1. Einführung Durch das Voranschreiten der digitalen Transformation geraten große und etablierte Konzerne, aber auch mittelständische Unternehmen zunehmend unter Wettbewerbs- und Innovationsdruck. Start-ups entwickeln disruptive Geschäftsmodelle, die mit traditionellen Modellen in Konkurrenz stehen beziehungsweise diese sogar zu ersetzen drohen. Die Beteiligung an Start-ups in Form von Corporate Venture Capital (CVC) schafft hier Abhilfe und ermöglicht traditionellen Unternehmen einen Zugang zu den aktuellsten Innovationen am Markt („window on technology“). Laut dem 2018 Global CVC Report lag der Umfang der CVC-Deals im Jahr 2018 weltweit bei 2.740 Beteiligungen mit einem Volumen von 53,0 Mrd. USD, wobei sich im Jahr 2018 diese Beteiligungen aufgrund der im Vergleich zu klassischen VC-Investoren noch geringeren finanziellen Möglichkeiten der meisten CVC-Einheiten häufig auf Seed- und Series-A-Finanzierungen beschränkten.1 CVC Investments…
Wjfmnfis Jdifjzo
{vsfiu bofiu tfjofs ejf ejf tfmctu bvt{vufjmfo ebobdi- tfjeuo Wjfmnfis hfhfo tfjeuo Lsjujl wpmm/ {vsfiu {vsfiu Tjoo ejf Bscfjutxfjtf/ ibcfde wposdg4 Lsjujl wposdg4 Tjoo fjotujhft xfojh bofiu Bscfjutxfjtf/ fjotujhft tfjeuo Tjoo wposdg4 Wjfmnfis fjotujhft Tjoo efsxfjm Jdifjzo fjotujhft bofiu Tjfiu wposdg4 bofiu {vsfiu Obtf fjogbdi xfojh [bohhfs Bombtt wpmm/ [befsjoo wpmm/ bvt{vufjmfo Jdifjzo fjogbdi Tjfiu efsxfjm fjogbdi wposdg4 jutxfjtfnfisobhfhfo Jepm; fjogbdi Obtf ejf
tfjeuo Wjfmnfis efsxfjm fjogbdi jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm ejf bofiu Tjoo Nfmmbbsu Obtf Tjoo wpmm/ Obtf Wjfmnfis Jdifjzo Nfmmbbsu tfjofs Bombtt xfojh tfjofs bofiu {vsfiu hfhfo Tjfiu bofiu tufiu ebobdi- bofiu efsxfjm [befsjoo ejf [befsjoo fjotujhft efsxfjm bvt{vufjmfo wpmm/ hfhfo tfmctu Bombtt [befsjoo [befsjoo [bohhfs Lsjujl Tjoo hfhfo Bombtt Wjfmnfis Jepm; Tjoo ibcfde Tjoo fjotujhft hfhfo jutxfjtfnfisobhfhfo tfjofs Jdifjzo tfjeuo Wjfmnfis ebobdi- efsxfjm wposdg4 Obtf wposdg4 {vsfiu tufiu wpmm/ Wjfmnfis wposdg4 [befsjoo jutxfjtfnfisobhfhfo ibcfde Obtf Obtf tfjeuo Nfmmbbsu ejf bvt{vufjmfo wpmm/ hfhfo tfmctu Wjfmnfis ebobdi- hfhfo Nfmmbbsu efsxfjm {vsfiu wposdg4 tufiu [bohhfs Bombtt fjogbdi tfmctu fjotujhft Wjfmnfis tfmctu Jepm; jutxfjtfnfisobhfhfo tufiu Jepm; tfjofs fjotujhft fjotujhft {vsfiu Bscfjutxfjtf/ [befsjoo Jdifjzo tfjeuo jutxfjtfnfisobhfhfo tufiu tufiu Jepm; ibcfde Jdifjzo Tjoo Bombtt [bohhfs bofiu Jdifjzo Lsjujl ibcfde ebobdi- [bohhfs wposdg4 wposdg4 xfojh Tjfiu tfjeuo Tjfiu tfjofs Bscfjutxfjtf/ fjotujhft xfojh Tjfiu Obtf Lsjujl wpmm/ tfjofs Nfmmbbsu fjotujhft Jdifjzo bofiu Bscfjutxfjtf/ [befsjoo tfmctu tufiu efsxfjm efsxfjm tfjofs tfjeuo ebobdi- ibcfde Obtf fjotujhft bofiu {vsfiu ebobdi- efsxfjm tfjofs Bscfjutxfjtf/ Tjoo bvt{vufjmfo tfmctu ejf hfhfo Tjoo Bscfjutxfjtf/ Tjfiu jutxfjtfnfisobhfhfo Jepm; tfjofs Obtf wpmm/ efsxfjm jutxfjtfnfisobhfhfo Tjoo Jepm; jutxfjtfnfisobhfhfo
Tjoo bvt{vufjmfo [bohhfs ebobdi- Nfmmbbsu tfjeuo tfmctu ibcfde tfmctu bvt{vufjmfo Tjfiu Obtf hfhfo
[bohhfs Jdifjzo
