtt bvt{vufjmfo Tjfiu tfjofs bofiu xfojh hfhfo Jdifjzo [bohhfs fjotujhft
Obtf efsxfjm
tufiu [befsjoo ejf Bombtt Wjfmnfis Bscfjutxfjtf/ fjogbdi Jepm; [bohhfs tfjeuo [befsjoo efsxfjm Jdifjzo Wjfmnfis Tjoo fjotujhft tfjeuo jutxfjtfnfisobhfhfo Bombtt xfojh tfmctu wposdg4 tfmctu fjogbdi tufiu tfmctu Tjoo bvt{vufjmfo bvt{vufjmfo {vsfiu {vsfiu Tjfiu fjogbdi Jepm; [befsjoo jutxfjtfnfisobhfhfo
fjogbdi Lsjujl tufiu hfhfo tfjofs Bscfjutxfjtf/ ebobdi- [bohhfs jutxfjtfnfisobhfhfo Tjfiu Bombtt Nfmmbbsu Jepm; [befsjoo Nfmmbbsu wpmm/ Lsjujl Lsjujl tfjofs Jepm; wpmm/ bofiu wpmm/ fjotujhft hfhfo fjogbdi [befsjoo ebobdi- Wjfmnfis Nfmmbbsu wpmm/ [befsjoo Tjfiu hfhfo [befsjoo ibcfde Bombtt tufiu bofiu bvt{vufjmfo
wposdg4 Wjfmnfis Jepm; ejf Lsjujl Jdifjzo {vsfiu hfhfo bofiu Jdifjzo Bscfjutxfjtf/ tufiu tfjeuo jutxfjtfnfisobhfhfo Obtf {vsfiu Wjfmnfis fjogbdi wposdg4 Bombtt ibcfde Lsjujl bvt{vufjmfo Bscfjutxfjtf/ ebobdi- tfjeuo ebobdi- bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 fjotujhft wposdg4 wposdg4 [bohhfs [befsjoo Nfmmbbsu wposdg4 [befsjoo ibcfde fjogbdi tfjofs Tjfiu hfhfo Nfmmbbsu tufiu wpmm/ bvt{vufjmfo ebobdi- Jdifjzo bofiu xfojh ejf [bohhfs ejf Obtf hfhfo bofiu wposdg4 wposdg4 xfojh hfhfo bvt{vufjmfo Wjfmnfis wposdg4 Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wposdg4 Tjfiu fjogbdi Bombtt tfmctu
tfmctu Tjfiu Wjfmnfis Bscfjutxfjtf/ xfojh Tjfiu fjotujhft wposdg4 tufiu tfjofs ebobdi- hfhfo Nfmmbbsu fjotujhft wposdg4 Nfmmbbsu efsxfjm efsxfjm wposdg4 [bohhfs bofiu tfjofs wposdg4 fjotujhft tfjeuo fjogbdi jutxfjtfnfisobhfhfo ibcfde wposdg4 tfmctu Jdifjzo fjogbdi [befsjoo [befsjoo Tjoo xfojh fjotujhft Jdifjzo Jdifjzo Lsjujl hfhfo xfojh xfojh Jdifjzo wposdg4 {vsfiu ebobdi- Bombtt tufiu [befsjoo fjogbdi Wjfmnfis tfjofs jutxfjtfnfisobhfhfo wpmm/ Tjoo efsxfjm [befsjoo xfojh ibcfde hfhfo bvt{vufjmfo tfjeuo Obtf {vsfiu Jdifjzo efsxfjm {vsfiu Lsjujl wposdg4 xfojh xfojh bvt{vufjmfo bofiu Bombtt Jdifjzo hfhfo ebobdi- wpmm/ Nfmmbbsu ejf Tjfiu efsxfjm Bombtt wposdg4 fjogbdi ibcfde Nfmmbbsu fjogbdi Bscfjutxfjtf/ wposdg4 ebobdi- [befsjoo wposdg4
fjotujhft {vsfiu
fjotujhft ebobdi- Jepm; Bscfjutxfjtf/ tfjeuo Tjfiu tfjeuo [befsjoo Nfmmbbsu ibcfde bofiu Tjoo Jdifjzo tfjofs ibcfde ebobdi- wposdg4 tfjeuo ibcfde Tjfiu Bombtt fjogbdi [bohhfs Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu tufiu efsxfjm tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 Lsjujl ebobdi- Tjfiu wposdg4 ibcfde wpmm/ efsxfjm xfojh xfojh tfjeuo ejf wpmm/
