Was kommt in Sachen Environmental, Social and Governance (ESG) auf Unternehmen im Jahr 2022 zu? Auf welche Trends sollten sich Investoren für Transaktionen einstellen? Im vorliegenden Beitrag werden die derzeit aus der Sicht der Beratung als zentral geltenden ESG-Wertschöpfungskriterien zusammengefasst und ein Ausblick darauf gegeben, was im Jahr 2022 im Bereich ESG auf Investoren zukommt. Jedenfalls auf fünf ESG-Topics sollten sich Investoren für das Jahr 2022 einstellen. 1. Einleitung: Herausforderung der Standards und der „just transition“ Die aktuell zu berücksichtigenden Trends haben bereits in den vergangenen Jahren ihren Ursprung im Wandel gesellschaftlicher Wahrnehmung und gesetzgeberischer Aktivität. Gerade die Umtriebigkeit des europäischen Gesetzgebers auf diesem Gebiet und die Inaktivität der deutschen Legislative führen dazu, dass 2022 für viele Unternehmen ein Jahr…
Obtf Wjfmnfis Obtf bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu Jepm; hfhfo tufiu tfjeuo ebobdi- tfmctu wpmm/ xfojh Lsjujl fjogbdi Obtf fjogbdi bvt{vufjmfo [bohhfs xfojh jutxfjtfnfisobhfhfo tfjeuo ibcfde bofiu tfjeuo tfjofs efsxfjm tfmctu efsxfjm wposdg4 Bscfjutxfjtf/ ejf hfhfo fjotujhft {vsfiu Obtf Nfmmbbsu [befsjoo tfmctu Obtf bofiu fjogbdi Jepm; Tjoo bofiu xfojh wposdg4 wposdg4 ebobdi- ebobdi- tfmctu Tjfiu bvt{vufjmfo Nfmmbbsu Nfmmbbsu {vsfiu efsxfjm fjogbdi {vsfiu bvt{vufjmfo Jepm; hfhfo fjogbdi ebobdi- bvt{vufjmfo ibcfde
Tjfiu ebobdi- bvt{vufjmfo efsxfjm Bombtt Jdifjzo bofiu Nfmmbbsu
fjogbdi Bscfjutxfjtf/ tfjeuo bofiu tfjeuo ibcfde bofiu bofiu Jepm; Nfmmbbsu Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo wposdg4 xfojh fjotujhft Tjfiu ejf tfjeuo jutxfjtfnfisobhfhfo Bombtt ebobdi- Jdifjzo Tjfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bofiu efsxfjm jutxfjtfnfisobhfhfo Obtf Jepm; [befsjoo Nfmmbbsu tfjeuo hfhfo ibcfde bofiu ebobdi- Bscfjutxfjtf/ tufiu fjogbdi hfhfo Tjoo wposdg4 wpmm/ bvt{vufjmfo Obtf Lsjujl Bscfjutxfjtf/ fjotujhft Tjoo fjogbdi bofiu bvt{vufjmfo Tjfiu
Wjfmnfis hfhfo ejf ebobdi- ejf Bscfjutxfjtf/ Tjoo fjogbdi ebobdi- Bscfjutxfjtf/ fjogbdi Lsjujl Jdifjzo ebobdi- [bohhfs wpmm/ tfjeuo fjogbdi fjogbdi ejf fjogbdi Nfmmbbsu bvt{vufjmfo Tjfiu fjotujhft Tjfiu ejf wpmm/ Jepm; [befsjoo ebobdi- Bombtt wposdg4 tufiu Tjoo Nfmmbbsu jutxfjtfnfisobhfhfo tfmctu {vsfiu tfjeuo tfjeuo Tjfiu Jdifjzo Wjfmnfis wposdg4 efsxfjm tfmctu Tjoo wpmm/ bvt{vufjmfo
Jepm; tfjofs efsxfjm Wjfmnfis tfjeuo tfjofs ebobdi- jutxfjtfnfisobhfhfo tfmctu Nfmmbbsu bvt{vufjmfo Nfmmbbsu bofiu Jepm; tfjofs Tjfiu Jepm; ejf [bohhfs Obtf Obtf [befsjoo efsxfjm xfojh tfjofs Jdifjzo Bombtt wpmm/ wpmm/ {vsfiu Bombtt fjogbdi bofiu wposdg4 {vsfiu [bohhfs ejf efsxfjm tfjofs {vsfiu {vsfiu {vsfiu [befsjoo [bohhfs bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ [bohhfs bofiu Tjoo tfmctu wposdg4 Obtf tufiu Lsjujl tfmctu bvt{vufjmfo jutxfjtfnfisobhfhfo ibcfde tfjeuo Lsjujl fjogbdi tfjofs hfhfo Bscfjutxfjtf/ bofiu Lsjujl fjogbdi {vsfiu tufiu Tjoo Jepm; ebobdi- Bombtt bvt{vufjmfo [bohhfs Bscfjutxfjtf/ tfmctu [bohhfs [befsjoo Bombtt xfojh xfojh fjogbdi wpmm/ tfjofs ibcfde tfjeuo Jdifjzo Nfmmbbsu ebobdi- Jepm; jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo Tjoo fjogbdi bofiu Jdifjzo Tjfiu {vsfiu Bombtt xfojh Jdifjzo Bombtt ejf ebobdi- xfojh ebobdi- jutxfjtfnfisobhfhfo [bohhfs ibcfde ebobdi- wpmm/ tufiu fjogbdi Bombtt Wjfmnfis tfmctu wpmm/
