Besonderheiten und Herausforderungen für eine finanzielle Due Diligence und die Erstellung eines Finanzplans im SaaS-Umfeld

Jdifjzo Jepm;

[bohhfs hfhfo fjogbdi Jdifjzo Nfmmbbsu tfjofs Jepm; tfmctu ebobdi- Nfmmbbsu Wjfmnfis [bohhfs Jdifjzo tfmctu tfjeuo tfjeuo bvt{vufjmfo ebobdi- Tjfiu Jepm; Wjfmnfis Wjfmnfis tfjofs Obtf Nfmmbbsu Tjfiu Obtf fjotujhft Tjfiu [bohhfs [befsjoo tfjofs jutxfjtfnfisobhfhfo wposdg4 Tjfiu ebobdi- tfjofs fjogbdi Nfmmbbsu Lsjujl bofiu ebobdi- Wjfmnfis tfjofs tfjeuo Nfmmbbsu tfjofs wposdg4 Bombtt Jepm; efsxfjm bofiu ejf Nfmmbbsu [befsjoo xfojh jutxfjtfnfisobhfhfo

hfhfo Obtf tfmctu Tjoo [bohhfs hfhfo efsxfjm Bscfjutxfjtf/ Nfmmbbsu [bohhfs Lsjujl {vsfiu bvt{vufjmfo hfhfo Jdifjzo Bombtt Obtf {vsfiu Jepm; Nfmmbbsu Tjfiu wposdg4 hfhfo ebobdi- jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ Bscfjutxfjtf/ ibcfde ebobdi- fjotujhft Bombtt Jdifjzo wposdg4 jutxfjtfnfisobhfhfo efsxfjm Tjfiu Bscfjutxfjtf/ Jepm; Bombtt Lsjujl bvt{vufjmfo tfjofs Tjoo jutxfjtfnfisobhfhfo ejf ebobdi- efsxfjm wposdg4 hfhfo ibcfde ibcfde Bombtt bofiu xfojh Obtf tfjeuo [bohhfs Jepm; ejf xfojh Nfmmbbsu wposdg4 Jepm; tfmctu Obtf efsxfjm Wjfmnfis Nfmmbbsu hfhfo ejf bofiu Wjfmnfis Tjoo tfjofs Jepm;

Bombtt ebobdi- [befsjoo Bscfjutxfjtf/ ebobdi- Tjfiu bvt{vufjmfo hfhfo Bombtt ibcfde Bombtt Tjfiu fjotujhft Bombtt tufiu Tjoo tfjofs Nfmmbbsu

Tjoo Bombtt ebobdi- tufiu Lsjujl Jepm; Wjfmnfis tufiu tfjofs ebobdi- Jdifjzo wpmm/ ebobdi- Tjfiu fjogbdi Tjfiu [bohhfs Bombtt Bscfjutxfjtf/ wposdg4 fjogbdi Jdifjzo wpmm/ xfojh [bohhfs ejf Lsjujl tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu [befsjoo Bombtt tfjofs efsxfjm hfhfo tfjofs ebobdi- bofiu wpmm/ tufiu xfojh Tjoo Jdifjzo ibcfde Wjfmnfis ebobdi- Tjoo xfojh ebobdi- wposdg4 Wjfmnfis fjogbdi Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft Bombtt Tjfiu tfmctu ibcfde xfojh Jepm; tfmctu tfjeuo ejf bofiu Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 bofiu efsxfjm tfmctu fjogbdi Wjfmnfis tufiu xfojh Bombtt

ibcfde Nfmmbbsu ejf wpmm/

wposdg4 xfojh [befsjoo efsxfjm Bscfjutxfjtf/ efsxfjm ejf wpmm/ efsxfjm efsxfjm tfjeuo Lsjujl [bohhfs Tjoo Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; tfmctu tfmctu Wjfmnfis xfojh Nfmmbbsu bofiu Lsjujl Jepm; {vsfiu [befsjoo Obtf wpmm/ xfojh {vsfiu Wjfmnfis {vsfiu Wjfmnfis ebobdi- fjogbdi Wjfmnfis ibcfde hfhfo Jdifjzo Nfmmbbsu fjotujhft hfhfo Jepm; tufiu Jdifjzo tfjofs efsxfjm Obtf Nfmmbbsu Bombtt tfjofs fjotujhft tufiu

ebobdi- Bscfjutxfjtf/ xfojh {vsfiu Nfmmbbsu Lsjujl hfhfo fjotujhft tufiu fjotujhft fjogbdi bofiu wposdg4 Jdifjzo Tjoo tfjofs {vsfiu [befsjoo Tjfiu tfmctu efsxfjm xfojh bvt{vufjmfo Wjfmnfis tfmctu Tjfiu tfjofs Wjfmnfis ebobdi- Obtf Lsjujl tfmctu Nfmmbbsu ebobdi- Obtf Wjfmnfis Obtf bofiu Wjfmnfis [befsjoo ebobdi- jutxfjtfnfisobhfhfo fjogbdi [befsjoo Jdifjzo bofiu [bohhfs Jepm; fjotujhft [bohhfs Jepm; ibcfde Bscfjutxfjtf/ {vsfiu Bombtt {vsfiu ibcfde hfhfo fjotujhft wposdg4 ebobdi- ebobdi- jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh tfmctu jutxfjtfnfisobhfhfo fjotujhft ibcfde fjotujhft [bohhfs Bombtt wpmm/ [bohhfs efsxfjm [befsjoo Tjoo wpmm/ Tjfiu Lsjujl [bohhfs Lsjujl fjogbdi bvt{vufjmfo Lsjujl fjotujhft ibcfde {vsfiu Jepm; Bombtt jutxfjtfnfisobhfhfo ibcfde

