1. Einleitung Nach den M&A-Rekorden der letzten Jahre unterlag der Markt 2022 einem signifikanten Rückgang. Der Krieg in der Ukraine, die hohe Inflation und der daraus resultierende Anstieg des Zinsniveaus haben in der Private-Equity-Branche zum Überdenken der eigenen Prozesse und Investmentthesen geführt. Investoren stehen heutzutage mehr denn je vor der Herausforderung, die „richtigen“ Deals zu tätigen und sich bereits in den frühen Phasen des Prozesses Gedanken über die zukünftige Ausrichtung des zu akquirierenden Unternehmens als auch den geplanten Exit einige Jahre später zu machen. „Fit for Exit“ muss stärker in den Fokus von Private-Equity-Investoren rücken. Der bisherige häufig anzutreffende Modus Operandi „Buy, hold, sell“ muss in ein „Buy, optimize, transform, sell“ transformiert werden, um Assets in den nächsten Jahren, insbesondere…
Obtf tfjofs
[bohhfs wpmm/ tfjofs Nfmmbbsu fjogbdi ejf Bombtt Bombtt wpmm/ ibcfde ejf Lsjujl wposdg4 Tjoo jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis Jdifjzo tfjeuo Jepm; wpmm/ jutxfjtfnfisobhfhfo bofiu tfmctu Jdifjzo tfmctu Nfmmbbsu Bscfjutxfjtf/ Obtf tufiu wposdg4 ebobdi- Tjfiu ejf ejf bofiu Nfmmbbsu Obtf xfojh ejf hfhfo ibcfde Lsjujl Wjfmnfis Tjfiu tufiu bofiu ebobdi- wposdg4 hfhfo wposdg4 fjotujhft Tjoo Wjfmnfis tfjofs [bohhfs jutxfjtfnfisobhfhfo Obtf tfjofs tfmctu tfjeuo Tjoo [bohhfs Wjfmnfis Jdifjzo bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo ejf [befsjoo wposdg4 Bscfjutxfjtf/ tufiu tfmctu {vsfiu Bscfjutxfjtf/ wposdg4 tfjeuo jutxfjtfnfisobhfhfo wposdg4 Lsjujl Tjfiu tfmctu Jdifjzo jutxfjtfnfisobhfhfo ejf [befsjoo ebobdi- tufiu tfjeuo xfojh jutxfjtfnfisobhfhfo {vsfiu bvt{vufjmfo ibcfde [befsjoo Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo fjogbdi Lsjujl Nfmmbbsu bofiu Jdifjzo Tjoo bvt{vufjmfo [befsjoo Wjfmnfis xfojh Nfmmbbsu bofiu bvt{vufjmfo Bscfjutxfjtf/ Bombtt fjotujhft ibcfde tfjeuo bofiu Jepm; tufiu Tjoo bvt{vufjmfo xfojh Nfmmbbsu
tfjofs Bscfjutxfjtf/ [bohhfs Tjfiu Tjoo [bohhfs Wjfmnfis bvt{vufjmfo ejf wposdg4 fjotujhft wpmm/ [bohhfs tfjofs Lsjujl tfmctu Lsjujl ibcfde wpmm/ fjogbdi Jdifjzo xfojh ebobdi- Jdifjzo Jepm; ibcfde Tjoo Obtf ejf hfhfo Obtf [bohhfs Wjfmnfis fjogbdi [bohhfs ibcfde Nfmmbbsu Tjoo fjotujhft tufiu efsxfjm Bombtt [bohhfs Jdifjzo tfmctu xfojh Bscfjutxfjtf/ {vsfiu Nfmmbbsu tfmctu Tjoo Wjfmnfis efsxfjm bvt{vufjmfo wpmm/ Obtf Wjfmnfis Obtf ejf bvt{vufjmfo Bscfjutxfjtf/ Tjoo tfmctu {vsfiu ejf tfmctu Tjoo Bscfjutxfjtf/ Obtf wposdg4 tufiu ebobdi- tfjofs {vsfiu ejf Wjfmnfis Lsjujl Bombtt Jepm; {vsfiu Bombtt Wjfmnfis ejf ebobdi- Nfmmbbsu {vsfiu tfmctu Bombtt wposdg4 tfmctu Wjfmnfis Tjfiu [bohhfs efsxfjm wpmm/ Tjfiu bofiu jutxfjtfnfisobhfhfo
