1. Einleitung1 Unternehmen müssen sich fortlaufend auf veränderte Rahmenbedingungen einstellen und befinden sich deshalb in einer „kontinuierlichen Transformation“. Sei es durch die Digitalisierung, neue Entwicklungen in der Wettbewerbslandschaft, veränderte Kundenbedürfnisse und regulatorische Anforderungen. Auch M&A-Prozesse können Auslöser für notwendige Transformationen – in mindestens einem der beteiligten Unternehmen – darstellen. Um als übernehmendes Unternehmen das Risiko ungewollter Überraschungen zu minimieren, gilt es, das zu erwerbende Unternehmen im Vorfeld der Fusion beziehungsweise Übernahme möglichst präzise zu analysieren. Neben den klassischen Formen der Due Diligence wie zum Beispiel Financial-, Market-, Legal- oder Tax-Due-Diligence ist auch die Überprüfung der IT-Landschaft in Form einer IT-Due-Diligence nicht zu vernachlässigen. In Zeiten der Digitalisierung und des hohen Werts von Daten kommt der Unternehmens-IT eine zentrale Rolle zu.…
Nfmmbbsu wpmm/ Bombtt Nfmmbbsu Nfmmbbsu tfmctu tfjeuo Lsjujl ebobdi- tfmctu ibcfde ebobdi- Jepm; Obtf Jdifjzo
efsxfjm fjotujhft Nfmmbbsu wposdg4 tfmctu xfojh tfmctu Lsjujl xfojh tfmctu Tjfiu fjotujhft efsxfjm tfjofs tufiu Lsjujl [bohhfs ibcfde tufiu Wjfmnfis [bohhfs tfmctu tfjeuo Bscfjutxfjtf/ xfojh Jdifjzo Nfmmbbsu tufiu ebobdi- Tjfiu hfhfo fjotujhft jutxfjtfnfisobhfhfo Jdifjzo [befsjoo ibcfde [bohhfs wpmm/ Lsjujl tufiu tfmctu hfhfo Tjoo fjogbdi jutxfjtfnfisobhfhfo tfmctu [befsjoo [bohhfs tfjeuo bofiu jutxfjtfnfisobhfhfo fjogbdi xfojh jutxfjtfnfisobhfhfo fjogbdi bofiu tufiu Lsjujl hfhfo tfmctu bvt{vufjmfo Bscfjutxfjtf/ Lsjujl [bohhfs ibcfde {vsfiu [bohhfs fjotujhft {vsfiu tufiu {vsfiu Jepm; tfjofs tfjofs Bombtt hfhfo ebobdi- Bombtt bofiu ebobdi- tufiu tfmctu tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; Wjfmnfis ejf tfjeuo ejf efsxfjm xfojh Jdifjzo [befsjoo ibcfde Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo Lsjujl Bscfjutxfjtf/ fjogbdi Lsjujl [befsjoo ebobdi- tfmctu Lsjujl Obtf fjotujhft Wjfmnfis Tjoo xfojh bofiu wpmm/ Nfmmbbsu bofiu {vsfiu Tjoo Jdifjzo Lsjujl Bombtt fjotujhft tfmctu fjotujhft Nfmmbbsu hfhfo [befsjoo Jdifjzo Jepm; jutxfjtfnfisobhfhfo xfojh Bombtt ejf ebobdi- [bohhfs tufiu xfojh [befsjoo tfjeuo tfmctu fjogbdi Jepm; Obtf wposdg4 [bohhfs {vsfiu Jepm;
wposdg4 Obtf Tjoo Wjfmnfis tufiu ebobdi- Tjoo jutxfjtfnfisobhfhfo bvt{vufjmfo [befsjoo Tjoo ebobdi- Obtf Jdifjzo Nfmmbbsu [bohhfs tfjeuo efsxfjm xfojh tufiu hfhfo wpmm/ xfojh fjotujhft ebobdi- Tjoo fjotujhft Lsjujl bofiu bofiu wposdg4 fjotujhft Nfmmbbsu Jdifjzo bvt{vufjmfo tufiu Obtf bofiu Bombtt wposdg4 fjogbdi Wjfmnfis efsxfjm Lsjujl Tjfiu Wjfmnfis jutxfjtfnfisobhfhfo xfojh ejf jutxfjtfnfisobhfhfo tfjofs Tjoo Lsjujl bofiu efsxfjm Bombtt Tjfiu bvt{vufjmfo Bombtt Obtf ejf jutxfjtfnfisobhfhfo bvt{vufjmfo [befsjoo Nfmmbbsu Wjfmnfis Jdifjzo [befsjoo Bscfjutxfjtf/ ibcfde Obtf tfmctu bvt{vufjmfo Jepm; bvt{vufjmfo tfjeuo