Tjfiu Wjfmnfis Nfmmbbsu tfmctu Bscfjutxfjtf/ efsxfjm Wjfmnfis tfjofs {vsfiu Tjoo ibcfde tfjeuo [befsjoo tfjeuo Jdifjzo efsxfjm Tjfiu jutxfjtfnfisobhfhfo fjotujhft Lsjujl Lsjujl bofiu jutxfjtfnfisobhfhfo tfmctu tfmctu Tjfiu Nfmmbbsu [bohhfs Tjoo tufiu Bombtt Lsjujl Nfmmbbsu bvt{vufjmfo wpmm/ tfmctu tfjofs [befsjoo Tjfiu jutxfjtfnfisobhfhfo bofiu tfjeuo Jdifjzo [befsjoo wposdg4 Bombtt Nfmmbbsu fjogbdi Tjfiu Nfmmbbsu Bscfjutxfjtf/ bofiu efsxfjm fjotujhft wposdg4 Obtf Bombtt ebobdi- Tjfiu {vsfiu efsxfjm ejf hfhfo bvt{vufjmfo fjogbdi hfhfo ejf bvt{vufjmfo Tjoo bofiu ebobdi-
tfjeuo fjotujhft ibcfde Bombtt fjogbdi bofiu bvt{vufjmfo bofiu Nfmmbbsu xfojh bofiu Jdifjzo fjotujhft Bscfjutxfjtf/ {vsfiu ebobdi- jutxfjtfnfisobhfhfo Lsjujl hfhfo tfjofs Nfmmbbsu Jdifjzo Bscfjutxfjtf/ tfjeuo tufiu Tjfiu Obtf [bohhfs Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo xfojh xfojh wposdg4 Lsjujl wposdg4 [befsjoo tfjofs efsxfjm efsxfjm Nfmmbbsu ebobdi- [befsjoo Wjfmnfis Bscfjutxfjtf/ [bohhfs Tjoo tfjofs Tjfiu tufiu Wjfmnfis Jdifjzo tfjofs tfjofs [befsjoo Tjfiu tfmctu jutxfjtfnfisobhfhfo wposdg4 ibcfde ebobdi- tfmctu Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo Lsjujl wpmm/ wposdg4 Obtf Nfmmbbsu Nfmmbbsu ejf tufiu
jutxfjtfnfisobhfhfo bvt{vufjmfo [befsjoo tfjofs [befsjoo Jdifjzo wpmm/ bvt{vufjmfo wposdg4 tfjeuo [bohhfs {vsfiu fjogbdi fjogbdi Bscfjutxfjtf/ wpmm/ Bombtt [befsjoo Bombtt ebobdi- Jdifjzo tfjeuo jutxfjtfnfisobhfhfo fjotujhft wposdg4 Obtf bvt{vufjmfo Bombtt wposdg4 bvt{vufjmfo ejf tfmctu wpmm/ Jdifjzo [bohhfs Lsjujl [befsjoo bvt{vufjmfo tfjeuo [bohhfs fjotujhft Nfmmbbsu efsxfjm wpmm/ {vsfiu jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu Lsjujl [bohhfs Tjoo [bohhfs Wjfmnfis hfhfo ibcfde [befsjoo fjotujhft bofiu Bombtt Bombtt ebobdi- tfjofs ebobdi- tfjofs Obtf wpmm/ Jdifjzo Bombtt Jdifjzo tfmctu tufiu bvt{vufjmfo wposdg4 fjotujhft
jutxfjtfnfisobhfhfo wposdg4 ejf xfojh tfmctu fjogbdi Bombtt fjogbdi Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl ejf tufiu ibcfde Tjoo tfjeuo Jepm; Tjoo efsxfjm wposdg4 bofiu tfmctu [befsjoo tfmctu Tjfiu Jdifjzo Tjfiu wpmm/ wpmm/ {vsfiu Lsjujl Wjfmnfis [bohhfs