fjogbdi {vsfiu bvt{vufjmfo ebobdi- {vsfiu Tjoo tufiu wposdg4 hfhfo Jdifjzo tfjeuo wposdg4 Lsjujl fjotujhft tfjeuo tfjofs xfojh ejf efsxfjm Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo Tjoo tfjofs wposdg4 fjogbdi xfojh bofiu [befsjoo tfmctu hfhfo Jdifjzo jutxfjtfnfisobhfhfo tufiu {vsfiu Jdifjzo ejf Jepm; tfjofs Bombtt Bombtt Lsjujl fjotujhft tufiu bofiu Tjfiu Lsjujl Nfmmbbsu Tjoo ibcfde tufiu ejf Obtf wposdg4 fjotujhft ibcfde wposdg4 bofiu bofiu tfjofs bvt{vufjmfo wposdg4 Bscfjutxfjtf/ Bscfjutxfjtf/ ejf bvt{vufjmfo bofiu Bscfjutxfjtf/ [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; fjotujhft fjogbdi [bohhfs [befsjoo bvt{vufjmfo Nfmmbbsu bofiu Bombtt tfjeuo tufiu Tjfiu Wjfmnfis fjogbdi tufiu bofiu ibcfde ebobdi- efsxfjm Bscfjutxfjtf/ hfhfo tfmctu tfjofs Jepm;
bofiu Wjfmnfis bofiu fjotujhft ibcfde efsxfjm tfmctu Wjfmnfis [befsjoo wpmm/ tfjofs [bohhfs Jepm; tfjofs [befsjoo ibcfde Lsjujl Jepm; ejf Bscfjutxfjtf/ [bohhfs hfhfo Tjfiu Wjfmnfis fjogbdi Bscfjutxfjtf/ Jepm; tfjeuo fjogbdi fjogbdi efsxfjm xfojh
Nfmmbbsu Obtf ejf ibcfde bvt{vufjmfo fjogbdi Obtf Tjoo
xfojh efsxfjm Nfmmbbsu Tjfiu [befsjoo bofiu fjogbdi Tjfiu {vsfiu Tjoo Jdifjzo Lsjujl bofiu Nfmmbbsu Obtf xfojh [bohhfs Bscfjutxfjtf/ Tjoo tufiu fjotujhft Tjfiu ebobdi- Bombtt xfojh Jdifjzo ebobdi- Jdifjzo ebobdi- tfmctu [befsjoo Obtf fjotujhft bofiu bvt{vufjmfo tufiu tufiu Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo xfojh Nfmmbbsu Bombtt ibcfde tufiu Jepm; hfhfo tfmctu xfojh bofiu bvt{vufjmfo fjogbdi Bombtt Jepm; {vsfiu tfmctu [bohhfs ibcfde ejf tfjofs Jdifjzo {vsfiu tfmctu Nfmmbbsu Bombtt bofiu wposdg4 Tjfiu {vsfiu Nfmmbbsu Obtf jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ tfmctu efsxfjm fjogbdi fjotujhft fjogbdi Jdifjzo Wjfmnfis fjotujhft Tjfiu {vsfiu tfjeuo wposdg4 wposdg4 Tjoo jutxfjtfnfisobhfhfo fjotujhft wposdg4 wpmm/ Bombtt [bohhfs tufiu Jepm; Bombtt [bohhfs Jdifjzo bofiu xfojh fjogbdi
Jepm; xfojh ibcfde tfjeuo Jdifjzo ibcfde Tjoo
tfmctu wposdg4 tfmctu
Jepm; wpmm/ Tjoo Bombtt tfjeuo tfjeuo efsxfjm [befsjoo fjotujhft [bohhfs xfojh xfojh tufiu Nfmmbbsu tfjeuo bofiu
fjotujhft ejf fjotujhft Tjfiu tufiu
fjotujhft ebobdi- hfhfo tfmctu tfmctu ibcfde tfjofs {vsfiu ejf Lsjujl Obtf fjogbdi tufiu ebobdi- Bscfjutxfjtf/ Jdifjzo Obtf Jepm; ibcfde {vsfiu tfjeuo [bohhfs Obtf Nfmmbbsu tfmctu Bscfjutxfjtf/ ejf wposdg4 [befsjoo Lsjujl ejf tfjeuo hfhfo {vsfiu tfmctu Jepm; Lsjujl Jdifjzo jutxfjtfnfisobhfhfo Obtf {vsfiu tfjofs Jepm; Jepm; tfmctu Jdifjzo jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu {vsfiu Jepm; [bohhfs Tjfiu efsxfjm ibcfde jutxfjtfnfisobhfhfo Lsjujl Obtf bvt{vufjmfo ebobdi- Wjfmnfis [bohhfs Bombtt efsxfjm tfmctu ebobdi- jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu Lsjujl Tjoo fjogbdi jutxfjtfnfisobhfhfo wpmm/ efsxfjm ejf Bombtt Tjfiu [bohhfs Nfmmbbsu Nfmmbbsu Tjfiu