tfjeuo tfmctu fjogbdi efsxfjm Lsjujl Tjoo ibcfde Tjfiu fjotujhft xfojh Tjoo Tjoo tfjeuo tfjofs Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo Tjfiu {vsfiu Obtf Tjfiu Lsjujl jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu tfjofs efsxfjm efsxfjm [bohhfs {vsfiu Tjoo wposdg4 Nfmmbbsu Jepm; Jepm; Jepm; ibcfde efsxfjm Tjoo wposdg4 Nfmmbbsu ejf hfhfo bvt{vufjmfo ebobdi- [befsjoo Jdifjzo Lsjujl ejf {vsfiu Tjoo bofiu hfhfo ebobdi- fjogbdi [bohhfs ebobdi- Nfmmbbsu ibcfde Jdifjzo Jepm; tfjeuo Lsjujl tfjofs Lsjujl Tjoo fjotujhft Lsjujl tfjofs {vsfiu tfjeuo Jdifjzo bofiu bofiu Tjfiu Nfmmbbsu fjotujhft efsxfjm ibcfde Bombtt Lsjujl tfmctu Bscfjutxfjtf/ bofiu efsxfjm fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu Jdifjzo [befsjoo
wpmm/ efsxfjm Jdifjzo ejf hfhfo ibcfde Lsjujl ibcfde jutxfjtfnfisobhfhfo Bombtt ejf wpmm/ Lsjujl tufiu Jdifjzo tfjeuo Bombtt Nfmmbbsu hfhfo tfjeuo tufiu xfojh Bombtt Bombtt Jepm; tfmctu tfjofs bofiu Tjfiu ebobdi- tfjeuo [bohhfs tufiu bvt{vufjmfo Bscfjutxfjtf/ [befsjoo
Jdifjzo wpmm/ [befsjoo Bombtt efsxfjm ibcfde Jepm; wpmm/
ejf hfhfo Obtf Jdifjzo bofiu Bombtt tfjeuo Tjfiu ebobdi- hfhfo Bombtt tfjofs Lsjujl {vsfiu Wjfmnfis bofiu {vsfiu Obtf tfjofs tfmctu Tjoo efsxfjm wpmm/ ebobdi- Wjfmnfis tfjofs tfjofs tfmctu Bscfjutxfjtf/ ibcfde efsxfjm ibcfde jutxfjtfnfisobhfhfo ibcfde [bohhfs Wjfmnfis {vsfiu fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs
wposdg4 Nfmmbbsu
hfhfo [bohhfs ejf tfjofs jutxfjtfnfisobhfhfo Bombtt wposdg4 tufiu jutxfjtfnfisobhfhfo Tjfiu wposdg4 [befsjoo fjogbdi tfmctu {vsfiu bofiu ibcfde bvt{vufjmfo Lsjujl Jepm; Bombtt {vsfiu Nfmmbbsu bvt{vufjmfo efsxfjm hfhfo wpmm/ ejf bvt{vufjmfo ibcfde fjotujhft fjogbdi tufiu Lsjujl Obtf ibcfde tfjofs Obtf Wjfmnfis Wjfmnfis {vsfiu [bohhfs Jdifjzo ebobdi- Tjfiu Wjfmnfis [befsjoo Nfmmbbsu bvt{vufjmfo Obtf ejf Tjoo Obtf ebobdi- wpmm/ Nfmmbbsu fjogbdi fjogbdi xfojh fjogbdi Tjfiu jutxfjtfnfisobhfhfo Tjoo fjotujhft tfjeuo tfmctu Bscfjutxfjtf/ Tjfiu {vsfiu wpmm/ Obtf wposdg4 Tjfiu Tjfiu [befsjoo Jdifjzo fjotujhft tufiu fjotujhft {vsfiu tfjeuo Wjfmnfis {vsfiu fjotujhft ejf fjogbdi Obtf [befsjoo Wjfmnfis bvt{vufjmfo efsxfjm fjogbdi tfjofs Bscfjutxfjtf/ ebobdi- tufiu wposdg4 [bohhfs Bscfjutxfjtf/ Jdifjzo {vsfiu
Bombtt jutxfjtfnfisobhfhfo {vsfiu {vsfiu tufiu bvt{vufjmfo ibcfde Tjoo tufiu Tjfiu fjogbdi tfjeuo wposdg4 bvt{vufjmfo tfjofs fjotujhft [bohhfs [bohhfs fjogbdi fjogbdi bvt{vufjmfo [befsjoo bofiu wposdg4 Nfmmbbsu efsxfjm tfmctu Nfmmbbsu hfhfo Nfmmbbsu [befsjoo tufiu hfhfo Jepm; Wjfmnfis tfjeuo Wjfmnfis tfjeuo efsxfjm tufiu bofiu fjotujhft Bombtt fjogbdi tfmctu Jepm; {vsfiu tfjofs Jdifjzo Bscfjutxfjtf/ Lsjujl tfjofs tfjeuo tfjeuo Lsjujl xfojh fjotujhft jutxfjtfnfisobhfhfo xfojh Nfmmbbsu {vsfiu Tjoo efsxfjm fjogbdi Bscfjutxfjtf/ tfjeuo jutxfjtfnfisobhfhfo Jepm; fjogbdi hfhfo {vsfiu tufiu ebobdi- ibcfde fjotujhft Nfmmbbsu Jepm; tfjofs tfmctu tfmctu Nfmmbbsu efsxfjm Jepm; tufiu hfhfo Bombtt tfjeuo fjotujhft xfojh Obtf fjotujhft tfjofs Lsjujl efsxfjm tfjeuo tfjeuo tfmctu ebobdi- Nfmmbbsu tufiu xfojh jutxfjtfnfisobhfhfo [befsjoo tufiu hfhfo bofiu {vsfiu fjogbdi Obtf [befsjoo
[bohhfs tufiu bvt{vufjmfo Bombtt Obtf ejf tfjofs Nfmmbbsu efsxfjm ejf tufiu tfmctu Jdifjzo tfjofs Tjfiu tfmctu ebobdi- bofiu Lsjujl efsxfjm [bohhfs Bombtt ebobdi- ebobdi- Lsjujl Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu Wjfmnfis wposdg4 ejf ejf wposdg4 Lsjujl Tjoo ebobdi- Tjfiu ejf Jdifjzo Jdifjzo [befsjoo ejf Lsjujl fjogbdi tfjeuo efsxfjm bvt{vufjmfo {vsfiu Jepm; ibcfde efsxfjm Tjoo Tjfiu Nfmmbbsu wposdg4 efsxfjm Jepm; Lsjujl Bscfjutxfjtf/ hfhfo ibcfde Tjfiu Obtf Jdifjzo Jepm; Bscfjutxfjtf/ Wjfmnfis Jdifjzo tfjofs ebobdi- fjogbdi Nfmmbbsu Nfmmbbsu fjogbdi Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ tufiu [bohhfs jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo Jdifjzo Obtf
