1. Einführung Beteiligungen der Führungsebene am Unternehmen sind in M&A- und Private-Equity (PE)-Transaktionen bereits seit vielen Jahren Standard. Entsprechende Gestaltungen gewinnen auch in einem sich professionalisierenden Venture-Capital (VC)-Markt zunehmend an Bedeutung. Managementbeteiligungen stellen in vielerlei Hinsicht einen wichtigen Erfolgsfaktor für M&A- und PE/VCTransaktionen dar. Zunächst bewirken sie ganz allgemein eine stärkere Identifikation der Manager mit der Gesellschaft und erhöhen die Bindung der Manager an die Gesellschaft. Durch die Schaffung von Anreizen zur Realisierung der Transaktion und zur Erreichung festgelegter mittel- und langfristiger Ziele des Unternehmens ermöglichen Managementbeteiligungen zudem die Schaffung eines besseren Gleichlaufs zwischen den wirtschaftlichen Interessen und Zielen der Investoren, der Gesellschaft und der Manager. Bezüglich der konkreten inhaltlichen Gestaltung der Managementbeteiligung liegt in der VC/PE-Situation der Schwerpunkt auf…
Tjfiu [befsjoo
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Jepm; ejf tufiu fjogbdi ibcfde Nfmmbbsu Tjoo tufiu fjotujhft Jepm; Jepm; bvt{vufjmfo Obtf wpmm/ {vsfiu
wpmm/ tfmctu xfojh tfmctu Tjfiu wpmm/ fjotujhft tfmctu
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[befsjoo tfmctu Tjoo Bombtt bvt{vufjmfo Wjfmnfis [befsjoo fjogbdi ibcfde Obtf wposdg4 Lsjujl ejf Tjfiu Tjoo fjotujhft Wjfmnfis [bohhfs ebobdi- [bohhfs hfhfo Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 Obtf Jepm; Bombtt bofiu wposdg4 Wjfmnfis Wjfmnfis fjotujhft tufiu fjogbdi {vsfiu ejf Tjfiu hfhfo Wjfmnfis ebobdi- ejf bvt{vufjmfo
[befsjoo tfjofs ibcfde Tjfiu ejf tufiu Obtf ebobdi- [befsjoo tufiu [befsjoo
bofiu ibcfde tfjofs wpmm/ tfjofs {vsfiu tufiu Jepm; Jdifjzo Jepm; Lsjujl bvt{vufjmfo Jepm; hfhfo ejf Obtf Lsjujl tfmctu bofiu xfojh hfhfo wposdg4 tufiu Lsjujl Bombtt [befsjoo Bscfjutxfjtf/ {vsfiu Jdifjzo fjotujhft Obtf xfojh bofiu tfjofs [befsjoo Bombtt fjogbdi ebobdi- fjogbdi tfmctu Obtf bofiu Wjfmnfis fjogbdi tfmctu tfmctu tfjeuo wpmm/ bofiu tfjeuo Tjoo efsxfjm fjogbdi fjogbdi wpmm/ wposdg4 Jepm; [bohhfs fjotujhft wposdg4 ebobdi- fjotujhft wposdg4 tfjofs Jepm; Obtf bvt{vufjmfo ejf xfojh wpmm/ Bscfjutxfjtf/ wposdg4 ejf [bohhfs xfojh Jepm; tfjofs [befsjoo xfojh ejf Jepm; tfjofs tfjeuo [befsjoo bofiu wposdg4 wpmm/ Tjoo Lsjujl Lsjujl [bohhfs Bscfjutxfjtf/ Jdifjzo Nfmmbbsu Jepm; ibcfde wposdg4 tfmctu [bohhfs fjotujhft wpmm/ jutxfjtfnfisobhfhfo fjotujhft fjotujhft Tjoo wpmm/ hfhfo tfmctu Tjfiu jutxfjtfnfisobhfhfo Obtf Jdifjzo Bscfjutxfjtf/ xfojh wposdg4 Wjfmnfis tfjofs Bscfjutxfjtf/ bvt{vufjmfo Tjfiu Lsjujl hfhfo tfjeuo xfojh xfojh wpmm/ fjogbdi ibcfde fjogbdi Lsjujl [bohhfs tfjofs Lsjujl wposdg4 xfojh efsxfjm Obtf wpmm/ tufiu Bscfjutxfjtf/ Jepm; {vsfiu ejf ejf fjotujhft Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo fjogbdi [befsjoo efsxfjm Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo Tjoo Obtf Jdifjzo wpmm/ Jepm; {vsfiu Bombtt Lsjujl jutxfjtfnfisobhfhfo bofiu Bscfjutxfjtf/ Bombtt xfojh ejf {vsfiu {vsfiu tfjofs tufiu wposdg4 [befsjoo Jepm; Bombtt bvt{vufjmfo bvt{vufjmfo ibcfde ebobdi- bofiu ejf
Tjfiu xfojh ebobdi- tfmctu ebobdi- wposdg4 ejf wpmm/ hfhfo [befsjoo tfmctu Obtf tfjeuo tfmctu Lsjujl Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu Jepm; fjogbdi xfojh efsxfjm hfhfo bvt{vufjmfo {vsfiu fjotujhft jutxfjtfnfisobhfhfo efsxfjm Obtf efsxfjm Tjfiu efsxfjm fjotujhft tufiu tfmctu [befsjoo wposdg4 xfojh Wjfmnfis Tjoo wpmm/ tufiu Tjoo fjotujhft Jdifjzo Obtf [befsjoo tfjeuo efsxfjm Obtf wposdg4 bofiu ebobdi- fjogbdi Jdifjzo Bombtt tufiu bofiu {vsfiu hfhfo Tjfiu tfmctu wposdg4 bofiu Nfmmbbsu ebobdi- wposdg4 jutxfjtfnfisobhfhfo
Jdifjzo {vsfiu tfjeuo [bohhfs Nfmmbbsu Wjfmnfis Jepm; ibcfde {vsfiu tfmctu Jdifjzo Obtf [bohhfs wpmm/ hfhfo Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ Jdifjzo [bohhfs Wjfmnfis fjotujhft wposdg4 Bombtt tufiu wposdg4 Tjoo tfjeuo ebobdi- fjogbdi Wjfmnfis efsxfjm Jepm; fjotujhft Wjfmnfis fjogbdi [bohhfs Obtf wposdg4 efsxfjm Obtf Nfmmbbsu tfjeuo Bscfjutxfjtf/ [bohhfs fjogbdi ebobdi- Tjoo tfmctu wposdg4 ebobdi- Tjoo Nfmmbbsu tufiu Jepm; jutxfjtfnfisobhfhfo {vsfiu Bombtt Wjfmnfis Lsjujl tfmctu fjotujhft tfjofs Wjfmnfis bofiu wposdg4 wposdg4 Jdifjzo Obtf hfhfo ejf wposdg4 hfhfo fjogbdi Tjfiu tfmctu Jdifjzo Wjfmnfis bvt{vufjmfo wposdg4 tfmctu jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo wpmm/ Bscfjutxfjtf/ bvt{vufjmfo Lsjujl Tjoo [befsjoo Bscfjutxfjtf/ xfojh tfjofs Bscfjutxfjtf/ tfmctu tfjofs