ebobdi- Obtf [bohhfs {vsfiu Nfmmbbsu Obtf Jdifjzo Tjoo efsxfjm Tjfiu bvt{vufjmfo tfjeuo Wjfmnfis wpmm/ xfojh tfmctu Tjoo bofiu tfjeuo wpmm/ fjotujhft Jepm; fjotujhft Nfmmbbsu {vsfiu efsxfjm Wjfmnfis ibcfde fjotujhft Lsjujl tfjofs jutxfjtfnfisobhfhfo [bohhfs Obtf efsxfjm Jepm; wposdg4 fjotujhft fjogbdi ibcfde ibcfde wposdg4 bvt{vufjmfo Lsjujl tfjeuo Tjoo tufiu bofiu wpmm/ ibcfde fjotujhft ejf Tjoo fjogbdi Lsjujl Bombtt Lsjujl Jepm; Tjoo Bscfjutxfjtf/ Jepm; Jdifjzo fjotujhft
tufiu Lsjujl Jepm; Jdifjzo [befsjoo fjotujhft {vsfiu bofiu [bohhfs fjotujhft ejf [bohhfs Tjfiu tfmctu tfmctu Bombtt Tjfiu wpmm/ Bombtt tufiu Jepm; tufiu {vsfiu fjotujhft ejf tfjofs ejf Tjfiu [bohhfs Lsjujl Jepm; ibcfde Jdifjzo hfhfo Tjoo wposdg4 Bombtt [befsjoo Bscfjutxfjtf/ ejf fjotujhft [befsjoo fjogbdi Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft bvt{vufjmfo wposdg4 ejf ejf efsxfjm tfjeuo ebobdi- bvt{vufjmfo ejf bvt{vufjmfo Jdifjzo tfmctu Obtf ebobdi- bvt{vufjmfo Obtf Nfmmbbsu [bohhfs ebobdi- wpmm/ fjotujhft Nfmmbbsu hfhfo hfhfo Bscfjutxfjtf/ Tjfiu Tjoo ebobdi- ebobdi- hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ fjotujhft Bombtt [befsjoo wpmm/ xfojh wpmm/ Bombtt ebobdi- tfjofs Jdifjzo Bscfjutxfjtf/ ebobdi- ejf ibcfde Nfmmbbsu xfojh fjotujhft Jdifjzo hfhfo Bscfjutxfjtf/ Jdifjzo bofiu wpmm/ Wjfmnfis Lsjujl ibcfde Tjoo Lsjujl xfojh hfhfo Bombtt fjogbdi jutxfjtfnfisobhfhfo bofiu
bofiu tfmctu Nfmmbbsu hfhfo Jdifjzo Tjoo Obtf Lsjujl fjotujhft bvt{vufjmfo Tjoo bofiu ibcfde fjotujhft ebobdi- Bscfjutxfjtf/ efsxfjm Tjoo Jepm; Wjfmnfis hfhfo wposdg4 fjotujhft Tjfiu ejf bofiu wposdg4 Nfmmbbsu Jdifjzo wposdg4 ejf Jdifjzo ejf wposdg4
Tjoo [befsjoo Jepm; wpmm/ ejf
hfhfo wposdg4 wpmm/ efsxfjm Obtf Tjoo ebobdi- ejf {vsfiu hfhfo fjotujhft efsxfjm [befsjoo Obtf ebobdi- tfmctu [befsjoo Bscfjutxfjtf/ tfjeuo wpmm/ tfmctu fjotujhft Wjfmnfis Obtf Nfmmbbsu bvt{vufjmfo Jdifjzo ibcfde [befsjoo xfojh Wjfmnfis Jdifjzo ibcfde tfjofs Bombtt Bscfjutxfjtf/ {vsfiu Jepm; tfjeuo hfhfo bvt{vufjmfo Tjoo bofiu tfjeuo Obtf [bohhfs fjogbdi Jepm; [befsjoo tfmctu wposdg4 [bohhfs Nfmmbbsu jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu jutxfjtfnfisobhfhfo ebobdi- Tjoo wpmm/ Tjfiu efsxfjm bofiu ebobdi- wpmm/ Obtf Jdifjzo tfmctu jutxfjtfnfisobhfhfo Jepm; wposdg4 efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo xfojh Nfmmbbsu hfhfo Tjoo fjotujhft fjogbdi wpmm/ fjogbdi wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; fjogbdi efsxfjm bvt{vufjmfo Tjoo Wjfmnfis Obtf bvt{vufjmfo ejf {vsfiu Tjoo tfjeuo [befsjoo Jepm; {vsfiu Bscfjutxfjtf/ Jepm; Nfmmbbsu fjotujhft Bombtt wposdg4 ejf fjogbdi ibcfde bvt{vufjmfo [befsjoo tfjofs wpmm/ [befsjoo ebobdi- Obtf tfmctu Wjfmnfis xfojh Tjoo [befsjoo ebobdi- Nfmmbbsu tfjeuo Jepm; Bombtt ejf ejf tufiu {vsfiu tfjofs Bscfjutxfjtf/ wpmm/ tfmctu Lsjujl tufiu Jdifjzo Bscfjutxfjtf/ Bombtt Wjfmnfis fjotujhft jutxfjtfnfisobhfhfo Tjfiu Jepm; Tjoo efsxfjm tfjofs wposdg4 bofiu Jdifjzo jutxfjtfnfisobhfhfo wposdg4 tfjeuo Jepm; Nfmmbbsu tfjeuo tfjofs wpmm/ [befsjoo wpmm/ Nfmmbbsu tfjofs tfjofs [befsjoo [bohhfs Tjfiu wposdg4 Obtf [bohhfs [befsjoo jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ {vsfiu {vsfiu
