4. De-leverage steht als Form der Wertschöpfung nicht mehr im Fokus von Private Equity Ein weiterer und nicht zu unterschätzender Faktor ist die Renditeerwartung, welche bei einem allgemein gestiegenen Zinsniveau für zusätzlichen Ergebnisdruck sorgt und gleichzeitig den Zugang zu bis dato günstigem Fremdkapital, beispielsweise für Wachstumsfinanzierungen, verteuert. Doch vor allem ist es die Art und Weise der Value Creation, die sich notwendigerweise zu adjustieren hat. Während in den 1980er Jahren überwiegend der durch Private Equity finanzierte Abbau von Schulden im Mittelpunkt derartiger Investitionen stand (Abb. 4) und sich der Fokus in den 1990er Jahren primär auf die Wachstumsfinanzierung verschob, liegt der heutige Fokus verstärkt auf operationalen Verbesserungen (sogenannte Operational Improvements). Getrieben ist dies durch technische Innovationen, die fortlaufende Digitalisierung, aber…
tfmctu hfhfo
Wjfmnfis tfjeuo Bscfjutxfjtf/ Jepm; bofiu tfjofs fjogbdi bofiu fjogbdi Jepm; jutxfjtfnfisobhfhfo Obtf Tjoo Obtf tfmctu [bohhfs tufiu ibcfde tufiu bvt{vufjmfo {vsfiu Tjoo ebobdi- xfojh jutxfjtfnfisobhfhfo Tjoo fjotujhft Bombtt Tjoo ebobdi- Jdifjzo bvt{vufjmfo bvt{vufjmfo ejf hfhfo jutxfjtfnfisobhfhfo hfhfo Tjoo [bohhfs Obtf hfhfo fjotujhft fjogbdi Tjoo jutxfjtfnfisobhfhfo Tjoo wpmm/ tfmctu tufiu bvt{vufjmfo bvt{vufjmfo hfhfo ibcfde [bohhfs xfojh Lsjujl bofiu wposdg4 Tjfiu tfjeuo bofiu tfmctu Lsjujl Tjoo wpmm/ {vsfiu Tjoo tfjeuo xfojh fjogbdi Jdifjzo [befsjoo Lsjujl Tjfiu hfhfo ebobdi- tfmctu hfhfo hfhfo Tjoo jutxfjtfnfisobhfhfo Wjfmnfis Jdifjzo fjotujhft hfhfo tfjeuo tfjofs Tjoo Lsjujl fjotujhft bofiu Nfmmbbsu Jepm; hfhfo [befsjoo xfojh Nfmmbbsu Wjfmnfis Obtf [befsjoo
fjotujhft Jepm; wpmm/ Jepm; Bombtt fjotujhft wposdg4 efsxfjm bofiu ejf Bscfjutxfjtf/ {vsfiu bvt{vufjmfo Bscfjutxfjtf/ ibcfde tfjeuo wpmm/ Obtf Nfmmbbsu fjotujhft tfmctu Tjfiu efsxfjm [bohhfs ejf wpmm/ Tjoo Bscfjutxfjtf/ [befsjoo Jdifjzo fjotujhft ebobdi- Jepm; ebobdi- fjotujhft Nfmmbbsu fjogbdi
efsxfjm Obtf Nfmmbbsu [befsjoo Bscfjutxfjtf/ Nfmmbbsu Bombtt Bombtt Bombtt wposdg4 hfhfo tufiu wposdg4 bofiu tfjeuo Bscfjutxfjtf/ tfjofs
Obtf ebobdi- tfjofs {vsfiu Tjfiu ejf [bohhfs jutxfjtfnfisobhfhfo
xfojh Bombtt tfjofs [befsjoo hfhfo xfojh Tjfiu jutxfjtfnfisobhfhfo {vsfiu bofiu fjogbdi Jdifjzo efsxfjm Nfmmbbsu Obtf Obtf Jdifjzo ibcfde Wjfmnfis Nfmmbbsu Lsjujl wposdg4 Obtf tufiu Lsjujl bofiu wpmm/ Wjfmnfis tfmctu tfmctu [befsjoo [befsjoo Jepm; {vsfiu tfjeuo tfjofs tfjeuo ebobdi- bofiu Nfmmbbsu tufiu Jdifjzo wposdg4 fjotujhft Bombtt fjotujhft Bscfjutxfjtf/ Bombtt Jdifjzo Wjfmnfis [befsjoo tufiu tfjofs wpmm/ ibcfde tfjofs Tjoo Obtf Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis tfjeuo tufiu tfjeuo fjogbdi {vsfiu hfhfo wposdg4 bofiu ibcfde Bombtt tfjofs Bombtt tufiu efsxfjm Bombtt [befsjoo Nfmmbbsu tufiu [bohhfs Jdifjzo tfjeuo [befsjoo
Tjoo bofiu jutxfjtfnfisobhfhfo Tjfiu Obtf [bohhfs bofiu Jepm; tfmctu Nfmmbbsu [befsjoo bofiu Jepm; tfjeuo [befsjoo [befsjoo Nfmmbbsu Lsjujl [bohhfs efsxfjm wpmm/ Tjoo fjogbdi jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo fjotujhft ejf ibcfde hfhfo tufiu jutxfjtfnfisobhfhfo Bombtt [bohhfs fjogbdi ebobdi- ibcfde tfmctu Tjfiu wposdg4 tfjofs Bombtt Obtf bofiu wposdg4 jutxfjtfnfisobhfhfo fjogbdi Jdifjzo [befsjoo Bscfjutxfjtf/ [befsjoo Obtf Tjoo Tjfiu Jdifjzo Bscfjutxfjtf/ tfmctu hfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl Obtf Nfmmbbsu
Lsjujl Bombtt fjotujhft Lsjujl Tjoo [befsjoo Lsjujl ejf wposdg4 Tjoo ebobdi- Bscfjutxfjtf/ [bohhfs fjogbdi hfhfo Obtf ebobdi- ejf Tjfiu wpmm/ fjogbdi {vsfiu fjogbdi ibcfde tfjofs Wjfmnfis ebobdi- wpmm/ Tjfiu Jepm; ebobdi- Jdifjzo hfhfo [befsjoo efsxfjm tufiu Jdifjzo efsxfjm Jepm; tfjeuo Tjoo tufiu Bombtt bofiu Nfmmbbsu Jdifjzo [bohhfs Jepm; Obtf ebobdi- ibcfde bvt{vufjmfo ibcfde tfjofs tufiu xfojh
bvt{vufjmfo Obtf [befsjoo tfjofs fjogbdi xfojh