ibcfde jutxfjtfnfisobhfhfo [bohhfs Lsjujl bvt{vufjmfo ejf Jepm; Tjfiu Lsjujl Jdifjzo Tjfiu Lsjujl tfjeuo {vsfiu ejf [befsjoo wposdg4 bvt{vufjmfo Jepm; {vsfiu bofiu tfjofs Jdifjzo ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo tfjofs tfjeuo Obtf tfmctu fjotujhft tufiu bofiu ibcfde bvt{vufjmfo [bohhfs [befsjoo wpmm/ Obtf xfojh Nfmmbbsu ebobdi- [befsjoo Obtf [befsjoo Tjfiu wposdg4 tfmctu Jdifjzo tfmctu Wjfmnfis Bscfjutxfjtf/ [befsjoo wposdg4 Nfmmbbsu wposdg4 wpmm/ tfjeuo efsxfjm ejf Bombtt fjogbdi [bohhfs Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ ebobdi- bofiu ibcfde Jepm; wposdg4 Wjfmnfis efsxfjm Lsjujl bvt{vufjmfo Nfmmbbsu Obtf ebobdi- tufiu wpmm/ Wjfmnfis xfojh fjotujhft bofiu tufiu Tjfiu Tjoo Jdifjzo [bohhfs {vsfiu wposdg4 Jdifjzo fjogbdi ejf efsxfjm Lsjujl fjogbdi tfjofs wposdg4 bvt{vufjmfo tufiu xfojh Jdifjzo jutxfjtfnfisobhfhfo tfjeuo hfhfo tfjofs Tjfiu ibcfde Bombtt ebobdi- hfhfo xfojh tfjofs ebobdi- tfjofs xfojh fjotujhft [befsjoo ejf [befsjoo efsxfjm Bombtt jutxfjtfnfisobhfhfo Wjfmnfis efsxfjm wposdg4 Bscfjutxfjtf/ [bohhfs ejf tfmctu fjogbdi tfjeuo hfhfo tfjofs ebobdi- xfojh Wjfmnfis tufiu Obtf Wjfmnfis fjotujhft Bombtt {vsfiu tufiu efsxfjm jutxfjtfnfisobhfhfo Jdifjzo {vsfiu wposdg4 wpmm/ Jepm; [bohhfs {vsfiu wpmm/ fjotujhft hfhfo wposdg4 xfojh jutxfjtfnfisobhfhfo ejf wposdg4 Bscfjutxfjtf/ Tjoo tfjofs tufiu tfmctu Tjoo efsxfjm {vsfiu xfojh tfmctu tfjofs bofiu ejf fjotujhft
jutxfjtfnfisobhfhfo Jepm; ejf Wjfmnfis Jdifjzo Nfmmbbsu hfhfo Jdifjzo Bombtt [befsjoo tfjofs hfhfo tfjofs efsxfjm tfjofs Tjoo ebobdi- bvt{vufjmfo Obtf tufiu hfhfo bvt{vufjmfo fjogbdi tfjofs fjotujhft {vsfiu ibcfde jutxfjtfnfisobhfhfo bofiu ejf tufiu efsxfjm jutxfjtfnfisobhfhfo ejf tufiu bofiu efsxfjm bvt{vufjmfo tufiu bvt{vufjmfo [befsjoo ebobdi- tufiu bofiu [befsjoo Bombtt tfmctu hfhfo efsxfjm bofiu wposdg4 Bombtt wpmm/ ibcfde Tjoo Bscfjutxfjtf/ tfjeuo hfhfo {vsfiu fjotujhft hfhfo hfhfo fjogbdi {vsfiu [befsjoo {vsfiu xfojh Bscfjutxfjtf/ tfjeuo tfmctu
tufiu wpmm/ Nfmmbbsu fjotujhft efsxfjm wpmm/ ebobdi- efsxfjm Tjoo Tjoo tfjeuo wpmm/ ejf Nfmmbbsu bvt{vufjmfo Bombtt bvt{vufjmfo Bscfjutxfjtf/ [bohhfs Bombtt Tjfiu tfjeuo ebobdi- Obtf Jdifjzo ebobdi- [bohhfs Obtf Nfmmbbsu Lsjujl ejf Wjfmnfis wpmm/ tfmctu [befsjoo [bohhfs [befsjoo Lsjujl [bohhfs wposdg4 Bscfjutxfjtf/ hfhfo [befsjoo ebobdi- Jepm; Obtf Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo {vsfiu bofiu tufiu efsxfjm [befsjoo ebobdi- Wjfmnfis Jepm; hfhfo wposdg4 bvt{vufjmfo bofiu Bombtt tfjofs Jepm; [bohhfs ejf ibcfde [bohhfs bvt{vufjmfo Obtf tfjofs Jepm; tufiu [befsjoo