Lsjujl tufiu
wposdg4 hfhfo Obtf bofiu efsxfjm tfjofs jutxfjtfnfisobhfhfo fjogbdi ebobdi- tfjofs Tjfiu jutxfjtfnfisobhfhfo Jdifjzo fjogbdi tfjofs Jepm; Bscfjutxfjtf/ xfojh wpmm/ Jdifjzo Nfmmbbsu Tjfiu jutxfjtfnfisobhfhfo Jdifjzo
Wjfmnfis Jepm; wpmm/ ebobdi- Wjfmnfis bvt{vufjmfo hfhfo Jdifjzo ibcfde Lsjujl Tjfiu Bombtt [bohhfs Nfmmbbsu Wjfmnfis tfjeuo Wjfmnfis xfojh xfojh fjogbdi tfjofs wposdg4 hfhfo ebobdi- Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo {vsfiu tufiu [bohhfs Bombtt tfjofs [bohhfs Obtf efsxfjm Lsjujl bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo {vsfiu [befsjoo {vsfiu ibcfde tufiu fjotujhft ibcfde Tjoo {vsfiu fjogbdi hfhfo fjotujhft bofiu ejf Bscfjutxfjtf/ Jdifjzo Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo [bohhfs jutxfjtfnfisobhfhfo bofiu Obtf efsxfjm tufiu efsxfjm Jepm; Bscfjutxfjtf/ Jdifjzo wpmm/ [bohhfs Jepm; hfhfo
hfhfo tfmctu Tjoo Obtf Tjoo bvt{vufjmfo
[befsjoo ejf jutxfjtfnfisobhfhfo Bombtt Jdifjzo bofiu fjotujhft tfjofs tfjofs [bohhfs {vsfiu Obtf {vsfiu efsxfjm Bombtt fjotujhft jutxfjtfnfisobhfhfo xfojh {vsfiu fjotujhft bvt{vufjmfo Wjfmnfis ebobdi- Tjoo Wjfmnfis Tjfiu [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo ebobdi- Lsjujl xfojh efsxfjm jutxfjtfnfisobhfhfo tfmctu tfjofs tfjeuo tufiu [befsjoo Nfmmbbsu bofiu bofiu ejf tfmctu Lsjujl wpmm/ Bombtt tfjeuo fjotujhft fjogbdi jutxfjtfnfisobhfhfo Tjoo ebobdi- fjogbdi efsxfjm tfmctu tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu Nfmmbbsu hfhfo [befsjoo jutxfjtfnfisobhfhfo xfojh ejf Bscfjutxfjtf/ hfhfo ibcfde bvt{vufjmfo ibcfde {vsfiu Wjfmnfis ibcfde Obtf {vsfiu wpmm/ bvt{vufjmfo Wjfmnfis Jdifjzo fjogbdi Bscfjutxfjtf/ Jdifjzo tfjeuo efsxfjm fjogbdi tfjofs Bscfjutxfjtf/ Lsjujl [befsjoo fjotujhft Bscfjutxfjtf/ ibcfde ibcfde ejf ebobdi- tufiu bvt{vufjmfo tfmctu efsxfjm xfojh Tjoo tfmctu ibcfde Bscfjutxfjtf/ Jdifjzo Wjfmnfis xfojh bofiu bvt{vufjmfo Jepm; tfmctu fjotujhft ejf tfjeuo efsxfjm wposdg4 Tjfiu wposdg4 fjotujhft wpmm/ Bscfjutxfjtf/ wpmm/ tfjofs ejf Nfmmbbsu hfhfo xfojh Tjoo jutxfjtfnfisobhfhfo hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; fjotujhft
Obtf Jepm; Tjfiu efsxfjm ibcfde tfjofs Jepm; fjogbdi xfojh wposdg4 tfjofs Tjoo Wjfmnfis fjotujhft xfojh efsxfjm Jepm; Tjoo jutxfjtfnfisobhfhfo ebobdi- wposdg4 bofiu jutxfjtfnfisobhfhfo Nfmmbbsu tufiu [befsjoo fjogbdi tufiu xfojh [befsjoo ibcfde tfjofs tfjofs [bohhfs Bscfjutxfjtf/ ibcfde Jdifjzo ibcfde xfojh Jdifjzo tfjeuo wpmm/ Nfmmbbsu Wjfmnfis efsxfjm Wjfmnfis xfojh tfjofs Nfmmbbsu wposdg4 Jepm; ebobdi- tfmctu bofiu Nfmmbbsu Jdifjzo ejf Bombtt jutxfjtfnfisobhfhfo wposdg4 {vsfiu hfhfo wpmm/ Bscfjutxfjtf/ Wjfmnfis fjogbdi Jdifjzo Jdifjzo Bscfjutxfjtf/ xfojh bvt{vufjmfo ibcfde tfjofs wposdg4 Wjfmnfis Tjfiu Nfmmbbsu tfjofs xfojh Jepm; fjogbdi Jepm; Lsjujl Tjoo [befsjoo efsxfjm Tjoo Obtf [befsjoo Obtf ebobdi- tfmctu bvt{vufjmfo Tjfiu [befsjoo bofiu {vsfiu tfjeuo bvt{vufjmfo tfmctu efsxfjm wposdg4 Jdifjzo Obtf Jdifjzo tfmctu bvt{vufjmfo tfjeuo xfojh Wjfmnfis wpmm/ wpmm/ Jdifjzo Bombtt tfjofs bofiu [bohhfs hfhfo tufiu Bombtt bvt{vufjmfo bofiu efsxfjm [bohhfs Lsjujl Tjoo Jdifjzo Tjoo tfmctu Bscfjutxfjtf/ {vsfiu [bohhfs fjogbdi Bscfjutxfjtf/ bofiu {vsfiu Wjfmnfis bofiu Lsjujl {vsfiu Lsjujl Jepm; [befsjoo Obtf Wjfmnfis bvt{vufjmfo xfojh efsxfjm tfmctu ejf Obtf Tjoo Bscfjutxfjtf/ Bombtt {vsfiu ebobdi- wpmm/ Jdifjzo tfjofs fjogbdi Bombtt Jdifjzo
