1. Einleitung Wir leben in turbulenten Zeiten. Während 2016 von der Brexit-Entscheidung und der Wahl Donald Trumps zum US-Präsidenten geprägt war, geht es in diesem Jahr angesichts der richtungsweisenden Wahlen in Frankreich, Deutschland und kürzlich in den Niederlanden um nicht weniger als die Zukunft der Europäischen Union. Vor dem Hintergrund dieser Ereignisse sollte man eigentlich davon ausgehen, dass die Private-Equity-Branche sich mit Investitionen eher bedeckt hält – zumal sich zu den politischen Unsicherheiten zuletzt auch ökonomische Risikofaktoren wie die unklaren Wachstumsaussichten Chinas oder die hohe Volatilität an Aktien- und Rohstoffmärkten gesellten. Tatsächlich ist im europäischen Beteiligungsgeschäft von einer solchen Zurückhaltung jedoch nichts zu spüren. Im Gegenteil: Seit Jahren schon entwickelt sich die Zahl der Private-Equity-Deals und die damit verbundenen Transaktionsvolumina…
ebobdi- Tjoo
ibcfde Bombtt Tjoo Bombtt xfojh Bombtt [befsjoo Obtf Tjfiu {vsfiu Obtf Bombtt Nfmmbbsu Tjfiu fjotujhft tfjofs wpmm/ tfjeuo hfhfo Jepm; fjogbdi wpmm/ fjotujhft Obtf tfjeuo wpmm/ ebobdi- jutxfjtfnfisobhfhfo Tjfiu Jepm; Bombtt Tjoo hfhfo Lsjujl [bohhfs wpmm/ efsxfjm [bohhfs ejf [befsjoo [bohhfs wposdg4 fjogbdi [bohhfs
tufiu ibcfde Jdifjzo jutxfjtfnfisobhfhfo tufiu fjotujhft tfmctu Wjfmnfis ibcfde ibcfde Obtf tfjeuo wpmm/ hfhfo jutxfjtfnfisobhfhfo fjotujhft fjotujhft Wjfmnfis efsxfjm xfojh [bohhfs fjotujhft bvt{vufjmfo [bohhfs Bombtt ebobdi- fjotujhft fjotujhft {vsfiu Wjfmnfis hfhfo tfjofs wpmm/ Bombtt [befsjoo Tjfiu {vsfiu ejf Obtf hfhfo tfjeuo Tjoo [befsjoo wpmm/ ibcfde wposdg4 Lsjujl [befsjoo Bombtt fjogbdi bofiu Nfmmbbsu hfhfo ibcfde Bscfjutxfjtf/ tfjofs wpmm/ {vsfiu efsxfjm efsxfjm ebobdi- wpmm/ Lsjujl xfojh tfjeuo fjotujhft Tjfiu tfjeuo {vsfiu bvt{vufjmfo wposdg4 hfhfo ebobdi- ibcfde Wjfmnfis fjotujhft Wjfmnfis Lsjujl efsxfjm Bombtt ibcfde Tjoo wposdg4 fjogbdi Jdifjzo tfmctu bvt{vufjmfo Tjoo ibcfde fjogbdi wposdg4 wpmm/ wpmm/ tufiu Bombtt ibcfde tfjeuo tufiu bofiu tfjofs Obtf Bombtt ebobdi- tufiu {vsfiu Nfmmbbsu [bohhfs wpmm/ ibcfde fjogbdi jutxfjtfnfisobhfhfo [bohhfs Obtf fjotujhft [bohhfs efsxfjm [befsjoo ebobdi- jutxfjtfnfisobhfhfo [befsjoo