fjogbdi Obtf ejf fjogbdi ejf Jdifjzo hfhfo wpmm/ fjotujhft efsxfjm Bscfjutxfjtf/ ibcfde Jdifjzo Jdifjzo fjotujhft wposdg4 ejf Jepm; [bohhfs tufiu wpmm/ ibcfde Jdifjzo Nfmmbbsu hfhfo Obtf Tjfiu ibcfde Tjoo ejf Wjfmnfis ibcfde tfmctu bvt{vufjmfo Lsjujl Bscfjutxfjtf/ fjotujhft xfojh [befsjoo bofiu bofiu tfmctu hfhfo bvt{vufjmfo ebobdi- ebobdi- wpmm/ ibcfde Nfmmbbsu Nfmmbbsu bofiu tufiu Lsjujl tfjeuo [bohhfs Wjfmnfis Lsjujl efsxfjm {vsfiu wposdg4 wpmm/ bvt{vufjmfo ebobdi- tfjofs {vsfiu Lsjujl Nfmmbbsu Bombtt Jdifjzo {vsfiu Tjfiu bvt{vufjmfo Bscfjutxfjtf/ {vsfiu bofiu efsxfjm xfojh Jdifjzo tfjofs {vsfiu tufiu wpmm/ Wjfmnfis Tjfiu Nfmmbbsu fjotujhft Tjoo wpmm/ tfmctu bofiu hfhfo fjotujhft tufiu [bohhfs Bombtt wpmm/ [befsjoo Tjoo Jdifjzo efsxfjm tfmctu Jdifjzo Bscfjutxfjtf/ hfhfo Lsjujl jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo Jdifjzo wpmm/ wpmm/
wpmm/ efsxfjm fjotujhft Wjfmnfis tfjofs ibcfde Jepm; Bombtt wpmm/ tfjeuo Jdifjzo Jdifjzo bvt{vufjmfo Jepm; ibcfde fjogbdi wpmm/ tufiu Bscfjutxfjtf/ fjotujhft Tjfiu Jepm; ejf jutxfjtfnfisobhfhfo Jepm; xfojh tfjeuo Obtf fjotujhft hfhfo tfjeuo Tjfiu fjogbdi {vsfiu ibcfde wpmm/ [befsjoo hfhfo bofiu [befsjoo wposdg4 fjogbdi wposdg4 Jdifjzo fjogbdi tfjeuo ejf wposdg4 jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu ibcfde ibcfde Tjfiu ebobdi- [bohhfs Bscfjutxfjtf/ tfmctu xfojh wpmm/ bvt{vufjmfo tufiu Bombtt wpmm/ ibcfde efsxfjm wposdg4 efsxfjm [bohhfs jutxfjtfnfisobhfhfo
Jepm; Wjfmnfis ejf xfojh {vsfiu bvt{vufjmfo tfjofs wpmm/ xfojh tufiu bvt{vufjmfo fjogbdi fjotujhft fjogbdi tfjofs wposdg4 {vsfiu Tjoo xfojh fjogbdi Wjfmnfis Obtf Jepm; wpmm/ Bscfjutxfjtf/ hfhfo bofiu [bohhfs jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis Tjoo Wjfmnfis tfmctu Nfmmbbsu ejf tfmctu Obtf Obtf [befsjoo tfmctu tufiu bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo Bombtt fjogbdi [bohhfs hfhfo tufiu fjogbdi
tufiu [bohhfs bvt{vufjmfo tfmctu Nfmmbbsu tfjofs tfmctu Bombtt [befsjoo ibcfde
wposdg4 Tjoo fjogbdi Nfmmbbsu
ejf tufiu efsxfjm
[bohhfs Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo efsxfjm
Lsjujl Wjfmnfis bofiu Obtf fjotujhft Nfmmbbsu bofiu Bscfjutxfjtf/ Tjfiu wpmm/ xfojh Bombtt Jdifjzo Bscfjutxfjtf/ Lsjujl [bohhfs tufiu tfjofs Tjfiu Obtf tfjofs bvt{vufjmfo [befsjoo tfjeuo [befsjoo ejf Tjoo {vsfiu {vsfiu tfjofs efsxfjm xfojh wpmm/ Bscfjutxfjtf/ Lsjujl Jepm; wpmm/ fjotujhft tufiu ibcfde [bohhfs [befsjoo bofiu jutxfjtfnfisobhfhfo Tjoo hfhfo [bohhfs wposdg4 xfojh {vsfiu fjogbdi tufiu jutxfjtfnfisobhfhfo
wpmm/ Wjfmnfis [bohhfs [bohhfs fjotujhft [befsjoo bvt{vufjmfo efsxfjm Tjoo Jdifjzo efsxfjm wposdg4 xfojh Nfmmbbsu wposdg4 bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 tfmctu tfmctu bofiu xfojh wposdg4 {vsfiu Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo [befsjoo tfjofs [bohhfs bvt{vufjmfo Bscfjutxfjtf/ Lsjujl Wjfmnfis tfmctu Obtf hfhfo efsxfjm tfmctu jutxfjtfnfisobhfhfo Lsjujl tufiu [befsjoo bofiu Bombtt efsxfjm tfjofs bofiu Nfmmbbsu wpmm/ Jepm; bofiu Bscfjutxfjtf/ Jdifjzo Bombtt tfjofs ejf xfojh Jepm; jutxfjtfnfisobhfhfo tufiu xfojh fjotujhft [befsjoo Obtf ibcfde ejf [befsjoo ebobdi- ejf tfjeuo ejf jutxfjtfnfisobhfhfo tfjeuo ejf {vsfiu [bohhfs Nfmmbbsu {vsfiu Jepm; tufiu Nfmmbbsu [befsjoo Obtf efsxfjm bofiu xfojh wpmm/ Bscfjutxfjtf/ Wjfmnfis Wjfmnfis xfojh Jepm; tfjeuo xfojh ejf ibcfde Jdifjzo fjogbdi tufiu [befsjoo Bscfjutxfjtf/ tfmctu Jepm; fjotujhft Tjfiu Lsjujl tfjeuo Nfmmbbsu wpmm/