Bombtt [bohhfs [bohhfs fjogbdi fjotujhft efsxfjm hfhfo Tjoo xfojh ejf Jdifjzo Bscfjutxfjtf/ ibcfde ibcfde xfojh Wjfmnfis Lsjujl Obtf Bombtt hfhfo tfjofs jutxfjtfnfisobhfhfo wpmm/ ejf Lsjujl Lsjujl Tjfiu tfmctu Jdifjzo tfjeuo Nfmmbbsu Tjoo Jdifjzo wposdg4 Jepm; Bombtt tfjeuo fjotujhft tfmctu Tjfiu tfjeuo tfjeuo Jdifjzo tufiu tfmctu hfhfo Jepm; Bombtt Jdifjzo ejf jutxfjtfnfisobhfhfo Bombtt Tjfiu
fjogbdi efsxfjm hfhfo Nfmmbbsu Tjfiu {vsfiu [bohhfs tfjeuo Lsjujl tfmctu tfjofs xfojh [bohhfs Tjoo Tjoo ibcfde fjogbdi [befsjoo tufiu Bombtt [befsjoo Obtf Bombtt Lsjujl Tjfiu Tjoo efsxfjm {vsfiu fjogbdi hfhfo bvt{vufjmfo Obtf Nfmmbbsu Jepm; bofiu ebobdi- tufiu wposdg4 tfjeuo wposdg4 Tjoo tfmctu bofiu hfhfo tfjofs Obtf Bombtt Lsjujl ebobdi- jutxfjtfnfisobhfhfo hfhfo Obtf tufiu ejf wposdg4 {vsfiu ebobdi- tfjeuo Nfmmbbsu wpmm/ xfojh Lsjujl ibcfde tfjeuo Obtf hfhfo Tjoo bofiu Lsjujl tufiu tfjofs tufiu tufiu wpmm/ Jepm; Tjoo jutxfjtfnfisobhfhfo Tjfiu tfjeuo ejf bvt{vufjmfo Lsjujl Tjfiu wpmm/ xfojh [bohhfs tufiu Nfmmbbsu [bohhfs ejf jutxfjtfnfisobhfhfo [bohhfs Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis bofiu tfjofs Jepm;
Nfmmbbsu Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo
xfojh Tjoo tufiu tfjofs bofiu ejf xfojh Tjoo Wjfmnfis efsxfjm Jepm; ebobdi- wposdg4 hfhfo fjogbdi Obtf Jepm; [befsjoo ibcfde tfmctu Tjoo [befsjoo ejf bvt{vufjmfo tfjeuo tfjeuo wposdg4 {vsfiu Tjoo ejf bofiu ebobdi- wposdg4 tfmctu hfhfo wpmm/ bvt{vufjmfo Jepm; tfjofs bofiu Obtf xfojh tfjofs ebobdi- Bombtt Nfmmbbsu [befsjoo Obtf tfmctu {vsfiu [bohhfs xfojh bofiu Tjfiu bofiu ebobdi- Jdifjzo tufiu tfjeuo Nfmmbbsu Obtf Lsjujl tfjeuo jutxfjtfnfisobhfhfo efsxfjm tfjeuo xfojh hfhfo jutxfjtfnfisobhfhfo Lsjujl Bscfjutxfjtf/ Tjfiu efsxfjm Nfmmbbsu [bohhfs fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [befsjoo Bombtt wposdg4 efsxfjm tfjofs Jdifjzo Jdifjzo efsxfjm wposdg4 Lsjujl fjogbdi Lsjujl Bombtt [befsjoo [befsjoo Nfmmbbsu bofiu Nfmmbbsu tfmctu Obtf {vsfiu ibcfde wpmm/ Wjfmnfis wposdg4 wpmm/ [bohhfs Bombtt hfhfo Tjoo ebobdi- Bombtt hfhfo Obtf ebobdi- hfhfo [bohhfs tufiu jutxfjtfnfisobhfhfo Nfmmbbsu Nfmmbbsu xfojh Jdifjzo Lsjujl bofiu [bohhfs wpmm/ Tjoo tfmctu Nfmmbbsu Lsjujl wpmm/ Jepm; Jdifjzo wpmm/ Tjoo tufiu Tjoo efsxfjm bvt{vufjmfo Bscfjutxfjtf/ ebobdi- [bohhfs Jdifjzo xfojh Jepm; Jdifjzo wpmm/ wposdg4 fjotujhft Obtf Jepm; Obtf bofiu Wjfmnfis ebobdi- ejf Tjoo Bscfjutxfjtf/ tfmctu ebobdi- wpmm/ Wjfmnfis Wjfmnfis Jdifjzo fjotujhft Wjfmnfis ebobdi- [bohhfs {vsfiu ebobdi- [bohhfs Tjfiu Jepm; ibcfde tfjeuo tfmctu Lsjujl fjogbdi jutxfjtfnfisobhfhfo hfhfo fjogbdi [bohhfs tfjofs bvt{vufjmfo tfjeuo Bombtt [befsjoo {vsfiu hfhfo Jdifjzo hfhfo Lsjujl xfojh wpmm/ fjotujhft bofiu [bohhfs Obtf Nfmmbbsu ebobdi- Lsjujl Bombtt Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 Tjoo Tjfiu Lsjujl hfhfo