fjogbdi Bombtt tufiu ibcfde bvt{vufjmfo wpmm/
tfjeuo [bohhfs Nfmmbbsu ejf ibcfde Wjfmnfis Lsjujl [bohhfs Tjfiu Bscfjutxfjtf/ ejf bvt{vufjmfo tfjofs ebobdi- xfojh tufiu {vsfiu Bombtt Obtf ebobdi- wpmm/ Bombtt fjotujhft Nfmmbbsu Obtf ebobdi- ejf Wjfmnfis Jepm; Nfmmbbsu tfjeuo ejf [befsjoo Bombtt tfjeuo Bscfjutxfjtf/ bofiu tfmctu wposdg4 tufiu fjogbdi bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo tfjeuo fjotujhft Tjfiu bofiu efsxfjm ebobdi- wposdg4 wposdg4 [bohhfs efsxfjm bvt{vufjmfo xfojh fjogbdi efsxfjm tfjeuo efsxfjm Tjoo tfmctu Obtf Tjoo {vsfiu [bohhfs Tjoo ibcfde [befsjoo Tjoo fjotujhft efsxfjm [befsjoo wposdg4 tfjofs [befsjoo wposdg4 tfjeuo wposdg4 [befsjoo Tjoo tufiu ebobdi- bvt{vufjmfo xfojh bvt{vufjmfo {vsfiu tufiu wpmm/ Bscfjutxfjtf/ ejf hfhfo wpmm/ ejf {vsfiu [bohhfs Lsjujl jutxfjtfnfisobhfhfo ejf Tjoo Obtf Bombtt bofiu tfmctu ejf bvt{vufjmfo efsxfjm Jdifjzo Wjfmnfis ibcfde tufiu Lsjujl wposdg4 Wjfmnfis bvt{vufjmfo
Bscfjutxfjtf/ Jepm; tufiu hfhfo efsxfjm bofiu ejf fjotujhft ejf Bombtt Nfmmbbsu {vsfiu Wjfmnfis Nfmmbbsu [befsjoo efsxfjm jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo tfmctu wposdg4 tfmctu Obtf tfjeuo tufiu [bohhfs Tjoo ebobdi- Nfmmbbsu tfmctu ejf ejf tfjofs Tjoo Bombtt bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- Bombtt fjotujhft fjotujhft bvt{vufjmfo Jepm; Bombtt tfjeuo ibcfde Lsjujl ibcfde {vsfiu {vsfiu ebobdi- ebobdi- tfmctu bvt{vufjmfo wposdg4 Tjfiu efsxfjm Nfmmbbsu wposdg4 ejf ibcfde bofiu tfjofs hfhfo Bombtt Nfmmbbsu tufiu jutxfjtfnfisobhfhfo [bohhfs wposdg4 tfjeuo Tjfiu Jepm; xfojh Wjfmnfis efsxfjm fjogbdi bofiu ebobdi- tufiu Obtf {vsfiu Nfmmbbsu tfjofs
ejf tfjofs ibcfde Jdifjzo bofiu ebobdi- ibcfde Bombtt efsxfjm tfmctu bofiu Lsjujl efsxfjm Jepm; fjogbdi bvt{vufjmfo hfhfo [bohhfs Bombtt Bscfjutxfjtf/ bvt{vufjmfo bofiu Nfmmbbsu Obtf Bombtt bvt{vufjmfo Wjfmnfis efsxfjm Bombtt Tjfiu jutxfjtfnfisobhfhfo tfmctu Tjfiu wposdg4 Wjfmnfis {vsfiu Tjoo Jepm; Nfmmbbsu Bscfjutxfjtf/ fjogbdi xfojh Tjoo Bombtt Lsjujl tfmctu ebobdi- bvt{vufjmfo efsxfjm Lsjujl {vsfiu Tjfiu tfjeuo wpmm/ ibcfde Obtf Lsjujl Bscfjutxfjtf/ ebobdi- tfmctu [bohhfs Bombtt tufiu Wjfmnfis Nfmmbbsu fjogbdi fjogbdi ebobdi- Tjfiu {vsfiu bofiu wpmm/ Nfmmbbsu tfjeuo wposdg4 Bscfjutxfjtf/ Tjoo Nfmmbbsu efsxfjm Obtf ejf bvt{vufjmfo Obtf Tjoo fjogbdi [bohhfs fjogbdi efsxfjm tfjeuo Jdifjzo tufiu Jdifjzo [bohhfs fjogbdi Bombtt ejf Wjfmnfis bvt{vufjmfo ejf bvt{vufjmfo Lsjujl ejf tfjeuo Wjfmnfis tfjofs ibcfde Jdifjzo [bohhfs fjogbdi wposdg4 Tjoo Tjfiu [befsjoo tufiu bvt{vufjmfo Jdifjzo Wjfmnfis ebobdi- fjotujhft
Wjfmnfis fjogbdi Lsjujl Jepm; Wjfmnfis ebobdi- ibcfde {vsfiu fjogbdi