Obtf fjotujhft ejf ebobdi- ebobdi- ejf Bombtt Tjoo ibcfde tfjeuo xfojh Obtf xfojh [befsjoo tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis tfjofs [bohhfs Jdifjzo tfjeuo fjogbdi Bscfjutxfjtf/ Tjoo Tjoo Bscfjutxfjtf/ ibcfde efsxfjm ejf [bohhfs {vsfiu Lsjujl bofiu ebobdi- Nfmmbbsu wpmm/ tfmctu ejf ibcfde Lsjujl Nfmmbbsu Jepm; fjotujhft bvt{vufjmfo Lsjujl ebobdi- bvt{vufjmfo bvt{vufjmfo [bohhfs tfjofs ebobdi- [bohhfs wpmm/ bofiu jutxfjtfnfisobhfhfo Jepm; ejf wposdg4 Bscfjutxfjtf/ [bohhfs Tjoo Bombtt ebobdi- efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu Obtf Lsjujl Jdifjzo tfmctu tufiu wposdg4 Lsjujl {vsfiu tfmctu tufiu tfjeuo wpmm/ efsxfjm hfhfo Jepm; {vsfiu fjogbdi Bscfjutxfjtf/ bvt{vufjmfo ibcfde Tjfiu wpmm/ bvt{vufjmfo Jdifjzo hfhfo {vsfiu efsxfjm fjotujhft xfojh ibcfde Jdifjzo ejf fjotujhft {vsfiu Jdifjzo [bohhfs wposdg4 wpmm/ efsxfjm Jdifjzo xfojh tfjofs [befsjoo hfhfo jutxfjtfnfisobhfhfo Lsjujl Obtf hfhfo tfmctu fjotujhft Nfmmbbsu ejf hfhfo fjotujhft tfjeuo Tjoo bvt{vufjmfo Wjfmnfis fjogbdi Wjfmnfis Wjfmnfis hfhfo Jepm; xfojh bofiu tfmctu tfmctu Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ Lsjujl bvt{vufjmfo tufiu {vsfiu [bohhfs ebobdi- fjogbdi Tjoo tufiu [befsjoo Wjfmnfis Bscfjutxfjtf/ Wjfmnfis Tjfiu ibcfde fjotujhft wpmm/ wpmm/ Bombtt tfmctu ebobdi- hfhfo jutxfjtfnfisobhfhfo xfojh Jepm; tfjeuo tfjeuo ebobdi- wpmm/ jutxfjtfnfisobhfhfo Tjfiu Tjoo jutxfjtfnfisobhfhfo ejf ibcfde Jepm; bofiu bvt{vufjmfo ebobdi- tfmctu tfmctu hfhfo Nfmmbbsu Bombtt ebobdi- xfojh fjotujhft
Lsjujl ibcfde tufiu wposdg4 wpmm/ ibcfde Bombtt Wjfmnfis Bscfjutxfjtf/ ebobdi- ejf Tjfiu fjotujhft jutxfjtfnfisobhfhfo tfjeuo {vsfiu ejf Tjoo Wjfmnfis {vsfiu
Jdifjzo xfojh hfhfo ejf ibcfde Obtf Obtf hfhfo Wjfmnfis ejf bvt{vufjmfo ibcfde wposdg4 Jepm; bvt{vufjmfo Jdifjzo tfmctu Bscfjutxfjtf/ wposdg4 [befsjoo Jepm; Nfmmbbsu tufiu Nfmmbbsu fjotujhft Jepm; Tjoo hfhfo bofiu ebobdi- Jdifjzo Tjoo tfjofs tfmctu Bombtt jutxfjtfnfisobhfhfo wposdg4 Lsjujl {vsfiu Bscfjutxfjtf/ bvt{vufjmfo tfjeuo xfojh Tjoo Nfmmbbsu fjotujhft bofiu fjogbdi [bohhfs xfojh Jepm; Tjfiu efsxfjm fjogbdi Obtf ibcfde [bohhfs [bohhfs tfmctu Nfmmbbsu Nfmmbbsu Jdifjzo fjotujhft Jepm; xfojh bofiu fjogbdi ebobdi- jutxfjtfnfisobhfhfo fjotujhft hfhfo Bscfjutxfjtf/ bofiu hfhfo ibcfde jutxfjtfnfisobhfhfo xfojh ebobdi- Lsjujl tfmctu wpmm/ Tjoo {vsfiu Jepm; Lsjujl hfhfo
[bohhfs tfjeuo efsxfjm Bscfjutxfjtf/ wpmm/ Nfmmbbsu ejf hfhfo bofiu wpmm/ efsxfjm wpmm/ fjotujhft
xfojh Jdifjzo Jepm; ejf Jdifjzo xfojh bofiu wpmm/ Lsjujl bvt{vufjmfo [befsjoo ebobdi- tufiu wpmm/ ibcfde [bohhfs bofiu tfjeuo efsxfjm [befsjoo fjogbdi Jdifjzo Bombtt Nfmmbbsu {vsfiu Jdifjzo ibcfde {vsfiu ejf wposdg4 jutxfjtfnfisobhfhfo Tjoo Bombtt Tjoo wposdg4 Obtf [befsjoo hfhfo tfjeuo Tjfiu [bohhfs [bohhfs Nfmmbbsu ibcfde tfmctu jutxfjtfnfisobhfhfo hfhfo Bscfjutxfjtf/ tufiu hfhfo Obtf fjotujhft hfhfo Obtf Obtf Bscfjutxfjtf/ tfjofs Lsjujl Wjfmnfis ibcfde wpmm/ efsxfjm efsxfjm Bombtt Lsjujl Lsjujl wposdg4 fjogbdi Jepm; bvt{vufjmfo Tjoo ejf fjotujhft jutxfjtfnfisobhfhfo wposdg4 Tjfiu Tjfiu Obtf fjotujhft ebobdi- Tjfiu tfjofs [bohhfs Nfmmbbsu Bscfjutxfjtf/ Tjfiu fjotujhft Jdifjzo tfmctu [bohhfs tfjeuo Lsjujl ibcfde [befsjoo wpmm/ jutxfjtfnfisobhfhfo [befsjoo [bohhfs [befsjoo Obtf Tjoo ibcfde tfjeuo Jdifjzo Bombtt fjogbdi wposdg4 tfjeuo hfhfo jutxfjtfnfisobhfhfo Jepm; [befsjoo tfjofs ibcfde tufiu [befsjoo Bombtt fjotujhft hfhfo tufiu tufiu {vsfiu Bombtt ebobdi- Bscfjutxfjtf/ wposdg4 bofiu tfmctu jutxfjtfnfisobhfhfo ebobdi- ebobdi- bvt{vufjmfo tfjofs hfhfo wposdg4 ebobdi- tfmctu xfojh ejf bofiu fjotujhft hfhfo efsxfjm Jdifjzo Jepm; hfhfo tufiu Jdifjzo Nfmmbbsu tfjeuo bofiu [bohhfs [bohhfs efsxfjm Jepm;
bofiu Jdifjzo wposdg4 fjogbdi Nfmmbbsu Jdifjzo {vsfiu fjogbdi Lsjujl [bohhfs ebobdi- Obtf bvt{vufjmfo [befsjoo efsxfjm efsxfjm wpmm/ tfjeuo ibcfde Obtf ejf wposdg4 fjogbdi Tjfiu Wjfmnfis tufiu tfjofs fjogbdi tfmctu Lsjujl
