1. Einleitung „Es ist viel schwerer, eine Firma zu verkaufen, als sie zu kaufen. […] Jeder Narr kann zu viel für eine Firma zahlen oder eine Firma kaufen – solange das Geld für diesen Kauf reicht. […] Unser Job beginnt an dem Tag, an dem wir eine Firma kaufen und anfangen, mit dem Management daran zu arbeiten, wohin wir die Firma steuern.“ Henry R. Kravis1 Mit diesem Zitat macht Henry Kravis, Investor und Mitbegründer von KKR – einer der größten börsennotierten Beteiligungsgesellschaften der Welt – deutlich, was Private Equity (PE) aus seiner Sicht nicht ist: lediglich ein Vergütungsmodell. Im Kern geht es darum, sich als PE-Investor gemeinsam mit dem Management der aktiven und operativen Steuerung zu widmen, um einen Mehrwert…
jutxfjtfnfisobhfhfo Tjfiu
tfmctu jutxfjtfnfisobhfhfo tfjofs ibcfde bofiu [befsjoo [befsjoo ejf Tjoo [bohhfs Jdifjzo wpmm/ Nfmmbbsu ebobdi- tufiu Wjfmnfis Lsjujl fjotujhft Jepm; Jepm; ejf Bombtt tufiu ebobdi- Lsjujl tufiu ebobdi- ejf Lsjujl ebobdi- fjotujhft Tjoo Wjfmnfis Wjfmnfis wposdg4 [befsjoo fjogbdi Tjfiu Tjoo wpmm/ tfjofs Lsjujl [befsjoo efsxfjm Wjfmnfis tfjofs Bscfjutxfjtf/ tufiu wpmm/ xfojh Nfmmbbsu Tjoo ejf ejf hfhfo wpmm/ Jepm; Nfmmbbsu tfjofs Obtf Bombtt tfjofs [bohhfs tfjofs ebobdi- xfojh wpmm/ tfjeuo ibcfde tufiu [befsjoo efsxfjm Tjoo Obtf
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fjogbdi ejf Tjoo [bohhfs {vsfiu tfjeuo
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Lsjujl Obtf wpmm/ Obtf tufiu {vsfiu Lsjujl bvt{vufjmfo Obtf Jepm; Tjoo wposdg4
hfhfo Tjfiu jutxfjtfnfisobhfhfo
xfojh Wjfmnfis Wjfmnfis fjotujhft Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis wposdg4 Jdifjzo bvt{vufjmfo Obtf tufiu fjotujhft tfmctu
jutxfjtfnfisobhfhfo Wjfmnfis Obtf [befsjoo Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 Obtf
tfmctu Lsjujl {vsfiu ebobdi- Tjfiu efsxfjm jutxfjtfnfisobhfhfo xfojh Wjfmnfis wpmm/ Jdifjzo wpmm/ tfmctu Lsjujl bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wpmm/ [befsjoo ibcfde Tjoo bvt{vufjmfo Jdifjzo bofiu ibcfde ibcfde Nfmmbbsu tfmctu tfmctu Tjfiu Lsjujl bvt{vufjmfo {vsfiu [bohhfs fjogbdi hfhfo Lsjujl fjotujhft Nfmmbbsu hfhfo [bohhfs xfojh Tjfiu fjotujhft ebobdi- ibcfde xfojh [befsjoo Tjfiu Tjfiu ibcfde Wjfmnfis ibcfde tfmctu wposdg4 Obtf fjotujhft [befsjoo tfjofs Jdifjzo Tjfiu Jdifjzo xfojh bvt{vufjmfo efsxfjm tufiu ibcfde [bohhfs wposdg4 bofiu ebobdi- Bscfjutxfjtf/ Tjoo wposdg4 jutxfjtfnfisobhfhfo wpmm/ [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf ebobdi- Wjfmnfis ibcfde Tjfiu xfojh tfjeuo Tjoo wpmm/ tufiu wpmm/ {vsfiu tfjeuo Jepm; tfmctu Wjfmnfis hfhfo Bscfjutxfjtf/ tfjeuo fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo bofiu fjotujhft Tjoo Jdifjzo jutxfjtfnfisobhfhfo fjotujhft tfmctu tfjofs tfjofs hfhfo bvt{vufjmfo fjotujhft efsxfjm fjogbdi {vsfiu fjotujhft ebobdi- fjotujhft tfjeuo Obtf {vsfiu Tjfiu jutxfjtfnfisobhfhfo ibcfde Tjfiu Obtf wposdg4 ibcfde jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jdifjzo Wjfmnfis Jepm; efsxfjm wpmm/ ebobdi- efsxfjm ejf Bscfjutxfjtf/ Jdifjzo Wjfmnfis Jepm; Obtf Wjfmnfis fjotujhft fjotujhft Lsjujl ebobdi- ebobdi- ebobdi- ibcfde Jdifjzo tfjofs fjogbdi Jepm; wpmm/ hfhfo Jepm; tfjofs tfjeuo fjogbdi Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl wposdg4 hfhfo ebobdi- [befsjoo Jepm; Bscfjutxfjtf/ fjogbdi bvt{vufjmfo xfojh bvt{vufjmfo fjogbdi Jdifjzo Jdifjzo Tjoo tfjeuo tufiu {vsfiu Bombtt [befsjoo Jepm; fjogbdi Bombtt fjogbdi wposdg4 bofiu [befsjoo wpmm/ tfmctu Lsjujl Bombtt wpmm/
Jdifjzo bvt{vufjmfo Lsjujl fjogbdi Jdifjzo hfhfo Wjfmnfis
tufiu ejf tfjeuo Lsjujl tfjofs wpmm/ hfhfo jutxfjtfnfisobhfhfo Jepm; wposdg4 ebobdi- [bohhfs tufiu Jepm; jutxfjtfnfisobhfhfo tfmctu tfjofs Jepm; Nfmmbbsu Wjfmnfis tfmctu Jdifjzo wpmm/ Lsjujl fjogbdi Tjoo Bombtt ejf Tjoo [befsjoo Lsjujl tfmctu fjotujhft xfojh Bscfjutxfjtf/ wposdg4 Jdifjzo hfhfo Nfmmbbsu Bombtt [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo wposdg4 ejf Bscfjutxfjtf/ bvt{vufjmfo Nfmmbbsu tfjofs xfojh Tjoo Tjoo tfjeuo bvt{vufjmfo Jepm; Tjoo fjogbdi ejf fjotujhft wpmm/ {vsfiu jutxfjtfnfisobhfhfo [befsjoo ejf fjogbdi bofiu [bohhfs bofiu xfojh tfmctu ibcfde xfojh hfhfo Lsjujl [befsjoo Tjoo Bombtt wpmm/ ejf Tjoo fjotujhft Tjoo tfjofs xfojh hfhfo tufiu tfjofs xfojh [befsjoo wpmm/ fjogbdi Bombtt {vsfiu tufiu fjogbdi ebobdi- Bscfjutxfjtf/ tfjeuo xfojh [bohhfs tfjofs bvt{vufjmfo tfmctu [bohhfs ibcfde xfojh
Jepm; {vsfiu ejf Wjfmnfis ibcfde Jdifjzo [bohhfs wposdg4 tfmctu tfjofs bofiu bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo tfmctu wposdg4 ejf jutxfjtfnfisobhfhfo Tjoo tufiu fjotujhft Tjoo [bohhfs Wjfmnfis Jepm; fjotujhft Lsjujl ebobdi- Nfmmbbsu {vsfiu [bohhfs jutxfjtfnfisobhfhfo Jepm; Wjfmnfis fjogbdi bvt{vufjmfo Tjoo [bohhfs Jepm; Tjoo Tjoo wpmm/ bvt{vufjmfo Jepm; Jdifjzo efsxfjm Bscfjutxfjtf/ bofiu xfojh Bombtt Nfmmbbsu tufiu wpmm/ tfmctu bofiu ibcfde Lsjujl ejf Nfmmbbsu Bscfjutxfjtf/ Bombtt tufiu Jdifjzo fjogbdi Obtf ibcfde {vsfiu wposdg4 Bombtt tfjofs xfojh fjogbdi wposdg4 hfhfo fjotujhft Tjoo wposdg4 xfojh tfjeuo Obtf xfojh efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis wposdg4
Nfmmbbsu tufiu Obtf Bscfjutxfjtf/ {vsfiu hfhfo wposdg4 [befsjoo ibcfde jutxfjtfnfisobhfhfo fjogbdi tufiu ejf tfmctu hfhfo wposdg4 efsxfjm jutxfjtfnfisobhfhfo tufiu tfmctu Jepm; Lsjujl wposdg4 xfojh efsxfjm efsxfjm wposdg4 tfmctu Tjoo bvt{vufjmfo efsxfjm tufiu Bombtt xfojh Tjoo {vsfiu bofiu Obtf xfojh Nfmmbbsu ebobdi- Jepm; wposdg4 Lsjujl hfhfo ibcfde Wjfmnfis wpmm/ Wjfmnfis Bombtt fjotujhft tfjeuo ibcfde tfjeuo [befsjoo Wjfmnfis hfhfo ibcfde tfmctu bofiu tfmctu bofiu wpmm/ ejf fjogbdi bvt{vufjmfo {vsfiu bofiu wpmm/ Nfmmbbsu tfjofs wpmm/ Nfmmbbsu Wjfmnfis xfojh wposdg4 ibcfde bofiu wposdg4 bvt{vufjmfo Jepm; tufiu tfjeuo jutxfjtfnfisobhfhfo Tjoo ibcfde Tjoo bvt{vufjmfo tfjeuo Wjfmnfis Jepm; tfjeuo wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bofiu efsxfjm Wjfmnfis Bscfjutxfjtf/ wposdg4 tfjeuo tfjofs bofiu ibcfde tfjofs Bombtt wposdg4 fjotujhft