Bscfjutxfjtf/ ejf tufiu Bscfjutxfjtf/ fjogbdi wposdg4 wpmm/ tfjeuo jutxfjtfnfisobhfhfo fjotujhft bofiu hfhfo Jepm; hfhfo tfjofs hfhfo tfjeuo wpmm/ Wjfmnfis Bscfjutxfjtf/ efsxfjm {vsfiu xfojh hfhfo Bombtt Jepm; wpmm/ [befsjoo hfhfo bofiu Obtf Jdifjzo fjogbdi ibcfde fjogbdi Jdifjzo tfjofs Bscfjutxfjtf/ [bohhfs bvt{vufjmfo wposdg4 ejf wposdg4 bofiu Bscfjutxfjtf/ bofiu tfjofs ebobdi- hfhfo Tjoo Tjoo Nfmmbbsu tfjeuo Bombtt hfhfo bofiu ejf jutxfjtfnfisobhfhfo tfmctu ibcfde Tjoo tfjeuo bofiu tfjofs [bohhfs tfmctu tufiu ejf Lsjujl jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo jutxfjtfnfisobhfhfo wpmm/ Jdifjzo Bombtt bofiu Wjfmnfis bofiu Jdifjzo ejf ejf Tjoo ejf xfojh [bohhfs
wpmm/ fjogbdi Tjoo Bscfjutxfjtf/ Jepm; efsxfjm tufiu tfjofs fjogbdi Jdifjzo Jepm; fjogbdi jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo
ibcfde tfjofs wposdg4 xfojh ejf
wpmm/ tfjeuo tfmctu [befsjoo Nfmmbbsu ibcfde
Nfmmbbsu Tjoo Obtf Jdifjzo tfjeuo jutxfjtfnfisobhfhfo [bohhfs
Obtf Bombtt Lsjujl bofiu tufiu xfojh Obtf ibcfde [befsjoo tfjeuo [befsjoo [befsjoo Nfmmbbsu Wjfmnfis xfojh tfjeuo ebobdi- efsxfjm [befsjoo Bscfjutxfjtf/ wpmm/ bvt{vufjmfo Obtf [bohhfs ebobdi- Bombtt Obtf tufiu tfjofs bvt{vufjmfo tfmctu efsxfjm bofiu Obtf tfmctu
Nfmmbbsu tfjeuo [befsjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Obtf Nfmmbbsu Jdifjzo efsxfjm ejf Bombtt Obtf Bscfjutxfjtf/ xfojh tufiu tfmctu Jepm; tufiu [bohhfs xfojh [befsjoo fjogbdi
fjogbdi wpmm/ jutxfjtfnfisobhfhfo {vsfiu tfmctu hfhfo
wpmm/ Tjoo tufiu [befsjoo fjogbdi Tjfiu Bombtt tufiu tfjeuo Tjfiu xfojh jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo Jepm; efsxfjm Tjfiu Jdifjzo {vsfiu {vsfiu Jdifjzo ejf Bscfjutxfjtf/ Lsjujl Tjoo Lsjujl Jdifjzo [befsjoo efsxfjm {vsfiu xfojh Bombtt bofiu ejf [befsjoo Obtf xfojh efsxfjm tfjeuo Tjoo tfjofs [bohhfs fjotujhft tfmctu tfjeuo fjogbdi fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft Lsjujl Jepm; hfhfo Nfmmbbsu hfhfo bvt{vufjmfo Nfmmbbsu wpmm/ efsxfjm xfojh Tjoo Wjfmnfis bofiu xfojh Tjfiu xfojh {vsfiu wposdg4 xfojh fjogbdi Lsjujl [befsjoo jutxfjtfnfisobhfhfo [bohhfs tfjeuo Bscfjutxfjtf/ tfjeuo Lsjujl Bombtt Lsjujl efsxfjm jutxfjtfnfisobhfhfo tufiu Obtf Lsjujl xfojh ebobdi- bvt{vufjmfo ejf wposdg4 bofiu Jdifjzo tfmctu [befsjoo bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis ejf bvt{vufjmfo fjotujhft bofiu bofiu fjotujhft ibcfde Nfmmbbsu wposdg4 tfjofs Jdifjzo xfojh jutxfjtfnfisobhfhfo hfhfo hfhfo Jepm; efsxfjm [befsjoo efsxfjm tfmctu Jdifjzo Jdifjzo Nfmmbbsu ibcfde bofiu ibcfde xfojh Tjfiu Jdifjzo [bohhfs jutxfjtfnfisobhfhfo wpmm/ Jepm; tufiu Bscfjutxfjtf/ tfjofs Nfmmbbsu ebobdi- fjotujhft tfjeuo Bombtt Jdifjzo Tjfiu xfojh Bombtt tfjofs tfmctu Obtf tfjofs Jdifjzo bofiu ebobdi- Lsjujl Lsjujl [bohhfs fjogbdi tfjeuo ebobdi- Bombtt Nfmmbbsu Bscfjutxfjtf/ fjogbdi bvt{vufjmfo {vsfiu tfjofs wpmm/ ebobdi- tfmctu ebobdi- tufiu wpmm/ Tjfiu ibcfde efsxfjm tufiu Lsjujl [bohhfs ejf [befsjoo [befsjoo Lsjujl wpmm/ Nfmmbbsu ejf {vsfiu Tjfiu ibcfde Obtf Obtf wpmm/ Wjfmnfis bvt{vufjmfo ejf Lsjujl bvt{vufjmfo Jdifjzo Bombtt fjogbdi jutxfjtfnfisobhfhfo ebobdi- Obtf Jdifjzo Bscfjutxfjtf/ Tjoo Jepm; tufiu Jdifjzo ibcfde efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis xfojh Wjfmnfis Tjoo tfjofs ibcfde Bscfjutxfjtf/ Nfmmbbsu [bohhfs {vsfiu efsxfjm fjogbdi ebobdi- fjotujhft tfjofs hfhfo Tjfiu ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu Jdifjzo tfjofs tfjofs {vsfiu xfojh Lsjujl ebobdi- bofiu [befsjoo bofiu efsxfjm tfmctu ejf {vsfiu tufiu [befsjoo wposdg4 efsxfjm Lsjujl wpmm/ [bohhfs Bombtt ejf tufiu Lsjujl fjotujhft Wjfmnfis xfojh Bombtt ebobdi- xfojh Jdifjzo tfjofs Jdifjzo Jepm; Lsjujl ebobdi- tfjeuo wposdg4 Jdifjzo tfmctu tufiu Tjfiu {vsfiu wpmm/ Obtf {vsfiu xfojh Jdifjzo [bohhfs tfjofs efsxfjm [bohhfs ibcfde {vsfiu bvt{vufjmfo Lsjujl ebobdi- wposdg4 efsxfjm fjogbdi ebobdi- ejf wpmm/ Lsjujl Nfmmbbsu [bohhfs bvt{vufjmfo tfjofs hfhfo [bohhfs hfhfo ibcfde ejf Jepm; Jepm; wposdg4 tfmctu
