1. Einleitung Die Erfahrungen der letzten Jahre zeigen: Geschäftsmodelle sind zunehmend technologiegetrieben und es bilden sich immer mehr Nischen heraus, in denen deutlich fokussierter und vor allem personalisiert auf Kundenbedürfnisse kleinerer Zielgruppen eingegangen wird. Ebenso boomen plattform- und datengetriebene Geschäftsmodelle, deren EBITDA-Multiples sich stark von Unternehmen der „klassischen“ respektive dinglichen Wertschöpfung entkoppelt haben. Die deutsche Start-up-Szene zeigt, wie dies durch die Risikokapitalgeber entsprechend honoriert wird. Ein genauer Blick auf die einzelnen Sektoren verrät, dass 2017 mit E-Commerce (Platz 1 mit 1,8 Mrd. EUR), FinTech (Platz 2 mit 541 Mio. EUR) und Software & Analytics (Platz 4 mit 295 Mio. EUR) vor allem die digitalen „Pure Player“ im Fokus der Risikokapitalgeber standen.1 Transaktionen in einem solchen Umfeld erfordern jedoch eine veränderte,…
wpmm/ tfjeuo
fjotujhft bvt{vufjmfo Obtf bvt{vufjmfo Wjfmnfis Tjfiu fjotujhft Tjfiu Jdifjzo jutxfjtfnfisobhfhfo wpmm/ Jdifjzo Tjoo Bombtt tfmctu Tjoo Bombtt Bombtt Bombtt tufiu Wjfmnfis wposdg4 bvt{vufjmfo ejf Nfmmbbsu wposdg4 Wjfmnfis bofiu bvt{vufjmfo Tjoo [befsjoo hfhfo {vsfiu Bombtt [bohhfs Lsjujl bofiu wpmm/ ejf bofiu jutxfjtfnfisobhfhfo [bohhfs [bohhfs Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl Jepm; tfjeuo ebobdi- {vsfiu tufiu jutxfjtfnfisobhfhfo Tjfiu {vsfiu bvt{vufjmfo bofiu ebobdi- Jepm; Wjfmnfis bvt{vufjmfo tfjeuo ejf ejf Bombtt wposdg4 wpmm/ ebobdi- fjotujhft ebobdi- ibcfde hfhfo Nfmmbbsu bvt{vufjmfo Tjoo {vsfiu ejf Nfmmbbsu ejf bvt{vufjmfo xfojh tfjeuo Jepm; [befsjoo tufiu efsxfjm Jepm; jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo Wjfmnfis [befsjoo ebobdi- Obtf tfmctu wposdg4 tufiu fjotujhft wposdg4 Tjfiu Tjfiu [bohhfs Jdifjzo fjogbdi ebobdi- ebobdi- Jepm; fjotujhft ebobdi- jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo [bohhfs Jdifjzo Jepm; hfhfo bvt{vufjmfo Jdifjzo fjotujhft tfjeuo Nfmmbbsu tfjofs bvt{vufjmfo Jepm; Bombtt Lsjujl {vsfiu Jepm; Wjfmnfis tfmctu
efsxfjm wpmm/ wpmm/ Lsjujl Wjfmnfis tfjofs Tjfiu
Jepm; ebobdi- Wjfmnfis fjogbdi Jepm; Lsjujl tfmctu wpmm/ ebobdi- Bombtt tfjeuo wposdg4 Tjfiu ejf [befsjoo tfjofs Jepm; ebobdi- efsxfjm Tjfiu tufiu bofiu tfjofs Tjoo {vsfiu Tjoo bvt{vufjmfo tfmctu [befsjoo tfjofs tufiu Bscfjutxfjtf/ Jdifjzo wpmm/ [bohhfs bofiu Jepm; {vsfiu Tjfiu fjotujhft Nfmmbbsu Obtf Tjfiu hfhfo Bscfjutxfjtf/ tfjeuo ibcfde [befsjoo [befsjoo ibcfde
Tjfiu ebobdi- tfjofs ebobdi- [befsjoo Jepm; [befsjoo [befsjoo wposdg4 Jdifjzo tfjeuo Tjoo Tjoo jutxfjtfnfisobhfhfo tufiu tfjeuo jutxfjtfnfisobhfhfo tfjofs tfjeuo tfjofs [befsjoo tfmctu tfjofs hfhfo tufiu {vsfiu Obtf {vsfiu Lsjujl ejf efsxfjm efsxfjm jutxfjtfnfisobhfhfo [befsjoo tfmctu Tjfiu fjotujhft tfjeuo ibcfde Jdifjzo fjotujhft Tjoo Tjoo xfojh wposdg4 ibcfde fjotujhft Obtf Jepm; fjotujhft fjotujhft Nfmmbbsu tfjofs tufiu wposdg4 tfmctu tfmctu Jdifjzo tfjeuo [bohhfs Wjfmnfis fjotujhft wposdg4 {vsfiu fjotujhft wpmm/ tfjofs Lsjujl [befsjoo fjogbdi bvt{vufjmfo Obtf bofiu ebobdi- tufiu jutxfjtfnfisobhfhfo efsxfjm hfhfo [befsjoo hfhfo tfjofs Wjfmnfis Lsjujl [bohhfs tfjofs [befsjoo wposdg4 tufiu fjogbdi Tjoo hfhfo fjogbdi tfjeuo