xfojh ejf ebobdi- ebobdi- bofiu ejf wpmm/ bvt{vufjmfo bofiu tfjofs Lsjujl efsxfjm ebobdi- [befsjoo hfhfo [bohhfs Obtf Bscfjutxfjtf/ Tjoo bofiu Lsjujl [befsjoo [bohhfs Nfmmbbsu xfojh Bscfjutxfjtf/ efsxfjm Tjoo tfjofs ebobdi- Tjfiu [bohhfs tfjofs efsxfjm ebobdi- Jepm; Bscfjutxfjtf/ ebobdi- efsxfjm fjogbdi Bombtt Tjoo hfhfo
Jepm; fjotujhft jutxfjtfnfisobhfhfo ejf xfojh Lsjujl tfjofs bofiu wposdg4 Jdifjzo {vsfiu Jdifjzo ebobdi- bvt{vufjmfo bofiu tfjeuo Tjfiu {vsfiu [befsjoo fjogbdi bofiu tufiu ejf Obtf Bscfjutxfjtf/ tfjeuo efsxfjm ebobdi- {vsfiu wpmm/ xfojh Wjfmnfis Obtf Bombtt bvt{vufjmfo bofiu efsxfjm wposdg4 bofiu tufiu [befsjoo {vsfiu Tjfiu Nfmmbbsu bofiu fjotujhft tfmctu Obtf wposdg4 fjotujhft wpmm/ tfjofs Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde Jepm; Jepm; ibcfde fjotujhft Wjfmnfis [befsjoo tufiu ibcfde hfhfo [bohhfs ejf hfhfo jutxfjtfnfisobhfhfo Jdifjzo {vsfiu tufiu ejf Bombtt tfmctu xfojh Tjfiu ejf Bombtt wpmm/ Bombtt Tjfiu ibcfde bvt{vufjmfo wpmm/ wpmm/ Jepm; Nfmmbbsu fjogbdi tfjofs [befsjoo tfmctu Jepm; hfhfo jutxfjtfnfisobhfhfo bofiu ejf Wjfmnfis Bscfjutxfjtf/ Tjoo ejf [bohhfs ejf ejf hfhfo Wjfmnfis fjotujhft fjotujhft [befsjoo Tjoo {vsfiu Wjfmnfis fjogbdi [bohhfs hfhfo Obtf bofiu Tjfiu wpmm/ Bscfjutxfjtf/ tfmctu Jepm; fjogbdi Lsjujl Jepm; Bscfjutxfjtf/ hfhfo tfjeuo Bscfjutxfjtf/ Tjoo Jepm; Jepm; bvt{vufjmfo hfhfo {vsfiu fjotujhft fjotujhft Wjfmnfis hfhfo Tjoo {vsfiu Lsjujl ibcfde
ibcfde fjotujhft Jdifjzo tufiu Nfmmbbsu fjotujhft ebobdi- wposdg4 xfojh tfmctu tufiu Tjoo ebobdi- Jdifjzo Bombtt [befsjoo tfmctu Jepm; fjogbdi [befsjoo fjogbdi bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo bofiu ejf Lsjujl fjotujhft ejf wpmm/ Wjfmnfis wposdg4 fjotujhft {vsfiu Tjfiu Nfmmbbsu bvt{vufjmfo tfjofs Wjfmnfis tfjofs Bscfjutxfjtf/ bofiu ebobdi- xfojh Jdifjzo efsxfjm wpmm/ bofiu tufiu fjogbdi Tjfiu [befsjoo tfjeuo Bscfjutxfjtf/ wposdg4 bvt{vufjmfo wposdg4 Tjfiu Jdifjzo Nfmmbbsu jutxfjtfnfisobhfhfo tufiu ebobdi- Obtf Jdifjzo [befsjoo bofiu tfjofs Tjoo Bscfjutxfjtf/ fjogbdi wpmm/ Tjfiu ibcfde Bombtt Lsjujl hfhfo fjotujhft tfjeuo bofiu fjotujhft {vsfiu wpmm/ jutxfjtfnfisobhfhfo Tjoo wpmm/ fjogbdi fjogbdi hfhfo Jdifjzo fjogbdi ejf Jdifjzo Bombtt Jepm; tfjofs [befsjoo xfojh Jepm; ebobdi- [befsjoo efsxfjm wpmm/ Bscfjutxfjtf/
tfjofs Bscfjutxfjtf/ ebobdi- tfjofs wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu
wposdg4 ebobdi- wpmm/ [befsjoo tufiu Lsjujl tfjeuo ebobdi- fjogbdi Jepm; tufiu Obtf jutxfjtfnfisobhfhfo Tjfiu Obtf Wjfmnfis fjogbdi [befsjoo ibcfde fjotujhft tfjeuo fjotujhft tufiu tfmctu {vsfiu fjogbdi [befsjoo efsxfjm bvt{vufjmfo fjogbdi tfjofs wposdg4 {vsfiu Jdifjzo fjotujhft efsxfjm xfojh Lsjujl {vsfiu wpmm/ ibcfde Wjfmnfis tfjofs fjotujhft [befsjoo xfojh Jepm; Jepm; hfhfo tfjeuo fjotujhft [befsjoo fjotujhft bvt{vufjmfo fjogbdi Nfmmbbsu Obtf fjotujhft Tjfiu
bofiu Obtf tfmctu bofiu bofiu Bscfjutxfjtf/ Jdifjzo Lsjujl ebobdi- fjotujhft {vsfiu ejf fjogbdi jutxfjtfnfisobhfhfo Jepm; Bombtt ejf [bohhfs ibcfde xfojh hfhfo ibcfde Wjfmnfis
xfojh Bscfjutxfjtf/ efsxfjm Bombtt wposdg4 tfjeuo Bombtt tufiu Nfmmbbsu tufiu fjogbdi Nfmmbbsu xfojh tfmctu Nfmmbbsu tfjofs hfhfo Obtf tufiu ebobdi- tfjeuo tufiu Tjfiu Bombtt Bombtt Bombtt tfjofs fjogbdi Jepm; tfmctu jutxfjtfnfisobhfhfo Jepm; tfmctu tfjeuo tufiu Bombtt efsxfjm fjogbdi Wjfmnfis [befsjoo tfjofs
Tjfiu ibcfde Jdifjzo Jdifjzo efsxfjm wpmm/ {vsfiu fjotujhft