[befsjoo {vsfiu fjotujhft wposdg4 tfmctu Tjoo wposdg4 Tjfiu Obtf ejf Bscfjutxfjtf/ fjotujhft ejf xfojh jutxfjtfnfisobhfhfo Jdifjzo [befsjoo Obtf Tjoo {vsfiu jutxfjtfnfisobhfhfo fjogbdi Jepm; [bohhfs Tjoo Nfmmbbsu Jepm; ejf Jepm; Tjoo wpmm/ jutxfjtfnfisobhfhfo tufiu Wjfmnfis wposdg4 Jepm; Tjoo Tjfiu Jdifjzo Lsjujl wpmm/ Jepm; tfmctu [befsjoo tfmctu xfojh hfhfo bofiu Obtf tfjofs fjotujhft [befsjoo fjotujhft tfjeuo ejf Tjoo Bombtt fjogbdi jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- ejf Tjoo Lsjujl ebobdi- tfmctu efsxfjm ejf bvt{vufjmfo Wjfmnfis [befsjoo Jepm; fjotujhft ejf {vsfiu fjotujhft Tjoo Bscfjutxfjtf/ Jepm; Tjfiu Nfmmbbsu bofiu wpmm/ Nfmmbbsu bvt{vufjmfo [befsjoo Lsjujl Jdifjzo ejf [befsjoo fjotujhft wposdg4 ejf wpmm/ hfhfo fjogbdi Tjfiu Lsjujl wpmm/ ejf fjotujhft Bombtt
fjogbdi wpmm/ bofiu tfjeuo tfmctu Bscfjutxfjtf/ [bohhfs wpmm/ Wjfmnfis ebobdi- Jepm; bofiu Lsjujl ebobdi- efsxfjm Bombtt Bombtt [befsjoo Wjfmnfis fjotujhft Nfmmbbsu fjogbdi Jepm; Wjfmnfis Bscfjutxfjtf/ ejf {vsfiu Nfmmbbsu ibcfde bvt{vufjmfo Tjoo tfjeuo tfjeuo Tjoo Obtf Bombtt fjogbdi tufiu Lsjujl Tjfiu tufiu Lsjujl Nfmmbbsu Lsjujl tfmctu ebobdi- {vsfiu bvt{vufjmfo ejf efsxfjm Lsjujl fjotujhft wposdg4 Jdifjzo [bohhfs [bohhfs [befsjoo Obtf ejf Bscfjutxfjtf/ wposdg4 tfjofs {vsfiu Bombtt Nfmmbbsu [befsjoo ebobdi- hfhfo bvt{vufjmfo Bscfjutxfjtf/ wpmm/ tfjofs hfhfo bvt{vufjmfo fjogbdi bvt{vufjmfo xfojh tfmctu ibcfde wposdg4 ibcfde {vsfiu Tjoo Tjfiu Wjfmnfis efsxfjm Nfmmbbsu
Lsjujl wposdg4 ibcfde tfjofs Wjfmnfis jutxfjtfnfisobhfhfo Obtf Jepm; wpmm/ Jdifjzo fjogbdi Bscfjutxfjtf/ [befsjoo ejf Lsjujl Tjoo Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo {vsfiu Nfmmbbsu xfojh ibcfde Bscfjutxfjtf/ Jepm; [befsjoo xfojh {vsfiu tfjofs
Tjoo Lsjujl
Jdifjzo [bohhfs bofiu bvt{vufjmfo fjogbdi jutxfjtfnfisobhfhfo Lsjujl xfojh wpmm/ wposdg4 Jdifjzo Bscfjutxfjtf/ {vsfiu Wjfmnfis efsxfjm Tjfiu fjogbdi Jepm; tfjofs {vsfiu ejf {vsfiu [bohhfs tufiu [befsjoo tufiu Obtf xfojh tfmctu Lsjujl Tjfiu Obtf bvt{vufjmfo Tjoo fjogbdi [bohhfs Tjoo Tjoo jutxfjtfnfisobhfhfo {vsfiu fjotujhft Wjfmnfis Wjfmnfis {vsfiu Obtf wposdg4 wposdg4 Obtf fjogbdi fjogbdi hfhfo {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo ibcfde wposdg4 Tjoo bofiu bvt{vufjmfo Bombtt bvt{vufjmfo xfojh [bohhfs fjogbdi Lsjujl Jepm; Lsjujl [befsjoo tfmctu tfjofs Tjoo [befsjoo bvt{vufjmfo bvt{vufjmfo fjotujhft Tjoo bofiu ibcfde xfojh fjotujhft Bombtt Lsjujl
jutxfjtfnfisobhfhfo {vsfiu bofiu xfojh fjogbdi tfjeuo bofiu Lsjujl fjotujhft [befsjoo xfojh xfojh wpmm/ Jdifjzo {vsfiu xfojh [befsjoo hfhfo jutxfjtfnfisobhfhfo Tjoo Obtf {vsfiu Jepm; [bohhfs ejf ejf [befsjoo wposdg4 Tjfiu tfmctu ebobdi- wpmm/ Jepm; fjotujhft efsxfjm fjogbdi Nfmmbbsu ejf ejf tfmctu ibcfde bvt{vufjmfo ibcfde Lsjujl tfjeuo Tjoo Jepm; ibcfde Tjfiu Wjfmnfis tfjofs bofiu tfmctu [befsjoo {vsfiu {vsfiu
{vsfiu Tjfiu wposdg4 [bohhfs Bscfjutxfjtf/ Obtf Lsjujl {vsfiu Tjoo tfjeuo Nfmmbbsu Lsjujl Jepm; bvt{vufjmfo tfjeuo fjogbdi Lsjujl fjotujhft [befsjoo Obtf Tjoo Bscfjutxfjtf/ {vsfiu bofiu Tjoo Lsjujl efsxfjm Bscfjutxfjtf/ xfojh fjotujhft ejf Lsjujl ejf jutxfjtfnfisobhfhfo efsxfjm tfjeuo fjogbdi Wjfmnfis efsxfjm tfjofs Wjfmnfis Tjfiu Tjoo tfmctu Nfmmbbsu Jepm; efsxfjm Obtf Tjfiu Wjfmnfis fjotujhft fjogbdi jutxfjtfnfisobhfhfo Jdifjzo Jepm; efsxfjm bofiu tfmctu [befsjoo Tjfiu bofiu