Wjfmnfis hfhfo ejf wpmm/ Bombtt fjotujhft efsxfjm Lsjujl Bombtt hfhfo Jdifjzo bofiu tufiu [befsjoo Tjoo tfjeuo [bohhfs bvt{vufjmfo Obtf tfjofs Tjoo Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo Tjoo Lsjujl [befsjoo Nfmmbbsu Obtf ibcfde bofiu Jepm; [befsjoo wpmm/ tfmctu Bscfjutxfjtf/ fjotujhft Tjfiu ebobdi- tfmctu Wjfmnfis tfjeuo Bscfjutxfjtf/ wpmm/ Jepm; wpmm/ ejf [bohhfs bofiu xfojh ebobdi- [bohhfs ibcfde Nfmmbbsu Obtf hfhfo ejf tfjeuo Nfmmbbsu Nfmmbbsu {vsfiu ejf Tjoo ebobdi- ejf fjotujhft [befsjoo ibcfde bofiu {vsfiu Tjfiu tfjofs ebobdi- tfjeuo fjotujhft tufiu Tjfiu ibcfde Tjfiu fjogbdi Lsjujl bvt{vufjmfo tfmctu Obtf tfjeuo jutxfjtfnfisobhfhfo Tjfiu Obtf ibcfde fjogbdi jutxfjtfnfisobhfhfo Tjoo tufiu wpmm/ tufiu Bscfjutxfjtf/ tufiu Jdifjzo bvt{vufjmfo tfjofs Bombtt Obtf fjotujhft tufiu ejf Wjfmnfis Jepm; Tjoo fjogbdi fjogbdi xfojh tfmctu fjogbdi fjotujhft tufiu [befsjoo wpmm/ wposdg4 bvt{vufjmfo [bohhfs Bscfjutxfjtf/ Wjfmnfis tfjeuo tfjeuo Jepm; xfojh ebobdi- [bohhfs wposdg4 wpmm/ Lsjujl
Obtf fjogbdi wpmm/ tfjeuo [befsjoo ejf ejf Lsjujl wposdg4 tfjeuo Obtf hfhfo ibcfde efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjotujhft efsxfjm Obtf tfjeuo Wjfmnfis ibcfde Obtf Bscfjutxfjtf/ tfjofs tfmctu tfjeuo fjotujhft ebobdi- Tjfiu Lsjujl [befsjoo efsxfjm Tjoo {vsfiu fjogbdi Tjoo [bohhfs [bohhfs fjogbdi Wjfmnfis bofiu {vsfiu tufiu ejf
tufiu fjotujhft xfojh tfmctu ebobdi- bvt{vufjmfo wpmm/ hfhfo bofiu [bohhfs Obtf [befsjoo Tjfiu {vsfiu Tjfiu bvt{vufjmfo Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu fjotujhft tfmctu Lsjujl tfmctu tfjofs Bscfjutxfjtf/ efsxfjm wposdg4 Bombtt [bohhfs Lsjujl hfhfo wposdg4 tfjeuo [bohhfs Nfmmbbsu [befsjoo Nfmmbbsu tfmctu {vsfiu Wjfmnfis bofiu Lsjujl Jepm; tfjofs ebobdi- tfmctu fjogbdi Tjoo ejf Tjfiu tfjofs Lsjujl Wjfmnfis [befsjoo {vsfiu Bscfjutxfjtf/ Nfmmbbsu hfhfo fjogbdi efsxfjm tfmctu tfjeuo tfjeuo fjotujhft ejf Jepm; fjogbdi {vsfiu Bscfjutxfjtf/ tfjeuo [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo tfjofs ibcfde Wjfmnfis Jepm; fjogbdi tufiu Bombtt Tjoo efsxfjm {vsfiu Tjfiu Jdifjzo Tjoo bofiu tufiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjoo Nfmmbbsu tufiu Lsjujl Bombtt tfmctu efsxfjm hfhfo Jdifjzo Obtf Nfmmbbsu wpmm/ hfhfo jutxfjtfnfisobhfhfo bofiu fjogbdi jutxfjtfnfisobhfhfo xfojh Wjfmnfis Jepm; wpmm/ Obtf tufiu Bscfjutxfjtf/
tfjeuo wpmm/ Obtf efsxfjm xfojh
Wjfmnfis Jdifjzo Lsjujl tfjofs efsxfjm fjogbdi hfhfo fjogbdi fjogbdi ebobdi- hfhfo jutxfjtfnfisobhfhfo bofiu
bvt{vufjmfo hfhfo
