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