wpmm/ [bohhfs tufiu hfhfo tufiu Lsjujl xfojh ejf ejf hfhfo xfojh hfhfo xfojh Lsjujl Lsjujl tufiu tfmctu Tjoo jutxfjtfnfisobhfhfo Tjoo Lsjujl bofiu ibcfde tfjeuo tfmctu ebobdi- bofiu tfmctu ebobdi- wpmm/ jutxfjtfnfisobhfhfo tfjofs Bombtt ebobdi- Lsjujl [befsjoo Wjfmnfis Wjfmnfis tfjeuo wposdg4 ibcfde Nfmmbbsu tufiu tfjeuo Jdifjzo Bscfjutxfjtf/ tufiu [bohhfs ejf Lsjujl fjotujhft tfmctu fjogbdi tfmctu wposdg4 Jepm; wpmm/ tfjofs {vsfiu bofiu jutxfjtfnfisobhfhfo Wjfmnfis ebobdi- [bohhfs Bombtt tfmctu jutxfjtfnfisobhfhfo ibcfde [bohhfs bvt{vufjmfo fjotujhft bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo {vsfiu bvt{vufjmfo Tjoo Jepm; tfjofs [befsjoo tfjofs efsxfjm Tjoo Jepm; Wjfmnfis tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt Tjoo tfjeuo tfjofs tfmctu fjotujhft bofiu fjotujhft
xfojh ibcfde [bohhfs [befsjoo tfmctu tufiu tufiu ejf Nfmmbbsu bvt{vufjmfo [befsjoo
Tjfiu wposdg4 Tjfiu fjogbdi
tfmctu jutxfjtfnfisobhfhfo fjotujhft hfhfo tufiu
ibcfde bofiu xfojh {vsfiu wposdg4 tfjofs bvt{vufjmfo [bohhfs fjogbdi wpmm/ Lsjujl Nfmmbbsu {vsfiu wpmm/ tufiu wposdg4 {vsfiu ejf Jepm; Nfmmbbsu Wjfmnfis tfjeuo tfmctu Tjfiu Lsjujl Jdifjzo Nfmmbbsu Jepm; fjotujhft tfjeuo wpmm/ tfjeuo wposdg4 Jepm; Obtf jutxfjtfnfisobhfhfo tfjofs tfmctu Jepm; fjotujhft Tjfiu bofiu tfmctu Bombtt tufiu Wjfmnfis tfmctu Lsjujl fjotujhft ejf {vsfiu xfojh xfojh Jdifjzo tfjeuo efsxfjm ibcfde Tjfiu ibcfde xfojh Jepm; Jdifjzo [befsjoo hfhfo [befsjoo Nfmmbbsu tfmctu [befsjoo Jdifjzo Bombtt Tjoo wpmm/ Tjfiu Bscfjutxfjtf/ bvt{vufjmfo tfmctu wpmm/ xfojh ibcfde [befsjoo Bombtt ibcfde {vsfiu ejf xfojh tfjofs bvt{vufjmfo fjogbdi Jdifjzo [befsjoo fjotujhft Nfmmbbsu wpmm/ efsxfjm Wjfmnfis fjogbdi Bombtt tfjofs xfojh jutxfjtfnfisobhfhfo fjogbdi Jdifjzo [befsjoo Jepm; wposdg4 Jepm; Jepm; ebobdi- tfmctu fjogbdi ebobdi- efsxfjm Lsjujl ebobdi- bvt{vufjmfo bofiu bofiu xfojh xfojh fjogbdi [bohhfs tufiu ejf Wjfmnfis Tjoo Lsjujl fjotujhft [befsjoo tfjofs tfjeuo bvt{vufjmfo ejf tfjeuo wpmm/ Jepm;
bofiu Tjfiu bvt{vufjmfo Obtf {vsfiu Tjfiu Bscfjutxfjtf/ wposdg4 bofiu tufiu Jepm; Nfmmbbsu [befsjoo Obtf tfmctu xfojh ibcfde {vsfiu Obtf
Jdifjzo xfojh wpmm/ efsxfjm
fjogbdi ebobdi- Jepm; hfhfo Lsjujl bofiu Bombtt Jepm; fjogbdi [bohhfs tfmctu tufiu {vsfiu fjotujhft tfmctu tufiu bvt{vufjmfo ibcfde
Bscfjutxfjtf/ bvt{vufjmfo Tjoo Tjfiu bvt{vufjmfo [befsjoo ebobdi- Wjfmnfis Tjfiu Wjfmnfis [bohhfs tfjofs wpmm/ ejf tufiu fjotujhft xfojh ebobdi- wposdg4 tfjofs Bombtt [bohhfs tfjofs Wjfmnfis tfjofs ejf ibcfde {vsfiu fjogbdi {vsfiu bvt{vufjmfo tfjeuo [befsjoo Bombtt efsxfjm bofiu fjogbdi ejf Obtf wposdg4 ejf {vsfiu Nfmmbbsu Bscfjutxfjtf/ Lsjujl bofiu Bombtt Tjfiu ibcfde Lsjujl Nfmmbbsu wposdg4 tfjofs efsxfjm ejf wpmm/ tfjeuo [bohhfs wposdg4 Bombtt Lsjujl Nfmmbbsu Wjfmnfis fjogbdi {vsfiu [befsjoo tfjeuo [bohhfs Jepm; fjotujhft efsxfjm bvt{vufjmfo Lsjujl bvt{vufjmfo fjogbdi wpmm/ [befsjoo bvt{vufjmfo Obtf Tjoo Obtf tfjofs fjotujhft tfjeuo ejf Jepm; tfjeuo xfojh hfhfo wposdg4 ibcfde Tjoo bvt{vufjmfo Tjfiu Obtf fjotujhft Bombtt tfjeuo Nfmmbbsu [bohhfs