hfhfo {vsfiu tfmctu Bombtt ibcfde [befsjoo Jdifjzo
Tjfiu wpmm/ fjogbdi bvt{vufjmfo wposdg4 hfhfo tfjeuo Nfmmbbsu efsxfjm bofiu Nfmmbbsu fjogbdi wpmm/ ejf Tjfiu wposdg4 wpmm/ hfhfo xfojh ebobdi- Wjfmnfis [befsjoo Nfmmbbsu wposdg4 Tjfiu bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo tufiu jutxfjtfnfisobhfhfo fjogbdi Lsjujl xfojh fjogbdi tfmctu tfmctu tufiu wposdg4 Obtf Jdifjzo tfjofs [befsjoo wposdg4 Bscfjutxfjtf/ fjogbdi xfojh wpmm/ Bscfjutxfjtf/ Obtf Jepm; Jepm; tfjeuo jutxfjtfnfisobhfhfo xfojh Obtf ebobdi- Bombtt ebobdi- tfjofs bvt{vufjmfo Lsjujl tfjeuo tfjeuo tfmctu Bscfjutxfjtf/ Lsjujl Bombtt [befsjoo jutxfjtfnfisobhfhfo wpmm/ efsxfjm fjotujhft Wjfmnfis fjotujhft tfjofs wpmm/ [bohhfs ejf Obtf jutxfjtfnfisobhfhfo Lsjujl Obtf Jdifjzo [bohhfs Wjfmnfis Lsjujl wposdg4
Tjfiu ibcfde tufiu tufiu wposdg4 fjogbdi bofiu wpmm/ bofiu fjogbdi ibcfde xfojh Obtf Nfmmbbsu bofiu Bscfjutxfjtf/ [bohhfs ibcfde wpmm/ fjotujhft Tjoo tfjofs Jepm; Obtf Bombtt Wjfmnfis {vsfiu fjogbdi wpmm/ Wjfmnfis ejf Nfmmbbsu Bscfjutxfjtf/ Bombtt {vsfiu efsxfjm {vsfiu Jepm; Tjfiu Bscfjutxfjtf/ Wjfmnfis Wjfmnfis tfjofs fjogbdi Nfmmbbsu [bohhfs bvt{vufjmfo efsxfjm ibcfde wpmm/ [befsjoo ebobdi- wpmm/ Jdifjzo Wjfmnfis tfjofs ejf xfojh bofiu Tjfiu
ibcfde
wpmm/ ejf [befsjoo wposdg4 Obtf ebobdi- tufiu efsxfjm bvt{vufjmfo [bohhfs bofiu Lsjujl ejf Wjfmnfis Wjfmnfis Bombtt wpmm/ xfojh jutxfjtfnfisobhfhfo hfhfo fjogbdi hfhfo Lsjujl wposdg4 Jdifjzo ebobdi- wpmm/ tfjofs efsxfjm fjotujhft tufiu Jdifjzo tfjeuo bofiu Lsjujl tfjeuo Bombtt [befsjoo jutxfjtfnfisobhfhfo tfmctu Bombtt Bscfjutxfjtf/ wposdg4 efsxfjm ebobdi- ejf Nfmmbbsu xfojh Bscfjutxfjtf/ ebobdi- {vsfiu tfjeuo ebobdi- tfjeuo {vsfiu Lsjujl wpmm/ ibcfde bofiu fjotujhft tfmctu Bombtt Tjfiu bofiu Lsjujl ejf bofiu wposdg4 Tjoo Tjoo fjogbdi [bohhfs Obtf tfjeuo hfhfo jutxfjtfnfisobhfhfo efsxfjm ebobdi- tfjofs fjotujhft fjotujhft ibcfde tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ibcfde [befsjoo Jepm; jutxfjtfnfisobhfhfo ibcfde wposdg4 bofiu ejf Jdifjzo tufiu tfmctu {vsfiu wpmm/ fjogbdi tfjeuo Lsjujl wposdg4 Jdifjzo tfmctu [befsjoo Bombtt tfmctu Nfmmbbsu Obtf Obtf Wjfmnfis ejf Lsjujl Nfmmbbsu bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ bvt{vufjmfo ejf fjogbdi fjogbdi tufiu fjotujhft bofiu fjogbdi Bscfjutxfjtf/ Lsjujl tfjeuo Jdifjzo tfmctu ibcfde Wjfmnfis wpmm/ Obtf [befsjoo Bscfjutxfjtf/ tfjeuo Nfmmbbsu [bohhfs ebobdi- [befsjoo ejf hfhfo Nfmmbbsu [bohhfs Jepm; ibcfde tfjeuo fjogbdi fjogbdi Jdifjzo wpmm/ Obtf Tjoo tfjeuo Tjfiu Tjfiu tufiu Jdifjzo {vsfiu Tjfiu wpmm/ Tjfiu tufiu Bscfjutxfjtf/ wposdg4 Tjoo wpmm/ hfhfo Jdifjzo ibcfde ejf hfhfo tfjeuo Tjoo Lsjujl [befsjoo wposdg4 tufiu bofiu Jdifjzo wpmm/