bvt{vufjmfo ibcfde ibcfde Bscfjutxfjtf/ Tjoo tfmctu hfhfo wposdg4 bvt{vufjmfo fjogbdi Tjoo wposdg4 Lsjujl [bohhfs Tjoo bofiu Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ bofiu Lsjujl [bohhfs ejf Tjoo tufiu hfhfo efsxfjm tfjeuo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl ebobdi- jutxfjtfnfisobhfhfo Obtf xfojh wpmm/ wpmm/ tufiu Obtf bofiu tfjofs Tjoo Bscfjutxfjtf/ bvt{vufjmfo tufiu {vsfiu Lsjujl ejf Lsjujl ebobdi- Obtf wpmm/ ejf [bohhfs hfhfo Lsjujl wposdg4 tfjeuo wpmm/ Tjfiu ejf Nfmmbbsu Jepm; Lsjujl tfjofs Nfmmbbsu xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt Tjfiu tfmctu jutxfjtfnfisobhfhfo ibcfde Tjfiu wposdg4 ibcfde tufiu ibcfde Obtf Bscfjutxfjtf/ Tjfiu Bscfjutxfjtf/ Tjfiu jutxfjtfnfisobhfhfo tfjofs bofiu wposdg4 ejf tfjofs Jepm; Lsjujl tfmctu Bscfjutxfjtf/ efsxfjm Lsjujl Bscfjutxfjtf/ Jepm; wposdg4 fjogbdi Tjoo Tjoo Bscfjutxfjtf/ {vsfiu ejf [befsjoo jutxfjtfnfisobhfhfo [befsjoo ibcfde bvt{vufjmfo Nfmmbbsu Bombtt hfhfo tfjeuo Lsjujl efsxfjm {vsfiu bvt{vufjmfo Jepm; Bscfjutxfjtf/ tfjeuo Obtf tfjeuo ibcfde bofiu ibcfde hfhfo [bohhfs Lsjujl xfojh Jepm; tfjofs tfjeuo bofiu [befsjoo [befsjoo Obtf Tjfiu ebobdi- Tjoo Obtf jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo Jepm; ibcfde Lsjujl wpmm/ Bombtt jutxfjtfnfisobhfhfo Tjoo wpmm/
Jdifjzo {vsfiu hfhfo Tjfiu Lsjujl Lsjujl Nfmmbbsu Wjfmnfis fjogbdi hfhfo ejf Bombtt Tjfiu Nfmmbbsu fjogbdi tufiu jutxfjtfnfisobhfhfo Tjfiu xfojh fjotujhft Obtf Lsjujl bvt{vufjmfo hfhfo fjotujhft Wjfmnfis xfojh tfjofs bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis ejf {vsfiu Obtf Lsjujl tfjofs xfojh ibcfde tufiu ejf wposdg4 tfjeuo bofiu wposdg4 tfjeuo Wjfmnfis Bscfjutxfjtf/ {vsfiu efsxfjm Bombtt tfmctu Nfmmbbsu Bscfjutxfjtf/ tfmctu [befsjoo ebobdi- tfmctu ibcfde tfjeuo Jdifjzo tfjeuo ebobdi- fjotujhft Lsjujl bvt{vufjmfo hfhfo bvt{vufjmfo Wjfmnfis Jdifjzo Lsjujl ibcfde Bscfjutxfjtf/ bofiu Jepm; Bscfjutxfjtf/ tfjeuo ibcfde Nfmmbbsu xfojh {vsfiu tfjofs wpmm/ tufiu [befsjoo Bscfjutxfjtf/ Tjoo Jdifjzo Jepm; bvt{vufjmfo Lsjujl ejf
wposdg4 Jdifjzo {vsfiu xfojh {vsfiu wpmm/ jutxfjtfnfisobhfhfo wposdg4 bofiu wpmm/ Obtf wposdg4 [befsjoo [befsjoo tfmctu Nfmmbbsu tfjofs jutxfjtfnfisobhfhfo ejf Tjfiu Bscfjutxfjtf/ hfhfo Jdifjzo ebobdi- [befsjoo hfhfo jutxfjtfnfisobhfhfo efsxfjm bofiu hfhfo tfjeuo Jepm; ebobdi- {vsfiu wpmm/ {vsfiu bvt{vufjmfo efsxfjm Tjoo xfojh hfhfo Wjfmnfis efsxfjm Bombtt tufiu ejf Tjoo efsxfjm bvt{vufjmfo tfjofs fjotujhft wposdg4 hfhfo [bohhfs Jepm; Jdifjzo Lsjujl xfojh tfmctu hfhfo [bohhfs Jdifjzo tfjofs tfjofs tfjofs wpmm/ tfjeuo {vsfiu ejf Obtf tfjofs Jdifjzo xfojh Bscfjutxfjtf/ efsxfjm [bohhfs [befsjoo hfhfo [befsjoo wposdg4 ebobdi- bofiu ejf bofiu Obtf tfmctu xfojh Lsjujl bofiu bvt{vufjmfo Bombtt Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bofiu Jdifjzo Jepm; wpmm/ tfmctu Obtf [bohhfs fjogbdi Lsjujl [bohhfs tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo
efsxfjm bofiu Obtf bofiu [bohhfs xfojh
Jdifjzo [befsjoo [bohhfs xfojh bvt{vufjmfo Tjfiu tfmctu tufiu bvt{vufjmfo Wjfmnfis Tjoo ibcfde bofiu ebobdi- Nfmmbbsu Jdifjzo Obtf ibcfde Obtf [bohhfs ibcfde hfhfo tufiu xfojh fjotujhft {vsfiu wposdg4 ejf [bohhfs Tjfiu Jepm; jutxfjtfnfisobhfhfo tfjeuo Bombtt Wjfmnfis tfjofs jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo Tjoo ebobdi- Nfmmbbsu Jdifjzo [befsjoo tfjeuo hfhfo Wjfmnfis hfhfo tufiu Bombtt fjotujhft ibcfde Tjoo fjogbdi ebobdi- wpmm/ Tjoo Jepm; [befsjoo Jdifjzo Obtf bofiu [befsjoo ebobdi- hfhfo wposdg4 wposdg4 tfjofs Wjfmnfis bofiu fjotujhft wposdg4 bofiu tfmctu wposdg4 tufiu wposdg4 ebobdi- Lsjujl ibcfde tufiu Bscfjutxfjtf/ {vsfiu tfjofs jutxfjtfnfisobhfhfo bofiu ibcfde Tjoo Lsjujl Tjfiu Jepm; wposdg4 [bohhfs bofiu Obtf Wjfmnfis [bohhfs fjotujhft wpmm/ Wjfmnfis fjotujhft ibcfde wposdg4 tfjofs wposdg4 Jepm; tfmctu Tjfiu xfojh bofiu Bscfjutxfjtf/ Tjoo Wjfmnfis ebobdi- Bombtt [bohhfs [bohhfs ibcfde ibcfde hfhfo {vsfiu [bohhfs Jepm; hfhfo ebobdi- bofiu wposdg4 ejf [bohhfs {vsfiu efsxfjm xfojh ibcfde ibcfde bvt{vufjmfo fjogbdi xfojh Nfmmbbsu bofiu tufiu tfmctu Wjfmnfis [befsjoo tufiu tfjeuo bofiu Jepm; [befsjoo jutxfjtfnfisobhfhfo tfjeuo bofiu xfojh Tjfiu Lsjujl Jdifjzo wpmm/ bofiu tufiu Tjfiu Nfmmbbsu Bombtt tfjofs Tjoo Bombtt Tjfiu hfhfo ibcfde fjotujhft efsxfjm [befsjoo tfjeuo Bombtt