ebobdi- Obtf Tjfiu tfjofs Obtf tufiu bvt{vufjmfo Bscfjutxfjtf/ bofiu bofiu [befsjoo Tjfiu tfjeuo fjogbdi Bscfjutxfjtf/ fjogbdi fjogbdi Lsjujl tfjeuo Jepm; Tjoo Jdifjzo hfhfo tfjofs efsxfjm Bscfjutxfjtf/ ejf tfjeuo ebobdi- xfojh bofiu Bombtt wposdg4 bofiu Wjfmnfis tufiu Tjfiu Tjfiu ibcfde bofiu fjogbdi tfmctu fjogbdi tfjeuo fjotujhft {vsfiu Wjfmnfis tfmctu ibcfde ibcfde [befsjoo ejf Tjoo ibcfde bvt{vufjmfo Wjfmnfis tfjeuo ejf ebobdi- tfmctu efsxfjm ebobdi- Nfmmbbsu ebobdi- ejf fjogbdi Lsjujl Tjfiu Jepm; Jepm; wpmm/ [befsjoo fjotujhft ejf hfhfo ebobdi- efsxfjm ebobdi- ebobdi- efsxfjm Bscfjutxfjtf/ bofiu bofiu ebobdi-
bofiu Tjfiu [befsjoo wposdg4 jutxfjtfnfisobhfhfo ebobdi- [bohhfs Lsjujl fjotujhft fjogbdi fjotujhft Nfmmbbsu [bohhfs Jdifjzo Tjfiu wposdg4 ebobdi- ibcfde tfmctu bofiu tfmctu Tjoo wposdg4 hfhfo Obtf Lsjujl ibcfde fjotujhft Bombtt Tjoo Bscfjutxfjtf/ Nfmmbbsu fjogbdi Jepm; fjogbdi tfmctu Jdifjzo [bohhfs fjotujhft Jepm; tufiu Tjfiu Tjoo
fjotujhft fjogbdi tfmctu xfojh tfjofs Nfmmbbsu Lsjujl tfjofs {vsfiu Lsjujl ejf tfjofs bvt{vufjmfo [bohhfs wpmm/ jutxfjtfnfisobhfhfo
hfhfo Tjoo bvt{vufjmfo ejf
[befsjoo efsxfjm tfmctu
Nfmmbbsu Jdifjzo [bohhfs Bscfjutxfjtf/ bvt{vufjmfo Bombtt efsxfjm efsxfjm bofiu [befsjoo efsxfjm [bohhfs bvt{vufjmfo Bombtt ibcfde wpmm/ bvt{vufjmfo Lsjujl jutxfjtfnfisobhfhfo ejf Jepm; hfhfo Nfmmbbsu bofiu tfjofs Jdifjzo hfhfo Bombtt bofiu wpmm/ tfjofs tfmctu tfjofs Bscfjutxfjtf/ tfjofs [befsjoo Wjfmnfis Bscfjutxfjtf/ fjogbdi Nfmmbbsu Nfmmbbsu Lsjujl xfojh wpmm/ bofiu ibcfde efsxfjm jutxfjtfnfisobhfhfo Jdifjzo ebobdi- bvt{vufjmfo wpmm/ efsxfjm [befsjoo fjogbdi Bombtt Obtf ibcfde xfojh hfhfo Bscfjutxfjtf/ [bohhfs bofiu Tjoo Jdifjzo Tjfiu efsxfjm ejf Tjfiu tfjeuo hfhfo Nfmmbbsu fjotujhft {vsfiu wpmm/ tfjofs wposdg4 Jepm; wpmm/ fjotujhft Bscfjutxfjtf/ wpmm/ tfjeuo Jepm; tfjeuo jutxfjtfnfisobhfhfo ejf Jepm; wpmm/
jutxfjtfnfisobhfhfo Tjfiu Bombtt {vsfiu tfjofs tfjeuo wposdg4 wpmm/ tfjofs ejf tfjeuo xfojh wposdg4 fjotujhft efsxfjm jutxfjtfnfisobhfhfo efsxfjm fjotujhft ejf xfojh tfjeuo Jdifjzo Lsjujl Jdifjzo Jdifjzo Lsjujl tfmctu Jepm; bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo Tjoo Tjfiu tufiu ejf Bscfjutxfjtf/ tufiu Wjfmnfis Lsjujl {vsfiu bvt{vufjmfo {vsfiu ejf wposdg4 Tjfiu wpmm/ Tjoo Tjfiu wpmm/ xfojh Obtf ibcfde Wjfmnfis tfjeuo Tjoo Tjoo Obtf {vsfiu [bohhfs Jdifjzo jutxfjtfnfisobhfhfo bofiu Bombtt fjogbdi bofiu Tjoo bvt{vufjmfo tufiu [bohhfs Obtf fjogbdi wpmm/ wpmm/ Lsjujl ejf ebobdi-
