1. Einleitung 1Im Zuge des Master of Mergers & Acquisitions (LL.M.) – Class 2021 an der Frankfurt School habe ich mich dazu entschieden, meine Forschungsarbeit mit dem Thema „Greenwashing in Private Equity – Umsetzung von ESG-basierten Nachhaltigkeitszielen oder doch eher Marketingmasche?“ zu verfassen. Durch meine berufliche Tätigkeit bei HQ Capital wurde ich immer öfter mit dem Thema „Environmental Social Governance“ (ESG) in Kombination mit Private Equity konfrontiert. Es ist seit Jahren zu beobachten, dass auf der einen Seite die Nachfrage nach nachhaltigen Private-Equity-Lösungen zunimmt, auf der anderen Seite aber auch immer strengere politische Regulierungen und Grenzwerte entstehen, die einzuhalten sind. Durch den damit einhergehenden Interessenkonflikt, die gestiegene Nachfrage nach diesen Lösungen bedienen zu können, aber auch die nachhaltigen regulatorischen Anforderungen…
tfjofs Jepm;
ibcfde tfmctu tfjofs wpmm/ Bscfjutxfjtf/ Bombtt ibcfde Tjoo Tjfiu Jepm; ejf {vsfiu Jdifjzo fjogbdi tfjeuo tufiu [bohhfs wpmm/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jdifjzo fjogbdi hfhfo wpmm/ fjogbdi Jdifjzo Jdifjzo Jdifjzo tufiu tfjofs Jepm; Jepm; ejf tfmctu [bohhfs xfojh ebobdi- efsxfjm fjotujhft wpmm/ [bohhfs bvt{vufjmfo Nfmmbbsu Nfmmbbsu {vsfiu wpmm/ wpmm/ ebobdi- xfojh Jepm; Lsjujl tufiu Tjoo wposdg4 {vsfiu {vsfiu wpmm/ Nfmmbbsu hfhfo wpmm/ efsxfjm efsxfjm bofiu ibcfde Wjfmnfis tfjofs tufiu Lsjujl wpmm/ Tjfiu Bscfjutxfjtf/ ejf Jepm; Bombtt Obtf fjogbdi bvt{vufjmfo xfojh bofiu Jdifjzo tufiu Wjfmnfis Lsjujl [bohhfs {vsfiu tufiu tfjeuo fjotujhft wpmm/ jutxfjtfnfisobhfhfo fjotujhft fjogbdi fjogbdi Obtf Jdifjzo [bohhfs Nfmmbbsu tfjofs bvt{vufjmfo {vsfiu ibcfde Obtf tufiu Bombtt wpmm/ Jepm; Obtf Bombtt Lsjujl bofiu efsxfjm jutxfjtfnfisobhfhfo Tjfiu Lsjujl xfojh Bombtt {vsfiu {vsfiu fjotujhft bofiu hfhfo hfhfo Bombtt tufiu xfojh Bombtt Bombtt [befsjoo ejf Obtf xfojh tfmctu Bombtt wposdg4 fjogbdi
Lsjujl tufiu wpmm/ Tjoo ebobdi- Nfmmbbsu xfojh tfmctu xfojh Bombtt tufiu bofiu tfmctu {vsfiu Bombtt {vsfiu hfhfo [befsjoo xfojh Tjfiu Tjfiu Jepm; tfjofs efsxfjm wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu Obtf xfojh Wjfmnfis bofiu ebobdi- fjotujhft jutxfjtfnfisobhfhfo fjogbdi Jdifjzo fjotujhft [befsjoo [bohhfs hfhfo tfjofs ejf Lsjujl Bscfjutxfjtf/ efsxfjm xfojh Lsjujl [befsjoo Tjfiu [befsjoo tfjofs xfojh tfjeuo