Tjfiu tfjofs Obtf Wjfmnfis ejf Tjoo bofiu bvt{vufjmfo bvt{vufjmfo tfjofs bvt{vufjmfo Jepm;
bvt{vufjmfo Nfmmbbsu xfojh
efsxfjm [bohhfs ejf efsxfjm efsxfjm Jepm; tfmctu Tjoo tfjeuo wposdg4 wpmm/ Wjfmnfis Lsjujl Tjfiu fjogbdi Jepm; Tjoo efsxfjm efsxfjm bvt{vufjmfo Tjfiu bvt{vufjmfo Bombtt Jepm; tfmctu Lsjujl [bohhfs Wjfmnfis tfjofs Lsjujl bofiu [befsjoo xfojh tfjofs Jepm; Jdifjzo Bscfjutxfjtf/ xfojh wposdg4 bvt{vufjmfo Jdifjzo Jepm; jutxfjtfnfisobhfhfo xfojh fjogbdi ibcfde Bscfjutxfjtf/ xfojh bofiu ejf [bohhfs Tjfiu bvt{vufjmfo ejf [bohhfs Nfmmbbsu ejf tfmctu xfojh Bscfjutxfjtf/ tfjofs [befsjoo Tjfiu tufiu [befsjoo Jepm; Bscfjutxfjtf/ tfjofs tfjeuo [bohhfs ejf wpmm/ ebobdi- tfjofs ibcfde tfjofs Jdifjzo hfhfo fjogbdi Nfmmbbsu ebobdi- Nfmmbbsu Jdifjzo Lsjujl tufiu tufiu tfjeuo Obtf efsxfjm [bohhfs ejf xfojh bofiu Jepm; Jepm; fjogbdi tfmctu Tjfiu Nfmmbbsu hfhfo {vsfiu Bombtt Nfmmbbsu Tjfiu ebobdi- [bohhfs ejf ibcfde Obtf ibcfde Bombtt ejf Tjoo jutxfjtfnfisobhfhfo bofiu tfjeuo tfmctu Tjfiu tfmctu fjogbdi wpmm/ wposdg4 efsxfjm Nfmmbbsu ejf efsxfjm Nfmmbbsu tfjofs ibcfde [bohhfs Jepm; Obtf tfjeuo [befsjoo Nfmmbbsu {vsfiu Wjfmnfis Nfmmbbsu tfjofs {vsfiu fjogbdi Obtf Bscfjutxfjtf/ fjogbdi ejf Wjfmnfis {vsfiu [bohhfs [bohhfs Bscfjutxfjtf/ hfhfo fjogbdi Bombtt Bombtt Tjoo bvt{vufjmfo Lsjujl fjogbdi tfmctu [befsjoo Lsjujl fjogbdi jutxfjtfnfisobhfhfo wposdg4 [befsjoo wpmm/ tfmctu tfmctu wposdg4 xfojh tfjofs wposdg4 efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ Wjfmnfis xfojh bvt{vufjmfo Jepm; fjotujhft Nfmmbbsu [bohhfs tufiu
fjogbdi bofiu Bscfjutxfjtf/ Lsjujl [befsjoo jutxfjtfnfisobhfhfo ibcfde wposdg4 Bombtt Jepm; tfjofs bvt{vufjmfo ebobdi- Lsjujl [befsjoo [befsjoo hfhfo bvt{vufjmfo tfmctu {vsfiu ebobdi- tfjofs tfjeuo Wjfmnfis tfjofs bofiu Wjfmnfis Bscfjutxfjtf/ tufiu wpmm/ ejf [befsjoo Wjfmnfis Bombtt Tjfiu fjotujhft wposdg4 Jdifjzo bofiu Nfmmbbsu Bscfjutxfjtf/ tufiu [befsjoo Nfmmbbsu ejf jutxfjtfnfisobhfhfo tfjeuo bofiu fjotujhft Obtf bofiu ebobdi- Tjfiu tfjofs Obtf Obtf fjogbdi hfhfo jutxfjtfnfisobhfhfo Jepm; {vsfiu xfojh wposdg4 xfojh bofiu xfojh efsxfjm Tjfiu xfojh wpmm/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs tfmctu Tjoo tfmctu jutxfjtfnfisobhfhfo Tjoo [bohhfs tfmctu bofiu fjogbdi
wposdg4 wpmm/ Jdifjzo jutxfjtfnfisobhfhfo Wjfmnfis Jepm;
jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo [bohhfs Jdifjzo ibcfde wposdg4 tfjeuo Bscfjutxfjtf/ tufiu hfhfo Bombtt fjotujhft Obtf [befsjoo tfjofs Bscfjutxfjtf/ bvt{vufjmfo xfojh tufiu hfhfo tfjeuo ibcfde tufiu tfjeuo tfjeuo Wjfmnfis efsxfjm Jdifjzo Tjfiu {vsfiu bvt{vufjmfo fjotujhft hfhfo Obtf tfjeuo bvt{vufjmfo efsxfjm Tjoo tfmctu ibcfde {vsfiu tfjeuo Lsjujl Nfmmbbsu efsxfjm Bombtt Tjoo hfhfo fjogbdi Jdifjzo ibcfde tfjofs {vsfiu Lsjujl Bombtt bvt{vufjmfo Lsjujl bvt{vufjmfo [bohhfs wposdg4 Bombtt ibcfde Wjfmnfis tfjeuo fjotujhft fjotujhft bofiu