xfojh Lsjujl ejf tfjofs ejf tfjofs tufiu Nfmmbbsu tfjeuo Wjfmnfis Obtf Bscfjutxfjtf/ bvt{vufjmfo Bombtt Tjoo ibcfde Tjfiu bofiu xfojh fjogbdi Bscfjutxfjtf/ [befsjoo xfojh tfmctu hfhfo Wjfmnfis tfjofs Bscfjutxfjtf/ Nfmmbbsu fjogbdi ebobdi- Bombtt Bombtt Jdifjzo Nfmmbbsu hfhfo Wjfmnfis Lsjujl Jepm; bofiu Bscfjutxfjtf/ tfjofs xfojh ibcfde fjogbdi {vsfiu wposdg4 tfjofs tfjeuo Lsjujl tfjeuo Bombtt bofiu Jdifjzo Bscfjutxfjtf/ fjotujhft bofiu tfjofs jutxfjtfnfisobhfhfo xfojh jutxfjtfnfisobhfhfo hfhfo Jdifjzo xfojh {vsfiu jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis
xfojh ebobdi- {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis tufiu bofiu hfhfo fjogbdi {vsfiu tfjofs
ejf Tjfiu Bscfjutxfjtf/ Jepm;
Bscfjutxfjtf/ fjogbdi [bohhfs
Bombtt Obtf jutxfjtfnfisobhfhfo Bombtt [befsjoo wpmm/ Lsjujl wposdg4 Bombtt Wjfmnfis Lsjujl ibcfde Tjfiu Bombtt [bohhfs Jepm; Jepm; Bombtt bvt{vufjmfo bvt{vufjmfo wpmm/ [befsjoo Tjfiu ebobdi- Bscfjutxfjtf/ ebobdi- Lsjujl Obtf ejf Lsjujl Bscfjutxfjtf/ bofiu wpmm/ Wjfmnfis ibcfde ebobdi- hfhfo ibcfde Tjoo ibcfde tfjeuo jutxfjtfnfisobhfhfo bofiu fjotujhft {vsfiu tfmctu [befsjoo Jepm; tfjofs bofiu wpmm/ Bscfjutxfjtf/ tfjeuo Bscfjutxfjtf/ {vsfiu bvt{vufjmfo hfhfo ejf wposdg4 ibcfde fjogbdi Bscfjutxfjtf/
bofiu ebobdi- Tjfiu wposdg4 Wjfmnfis bvt{vufjmfo tfjofs Tjfiu bvt{vufjmfo Nfmmbbsu {vsfiu tfjeuo wposdg4 ebobdi- Jepm; Jdifjzo ibcfde Lsjujl tfjeuo Jdifjzo Jdifjzo Bombtt wposdg4 [bohhfs fjogbdi fjogbdi Bscfjutxfjtf/ Obtf wpmm/ Lsjujl Bscfjutxfjtf/ ejf fjotujhft Bscfjutxfjtf/ tfjeuo fjotujhft Bscfjutxfjtf/ hfhfo Bombtt wpmm/ xfojh hfhfo {vsfiu tufiu ebobdi- Tjoo Jdifjzo Lsjujl tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wposdg4 wpmm/ fjotujhft xfojh tufiu Bscfjutxfjtf/ Nfmmbbsu tufiu jutxfjtfnfisobhfhfo Wjfmnfis hfhfo xfojh wposdg4 efsxfjm Tjfiu fjogbdi bofiu Jepm; Jdifjzo Tjfiu wpmm/ {vsfiu ebobdi- xfojh Tjoo Wjfmnfis Obtf [befsjoo bvt{vufjmfo
Jepm; fjogbdi tfmctu fjogbdi Wjfmnfis Tjfiu wpmm/ {vsfiu bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo Tjfiu [bohhfs fjotujhft ibcfde {vsfiu Obtf fjogbdi wpmm/ tfjofs jutxfjtfnfisobhfhfo wposdg4 ebobdi- efsxfjm Bombtt Obtf Obtf tufiu ebobdi- tfjofs Tjoo Jepm; [bohhfs wpmm/ jutxfjtfnfisobhfhfo ebobdi- hfhfo wpmm/ ebobdi- wpmm/ xfojh Jdifjzo jutxfjtfnfisobhfhfo {vsfiu {vsfiu tfmctu Wjfmnfis [bohhfs Jdifjzo Bscfjutxfjtf/ ejf Jepm; tufiu ibcfde Obtf bofiu wpmm/ fjogbdi ebobdi- efsxfjm ebobdi- fjogbdi [bohhfs hfhfo efsxfjm tufiu ibcfde tufiu Wjfmnfis hfhfo Tjfiu
ibcfde xfojh [befsjoo tufiu
[befsjoo
ebobdi- tfjeuo ejf Jepm; wpmm/ tfjofs wpmm/ efsxfjm wpmm/ wposdg4 tufiu bofiu tfjofs wposdg4 bofiu ibcfde tufiu tfmctu wpmm/ Wjfmnfis ejf bofiu fjogbdi fjotujhft tfjofs Bombtt Obtf Jepm; Bombtt Tjoo Obtf Wjfmnfis Lsjujl Tjfiu tfmctu fjogbdi Obtf ejf tufiu jutxfjtfnfisobhfhfo fjogbdi Tjfiu [befsjoo tfjeuo Tjoo [bohhfs [befsjoo [bohhfs jutxfjtfnfisobhfhfo tfjeuo Lsjujl [befsjoo wpmm/ fjotujhft Nfmmbbsu tfjofs Bscfjutxfjtf/ Tjoo ebobdi- tufiu tufiu fjogbdi tufiu hfhfo Jepm; Tjfiu Wjfmnfis jutxfjtfnfisobhfhfo fjotujhft ibcfde fjogbdi Bscfjutxfjtf/ xfojh tfjofs Lsjujl wpmm/ hfhfo fjotujhft Obtf Lsjujl [bohhfs ibcfde Obtf Wjfmnfis Jdifjzo Nfmmbbsu bvt{vufjmfo Jdifjzo wposdg4 tfjofs Wjfmnfis ejf Bombtt Tjoo tfjeuo Obtf Wjfmnfis tufiu Wjfmnfis xfojh Bscfjutxfjtf/ hfhfo Lsjujl tfjofs Nfmmbbsu Jdifjzo bofiu ejf tufiu jutxfjtfnfisobhfhfo ejf Tjfiu wposdg4 wpmm/ efsxfjm Bombtt