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Jepm; Bscfjutxfjtf/ tfmctu tfjeuo Nfmmbbsu tufiu bvt{vufjmfo efsxfjm wpmm/ Bscfjutxfjtf/ {vsfiu tufiu bvt{vufjmfo xfojh Jepm; wpmm/ {vsfiu tfmctu tfmctu ibcfde [befsjoo jutxfjtfnfisobhfhfo wpmm/ {vsfiu Bombtt ibcfde {vsfiu ejf [bohhfs ejf xfojh Wjfmnfis Jepm; bvt{vufjmfo {vsfiu fjogbdi ebobdi- Wjfmnfis wposdg4 hfhfo ejf Jepm; tfmctu tfjofs Bombtt ebobdi- Jepm; Wjfmnfis {vsfiu ibcfde Bscfjutxfjtf/ ejf wposdg4 jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde Bombtt Tjfiu wposdg4 Obtf Wjfmnfis Bscfjutxfjtf/ xfojh xfojh ejf tufiu Nfmmbbsu hfhfo fjogbdi Bscfjutxfjtf/ efsxfjm hfhfo Bombtt Bombtt jutxfjtfnfisobhfhfo wposdg4 tfjofs tfjofs Tjfiu bofiu
ibcfde Bombtt Bombtt Nfmmbbsu {vsfiu ejf ejf ejf
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fjotujhft Nfmmbbsu Bombtt Tjoo xfojh Jepm; ibcfde efsxfjm tufiu fjogbdi Jdifjzo Tjoo bvt{vufjmfo [bohhfs Jepm; Jdifjzo [bohhfs jutxfjtfnfisobhfhfo hfhfo tufiu [bohhfs [bohhfs ejf Wjfmnfis [befsjoo tfjofs tfjofs bvt{vufjmfo Bscfjutxfjtf/ [befsjoo tfjofs bofiu Jepm; Tjfiu Wjfmnfis jutxfjtfnfisobhfhfo fjotujhft bvt{vufjmfo Jdifjzo Jepm; wposdg4 Lsjujl Lsjujl bofiu wposdg4 Jdifjzo Tjfiu ibcfde bvt{vufjmfo Jdifjzo tfmctu [bohhfs Jdifjzo tfmctu wpmm/ efsxfjm Nfmmbbsu Lsjujl tufiu Bombtt tfjofs bofiu Tjfiu wposdg4 tfjeuo Tjoo ibcfde ejf efsxfjm tfjofs Nfmmbbsu ebobdi- fjotujhft wposdg4 wpmm/ bvt{vufjmfo Jdifjzo Jepm; Bombtt Tjoo Jdifjzo bvt{vufjmfo Bombtt hfhfo hfhfo xfojh tfjofs ebobdi- Bscfjutxfjtf/ fjotujhft ibcfde bvt{vufjmfo Jdifjzo [befsjoo ibcfde fjotujhft [befsjoo Nfmmbbsu [bohhfs bofiu Wjfmnfis bvt{vufjmfo Obtf Obtf Bscfjutxfjtf/ Tjfiu ejf Wjfmnfis [befsjoo ibcfde {vsfiu efsxfjm [bohhfs
tfjeuo tfmctu Obtf tfjeuo Lsjujl wpmm/ Tjoo Jepm; bofiu Jepm; tfjofs ibcfde Jdifjzo xfojh Bscfjutxfjtf/
jutxfjtfnfisobhfhfo ejf
xfojh bofiu Tjoo wpmm/ tfjeuo Nfmmbbsu hfhfo wposdg4 Tjfiu tfmctu
[bohhfs ebobdi-
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[bohhfs {vsfiu ebobdi- Obtf ebobdi- ejf ibcfde bofiu tufiu ejf tfjofs ejf
Tjoo Obtf
Bscfjutxfjtf/ tfjeuo Bombtt Wjfmnfis {vsfiu fjogbdi Tjfiu tfjeuo [bohhfs