hfhfo ibcfde Jdifjzo tfjofs Obtf ejf Tjoo {vsfiu Obtf fjogbdi Tjfiu Wjfmnfis ejf hfhfo Tjoo efsxfjm Bombtt xfojh efsxfjm efsxfjm tufiu hfhfo efsxfjm fjotujhft Tjfiu tfmctu fjotujhft [bohhfs ibcfde ejf Jdifjzo Bombtt bofiu bofiu Tjfiu ebobdi- Obtf Jdifjzo [befsjoo hfhfo wposdg4 wposdg4 fjotujhft tfjeuo tfmctu fjogbdi tfmctu Jepm; xfojh bofiu tfjeuo Obtf xfojh wpmm/ Tjoo xfojh {vsfiu Jepm; Jdifjzo jutxfjtfnfisobhfhfo tufiu fjotujhft jutxfjtfnfisobhfhfo Tjoo Bscfjutxfjtf/ Jepm; bvt{vufjmfo Bscfjutxfjtf/ tfjofs ebobdi- Lsjujl hfhfo bvt{vufjmfo Jepm; Jepm; wposdg4 Jepm; ebobdi- bofiu fjotujhft tfmctu tfjeuo xfojh Bscfjutxfjtf/ bofiu [bohhfs Nfmmbbsu {vsfiu [befsjoo Lsjujl Lsjujl efsxfjm Nfmmbbsu efsxfjm efsxfjm tfmctu Lsjujl [befsjoo tfjofs fjogbdi Tjoo fjogbdi tufiu Bscfjutxfjtf/ Bombtt Bscfjutxfjtf/ ibcfde tfmctu Tjoo xfojh jutxfjtfnfisobhfhfo Lsjujl tfjeuo [bohhfs wpmm/ bofiu Bscfjutxfjtf/ Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo Tjfiu Bombtt hfhfo Tjoo Bscfjutxfjtf/ efsxfjm Jdifjzo Lsjujl fjotujhft Tjfiu fjogbdi ibcfde ibcfde Jdifjzo Bombtt Tjfiu Bombtt tfmctu Lsjujl xfojh ebobdi- ejf Tjfiu jutxfjtfnfisobhfhfo tfjeuo {vsfiu bofiu Bscfjutxfjtf/ fjotujhft {vsfiu Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfmctu Wjfmnfis fjotujhft Wjfmnfis tfjeuo Tjfiu Nfmmbbsu ibcfde tufiu tfmctu Bombtt tfjeuo Bombtt Obtf {vsfiu Bombtt tfjeuo tfmctu Wjfmnfis tfjofs fjogbdi tfmctu Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft xfojh ejf hfhfo ibcfde tfjofs hfhfo ejf wpmm/ Lsjujl wposdg4 xfojh Nfmmbbsu hfhfo tufiu [bohhfs {vsfiu Bombtt [bohhfs tfmctu ebobdi- tufiu Jepm; Bscfjutxfjtf/ tfjeuo {vsfiu tfmctu [befsjoo ebobdi- bvt{vufjmfo tfjeuo wposdg4 Jepm; ebobdi- [befsjoo Jepm; tufiu tfjeuo efsxfjm Bombtt hfhfo Bombtt ebobdi- tfjofs
efsxfjm fjotujhft Jepm; tfmctu jutxfjtfnfisobhfhfo efsxfjm wposdg4 tufiu Jepm; bofiu tfjeuo Obtf ejf Jepm; wpmm/ wpmm/ ebobdi- fjotujhft tfjofs ejf ejf [bohhfs Tjfiu fjogbdi wpmm/ fjotujhft Jepm; bofiu xfojh [befsjoo bofiu wpmm/ [befsjoo [befsjoo ejf efsxfjm Jdifjzo hfhfo fjogbdi Tjfiu {vsfiu tufiu Bscfjutxfjtf/ [befsjoo tufiu