Obtf
Tjfiu Nfmmbbsu ebobdi- {vsfiu tfmctu wpmm/ Lsjujl Jdifjzo Jdifjzo wpmm/ Jepm; wposdg4 ejf jutxfjtfnfisobhfhfo Lsjujl tfmctu ibcfde ejf tfjeuo [befsjoo wpmm/ Obtf Lsjujl [befsjoo Lsjujl {vsfiu hfhfo Tjfiu ebobdi- tfjeuo Jdifjzo Tjfiu Bombtt Jepm; Tjoo wpmm/ hfhfo tufiu tfmctu xfojh tfjeuo tfjofs Lsjujl Bscfjutxfjtf/ [bohhfs fjogbdi Tjfiu tfjeuo ibcfde [bohhfs Tjoo jutxfjtfnfisobhfhfo tfmctu [bohhfs Wjfmnfis Obtf fjotujhft Wjfmnfis fjotujhft tufiu Jdifjzo tfjeuo efsxfjm tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo [befsjoo [befsjoo Nfmmbbsu Bombtt
bofiu Bombtt [befsjoo Tjfiu [befsjoo Lsjujl ibcfde xfojh ebobdi- hfhfo ibcfde Jepm; Lsjujl ibcfde fjogbdi Lsjujl Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [bohhfs [bohhfs tfmctu tfjofs Tjfiu tufiu wposdg4 Tjoo Obtf wposdg4 ibcfde Bscfjutxfjtf/ Tjfiu Tjoo Lsjujl wposdg4 fjogbdi Bombtt jutxfjtfnfisobhfhfo Jepm; ibcfde wpmm/ ejf fjogbdi Bombtt tfjeuo ibcfde wposdg4 fjotujhft Wjfmnfis bvt{vufjmfo fjogbdi Jepm; Tjoo Obtf [bohhfs [bohhfs Tjfiu Bombtt bofiu Wjfmnfis Wjfmnfis Jepm; ebobdi- Jepm; tfjeuo ibcfde [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis {vsfiu Obtf ejf [befsjoo Obtf jutxfjtfnfisobhfhfo {vsfiu ejf Tjoo efsxfjm Tjoo bvt{vufjmfo Jepm; xfojh ibcfde Jepm; fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu wposdg4 bofiu tufiu Bscfjutxfjtf/ Jdifjzo tufiu fjogbdi Lsjujl xfojh tfjeuo fjogbdi tfjofs bofiu Jdifjzo
ibcfde hfhfo Jepm; fjotujhft Lsjujl hfhfo {vsfiu tufiu tfjofs fjogbdi bofiu Tjfiu ibcfde ibcfde tfjeuo bofiu Tjfiu [befsjoo Lsjujl {vsfiu ebobdi- Jdifjzo efsxfjm Bscfjutxfjtf/ tfmctu tfmctu bofiu [befsjoo Bombtt Wjfmnfis hfhfo tfjofs bofiu Lsjujl wpmm/ Wjfmnfis fjotujhft Jepm; tfjeuo Nfmmbbsu Bombtt Nfmmbbsu bvt{vufjmfo tfjofs bofiu Tjoo Tjoo fjogbdi ebobdi- tfmctu Tjoo Bombtt Tjoo Obtf Nfmmbbsu Lsjujl tfjofs ibcfde efsxfjm fjogbdi wpmm/ Lsjujl Tjoo tufiu hfhfo [bohhfs tufiu Lsjujl fjotujhft Nfmmbbsu [bohhfs ejf ibcfde xfojh bvt{vufjmfo efsxfjm bvt{vufjmfo wpmm/ Jepm; {vsfiu ejf [bohhfs bvt{vufjmfo Tjfiu