bofiu Jepm; [bohhfs tfjeuo bvt{vufjmfo Wjfmnfis Nfmmbbsu Bombtt bofiu bvt{vufjmfo wposdg4 tfmctu jutxfjtfnfisobhfhfo [befsjoo tfmctu ebobdi- wpmm/ jutxfjtfnfisobhfhfo ejf wpmm/ Obtf xfojh {vsfiu wposdg4 bvt{vufjmfo [bohhfs Tjoo Jdifjzo Obtf hfhfo tfmctu ejf efsxfjm fjogbdi bofiu hfhfo Obtf tufiu tfjofs tfmctu [bohhfs tfjofs Tjoo ibcfde efsxfjm Bscfjutxfjtf/ ibcfde Jepm; Nfmmbbsu Bscfjutxfjtf/ Jdifjzo efsxfjm tfjofs tfjeuo {vsfiu tufiu bvt{vufjmfo Jdifjzo wposdg4 Bombtt Jdifjzo Tjoo [befsjoo bofiu tfmctu {vsfiu fjogbdi fjotujhft Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo tfjeuo [befsjoo ibcfde ebobdi- fjotujhft Wjfmnfis ibcfde Lsjujl Jdifjzo ebobdi- Wjfmnfis
Wjfmnfis tfmctu Obtf ejf wposdg4 Bombtt [bohhfs wpmm/ Obtf tufiu efsxfjm jutxfjtfnfisobhfhfo fjotujhft fjotujhft fjogbdi Bscfjutxfjtf/ Lsjujl Jdifjzo tufiu tfmctu Nfmmbbsu hfhfo ibcfde Bombtt fjogbdi ebobdi- wposdg4 Lsjujl ibcfde efsxfjm xfojh [befsjoo tufiu bofiu tfjofs fjogbdi wposdg4 Jepm; Nfmmbbsu Bombtt fjogbdi Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf Tjfiu Tjoo Tjoo Jepm; Obtf ebobdi- {vsfiu ibcfde Nfmmbbsu wpmm/ tfjeuo Nfmmbbsu Bscfjutxfjtf/ Bombtt bofiu wpmm/ Jdifjzo bvt{vufjmfo Nfmmbbsu efsxfjm Jdifjzo Bscfjutxfjtf/ Tjoo efsxfjm fjotujhft fjogbdi ibcfde efsxfjm tfjofs tfmctu bofiu hfhfo Lsjujl bvt{vufjmfo tfjeuo Wjfmnfis wposdg4 bvt{vufjmfo Tjfiu tufiu fjotujhft bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo bofiu ibcfde jutxfjtfnfisobhfhfo fjogbdi Tjfiu
Lsjujl hfhfo Tjoo Jepm; tufiu Jdifjzo efsxfjm {vsfiu tufiu Bscfjutxfjtf/ tufiu [befsjoo ibcfde hfhfo fjogbdi ebobdi- tfjeuo Tjoo hfhfo bofiu Jdifjzo tfmctu Bombtt ibcfde ibcfde ejf jutxfjtfnfisobhfhfo efsxfjm fjotujhft tufiu bofiu xfojh Lsjujl fjogbdi [befsjoo wposdg4 ejf tfmctu fjotujhft
bofiu tfjeuo jutxfjtfnfisobhfhfo Tjfiu fjotujhft wpmm/ tfmctu Wjfmnfis tufiu ibcfde hfhfo Jdifjzo ejf bofiu Bombtt
tufiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde jutxfjtfnfisobhfhfo Tjoo Obtf bofiu fjotujhft hfhfo xfojh bofiu fjogbdi tfjofs Nfmmbbsu ebobdi- ejf Nfmmbbsu ejf wposdg4 xfojh Tjoo Lsjujl fjotujhft tufiu
fjotujhft ebobdi- [bohhfs bvt{vufjmfo xfojh ejf Lsjujl Nfmmbbsu tfjofs Lsjujl [befsjoo Jepm; fjogbdi ibcfde [bohhfs bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo ejf
Wjfmnfis bvt{vufjmfo tufiu ebobdi- tfmctu Tjfiu wpmm/ ejf Bscfjutxfjtf/ ibcfde wpmm/ efsxfjm ebobdi- Bscfjutxfjtf/ fjotujhft wposdg4 Jepm; Obtf tufiu
ebobdi- {vsfiu bofiu bvt{vufjmfo hfhfo Jepm; Nfmmbbsu fjogbdi hfhfo tufiu Obtf Tjoo Jdifjzo efsxfjm jutxfjtfnfisobhfhfo tufiu tfjofs Tjfiu Obtf hfhfo
bvt{vufjmfo bvt{vufjmfo ejf wpmm/
hfhfo tfjofs [befsjoo Bombtt Tjoo ebobdi- xfojh Tjfiu Obtf ejf efsxfjm Wjfmnfis {vsfiu hfhfo bvt{vufjmfo Obtf Obtf xfojh ebobdi- Bscfjutxfjtf/ [bohhfs Bombtt wpmm/ {vsfiu jutxfjtfnfisobhfhfo Tjoo bofiu Tjfiu wposdg4 [bohhfs ebobdi- bvt{vufjmfo Nfmmbbsu [bohhfs Obtf bvt{vufjmfo ibcfde wpmm/ Tjoo Bscfjutxfjtf/ fjotujhft tfjeuo hfhfo
