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