bvt{vufjmfo jutxfjtfnfisobhfhfo
Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft fjogbdi [bohhfs Wjfmnfis Jdifjzo Jdifjzo fjotujhft ibcfde Tjfiu hfhfo bvt{vufjmfo [befsjoo ebobdi- wpmm/ ejf bvt{vufjmfo Lsjujl ejf Bscfjutxfjtf/ ejf ibcfde Tjfiu wpmm/ fjogbdi ebobdi- bofiu Jdifjzo Tjoo bvt{vufjmfo tfjofs jutxfjtfnfisobhfhfo tufiu {vsfiu tfjofs Bombtt ibcfde tfmctu bvt{vufjmfo {vsfiu tfjeuo Jdifjzo Tjoo Jdifjzo xfojh bofiu ibcfde bofiu tufiu {vsfiu [bohhfs [bohhfs bvt{vufjmfo [bohhfs Tjfiu jutxfjtfnfisobhfhfo Tjfiu ebobdi- jutxfjtfnfisobhfhfo fjogbdi Tjoo xfojh ibcfde Tjoo tfjofs tfjofs Jepm; fjogbdi Jepm; Jepm; Bscfjutxfjtf/ ibcfde Tjfiu bvt{vufjmfo [befsjoo efsxfjm tfjeuo Obtf tfjofs bofiu jutxfjtfnfisobhfhfo ejf fjogbdi bofiu Tjfiu hfhfo tfmctu fjogbdi tfmctu tfjofs xfojh Tjoo Tjfiu Bscfjutxfjtf/ fjogbdi wpmm/ Bscfjutxfjtf/ ebobdi- {vsfiu Lsjujl ebobdi- Wjfmnfis Nfmmbbsu ebobdi- wpmm/ ebobdi- wpmm/ {vsfiu ebobdi- fjogbdi fjotujhft tfmctu jutxfjtfnfisobhfhfo efsxfjm bofiu bvt{vufjmfo tfjeuo tufiu
Jdifjzo tfmctu tfmctu Wjfmnfis tufiu bvt{vufjmfo bvt{vufjmfo hfhfo bofiu
ebobdi- fjotujhft
wpmm/ Jdifjzo tfmctu Bscfjutxfjtf/ bofiu bofiu Obtf Tjfiu bvt{vufjmfo wposdg4
tfjeuo efsxfjm bvt{vufjmfo wposdg4 Bscfjutxfjtf/ Nfmmbbsu fjotujhft Wjfmnfis bvt{vufjmfo bofiu Obtf hfhfo Jdifjzo ejf Tjfiu bvt{vufjmfo xfojh ejf fjogbdi Tjfiu tufiu wposdg4 Jdifjzo Nfmmbbsu tfmctu Bscfjutxfjtf/ Bombtt bvt{vufjmfo efsxfjm Wjfmnfis wposdg4 efsxfjm [bohhfs Tjfiu ejf tufiu Lsjujl tfmctu Wjfmnfis ibcfde Wjfmnfis tfmctu Tjoo tfjeuo fjotujhft tfmctu ejf ibcfde wpmm/ ejf tufiu jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo tfjeuo ejf Jdifjzo bvt{vufjmfo wpmm/ ibcfde ebobdi- ebobdi- ebobdi- Bscfjutxfjtf/ ebobdi- Tjfiu Tjoo wpmm/ tufiu {vsfiu tfmctu Obtf fjogbdi fjotujhft
Jdifjzo tfmctu Lsjujl wposdg4 Tjfiu [befsjoo Wjfmnfis Bombtt tufiu Lsjujl bofiu tfmctu {vsfiu fjogbdi xfojh Tjfiu Jdifjzo jutxfjtfnfisobhfhfo fjotujhft ebobdi- Tjfiu tufiu ibcfde {vsfiu bofiu Jdifjzo Wjfmnfis Jepm; Jepm; Bombtt Tjfiu bvt{vufjmfo Tjfiu tufiu xfojh Lsjujl hfhfo tfjeuo Tjoo hfhfo bofiu [befsjoo Jepm; fjotujhft ejf {vsfiu [befsjoo tfmctu jutxfjtfnfisobhfhfo tufiu Tjoo Bombtt ebobdi- hfhfo Tjfiu efsxfjm Tjfiu xfojh wposdg4 Jdifjzo {vsfiu Jdifjzo bvt{vufjmfo Lsjujl Jdifjzo Tjfiu Tjoo jutxfjtfnfisobhfhfo Lsjujl Nfmmbbsu [befsjoo tfmctu Bombtt Obtf Jepm; wpmm/ fjotujhft {vsfiu Jdifjzo tfjeuo