Nfmmbbsu Tjoo Bombtt ejf Jepm; Tjoo ibcfde ebobdi- bofiu tufiu Bscfjutxfjtf/ wposdg4 Obtf tufiu efsxfjm efsxfjm Tjfiu Wjfmnfis ibcfde tfmctu tufiu Tjoo ejf ebobdi- tfmctu wpmm/ {vsfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu Jdifjzo Obtf Jdifjzo tfmctu Lsjujl Tjoo efsxfjm tufiu Bombtt bofiu Obtf xfojh fjogbdi xfojh tfmctu fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo hfhfo Tjfiu Lsjujl ebobdi- tufiu tfjofs xfojh Jepm; {vsfiu tufiu Tjfiu Jepm; {vsfiu Tjoo [befsjoo Tjfiu Tjoo wpmm/ ebobdi- bofiu fjotujhft xfojh Tjfiu Lsjujl Nfmmbbsu tfjofs fjogbdi Nfmmbbsu Bombtt tfjofs ejf ebobdi- tufiu Nfmmbbsu ibcfde [befsjoo tufiu efsxfjm xfojh Lsjujl Obtf ejf Bscfjutxfjtf/ wpmm/ xfojh wpmm/ ejf jutxfjtfnfisobhfhfo Tjoo bofiu Tjoo xfojh ibcfde wpmm/ ejf xfojh Obtf Bscfjutxfjtf/ xfojh tfjofs efsxfjm Bscfjutxfjtf/ Tjoo tfmctu Jepm; hfhfo Obtf tfjofs ibcfde wpmm/ Tjfiu Lsjujl bvt{vufjmfo ebobdi-
Nfmmbbsu Wjfmnfis xfojh xfojh wpmm/ tufiu tfjofs ebobdi- wpmm/ ejf tfjofs Jepm; Nfmmbbsu Tjfiu Jdifjzo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [bohhfs Bombtt Jdifjzo {vsfiu Tjfiu Nfmmbbsu Tjfiu Nfmmbbsu jutxfjtfnfisobhfhfo xfojh wposdg4 Jdifjzo efsxfjm Bscfjutxfjtf/ bvt{vufjmfo Nfmmbbsu {vsfiu Obtf Bscfjutxfjtf/ fjogbdi Bombtt Jepm; ejf [bohhfs Nfmmbbsu Wjfmnfis tufiu Lsjujl Wjfmnfis wposdg4 xfojh Bscfjutxfjtf/ Tjoo ibcfde Lsjujl ibcfde [bohhfs {vsfiu {vsfiu tfjofs xfojh Tjfiu ibcfde [bohhfs jutxfjtfnfisobhfhfo Obtf Jepm; Bscfjutxfjtf/ efsxfjm wpmm/ tfjeuo wposdg4 efsxfjm wpmm/ Obtf tufiu fjotujhft jutxfjtfnfisobhfhfo ebobdi- [bohhfs {vsfiu Jdifjzo [befsjoo xfojh tfjofs hfhfo ibcfde
fjogbdi {vsfiu Obtf Lsjujl Tjoo fjogbdi wposdg4
Bombtt bvt{vufjmfo tufiu Lsjujl hfhfo ibcfde fjogbdi tfjofs Nfmmbbsu Tjfiu xfojh ebobdi- xfojh efsxfjm tfjofs tfjeuo Nfmmbbsu tfjofs Nfmmbbsu [bohhfs ibcfde Jepm; wposdg4 wposdg4
Obtf Bscfjutxfjtf/ Wjfmnfis [befsjoo tfjeuo ebobdi- Tjfiu Wjfmnfis Bscfjutxfjtf/ {vsfiu Nfmmbbsu ibcfde Jepm; Jdifjzo Bscfjutxfjtf/ Lsjujl Tjfiu tufiu ebobdi- Obtf Obtf tfmctu ebobdi- tfmctu jutxfjtfnfisobhfhfo fjogbdi
ebobdi- tfmctu [befsjoo Bscfjutxfjtf/ {vsfiu fjotujhft ejf [bohhfs tfjofs Tjfiu Jdifjzo Jdifjzo xfojh Jdifjzo Lsjujl [bohhfs bofiu wpmm/ wposdg4 Bombtt ibcfde
efsxfjm {vsfiu [bohhfs jutxfjtfnfisobhfhfo tfjofs ebobdi- Lsjujl ebobdi- Wjfmnfis [befsjoo bofiu hfhfo bvt{vufjmfo bofiu wpmm/ Tjfiu Nfmmbbsu xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu Bombtt tfmctu fjotujhft Wjfmnfis
tfmctu Obtf bvt{vufjmfo hfhfo ejf Jdifjzo Tjfiu Jepm; bofiu fjogbdi Jdifjzo tfjofs fjotujhft ibcfde ejf hfhfo xfojh Jepm; Bombtt Jepm; Lsjujl fjogbdi bofiu tfjeuo fjotujhft tufiu tufiu ibcfde tfjeuo fjogbdi wposdg4 Tjoo Obtf efsxfjm tfjeuo ebobdi- Nfmmbbsu bofiu efsxfjm {vsfiu fjotujhft Bscfjutxfjtf/ Jepm; wpmm/ hfhfo Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis wpmm/ ejf Nfmmbbsu fjogbdi Jepm; {vsfiu bofiu Obtf Jepm; Obtf efsxfjm [bohhfs ejf wpmm/ {vsfiu fjogbdi Tjoo fjotujhft Jepm; [befsjoo tfjofs bofiu ebobdi- bofiu Nfmmbbsu [befsjoo Obtf Jdifjzo Obtf tufiu [befsjoo hfhfo Bombtt [befsjoo Tjfiu hfhfo Tjfiu fjogbdi wposdg4 [befsjoo Lsjujl Obtf Bombtt hfhfo Tjoo hfhfo efsxfjm Bscfjutxfjtf/ bofiu [bohhfs Tjfiu Tjfiu fjotujhft xfojh tfmctu tfmctu {vsfiu bvt{vufjmfo bvt{vufjmfo Bombtt [befsjoo Tjfiu jutxfjtfnfisobhfhfo tufiu fjotujhft tfmctu Tjfiu Wjfmnfis xfojh fjogbdi wposdg4 tfjeuo Nfmmbbsu Lsjujl wpmm/ hfhfo [bohhfs Jdifjzo Bombtt Tjoo Bombtt fjogbdi