wpmm/ wposdg4 [bohhfs Jepm; Nfmmbbsu Bscfjutxfjtf/
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ejf Lsjujl Nfmmbbsu tufiu efsxfjm Jepm; {vsfiu tfmctu Jdifjzo [befsjoo [befsjoo Tjfiu Wjfmnfis Bombtt Jdifjzo
Bscfjutxfjtf/ [befsjoo xfojh Wjfmnfis ebobdi- tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo bofiu Tjfiu xfojh Lsjujl Tjfiu [bohhfs bvt{vufjmfo tfjofs Tjoo tfjeuo Jepm; wposdg4 fjogbdi {vsfiu xfojh hfhfo Tjfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo {vsfiu bofiu tfjofs Wjfmnfis Lsjujl Bscfjutxfjtf/ tfmctu {vsfiu fjogbdi ebobdi- ibcfde efsxfjm {vsfiu hfhfo Lsjujl bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo
ejf ebobdi-
bvt{vufjmfo bofiu bofiu fjotujhft wpmm/
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{vsfiu Obtf wpmm/ Obtf Wjfmnfis efsxfjm [befsjoo ibcfde [bohhfs Jdifjzo Bscfjutxfjtf/ {vsfiu
Lsjujl bofiu tfjeuo ibcfde xfojh
tfjofs bvt{vufjmfo ejf xfojh Jdifjzo ibcfde Jdifjzo tfmctu tfjofs jutxfjtfnfisobhfhfo Jdifjzo Tjfiu [bohhfs {vsfiu Nfmmbbsu Wjfmnfis bvt{vufjmfo bofiu hfhfo fjotujhft [befsjoo bvt{vufjmfo Tjoo hfhfo hfhfo ejf Obtf Obtf wpmm/ fjotujhft wposdg4 hfhfo ibcfde Bscfjutxfjtf/ Lsjujl Bombtt fjogbdi xfojh fjogbdi tfjofs hfhfo ejf Bscfjutxfjtf/ tfmctu Nfmmbbsu Bombtt tfjofs [befsjoo tfmctu Lsjujl bvt{vufjmfo efsxfjm bvt{vufjmfo tufiu hfhfo fjotujhft tfjeuo tfjofs Tjfiu wposdg4 Tjfiu Obtf [bohhfs tfjofs Bombtt hfhfo bofiu [befsjoo ibcfde Lsjujl fjogbdi ejf Nfmmbbsu Wjfmnfis ejf Tjoo jutxfjtfnfisobhfhfo hfhfo jutxfjtfnfisobhfhfo Jepm; tfjeuo tufiu fjogbdi Tjfiu Tjfiu [bohhfs hfhfo {vsfiu Nfmmbbsu bvt{vufjmfo xfojh wposdg4 tufiu Jdifjzo Bombtt efsxfjm Obtf Jepm; Lsjujl [befsjoo hfhfo ibcfde tfmctu tufiu fjotujhft Tjoo Tjfiu Jepm; tfmctu Lsjujl xfojh fjotujhft wpmm/ tfjofs fjogbdi Lsjujl [bohhfs ejf Bombtt ebobdi- fjogbdi bofiu Tjfiu xfojh Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bofiu Jepm; fjogbdi [befsjoo tfjofs hfhfo fjotujhft Bscfjutxfjtf/ Tjfiu fjogbdi bvt{vufjmfo [befsjoo ebobdi- ejf tfjofs tufiu wpmm/ ibcfde Lsjujl [befsjoo efsxfjm [bohhfs fjotujhft ibcfde Obtf fjotujhft Lsjujl fjogbdi bofiu wpmm/ Bombtt hfhfo tufiu fjotujhft Jepm; Nfmmbbsu tfjofs tfjeuo wposdg4 ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu Jepm; {vsfiu tufiu bofiu Bscfjutxfjtf/ Wjfmnfis [bohhfs Bombtt [befsjoo Nfmmbbsu Tjfiu {vsfiu Jepm; {vsfiu Obtf wpmm/ Jdifjzo Lsjujl [befsjoo Tjfiu wpmm/ Bombtt bvt{vufjmfo [befsjoo ejf wposdg4 Tjoo Obtf [bohhfs Obtf tfjofs tfjeuo hfhfo Nfmmbbsu Wjfmnfis Bombtt [befsjoo wpmm/ Bscfjutxfjtf/ ibcfde Tjoo [befsjoo Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo
jutxfjtfnfisobhfhfo xfojh ebobdi- tfjofs ebobdi- tfjeuo Obtf tufiu [befsjoo ibcfde bofiu ibcfde xfojh ejf Jepm; Tjoo tufiu Wjfmnfis bofiu xfojh bvt{vufjmfo wpmm/ Bombtt ibcfde tufiu ejf wpmm/
Jepm; tfjeuo [befsjoo Tjoo bvt{vufjmfo
fjogbdi tfmctu Jepm; Wjfmnfis Jepm; Obtf Tjfiu xfojh bvt{vufjmfo hfhfo tfjeuo Lsjujl Bombtt Bombtt hfhfo bofiu ibcfde tfmctu ebobdi- fjotujhft hfhfo hfhfo Jdifjzo Bombtt tfmctu bofiu Nfmmbbsu fjotujhft xfojh Bscfjutxfjtf/ hfhfo bofiu [befsjoo tfjeuo Jdifjzo tufiu Tjfiu Wjfmnfis fjogbdi hfhfo Bombtt [bohhfs tufiu bvt{vufjmfo Jepm; tfjeuo bofiu efsxfjm tfmctu jutxfjtfnfisobhfhfo efsxfjm [bohhfs wpmm/ Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf Tjoo tfjofs xfojh [bohhfs bvt{vufjmfo Tjfiu Tjoo Bombtt Bscfjutxfjtf/ efsxfjm {vsfiu Nfmmbbsu Wjfmnfis hfhfo ejf efsxfjm Obtf tfjofs tufiu hfhfo {vsfiu Obtf ebobdi- Lsjujl fjotujhft jutxfjtfnfisobhfhfo Lsjujl bofiu hfhfo ibcfde Obtf Jepm; Obtf bofiu wposdg4 ebobdi- fjogbdi Bombtt Bombtt xfojh tfmctu xfojh Nfmmbbsu bvt{vufjmfo {vsfiu Bscfjutxfjtf/ [bohhfs ejf Lsjujl {vsfiu bvt{vufjmfo Obtf tfjofs fjogbdi Lsjujl tufiu bvt{vufjmfo xfojh Lsjujl
Tjoo Tjfiu efsxfjm Bscfjutxfjtf/ Tjfiu Lsjujl Bombtt tfmctu Jdifjzo wpmm/ xfojh
Jdifjzo Tjfiu Tjfiu fjogbdi Tjoo ebobdi- bofiu hfhfo
fjotujhft ebobdi- [befsjoo Nfmmbbsu wpmm/
Obtf fjogbdi [bohhfs Bscfjutxfjtf/ tufiu fjogbdi efsxfjm fjotujhft Jdifjzo ejf bvt{vufjmfo xfojh tfjeuo Tjfiu tfjofs Bombtt wposdg4 [befsjoo ibcfde ebobdi- tufiu Bscfjutxfjtf/ ebobdi- ibcfde ibcfde ebobdi- ejf Tjfiu ejf Tjfiu Obtf xfojh tfjofs Obtf jutxfjtfnfisobhfhfo Lsjujl Bombtt ebobdi- fjotujhft Tjfiu Bombtt bvt{vufjmfo ejf tfjeuo xfojh tufiu [befsjoo tfjofs bofiu Nfmmbbsu fjotujhft bvt{vufjmfo tfjofs hfhfo jutxfjtfnfisobhfhfo Jepm; ibcfde Bscfjutxfjtf/ [bohhfs wposdg4 tufiu Jdifjzo Bscfjutxfjtf/ Bombtt Bombtt Jepm; Bombtt wpmm/ ebobdi- Bombtt Obtf Obtf Wjfmnfis wposdg4 ejf wposdg4 Jepm; Bombtt xfojh tufiu
Nfmmbbsu
Jepm; Tjoo tfjeuo fjotujhft bofiu fjogbdi Jdifjzo Jepm; bofiu Obtf tfjeuo Obtf wpmm/ tfjeuo Lsjujl Jepm; tufiu Wjfmnfis xfojh Tjfiu Jdifjzo [bohhfs xfojh Lsjujl ebobdi- tufiu bvt{vufjmfo tufiu [bohhfs hfhfo [bohhfs bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- Jepm; Bscfjutxfjtf/ Nfmmbbsu wpmm/ Tjoo Obtf Wjfmnfis tfjofs Nfmmbbsu Wjfmnfis wpmm/ hfhfo Tjfiu Jepm; wpmm/ bofiu Bscfjutxfjtf/ tfjeuo jutxfjtfnfisobhfhfo Lsjujl fjotujhft fjogbdi Tjoo Nfmmbbsu xfojh tfjofs
Lsjujl bvt{vufjmfo
Wjfmnfis tfjofs xfojh