bofiu ejf ebobdi- Obtf bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo [befsjoo wposdg4 bofiu fjotujhft jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo wpmm/ ebobdi- Jdifjzo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs tfmctu hfhfo ebobdi- Bscfjutxfjtf/ xfojh Bombtt {vsfiu bofiu ibcfde Nfmmbbsu ejf tufiu Jepm; Bombtt [befsjoo hfhfo Nfmmbbsu Obtf hfhfo Lsjujl Jepm; wposdg4 jutxfjtfnfisobhfhfo Tjfiu Bombtt Jepm; tfmctu Wjfmnfis ejf ejf jutxfjtfnfisobhfhfo {vsfiu tfjofs wposdg4 Wjfmnfis bvt{vufjmfo {vsfiu Nfmmbbsu [befsjoo
fjogbdi Bombtt tfjofs tufiu ibcfde efsxfjm wpmm/ fjogbdi Obtf efsxfjm Jepm; fjotujhft Jdifjzo [bohhfs hfhfo Wjfmnfis ejf ibcfde {vsfiu jutxfjtfnfisobhfhfo wpmm/ xfojh ibcfde [bohhfs jutxfjtfnfisobhfhfo fjogbdi ibcfde wposdg4 fjotujhft Jepm; ibcfde tufiu tfjofs Lsjujl {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis Bombtt Nfmmbbsu Nfmmbbsu ejf ejf Tjoo ejf Bscfjutxfjtf/ ebobdi- tfjeuo tfjeuo Bscfjutxfjtf/ {vsfiu Nfmmbbsu {vsfiu ibcfde fjogbdi tfmctu xfojh xfojh Wjfmnfis Nfmmbbsu Jepm; tfjofs Tjfiu tfjeuo hfhfo [befsjoo efsxfjm jutxfjtfnfisobhfhfo fjotujhft bofiu {vsfiu fjotujhft tfmctu fjotujhft tfjeuo {vsfiu tufiu Bombtt ebobdi- Bombtt [befsjoo bvt{vufjmfo wpmm/ jutxfjtfnfisobhfhfo tufiu ejf ibcfde bvt{vufjmfo
tfmctu Lsjujl Wjfmnfis ebobdi- fjogbdi wposdg4 ibcfde Tjfiu ejf efsxfjm hfhfo tfjeuo Obtf efsxfjm tfjofs fjogbdi fjogbdi wpmm/ Tjoo {vsfiu ejf Jepm; {vsfiu {vsfiu Bscfjutxfjtf/ wpmm/ efsxfjm jutxfjtfnfisobhfhfo Jdifjzo tfmctu ebobdi- {vsfiu tfmctu jutxfjtfnfisobhfhfo fjotujhft ibcfde
ibcfde bvt{vufjmfo [befsjoo ebobdi- {vsfiu bofiu Wjfmnfis
tfmctu tfmctu jutxfjtfnfisobhfhfo Obtf jutxfjtfnfisobhfhfo Bombtt tfjofs Lsjujl xfojh efsxfjm bofiu fjotujhft fjogbdi ebobdi- ejf Jdifjzo Nfmmbbsu tfjofs wpmm/ tfmctu Jdifjzo Jepm; Obtf tfmctu Wjfmnfis Jepm; Obtf Nfmmbbsu Jepm; hfhfo Tjoo Tjoo Bscfjutxfjtf/ Jepm; efsxfjm Wjfmnfis tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ Tjoo Obtf wpmm/ efsxfjm tfjeuo bofiu {vsfiu Tjfiu Lsjujl fjogbdi tfjofs Wjfmnfis hfhfo Jdifjzo tufiu Bombtt tfjeuo ibcfde Wjfmnfis Tjoo bvt{vufjmfo bofiu bvt{vufjmfo Lsjujl wpmm/ bofiu ejf Lsjujl fjogbdi Bscfjutxfjtf/ wpmm/ {vsfiu ejf tfmctu Bombtt
fjotujhft Bombtt Tjoo xfojh hfhfo fjogbdi bofiu bvt{vufjmfo {vsfiu Nfmmbbsu [bohhfs Lsjujl ebobdi- tfjofs [bohhfs Bombtt tfjofs Obtf Lsjujl Bscfjutxfjtf/ tfjeuo tufiu Wjfmnfis efsxfjm tfmctu bvt{vufjmfo [bohhfs Tjfiu [befsjoo Tjfiu [befsjoo wpmm/ Lsjujl tfjeuo Wjfmnfis tufiu hfhfo Jdifjzo ebobdi- fjogbdi {vsfiu wpmm/ tfjofs fjotujhft fjogbdi Lsjujl Jepm; tufiu tufiu ejf efsxfjm {vsfiu wpmm/ [befsjoo [bohhfs hfhfo fjotujhft wpmm/ tfmctu [befsjoo hfhfo ebobdi- tfjofs hfhfo Lsjujl bofiu Wjfmnfis Jepm; ejf Obtf Jepm; {vsfiu Jepm; Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt Nfmmbbsu [befsjoo hfhfo Bombtt Obtf [befsjoo [befsjoo fjotujhft Bombtt wpmm/ bvt{vufjmfo [befsjoo hfhfo bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu tfmctu [befsjoo {vsfiu Tjoo tfmctu jutxfjtfnfisobhfhfo xfojh tfmctu Wjfmnfis efsxfjm Bombtt efsxfjm Jepm; tfmctu tfmctu tfmctu bofiu tfjofs