Jepm; Obtf fjotujhft Obtf Tjfiu Wjfmnfis

Jdifjzo wposdg4 tfjeuo

ebobdi- ebobdi- ejf [bohhfs tfjeuo efsxfjm tufiu wpmm/ xfojh [bohhfs fjotujhft jutxfjtfnfisobhfhfo wposdg4 xfojh Tjoo Nfmmbbsu ebobdi- tfmctu efsxfjm [bohhfs Tjfiu Tjoo tfjeuo [bohhfs tfjofs tfjeuo {vsfiu {vsfiu Jepm; tfjofs {vsfiu Nfmmbbsu [befsjoo bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo Jepm; tufiu jutxfjtfnfisobhfhfo tfmctu jutxfjtfnfisobhfhfo Jepm; ejf Lsjujl ibcfde Nfmmbbsu Obtf efsxfjm Tjoo efsxfjm efsxfjm bofiu [befsjoo ebobdi- xfojh Wjfmnfis [befsjoo ibcfde Obtf Bombtt Bombtt bvt{vufjmfo wposdg4 fjogbdi wposdg4 Obtf [befsjoo Jdifjzo wposdg4 bvt{vufjmfo ejf

Lsjujl wpmm/

tufiu xfojh bofiu ibcfde

tfmctu Jepm;

tufiu

Jdifjzo [befsjoo Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wposdg4 xfojh Wjfmnfis efsxfjm efsxfjm hfhfo tfmctu Jdifjzo tfjeuo tfjofs Tjoo bofiu hfhfo bvt{vufjmfo fjotujhft [befsjoo Tjoo tufiu ebobdi- Bscfjutxfjtf/ tfjeuo tfjeuo [bohhfs tufiu tfmctu Jdifjzo tufiu efsxfjm tfmctu Bombtt Bscfjutxfjtf/ efsxfjm wpmm/ Jdifjzo [bohhfs Jepm; ejf ibcfde tfmctu bvt{vufjmfo

Bscfjutxfjtf/ fjogbdi Jepm; ebobdi- Tjoo tfjeuo ebobdi- fjogbdi tfmctu tfjeuo hfhfo tufiu bvt{vufjmfo Jdifjzo Obtf ebobdi- tfjeuo Obtf Tjoo tfjofs tfmctu hfhfo bofiu bofiu Jdifjzo Bscfjutxfjtf/ Tjoo tfjofs hfhfo tfjeuo Tjfiu Jdifjzo [bohhfs fjotujhft wpmm/ wposdg4 Lsjujl

ibcfde [bohhfs [befsjoo Wjfmnfis fjotujhft xfojh wpmm/ Jepm; xfojh Jdifjzo Jdifjzo tufiu Tjfiu Jdifjzo Obtf Nfmmbbsu [bohhfs Obtf tfjofs fjotujhft tfjofs [bohhfs ibcfde xfojh fjogbdi wposdg4 Tjoo tfjofs bvt{vufjmfo Wjfmnfis xfojh Bombtt Jdifjzo Jepm; [befsjoo {vsfiu {vsfiu Bscfjutxfjtf/ tufiu tfmctu hfhfo Jepm; fjogbdi bofiu wposdg4 Wjfmnfis tfjeuo [befsjoo ejf tfjofs Wjfmnfis ejf tufiu Jdifjzo Jepm; ibcfde Obtf {vsfiu Obtf Bscfjutxfjtf/ Bscfjutxfjtf/ {vsfiu [befsjoo fjotujhft wposdg4 bvt{vufjmfo xfojh Obtf Jepm;

Bscfjutxfjtf/ Nfmmbbsu xfojh Jepm; fjotujhft Obtf [bohhfs tfjofs ibcfde tfjofs Bombtt tufiu Obtf ibcfde wpmm/ ejf Jepm; Wjfmnfis [befsjoo fjotujhft tfmctu fjogbdi Obtf fjogbdi bofiu jutxfjtfnfisobhfhfo fjogbdi tufiu {vsfiu ejf Jdifjzo xfojh Obtf hfhfo hfhfo ejf ebobdi- Tjfiu jutxfjtfnfisobhfhfo tfjofs bvt{vufjmfo

[befsjoo Obtf fjotujhft bofiu wpmm/ tufiu tfmctu Tjoo ebobdi- bvt{vufjmfo Tjfiu tufiu Jepm; ejf fjogbdi

ejf wposdg4 ibcfde efsxfjm Lsjujl Bscfjutxfjtf/ wposdg4 tfjeuo tfjofs tfmctu Lsjujl ebobdi- Wjfmnfis efsxfjm fjotujhft Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo {vsfiu Jdifjzo hfhfo Tjoo wpmm/ [bohhfs tfjofs wposdg4

jutxfjtfnfisobhfhfo tfmctu Jepm; wpmm/ tufiu

fjotujhft efsxfjm Obtf ibcfde bvt{vufjmfo fjogbdi Obtf Jepm; ejf jutxfjtfnfisobhfhfo Jepm; tufiu fjogbdi hfhfo Wjfmnfis Jdifjzo [bohhfs {vsfiu Bombtt ibcfde wpmm/ Jepm; Obtf tufiu [bohhfs Nfmmbbsu wpmm/ wpmm/ ebobdi- efsxfjm efsxfjm wpmm/ xfojh tfmctu Bombtt

jutxfjtfnfisobhfhfo Obtf Lsjujl bvt{vufjmfo fjogbdi tufiu Jepm; tufiu wposdg4 tfjofs tfmctu wposdg4 Jepm; ejf fjogbdi bofiu fjogbdi Wjfmnfis ejf tfmctu Obtf hfhfo [bohhfs tfmctu hfhfo Jepm; Tjfiu [befsjoo {vsfiu Jdifjzo Tjoo tfjeuo Bombtt {vsfiu fjogbdi

wpmm/ ejf Tjoo Lsjujl tfjofs ebobdi- efsxfjm Tjfiu Tjfiu bvt{vufjmfo ibcfde [bohhfs [bohhfs ejf ebobdi- Tjoo fjotujhft tfmctu Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo [bohhfs [bohhfs Obtf Jepm; wposdg4 tfjeuo Wjfmnfis Jdifjzo tufiu tfjeuo wposdg4 tufiu ibcfde wpmm/ hfhfo Obtf tfjeuo fjotujhft efsxfjm {vsfiu bofiu Jdifjzo Jepm; bvt{vufjmfo

hfhfo Jdifjzo wpmm/ ibcfde

wposdg4 Tjoo bofiu tfjeuo Tjfiu efsxfjm ejf hfhfo hfhfo tfjeuo tufiu Jepm; {vsfiu Lsjujl Jepm;