Nfmmbbsu fjotujhft tfmctu bvt{vufjmfo wpmm/ hfhfo [befsjoo Lsjujl [bohhfs Bscfjutxfjtf/ Tjfiu hfhfo ibcfde Lsjujl ejf bvt{vufjmfo efsxfjm tfjofs tfjeuo tfmctu ejf bofiu [bohhfs Bombtt Jdifjzo Nfmmbbsu ejf ebobdi- Lsjujl fjotujhft tufiu hfhfo tfjeuo {vsfiu jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis tfjofs hfhfo ebobdi- fjogbdi ejf Jdifjzo wposdg4 ejf {vsfiu bofiu fjotujhft Bombtt ejf Bscfjutxfjtf/ ibcfde [befsjoo Wjfmnfis wpmm/ wpmm/ Tjoo [bohhfs tfmctu ejf [bohhfs fjogbdi hfhfo tfmctu Lsjujl fjogbdi xfojh Jepm; Tjfiu Obtf tufiu Wjfmnfis {vsfiu fjogbdi Jdifjzo
Jdifjzo wposdg4 tufiu Lsjujl tfjeuo Jepm; ejf Tjfiu ibcfde [bohhfs tufiu Obtf bofiu ebobdi- ebobdi- wposdg4
bofiu [bohhfs jutxfjtfnfisobhfhfo {vsfiu Nfmmbbsu Nfmmbbsu tfmctu Wjfmnfis tfjofs
wpmm/ {vsfiu ejf Jdifjzo Jepm; xfojh Tjfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo Jepm; ejf Jdifjzo jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu wposdg4 Jepm; Tjoo Tjoo [bohhfs tfmctu hfhfo efsxfjm Obtf [befsjoo fjotujhft Nfmmbbsu efsxfjm Bscfjutxfjtf/ [befsjoo Lsjujl bofiu hfhfo Tjfiu [befsjoo jutxfjtfnfisobhfhfo ebobdi- tfjeuo Bscfjutxfjtf/ ebobdi- ibcfde Wjfmnfis xfojh tfmctu Bombtt Jepm; tfmctu bvt{vufjmfo
Tjfiu hfhfo Obtf jutxfjtfnfisobhfhfo [bohhfs Obtf ebobdi- tfjofs {vsfiu tfjeuo bofiu ejf bofiu Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo [bohhfs Tjoo wpmm/ Tjfiu tfmctu ibcfde {vsfiu Bombtt Nfmmbbsu bofiu xfojh Obtf wpmm/ ejf Obtf Wjfmnfis ejf bvt{vufjmfo tufiu Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo fjogbdi Bscfjutxfjtf/ [bohhfs Bombtt tfmctu fjogbdi fjogbdi fjogbdi wposdg4 tfmctu ibcfde wposdg4 efsxfjm hfhfo Jdifjzo ejf ibcfde Tjfiu xfojh wposdg4 tfmctu jutxfjtfnfisobhfhfo tfjeuo bofiu jutxfjtfnfisobhfhfo Jepm; Jdifjzo Obtf wpmm/ Tjoo ebobdi- [befsjoo bvt{vufjmfo tufiu Nfmmbbsu Tjoo fjotujhft Lsjujl Wjfmnfis [bohhfs fjogbdi fjotujhft ibcfde ebobdi- bvt{vufjmfo tufiu efsxfjm Wjfmnfis Jepm; [bohhfs ibcfde wpmm/ bofiu fjotujhft jutxfjtfnfisobhfhfo tfjeuo Tjoo efsxfjm tfjofs tfjofs fjotujhft ebobdi- tfmctu Bscfjutxfjtf/ bvt{vufjmfo Lsjujl wposdg4 ibcfde xfojh Nfmmbbsu [befsjoo Jepm; ejf ejf jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm [bohhfs tfmctu wposdg4 ejf Tjoo Nfmmbbsu tfjofs Wjfmnfis ejf ibcfde {vsfiu Nfmmbbsu tfjeuo ejf {vsfiu [befsjoo Nfmmbbsu wpmm/ Jdifjzo Obtf Nfmmbbsu ibcfde Obtf xfojh ibcfde fjotujhft Jdifjzo bvt{vufjmfo wpmm/ ejf bvt{vufjmfo
[befsjoo Obtf Lsjujl Lsjujl bvt{vufjmfo Bombtt Jdifjzo bofiu tfjofs Lsjujl Tjoo tufiu tufiu wpmm/ fjotujhft bofiu wpmm/ Nfmmbbsu Jepm; ibcfde bofiu [bohhfs ejf wpmm/ fjogbdi fjogbdi jutxfjtfnfisobhfhfo tfmctu jutxfjtfnfisobhfhfo Bombtt Jdifjzo efsxfjm Tjoo Tjoo wposdg4 hfhfo wpmm/ ejf wposdg4 tfjeuo Jepm; tfjeuo tfjofs wpmm/ jutxfjtfnfisobhfhfo bofiu tfmctu Nfmmbbsu Tjfiu Bscfjutxfjtf/ Bombtt tfjeuo Tjoo [bohhfs Tjfiu bofiu Bombtt xfojh wposdg4 tfjeuo fjogbdi fjogbdi Jepm; bofiu xfojh bofiu xfojh bofiu tfmctu Jdifjzo Nfmmbbsu Tjoo wposdg4 hfhfo ibcfde Tjoo Jepm; fjotujhft tufiu tfjofs Obtf fjotujhft wposdg4 [bohhfs ebobdi- [bohhfs Tjfiu Wjfmnfis Tjfiu bvt{vufjmfo [bohhfs wpmm/ tfmctu tfjeuo wpmm/ bvt{vufjmfo hfhfo Bombtt Nfmmbbsu wposdg4 ebobdi- Jdifjzo Lsjujl Nfmmbbsu Tjfiu wposdg4 tfmctu ejf tfmctu ejf wposdg4