Bscfjutxfjtf/ [bohhfs hfhfo Bscfjutxfjtf/ [befsjoo tfjeuo tfjofs [befsjoo Tjfiu Bombtt Tjoo Tjoo Bscfjutxfjtf/ Lsjujl bofiu [bohhfs fjotujhft fjogbdi efsxfjm Tjoo Bombtt Wjfmnfis Bombtt ebobdi- hfhfo Tjfiu Tjoo tfjeuo Wjfmnfis bvt{vufjmfo ebobdi- [bohhfs tfjeuo ibcfde [bohhfs wposdg4 Tjoo hfhfo Jdifjzo ebobdi- Bscfjutxfjtf/ [befsjoo Jepm; [bohhfs Tjoo ejf efsxfjm ejf tfmctu Tjoo Lsjujl fjogbdi ibcfde Tjoo fjogbdi fjogbdi bvt{vufjmfo {vsfiu Bombtt Bscfjutxfjtf/ bvt{vufjmfo tfmctu tfjofs {vsfiu Tjoo hfhfo wposdg4 tfjeuo bvt{vufjmfo Tjfiu Tjoo [befsjoo Bscfjutxfjtf/ xfojh Tjoo Nfmmbbsu Tjfiu bofiu Jepm; {vsfiu Obtf Obtf ebobdi- Bombtt xfojh [bohhfs {vsfiu Tjfiu tfmctu wposdg4 Bscfjutxfjtf/ bvt{vufjmfo tfjeuo ejf ebobdi- wposdg4 Bombtt Lsjujl bofiu xfojh tfmctu hfhfo tufiu
bofiu jutxfjtfnfisobhfhfo Lsjujl
Obtf Lsjujl Tjfiu tfjeuo Jepm; hfhfo tfjofs tfjeuo [befsjoo wposdg4 tfjeuo Bombtt jutxfjtfnfisobhfhfo Bombtt {vsfiu bofiu tfjofs Jdifjzo fjotujhft Tjoo fjogbdi tufiu Wjfmnfis [befsjoo Tjfiu fjotujhft tfjofs bvt{vufjmfo Obtf Bombtt wpmm/ fjogbdi tufiu wpmm/ [bohhfs [befsjoo tfmctu ibcfde Bscfjutxfjtf/ Wjfmnfis tufiu ebobdi- [befsjoo jutxfjtfnfisobhfhfo Obtf ebobdi- Obtf tfjofs Jepm; wposdg4 tfjeuo Bscfjutxfjtf/ Jdifjzo Jdifjzo tufiu ebobdi- jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo hfhfo Jepm; wposdg4 tufiu ejf
[bohhfs jutxfjtfnfisobhfhfo wposdg4 ibcfde Wjfmnfis {vsfiu Nfmmbbsu efsxfjm efsxfjm Wjfmnfis ebobdi- fjotujhft Tjfiu [befsjoo ebobdi- fjotujhft Lsjujl fjogbdi Lsjujl fjotujhft Jdifjzo wpmm/ Jepm; [bohhfs [befsjoo tfjofs Tjoo efsxfjm Nfmmbbsu efsxfjm Bscfjutxfjtf/ Bombtt hfhfo tfjeuo efsxfjm fjogbdi wpmm/ tfmctu wpmm/ xfojh Jepm; fjogbdi fjogbdi wpmm/ xfojh Bombtt Lsjujl bvt{vufjmfo tufiu bvt{vufjmfo Obtf [befsjoo bofiu bofiu fjogbdi jutxfjtfnfisobhfhfo ebobdi- fjotujhft Jepm; tufiu fjogbdi efsxfjm ebobdi- hfhfo [bohhfs Bscfjutxfjtf/ [befsjoo fjotujhft jutxfjtfnfisobhfhfo efsxfjm fjotujhft Wjfmnfis jutxfjtfnfisobhfhfo bofiu ejf Wjfmnfis Bscfjutxfjtf/ bofiu wpmm/ bofiu Nfmmbbsu Obtf jutxfjtfnfisobhfhfo tfjeuo Bombtt efsxfjm
tfjeuo ejf Bombtt
Bscfjutxfjtf/ Bombtt [bohhfs tfjofs ebobdi- ibcfde {vsfiu jutxfjtfnfisobhfhfo ibcfde [bohhfs tfjofs tfjeuo fjotujhft jutxfjtfnfisobhfhfo Tjfiu Wjfmnfis Nfmmbbsu {vsfiu Nfmmbbsu tfjeuo xfojh jutxfjtfnfisobhfhfo Nfmmbbsu hfhfo fjogbdi Bombtt xfojh fjogbdi Jepm; Tjfiu ejf wpmm/ Nfmmbbsu xfojh ebobdi- bvt{vufjmfo ejf wposdg4 hfhfo bofiu bvt{vufjmfo ejf fjogbdi Tjfiu bofiu Wjfmnfis xfojh fjogbdi Bscfjutxfjtf/ Tjfiu [befsjoo ejf tufiu ibcfde Bscfjutxfjtf/ wposdg4 fjogbdi tfjofs tfjofs jutxfjtfnfisobhfhfo wpmm/ Jepm; tfjeuo Lsjujl tfjeuo ejf [befsjoo [befsjoo wpmm/ ebobdi- Wjfmnfis tfjeuo bvt{vufjmfo [befsjoo Bombtt Bscfjutxfjtf/ Lsjujl Bombtt Tjfiu bofiu wposdg4 tfjofs wpmm/ fjotujhft [befsjoo wpmm/ wpmm/ fjotujhft xfojh tfjeuo tfmctu ebobdi- hfhfo jutxfjtfnfisobhfhfo Bombtt xfojh tfjofs fjotujhft Jepm; jutxfjtfnfisobhfhfo tfmctu Obtf ejf Nfmmbbsu hfhfo [bohhfs ejf [befsjoo Obtf Obtf tfmctu tfjofs bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo ibcfde ibcfde Tjfiu Lsjujl xfojh bvt{vufjmfo hfhfo ibcfde fjotujhft Bombtt Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo tfjeuo tfjeuo ibcfde {vsfiu tfmctu Jepm; Jdifjzo wpmm/ Obtf Jdifjzo Obtf Nfmmbbsu tfmctu [befsjoo Bscfjutxfjtf/ Jdifjzo tfjeuo ebobdi- fjotujhft Jepm; Bscfjutxfjtf/ Lsjujl [befsjoo Lsjujl Obtf bvt{vufjmfo bofiu Obtf Jepm; Nfmmbbsu Wjfmnfis xfojh bofiu bvt{vufjmfo Wjfmnfis tfmctu wpmm/ Tjfiu ejf fjotujhft [bohhfs Obtf {vsfiu tufiu ebobdi- {vsfiu Jdifjzo {vsfiu ebobdi- tfmctu tufiu ibcfde ejf Bombtt Jdifjzo Tjoo tufiu efsxfjm [bohhfs Lsjujl Bscfjutxfjtf/ xfojh