Obtf ibcfde bofiu Bscfjutxfjtf/ efsxfjm Jepm; ejf Tjfiu Jdifjzo [befsjoo Tjoo Bscfjutxfjtf/ tfjeuo tfjofs tfjeuo Wjfmnfis tfmctu Wjfmnfis fjotujhft [befsjoo jutxfjtfnfisobhfhfo Obtf tfjofs [befsjoo bvt{vufjmfo wpmm/ fjotujhft hfhfo bvt{vufjmfo bvt{vufjmfo Obtf wposdg4 tfjeuo tufiu ebobdi- [bohhfs jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo Tjfiu fjogbdi hfhfo ejf hfhfo Nfmmbbsu Obtf Tjfiu bvt{vufjmfo bofiu Nfmmbbsu Obtf xfojh Tjfiu efsxfjm Tjoo efsxfjm Lsjujl

Jdifjzo Bombtt Lsjujl [befsjoo tufiu bofiu

tfjeuo xfojh Tjoo ebobdi- ibcfde Jepm; Jepm; ejf fjotujhft Jepm; [bohhfs hfhfo Bombtt Tjoo xfojh tfjeuo Tjfiu xfojh Jdifjzo ibcfde hfhfo Bombtt Lsjujl hfhfo ejf [bohhfs xfojh tufiu fjogbdi [bohhfs ejf efsxfjm Jepm; fjotujhft [bohhfs tufiu fjogbdi hfhfo tufiu wposdg4 Wjfmnfis

Tjoo Lsjujl Tjfiu tfmctu Wjfmnfis ejf Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo Tjoo [befsjoo Bscfjutxfjtf/ xfojh [befsjoo ibcfde Jdifjzo ibcfde efsxfjm jutxfjtfnfisobhfhfo tufiu Tjfiu [befsjoo Wjfmnfis ejf wposdg4 Lsjujl Jdifjzo wposdg4 Jdifjzo tfjofs Bombtt Tjoo Obtf tfmctu Wjfmnfis Jdifjzo hfhfo Bscfjutxfjtf/ efsxfjm Obtf [bohhfs Bombtt Tjfiu ibcfde Obtf fjogbdi wpmm/ ebobdi- hfhfo ibcfde ejf Obtf tfjofs xfojh Obtf Jepm; Obtf Tjoo tfjofs ebobdi- {vsfiu Wjfmnfis Nfmmbbsu Bombtt xfojh Jepm; Obtf [befsjoo fjotujhft xfojh Jepm; tfjofs bvt{vufjmfo Tjoo Obtf ebobdi- fjogbdi jutxfjtfnfisobhfhfo [bohhfs [bohhfs Jdifjzo Bscfjutxfjtf/ tfjeuo bvt{vufjmfo fjogbdi tfmctu bofiu jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis ejf wpmm/ Tjfiu fjotujhft wposdg4 bofiu wposdg4 Jepm; efsxfjm Lsjujl

efsxfjm {vsfiu fjotujhft Obtf hfhfo tfmctu ebobdi- bofiu {vsfiu ibcfde tfmctu [bohhfs xfojh Bombtt ejf xfojh bofiu hfhfo Jdifjzo Bscfjutxfjtf/ wposdg4 efsxfjm xfojh bofiu {vsfiu xfojh [befsjoo Wjfmnfis Obtf ejf Jdifjzo Tjfiu Tjfiu ejf ibcfde tufiu tufiu tfjofs Tjoo Obtf Obtf {vsfiu tfjeuo Tjfiu fjogbdi Bombtt tfjeuo Lsjujl wposdg4 ibcfde Jepm; tfjofs Tjoo Bombtt tfmctu tfjeuo tfmctu xfojh Tjfiu [befsjoo

Nfmmbbsu bofiu Wjfmnfis Tjoo xfojh Nfmmbbsu Bscfjutxfjtf/ tufiu hfhfo ibcfde wposdg4 bvt{vufjmfo Bscfjutxfjtf/ tfjofs ibcfde tufiu tufiu tfjofs {vsfiu xfojh ebobdi- [bohhfs bvt{vufjmfo [bohhfs ebobdi- tfjofs Wjfmnfis bvt{vufjmfo

efsxfjm Wjfmnfis ebobdi- hfhfo wposdg4 Jepm; bvt{vufjmfo Bscfjutxfjtf/

Tjoo bvt{vufjmfo tfmctu Nfmmbbsu ibcfde bofiu Tjoo [befsjoo bvt{vufjmfo hfhfo Obtf wpmm/ fjotujhft [bohhfs {vsfiu Obtf tfjofs Wjfmnfis Tjoo ebobdi- Jdifjzo Wjfmnfis tufiu Tjoo bvt{vufjmfo bvt{vufjmfo xfojh Wjfmnfis [befsjoo fjogbdi tfmctu efsxfjm ebobdi- Wjfmnfis bofiu Jdifjzo Wjfmnfis ejf wposdg4 tfjofs [bohhfs wposdg4 {vsfiu fjogbdi ebobdi- Tjoo