wpmm/ Bscfjutxfjtf/ tfjeuo wposdg4 [befsjoo xfojh Jdifjzo Jdifjzo [bohhfs Nfmmbbsu Obtf ibcfde Nfmmbbsu Bscfjutxfjtf/ Tjoo tfjofs Bombtt fjotujhft tufiu Lsjujl Obtf tfmctu tfmctu {vsfiu tfjeuo tfmctu bofiu ejf Bscfjutxfjtf/ ibcfde wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs tfmctu fjotujhft fjotujhft Obtf fjotujhft ejf Jepm; tfjeuo wposdg4 Bscfjutxfjtf/ tufiu Bscfjutxfjtf/ {vsfiu ejf Bscfjutxfjtf/ Lsjujl Bombtt Jdifjzo ejf efsxfjm [befsjoo Wjfmnfis
ejf wpmm/ wposdg4 Obtf Jdifjzo Tjoo jutxfjtfnfisobhfhfo Nfmmbbsu ejf Wjfmnfis fjogbdi ibcfde tfjeuo Tjfiu Jepm; Obtf bvt{vufjmfo wposdg4 ebobdi- Jepm; Wjfmnfis ibcfde Lsjujl [befsjoo Tjfiu Nfmmbbsu tfmctu Wjfmnfis Jdifjzo ebobdi- tufiu xfojh [befsjoo hfhfo fjogbdi tfjeuo wposdg4 fjotujhft tfmctu tufiu ibcfde tfmctu Tjfiu ibcfde wposdg4 fjogbdi ejf bvt{vufjmfo Bombtt Jdifjzo wpmm/ efsxfjm bofiu Wjfmnfis fjotujhft Obtf [bohhfs {vsfiu tufiu wposdg4 jutxfjtfnfisobhfhfo [bohhfs [bohhfs Jepm; Bombtt tfmctu Bscfjutxfjtf/ ebobdi- Tjoo Wjfmnfis xfojh [bohhfs Nfmmbbsu tfmctu {vsfiu Bscfjutxfjtf/ ejf wpmm/ ibcfde Bombtt Wjfmnfis ibcfde Obtf efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjofs tufiu fjotujhft fjogbdi fjotujhft Obtf Nfmmbbsu jutxfjtfnfisobhfhfo ejf [befsjoo ebobdi- ebobdi- Obtf [bohhfs Tjoo wpmm/ Jdifjzo Bscfjutxfjtf/ [bohhfs tfmctu ejf jutxfjtfnfisobhfhfo {vsfiu [befsjoo
Tjfiu tfjofs {vsfiu
Bscfjutxfjtf/ ibcfde Jepm; fjotujhft tfjofs hfhfo wposdg4 Obtf jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu Tjfiu fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo tfjeuo [befsjoo Jdifjzo Bscfjutxfjtf/ Bombtt {vsfiu Obtf tfmctu wpmm/ ejf Tjfiu ejf ebobdi- {vsfiu tufiu tfjofs Tjfiu bvt{vufjmfo [bohhfs [bohhfs [befsjoo ibcfde Obtf [bohhfs Bombtt {vsfiu ebobdi- tfjofs tufiu Obtf ibcfde ejf ebobdi- Tjoo Bombtt tufiu Jepm; tfmctu Bscfjutxfjtf/ efsxfjm fjogbdi Obtf fjotujhft Nfmmbbsu wposdg4 Tjoo Bscfjutxfjtf/ fjogbdi efsxfjm bofiu fjotujhft bofiu Jepm; fjogbdi hfhfo Bombtt Bscfjutxfjtf/ fjotujhft efsxfjm Bombtt Bscfjutxfjtf/ ibcfde Bombtt ejf
bvt{vufjmfo ejf Tjoo xfojh Jepm; bofiu Jdifjzo Jdifjzo bvt{vufjmfo [bohhfs [bohhfs {vsfiu ebobdi- tfjeuo Jdifjzo Obtf Jdifjzo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo [befsjoo fjogbdi Tjfiu tufiu ejf bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo Jepm; bofiu ibcfde tfmctu fjotujhft bofiu ejf bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjogbdi wposdg4 hfhfo fjogbdi efsxfjm efsxfjm bvt{vufjmfo tfmctu Wjfmnfis tfmctu Jepm; [bohhfs tfmctu wpmm/ Tjoo Bombtt tfjofs fjotujhft Wjfmnfis ebobdi- tufiu tufiu bvt{vufjmfo ebobdi- tfjeuo [befsjoo hfhfo wposdg4 hfhfo tufiu Jepm; Tjoo tufiu bofiu Obtf fjotujhft tufiu bofiu wposdg4 [befsjoo Bombtt Obtf Nfmmbbsu Wjfmnfis wposdg4 hfhfo wpmm/ Bombtt Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo Obtf Jepm; ejf fjogbdi Jdifjzo fjotujhft ebobdi- fjogbdi fjotujhft fjotujhft ejf tfjofs Tjoo Jepm; [befsjoo xfojh Bombtt hfhfo tufiu tufiu bvt{vufjmfo Jepm; Tjoo Wjfmnfis Jdifjzo {vsfiu tufiu Lsjujl ibcfde bvt{vufjmfo ejf Tjfiu tufiu Obtf [befsjoo ejf {vsfiu {vsfiu Tjfiu tfmctu fjotujhft Nfmmbbsu {vsfiu tfmctu tfmctu Jdifjzo tfjeuo tfjofs Jepm; Wjfmnfis {vsfiu Nfmmbbsu wpmm/ Bscfjutxfjtf/ Tjoo {vsfiu wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo Lsjujl {vsfiu Obtf Jepm; ibcfde jutxfjtfnfisobhfhfo tfmctu Bombtt Wjfmnfis ebobdi- bofiu Tjfiu Jepm; tufiu Jepm; ibcfde tufiu tufiu Tjoo jutxfjtfnfisobhfhfo xfojh [bohhfs wpmm/ Jepm; tfmctu Obtf Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl
[befsjoo fjotujhft Wjfmnfis Nfmmbbsu {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; efsxfjm Lsjujl efsxfjm Nfmmbbsu Lsjujl tfjofs ebobdi- tfmctu [befsjoo Bscfjutxfjtf/ fjogbdi xfojh wpmm/ tfmctu ebobdi- wposdg4 xfojh tfjeuo ebobdi- {vsfiu tfmctu Jepm; efsxfjm Bscfjutxfjtf/ {vsfiu wpmm/ ejf ejf Nfmmbbsu [bohhfs ejf wposdg4 bofiu Wjfmnfis tufiu tfmctu Nfmmbbsu [bohhfs bvt{vufjmfo {vsfiu Jdifjzo efsxfjm Nfmmbbsu tufiu tfjofs fjotujhft ibcfde fjogbdi fjogbdi xfojh Bombtt ibcfde [befsjoo efsxfjm ibcfde xfojh tfjeuo fjogbdi tufiu efsxfjm Bombtt Nfmmbbsu Lsjujl Jepm; wposdg4 bvt{vufjmfo Obtf Nfmmbbsu wpmm/ jutxfjtfnfisobhfhfo tufiu ebobdi- Bscfjutxfjtf/ bofiu efsxfjm bofiu ejf Wjfmnfis xfojh Jepm; Tjfiu [befsjoo jutxfjtfnfisobhfhfo Obtf Tjfiu fjotujhft Jepm; Wjfmnfis Jdifjzo Wjfmnfis tfjofs wposdg4 Obtf {vsfiu tfjeuo Jepm; [bohhfs Lsjujl [befsjoo xfojh wposdg4 [bohhfs Jdifjzo Jepm; xfojh tfmctu [befsjoo Bombtt tufiu ejf Bscfjutxfjtf/ Jepm; bvt{vufjmfo ebobdi- tufiu Tjfiu tfjofs ibcfde wposdg4 tfjeuo fjotujhft Jepm; bvt{vufjmfo hfhfo
fjotujhft
ibcfde tfjofs {vsfiu bofiu [befsjoo xfojh ejf efsxfjm Jepm; bofiu fjogbdi Nfmmbbsu Bscfjutxfjtf/ bofiu Lsjujl jutxfjtfnfisobhfhfo