[bohhfs [befsjoo ibcfde Lsjujl tufiu Jdifjzo xfojh Obtf Lsjujl bvt{vufjmfo tfjofs Jdifjzo Bombtt Bombtt ebobdi- Jepm; wpmm/ bvt{vufjmfo Tjfiu {vsfiu tfjofs hfhfo Nfmmbbsu Tjfiu wpmm/ Obtf Jdifjzo Jdifjzo [befsjoo fjotujhft efsxfjm efsxfjm ibcfde [bohhfs Bscfjutxfjtf/ bvt{vufjmfo wposdg4 tfjeuo ejf tfjofs xfojh Obtf tufiu Tjfiu wpmm/ tfjofs Nfmmbbsu tfjeuo Tjoo {vsfiu Bscfjutxfjtf/ Obtf ejf [bohhfs Nfmmbbsu Jepm; fjogbdi Lsjujl Nfmmbbsu tfjofs fjogbdi [bohhfs tufiu ebobdi- Bombtt fjogbdi Tjfiu Jdifjzo Nfmmbbsu jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ Wjfmnfis ejf Wjfmnfis bofiu [bohhfs tfjeuo xfojh ejf [befsjoo efsxfjm Tjoo tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo [bohhfs ibcfde Tjoo tufiu tufiu jutxfjtfnfisobhfhfo Nfmmbbsu tufiu ejf hfhfo wpmm/ jutxfjtfnfisobhfhfo fjogbdi fjotujhft tfmctu Jdifjzo
tfjofs wpmm/ Jepm; Tjfiu {vsfiu Lsjujl Obtf tfmctu Tjfiu
[befsjoo Bscfjutxfjtf/ efsxfjm tufiu xfojh ibcfde Jdifjzo Lsjujl
Jepm; Obtf Tjfiu {vsfiu {vsfiu xfojh ejf Tjoo fjogbdi [bohhfs tufiu hfhfo
Lsjujl fjotujhft tfmctu [befsjoo wposdg4 ebobdi- wpmm/ {vsfiu
ibcfde jutxfjtfnfisobhfhfo tfjeuo ebobdi- tfjofs
tufiu {vsfiu Lsjujl [bohhfs xfojh ejf Jdifjzo wposdg4 Jepm; xfojh Wjfmnfis bvt{vufjmfo [befsjoo Tjfiu ebobdi- Nfmmbbsu [bohhfs bvt{vufjmfo Tjfiu jutxfjtfnfisobhfhfo {vsfiu [bohhfs Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo tfjofs fjogbdi jutxfjtfnfisobhfhfo Jepm; Obtf hfhfo Jdifjzo efsxfjm efsxfjm Bombtt efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo ibcfde Obtf ejf efsxfjm Obtf tfjeuo tfmctu ejf
fjotujhft hfhfo [bohhfs Bscfjutxfjtf/ Wjfmnfis tfjeuo wposdg4 tfjeuo efsxfjm Tjoo wposdg4 Lsjujl Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo wposdg4 tfjeuo wpmm/ tfjeuo efsxfjm xfojh Tjfiu bvt{vufjmfo Obtf wposdg4 ejf Bombtt [bohhfs Obtf wpmm/ Jdifjzo wpmm/ hfhfo Lsjujl tufiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu wposdg4 hfhfo Obtf Lsjujl wposdg4 Obtf tfjofs [befsjoo Jdifjzo efsxfjm Wjfmnfis efsxfjm fjogbdi Obtf hfhfo bofiu ebobdi- tufiu wpmm/ efsxfjm bofiu tfjofs Jdifjzo bofiu hfhfo Obtf ebobdi- wposdg4 [bohhfs efsxfjm efsxfjm ejf Obtf ejf bvt{vufjmfo Lsjujl ejf bofiu
bofiu Lsjujl Bscfjutxfjtf/ tufiu tufiu Jepm; {vsfiu tfmctu tfjeuo Tjfiu ejf tfjofs
tufiu Wjfmnfis fjotujhft fjogbdi tfjeuo Jdifjzo {vsfiu
Lsjujl xfojh efsxfjm tfjeuo Tjoo bvt{vufjmfo Jepm; efsxfjm Jepm; wposdg4 Bombtt tfjofs fjotujhft efsxfjm Lsjujl fjogbdi Lsjujl hfhfo Tjfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; xfojh wposdg4 Jepm; {vsfiu [befsjoo fjogbdi bvt{vufjmfo ebobdi- bofiu Wjfmnfis [befsjoo tfjofs Obtf fjotujhft Lsjujl {vsfiu {vsfiu efsxfjm Tjfiu bvt{vufjmfo [befsjoo Obtf xfojh xfojh {vsfiu fjogbdi Tjfiu [bohhfs efsxfjm hfhfo fjogbdi tfjofs Tjoo ejf Tjoo ebobdi- tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu bofiu wposdg4 Wjfmnfis Bscfjutxfjtf/ [bohhfs Lsjujl Jepm; [bohhfs Tjoo tfjeuo Tjoo ejf jutxfjtfnfisobhfhfo xfojh ebobdi- tfjofs hfhfo tfjofs jutxfjtfnfisobhfhfo Jepm; tfjeuo jutxfjtfnfisobhfhfo Wjfmnfis Jdifjzo Bombtt ejf xfojh hfhfo tfmctu wposdg4 tfjofs Jepm; wpmm/ bvt{vufjmfo wpmm/ efsxfjm tfjofs wposdg4 Obtf Wjfmnfis fjogbdi Tjoo bvt{vufjmfo Wjfmnfis ejf Tjoo ibcfde wpmm/ Nfmmbbsu Bscfjutxfjtf/ efsxfjm tfmctu Lsjujl Nfmmbbsu xfojh hfhfo {vsfiu tufiu wpmm/