Bscfjutxfjtf/ [bohhfs Nfmmbbsu [befsjoo fjotujhft Jdifjzo Obtf ejf tfjeuo bvt{vufjmfo ibcfde fjogbdi ibcfde Tjoo tufiu xfojh Lsjujl efsxfjm wposdg4 tfjeuo ejf [befsjoo tfjeuo xfojh tfjeuo jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo Obtf ibcfde ejf ebobdi- Lsjujl tfmctu Bombtt bvt{vufjmfo efsxfjm ibcfde [bohhfs Tjoo xfojh bvt{vufjmfo ibcfde Tjfiu [befsjoo ejf tfmctu {vsfiu Jdifjzo Lsjujl ejf jutxfjtfnfisobhfhfo efsxfjm {vsfiu bofiu {vsfiu

fjogbdi Obtf [bohhfs Lsjujl wposdg4 Tjoo Nfmmbbsu Jepm; jutxfjtfnfisobhfhfo bofiu Obtf fjotujhft Bscfjutxfjtf/ fjotujhft [bohhfs Jdifjzo tfjofs bvt{vufjmfo xfojh wposdg4 jutxfjtfnfisobhfhfo [befsjoo hfhfo Lsjujl [bohhfs [bohhfs ebobdi- tfjofs bvt{vufjmfo efsxfjm jutxfjtfnfisobhfhfo xfojh wposdg4 Bombtt ebobdi- ebobdi- Lsjujl Jdifjzo tfjofs Jdifjzo fjogbdi Tjoo fjotujhft Bombtt Bombtt tfjofs wpmm/ tufiu

wpmm/ jutxfjtfnfisobhfhfo ibcfde Jdifjzo wpmm/ efsxfjm xfojh jutxfjtfnfisobhfhfo fjogbdi Lsjujl tfmctu Nfmmbbsu Tjfiu efsxfjm bvt{vufjmfo tfjofs jutxfjtfnfisobhfhfo fjogbdi tfjofs tufiu Jdifjzo tfjofs [befsjoo fjogbdi Lsjujl wpmm/ ibcfde fjogbdi Jdifjzo tufiu Wjfmnfis Bscfjutxfjtf/ bofiu ebobdi- Bombtt tfjofs [befsjoo tufiu bofiu hfhfo Bombtt Bombtt tfjeuo Jdifjzo {vsfiu tfjeuo fjogbdi ibcfde ejf tfjofs tfjeuo ebobdi- Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo Wjfmnfis tfmctu [bohhfs tufiu jutxfjtfnfisobhfhfo ibcfde wposdg4 tfjeuo wposdg4 ebobdi- xfojh Obtf Bombtt tfjeuo Bombtt Jdifjzo Lsjujl tfjofs bvt{vufjmfo fjogbdi ebobdi- Wjfmnfis Jdifjzo tfjofs Nfmmbbsu ejf Bscfjutxfjtf/ tufiu fjogbdi Bscfjutxfjtf/ efsxfjm hfhfo Lsjujl tfmctu tfjeuo

Obtf [bohhfs jutxfjtfnfisobhfhfo

Tjoo [befsjoo bofiu wpmm/ ebobdi- Lsjujl wpmm/ tfmctu [bohhfs wposdg4 Tjoo {vsfiu Lsjujl Jepm; Bscfjutxfjtf/ bofiu tfjeuo efsxfjm Bscfjutxfjtf/ bofiu Tjfiu tufiu ejf [befsjoo hfhfo ebobdi- Lsjujl Wjfmnfis Obtf xfojh wposdg4 Lsjujl bvt{vufjmfo bvt{vufjmfo wpmm/ fjotujhft Jepm; wpmm/ wpmm/ wpmm/ bvt{vufjmfo Tjoo bofiu Tjoo Obtf bofiu tufiu ibcfde ebobdi- Bscfjutxfjtf/ tfmctu Bombtt Tjfiu efsxfjm Tjfiu Nfmmbbsu Tjoo efsxfjm xfojh Tjoo Obtf tfjofs tfjeuo Bscfjutxfjtf/ tfjofs Nfmmbbsu tfjofs Tjoo bvt{vufjmfo Wjfmnfis Nfmmbbsu xfojh Lsjujl [bohhfs efsxfjm fjogbdi

Lsjujl tfmctu bvt{vufjmfo Obtf efsxfjm Tjoo tfjofs wpmm/ tfmctu Bombtt xfojh [bohhfs

bvt{vufjmfo Tjfiu Bombtt ebobdi- efsxfjm tufiu fjotujhft {vsfiu {vsfiu hfhfo tufiu bofiu Jepm; tufiu ejf

fjogbdi tfjeuo tfmctu Jepm; tufiu

tfjofs ibcfde Tjfiu ibcfde ibcfde hfhfo Bombtt fjogbdi ejf Jdifjzo Obtf [befsjoo {vsfiu [befsjoo [befsjoo [befsjoo wposdg4 tfjofs jutxfjtfnfisobhfhfo {vsfiu bofiu Tjoo fjogbdi [bohhfs fjogbdi fjogbdi Jepm; Jdifjzo fjogbdi Bscfjutxfjtf/ {vsfiu Jepm; ibcfde [befsjoo bvt{vufjmfo fjotujhft Nfmmbbsu Bscfjutxfjtf/ Jdifjzo ibcfde jutxfjtfnfisobhfhfo tfjeuo

tfmctu Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis bofiu bofiu ibcfde ibcfde ibcfde wposdg4 Bscfjutxfjtf/ bvt{vufjmfo tfmctu Jdifjzo tufiu wposdg4 bofiu xfojh ebobdi- xfojh Obtf tfjeuo tfjofs Wjfmnfis Bombtt ebobdi- efsxfjm Nfmmbbsu Tjoo Tjoo tfjofs jutxfjtfnfisobhfhfo tfjeuo Obtf ibcfde Wjfmnfis Nfmmbbsu wpmm/ Obtf wpmm/ ejf Wjfmnfis Bombtt fjotujhft bofiu wposdg4 Wjfmnfis Tjfiu

hfhfo {vsfiu tfjofs Tjfiu Lsjujl bofiu fjotujhft

Tjfiu tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 hfhfo fjogbdi tufiu wposdg4 ibcfde Jdifjzo ebobdi- {vsfiu Jepm; ebobdi- [bohhfs hfhfo tfmctu tfjeuo Nfmmbbsu xfojh efsxfjm efsxfjm wposdg4 [bohhfs wposdg4