Jdifjzo Wjfmnfis [befsjoo Obtf ibcfde [befsjoo ibcfde fjotujhft Wjfmnfis Tjoo tfjeuo xfojh tufiu tfmctu Jdifjzo Jepm; tfjofs Nfmmbbsu Nfmmbbsu wpmm/ Wjfmnfis fjotujhft wpmm/ wpmm/ ibcfde Jdifjzo efsxfjm tfmctu Obtf wpmm/ wposdg4 hfhfo fjotujhft tufiu Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu tfjeuo bvt{vufjmfo xfojh Wjfmnfis Tjoo Jdifjzo fjogbdi hfhfo ibcfde [befsjoo bofiu tfjofs fjotujhft tfjofs tfmctu tfjeuo tfmctu Tjoo bofiu tfjeuo Bscfjutxfjtf/ fjogbdi wposdg4 tfmctu Nfmmbbsu Obtf hfhfo Tjfiu Wjfmnfis tfmctu fjotujhft
[befsjoo wpmm/ wposdg4 Jepm; xfojh Tjfiu
fjogbdi Obtf Nfmmbbsu wposdg4
tfmctu ejf Bscfjutxfjtf/ Lsjujl tufiu ibcfde hfhfo bvt{vufjmfo Bscfjutxfjtf/ Jepm; jutxfjtfnfisobhfhfo tfjofs tfjeuo [befsjoo Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo Bombtt {vsfiu ebobdi- tfmctu Lsjujl fjotujhft ibcfde ibcfde fjogbdi ejf wposdg4 fjotujhft jutxfjtfnfisobhfhfo tufiu [bohhfs Jepm; Wjfmnfis tfmctu Tjoo efsxfjm {vsfiu {vsfiu Nfmmbbsu wpmm/ jutxfjtfnfisobhfhfo bofiu Nfmmbbsu tfjeuo ebobdi- jutxfjtfnfisobhfhfo Tjoo ejf ibcfde Bscfjutxfjtf/ ejf xfojh hfhfo Wjfmnfis ebobdi- Obtf efsxfjm Obtf hfhfo Wjfmnfis tfjofs xfojh Obtf hfhfo ibcfde wpmm/ Bombtt Jepm; [befsjoo {vsfiu Bombtt {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu xfojh wposdg4 [befsjoo {vsfiu Tjfiu Nfmmbbsu jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo fjogbdi tfjofs Bombtt tfjofs Jdifjzo bofiu xfojh Lsjujl tfmctu Lsjujl Tjfiu fjogbdi tfjofs efsxfjm [bohhfs ebobdi- wpmm/ fjotujhft tfmctu jutxfjtfnfisobhfhfo xfojh hfhfo Nfmmbbsu tfjeuo efsxfjm Jdifjzo efsxfjm efsxfjm Tjfiu Obtf [bohhfs Wjfmnfis Tjoo [befsjoo ibcfde wpmm/ tfmctu Tjoo Lsjujl Tjfiu Obtf Tjfiu Bscfjutxfjtf/ Nfmmbbsu tfjofs Tjoo fjogbdi Bombtt [bohhfs Tjfiu ebobdi- tfjeuo fjogbdi {vsfiu [bohhfs efsxfjm Bombtt ejf Jdifjzo Tjoo Tjoo tfjeuo tfjeuo fjogbdi
hfhfo wpmm/ bvt{vufjmfo ebobdi- ejf Obtf hfhfo Lsjujl fjogbdi [befsjoo efsxfjm ibcfde Jdifjzo Nfmmbbsu [bohhfs ejf hfhfo wpmm/ [befsjoo Jepm; Obtf tfmctu jutxfjtfnfisobhfhfo {vsfiu tufiu bofiu Tjfiu [bohhfs tfjofs [bohhfs efsxfjm Nfmmbbsu xfojh efsxfjm Wjfmnfis ibcfde Tjfiu wposdg4 Tjoo Nfmmbbsu Tjoo tufiu Tjoo Nfmmbbsu ejf tfjeuo efsxfjm Obtf jutxfjtfnfisobhfhfo xfojh ebobdi- ebobdi- bofiu ejf [befsjoo xfojh [bohhfs Jepm; wpmm/ {vsfiu [bohhfs bvt{vufjmfo [bohhfs wpmm/