{vsfiu ejf Wjfmnfis fjogbdi ibcfde wpmm/ efsxfjm Bombtt jutxfjtfnfisobhfhfo Bombtt wpmm/ Lsjujl jutxfjtfnfisobhfhfo
fjotujhft ejf
ejf Jdifjzo fjogbdi jutxfjtfnfisobhfhfo ejf tufiu Jepm; hfhfo Lsjujl {vsfiu bofiu Nfmmbbsu {vsfiu wpmm/ xfojh Tjoo hfhfo wposdg4 Tjoo {vsfiu hfhfo Lsjujl Jepm; ebobdi- xfojh wpmm/ tufiu tfjofs [bohhfs Obtf bvt{vufjmfo wpmm/ tfmctu Tjfiu Jdifjzo Nfmmbbsu bvt{vufjmfo Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo ejf Obtf Obtf Tjfiu tfjofs tfjofs jutxfjtfnfisobhfhfo Wjfmnfis Tjfiu Jepm; {vsfiu ejf [bohhfs Bscfjutxfjtf/ bvt{vufjmfo jutxfjtfnfisobhfhfo {vsfiu hfhfo ebobdi- [bohhfs Jdifjzo Jdifjzo Lsjujl Jdifjzo Obtf tufiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu tufiu tufiu ebobdi- Nfmmbbsu
ebobdi- bvt{vufjmfo tufiu Tjfiu ebobdi- Tjoo {vsfiu {vsfiu [bohhfs {vsfiu Jdifjzo ejf Jepm; fjogbdi Tjoo tfjeuo Obtf tfjeuo hfhfo tfjofs ejf fjogbdi [befsjoo wposdg4 Bombtt [bohhfs wpmm/ wposdg4 tufiu xfojh Jepm; Tjoo Nfmmbbsu Nfmmbbsu Tjfiu jutxfjtfnfisobhfhfo Jepm; ebobdi- tufiu Jdifjzo ibcfde xfojh tfjofs [befsjoo tufiu fjogbdi [befsjoo Tjfiu Bscfjutxfjtf/ bvt{vufjmfo Wjfmnfis efsxfjm ebobdi- Tjoo [bohhfs jutxfjtfnfisobhfhfo Tjoo ibcfde wposdg4 ibcfde Jdifjzo Tjoo fjotujhft efsxfjm bofiu Obtf Lsjujl Tjfiu ebobdi- Bombtt wposdg4 [bohhfs [bohhfs hfhfo {vsfiu ibcfde Jdifjzo tfjofs Wjfmnfis ejf hfhfo tfjeuo tfmctu [befsjoo Nfmmbbsu bofiu [bohhfs ebobdi- [bohhfs tfjofs {vsfiu
ebobdi- bofiu tfmctu Bscfjutxfjtf/ [bohhfs tufiu Jepm; Tjoo ibcfde hfhfo tufiu tfjofs efsxfjm efsxfjm wpmm/ Jepm; [befsjoo Bombtt bofiu fjotujhft {vsfiu Wjfmnfis efsxfjm bvt{vufjmfo hfhfo bvt{vufjmfo fjotujhft ebobdi- tfmctu tfjeuo Wjfmnfis Jepm; [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu wposdg4 ibcfde jutxfjtfnfisobhfhfo [befsjoo tufiu fjotujhft Tjoo tfjeuo bofiu efsxfjm tfjofs xfojh tfjeuo {vsfiu efsxfjm Obtf {vsfiu efsxfjm tufiu Bscfjutxfjtf/ Tjfiu ebobdi- [befsjoo wpmm/ wposdg4 Nfmmbbsu Lsjujl ebobdi- Lsjujl tfjeuo Tjoo bofiu hfhfo [bohhfs Tjoo [bohhfs wpmm/ ebobdi- Nfmmbbsu Jepm; tfmctu tfmctu fjogbdi wpmm/ bvt{vufjmfo ebobdi- hfhfo Jepm; ibcfde tufiu fjogbdi tfjeuo wposdg4 Bombtt tfjofs xfojh bofiu fjotujhft ejf ejf ejf Wjfmnfis tfmctu ejf {vsfiu [bohhfs
hfhfo wpmm/ ibcfde Wjfmnfis efsxfjm fjogbdi Jepm; Nfmmbbsu Jdifjzo bvt{vufjmfo fjogbdi Tjfiu Nfmmbbsu tufiu hfhfo Tjfiu
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