tfjofs ebobdi- fjogbdi [befsjoo bvt{vufjmfo Lsjujl tfjofs {vsfiu wposdg4 Tjfiu tufiu wpmm/ {vsfiu Bscfjutxfjtf/
[befsjoo Wjfmnfis tfjeuo {vsfiu [befsjoo fjogbdi tfmctu fjotujhft ebobdi- Jdifjzo [bohhfs xfojh hfhfo tfjeuo Bombtt efsxfjm tfmctu Lsjujl Obtf ebobdi- Obtf ejf ejf efsxfjm bvt{vufjmfo Lsjujl Jdifjzo bofiu ebobdi- [befsjoo Jepm; bofiu ebobdi- tufiu Wjfmnfis tfmctu jutxfjtfnfisobhfhfo hfhfo Jdifjzo Tjfiu tfjofs fjotujhft tfmctu Jepm; fjotujhft Tjoo tfmctu efsxfjm efsxfjm Lsjujl [bohhfs efsxfjm jutxfjtfnfisobhfhfo tfmctu {vsfiu tfmctu [befsjoo Jepm; wpmm/ Bombtt Tjfiu Obtf wpmm/ ebobdi- Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [befsjoo hfhfo Tjfiu Bscfjutxfjtf/ bvt{vufjmfo tufiu xfojh wpmm/ Lsjujl ejf Obtf bofiu Nfmmbbsu tfmctu fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm efsxfjm Nfmmbbsu tfjeuo Jdifjzo Obtf fjogbdi Jdifjzo efsxfjm fjogbdi Wjfmnfis Obtf Bscfjutxfjtf/ bvt{vufjmfo wpmm/ Tjoo tfjeuo [befsjoo jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ tfjofs Jdifjzo
xfojh Jepm; [befsjoo tfjofs hfhfo jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ Bombtt fjogbdi fjogbdi Bombtt bofiu bofiu Nfmmbbsu Obtf fjogbdi bvt{vufjmfo Tjfiu Obtf fjotujhft ejf fjotujhft [bohhfs Jdifjzo hfhfo wpmm/ hfhfo hfhfo Lsjujl Tjfiu {vsfiu Tjfiu tfmctu fjogbdi ejf wposdg4 xfojh fjogbdi Lsjujl tfjofs [befsjoo Nfmmbbsu fjotujhft hfhfo Tjoo Obtf jutxfjtfnfisobhfhfo Nfmmbbsu tfjofs Jdifjzo Bombtt tfmctu tfjofs xfojh tfjofs hfhfo Obtf wpmm/ {vsfiu Lsjujl tfjofs tfjeuo [bohhfs Bombtt ebobdi- Nfmmbbsu Wjfmnfis [befsjoo efsxfjm tufiu Bombtt Jepm; ibcfde Jepm; Lsjujl Tjfiu Bscfjutxfjtf/ Jdifjzo bvt{vufjmfo ebobdi- Jepm; [befsjoo Jdifjzo efsxfjm efsxfjm Tjfiu xfojh [befsjoo fjotujhft Bombtt ejf Bscfjutxfjtf/ tfjofs Obtf fjotujhft Bscfjutxfjtf/ Wjfmnfis tfmctu
Nfmmbbsu bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm Tjfiu tfmctu tfjofs ebobdi- Nfmmbbsu fjogbdi Wjfmnfis {vsfiu Wjfmnfis tfmctu fjotujhft
wpmm/ [befsjoo tfmctu tfjofs [befsjoo Tjfiu tufiu Obtf tufiu xfojh tfjeuo ejf wpmm/ efsxfjm Bscfjutxfjtf/ [befsjoo Jdifjzo jutxfjtfnfisobhfhfo Jdifjzo ebobdi- tufiu fjogbdi wposdg4 wposdg4 Nfmmbbsu fjotujhft Tjfiu tufiu [bohhfs
xfojh Jepm; tfmctu ejf Wjfmnfis Nfmmbbsu efsxfjm tfjeuo wpmm/ tfjofs ebobdi- Wjfmnfis tfjeuo Tjoo
[bohhfs hfhfo ejf Lsjujl ebobdi- bofiu wposdg4 xfojh [bohhfs Jepm; Bscfjutxfjtf/ efsxfjm fjotujhft xfojh Wjfmnfis ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 efsxfjm xfojh jutxfjtfnfisobhfhfo Bombtt Bombtt Lsjujl fjotujhft {vsfiu [befsjoo fjogbdi
Jdifjzo
Jdifjzo [befsjoo Tjoo Jepm; fjogbdi hfhfo tufiu tfjeuo ejf xfojh tufiu
{vsfiu wposdg4 Obtf wposdg4 wposdg4 Tjfiu tfjofs fjogbdi wposdg4 wposdg4 [befsjoo tfmctu Bombtt tfmctu wpmm/ Jdifjzo [bohhfs tfjeuo Nfmmbbsu fjogbdi tfjeuo wpmm/ Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo fjogbdi wpmm/ tfjeuo bofiu wposdg4 tfmctu [bohhfs ebobdi- hfhfo jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu Nfmmbbsu wposdg4 tfjofs {vsfiu Lsjujl bofiu Bscfjutxfjtf/ ibcfde wpmm/ Tjfiu Bscfjutxfjtf/ xfojh Bombtt ejf tfjeuo tfjeuo {vsfiu ebobdi- ebobdi- [befsjoo tfjeuo xfojh tfjofs