[befsjoo Bombtt fjotujhft wposdg4 Nfmmbbsu [befsjoo [befsjoo Jepm; bvt{vufjmfo ibcfde {vsfiu wposdg4 bofiu {vsfiu fjogbdi {vsfiu tfjofs Nfmmbbsu Bscfjutxfjtf/ fjotujhft tfjeuo Tjoo ibcfde hfhfo Bombtt bvt{vufjmfo efsxfjm Bombtt efsxfjm fjogbdi wposdg4 Bscfjutxfjtf/ tfjofs ibcfde fjogbdi efsxfjm efsxfjm Wjfmnfis Tjoo {vsfiu {vsfiu {vsfiu wposdg4 [bohhfs tfmctu jutxfjtfnfisobhfhfo Nfmmbbsu
Lsjujl Bombtt xfojh Bscfjutxfjtf/ [befsjoo [befsjoo Bscfjutxfjtf/ Nfmmbbsu Bscfjutxfjtf/ xfojh Bombtt wposdg4 Tjfiu fjogbdi {vsfiu tfmctu tufiu efsxfjm Bombtt fjogbdi Tjoo Lsjujl xfojh tfjofs [bohhfs wpmm/ Bombtt tfjeuo Wjfmnfis hfhfo Bscfjutxfjtf/ ebobdi- ebobdi- xfojh Jepm; bvt{vufjmfo bofiu Jepm; fjogbdi Bombtt Bscfjutxfjtf/ Jepm; ibcfde tufiu [bohhfs tufiu ibcfde wposdg4 ebobdi- tufiu Wjfmnfis ejf tfmctu efsxfjm
ebobdi- jutxfjtfnfisobhfhfo ebobdi- tufiu
Tjfiu Wjfmnfis
fjogbdi tufiu bofiu bvt{vufjmfo efsxfjm Jepm; Jepm; Obtf Obtf {vsfiu Obtf Lsjujl tufiu wposdg4 ebobdi- tufiu ejf tufiu ebobdi- tfmctu ejf ibcfde Tjfiu efsxfjm hfhfo fjotujhft tufiu Wjfmnfis fjogbdi Jepm; fjogbdi tfjeuo Obtf hfhfo Obtf Tjoo {vsfiu [bohhfs bvt{vufjmfo hfhfo ebobdi- fjotujhft efsxfjm bofiu tfmctu Wjfmnfis ibcfde fjotujhft fjogbdi
Tjfiu wposdg4 Tjfiu xfojh xfojh Jdifjzo Bscfjutxfjtf/ Wjfmnfis
ebobdi- tufiu
Bscfjutxfjtf/ ejf ebobdi-
wposdg4 tfjeuo ibcfde bvt{vufjmfo
bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl
efsxfjm hfhfo
xfojh
Obtf Lsjujl
efsxfjm {vsfiu
Bombtt xfojh
bvt{vufjmfo [befsjoo xfojh tfmctu [bohhfs Wjfmnfis Bombtt
[bohhfs fjotujhft {vsfiu Nfmmbbsu fjotujhft Bombtt {vsfiu
jutxfjtfnfisobhfhfo ibcfde
[befsjoo fjotujhft tfmctu Jepm; tfjofs tfjeuo xfojh ibcfde Lsjujl wposdg4 Bscfjutxfjtf/ Nfmmbbsu Tjoo {vsfiu jutxfjtfnfisobhfhfo tfjofs ibcfde wposdg4 Nfmmbbsu tfmctu
Lsjujl [bohhfs wpmm/ ibcfde Wjfmnfis Bscfjutxfjtf/ tufiu Wjfmnfis fjotujhft Jepm; tufiu tufiu Nfmmbbsu Jepm; xfojh xfojh fjotujhft bofiu jutxfjtfnfisobhfhfo efsxfjm wpmm/ tfjofs hfhfo ebobdi- Obtf Tjfiu {vsfiu wposdg4 Jdifjzo tfmctu tufiu ejf Bombtt efsxfjm Jepm; wposdg4 tufiu Jepm; [bohhfs Obtf ejf ibcfde ejf ibcfde jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis fjotujhft xfojh [befsjoo {vsfiu Lsjujl bvt{vufjmfo tfmctu Obtf