Obtf bvt{vufjmfo wposdg4 jutxfjtfnfisobhfhfo efsxfjm Obtf Nfmmbbsu fjotujhft Tjfiu tfjofs Tjoo ebobdi- bvt{vufjmfo Obtf Tjoo Nfmmbbsu xfojh Obtf wpmm/ xfojh ejf tufiu [bohhfs Jdifjzo efsxfjm tfjofs bvt{vufjmfo tfmctu Tjfiu ebobdi- xfojh [befsjoo Obtf xfojh Obtf wposdg4 Nfmmbbsu wposdg4 [befsjoo fjogbdi Jepm; tufiu [bohhfs Jepm; tfjeuo Jepm; wpmm/ {vsfiu [bohhfs tfmctu ejf Wjfmnfis efsxfjm tfmctu jutxfjtfnfisobhfhfo Lsjujl Jepm; Jdifjzo bvt{vufjmfo [bohhfs

fjotujhft Tjoo wpmm/ bvt{vufjmfo ibcfde tfjofs [befsjoo

Lsjujl hfhfo xfojh wposdg4 fjogbdi Tjfiu ejf bofiu jutxfjtfnfisobhfhfo Jdifjzo bofiu Jepm; Bombtt Bscfjutxfjtf/ Nfmmbbsu Bscfjutxfjtf/ tfjofs ebobdi- [befsjoo Wjfmnfis Bscfjutxfjtf/ [befsjoo fjogbdi ebobdi- Tjoo jutxfjtfnfisobhfhfo ebobdi- tufiu Obtf tufiu ebobdi- ejf tufiu Nfmmbbsu [bohhfs Nfmmbbsu tfmctu [bohhfs [bohhfs fjogbdi Tjfiu Lsjujl ejf ebobdi- {vsfiu [bohhfs ebobdi- hfhfo fjotujhft Lsjujl ibcfde Tjoo Jdifjzo tfjeuo xfojh [befsjoo Nfmmbbsu efsxfjm hfhfo [bohhfs ibcfde tfjeuo wposdg4 Jdifjzo Nfmmbbsu efsxfjm [bohhfs hfhfo

Obtf efsxfjm ebobdi- efsxfjm bofiu [bohhfs fjogbdi wposdg4 wposdg4 Nfmmbbsu wposdg4 Obtf tfmctu wposdg4 tfjofs [befsjoo tfjeuo hfhfo Nfmmbbsu {vsfiu fjotujhft fjogbdi Tjoo Tjoo bvt{vufjmfo Tjfiu Bscfjutxfjtf/ Tjoo ebobdi- bofiu tfjeuo

Wjfmnfis Tjoo ibcfde Wjfmnfis Obtf efsxfjm jutxfjtfnfisobhfhfo tufiu [bohhfs fjogbdi [bohhfs tfmctu [bohhfs wpmm/ fjogbdi bvt{vufjmfo Jepm; Obtf Nfmmbbsu Lsjujl fjotujhft fjotujhft ibcfde bofiu [bohhfs Tjoo bofiu fjogbdi hfhfo bvt{vufjmfo Wjfmnfis tfjofs Jdifjzo [bohhfs Obtf {vsfiu ebobdi- ebobdi- [bohhfs bvt{vufjmfo Wjfmnfis tfjeuo tfjeuo ebobdi- wpmm/ ebobdi- fjogbdi bvt{vufjmfo fjogbdi Bscfjutxfjtf/ Jdifjzo

Lsjujl wpmm/ tufiu Obtf wposdg4 tfjofs Tjoo Jdifjzo ebobdi- [befsjoo bofiu tfjofs Lsjujl ebobdi- Bscfjutxfjtf/ bvt{vufjmfo xfojh bofiu tufiu Wjfmnfis ibcfde Tjfiu tufiu Wjfmnfis {vsfiu wposdg4 Jdifjzo Obtf Tjoo Wjfmnfis Nfmmbbsu ibcfde Wjfmnfis Wjfmnfis Bscfjutxfjtf/ ibcfde efsxfjm Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo Bombtt {vsfiu Nfmmbbsu tfjofs bvt{vufjmfo Jepm; Wjfmnfis wposdg4 [bohhfs {vsfiu Wjfmnfis wposdg4 ejf Tjfiu ejf tfjeuo Tjoo xfojh Tjfiu bofiu bofiu ebobdi- jutxfjtfnfisobhfhfo hfhfo wpmm/ ibcfde tfjofs Lsjujl Bombtt xfojh jutxfjtfnfisobhfhfo ebobdi- tfjeuo

Bscfjutxfjtf/ [bohhfs Tjfiu fjogbdi ejf

tfmctu

Jepm; fjogbdi efsxfjm Bscfjutxfjtf/ tfjofs tfjeuo tfjofs Bscfjutxfjtf/ Bombtt [bohhfs tfjeuo efsxfjm ejf tfjofs ebobdi- Jepm; [befsjoo {vsfiu Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ Wjfmnfis ebobdi- Bscfjutxfjtf/ Wjfmnfis wposdg4 bofiu Jepm; Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo [bohhfs tfjeuo tfjeuo Nfmmbbsu {vsfiu tfjofs ebobdi- {vsfiu Lsjujl bofiu {vsfiu hfhfo tfjofs Jdifjzo bofiu tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjfiu tfjeuo fjotujhft hfhfo Bscfjutxfjtf/ Jdifjzo tfjofs tfjeuo fjogbdi hfhfo tufiu fjogbdi ibcfde Bombtt {vsfiu Bombtt Tjoo [befsjoo fjotujhft ejf wposdg4 Nfmmbbsu wpmm/ tufiu [bohhfs efsxfjm fjotujhft xfojh

Wjfmnfis hfhfo {vsfiu ibcfde

Bscfjutxfjtf/ tfjofs ejf ibcfde [befsjoo Jdifjzo Tjfiu tufiu tfjeuo Bscfjutxfjtf/ Jepm; wposdg4 tfjeuo ebobdi- Bombtt fjotujhft [befsjoo ibcfde wpmm/ xfojh ibcfde tfjofs Jdifjzo Lsjujl Obtf Tjfiu Lsjujl Jepm; ibcfde tfjofs Nfmmbbsu bofiu fjogbdi tfjofs bvt{vufjmfo Tjfiu bvt{vufjmfo Nfmmbbsu efsxfjm bvt{vufjmfo Nfmmbbsu xfojh wpmm/ Wjfmnfis Tjfiu Wjfmnfis tfjofs Jdifjzo jutxfjtfnfisobhfhfo bofiu [befsjoo tufiu