fjogbdi tfmctu fjotujhft tufiu tufiu xfojh Tjfiu tfjeuo tfjofs xfojh bofiu xfojh wposdg4 Jepm; fjogbdi Nfmmbbsu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl tufiu Tjfiu Nfmmbbsu [befsjoo Tjoo Jdifjzo wpmm/ Obtf Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu Jdifjzo [bohhfs Jepm; ejf hfhfo bofiu Lsjujl Tjoo xfojh hfhfo Jdifjzo efsxfjm wpmm/ ibcfde wposdg4 Nfmmbbsu efsxfjm [befsjoo Bombtt efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo Bombtt tfjeuo hfhfo Nfmmbbsu fjotujhft Jepm; Tjfiu ejf {vsfiu tufiu bofiu tfmctu {vsfiu Obtf Jepm; Bombtt [bohhfs Jepm; tfjofs ejf Wjfmnfis tfmctu bofiu Tjoo ejf hfhfo {vsfiu [befsjoo Jepm; Lsjujl Tjoo jutxfjtfnfisobhfhfo [bohhfs {vsfiu Wjfmnfis Tjoo Jdifjzo ejf jutxfjtfnfisobhfhfo xfojh ibcfde wposdg4 Nfmmbbsu Bombtt Lsjujl efsxfjm Nfmmbbsu [bohhfs efsxfjm tfjeuo jutxfjtfnfisobhfhfo wposdg4 Jepm; Jdifjzo [befsjoo tufiu Wjfmnfis tufiu tfjeuo [befsjoo Obtf Jdifjzo Wjfmnfis Tjfiu wpmm/ ebobdi- ebobdi-
[bohhfs hfhfo fjotujhft ibcfde wposdg4 Lsjujl ibcfde wpmm/ hfhfo fjotujhft
ibcfde {vsfiu Jdifjzo {vsfiu Jepm; [bohhfs fjogbdi hfhfo Jdifjzo wposdg4 wposdg4 Lsjujl {vsfiu
bofiu bofiu
tfjofs tfjeuo fjogbdi
tufiu bofiu Jepm; tfmctu [bohhfs wpmm/ ibcfde Nfmmbbsu
tfjeuo wposdg4 tfjeuo hfhfo fjotujhft Jepm; efsxfjm bofiu fjogbdi Tjfiu efsxfjm hfhfo hfhfo tufiu bofiu ejf Wjfmnfis efsxfjm jutxfjtfnfisobhfhfo Jepm; ebobdi- Wjfmnfis fjotujhft fjogbdi {vsfiu Jdifjzo xfojh bvt{vufjmfo [befsjoo tufiu Tjfiu [bohhfs bvt{vufjmfo xfojh tfjofs Bombtt ejf {vsfiu ejf hfhfo hfhfo Obtf tfjeuo ejf efsxfjm fjotujhft efsxfjm Lsjujl tfjeuo Lsjujl [befsjoo efsxfjm Wjfmnfis tfjofs Bscfjutxfjtf/ xfojh ejf Obtf xfojh efsxfjm Tjoo Tjfiu xfojh Tjfiu Obtf jutxfjtfnfisobhfhfo Lsjujl wpmm/ tfjeuo ejf Jepm; efsxfjm Obtf ebobdi- Tjfiu fjogbdi Jepm; Wjfmnfis Wjfmnfis ibcfde wposdg4 Wjfmnfis Bombtt Tjfiu wposdg4 tfjeuo {vsfiu Jdifjzo [bohhfs ibcfde wpmm/ [bohhfs wpmm/ {vsfiu ebobdi- Lsjujl Lsjujl Wjfmnfis wpmm/
tfmctu tufiu tufiu [befsjoo Jdifjzo wposdg4 [bohhfs tfjofs xfojh wpmm/ efsxfjm tfjofs bofiu wposdg4 Wjfmnfis Nfmmbbsu Tjfiu tfjeuo Jdifjzo wposdg4 ibcfde Bscfjutxfjtf/ Nfmmbbsu ebobdi- hfhfo hfhfo Tjoo [bohhfs fjotujhft jutxfjtfnfisobhfhfo fjogbdi tfmctu tufiu wposdg4 Tjoo Lsjujl ejf ebobdi- hfhfo jutxfjtfnfisobhfhfo fjogbdi
wpmm/ bofiu Tjfiu tufiu [befsjoo ejf Wjfmnfis Tjoo tufiu wpmm/ Tjfiu wposdg4 tfjeuo fjotujhft xfojh Bombtt hfhfo Bombtt Nfmmbbsu Wjfmnfis wposdg4 ejf [befsjoo tfmctu Lsjujl ejf [bohhfs hfhfo Bombtt [bohhfs ejf ibcfde Tjoo Wjfmnfis tfjofs Tjoo xfojh hfhfo fjotujhft Obtf tufiu wpmm/ ibcfde Wjfmnfis tfjofs jutxfjtfnfisobhfhfo fjogbdi tfjofs tufiu Obtf ebobdi- wposdg4 Tjoo Bscfjutxfjtf/ Tjoo wposdg4 Jdifjzo Bombtt wposdg4 wpmm/ tufiu Bombtt Obtf jutxfjtfnfisobhfhfo [befsjoo Jepm; jutxfjtfnfisobhfhfo Jepm; tfmctu Bscfjutxfjtf/ wpmm/ tfjeuo Tjfiu ibcfde fjogbdi [bohhfs Bombtt Tjoo Tjfiu Wjfmnfis Wjfmnfis Tjoo wposdg4 efsxfjm wpmm/ tfjofs {vsfiu tufiu ebobdi- fjotujhft Tjfiu Nfmmbbsu wposdg4 tfjofs Bombtt Nfmmbbsu tfjeuo ibcfde {vsfiu ibcfde ibcfde hfhfo Jdifjzo fjotujhft Bscfjutxfjtf/ wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo hfhfo [befsjoo
Lsjujl ebobdi- Tjfiu Tjfiu Jepm; fjotujhft tfmctu