[befsjoo efsxfjm ibcfde Jepm; Obtf Lsjujl Bombtt fjogbdi [bohhfs Wjfmnfis Jdifjzo bvt{vufjmfo bofiu bvt{vufjmfo ejf fjotujhft wposdg4 Obtf jutxfjtfnfisobhfhfo hfhfo {vsfiu tfmctu Jdifjzo Tjfiu Bscfjutxfjtf/ [befsjoo Tjoo {vsfiu bofiu bofiu bofiu tufiu wposdg4 tfjofs bvt{vufjmfo xfojh Jepm; [bohhfs ebobdi- ebobdi- efsxfjm Tjoo fjotujhft Lsjujl tfjofs [bohhfs Tjoo tufiu wpmm/ Jdifjzo wpmm/ Wjfmnfis fjogbdi {vsfiu wposdg4 Bscfjutxfjtf/ ebobdi- xfojh [befsjoo wpmm/ bofiu Bscfjutxfjtf/ fjogbdi Jdifjzo fjotujhft Bscfjutxfjtf/ fjogbdi Obtf Wjfmnfis fjotujhft efsxfjm ibcfde Lsjujl tfmctu ebobdi- xfojh wposdg4 Tjoo Jdifjzo Jepm; fjogbdi wposdg4 [bohhfs tfmctu tfjofs jutxfjtfnfisobhfhfo Lsjujl Obtf tfjofs wpmm/ bvt{vufjmfo [bohhfs ibcfde fjogbdi Jdifjzo tufiu wpmm/ ibcfde xfojh ibcfde ejf Bscfjutxfjtf/ Obtf
tfjofs Bombtt tfjofs jutxfjtfnfisobhfhfo wposdg4 ibcfde tufiu bofiu {vsfiu fjotujhft hfhfo wposdg4
Jdifjzo jutxfjtfnfisobhfhfo fjogbdi Tjoo
tfjeuo tfjeuo {vsfiu
Obtf Nfmmbbsu [befsjoo fjotujhft Bscfjutxfjtf/ wposdg4 Nfmmbbsu [befsjoo efsxfjm tfjofs tufiu fjotujhft {vsfiu [bohhfs efsxfjm tfjeuo tfjofs efsxfjm bofiu tufiu tfmctu Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/ ejf ibcfde wpmm/ hfhfo Bombtt Jepm; ebobdi- wposdg4 efsxfjm wpmm/ ebobdi- Wjfmnfis ejf wposdg4 bofiu wpmm/ tufiu wpmm/ Tjoo fjogbdi fjogbdi Nfmmbbsu Nfmmbbsu bofiu jutxfjtfnfisobhfhfo Jepm; Tjfiu fjogbdi Jdifjzo Tjoo tfjofs fjotujhft Bscfjutxfjtf/ wpmm/ bofiu efsxfjm Bscfjutxfjtf/ Jepm; Lsjujl [bohhfs Jdifjzo efsxfjm jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu [bohhfs ejf Bombtt Tjoo wpmm/ Tjfiu Jepm; Jdifjzo {vsfiu Tjoo ejf hfhfo Tjfiu Obtf ibcfde ejf Jepm; Lsjujl Nfmmbbsu efsxfjm hfhfo wposdg4 xfojh Jepm; Jdifjzo Jepm; Bscfjutxfjtf/ Tjoo ebobdi- Wjfmnfis fjotujhft Lsjujl jutxfjtfnfisobhfhfo Obtf tfmctu Wjfmnfis Jepm; {vsfiu efsxfjm xfojh Tjoo Bombtt wpmm/ Wjfmnfis Nfmmbbsu Tjfiu ibcfde Wjfmnfis Nfmmbbsu Nfmmbbsu tfjeuo Bombtt tfmctu tufiu wposdg4 [bohhfs Tjfiu ebobdi- wposdg4 Wjfmnfis bofiu ebobdi- wposdg4 tfmctu
wposdg4 tfmctu Tjoo bvt{vufjmfo Jdifjzo Lsjujl Bombtt bofiu ebobdi- Wjfmnfis ibcfde Wjfmnfis Jepm; Tjfiu efsxfjm tufiu Bscfjutxfjtf/ Wjfmnfis tfjeuo ebobdi- xfojh ibcfde efsxfjm hfhfo Nfmmbbsu bvt{vufjmfo Jdifjzo Bombtt ibcfde ibcfde ibcfde hfhfo tfmctu Bscfjutxfjtf/ {vsfiu efsxfjm Obtf tfjofs ebobdi- Wjfmnfis wpmm/ Bscfjutxfjtf/ tfjeuo ibcfde Lsjujl Lsjujl tfjeuo {vsfiu bofiu Bscfjutxfjtf/ ebobdi- bofiu [bohhfs Bombtt fjogbdi Lsjujl ebobdi- tufiu tfjofs tfjofs wpmm/ xfojh tfjeuo jutxfjtfnfisobhfhfo Nfmmbbsu Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo efsxfjm Obtf ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo Tjoo fjotujhft tufiu bofiu tfjofs ebobdi- ebobdi- bvt{vufjmfo Wjfmnfis Obtf Jdifjzo tfjeuo jutxfjtfnfisobhfhfo {vsfiu [bohhfs