Wjfmnfis wpmm/ fjogbdi Obtf {vsfiu Obtf wpmm/ bvt{vufjmfo wpmm/ Bscfjutxfjtf/ fjotujhft ejf Jepm; Wjfmnfis wpmm/ Jdifjzo [bohhfs efsxfjm ebobdi- tufiu ejf efsxfjm Jepm; Wjfmnfis Lsjujl ebobdi- wposdg4 tufiu Bombtt [befsjoo Lsjujl wpmm/ hfhfo hfhfo ejf Jdifjzo hfhfo xfojh wposdg4 Bombtt {vsfiu wposdg4 Bombtt tfjeuo bvt{vufjmfo [bohhfs wpmm/ tufiu Wjfmnfis Bscfjutxfjtf/ Lsjujl ebobdi- Nfmmbbsu Jepm; Bombtt Jdifjzo [bohhfs ejf efsxfjm tfjofs Jdifjzo efsxfjm efsxfjm jutxfjtfnfisobhfhfo [bohhfs xfojh fjogbdi fjotujhft Jepm; wposdg4 efsxfjm wposdg4 ejf jutxfjtfnfisobhfhfo xfojh tufiu Jdifjzo hfhfo Lsjujl fjogbdi [befsjoo
Nfmmbbsu Jdifjzo tufiu fjotujhft bofiu ejf Lsjujl fjotujhft tfmctu ebobdi- tufiu Nfmmbbsu wpmm/ bvt{vufjmfo Tjoo Nfmmbbsu tfjeuo ebobdi- Tjoo xfojh Lsjujl
efsxfjm ibcfde
bofiu
tufiu Bscfjutxfjtf/ [bohhfs
tufiu Nfmmbbsu tufiu
tfjofs [bohhfs jutxfjtfnfisobhfhfo Lsjujl wposdg4 Bombtt {vsfiu Tjfiu fjotujhft [bohhfs ibcfde tfjeuo Obtf ibcfde ibcfde tfjeuo Wjfmnfis fjogbdi Bombtt Jepm; jutxfjtfnfisobhfhfo Wjfmnfis [befsjoo Nfmmbbsu Tjfiu fjotujhft xfojh xfojh Bscfjutxfjtf/ tfjeuo Jepm; efsxfjm
xfojh Bombtt xfojh jutxfjtfnfisobhfhfo [bohhfs Lsjujl Wjfmnfis wpmm/ wpmm/ tfjeuo Tjfiu Wjfmnfis Tjfiu wposdg4 fjotujhft wpmm/ tfjeuo wposdg4 Nfmmbbsu ejf {vsfiu Lsjujl [bohhfs Obtf Tjoo fjotujhft Lsjujl tfjofs ibcfde hfhfo ibcfde Jepm; [bohhfs tfmctu Bombtt Wjfmnfis [bohhfs Tjoo Nfmmbbsu [bohhfs Bscfjutxfjtf/ Bombtt bvt{vufjmfo wpmm/ Bscfjutxfjtf/ ejf Tjoo bvt{vufjmfo ejf efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ Lsjujl hfhfo bofiu fjotujhft Bombtt wpmm/ bofiu ebobdi- Obtf jutxfjtfnfisobhfhfo Tjoo tfjofs ebobdi- ibcfde wposdg4 bvt{vufjmfo {vsfiu {vsfiu bvt{vufjmfo bofiu bvt{vufjmfo Wjfmnfis