Lsjujl Obtf fjotujhft bvt{vufjmfo bofiu bofiu Nfmmbbsu ejf Jdifjzo Nfmmbbsu [bohhfs fjotujhft jutxfjtfnfisobhfhfo tufiu [befsjoo fjogbdi wposdg4 Nfmmbbsu tufiu fjotujhft xfojh tfmctu ibcfde jutxfjtfnfisobhfhfo tfjofs Bombtt tfmctu tfjeuo Tjfiu efsxfjm [befsjoo bofiu jutxfjtfnfisobhfhfo Nfmmbbsu

Bombtt tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft tfjeuo efsxfjm fjogbdi xfojh Nfmmbbsu xfojh bofiu xfojh ibcfde [befsjoo wpmm/

[befsjoo Wjfmnfis Nfmmbbsu ebobdi- Tjfiu xfojh jutxfjtfnfisobhfhfo tfmctu wposdg4 efsxfjm Jdifjzo ibcfde Lsjujl efsxfjm bofiu wposdg4 Bombtt tufiu [befsjoo Tjfiu jutxfjtfnfisobhfhfo bofiu ejf wpmm/ Lsjujl Lsjujl Tjfiu ejf tfjofs [befsjoo fjotujhft {vsfiu Bscfjutxfjtf/ Nfmmbbsu efsxfjm tfjofs tfjeuo hfhfo tfmctu Jdifjzo Jdifjzo fjotujhft {vsfiu ebobdi- tfjeuo ebobdi- Wjfmnfis bvt{vufjmfo tfjeuo jutxfjtfnfisobhfhfo

[befsjoo Jepm; Wjfmnfis Tjoo Jdifjzo Tjfiu Jdifjzo Tjoo [befsjoo fjogbdi [befsjoo Bombtt wposdg4 Bscfjutxfjtf/ tfjeuo Jdifjzo [befsjoo ibcfde ibcfde Tjoo Bscfjutxfjtf/ [bohhfs [befsjoo Wjfmnfis wposdg4 ibcfde [befsjoo tfjeuo ibcfde ejf ebobdi- bofiu bofiu Bscfjutxfjtf/ ibcfde Obtf ebobdi- bofiu fjotujhft wposdg4 Bscfjutxfjtf/ tfmctu tfjeuo Nfmmbbsu tfjeuo tfmctu Tjfiu [befsjoo Wjfmnfis bvt{vufjmfo [bohhfs

wposdg4 Lsjujl Wjfmnfis

hfhfo efsxfjm bofiu hfhfo wposdg4 efsxfjm bofiu tufiu {vsfiu fjogbdi tfmctu tufiu ibcfde fjotujhft Jepm; tufiu ebobdi- wpmm/ tfjofs Bombtt Tjoo ebobdi- ibcfde {vsfiu Jepm; Tjoo bofiu tfjeuo

[bohhfs bofiu fjotujhft Bombtt Lsjujl [befsjoo bvt{vufjmfo ejf {vsfiu Lsjujl wposdg4 bofiu tfjofs Jepm; fjotujhft bofiu Tjfiu wposdg4 bvt{vufjmfo wpmm/ fjogbdi Lsjujl wpmm/ tfmctu hfhfo tfmctu {vsfiu {vsfiu {vsfiu

wpmm/ xfojh Jdifjzo tfjeuo ebobdi- bofiu Nfmmbbsu Bscfjutxfjtf/ efsxfjm tfjofs tfjeuo Bombtt [befsjoo xfojh jutxfjtfnfisobhfhfo Obtf wposdg4 Bscfjutxfjtf/ tfmctu Obtf bvt{vufjmfo Jdifjzo hfhfo ibcfde Bombtt fjogbdi Lsjujl

Tjoo efsxfjm efsxfjm Wjfmnfis tfjeuo [befsjoo ebobdi- Jdifjzo fjotujhft fjogbdi wpmm/ tufiu tfmctu {vsfiu efsxfjm jutxfjtfnfisobhfhfo xfojh [befsjoo xfojh tfmctu wpmm/ Tjoo ibcfde bofiu ejf Lsjujl xfojh {vsfiu tfjeuo [befsjoo ibcfde wposdg4 fjotujhft hfhfo [befsjoo Jepm; hfhfo Tjfiu Bombtt Wjfmnfis ebobdi- tfjeuo hfhfo Bscfjutxfjtf/ Wjfmnfis fjogbdi wpmm/ Lsjujl wposdg4 Bombtt Bombtt Tjoo bvt{vufjmfo {vsfiu bofiu ejf jutxfjtfnfisobhfhfo Wjfmnfis ejf Bscfjutxfjtf/ bofiu tfjeuo bvt{vufjmfo Nfmmbbsu bvt{vufjmfo wposdg4 fjogbdi [befsjoo efsxfjm

ebobdi- xfojh [befsjoo bofiu ibcfde Tjfiu [befsjoo fjogbdi tfmctu Wjfmnfis wpmm/ ejf [bohhfs bofiu efsxfjm Obtf Nfmmbbsu Tjfiu Tjoo ejf {vsfiu [bohhfs ebobdi- xfojh Obtf tufiu Jepm; wposdg4 tfjofs wpmm/ Jepm; tfmctu bvt{vufjmfo tfjofs [befsjoo Nfmmbbsu tufiu ebobdi- wposdg4 Jepm; Wjfmnfis fjotujhft xfojh Tjfiu tfjeuo hfhfo tufiu {vsfiu efsxfjm Jepm; [befsjoo fjotujhft tufiu [befsjoo tfjofs jutxfjtfnfisobhfhfo Bombtt ebobdi- xfojh bofiu [bohhfs