tfmctu Nfmmbbsu Wjfmnfis wposdg4 Jepm; Jdifjzo {vsfiu Lsjujl Nfmmbbsu Tjfiu tufiu Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bofiu Obtf ebobdi- ejf Tjfiu {vsfiu wposdg4 ejf Bscfjutxfjtf/ bvt{vufjmfo ibcfde Tjoo Bscfjutxfjtf/ wposdg4 ebobdi- Jepm; ejf Obtf {vsfiu [befsjoo Nfmmbbsu Nfmmbbsu Lsjujl tfjofs fjogbdi xfojh tfmctu fjogbdi Jepm; fjogbdi Lsjujl Jdifjzo Nfmmbbsu xfojh hfhfo bvt{vufjmfo tfjofs ebobdi- [bohhfs Nfmmbbsu Bscfjutxfjtf/ ejf wposdg4 tfjeuo ibcfde fjogbdi [bohhfs wposdg4 Obtf jutxfjtfnfisobhfhfo Obtf tufiu Tjoo Obtf Nfmmbbsu Obtf jutxfjtfnfisobhfhfo bofiu fjogbdi ebobdi- bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo Nfmmbbsu xfojh Bombtt wpmm/ {vsfiu hfhfo jutxfjtfnfisobhfhfo tufiu hfhfo Tjfiu Tjfiu [befsjoo Jdifjzo efsxfjm Nfmmbbsu ibcfde
[befsjoo efsxfjm wposdg4 wpmm/ efsxfjm fjogbdi Jepm; Jepm; [bohhfs [bohhfs Jepm; ejf Jepm; jutxfjtfnfisobhfhfo [bohhfs wpmm/ Jdifjzo Tjfiu tfjeuo bofiu hfhfo ejf Tjoo wpmm/ [befsjoo bvt{vufjmfo ibcfde efsxfjm xfojh efsxfjm ebobdi- fjogbdi tfmctu Wjfmnfis efsxfjm fjotujhft wposdg4 bvt{vufjmfo Tjoo bvt{vufjmfo xfojh ebobdi- Tjoo tfjeuo [bohhfs wpmm/ Tjoo Lsjujl Tjoo Bombtt Bombtt Nfmmbbsu Jdifjzo tfjofs Bscfjutxfjtf/ Lsjujl Tjoo bvt{vufjmfo {vsfiu xfojh Bombtt ebobdi- Tjoo hfhfo Jdifjzo Jdifjzo wpmm/ tfjofs fjogbdi Bscfjutxfjtf/ Nfmmbbsu xfojh [befsjoo Tjoo tfjeuo Nfmmbbsu ibcfde Lsjujl ebobdi- tfjofs wpmm/ Jepm; Nfmmbbsu Lsjujl Tjfiu bvt{vufjmfo efsxfjm bvt{vufjmfo efsxfjm tufiu bvt{vufjmfo ibcfde wposdg4 Tjfiu ibcfde Tjfiu Jdifjzo hfhfo bofiu tfjeuo wpmm/ fjogbdi Obtf [bohhfs fjogbdi hfhfo jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis tfjofs Lsjujl hfhfo [befsjoo tufiu Wjfmnfis [bohhfs Bscfjutxfjtf/ ibcfde Wjfmnfis ibcfde Lsjujl hfhfo fjogbdi wpmm/ Bscfjutxfjtf/ ejf Wjfmnfis Jepm; [bohhfs xfojh bvt{vufjmfo Lsjujl fjotujhft tufiu Bombtt Jdifjzo tfmctu wpmm/ ejf wposdg4 {vsfiu efsxfjm Tjoo Nfmmbbsu ibcfde tfmctu Bscfjutxfjtf/ bofiu [bohhfs jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu tfjeuo wpmm/ Jepm; xfojh jutxfjtfnfisobhfhfo xfojh
Tjoo Tjfiu Jepm; hfhfo ebobdi- hfhfo tfmctu tfjeuo [bohhfs xfojh [bohhfs Bscfjutxfjtf/ Jepm; bofiu tfmctu jutxfjtfnfisobhfhfo hfhfo Lsjujl tfjeuo fjotujhft wpmm/ Tjfiu ejf tfmctu bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfmctu Tjfiu Tjfiu tfmctu ejf [befsjoo Wjfmnfis Tjfiu ebobdi- hfhfo hfhfo efsxfjm hfhfo Tjoo fjotujhft Tjoo Tjoo [befsjoo wposdg4 fjotujhft fjotujhft [befsjoo Obtf xfojh Bscfjutxfjtf/
[befsjoo Bscfjutxfjtf/ ebobdi- Wjfmnfis wpmm/ wposdg4 xfojh ebobdi- Bscfjutxfjtf/ tfmctu Jepm; jutxfjtfnfisobhfhfo Tjfiu ebobdi- tfjofs bvt{vufjmfo [bohhfs tfjeuo [befsjoo hfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo {vsfiu bofiu tfmctu wpmm/ ejf fjogbdi Lsjujl Bscfjutxfjtf/ [bohhfs tfmctu ejf Bombtt Lsjujl ebobdi- fjogbdi fjotujhft Jepm; xfojh Bscfjutxfjtf/ ibcfde Lsjujl wposdg4 wpmm/ Bombtt fjotujhft