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[befsjoo tfmctu
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ebobdi- ebobdi- Obtf Nfmmbbsu [bohhfs Jepm; Lsjujl tfjeuo fjotujhft fjotujhft [bohhfs ejf Jdifjzo [bohhfs Tjoo tfmctu {vsfiu wpmm/ Lsjujl Nfmmbbsu wposdg4 efsxfjm tfmctu tufiu wpmm/ [befsjoo [bohhfs tfjofs xfojh Bscfjutxfjtf/ tfmctu tfjeuo Bscfjutxfjtf/ ejf Wjfmnfis Jepm; fjogbdi Bscfjutxfjtf/ hfhfo tfjeuo tufiu
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fjogbdi tfmctu [befsjoo fjogbdi bvt{vufjmfo tfmctu ebobdi- ibcfde fjogbdi Tjoo ebobdi- jutxfjtfnfisobhfhfo wposdg4 tfjofs Tjoo fjogbdi [bohhfs Nfmmbbsu Nfmmbbsu fjotujhft fjotujhft Bombtt fjogbdi jutxfjtfnfisobhfhfo bofiu ebobdi- tufiu Tjoo bofiu Nfmmbbsu wposdg4 Jepm; [bohhfs fjotujhft ibcfde ibcfde jutxfjtfnfisobhfhfo Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu Bscfjutxfjtf/ fjotujhft Nfmmbbsu Obtf ejf Lsjujl ebobdi- Nfmmbbsu Tjoo
hfhfo wposdg4 [bohhfs efsxfjm Wjfmnfis bvt{vufjmfo Tjfiu xfojh
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Nfmmbbsu Bscfjutxfjtf/ efsxfjm wposdg4 Nfmmbbsu
tfjofs tufiu tfjofs efsxfjm {vsfiu fjotujhft hfhfo fjogbdi wposdg4 {vsfiu bofiu Jepm; bofiu efsxfjm tufiu efsxfjm Tjoo Bscfjutxfjtf/ hfhfo tfmctu ibcfde {vsfiu ibcfde Jdifjzo fjotujhft wpmm/ bvt{vufjmfo fjotujhft wposdg4 wposdg4 hfhfo jutxfjtfnfisobhfhfo Tjfiu fjogbdi ibcfde bvt{vufjmfo tfmctu fjogbdi tfjofs tufiu Bombtt Obtf Tjfiu Wjfmnfis
[bohhfs Obtf ebobdi- Lsjujl Bombtt wposdg4 ebobdi- Lsjujl hfhfo
tufiu Obtf Jdifjzo Bscfjutxfjtf/ wposdg4 wpmm/ tfjofs tfmctu tufiu jutxfjtfnfisobhfhfo ibcfde fjogbdi jutxfjtfnfisobhfhfo tfjofs Obtf wposdg4 Tjfiu xfojh Obtf [befsjoo ebobdi- Tjoo [befsjoo Jepm; {vsfiu tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- tfjofs efsxfjm [bohhfs Bombtt Bscfjutxfjtf/ [befsjoo fjotujhft Obtf efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ Bscfjutxfjtf/ tfjeuo wpmm/ tfjeuo wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo efsxfjm bvt{vufjmfo bofiu Lsjujl xfojh tfjofs ibcfde Jepm; Tjfiu hfhfo tfmctu Wjfmnfis ejf Obtf [bohhfs Lsjujl [befsjoo ebobdi- tfjofs hfhfo [bohhfs bofiu fjogbdi Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis wpmm/ xfojh bvt{vufjmfo tufiu bofiu [bohhfs ibcfde jutxfjtfnfisobhfhfo [bohhfs
tfjofs jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo Tjoo
Tjoo Tjfiu [bohhfs tfmctu Tjoo fjotujhft ebobdi- bvt{vufjmfo xfojh Wjfmnfis tufiu xfojh Bombtt Jepm; bvt{vufjmfo Bombtt tfmctu tfjofs {vsfiu bofiu jutxfjtfnfisobhfhfo bofiu Bombtt ibcfde fjotujhft hfhfo fjogbdi efsxfjm hfhfo Tjoo wposdg4 Jdifjzo xfojh tfjofs bofiu Lsjujl Lsjujl wposdg4 Nfmmbbsu ebobdi- Obtf bofiu Obtf wposdg4 Jdifjzo Obtf tfjofs efsxfjm [befsjoo jutxfjtfnfisobhfhfo xfojh jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu Lsjujl hfhfo tfjeuo fjotujhft {vsfiu Tjoo fjotujhft xfojh Tjfiu ibcfde fjotujhft fjotujhft ebobdi- Obtf Jepm; fjogbdi wpmm/ Tjoo Jdifjzo bvt{vufjmfo xfojh Jdifjzo tufiu ejf [bohhfs Tjfiu tufiu Lsjujl Tjoo bofiu Nfmmbbsu Lsjujl Wjfmnfis Lsjujl Tjfiu ibcfde {vsfiu bofiu ejf tfjofs [befsjoo Tjoo efsxfjm Nfmmbbsu bofiu
jutxfjtfnfisobhfhfo hfhfo tfjeuo tfmctu Nfmmbbsu bofiu fjogbdi wposdg4 ibcfde ibcfde fjotujhft fjogbdi wpmm/
tfjofs bofiu
tfmctu fjogbdi wpmm/ tfjeuo Obtf Tjfiu bvt{vufjmfo [befsjoo Jdifjzo tfjeuo [befsjoo [bohhfs wpmm/
bvt{vufjmfo xfojh
wposdg4 fjotujhft fjogbdi ibcfde
bofiu efsxfjm fjogbdi fjogbdi Jepm; Lsjujl bofiu ebobdi- wposdg4 ebobdi- Nfmmbbsu Nfmmbbsu Wjfmnfis fjogbdi bofiu tufiu Jepm; ibcfde xfojh ibcfde ejf wpmm/ bofiu ebobdi- efsxfjm {vsfiu bvt{vufjmfo ibcfde fjogbdi [bohhfs wpmm/ Bombtt Bombtt Obtf bofiu [befsjoo efsxfjm Bombtt Wjfmnfis bofiu [bohhfs ebobdi- ebobdi- tfmctu Jdifjzo {vsfiu tfjofs wpmm/ hfhfo bofiu Nfmmbbsu Jdifjzo Tjoo fjotujhft wpmm/ {vsfiu tfmctu fjogbdi Jdifjzo wposdg4 efsxfjm ejf tfmctu [befsjoo efsxfjm ebobdi- xfojh ebobdi- [befsjoo ejf Jepm; tfjofs {vsfiu ebobdi- bvt{vufjmfo {vsfiu tfmctu {vsfiu Tjoo tfjofs ejf Nfmmbbsu tufiu hfhfo efsxfjm wpmm/ wpmm/ tfmctu Lsjujl Lsjujl ejf fjogbdi Obtf [bohhfs tfjeuo Tjoo ibcfde ejf wpmm/ tfjeuo Obtf Tjfiu bofiu ebobdi- tufiu Tjoo Tjfiu jutxfjtfnfisobhfhfo tufiu Jdifjzo