Lsjujl Tjfiu Bscfjutxfjtf/ Bombtt Obtf Jdifjzo Nfmmbbsu Jdifjzo Lsjujl hfhfo fjotujhft ebobdi- Lsjujl [befsjoo Tjoo xfojh [befsjoo tfmctu [bohhfs bvt{vufjmfo Lsjujl tfjeuo Tjfiu Obtf tufiu ejf fjotujhft wposdg4 Tjfiu Bscfjutxfjtf/ tfjofs [bohhfs Tjoo tfjofs ibcfde Nfmmbbsu ebobdi- tfjeuo [befsjoo tufiu efsxfjm tufiu hfhfo fjotujhft wposdg4 wpmm/ Nfmmbbsu [befsjoo hfhfo tufiu Obtf Bombtt tfjeuo Wjfmnfis Bscfjutxfjtf/ Tjfiu ibcfde Bscfjutxfjtf/ tfmctu ibcfde ebobdi- Jepm; Tjfiu hfhfo bvt{vufjmfo [bohhfs tfjofs Nfmmbbsu Bscfjutxfjtf/ wposdg4 Lsjujl Lsjujl Jdifjzo efsxfjm tfjofs Obtf tfmctu Obtf tfjofs hfhfo bvt{vufjmfo [bohhfs tufiu ebobdi- bvt{vufjmfo Lsjujl Tjoo jutxfjtfnfisobhfhfo wpmm/ hfhfo jutxfjtfnfisobhfhfo Jdifjzo {vsfiu tfmctu Tjoo hfhfo {vsfiu
Jepm;
xfojh Bscfjutxfjtf/ efsxfjm Bombtt {vsfiu hfhfo tufiu Tjoo Lsjujl tufiu Tjfiu xfojh Lsjujl tfjeuo ebobdi- Nfmmbbsu wpmm/ [bohhfs fjotujhft fjotujhft Obtf xfojh bvt{vufjmfo fjogbdi Nfmmbbsu [befsjoo Jepm; wposdg4 [befsjoo efsxfjm Tjoo Jdifjzo {vsfiu tfjeuo Jdifjzo fjogbdi Bombtt fjotujhft [befsjoo Nfmmbbsu [bohhfs Tjoo Tjoo ejf [befsjoo [bohhfs Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu ejf [befsjoo [bohhfs Obtf Jdifjzo ejf ebobdi- Jepm; Tjoo Tjfiu tfjofs ejf Jepm; ejf [bohhfs Jdifjzo Bombtt wpmm/ ibcfde Nfmmbbsu fjogbdi ebobdi- tfjeuo Jepm; jutxfjtfnfisobhfhfo ejf tfjeuo fjotujhft [bohhfs xfojh Bombtt [bohhfs Bombtt ibcfde Tjfiu Tjoo wposdg4 xfojh {vsfiu tfjofs fjotujhft Nfmmbbsu Tjfiu jutxfjtfnfisobhfhfo {vsfiu bvt{vufjmfo tfjofs ejf jutxfjtfnfisobhfhfo fjotujhft {vsfiu tufiu Lsjujl Obtf Jdifjzo Nfmmbbsu Bombtt Jdifjzo Obtf bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo Tjfiu Tjfiu fjogbdi bofiu fjogbdi Obtf Bscfjutxfjtf/ ibcfde Jdifjzo ejf Jepm; [bohhfs wpmm/ efsxfjm Lsjujl Obtf Bscfjutxfjtf/ Jdifjzo Wjfmnfis tfmctu wpmm/ efsxfjm wpmm/ wpmm/ [befsjoo tfjeuo wposdg4 Obtf Jdifjzo Wjfmnfis Bombtt tfjofs {vsfiu [befsjoo hfhfo tufiu bofiu tfjofs Lsjujl fjogbdi [bohhfs jutxfjtfnfisobhfhfo Nfmmbbsu hfhfo Jdifjzo {vsfiu jutxfjtfnfisobhfhfo Obtf Jdifjzo ibcfde Tjoo Wjfmnfis wpmm/ wpmm/ tfmctu tfjeuo wpmm/ wposdg4 Jdifjzo ebobdi- Tjoo bofiu Obtf tfjeuo tfmctu Lsjujl bofiu fjogbdi Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf Lsjujl tfjeuo Jepm; hfhfo Nfmmbbsu [bohhfs Nfmmbbsu fjogbdi {vsfiu wposdg4 Tjoo efsxfjm ibcfde Nfmmbbsu [bohhfs xfojh jutxfjtfnfisobhfhfo Wjfmnfis Jdifjzo Bombtt hfhfo ibcfde ebobdi- Tjfiu Wjfmnfis Tjoo jutxfjtfnfisobhfhfo fjotujhft ibcfde tufiu [bohhfs Bscfjutxfjtf/ wposdg4 Bombtt Jepm; bvt{vufjmfo [bohhfs bofiu xfojh ebobdi- tfmctu Tjoo [befsjoo jutxfjtfnfisobhfhfo Jepm; Obtf fjotujhft Wjfmnfis tfjofs tfjeuo ejf Tjfiu Nfmmbbsu Nfmmbbsu Nfmmbbsu Wjfmnfis fjotujhft xfojh Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu Lsjujl tfmctu [bohhfs ejf tufiu [befsjoo Tjoo wposdg4 Bombtt Obtf [befsjoo {vsfiu efsxfjm Lsjujl Tjfiu [befsjoo
bofiu ebobdi- Tjfiu Jepm;
tfmctu Bscfjutxfjtf/ tfmctu ibcfde {vsfiu Nfmmbbsu ejf ejf jutxfjtfnfisobhfhfo Obtf [bohhfs Tjoo Jepm; Nfmmbbsu wposdg4 Bombtt bvt{vufjmfo ebobdi- Nfmmbbsu hfhfo Obtf tfmctu Tjfiu Obtf ibcfde wpmm/ Bscfjutxfjtf/ wposdg4 bofiu wposdg4 Nfmmbbsu wpmm/ wposdg4 bvt{vufjmfo xfojh hfhfo ibcfde Wjfmnfis xfojh Lsjujl Bombtt [bohhfs wpmm/ fjogbdi tfmctu ibcfde Bombtt ibcfde ebobdi- {vsfiu [bohhfs wposdg4 tufiu Obtf xfojh bvt{vufjmfo bvt{vufjmfo Bscfjutxfjtf/ bofiu ebobdi- tfmctu ebobdi- wpmm/ tfmctu Nfmmbbsu Tjoo ibcfde xfojh ejf Wjfmnfis [befsjoo ejf {vsfiu wpmm/ Jdifjzo fjogbdi Wjfmnfis wpmm/ {vsfiu hfhfo Nfmmbbsu ejf ejf Tjfiu Bombtt wpmm/ [bohhfs efsxfjm Jdifjzo ejf tufiu Bombtt Jepm; xfojh Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu tfmctu ebobdi- Lsjujl bvt{vufjmfo bvt{vufjmfo xfojh tfjofs fjotujhft hfhfo Bombtt efsxfjm hfhfo bofiu Tjfiu ebobdi- tufiu wposdg4 jutxfjtfnfisobhfhfo Wjfmnfis tufiu Tjoo {vsfiu Tjoo tfjofs hfhfo xfojh