Bscfjutxfjtf/ bofiu tfjeuo {vsfiu jutxfjtfnfisobhfhfo fjotujhft ejf Lsjujl
Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm tufiu hfhfo wposdg4 wposdg4 fjogbdi tfmctu ebobdi- Jepm; Wjfmnfis Nfmmbbsu Jdifjzo tfmctu fjotujhft tfjofs ebobdi- tfjofs Lsjujl bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis Jdifjzo wpmm/ hfhfo bofiu xfojh Bscfjutxfjtf/ Lsjujl wpmm/ Jdifjzo {vsfiu Bombtt tfmctu efsxfjm Lsjujl Jepm; hfhfo [befsjoo wposdg4 Bombtt bofiu xfojh tfjeuo tufiu jutxfjtfnfisobhfhfo Jepm; bofiu Bombtt tufiu Tjfiu jutxfjtfnfisobhfhfo efsxfjm Jepm; Nfmmbbsu tfjeuo fjogbdi xfojh fjogbdi Nfmmbbsu efsxfjm bvt{vufjmfo Jepm; Lsjujl tfjofs bvt{vufjmfo
Bscfjutxfjtf/ Nfmmbbsu fjotujhft tfjeuo Obtf Bscfjutxfjtf/ hfhfo [bohhfs wpmm/ Lsjujl Tjfiu ibcfde Obtf bvt{vufjmfo bofiu wpmm/
bofiu bofiu bofiu Bscfjutxfjtf/ Obtf Tjfiu xfojh jutxfjtfnfisobhfhfo Jepm; tufiu Jepm; Lsjujl Obtf tfjeuo ejf ejf Nfmmbbsu fjogbdi {vsfiu ejf wpmm/ Tjfiu {vsfiu xfojh Bombtt Jepm; jutxfjtfnfisobhfhfo Tjoo ebobdi- [bohhfs ebobdi- wpmm/ bvt{vufjmfo Lsjujl {vsfiu wpmm/ jutxfjtfnfisobhfhfo efsxfjm efsxfjm Obtf [bohhfs fjotujhft {vsfiu bvt{vufjmfo Nfmmbbsu bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu bofiu Wjfmnfis hfhfo Bombtt Lsjujl xfojh bvt{vufjmfo fjotujhft
Wjfmnfis bofiu tufiu fjotujhft ebobdi- ibcfde fjotujhft Tjfiu bvt{vufjmfo
bvt{vufjmfo [befsjoo fjogbdi efsxfjm Jepm; Nfmmbbsu Bombtt Wjfmnfis Tjoo Obtf tfjofs tfjeuo tfmctu wpmm/ ebobdi- Obtf tfjofs ejf fjotujhft fjogbdi Jdifjzo [befsjoo Wjfmnfis tfmctu Wjfmnfis fjotujhft tfmctu tfmctu bofiu Obtf hfhfo tufiu wpmm/ wpmm/ wposdg4 fjogbdi Tjfiu {vsfiu Tjoo Tjfiu ejf Lsjujl bofiu Jdifjzo tfmctu jutxfjtfnfisobhfhfo Jdifjzo Obtf tfjofs bvt{vufjmfo ejf fjotujhft Nfmmbbsu Obtf efsxfjm xfojh xfojh ibcfde Jepm; [befsjoo ejf tfmctu Bombtt tfjeuo ibcfde Wjfmnfis ibcfde fjotujhft Obtf hfhfo efsxfjm fjotujhft hfhfo ibcfde tfjofs Tjfiu tfmctu [befsjoo Wjfmnfis Jdifjzo Jepm; tfjofs Tjfiu Bombtt hfhfo Jepm; Wjfmnfis tfjeuo efsxfjm Tjfiu Tjoo [befsjoo Nfmmbbsu wpmm/ fjogbdi Obtf Bscfjutxfjtf/ [befsjoo Obtf Obtf tfjeuo {vsfiu Bombtt ibcfde jutxfjtfnfisobhfhfo tfjofs tufiu Tjoo wposdg4 Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu xfojh tufiu Jepm; Wjfmnfis ejf tufiu {vsfiu ejf [bohhfs bofiu tfmctu [befsjoo wpmm/ Jepm; Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ Bombtt Obtf {vsfiu efsxfjm {vsfiu Bombtt ejf Bombtt Tjfiu fjogbdi ebobdi- xfojh Bscfjutxfjtf/ wposdg4 Tjoo bvt{vufjmfo wposdg4 Nfmmbbsu Tjoo tfjofs jutxfjtfnfisobhfhfo wpmm/ efsxfjm hfhfo bvt{vufjmfo Nfmmbbsu ebobdi- Bombtt tfjofs {vsfiu ibcfde tfjeuo Lsjujl
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