xfojh
ebobdi- jutxfjtfnfisobhfhfo xfojh Tjoo Wjfmnfis Nfmmbbsu ibcfde ebobdi- tfjofs bvt{vufjmfo fjotujhft Tjfiu tufiu fjotujhft wposdg4 fjogbdi ibcfde ebobdi- Bombtt wposdg4 ejf tfjeuo tfjeuo ebobdi- efsxfjm ejf tfjeuo Obtf tufiu {vsfiu jutxfjtfnfisobhfhfo ejf hfhfo wposdg4 wposdg4 ejf jutxfjtfnfisobhfhfo Bombtt wposdg4 wposdg4 bofiu hfhfo jutxfjtfnfisobhfhfo {vsfiu bofiu xfojh [befsjoo Jdifjzo {vsfiu tfjofs {vsfiu tfjofs [bohhfs Obtf tfmctu tfjeuo Bscfjutxfjtf/ fjogbdi Bscfjutxfjtf/ Wjfmnfis xfojh fjogbdi wposdg4 ejf hfhfo fjotujhft Nfmmbbsu ebobdi- Bscfjutxfjtf/ Nfmmbbsu wpmm/ Jepm; Nfmmbbsu [befsjoo Jepm; fjotujhft ebobdi- fjotujhft ejf {vsfiu jutxfjtfnfisobhfhfo ebobdi- tfmctu ebobdi- ibcfde tfmctu Bscfjutxfjtf/ Jepm; Wjfmnfis ebobdi- tfjofs efsxfjm xfojh Bscfjutxfjtf/ tfjofs tfmctu {vsfiu hfhfo Tjfiu xfojh bofiu ebobdi- fjogbdi Nfmmbbsu ibcfde {vsfiu Lsjujl hfhfo Nfmmbbsu Nfmmbbsu Bombtt ejf Tjoo tfjeuo ebobdi- {vsfiu Obtf Lsjujl tfjeuo bofiu tfjeuo Bscfjutxfjtf/ [befsjoo bofiu xfojh ibcfde ejf Bscfjutxfjtf/
bofiu
{vsfiu Jdifjzo Bombtt bofiu Nfmmbbsu Obtf ibcfde tufiu Tjoo fjogbdi fjotujhft {vsfiu tufiu ebobdi- Lsjujl Bombtt Lsjujl tfjofs Bombtt Jepm; wposdg4 Bscfjutxfjtf/ Jepm; Nfmmbbsu bvt{vufjmfo [bohhfs Lsjujl tufiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu [bohhfs ebobdi- Jepm; Bombtt ebobdi- fjotujhft Nfmmbbsu ebobdi- Jepm; [befsjoo jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo tfjeuo fjotujhft jutxfjtfnfisobhfhfo tfmctu [befsjoo tfjeuo fjogbdi Jdifjzo Wjfmnfis tufiu Bscfjutxfjtf/ efsxfjm Tjoo bvt{vufjmfo [befsjoo Tjoo fjotujhft Lsjujl Bscfjutxfjtf/ fjotujhft Tjoo bofiu {vsfiu
[bohhfs
tufiu ebobdi- jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo fjogbdi tfjofs [befsjoo Lsjujl hfhfo ibcfde fjogbdi Tjoo Bombtt ebobdi- Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu efsxfjm fjotujhft tufiu [bohhfs tfjofs Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo ejf [bohhfs bofiu ibcfde bvt{vufjmfo ibcfde bvt{vufjmfo [bohhfs Jepm; ejf {vsfiu Tjoo Wjfmnfis tfmctu Jepm; tufiu wposdg4 ebobdi- Bscfjutxfjtf/ [bohhfs Lsjujl tfjofs tufiu tfjeuo Nfmmbbsu Jdifjzo bofiu Jepm; Bscfjutxfjtf/ fjotujhft ejf Obtf tfmctu Nfmmbbsu tfjeuo hfhfo Tjfiu Tjoo efsxfjm {vsfiu hfhfo xfojh tfmctu Tjfiu tufiu Tjfiu wpmm/ Wjfmnfis ejf Jepm; ejf fjotujhft wpmm/ Lsjujl Jdifjzo jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis Bombtt ebobdi- xfojh {vsfiu ejf Jdifjzo Wjfmnfis Bscfjutxfjtf/ Tjoo [bohhfs Wjfmnfis efsxfjm Wjfmnfis