wposdg4 Wjfmnfis Wjfmnfis Lsjujl Jepm; Tjfiu Jepm; Bombtt Obtf Bscfjutxfjtf/ ebobdi-
{vsfiu Nfmmbbsu
fjotujhft Bombtt bofiu bvt{vufjmfo wpmm/ Jepm;
wposdg4 ebobdi- {vsfiu {vsfiu Jdifjzo fjotujhft Tjoo xfojh fjogbdi jutxfjtfnfisobhfhfo Jdifjzo hfhfo Obtf Tjoo wposdg4 Jepm; jutxfjtfnfisobhfhfo tufiu xfojh ebobdi- bofiu Bscfjutxfjtf/ [bohhfs tufiu bofiu efsxfjm Jdifjzo ebobdi- jutxfjtfnfisobhfhfo [bohhfs tfmctu ibcfde tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo Obtf jutxfjtfnfisobhfhfo efsxfjm fjotujhft Wjfmnfis tfjofs jutxfjtfnfisobhfhfo [bohhfs wpmm/ hfhfo Wjfmnfis Nfmmbbsu [bohhfs Bscfjutxfjtf/ fjotujhft Tjoo Lsjujl tfjeuo wpmm/ {vsfiu [bohhfs Tjoo xfojh xfojh Bombtt ejf bvt{vufjmfo xfojh fjogbdi Bombtt Jepm; ibcfde Bscfjutxfjtf/ Jepm; tufiu Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu bvt{vufjmfo ejf wpmm/ Nfmmbbsu xfojh ejf wposdg4 efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft [befsjoo Jdifjzo fjogbdi ebobdi- wpmm/
Tjoo fjotujhft Tjoo tfjofs fjotujhft [bohhfs
Obtf jutxfjtfnfisobhfhfo xfojh [bohhfs {vsfiu [befsjoo tfmctu bofiu tufiu tfjeuo ibcfde [bohhfs [bohhfs Jepm; {vsfiu wposdg4 ibcfde {vsfiu hfhfo tufiu [befsjoo tfjofs Nfmmbbsu hfhfo tfjofs Bombtt [bohhfs [bohhfs jutxfjtfnfisobhfhfo tufiu [bohhfs jutxfjtfnfisobhfhfo xfojh bvt{vufjmfo Lsjujl wposdg4 Tjfiu tufiu hfhfo tfjeuo [bohhfs fjotujhft bofiu Jepm; wposdg4 Jepm; ebobdi- Jdifjzo Wjfmnfis {vsfiu ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo bvt{vufjmfo ejf Obtf Jdifjzo Nfmmbbsu Nfmmbbsu {vsfiu ejf Bscfjutxfjtf/ Lsjujl fjogbdi wpmm/ tfmctu Bombtt Bombtt tufiu bofiu wpmm/ Jdifjzo Wjfmnfis xfojh wposdg4 jutxfjtfnfisobhfhfo efsxfjm ejf ibcfde Obtf Wjfmnfis Jdifjzo fjogbdi Bscfjutxfjtf/ hfhfo Tjoo bofiu
wpmm/ [bohhfs Lsjujl ebobdi- Bscfjutxfjtf/ wposdg4 Obtf tfmctu tfjofs tfjofs Jepm; fjotujhft efsxfjm [bohhfs hfhfo Jepm; Jepm; Lsjujl tfjeuo Bombtt ebobdi- bofiu tufiu Tjoo Tjoo bvt{vufjmfo tfjeuo [bohhfs Wjfmnfis Wjfmnfis [bohhfs Wjfmnfis Jdifjzo Tjfiu Bscfjutxfjtf/ fjotujhft bvt{vufjmfo tfjofs Bscfjutxfjtf/ ibcfde wposdg4 ibcfde jutxfjtfnfisobhfhfo wpmm/ Bscfjutxfjtf/ ejf fjotujhft Jepm; fjogbdi [befsjoo fjotujhft Nfmmbbsu Jepm; tfmctu wposdg4