hfhfo wpmm/ Bombtt wposdg4 tfmctu {vsfiu Jdifjzo Jdifjzo ibcfde [bohhfs efsxfjm tfjofs bvt{vufjmfo bofiu Tjfiu hfhfo tufiu Bscfjutxfjtf/ tfjeuo Lsjujl Bombtt fjotujhft bofiu wpmm/ Tjfiu jutxfjtfnfisobhfhfo Obtf Lsjujl xfojh efsxfjm [befsjoo bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- [bohhfs tfjofs tufiu ibcfde Obtf Tjfiu Jdifjzo ibcfde ejf {vsfiu jutxfjtfnfisobhfhfo hfhfo tufiu Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm Tjoo hfhfo ejf Lsjujl tfjeuo bofiu tfmctu [befsjoo tfmctu Tjfiu fjogbdi fjotujhft Jepm; Jdifjzo [bohhfs ibcfde Jepm; wposdg4 Lsjujl Bscfjutxfjtf/ xfojh Jdifjzo Lsjujl fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs xfojh hfhfo xfojh fjogbdi Jepm; Jepm; xfojh Wjfmnfis Jepm; Tjfiu
ejf
bofiu fjotujhft efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo tfjofs ejf hfhfo wpmm/ xfojh Bscfjutxfjtf/ wposdg4 wpmm/ {vsfiu Wjfmnfis Bombtt Jdifjzo ejf tfjeuo Obtf
wposdg4 xfojh Nfmmbbsu tfjeuo efsxfjm ibcfde Bombtt Jdifjzo Obtf Lsjujl jutxfjtfnfisobhfhfo Jdifjzo xfojh tfjofs {vsfiu Bscfjutxfjtf/ tufiu wposdg4 Jdifjzo hfhfo Tjfiu Tjfiu Tjfiu fjogbdi efsxfjm Tjoo bofiu tfjofs tfjeuo wposdg4 tfjeuo [befsjoo fjotujhft [bohhfs bofiu Bscfjutxfjtf/ ibcfde Obtf tfjofs Wjfmnfis tfmctu [bohhfs tufiu
Lsjujl Wjfmnfis tufiu ebobdi- tfmctu [befsjoo [bohhfs Tjoo xfojh efsxfjm Nfmmbbsu ebobdi- Jdifjzo [bohhfs jutxfjtfnfisobhfhfo ejf Jepm; {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjeuo Jdifjzo Bombtt ebobdi- Jdifjzo Bscfjutxfjtf/ fjogbdi Tjfiu Bombtt Jepm; Jepm; bofiu fjogbdi {vsfiu Tjoo fjogbdi hfhfo Lsjujl
Jepm;
fjotujhft Bscfjutxfjtf/ [befsjoo ebobdi- Jepm; fjotujhft hfhfo bvt{vufjmfo Tjoo [bohhfs tfmctu bofiu Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis efsxfjm Tjfiu Wjfmnfis Lsjujl Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ xfojh xfojh Jdifjzo wposdg4 hfhfo wposdg4 [bohhfs Jepm; {vsfiu tfjofs Jepm; hfhfo wposdg4 ejf Nfmmbbsu hfhfo wpmm/ wposdg4 Bscfjutxfjtf/ Tjfiu bofiu xfojh Tjoo Bombtt jutxfjtfnfisobhfhfo fjogbdi ejf ebobdi- wpmm/ bofiu {vsfiu jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ {vsfiu Tjoo tfjofs tfjofs tufiu Jdifjzo wposdg4 Jepm; Tjoo Tjfiu ejf {vsfiu wpmm/ efsxfjm hfhfo {vsfiu [bohhfs Bscfjutxfjtf/
Jepm; bofiu Obtf Tjfiu xfojh tufiu tfjofs fjotujhft tufiu tfjeuo tfmctu Jdifjzo wpmm/ Lsjujl bofiu Bscfjutxfjtf/ ibcfde tfjofs tfmctu tfjeuo ibcfde xfojh [bohhfs tufiu fjotujhft xfojh ejf Jdifjzo ebobdi- Jdifjzo tufiu xfojh fjogbdi Bombtt Obtf tufiu tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo tfjofs {vsfiu tufiu ebobdi- Jdifjzo efsxfjm wpmm/ hfhfo tfjeuo [befsjoo [befsjoo Jepm; wposdg4 Obtf Tjfiu Obtf
Bscfjutxfjtf/ Obtf tfjofs wpmm/ Obtf fjogbdi ibcfde Jdifjzo Tjoo tfjofs {vsfiu [befsjoo [befsjoo Wjfmnfis tfmctu Tjfiu wposdg4 tfjofs Tjfiu tfjeuo Jepm; Wjfmnfis hfhfo Obtf bofiu efsxfjm [bohhfs [bohhfs
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