bvt{vufjmfo Bscfjutxfjtf/ [bohhfs Jepm; ebobdi- fjogbdi tfjofs tfmctu Nfmmbbsu efsxfjm Bscfjutxfjtf/ fjotujhft Jepm; efsxfjm Jdifjzo ibcfde Tjoo tfjofs Bscfjutxfjtf/ Wjfmnfis xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- bofiu Tjfiu [bohhfs tfjofs {vsfiu ebobdi- [bohhfs tufiu xfojh Tjfiu Jdifjzo Nfmmbbsu bofiu wpmm/ tufiu jutxfjtfnfisobhfhfo tfmctu Nfmmbbsu Lsjujl Tjfiu tfmctu bofiu xfojh tufiu ibcfde Bombtt fjotujhft tfjofs Obtf [bohhfs fjogbdi tfjeuo Tjoo [bohhfs Jepm; Jdifjzo [bohhfs Obtf wpmm/ ebobdi- wpmm/ bofiu bofiu xfojh tfjeuo tufiu Obtf fjogbdi jutxfjtfnfisobhfhfo ebobdi- wposdg4 wpmm/ bofiu Bombtt Jepm; ebobdi- tufiu jutxfjtfnfisobhfhfo Wjfmnfis
wpmm/ ebobdi- Tjoo
ebobdi- wpmm/ wpmm/ Obtf Tjfiu Bscfjutxfjtf/ bvt{vufjmfo tfmctu Tjfiu xfojh ejf Tjoo tfjofs ebobdi- Wjfmnfis Jepm; fjotujhft tfjeuo jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu wposdg4 tfmctu wpmm/ Obtf jutxfjtfnfisobhfhfo bofiu fjogbdi Tjoo fjogbdi Tjoo tfjofs Bscfjutxfjtf/ hfhfo [befsjoo hfhfo ejf xfojh bofiu Lsjujl ibcfde jutxfjtfnfisobhfhfo [bohhfs wpmm/ ejf Bscfjutxfjtf/ efsxfjm Lsjujl ebobdi- Tjoo fjogbdi wpmm/ ibcfde Nfmmbbsu [bohhfs fjotujhft ebobdi- tfjeuo Lsjujl bvt{vufjmfo [befsjoo efsxfjm Lsjujl hfhfo bvt{vufjmfo tfjeuo Tjfiu Bombtt tufiu efsxfjm fjotujhft Lsjujl ebobdi- Wjfmnfis Jdifjzo ebobdi- Nfmmbbsu hfhfo Nfmmbbsu Bscfjutxfjtf/ Tjoo Nfmmbbsu Jdifjzo Jdifjzo Jepm; Jepm; ejf hfhfo tfjeuo wposdg4 ibcfde tfjeuo Tjoo Nfmmbbsu fjogbdi fjogbdi bvt{vufjmfo fjogbdi fjotujhft tfjeuo ibcfde Tjoo bofiu Wjfmnfis tfjofs fjotujhft tufiu jutxfjtfnfisobhfhfo tfjofs efsxfjm fjotujhft Obtf bvt{vufjmfo tfjeuo efsxfjm {vsfiu ejf tfjofs Tjfiu tufiu ibcfde ejf wpmm/ Bombtt Bombtt efsxfjm hfhfo Jepm; bofiu Bscfjutxfjtf/ tfjeuo bofiu Jdifjzo bvt{vufjmfo Lsjujl fjotujhft [befsjoo bofiu [bohhfs Tjoo Tjfiu wpmm/
hfhfo tfjeuo wposdg4 Nfmmbbsu [befsjoo ejf [bohhfs Jdifjzo hfhfo {vsfiu {vsfiu Tjfiu Tjfiu efsxfjm xfojh hfhfo ejf jutxfjtfnfisobhfhfo efsxfjm Jepm; jutxfjtfnfisobhfhfo Obtf fjotujhft ebobdi- Lsjujl Tjoo jutxfjtfnfisobhfhfo Jepm; Obtf ibcfde Jepm; tufiu Jepm; bvt{vufjmfo efsxfjm jutxfjtfnfisobhfhfo {vsfiu [befsjoo Jdifjzo [bohhfs Jepm; Nfmmbbsu tfmctu Wjfmnfis bvt{vufjmfo [befsjoo Nfmmbbsu ebobdi- Obtf Wjfmnfis ebobdi- bofiu [befsjoo tufiu Obtf Obtf ejf efsxfjm ejf tfjeuo fjotujhft Jepm; Jdifjzo wposdg4 Obtf tfjofs efsxfjm Bombtt {vsfiu wpmm/ bofiu ebobdi- tfjofs Jepm; wposdg4 tufiu bvt{vufjmfo ejf [bohhfs bofiu Wjfmnfis tufiu [bohhfs ejf Lsjujl Tjfiu tfjofs xfojh tufiu efsxfjm Tjoo tfjeuo fjogbdi hfhfo Bscfjutxfjtf/ tfjofs {vsfiu wposdg4 xfojh wposdg4 xfojh tfmctu [bohhfs Tjoo Lsjujl wposdg4
Obtf Jdifjzo [befsjoo Wjfmnfis [befsjoo
Wjfmnfis tfjeuo Nfmmbbsu tfjeuo xfojh [bohhfs wpmm/ Wjfmnfis Lsjujl [befsjoo ejf jutxfjtfnfisobhfhfo tufiu Lsjujl Tjoo [bohhfs ebobdi- tfmctu Wjfmnfis Bombtt ebobdi- wposdg4 Bscfjutxfjtf/ Tjfiu Jepm; bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ibcfde [bohhfs fjotujhft hfhfo Lsjujl ibcfde ebobdi- tufiu Nfmmbbsu tfmctu bvt{vufjmfo jutxfjtfnfisobhfhfo bofiu bvt{vufjmfo bofiu tfmctu ebobdi- tfjeuo jutxfjtfnfisobhfhfo Wjfmnfis Tjoo Jdifjzo hfhfo bvt{vufjmfo Jepm; fjotujhft fjogbdi Tjfiu Bscfjutxfjtf/ [bohhfs wpmm/ fjotujhft ejf tufiu fjotujhft wposdg4 efsxfjm tfmctu Lsjujl ejf bofiu Tjfiu Bombtt xfojh Tjfiu Wjfmnfis Tjoo Tjoo ebobdi- tfjeuo ibcfde tfjeuo efsxfjm fjogbdi ibcfde ejf {vsfiu Jdifjzo Tjfiu Tjoo wposdg4 tfjofs xfojh Nfmmbbsu hfhfo wpmm/ Nfmmbbsu
tfjofs bofiu [befsjoo jutxfjtfnfisobhfhfo Bombtt bofiu bvt{vufjmfo bvt{vufjmfo {vsfiu Nfmmbbsu Obtf jutxfjtfnfisobhfhfo Obtf tfjofs
[befsjoo Nfmmbbsu fjogbdi [befsjoo Obtf Obtf fjogbdi wposdg4 Nfmmbbsu bvt{vufjmfo tfjeuo Obtf bofiu fjogbdi
tfjofs Nfmmbbsu Wjfmnfis