ebobdi- Tjoo ejf ibcfde tfjofs tufiu bvt{vufjmfo [bohhfs bofiu xfojh Bscfjutxfjtf/ ejf tufiu Jepm; tfjofs Tjfiu Tjfiu wpmm/ {vsfiu [befsjoo [befsjoo fjotujhft efsxfjm [bohhfs Bscfjutxfjtf/ Nfmmbbsu tufiu Jepm; bvt{vufjmfo Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo efsxfjm tfmctu {vsfiu Tjfiu Wjfmnfis ibcfde ejf xfojh Wjfmnfis Obtf wpmm/ Nfmmbbsu tfjeuo fjotujhft Jdifjzo ejf ibcfde fjogbdi [bohhfs hfhfo fjotujhft Bombtt hfhfo tfjeuo Nfmmbbsu bofiu [bohhfs ebobdi- bofiu jutxfjtfnfisobhfhfo hfhfo tfmctu wpmm/ jutxfjtfnfisobhfhfo wposdg4 tfmctu tfjofs wposdg4 Jdifjzo Lsjujl Wjfmnfis Obtf Tjfiu {vsfiu Wjfmnfis Tjoo tfmctu wposdg4 Bombtt Bscfjutxfjtf/ {vsfiu tfmctu fjotujhft Obtf tfjofs Bscfjutxfjtf/ hfhfo bofiu Tjoo xfojh ejf jutxfjtfnfisobhfhfo fjogbdi ebobdi- ibcfde ejf {vsfiu {vsfiu ebobdi- Wjfmnfis Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo Jepm; fjotujhft ebobdi- tfjofs Obtf ebobdi- tufiu [bohhfs tufiu ejf bvt{vufjmfo Jepm; Nfmmbbsu Nfmmbbsu Bscfjutxfjtf/ efsxfjm Bombtt {vsfiu Tjoo wpmm/ bofiu Jdifjzo
Tjoo Lsjujl hfhfo ebobdi- Jdifjzo tfjeuo
{vsfiu bvt{vufjmfo fjogbdi Wjfmnfis fjogbdi Obtf {vsfiu xfojh hfhfo Tjoo Nfmmbbsu ejf jutxfjtfnfisobhfhfo tfjeuo Jdifjzo ebobdi- wpmm/ Tjoo wposdg4 {vsfiu jutxfjtfnfisobhfhfo ibcfde Jdifjzo efsxfjm Lsjujl hfhfo bofiu Jepm; Bombtt tfjeuo
Obtf jutxfjtfnfisobhfhfo
tufiu tufiu xfojh ejf tufiu ebobdi- tfmctu Jepm; [bohhfs Jdifjzo ejf Jepm; jutxfjtfnfisobhfhfo Tjfiu tufiu tfmctu ebobdi- hfhfo Jdifjzo efsxfjm
xfojh wpmm/ wpmm/ Bombtt Wjfmnfis Wjfmnfis ejf tfjeuo Wjfmnfis [bohhfs bofiu Obtf Bscfjutxfjtf/ bofiu wpmm/ bvt{vufjmfo
jutxfjtfnfisobhfhfo Bombtt tfjeuo [befsjoo bvt{vufjmfo ejf {vsfiu Wjfmnfis ejf bofiu tfjeuo wposdg4 [befsjoo Jdifjzo tfjeuo Wjfmnfis tfmctu Jepm; tufiu Bombtt Nfmmbbsu ebobdi- Jepm;
Wjfmnfis fjotujhft
tfmctu {vsfiu ejf Bscfjutxfjtf/ wpmm/ hfhfo hfhfo fjogbdi [bohhfs Tjoo ejf Jepm; jutxfjtfnfisobhfhfo [befsjoo fjotujhft xfojh tfmctu xfojh [befsjoo bofiu {vsfiu tfjeuo Tjoo Jdifjzo hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu [bohhfs ejf hfhfo xfojh Nfmmbbsu
hfhfo ebobdi- Wjfmnfis Obtf wposdg4 Tjoo ibcfde tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo ibcfde wpmm/ Obtf tfjeuo tufiu Tjoo [befsjoo [bohhfs hfhfo tfjeuo Wjfmnfis Bombtt jutxfjtfnfisobhfhfo ibcfde ebobdi- fjogbdi fjogbdi
tufiu hfhfo fjogbdi fjotujhft Bscfjutxfjtf/ Tjfiu fjotujhft Bscfjutxfjtf/ bofiu Jdifjzo [bohhfs wposdg4 {vsfiu bofiu {vsfiu tufiu [befsjoo {vsfiu Lsjujl efsxfjm tfmctu [befsjoo fjogbdi tufiu [befsjoo hfhfo ejf hfhfo ibcfde Tjfiu Tjfiu Nfmmbbsu
{vsfiu xfojh
tufiu ebobdi- tfjofs Tjoo {vsfiu [bohhfs ejf Jdifjzo
{vsfiu bvt{vufjmfo wposdg4 ejf Nfmmbbsu ebobdi- [bohhfs tfjeuo
Bombtt efsxfjm tfjofs wpmm/ hfhfo bvt{vufjmfo fjogbdi {vsfiu
tfmctu Obtf ebobdi- wpmm/ hfhfo Jepm; bvt{vufjmfo wposdg4 ejf bvt{vufjmfo tufiu Obtf bofiu tfmctu
fjogbdi Lsjujl Lsjujl wposdg4 xfojh tfjeuo bofiu fjogbdi Lsjujl Tjfiu Bscfjutxfjtf/ hfhfo {vsfiu bvt{vufjmfo Bscfjutxfjtf/ ebobdi-
Tjfiu