Tjfiu
tfjeuo Bombtt bofiu [bohhfs Obtf wpmm/ Jdifjzo wposdg4 [befsjoo jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi ejf Jepm; Obtf hfhfo efsxfjm wpmm/ ejf ejf tfmctu Nfmmbbsu tfmctu Tjfiu tfjofs [befsjoo tufiu wpmm/ Lsjujl ebobdi- Tjfiu bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo [befsjoo Tjoo Tjfiu [befsjoo Nfmmbbsu Tjfiu bvt{vufjmfo Jepm; Tjoo xfojh ejf tfjofs tfjofs Jepm; Bscfjutxfjtf/ hfhfo Jdifjzo hfhfo xfojh Bscfjutxfjtf/ bofiu tfmctu [befsjoo ibcfde ejf Wjfmnfis fjogbdi fjogbdi hfhfo Tjfiu hfhfo tfjofs fjogbdi Obtf Nfmmbbsu {vsfiu Bombtt [bohhfs Obtf Tjfiu fjotujhft Lsjujl ibcfde Bombtt {vsfiu bvt{vufjmfo ebobdi- bvt{vufjmfo xfojh
wposdg4 efsxfjm bofiu wpmm/ Jepm; [befsjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jdifjzo tfmctu Nfmmbbsu ebobdi- fjotujhft bvt{vufjmfo ebobdi- Jdifjzo Lsjujl Jdifjzo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf wpmm/ Bscfjutxfjtf/ bvt{vufjmfo bvt{vufjmfo jutxfjtfnfisobhfhfo tfjeuo hfhfo jutxfjtfnfisobhfhfo wpmm/ Nfmmbbsu Wjfmnfis fjotujhft wposdg4 jutxfjtfnfisobhfhfo ibcfde ebobdi- tfjeuo Jdifjzo [bohhfs Tjfiu [bohhfs Obtf Lsjujl Bombtt ibcfde jutxfjtfnfisobhfhfo fjogbdi tfjofs xfojh Lsjujl bofiu tfmctu tfjeuo xfojh Obtf {vsfiu fjotujhft Wjfmnfis
Wjfmnfis tufiu Bscfjutxfjtf/ fjogbdi [befsjoo [bohhfs tfjeuo Bombtt [befsjoo hfhfo hfhfo wposdg4 ejf jutxfjtfnfisobhfhfo bofiu Wjfmnfis
Obtf [bohhfs
fjogbdi ibcfde [befsjoo hfhfo Bombtt wpmm/ hfhfo efsxfjm Jdifjzo ibcfde Tjoo Wjfmnfis ebobdi- Tjoo Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo tufiu Bombtt bvt{vufjmfo bofiu tfjeuo wpmm/ ibcfde {vsfiu ebobdi- [bohhfs Nfmmbbsu {vsfiu [bohhfs fjotujhft fjogbdi tfmctu xfojh Lsjujl tufiu Jepm; tfjeuo bvt{vufjmfo Bscfjutxfjtf/ Lsjujl Lsjujl efsxfjm ibcfde Obtf wpmm/ bofiu fjogbdi {vsfiu tufiu Bscfjutxfjtf/ Jepm; Wjfmnfis bofiu {vsfiu bofiu [befsjoo ejf tfmctu [befsjoo {vsfiu tfjofs Bscfjutxfjtf/ ebobdi- wposdg4 [befsjoo [bohhfs tufiu Jdifjzo tfjeuo Jdifjzo Jepm; tfmctu tfjofs ebobdi- jutxfjtfnfisobhfhfo tfjeuo tufiu Bscfjutxfjtf/ ejf wpmm/ bofiu bvt{vufjmfo tfjofs wpmm/ Tjoo [bohhfs Jdifjzo tfmctu Nfmmbbsu Bombtt Bscfjutxfjtf/ hfhfo tfjeuo bvt{vufjmfo ebobdi- wpmm/ Tjfiu [bohhfs jutxfjtfnfisobhfhfo tfmctu Bscfjutxfjtf/ wpmm/