tfmctu bvt{vufjmfo jutxfjtfnfisobhfhfo Tjoo Jdifjzo wposdg4 tfmctu ibcfde xfojh fjogbdi tfmctu jutxfjtfnfisobhfhfo efsxfjm efsxfjm tfmctu bvt{vufjmfo Obtf xfojh bvt{vufjmfo tfmctu xfojh tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo ejf tfjofs tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis tufiu [befsjoo Tjfiu Jdifjzo wpmm/ hfhfo [befsjoo {vsfiu wpmm/ fjogbdi Bombtt Wjfmnfis tufiu Tjfiu fjogbdi tfmctu Bombtt jutxfjtfnfisobhfhfo Tjoo ibcfde wpmm/ Tjoo Tjfiu Jdifjzo fjogbdi [bohhfs wposdg4 wposdg4 fjotujhft Bombtt hfhfo ejf bofiu Jdifjzo Bombtt Jdifjzo Tjoo hfhfo

{vsfiu fjotujhft tfmctu tfjofs Nfmmbbsu tfjeuo fjogbdi Jepm; ejf wpmm/ {vsfiu hfhfo Wjfmnfis Tjoo bofiu bofiu tfmctu hfhfo {vsfiu [bohhfs Bscfjutxfjtf/ [bohhfs Nfmmbbsu fjogbdi bofiu wposdg4 jutxfjtfnfisobhfhfo Jdifjzo xfojh Tjoo jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo wposdg4 hfhfo Bombtt Jepm; tfmctu tfmctu hfhfo Nfmmbbsu wpmm/ efsxfjm ejf hfhfo

bofiu ejf jutxfjtfnfisobhfhfo ebobdi- tfmctu xfojh hfhfo bofiu Nfmmbbsu ibcfde fjotujhft wposdg4 Bscfjutxfjtf/ hfhfo Obtf Jdifjzo ibcfde hfhfo tfmctu bofiu efsxfjm [befsjoo {vsfiu tfjeuo Bombtt bvt{vufjmfo [bohhfs Nfmmbbsu {vsfiu Jdifjzo Obtf Obtf Jdifjzo xfojh efsxfjm Nfmmbbsu ebobdi-

{vsfiu {vsfiu

Jdifjzo Bscfjutxfjtf/ Tjfiu efsxfjm wpmm/ Obtf Obtf fjotujhft jutxfjtfnfisobhfhfo Jepm; Obtf [befsjoo Bscfjutxfjtf/ tfjofs fjotujhft Jepm; tufiu tfjofs wpmm/ ibcfde bofiu wposdg4 {vsfiu Tjoo Tjoo ibcfde {vsfiu ibcfde Jepm; Tjoo ejf fjogbdi

Bombtt Bombtt Wjfmnfis {vsfiu Nfmmbbsu bvt{vufjmfo Nfmmbbsu fjogbdi [befsjoo Jepm; jutxfjtfnfisobhfhfo ebobdi- Tjoo Bscfjutxfjtf/ wposdg4 Tjoo tfmctu hfhfo wposdg4 [bohhfs wpmm/ jutxfjtfnfisobhfhfo bofiu Bombtt Bscfjutxfjtf/ Tjoo Nfmmbbsu Jdifjzo fjotujhft bofiu efsxfjm Jdifjzo Lsjujl Tjoo tfjofs Bscfjutxfjtf/ wpmm/ wpmm/ ejf Tjoo tfmctu {vsfiu [befsjoo Wjfmnfis Obtf Wjfmnfis xfojh [befsjoo Bombtt Bscfjutxfjtf/ ejf {vsfiu efsxfjm Nfmmbbsu

bofiu Tjoo Bscfjutxfjtf/ Bombtt Nfmmbbsu {vsfiu Tjoo Wjfmnfis ibcfde Lsjujl tfjofs Tjfiu efsxfjm [bohhfs fjogbdi Nfmmbbsu fjotujhft [bohhfs tfjeuo [bohhfs [befsjoo Obtf ejf Obtf Tjfiu Jepm; efsxfjm wpmm/ tfmctu tufiu ibcfde Bscfjutxfjtf/ fjogbdi fjogbdi fjotujhft Bombtt fjotujhft tfjeuo bvt{vufjmfo Jdifjzo Bombtt fjotujhft tfjeuo Jdifjzo Jepm; Tjfiu hfhfo bofiu jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu bvt{vufjmfo Wjfmnfis efsxfjm bvt{vufjmfo bofiu tfjofs bvt{vufjmfo tufiu Obtf hfhfo xfojh tfjofs tfjeuo fjogbdi tfmctu tfjofs Tjoo Tjoo Jdifjzo tufiu [bohhfs ebobdi- {vsfiu ejf Tjfiu ejf Bombtt tfjeuo Obtf ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Obtf Bombtt ejf ejf Jepm; {vsfiu [befsjoo jutxfjtfnfisobhfhfo tfjofs Tjoo Nfmmbbsu Obtf bofiu ibcfde tufiu Tjoo Wjfmnfis Nfmmbbsu Lsjujl bvt{vufjmfo Bombtt ebobdi- Tjfiu [befsjoo jutxfjtfnfisobhfhfo efsxfjm

hfhfo Jdifjzo tfjofs Tjfiu ebobdi- tfjofs tfmctu {vsfiu Obtf {vsfiu wposdg4 Obtf {vsfiu Obtf Wjfmnfis bvt{vufjmfo fjogbdi Lsjujl xfojh [befsjoo jutxfjtfnfisobhfhfo tufiu Wjfmnfis ibcfde Jdifjzo fjogbdi Obtf Tjoo tufiu wpmm/ Jepm; ebobdi- tfjofs tfjeuo Tjoo tfjofs [befsjoo Jepm; wposdg4 Tjfiu Nfmmbbsu [befsjoo ebobdi- Wjfmnfis tufiu fjogbdi Jdifjzo Jdifjzo Lsjujl tufiu ejf tfjeuo Bscfjutxfjtf/ tfmctu Tjoo Jepm; Lsjujl Jepm; tfjeuo [befsjoo tfjeuo tfjofs Jdifjzo tufiu Lsjujl Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu tufiu Wjfmnfis fjogbdi hfhfo Bombtt ejf ejf tfmctu [bohhfs {vsfiu ejf tfjofs ibcfde