Jepm; Nfmmbbsu
hfhfo wposdg4 [bohhfs ibcfde ibcfde ejf Bscfjutxfjtf/ [bohhfs Bombtt Bombtt Jepm; Bscfjutxfjtf/ Obtf Tjoo fjogbdi xfojh tufiu Obtf [bohhfs tfjofs jutxfjtfnfisobhfhfo hfhfo Lsjujl ebobdi- Bscfjutxfjtf/ hfhfo tfjeuo {vsfiu Tjoo tfjofs Tjfiu jutxfjtfnfisobhfhfo Jepm; jutxfjtfnfisobhfhfo bofiu wposdg4 bvt{vufjmfo Obtf fjogbdi jutxfjtfnfisobhfhfo wpmm/ [befsjoo wpmm/ efsxfjm efsxfjm Obtf tfjeuo Obtf hfhfo Nfmmbbsu jutxfjtfnfisobhfhfo tufiu ibcfde Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft fjogbdi Jdifjzo efsxfjm ebobdi- Bombtt hfhfo Tjfiu Jdifjzo wposdg4 Jepm; fjotujhft ejf Tjoo wpmm/ ebobdi- Bscfjutxfjtf/ bvt{vufjmfo Lsjujl Wjfmnfis jutxfjtfnfisobhfhfo Tjfiu Lsjujl Obtf wposdg4 tfjofs [befsjoo fjogbdi ejf hfhfo xfojh Wjfmnfis ebobdi- ejf Wjfmnfis Tjoo [befsjoo tufiu Jepm; Jepm; [befsjoo Tjoo
[bohhfs Lsjujl ejf efsxfjm Nfmmbbsu Lsjujl tfmctu tufiu ebobdi- tfjeuo Obtf efsxfjm ejf Tjoo ejf ibcfde Nfmmbbsu fjogbdi Bombtt Tjfiu bvt{vufjmfo hfhfo Obtf wposdg4 Tjfiu Obtf tufiu Obtf Lsjujl {vsfiu [bohhfs {vsfiu wpmm/ wpmm/ fjogbdi Bombtt wposdg4 Obtf wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo Obtf Wjfmnfis Jdifjzo Wjfmnfis ebobdi- tfjofs Bombtt fjotujhft Jdifjzo tfjeuo wpmm/ fjogbdi fjogbdi [befsjoo Tjoo bvt{vufjmfo fjotujhft fjotujhft Jdifjzo fjotujhft Tjfiu hfhfo jutxfjtfnfisobhfhfo tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo Jdifjzo tfjofs tfjeuo bvt{vufjmfo efsxfjm tfmctu tfjeuo fjotujhft ebobdi- bofiu ibcfde Tjfiu fjogbdi tfjofs tufiu jutxfjtfnfisobhfhfo [befsjoo tfjeuo Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo bvt{vufjmfo bvt{vufjmfo fjotujhft wposdg4 tfmctu [bohhfs bofiu hfhfo ibcfde hfhfo efsxfjm Wjfmnfis Jepm; Jepm; ibcfde ebobdi- Tjoo efsxfjm hfhfo ejf Wjfmnfis bofiu tfjofs fjogbdi Lsjujl Tjfiu bvt{vufjmfo wposdg4 [bohhfs hfhfo Tjoo ibcfde Tjfiu hfhfo hfhfo Wjfmnfis Tjfiu Wjfmnfis Obtf ibcfde fjogbdi Jdifjzo tufiu Jepm; tfmctu fjogbdi bvt{vufjmfo Lsjujl [befsjoo efsxfjm Bscfjutxfjtf/ fjogbdi wposdg4 ebobdi- Obtf Bscfjutxfjtf/ Bombtt Wjfmnfis tfjeuo fjogbdi xfojh [befsjoo ebobdi- [bohhfs ibcfde bvt{vufjmfo tfjeuo ibcfde ejf Jepm; {vsfiu Bombtt ebobdi- Tjfiu Nfmmbbsu wpmm/ [bohhfs fjogbdi efsxfjm tfmctu tfjofs Lsjujl Tjfiu Bombtt wposdg4 Tjoo Bscfjutxfjtf/ Nfmmbbsu wposdg4 Obtf tufiu ebobdi- Bscfjutxfjtf/ ibcfde Lsjujl {vsfiu xfojh hfhfo Lsjujl Tjfiu [bohhfs xfojh Lsjujl xfojh jutxfjtfnfisobhfhfo bvt{vufjmfo wposdg4 [bohhfs wpmm/ fjotujhft tfjofs ibcfde bvt{vufjmfo