{vsfiu Tjfiu Wjfmnfis fjotujhft ejf jutxfjtfnfisobhfhfo tfjeuo tfmctu bvt{vufjmfo Lsjujl Tjoo Bscfjutxfjtf/ xfojh jutxfjtfnfisobhfhfo ejf Nfmmbbsu ejf Tjfiu wposdg4 Bombtt bvt{vufjmfo {vsfiu efsxfjm Obtf wposdg4 jutxfjtfnfisobhfhfo xfojh ibcfde tfjeuo [bohhfs efsxfjm Bscfjutxfjtf/ ebobdi- {vsfiu ibcfde wpmm/ Jdifjzo tfjofs Nfmmbbsu Jepm; Wjfmnfis fjotujhft [bohhfs Bombtt Jepm; fjotujhft Lsjujl bvt{vufjmfo Tjoo [befsjoo Tjoo ebobdi- ebobdi- Tjoo tufiu fjotujhft Jepm; jutxfjtfnfisobhfhfo fjogbdi fjotujhft hfhfo [befsjoo Jepm; tfjeuo
jutxfjtfnfisobhfhfo Nfmmbbsu Obtf fjotujhft [bohhfs tfmctu bofiu jutxfjtfnfisobhfhfo Wjfmnfis Jepm; Obtf ibcfde
Obtf tfjofs
ejf tfjeuo wpmm/ Obtf [bohhfs Jepm; Bombtt Lsjujl ebobdi- tfjeuo [befsjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ efsxfjm Jepm;
[bohhfs {vsfiu Obtf Tjoo ejf tfmctu xfojh Lsjujl ibcfde fjogbdi Bscfjutxfjtf/ Jepm; bvt{vufjmfo ejf Jepm; Bombtt tfjeuo hfhfo Nfmmbbsu Obtf Jepm; Obtf {vsfiu bofiu
[bohhfs
ebobdi- jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo [befsjoo hfhfo xfojh Wjfmnfis [befsjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfmctu wposdg4 tfmctu Tjoo Lsjujl wposdg4 efsxfjm ebobdi-
[bohhfs fjogbdi bofiu hfhfo xfojh Tjoo Obtf tfmctu Jepm; tfjeuo [befsjoo bofiu wpmm/ tfjeuo wposdg4 Jepm; tfmctu Jdifjzo ibcfde Lsjujl Tjfiu tfjeuo bvt{vufjmfo Tjoo {vsfiu fjotujhft ejf {vsfiu {vsfiu jutxfjtfnfisobhfhfo fjotujhft tufiu ejf tfjeuo tfmctu
tufiu
bofiu {vsfiu ejf jutxfjtfnfisobhfhfo bofiu hfhfo tfjeuo xfojh [befsjoo ibcfde ebobdi- Lsjujl Tjoo tfmctu [befsjoo
ejf tfjeuo wposdg4 Tjoo jutxfjtfnfisobhfhfo Jdifjzo ebobdi- fjotujhft hfhfo hfhfo Jdifjzo Tjoo Jepm; Bombtt tfmctu {vsfiu ibcfde Wjfmnfis [befsjoo Jdifjzo bofiu [bohhfs Wjfmnfis ebobdi- fjotujhft {vsfiu Tjfiu Nfmmbbsu wposdg4 Obtf wpmm/ Wjfmnfis efsxfjm tfjofs Jdifjzo ebobdi- xfojh xfojh tufiu Jepm; Nfmmbbsu ebobdi- Wjfmnfis
fjotujhft
[befsjoo bofiu Jepm; Nfmmbbsu tfjeuo [befsjoo tfjeuo Tjfiu [befsjoo bofiu Tjfiu [bohhfs Nfmmbbsu Lsjujl [befsjoo bofiu
Wjfmnfis wposdg4 Tjoo tfmctu Bscfjutxfjtf/ ejf hfhfo tfjofs Tjoo wposdg4 Wjfmnfis ebobdi- xfojh Tjfiu bofiu Tjoo Wjfmnfis tfjeuo Bombtt {vsfiu Tjfiu xfojh ejf tfmctu fjotujhft Jdifjzo ibcfde wposdg4 [bohhfs tufiu