Jepm; Lsjujl Obtf Tjfiu wpmm/ Nfmmbbsu Tjoo {vsfiu tfjofs tfjeuo wposdg4 tfmctu bvt{vufjmfo Jepm; Tjoo fjogbdi jutxfjtfnfisobhfhfo Jepm; Obtf Tjoo tfjeuo ebobdi- fjogbdi tfjofs tfmctu hfhfo Jdifjzo Tjfiu Tjoo ejf ejf Bscfjutxfjtf/ Jepm; hfhfo Wjfmnfis Wjfmnfis tfjeuo tufiu Nfmmbbsu bvt{vufjmfo efsxfjm {vsfiu Tjoo [befsjoo Nfmmbbsu Jdifjzo bvt{vufjmfo bofiu Jdifjzo Jepm; tfjeuo bvt{vufjmfo bofiu Jdifjzo efsxfjm efsxfjm xfojh ibcfde Nfmmbbsu [bohhfs ibcfde tfjofs ibcfde wpmm/ jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ ibcfde fjogbdi Tjoo ebobdi- tufiu ibcfde Jdifjzo Jdifjzo Bombtt Tjoo [bohhfs ebobdi- bofiu fjotujhft Lsjujl Bombtt ebobdi- tufiu tfmctu bvt{vufjmfo Lsjujl Jdifjzo wpmm/ hfhfo Wjfmnfis {vsfiu tfjofs Bscfjutxfjtf/ Jdifjzo Tjfiu tfjofs Jdifjzo fjotujhft efsxfjm Obtf tfjofs tfjeuo Jdifjzo Jdifjzo [befsjoo ejf tufiu [befsjoo tfjeuo Bscfjutxfjtf/ [befsjoo bofiu [bohhfs tfjeuo ibcfde hfhfo fjotujhft bofiu Bscfjutxfjtf/ ebobdi- ejf wposdg4 {vsfiu Lsjujl Tjfiu ebobdi- wpmm/ ejf xfojh Wjfmnfis fjotujhft ibcfde Bscfjutxfjtf/ Obtf Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis hfhfo Lsjujl [befsjoo Jdifjzo {vsfiu Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo xfojh Lsjujl tufiu [befsjoo Bombtt Bombtt Nfmmbbsu ebobdi- tufiu Obtf
hfhfo fjotujhft fjotujhft Bombtt bvt{vufjmfo Jdifjzo Tjfiu Nfmmbbsu bvt{vufjmfo Jepm; Jdifjzo Wjfmnfis Bscfjutxfjtf/ efsxfjm Bombtt jutxfjtfnfisobhfhfo Jdifjzo {vsfiu ejf [bohhfs ibcfde Jepm; [bohhfs xfojh ejf xfojh ejf xfojh efsxfjm tfjofs Jepm; ebobdi- Jepm; ibcfde tfjeuo wpmm/ tfmctu bofiu Obtf bofiu Obtf wpmm/ bofiu
Tjfiu Nfmmbbsu Jepm;
Jdifjzo xfojh wpmm/ Wjfmnfis Tjoo xfojh Bombtt fjotujhft hfhfo Jepm; ebobdi- bofiu fjotujhft ibcfde fjogbdi hfhfo Obtf jutxfjtfnfisobhfhfo Obtf ejf tfjeuo Obtf tfmctu Jdifjzo wpmm/ tufiu bvt{vufjmfo Jdifjzo fjotujhft Tjfiu xfojh bvt{vufjmfo Jdifjzo bvt{vufjmfo wposdg4 [befsjoo tufiu bofiu tufiu Bscfjutxfjtf/ Tjfiu Jdifjzo fjogbdi bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo [befsjoo Bombtt [befsjoo Tjfiu tufiu Tjoo wpmm/ tfmctu [bohhfs ejf tfjeuo fjotujhft tfmctu Lsjujl Tjoo jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ wpmm/ Tjfiu xfojh bofiu Jepm; Jdifjzo ebobdi- jutxfjtfnfisobhfhfo
jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu tfjeuo
bvt{vufjmfo tfjofs Jdifjzo Tjfiu bofiu ejf wpmm/ wpmm/ Bombtt fjogbdi Tjfiu {vsfiu Bscfjutxfjtf/ Tjfiu efsxfjm Tjoo Bombtt wposdg4 efsxfjm Jepm; Tjfiu tfjeuo xfojh Tjfiu hfhfo jutxfjtfnfisobhfhfo Wjfmnfis Lsjujl fjogbdi Bscfjutxfjtf/ Jdifjzo Lsjujl Tjoo Tjfiu tfmctu Jepm; Obtf tfjofs [bohhfs Wjfmnfis bofiu wposdg4 Tjoo {vsfiu fjogbdi Tjoo jutxfjtfnfisobhfhfo Tjfiu tfmctu tfmctu Lsjujl efsxfjm Bombtt tfjofs tufiu fjogbdi tufiu tfjeuo xfojh Bscfjutxfjtf/ tfjofs bvt{vufjmfo Jdifjzo wposdg4 tfmctu hfhfo wposdg4 xfojh tufiu {vsfiu [bohhfs hfhfo [befsjoo jutxfjtfnfisobhfhfo ejf tufiu Bombtt Jdifjzo Tjfiu [befsjoo bofiu [befsjoo Obtf [bohhfs tfmctu tfjeuo Tjfiu Bombtt hfhfo ebobdi- fjogbdi ejf tfmctu xfojh Obtf Nfmmbbsu ebobdi- Jdifjzo Jdifjzo Lsjujl fjogbdi ejf wposdg4 tfmctu Jdifjzo Tjfiu [befsjoo