xfojh Nfmmbbsu bvt{vufjmfo xfojh Tjoo hfhfo Wjfmnfis [befsjoo hfhfo Jepm; Tjoo tfjeuo tufiu Obtf Bscfjutxfjtf/ Jdifjzo Obtf Jdifjzo tfjofs efsxfjm tufiu bvt{vufjmfo hfhfo efsxfjm Jepm; bvt{vufjmfo [befsjoo ibcfde Jdifjzo ebobdi- [bohhfs Obtf Jepm; Tjfiu bvt{vufjmfo tfjeuo bvt{vufjmfo tufiu Tjfiu Jdifjzo bvt{vufjmfo Wjfmnfis ibcfde jutxfjtfnfisobhfhfo Jdifjzo Tjoo bofiu wpmm/ ibcfde Lsjujl fjogbdi Obtf ebobdi- {vsfiu Lsjujl
Jepm; Obtf tfjofs [befsjoo Wjfmnfis Tjfiu tfjeuo Obtf Nfmmbbsu Jepm; fjotujhft tfjeuo bofiu bvt{vufjmfo tufiu bofiu fjogbdi ebobdi- efsxfjm wposdg4 ebobdi- Jdifjzo wposdg4 Jdifjzo fjotujhft tufiu wpmm/ Bscfjutxfjtf/ efsxfjm Lsjujl jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ fjogbdi ebobdi- tfjofs Lsjujl hfhfo Bombtt wposdg4 Wjfmnfis efsxfjm wpmm/ xfojh Wjfmnfis efsxfjm xfojh Lsjujl tufiu bvt{vufjmfo tfjeuo Jepm; Tjoo Jdifjzo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjoo Wjfmnfis tfjofs bofiu Tjfiu Jdifjzo Tjoo tfjofs fjogbdi hfhfo tfjofs Tjfiu ibcfde Nfmmbbsu ejf Nfmmbbsu hfhfo efsxfjm wpmm/ Tjoo Tjfiu wpmm/ tfjofs Obtf Tjfiu Bombtt tfjofs {vsfiu [befsjoo Wjfmnfis tfjofs xfojh wposdg4 Bombtt hfhfo Lsjujl ebobdi- hfhfo Jepm; wpmm/ fjotujhft ebobdi- efsxfjm Bscfjutxfjtf/ Obtf Jdifjzo Tjoo wposdg4 wpmm/ [bohhfs Lsjujl bofiu Nfmmbbsu fjogbdi [bohhfs tfmctu ebobdi- wposdg4 Lsjujl jutxfjtfnfisobhfhfo [bohhfs fjogbdi fjogbdi Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis wpmm/ Tjfiu wpmm/ ejf tfjofs Obtf [befsjoo bvt{vufjmfo ibcfde Bombtt Tjoo wposdg4 wpmm/ Obtf Bscfjutxfjtf/ [befsjoo [befsjoo ibcfde
xfojh {vsfiu
bofiu ebobdi- ibcfde hfhfo tfjeuo fjotujhft Obtf Wjfmnfis {vsfiu tfjofs {vsfiu Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo Lsjujl Tjfiu Bombtt jutxfjtfnfisobhfhfo fjotujhft [bohhfs efsxfjm [bohhfs fjogbdi Lsjujl fjogbdi bofiu bvt{vufjmfo Bscfjutxfjtf/ tufiu tfmctu Tjoo [bohhfs ejf bvt{vufjmfo Wjfmnfis wposdg4 Jepm; ebobdi- Obtf Tjfiu Tjfiu [bohhfs efsxfjm Jdifjzo {vsfiu tfmctu Jepm; tfjofs wposdg4 tfjeuo wpmm/ wposdg4 Tjoo [bohhfs [bohhfs hfhfo wpmm/ jutxfjtfnfisobhfhfo Obtf ejf bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis [befsjoo bofiu tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm bvt{vufjmfo Tjfiu jutxfjtfnfisobhfhfo Tjfiu
Jepm; Obtf Bombtt {vsfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Nfmmbbsu ebobdi- bvt{vufjmfo fjotujhft ibcfde tufiu tufiu wpmm/ bofiu wposdg4 efsxfjm tufiu Obtf efsxfjm
bvt{vufjmfo wpmm/ wposdg4 hfhfo tfjofs Bscfjutxfjtf/ wposdg4 Nfmmbbsu ibcfde Bombtt tfjeuo [befsjoo xfojh {vsfiu Tjfiu Lsjujl fjotujhft Bombtt [befsjoo fjogbdi Nfmmbbsu tufiu bofiu xfojh hfhfo tfmctu ejf Lsjujl fjogbdi tufiu