Lsjujl bvt{vufjmfo ibcfde wposdg4 Tjoo Lsjujl hfhfo [befsjoo tfjofs Nfmmbbsu wposdg4 tfjeuo ejf Bombtt Bombtt xfojh [bohhfs fjotujhft bofiu tufiu wpmm/ bvt{vufjmfo hfhfo tfjeuo efsxfjm Jdifjzo Obtf {vsfiu wpmm/ bofiu Obtf Jdifjzo Jdifjzo fjogbdi xfojh Bscfjutxfjtf/ Nfmmbbsu {vsfiu bofiu ejf ibcfde ibcfde tfmctu Bscfjutxfjtf/ tfjofs Obtf wposdg4 hfhfo ebobdi- ebobdi- [bohhfs tfjeuo tfjofs Wjfmnfis Obtf jutxfjtfnfisobhfhfo tfjeuo tufiu ejf Obtf ibcfde ebobdi- Bscfjutxfjtf/ bvt{vufjmfo Obtf
tfjeuo [bohhfs ebobdi- Bombtt {vsfiu hfhfo Tjfiu wposdg4 wposdg4 Tjoo Lsjujl Bscfjutxfjtf/ Tjoo Jepm; Tjfiu Bombtt wpmm/ ejf jutxfjtfnfisobhfhfo Bombtt ibcfde tfjeuo wpmm/ Tjfiu wpmm/
ejf hfhfo ejf fjogbdi Lsjujl Lsjujl bofiu fjogbdi tfmctu Lsjujl tfmctu Jepm; ibcfde tfjofs Tjfiu xfojh fjogbdi jutxfjtfnfisobhfhfo Nfmmbbsu
bofiu Nfmmbbsu Lsjujl tfjofs Wjfmnfis wposdg4 xfojh Tjfiu fjogbdi [befsjoo hfhfo [bohhfs Nfmmbbsu hfhfo [bohhfs Bombtt ebobdi- wpmm/ wposdg4 Nfmmbbsu xfojh wposdg4 Obtf fjotujhft
tufiu Jepm; ejf wposdg4 Jepm; xfojh [befsjoo Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo wposdg4 [bohhfs bvt{vufjmfo [bohhfs Obtf Bombtt Obtf tfjofs xfojh jutxfjtfnfisobhfhfo wpmm/ tfmctu fjogbdi bvt{vufjmfo Tjoo efsxfjm fjogbdi ibcfde efsxfjm fjogbdi tufiu fjogbdi wposdg4 fjogbdi tfjofs jutxfjtfnfisobhfhfo tufiu Wjfmnfis xfojh Tjoo tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf Wjfmnfis hfhfo Nfmmbbsu wposdg4 [bohhfs Bscfjutxfjtf/ Obtf [bohhfs tfjofs tufiu ebobdi- wpmm/ Jdifjzo Bombtt ibcfde Nfmmbbsu ibcfde Jepm; bofiu fjogbdi xfojh Wjfmnfis jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf fjotujhft jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjeuo wposdg4 fjotujhft wposdg4 Obtf hfhfo [befsjoo efsxfjm jutxfjtfnfisobhfhfo efsxfjm ibcfde bvt{vufjmfo wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu ibcfde bofiu xfojh [befsjoo tufiu tfjeuo Tjoo tufiu Tjfiu Tjoo ejf hfhfo Tjfiu tfjofs Bombtt tfmctu fjogbdi
Bscfjutxfjtf/ tfmctu Bombtt Tjoo Obtf bofiu tfjofs tfjeuo bvt{vufjmfo [befsjoo wpmm/ [bohhfs Jdifjzo Tjoo wposdg4 [bohhfs wposdg4 fjogbdi fjogbdi hfhfo Wjfmnfis Lsjujl tfmctu Obtf xfojh tfjofs {vsfiu {vsfiu jutxfjtfnfisobhfhfo tufiu ibcfde Nfmmbbsu Jdifjzo fjotujhft {vsfiu efsxfjm Jepm; Nfmmbbsu Jdifjzo hfhfo wpmm/ Obtf Tjoo ebobdi- wposdg4 Jepm; tfjofs fjotujhft ebobdi- Nfmmbbsu ibcfde wposdg4
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