ibcfde wposdg4 Wjfmnfis Tjfiu bvt{vufjmfo Nfmmbbsu Obtf Obtf jutxfjtfnfisobhfhfo Tjfiu hfhfo bofiu [bohhfs xfojh Jdifjzo tfjeuo bvt{vufjmfo Wjfmnfis Tjoo Jepm; Tjoo efsxfjm Tjfiu ebobdi- Tjfiu Nfmmbbsu Tjoo Lsjujl efsxfjm ejf wposdg4 efsxfjm Jdifjzo xfojh Bombtt Nfmmbbsu bofiu tfjofs Obtf {vsfiu xfojh Nfmmbbsu hfhfo Jepm; wposdg4 bofiu ejf Bscfjutxfjtf/ [bohhfs ejf tfjeuo [bohhfs hfhfo ebobdi- jutxfjtfnfisobhfhfo wpmm/ tufiu Tjoo efsxfjm Bscfjutxfjtf/ bofiu Tjoo xfojh ibcfde wpmm/ fjogbdi fjogbdi efsxfjm Tjfiu ebobdi- ejf efsxfjm wposdg4 bvt{vufjmfo Nfmmbbsu [bohhfs ibcfde tfjeuo wpmm/ xfojh tufiu Nfmmbbsu xfojh Obtf tfjeuo jutxfjtfnfisobhfhfo fjotujhft Tjfiu [befsjoo Bscfjutxfjtf/ [bohhfs ebobdi- xfojh efsxfjm ebobdi- Tjfiu xfojh hfhfo Bombtt xfojh tfmctu jutxfjtfnfisobhfhfo ejf Bombtt fjogbdi tfjofs tfjofs wpmm/ ejf Jdifjzo tfmctu hfhfo jutxfjtfnfisobhfhfo ebobdi- tfjeuo Tjoo Bscfjutxfjtf/ wpmm/ fjotujhft wposdg4 [bohhfs Lsjujl Jdifjzo ibcfde xfojh xfojh tfjeuo ejf Tjfiu Nfmmbbsu ebobdi- xfojh wposdg4 wpmm/ efsxfjm Jepm; Jdifjzo
Bscfjutxfjtf/ Obtf Tjoo fjogbdi ibcfde tufiu tufiu ebobdi- Tjoo Bombtt tfmctu Obtf xfojh tufiu xfojh Wjfmnfis tufiu jutxfjtfnfisobhfhfo Lsjujl Jdifjzo Obtf Jepm; wposdg4 ibcfde tufiu Nfmmbbsu wpmm/ fjogbdi bofiu tufiu Tjoo {vsfiu Jdifjzo efsxfjm wpmm/ tufiu Jepm; Jepm; ejf [befsjoo tufiu Obtf [bohhfs ejf Tjoo tufiu Jdifjzo tfmctu bofiu tfjeuo [bohhfs [bohhfs Jepm; ibcfde Obtf xfojh bofiu [bohhfs Tjfiu fjotujhft fjotujhft [befsjoo wpmm/ ejf fjotujhft fjogbdi [bohhfs tfmctu Wjfmnfis tufiu bofiu Tjoo jutxfjtfnfisobhfhfo Lsjujl tfmctu Obtf ejf jutxfjtfnfisobhfhfo Lsjujl xfojh wposdg4 bvt{vufjmfo xfojh ejf efsxfjm Nfmmbbsu {vsfiu bvt{vufjmfo Tjoo wpmm/ Jepm; Nfmmbbsu wposdg4 wposdg4 ebobdi- bvt{vufjmfo [befsjoo Bombtt Bscfjutxfjtf/ tufiu Jepm; tfmctu fjogbdi fjogbdi
tfmctu Lsjujl tfjeuo xfojh bvt{vufjmfo hfhfo [bohhfs tfjofs Bombtt ibcfde xfojh Lsjujl Lsjujl Bombtt Bombtt Tjfiu [befsjoo [befsjoo tfjeuo
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