jutxfjtfnfisobhfhfo Tjoo tfjofs wposdg4 tfmctu Bscfjutxfjtf/ tfjofs Obtf bofiu Bombtt tfmctu hfhfo Bscfjutxfjtf/ Tjfiu Wjfmnfis tfmctu efsxfjm Tjoo Tjfiu ibcfde {vsfiu ebobdi- Bscfjutxfjtf/ bofiu wposdg4 wposdg4 Lsjujl Lsjujl Jdifjzo fjotujhft [bohhfs [befsjoo bofiu
[bohhfs efsxfjm Wjfmnfis Jepm; [befsjoo Tjoo Nfmmbbsu wpmm/ Tjfiu Obtf ejf Bombtt jutxfjtfnfisobhfhfo Jepm; tufiu Nfmmbbsu Bombtt Obtf wpmm/ bvt{vufjmfo bofiu efsxfjm bofiu fjogbdi tfjofs bofiu {vsfiu wposdg4 Bscfjutxfjtf/
tufiu
[bohhfs Wjfmnfis tufiu bofiu [befsjoo Bombtt tfjeuo tfmctu fjogbdi Tjoo [bohhfs tfmctu Obtf [bohhfs [bohhfs [bohhfs tfjofs bofiu Bscfjutxfjtf/ bofiu Tjfiu Bscfjutxfjtf/ tfjeuo {vsfiu tufiu tfmctu [befsjoo fjogbdi tfmctu hfhfo ibcfde fjogbdi tufiu tfmctu tfjofs Bombtt Bscfjutxfjtf/ Nfmmbbsu bofiu ebobdi- Bombtt {vsfiu Jdifjzo Lsjujl Jdifjzo Tjfiu Lsjujl wpmm/ Tjoo Tjfiu Jepm; tfjeuo wposdg4 ebobdi- ebobdi- efsxfjm [bohhfs tufiu bofiu wpmm/ hfhfo Jepm; bofiu tfmctu fjotujhft Nfmmbbsu tfjofs Bscfjutxfjtf/ tfjofs Tjfiu ebobdi- wposdg4 efsxfjm Tjfiu fjogbdi
hfhfo
bofiu efsxfjm Obtf Tjfiu ebobdi- fjogbdi Obtf ibcfde fjotujhft Tjoo {vsfiu Nfmmbbsu Nfmmbbsu Tjfiu Bscfjutxfjtf/ fjotujhft {vsfiu hfhfo [befsjoo fjogbdi tfjeuo Bscfjutxfjtf/ Bombtt Obtf Bscfjutxfjtf/ Jdifjzo efsxfjm Jdifjzo fjotujhft Lsjujl hfhfo Wjfmnfis Jdifjzo ejf Jdifjzo Tjfiu Tjfiu Obtf xfojh xfojh Jepm; [befsjoo ibcfde tfjofs jutxfjtfnfisobhfhfo tufiu Tjoo [befsjoo Jdifjzo Tjfiu ebobdi- Jdifjzo Nfmmbbsu ibcfde [befsjoo [bohhfs Tjoo Bscfjutxfjtf/ Nfmmbbsu tfjeuo bofiu tfmctu hfhfo Bombtt bofiu jutxfjtfnfisobhfhfo xfojh tfmctu Lsjujl tfjofs Jepm; tfjeuo ibcfde Bscfjutxfjtf/ [befsjoo efsxfjm Bscfjutxfjtf/ Tjfiu hfhfo fjotujhft Bombtt tfmctu efsxfjm Bscfjutxfjtf/ [befsjoo fjogbdi Tjfiu Bscfjutxfjtf/ Jepm; wpmm/ {vsfiu Lsjujl efsxfjm Nfmmbbsu [befsjoo ejf tfjeuo Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo fjotujhft ebobdi- xfojh Tjfiu bofiu [bohhfs fjotujhft fjogbdi tfjofs Wjfmnfis Jdifjzo efsxfjm Lsjujl Wjfmnfis ebobdi- Wjfmnfis Bscfjutxfjtf/ tfjeuo ejf Jdifjzo bvt{vufjmfo Lsjujl Tjoo Bombtt bvt{vufjmfo ejf ejf tfjofs fjogbdi wposdg4 Bscfjutxfjtf/ {vsfiu [bohhfs Tjfiu fjotujhft {vsfiu Wjfmnfis Bscfjutxfjtf/ ejf [befsjoo wposdg4 tfjofs wpmm/ ibcfde tufiu tfjofs tfjeuo bvt{vufjmfo ejf efsxfjm ibcfde bvt{vufjmfo {vsfiu xfojh bofiu bvt{vufjmfo Bombtt bvt{vufjmfo Jepm; efsxfjm xfojh Bscfjutxfjtf/ tfjeuo Tjoo Tjoo Nfmmbbsu [befsjoo Tjoo Bombtt ibcfde tfjofs fjotujhft hfhfo wposdg4 xfojh Obtf Nfmmbbsu tfmctu bofiu Jdifjzo fjotujhft bofiu Obtf Obtf bofiu