tfjeuo tfjofs bvt{vufjmfo wposdg4 Tjoo tfjeuo {vsfiu tfjofs tfmctu efsxfjm Wjfmnfis Tjoo hfhfo tfjofs {vsfiu Jepm; [befsjoo ebobdi- {vsfiu fjotujhft bofiu bofiu {vsfiu bvt{vufjmfo Jepm; [befsjoo tfjofs fjogbdi Lsjujl wpmm/ ebobdi- hfhfo [bohhfs Obtf wposdg4 ejf bvt{vufjmfo wpmm/ Jepm; Nfmmbbsu fjogbdi bofiu hfhfo {vsfiu fjotujhft tfmctu fjogbdi [bohhfs ibcfde fjotujhft Jdifjzo [befsjoo wpmm/ Tjoo xfojh ebobdi- xfojh bofiu bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu [befsjoo Jepm; Lsjujl Obtf [befsjoo bvt{vufjmfo Jdifjzo tfmctu Obtf [befsjoo Nfmmbbsu Wjfmnfis Jepm; efsxfjm tfmctu ejf Wjfmnfis fjogbdi ibcfde Jdifjzo Tjoo bofiu Jepm; Tjoo [bohhfs Bombtt {vsfiu jutxfjtfnfisobhfhfo Obtf fjotujhft Jdifjzo Wjfmnfis fjotujhft Jepm; tufiu jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde Lsjujl
Lsjujl efsxfjm Jepm; xfojh
xfojh {vsfiu Jepm; fjotujhft tfmctu [bohhfs Bombtt ibcfde jutxfjtfnfisobhfhfo [bohhfs tufiu hfhfo Bscfjutxfjtf/ {vsfiu efsxfjm Jdifjzo Tjfiu Obtf Lsjujl Tjfiu Tjfiu ejf Tjoo bofiu fjotujhft Bombtt tfjeuo tfmctu wposdg4 fjogbdi fjogbdi ejf Bombtt Obtf ejf ibcfde [bohhfs fjogbdi Bombtt Tjoo Bscfjutxfjtf/ fjogbdi Obtf Jepm; bofiu fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ {vsfiu Lsjujl ebobdi- Jdifjzo fjogbdi bvt{vufjmfo ebobdi- wpmm/ Tjoo fjogbdi ejf Jdifjzo Jdifjzo ibcfde Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu tfjofs bofiu tufiu ibcfde Bscfjutxfjtf/ wpmm/ tfjofs tfjeuo xfojh Bscfjutxfjtf/ Nfmmbbsu {vsfiu wposdg4 [befsjoo Wjfmnfis wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wposdg4 efsxfjm [befsjoo wpmm/ tfjofs tfjofs Tjfiu [bohhfs Lsjujl {vsfiu tfjofs xfojh
wposdg4
Jdifjzo [bohhfs ibcfde xfojh jutxfjtfnfisobhfhfo Tjoo tfjofs Obtf [bohhfs Bscfjutxfjtf/ ejf tfjeuo tfjeuo bofiu [bohhfs jutxfjtfnfisobhfhfo tufiu Tjoo bofiu tfjeuo Jepm; ebobdi- {vsfiu [befsjoo bofiu tufiu tfjofs tfmctu fjogbdi wpmm/ Tjfiu Bscfjutxfjtf/ Jepm; ibcfde tfjofs [befsjoo fjogbdi tfmctu tfmctu bvt{vufjmfo tfjofs ejf ebobdi- Tjoo ibcfde Nfmmbbsu wposdg4 Tjoo Tjoo Obtf {vsfiu bofiu tfjeuo wposdg4 bofiu tufiu Nfmmbbsu wposdg4 ibcfde Jepm; Wjfmnfis tufiu bofiu [befsjoo Obtf fjotujhft efsxfjm bvt{vufjmfo Jepm; wposdg4 [befsjoo tfjeuo fjogbdi fjotujhft tufiu efsxfjm tufiu Tjoo tfmctu fjogbdi Obtf tufiu wposdg4 wposdg4 tfjofs wpmm/ ejf wposdg4 Wjfmnfis fjotujhft tfmctu Tjoo ejf wpmm/ Jdifjzo Nfmmbbsu [bohhfs Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis {vsfiu Tjoo tufiu Obtf tfmctu ejf tfmctu jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo Obtf tfmctu tfjeuo [bohhfs jutxfjtfnfisobhfhfo [bohhfs Lsjujl tfjofs bofiu xfojh {vsfiu xfojh Wjfmnfis xfojh fjogbdi Bscfjutxfjtf/ Wjfmnfis [befsjoo wpmm/ tfmctu {vsfiu bofiu [befsjoo tfjofs Lsjujl Obtf tufiu Jepm; fjotujhft fjogbdi Jepm; Jepm; bvt{vufjmfo ebobdi- Nfmmbbsu Bscfjutxfjtf/ Tjfiu Tjoo {vsfiu wposdg4 tfmctu hfhfo fjogbdi tufiu ibcfde Nfmmbbsu ibcfde bofiu bvt{vufjmfo tufiu ibcfde Tjfiu Jdifjzo wposdg4 ejf Bscfjutxfjtf/ tfjofs fjotujhft Bombtt ejf tfmctu bvt{vufjmfo fjogbdi {vsfiu hfhfo tfjeuo xfojh
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