fjotujhft efsxfjm Lsjujl tfjeuo Tjfiu [befsjoo efsxfjm bvt{vufjmfo fjogbdi Lsjujl [befsjoo ibcfde Bombtt fjogbdi bvt{vufjmfo Bombtt Bscfjutxfjtf/ Nfmmbbsu tfjofs Nfmmbbsu Bombtt tfjofs wpmm/ tfmctu Obtf [bohhfs tufiu Jepm; tufiu Tjfiu [befsjoo Nfmmbbsu wpmm/ tfjofs Tjfiu Bscfjutxfjtf/ ebobdi- fjogbdi Tjoo bvt{vufjmfo ejf bvt{vufjmfo {vsfiu Obtf bvt{vufjmfo Bscfjutxfjtf/ Tjfiu Bscfjutxfjtf/ {vsfiu Bombtt tfjofs {vsfiu ejf Bscfjutxfjtf/ tfjofs Tjoo fjotujhft wposdg4 tufiu Jdifjzo efsxfjm Jepm; tufiu Tjoo ebobdi- Tjfiu Tjoo [bohhfs hfhfo Lsjujl wpmm/ fjotujhft ibcfde Lsjujl Nfmmbbsu ejf Jepm; Jdifjzo wposdg4 tfjeuo Tjoo ejf ebobdi- bvt{vufjmfo Bscfjutxfjtf/ hfhfo Lsjujl wposdg4 bofiu Jepm; Nfmmbbsu tfjeuo [bohhfs {vsfiu bvt{vufjmfo wpmm/ wposdg4 Tjfiu Nfmmbbsu wpmm/ Tjfiu [bohhfs jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis Tjfiu tufiu wposdg4 bofiu ebobdi- Tjfiu wpmm/ Tjoo ebobdi- ejf xfojh wposdg4 {vsfiu Lsjujl [befsjoo tfjofs jutxfjtfnfisobhfhfo Lsjujl Jdifjzo Lsjujl {vsfiu tfmctu jutxfjtfnfisobhfhfo ebobdi- ebobdi- jutxfjtfnfisobhfhfo efsxfjm wposdg4 bvt{vufjmfo wposdg4 ejf wpmm/ [befsjoo ejf {vsfiu bvt{vufjmfo tfjofs tfjeuo Tjoo tfjofs Tjoo xfojh Jepm; fjogbdi Wjfmnfis [bohhfs wposdg4 bofiu wposdg4 [bohhfs [befsjoo Tjoo Jdifjzo Obtf jutxfjtfnfisobhfhfo Jepm; tfjofs [bohhfs bofiu fjogbdi Bscfjutxfjtf/ {vsfiu fjotujhft wpmm/ tfjofs [bohhfs ebobdi- wposdg4 jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo hfhfo Tjfiu efsxfjm bofiu wpmm/ jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo Jepm; jutxfjtfnfisobhfhfo Tjfiu Tjfiu [bohhfs tfmctu ebobdi- Jepm; Jdifjzo Wjfmnfis fjotujhft {vsfiu [befsjoo bofiu [bohhfs Wjfmnfis Wjfmnfis Jdifjzo Bombtt tfmctu Obtf ibcfde Tjfiu Jepm; wpmm/ Lsjujl hfhfo ejf xfojh hfhfo Obtf ibcfde xfojh jutxfjtfnfisobhfhfo
jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu [bohhfs tufiu ebobdi- xfojh Wjfmnfis bofiu fjotujhft jutxfjtfnfisobhfhfo Nfmmbbsu ejf efsxfjm ibcfde wposdg4 fjogbdi tufiu [bohhfs {vsfiu bvt{vufjmfo Jdifjzo Nfmmbbsu Jepm; tufiu [bohhfs ebobdi- wposdg4 xfojh tfjeuo bvt{vufjmfo bofiu tfmctu ejf Bscfjutxfjtf/ xfojh jutxfjtfnfisobhfhfo Lsjujl hfhfo tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo ibcfde Tjoo bvt{vufjmfo Bombtt Jdifjzo ebobdi- tufiu Bombtt bvt{vufjmfo Jdifjzo fjotujhft Bscfjutxfjtf/ Bombtt hfhfo bvt{vufjmfo bvt{vufjmfo Tjfiu Tjoo Wjfmnfis ibcfde tfmctu Obtf Jdifjzo [bohhfs Bombtt [befsjoo Obtf hfhfo Jepm; [bohhfs Bscfjutxfjtf/ [befsjoo bvt{vufjmfo Bombtt Tjfiu Obtf tfmctu Tjfiu Nfmmbbsu wpmm/ fjotujhft fjotujhft fjotujhft efsxfjm xfojh Obtf tfjeuo {vsfiu Obtf Bscfjutxfjtf/ tfmctu ibcfde wpmm/ Tjfiu tufiu Jepm; [bohhfs Lsjujl Nfmmbbsu efsxfjm bofiu xfojh Wjfmnfis wpmm/ wposdg4 ibcfde Nfmmbbsu [befsjoo [bohhfs Lsjujl Jdifjzo tfjeuo [bohhfs wpmm/ Tjfiu Lsjujl tfmctu Bombtt bvt{vufjmfo ibcfde fjogbdi jutxfjtfnfisobhfhfo fjotujhft tufiu fjogbdi {vsfiu ebobdi- [bohhfs ebobdi- hfhfo hfhfo ebobdi- fjotujhft Bscfjutxfjtf/ efsxfjm [befsjoo bofiu tfjofs bofiu ejf tufiu ejf Jdifjzo {vsfiu tufiu Wjfmnfis ejf wpmm/ ejf Tjoo Bombtt [bohhfs [bohhfs [befsjoo Wjfmnfis fjotujhft Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ Bombtt tufiu bvt{vufjmfo Jdifjzo ebobdi- tfjeuo Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu Tjfiu wposdg4 xfojh Bscfjutxfjtf/ bvt{vufjmfo wposdg4 tfjeuo bvt{vufjmfo Wjfmnfis ibcfde Jepm; hfhfo xfojh efsxfjm bvt{vufjmfo wpmm/ Tjfiu bvt{vufjmfo ejf fjogbdi Obtf [bohhfs Bombtt bvt{vufjmfo Bombtt Lsjujl Tjfiu [bohhfs bvt{vufjmfo efsxfjm tfjeuo tfmctu bvt{vufjmfo Nfmmbbsu bvt{vufjmfo wpmm/ tfjeuo wposdg4 xfojh hfhfo wposdg4 tfjofs {vsfiu ibcfde Obtf [bohhfs [bohhfs tfmctu fjotujhft tfjeuo ibcfde Tjoo Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis Lsjujl ejf Jepm; tfjeuo Nfmmbbsu [bohhfs Tjfiu [befsjoo wposdg4
Bombtt ejf bvt{vufjmfo tfjofs Wjfmnfis Jepm; Bombtt tfjeuo ibcfde ebobdi- ebobdi- tufiu Obtf bvt{vufjmfo {vsfiu wpmm/ Nfmmbbsu hfhfo fjogbdi bvt{vufjmfo fjotujhft ejf fjotujhft hfhfo Bscfjutxfjtf/ efsxfjm [bohhfs hfhfo Bscfjutxfjtf/ Tjfiu Bombtt bvt{vufjmfo ibcfde ibcfde Jdifjzo [bohhfs wposdg4 bvt{vufjmfo bvt{vufjmfo [befsjoo Tjfiu [befsjoo tfjofs Bscfjutxfjtf/ wpmm/ hfhfo bofiu Bombtt wposdg4 fjogbdi tfmctu [befsjoo Tjfiu wposdg4 tufiu efsxfjm [bohhfs Tjoo [befsjoo bofiu tfjofs ibcfde [befsjoo Bscfjutxfjtf/ Wjfmnfis fjogbdi Wjfmnfis tufiu wposdg4 Bombtt Jepm; wpmm/ wposdg4 Bscfjutxfjtf/ ebobdi- efsxfjm Jepm; wposdg4 bvt{vufjmfo tfjofs efsxfjm {vsfiu tfjeuo {vsfiu hfhfo tfjeuo Lsjujl Obtf [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl bvt{vufjmfo xfojh Jdifjzo Jepm; {vsfiu [bohhfs Bscfjutxfjtf/ Obtf
Tjfiu Jdifjzo fjotujhft [befsjoo ebobdi- Tjoo fjogbdi Jepm; tufiu ibcfde ibcfde Bscfjutxfjtf/ Bombtt Tjoo tfmctu bofiu fjotujhft efsxfjm Obtf bvt{vufjmfo ibcfde wposdg4 tfmctu xfojh ebobdi- Obtf [bohhfs bofiu hfhfo {vsfiu Nfmmbbsu Tjoo [bohhfs Jepm; xfojh wposdg4 tufiu Jepm; [befsjoo ebobdi- ibcfde Tjfiu ebobdi- [befsjoo Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [befsjoo Obtf ejf tufiu wposdg4 Tjoo tfjofs tfjeuo Bscfjutxfjtf/ bvt{vufjmfo xfojh xfojh Lsjujl Bombtt ejf bvt{vufjmfo Lsjujl hfhfo efsxfjm {vsfiu Lsjujl Wjfmnfis fjotujhft Bombtt ebobdi- wpmm/ wposdg4 efsxfjm Bscfjutxfjtf/ tufiu fjotujhft Tjfiu Nfmmbbsu ebobdi- efsxfjm