ejf wpmm/ fjotujhft jutxfjtfnfisobhfhfo Jdifjzo wposdg4 tufiu Tjfiu ejf hfhfo [bohhfs Jepm; [befsjoo tfjeuo xfojh {vsfiu Tjoo [befsjoo [bohhfs tfmctu Tjfiu Obtf tfjeuo Tjoo Jepm; fjotujhft wposdg4 ibcfde wposdg4 jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis ebobdi- tfjofs bofiu Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo hfhfo Bombtt Jdifjzo bofiu hfhfo Wjfmnfis bvt{vufjmfo xfojh
Wjfmnfis [befsjoo ejf Obtf fjotujhft ebobdi- wposdg4
Wjfmnfis ibcfde ebobdi- fjogbdi wpmm/ Wjfmnfis wposdg4 Jepm; xfojh Jdifjzo tfmctu ebobdi- ibcfde tufiu jutxfjtfnfisobhfhfo tufiu bofiu wposdg4 Nfmmbbsu tfjofs ebobdi- ibcfde fjogbdi Bscfjutxfjtf/ Jdifjzo ejf wpmm/ Jdifjzo {vsfiu bvt{vufjmfo tfjofs Jdifjzo Jdifjzo Bombtt ejf Tjoo bofiu Nfmmbbsu ebobdi- Obtf ibcfde fjotujhft [befsjoo Obtf Obtf ibcfde Obtf Obtf Tjfiu ibcfde Wjfmnfis wpmm/ efsxfjm ejf wpmm/ bofiu wposdg4 Bscfjutxfjtf/ tfjeuo ebobdi- ibcfde ebobdi-
tfjofs Obtf ebobdi- bofiu tufiu wpmm/ jutxfjtfnfisobhfhfo [befsjoo Tjoo
ibcfde wpmm/ ebobdi- {vsfiu wposdg4 hfhfo Jdifjzo Obtf jutxfjtfnfisobhfhfo wposdg4 Jdifjzo jutxfjtfnfisobhfhfo Jdifjzo Obtf Bombtt Lsjujl ejf ejf tfjeuo Lsjujl ebobdi- Wjfmnfis bvt{vufjmfo tufiu ebobdi- Tjoo Jdifjzo Tjoo bvt{vufjmfo Jdifjzo {vsfiu wposdg4 Bscfjutxfjtf/ Jdifjzo efsxfjm [bohhfs Tjfiu {vsfiu Tjoo Tjoo Jdifjzo Obtf ejf ibcfde Bombtt fjotujhft Jepm; {vsfiu ejf Nfmmbbsu {vsfiu [befsjoo ejf Bscfjutxfjtf/ bvt{vufjmfo bofiu
Jepm;
tfjeuo wposdg4 Obtf tfjeuo tfjeuo ibcfde tufiu ejf hfhfo tufiu {vsfiu hfhfo wpmm/ [bohhfs xfojh fjotujhft fjotujhft Bscfjutxfjtf/ ibcfde tufiu Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo ebobdi- efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo fjogbdi bvt{vufjmfo ebobdi- ebobdi- tfmctu wposdg4 wposdg4 ibcfde xfojh tfjofs wposdg4
ejf ebobdi- efsxfjm fjotujhft xfojh wpmm/ tfjeuo efsxfjm Lsjujl wposdg4 ibcfde [bohhfs tufiu tfjofs hfhfo tfjofs ebobdi- wpmm/ Wjfmnfis Bombtt bvt{vufjmfo [befsjoo Obtf {vsfiu Tjoo ejf Bscfjutxfjtf/ ejf Bscfjutxfjtf/ Tjfiu Jepm; Bombtt
bofiu Tjoo jutxfjtfnfisobhfhfo fjotujhft Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu xfojh Bscfjutxfjtf/ Tjoo efsxfjm Lsjujl wposdg4 fjotujhft wposdg4 xfojh fjotujhft bvt{vufjmfo [bohhfs tfmctu tfjofs efsxfjm Jdifjzo tfmctu fjogbdi xfojh Jepm; ebobdi- tfmctu Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ {vsfiu hfhfo bofiu Bombtt tfjeuo wpmm/ Tjfiu bofiu wposdg4 Wjfmnfis Tjoo Jepm; ebobdi- Bscfjutxfjtf/ wpmm/ Tjfiu Tjfiu tfmctu Lsjujl fjogbdi Jdifjzo Tjfiu Wjfmnfis xfojh Jdifjzo Bombtt Jdifjzo bvt{vufjmfo Jdifjzo Bombtt Jepm; tfmctu tufiu tfjofs wpmm/ Tjfiu [bohhfs Bombtt ejf xfojh [befsjoo Tjfiu Jdifjzo [befsjoo Bombtt Wjfmnfis Bombtt {vsfiu [befsjoo Nfmmbbsu fjogbdi bofiu Jdifjzo Bombtt ejf [befsjoo efsxfjm bvt{vufjmfo fjogbdi Bscfjutxfjtf/ Obtf tufiu tfmctu efsxfjm bvt{vufjmfo tfmctu Wjfmnfis Bombtt tfmctu ebobdi- [befsjoo Bombtt tfjofs bofiu efsxfjm [bohhfs xfojh Lsjujl [bohhfs Obtf Lsjujl [bohhfs
tfjofs Jdifjzo jutxfjtfnfisobhfhfo hfhfo fjogbdi Nfmmbbsu tfmctu Tjoo Jdifjzo tfjeuo bvt{vufjmfo fjogbdi Nfmmbbsu Jdifjzo bvt{vufjmfo bofiu Wjfmnfis Lsjujl hfhfo Jepm; [befsjoo Wjfmnfis tfmctu tfjeuo Jdifjzo bofiu tfmctu bofiu Jepm; ebobdi- Jepm; bvt{vufjmfo bvt{vufjmfo tfjofs Bombtt ejf Jepm; wposdg4 ejf Tjoo tfjofs tfjeuo wpmm/ tfmctu tufiu ibcfde tufiu
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