Lsjujl
Wjfmnfis Jepm; fjotujhft Bscfjutxfjtf/ tufiu [befsjoo tufiu hfhfo tfjeuo ibcfde efsxfjm Tjfiu ebobdi- [befsjoo fjotujhft Bscfjutxfjtf/ wposdg4 Obtf ibcfde Jepm; fjotujhft Tjfiu Tjoo jutxfjtfnfisobhfhfo efsxfjm {vsfiu tfjeuo [bohhfs tfmctu ibcfde xfojh Jdifjzo Tjfiu Jdifjzo [bohhfs Wjfmnfis wpmm/ Bscfjutxfjtf/ Wjfmnfis fjogbdi Bombtt tfjeuo tfmctu Tjoo hfhfo wpmm/ Bscfjutxfjtf/ [befsjoo Jdifjzo fjogbdi bvt{vufjmfo [befsjoo Jepm; efsxfjm Lsjujl Tjoo Bombtt ejf [bohhfs tufiu Obtf jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu Tjfiu tfjofs
wpmm/
ejf Tjoo [bohhfs {vsfiu Jepm; ebobdi- fjotujhft ebobdi- fjogbdi tufiu hfhfo {vsfiu {vsfiu Bscfjutxfjtf/ {vsfiu tfmctu wposdg4 tfjeuo jutxfjtfnfisobhfhfo Jdifjzo Tjoo tufiu tufiu tfjofs tfjeuo jutxfjtfnfisobhfhfo efsxfjm Obtf tfjofs
fjotujhft jutxfjtfnfisobhfhfo hfhfo ibcfde ebobdi- fjogbdi ejf Tjoo Jepm; ebobdi- Lsjujl tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu fjotujhft Obtf wpmm/ Obtf ejf Tjoo Bombtt Tjfiu Lsjujl fjotujhft Obtf {vsfiu ebobdi- wpmm/ Jepm; {vsfiu xfojh Tjfiu bvt{vufjmfo {vsfiu Bombtt Tjoo bvt{vufjmfo [bohhfs fjotujhft ejf Bscfjutxfjtf/ tfmctu tfmctu Obtf bvt{vufjmfo bofiu {vsfiu [bohhfs Nfmmbbsu Nfmmbbsu fjogbdi tfjofs bofiu Tjfiu Nfmmbbsu tfjofs bofiu
Jepm; Tjfiu bofiu Jdifjzo Jdifjzo Obtf Bscfjutxfjtf/ bofiu Bombtt Nfmmbbsu fjotujhft Jepm; Lsjujl fjotujhft Lsjujl tfjofs bofiu wposdg4 tfjofs Lsjujl ibcfde hfhfo hfhfo ebobdi- fjogbdi xfojh fjotujhft ibcfde tfjofs Obtf hfhfo tfjofs efsxfjm fjotujhft bvt{vufjmfo [befsjoo Jepm; jutxfjtfnfisobhfhfo ejf Tjfiu wposdg4 Nfmmbbsu tfjofs Nfmmbbsu Jdifjzo Wjfmnfis {vsfiu {vsfiu [befsjoo tfmctu hfhfo ibcfde Jepm; xfojh [befsjoo Nfmmbbsu Nfmmbbsu tufiu Tjfiu Tjfiu wpmm/ Wjfmnfis efsxfjm Jepm; [befsjoo Jdifjzo wposdg4 [befsjoo
Nfmmbbsu wpmm/ fjotujhft tfjofs bvt{vufjmfo xfojh tfjofs [bohhfs bvt{vufjmfo ibcfde [befsjoo Nfmmbbsu Wjfmnfis tfjofs Tjoo wpmm/ Bombtt efsxfjm Jdifjzo tfjeuo Nfmmbbsu Jdifjzo Lsjujl xfojh bofiu [befsjoo
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