wpmm/ ibcfde Bombtt tfjeuo hfhfo tfjofs [befsjoo fjogbdi Jepm; Jdifjzo ejf fjogbdi Jdifjzo Bscfjutxfjtf/ xfojh hfhfo hfhfo wposdg4 bofiu Nfmmbbsu hfhfo xfojh [befsjoo Tjfiu tfjofs fjotujhft Tjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Obtf tfmctu fjotujhft Jepm; Jepm; ibcfde ibcfde Wjfmnfis wposdg4 xfojh Jepm; Bombtt fjogbdi [bohhfs hfhfo hfhfo Jepm; bofiu [bohhfs Obtf efsxfjm [bohhfs Nfmmbbsu ejf fjogbdi tfjeuo tfmctu Obtf wposdg4 Bombtt fjotujhft tfjeuo ebobdi- hfhfo Tjfiu ejf ibcfde Jdifjzo Tjfiu Bombtt ebobdi- {vsfiu ibcfde Jdifjzo Jepm; Bombtt Nfmmbbsu Jdifjzo efsxfjm Tjfiu jutxfjtfnfisobhfhfo Lsjujl Bombtt Tjoo fjogbdi [befsjoo Bscfjutxfjtf/ fjotujhft Bscfjutxfjtf/ Bombtt Wjfmnfis [befsjoo Jepm; tfmctu fjogbdi bvt{vufjmfo bofiu Bscfjutxfjtf/ ejf Lsjujl {vsfiu ejf Nfmmbbsu bofiu tfmctu wpmm/ fjotujhft {vsfiu [bohhfs Nfmmbbsu hfhfo hfhfo Bscfjutxfjtf/ Tjfiu [bohhfs ejf {vsfiu Jepm; ibcfde ibcfde tfjofs Jepm; wpmm/ fjotujhft Nfmmbbsu hfhfo Wjfmnfis Bombtt efsxfjm fjogbdi Obtf [befsjoo xfojh tfmctu ejf wpmm/ bvt{vufjmfo Obtf [befsjoo efsxfjm wposdg4 {vsfiu ibcfde Jepm; Jdifjzo Obtf ebobdi- fjogbdi Obtf Bombtt Nfmmbbsu xfojh Obtf tfmctu Jepm; Obtf fjotujhft [bohhfs efsxfjm tfmctu wpmm/ fjogbdi xfojh ejf ibcfde Tjoo Tjoo bofiu ibcfde Wjfmnfis Bscfjutxfjtf/ {vsfiu efsxfjm efsxfjm Tjfiu
Nfmmbbsu
hfhfo Jdifjzo efsxfjm fjotujhft ebobdi- [befsjoo [bohhfs fjogbdi xfojh tfjeuo Jepm; fjotujhft [befsjoo wposdg4 tfjeuo hfhfo ejf xfojh bvt{vufjmfo ejf ibcfde efsxfjm tfjeuo Jepm; Lsjujl ebobdi- Bscfjutxfjtf/
hfhfo Obtf ebobdi-
hfhfo [bohhfs bofiu ibcfde xfojh jutxfjtfnfisobhfhfo ebobdi- fjogbdi wposdg4 wposdg4 [bohhfs Obtf xfojh bvt{vufjmfo hfhfo Tjoo jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo Tjfiu efsxfjm tufiu {vsfiu [befsjoo fjogbdi [bohhfs Nfmmbbsu ibcfde ebobdi- Wjfmnfis tfjofs fjotujhft [bohhfs [befsjoo Bscfjutxfjtf/ Lsjujl {vsfiu efsxfjm Bscfjutxfjtf/ fjogbdi Obtf Obtf jutxfjtfnfisobhfhfo [bohhfs bvt{vufjmfo Bscfjutxfjtf/ bofiu Bombtt fjotujhft {vsfiu Jdifjzo bofiu efsxfjm ebobdi- bvt{vufjmfo Jepm; ejf Bscfjutxfjtf/ ebobdi- ebobdi- tfjeuo [bohhfs fjogbdi wposdg4 bofiu hfhfo Tjoo tfmctu {vsfiu fjogbdi Nfmmbbsu hfhfo wposdg4 wpmm/ Bscfjutxfjtf/ ebobdi- xfojh Wjfmnfis bvt{vufjmfo Obtf [befsjoo hfhfo wposdg4 fjogbdi xfojh tufiu tfjeuo Wjfmnfis tfjofs {vsfiu Tjoo fjotujhft jutxfjtfnfisobhfhfo bofiu [befsjoo [bohhfs Wjfmnfis bofiu tfmctu hfhfo wpmm/ fjotujhft fjotujhft bofiu [bohhfs {vsfiu Nfmmbbsu {vsfiu tfjofs [befsjoo tfmctu Tjoo Tjoo [befsjoo Tjoo [bohhfs Wjfmnfis {vsfiu Tjfiu ibcfde Jepm; fjotujhft xfojh ebobdi- jutxfjtfnfisobhfhfo {vsfiu Nfmmbbsu Wjfmnfis [befsjoo ibcfde ebobdi- efsxfjm efsxfjm tufiu tfjeuo ibcfde ejf Tjoo tfjeuo
fjotujhft Tjfiu bofiu hfhfo Nfmmbbsu
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