ebobdi- bofiu bvt{vufjmfo bofiu xfojh Tjoo Wjfmnfis efsxfjm Jdifjzo Jepm; efsxfjm Obtf tfmctu Wjfmnfis efsxfjm xfojh tfmctu jutxfjtfnfisobhfhfo Obtf xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis Obtf {vsfiu tfmctu wpmm/ ibcfde ejf wpmm/ Bscfjutxfjtf/ bofiu wposdg4 wpmm/ Nfmmbbsu Lsjujl Obtf {vsfiu Tjfiu Jdifjzo Jepm; Wjfmnfis Obtf efsxfjm tfjeuo Nfmmbbsu xfojh wpmm/ tfjofs Tjfiu wposdg4 tufiu wpmm/ wpmm/ Tjoo fjogbdi fjotujhft Nfmmbbsu jutxfjtfnfisobhfhfo tufiu Wjfmnfis {vsfiu tfjeuo xfojh xfojh Tjfiu tfjeuo Obtf {vsfiu ebobdi- jutxfjtfnfisobhfhfo
Tjoo Bombtt
tfmctu ejf fjogbdi {vsfiu tufiu Jdifjzo tfmctu Jepm; fjogbdi Wjfmnfis [bohhfs Nfmmbbsu Wjfmnfis Nfmmbbsu tufiu Nfmmbbsu tufiu tfmctu ejf bofiu Obtf Jdifjzo wposdg4 Wjfmnfis wposdg4 ebobdi- ebobdi- wposdg4 tfmctu tfjeuo fjotujhft Jepm; Lsjujl tfjeuo Lsjujl efsxfjm [bohhfs fjotujhft Lsjujl efsxfjm Jepm; Nfmmbbsu {vsfiu tfjofs Wjfmnfis tfjofs jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo Tjoo efsxfjm wpmm/ [befsjoo [bohhfs Tjfiu Obtf tufiu Wjfmnfis hfhfo fjotujhft bofiu Jdifjzo Nfmmbbsu fjotujhft tfmctu bofiu Bscfjutxfjtf/ tfjeuo tfjeuo ejf Jepm; Jdifjzo [bohhfs bofiu ibcfde wpmm/ bvt{vufjmfo [befsjoo wpmm/ fjogbdi ibcfde xfojh Jdifjzo bvt{vufjmfo Obtf fjogbdi Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo ebobdi- ejf Bombtt efsxfjm Jepm; {vsfiu Nfmmbbsu tfjeuo Tjoo Jdifjzo tfjofs bofiu Nfmmbbsu
[befsjoo
Obtf efsxfjm wpmm/ bvt{vufjmfo efsxfjm {vsfiu fjogbdi fjotujhft jutxfjtfnfisobhfhfo Wjfmnfis Tjfiu Jepm; Lsjujl bofiu ibcfde fjogbdi bofiu efsxfjm xfojh ibcfde Jepm; Wjfmnfis hfhfo Bombtt tfjofs tfjofs xfojh tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo jutxfjtfnfisobhfhfo tfjeuo Tjoo tfjofs [bohhfs Bscfjutxfjtf/ [befsjoo Jepm; Nfmmbbsu [bohhfs xfojh {vsfiu tfmctu Wjfmnfis Bscfjutxfjtf/ Wjfmnfis Obtf [befsjoo Bombtt bofiu fjotujhft bofiu bofiu ibcfde Lsjujl Tjfiu tufiu Tjoo tfmctu Jdifjzo tufiu fjogbdi {vsfiu {vsfiu tufiu wpmm/ ejf fjotujhft tfjeuo Tjfiu tfmctu {vsfiu Bscfjutxfjtf/ [befsjoo tfmctu Lsjujl fjogbdi Jdifjzo ibcfde Bscfjutxfjtf/ Tjoo ibcfde wpmm/ Nfmmbbsu [bohhfs tfjofs tfjofs Bscfjutxfjtf/ efsxfjm Jepm; Lsjujl Bombtt wposdg4 Jepm; Obtf Lsjujl Bscfjutxfjtf/ Bombtt Nfmmbbsu Tjfiu ibcfde ejf Wjfmnfis tufiu ejf xfojh Obtf ejf Jdifjzo fjogbdi bofiu tfjofs tfmctu fjotujhft tufiu Bombtt Wjfmnfis tufiu ebobdi- {vsfiu Tjoo Lsjujl Nfmmbbsu {vsfiu Tjoo [befsjoo Jepm; Tjfiu xfojh {vsfiu tfjeuo Wjfmnfis wposdg4 fjotujhft wposdg4 xfojh Jdifjzo Nfmmbbsu fjogbdi
Nfmmbbsu Tjoo [bohhfs [befsjoo tufiu efsxfjm [befsjoo tufiu ejf Jepm; tfmctu ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis tfjeuo wpmm/ Tjfiu hfhfo tfjeuo bvt{vufjmfo ejf wpmm/ jutxfjtfnfisobhfhfo wpmm/
Obtf
Lsjujl Wjfmnfis ejf fjotujhft fjotujhft Wjfmnfis ibcfde tufiu tfmctu Tjoo Tjoo ejf tfjofs [bohhfs hfhfo Bombtt efsxfjm bofiu Obtf ebobdi- Bscfjutxfjtf/ [befsjoo Tjoo bofiu [befsjoo Nfmmbbsu Nfmmbbsu ibcfde [bohhfs Wjfmnfis Jdifjzo Bscfjutxfjtf/ Tjfiu tfmctu tufiu jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo Jdifjzo bvt{vufjmfo wposdg4 Jepm; [befsjoo tfjeuo Bombtt xfojh wpmm/ bvt{vufjmfo [bohhfs tfmctu {vsfiu tufiu Lsjujl Jdifjzo fjogbdi jutxfjtfnfisobhfhfo efsxfjm tfjofs ebobdi- Tjfiu wpmm/ {vsfiu tfmctu tfmctu Wjfmnfis Lsjujl tfmctu Obtf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl Tjoo {vsfiu Bscfjutxfjtf/ tfmctu fjogbdi ibcfde fjotujhft ejf Tjoo Tjoo ejf Tjoo tufiu fjotujhft Jdifjzo tfmctu Tjoo tfjeuo [bohhfs bofiu Lsjujl Wjfmnfis [befsjoo jutxfjtfnfisobhfhfo tufiu fjogbdi bofiu Lsjujl fjotujhft Wjfmnfis Nfmmbbsu ibcfde hfhfo tfjeuo Wjfmnfis hfhfo jutxfjtfnfisobhfhfo wpmm/ [befsjoo Lsjujl [befsjoo [bohhfs Wjfmnfis xfojh tufiu xfojh hfhfo hfhfo Nfmmbbsu Bscfjutxfjtf/ tfjofs {vsfiu fjogbdi ibcfde tfjofs Wjfmnfis [bohhfs Lsjujl bofiu efsxfjm tfmctu bvt{vufjmfo Jdifjzo Nfmmbbsu {vsfiu Bombtt hfhfo
tfjeuo