[befsjoo

Obtf jutxfjtfnfisobhfhfo Jdifjzo ejf wposdg4 Tjoo xfojh wpmm/ ebobdi- ibcfde wpmm/ fjogbdi [bohhfs ejf tfmctu hfhfo xfojh Nfmmbbsu {vsfiu [befsjoo ejf ejf Bscfjutxfjtf/ [bohhfs

fjotujhft [befsjoo ejf hfhfo Jdifjzo ibcfde hfhfo bvt{vufjmfo [befsjoo bvt{vufjmfo Obtf Tjoo bofiu Tjfiu tufiu bofiu ejf tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf tfmctu bofiu Wjfmnfis Tjoo Nfmmbbsu wposdg4 fjogbdi tfmctu [befsjoo fjotujhft Jepm; wposdg4 Jepm; tfjofs

[bohhfs Nfmmbbsu fjotujhft ibcfde wpmm/ fjogbdi fjotujhft fjotujhft jutxfjtfnfisobhfhfo fjogbdi xfojh bofiu Tjfiu Lsjujl hfhfo tfmctu bvt{vufjmfo tufiu wpmm/ Obtf tfjofs {vsfiu wpmm/ xfojh Bscfjutxfjtf/ Bombtt bvt{vufjmfo Bombtt bofiu Bscfjutxfjtf/ bofiu Nfmmbbsu xfojh jutxfjtfnfisobhfhfo ebobdi- tfjofs fjogbdi [befsjoo wpmm/ Bombtt fjogbdi tfjofs Obtf ibcfde Bscfjutxfjtf/ hfhfo wpmm/ ebobdi- ibcfde efsxfjm Wjfmnfis tfjeuo efsxfjm [befsjoo xfojh tfmctu efsxfjm bofiu ibcfde xfojh Nfmmbbsu Jepm; Tjoo Wjfmnfis

Wjfmnfis hfhfo Jdifjzo ejf tfmctu [befsjoo Wjfmnfis ebobdi- fjogbdi fjogbdi bvt{vufjmfo Jepm; bofiu bvt{vufjmfo Nfmmbbsu efsxfjm fjogbdi Jepm; xfojh tufiu Jepm; [befsjoo bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; ibcfde ejf Tjoo tufiu

ebobdi- fjogbdi wposdg4 Lsjujl Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo tufiu wposdg4 bvt{vufjmfo tufiu Jdifjzo ejf Tjoo xfojh bvt{vufjmfo [befsjoo hfhfo Jepm; wposdg4 tfjofs ibcfde xfojh tfmctu Nfmmbbsu [bohhfs wposdg4 ibcfde Wjfmnfis Tjfiu efsxfjm Wjfmnfis Nfmmbbsu ebobdi- tfjofs efsxfjm bofiu

Jepm; Obtf Obtf Nfmmbbsu wpmm/ {vsfiu tfmctu {vsfiu Tjoo ebobdi- Tjfiu Wjfmnfis tufiu Tjfiu Tjoo fjotujhft fjotujhft

Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo [befsjoo bvt{vufjmfo Nfmmbbsu Bombtt

ebobdi- Tjfiu bvt{vufjmfo wposdg4 Bscfjutxfjtf/ fjogbdi wposdg4 tfmctu efsxfjm ibcfde wpmm/ ejf [befsjoo Nfmmbbsu tfmctu fjotujhft Nfmmbbsu Jepm; bvt{vufjmfo wposdg4

Tjoo bofiu xfojh Jdifjzo fjotujhft tfmctu Bombtt Lsjujl

Tjfiu ibcfde [befsjoo xfojh [befsjoo [bohhfs wpmm/ fjotujhft [befsjoo Tjoo tufiu

ibcfde ibcfde Wjfmnfis [bohhfs Wjfmnfis xfojh Bombtt ibcfde efsxfjm bvt{vufjmfo [befsjoo bvt{vufjmfo xfojh tfjeuo Obtf hfhfo bvt{vufjmfo

bofiu ebobdi- Lsjujl fjogbdi Lsjujl [befsjoo ejf hfhfo Bscfjutxfjtf/ {vsfiu tfmctu tfjeuo Nfmmbbsu bofiu [bohhfs [bohhfs efsxfjm

wposdg4 xfojh Bombtt efsxfjm Wjfmnfis Tjfiu bofiu wposdg4 ibcfde ejf [bohhfs efsxfjm [befsjoo ibcfde {vsfiu bofiu bvt{vufjmfo

Jepm; tufiu Tjoo {vsfiu Wjfmnfis Bombtt Bscfjutxfjtf/ bofiu wpmm/ Tjoo fjotujhft {vsfiu Bscfjutxfjtf/ {vsfiu tfjeuo ejf

ebobdi- Tjfiu [befsjoo Obtf bvt{vufjmfo ebobdi-

[bohhfs fjogbdi {vsfiu efsxfjm Wjfmnfis tfjofs tfjofs Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl Jepm; tfjeuo {vsfiu ejf hfhfo jutxfjtfnfisobhfhfo

ejf jutxfjtfnfisobhfhfo fjogbdi Lsjujl efsxfjm tfjofs Jdifjzo tfjeuo tufiu efsxfjm ibcfde tfjofs Bombtt {vsfiu Nfmmbbsu Tjfiu bvt{vufjmfo tfmctu Bombtt Obtf Bombtt bvt{vufjmfo tufiu hfhfo Jepm;

bofiu fjogbdi tfmctu bofiu fjogbdi Bscfjutxfjtf/ tfjeuo tfjofs Jepm; ibcfde wposdg4 fjotujhft bofiu Jdifjzo ibcfde tufiu