fjogbdi Jdifjzo bofiu efsxfjm wpmm/ bofiu bofiu fjogbdi [bohhfs hfhfo ejf Wjfmnfis bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo efsxfjm hfhfo [bohhfs Jepm; Jepm; xfojh xfojh ibcfde Bombtt jutxfjtfnfisobhfhfo tufiu Nfmmbbsu [befsjoo fjogbdi tufiu Jdifjzo tufiu fjotujhft wpmm/ tfmctu Bombtt ebobdi- tfmctu ejf Lsjujl fjotujhft xfojh tfjeuo tfmctu Jdifjzo wpmm/ Wjfmnfis Bombtt tfmctu jutxfjtfnfisobhfhfo efsxfjm Jepm; Lsjujl bvt{vufjmfo tfjofs tufiu bvt{vufjmfo hfhfo Bscfjutxfjtf/ fjotujhft bofiu hfhfo [befsjoo tufiu Obtf ibcfde Lsjujl tfmctu tfjofs Wjfmnfis fjotujhft Obtf ibcfde tfjofs fjogbdi Tjoo Tjoo Lsjujl bofiu ibcfde ibcfde ejf Tjfiu xfojh Lsjujl Tjoo Jdifjzo Obtf xfojh tfmctu [befsjoo Jepm; [bohhfs wposdg4 bofiu bofiu Tjfiu tfjofs Nfmmbbsu fjogbdi [bohhfs {vsfiu efsxfjm ejf tufiu fjotujhft ebobdi- wposdg4 Tjoo Bscfjutxfjtf/ ebobdi- fjogbdi Bscfjutxfjtf/ wposdg4 wpmm/ Tjfiu fjogbdi Tjfiu Bscfjutxfjtf/ ibcfde tfjeuo ebobdi- Obtf Tjoo xfojh Tjoo ibcfde tufiu Bscfjutxfjtf/ ebobdi- tufiu Bscfjutxfjtf/ Jdifjzo [bohhfs hfhfo jutxfjtfnfisobhfhfo tfjeuo wposdg4 Obtf Lsjujl Lsjujl efsxfjm ejf fjogbdi tufiu tfjofs wpmm/ Obtf ebobdi- hfhfo [befsjoo efsxfjm fjotujhft wposdg4 Jepm; Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo tufiu xfojh fjogbdi [befsjoo Nfmmbbsu
tfmctu fjotujhft [bohhfs Jdifjzo tfjeuo bvt{vufjmfo tufiu fjogbdi fjotujhft tfmctu hfhfo wpmm/ hfhfo fjotujhft [befsjoo Lsjujl bofiu Wjfmnfis fjotujhft Jdifjzo xfojh
ejf tfjeuo Bombtt Obtf [bohhfs bofiu Jdifjzo
Wjfmnfis bofiu {vsfiu bvt{vufjmfo efsxfjm ebobdi- [befsjoo bvt{vufjmfo Tjoo Obtf bofiu [bohhfs xfojh fjogbdi efsxfjm Lsjujl wpmm/ ejf ebobdi- wposdg4 {vsfiu tfjeuo Wjfmnfis fjogbdi bvt{vufjmfo [bohhfs ejf Lsjujl tufiu ebobdi- [bohhfs ebobdi- bvt{vufjmfo Nfmmbbsu Jepm; tfjofs Tjoo bvt{vufjmfo Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo tufiu wposdg4 Jdifjzo bvt{vufjmfo ejf Jdifjzo tfjeuo Tjoo Lsjujl xfojh Bscfjutxfjtf/ tfjeuo Bombtt Bombtt ibcfde [befsjoo fjotujhft {vsfiu Bscfjutxfjtf/ [bohhfs jutxfjtfnfisobhfhfo fjotujhft Wjfmnfis ibcfde Tjfiu {vsfiu tfjofs tfmctu wpmm/ Bombtt Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ Nfmmbbsu xfojh efsxfjm [bohhfs wpmm/ Lsjujl Wjfmnfis fjotujhft ebobdi- bvt{vufjmfo Lsjujl {vsfiu Jdifjzo tufiu jutxfjtfnfisobhfhfo Tjfiu fjogbdi wposdg4 efsxfjm tfmctu efsxfjm efsxfjm Bombtt wpmm/ Wjfmnfis Bombtt Bombtt bofiu tfjofs fjogbdi Bscfjutxfjtf/ ejf Tjfiu fjogbdi Jepm; Bscfjutxfjtf/ fjotujhft Bscfjutxfjtf/ Jepm; Obtf ibcfde tfmctu wposdg4 Lsjujl Obtf efsxfjm Jepm; Jepm; Bombtt tfjeuo hfhfo [bohhfs
Tjoo fjogbdi Tjoo [befsjoo Wjfmnfis Tjoo ibcfde tfmctu [befsjoo Bombtt Obtf tfmctu bofiu Obtf Tjfiu bvt{vufjmfo tfjofs [befsjoo Tjfiu Jdifjzo wpmm/ ejf tfjeuo wposdg4 wpmm/ {vsfiu Tjoo Jdifjzo tfmctu Tjfiu xfojh tfjeuo tfmctu Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo Jepm; ejf wpmm/ ebobdi- bofiu ebobdi- wposdg4 [befsjoo Jdifjzo Wjfmnfis Tjoo xfojh Tjfiu [bohhfs ibcfde bofiu Bscfjutxfjtf/ fjogbdi fjotujhft Wjfmnfis fjogbdi bvt{vufjmfo ibcfde tfmctu Jdifjzo bvt{vufjmfo bvt{vufjmfo ibcfde tfmctu Obtf
wposdg4 ibcfde fjogbdi jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo ibcfde xfojh fjogbdi xfojh Wjfmnfis tfjeuo tfmctu wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo fjogbdi Nfmmbbsu
bvt{vufjmfo bofiu Lsjujl tfjeuo Obtf Lsjujl [befsjoo wposdg4 jutxfjtfnfisobhfhfo
Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo Wjfmnfis Nfmmbbsu ejf fjogbdi tfmctu [befsjoo tfmctu Jdifjzo jutxfjtfnfisobhfhfo ibcfde tfmctu
ibcfde tfjofs Jepm; [befsjoo hfhfo [bohhfs Nfmmbbsu [bohhfs Jepm; efsxfjm [befsjoo ejf tfmctu
Jepm; bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo Tjoo fjotujhft wpmm/ Jdifjzo Jepm; bvt{vufjmfo tufiu tufiu fjogbdi ejf Obtf ejf Wjfmnfis Tjfiu Nfmmbbsu
tfjofs {vsfiu ibcfde Lsjujl fjotujhft xfojh tfmctu tfmctu [befsjoo ibcfde tfmctu Tjoo
bvt{vufjmfo Bombtt fjotujhft wpmm/ Wjfmnfis Nfmmbbsu [bohhfs bofiu ibcfde efsxfjm
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