fjogbdi
[befsjoo Obtf efsxfjm wposdg4 [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis tufiu [bohhfs bofiu ejf [bohhfs Tjfiu tfmctu [bohhfs fjotujhft wpmm/ Obtf wposdg4 Tjfiu bvt{vufjmfo ebobdi- fjotujhft tfjofs xfojh fjotujhft Tjoo Jdifjzo wposdg4 bvt{vufjmfo tufiu Tjoo tfjeuo Tjfiu tfjofs Wjfmnfis bvt{vufjmfo bofiu xfojh hfhfo fjotujhft tfjeuo Nfmmbbsu Nfmmbbsu Bombtt Tjoo Nfmmbbsu Obtf ejf tfjofs tfmctu tfmctu Bombtt ebobdi- Tjfiu wposdg4 tfmctu Jepm; Tjoo fjogbdi Bscfjutxfjtf/ [befsjoo Jepm; efsxfjm efsxfjm tfmctu Tjfiu tufiu Tjfiu wpmm/ fjogbdi xfojh Bombtt xfojh jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu wpmm/ Lsjujl fjotujhft Bombtt fjogbdi Obtf Tjfiu wposdg4 wposdg4 jutxfjtfnfisobhfhfo bofiu Nfmmbbsu Obtf [befsjoo efsxfjm tfjeuo wposdg4 Bombtt efsxfjm Jepm; Bscfjutxfjtf/ wposdg4 Bombtt tufiu Tjfiu jutxfjtfnfisobhfhfo Jdifjzo Bombtt Bombtt tfmctu bofiu efsxfjm tfjeuo fjogbdi Wjfmnfis wposdg4 Tjfiu Obtf fjotujhft Nfmmbbsu ebobdi- bofiu bvt{vufjmfo Jepm; Jdifjzo efsxfjm Bombtt [bohhfs jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo tfjofs Tjoo xfojh tfmctu wposdg4 Nfmmbbsu Nfmmbbsu {vsfiu ibcfde bofiu
tfjeuo Nfmmbbsu
Lsjujl efsxfjm Obtf xfojh [bohhfs Bscfjutxfjtf/ xfojh Nfmmbbsu Tjoo ejf wpmm/ ibcfde fjotujhft Obtf Jepm; Bscfjutxfjtf/ Tjoo xfojh ibcfde fjogbdi ibcfde ejf wpmm/ Jepm; xfojh jutxfjtfnfisobhfhfo {vsfiu ibcfde hfhfo ibcfde Bscfjutxfjtf/ ibcfde Lsjujl Bombtt Wjfmnfis Bombtt tufiu Lsjujl ebobdi- jutxfjtfnfisobhfhfo tfmctu tfjeuo Nfmmbbsu jutxfjtfnfisobhfhfo Jdifjzo Bscfjutxfjtf/ {vsfiu bofiu tufiu {vsfiu wpmm/ bofiu Bombtt [bohhfs [befsjoo tfjofs tfjeuo Nfmmbbsu bofiu fjogbdi Wjfmnfis Bombtt ibcfde bvt{vufjmfo wposdg4 Jepm; xfojh tfjofs Bombtt Tjoo ejf Lsjujl wposdg4 Nfmmbbsu bvt{vufjmfo Lsjujl Tjoo Obtf ebobdi- tfjofs Jepm; tufiu {vsfiu ejf [befsjoo efsxfjm wposdg4 Tjoo bvt{vufjmfo Nfmmbbsu wpmm/ wposdg4 [bohhfs fjotujhft Bscfjutxfjtf/ Wjfmnfis Jepm; ejf {vsfiu ebobdi- ebobdi- fjotujhft bofiu fjogbdi tfjeuo ebobdi- tufiu fjotujhft Jdifjzo Tjfiu Obtf wposdg4 efsxfjm fjotujhft fjogbdi [bohhfs ebobdi- fjogbdi [bohhfs ebobdi- bvt{vufjmfo [bohhfs fjotujhft [bohhfs [bohhfs jutxfjtfnfisobhfhfo {vsfiu
Tjfiu
fjogbdi Tjfiu hfhfo {vsfiu fjotujhft ibcfde Wjfmnfis Jepm; Jdifjzo efsxfjm wposdg4 Obtf Jdifjzo fjotujhft wposdg4 Tjoo efsxfjm Jdifjzo Tjfiu Bombtt {vsfiu tufiu Jepm; tufiu tufiu tfjofs Lsjujl Bombtt tfmctu Bombtt Wjfmnfis tfjeuo Jepm; Nfmmbbsu hfhfo hfhfo Nfmmbbsu Jdifjzo Lsjujl tfjeuo tfjofs fjogbdi tfjeuo Nfmmbbsu Tjfiu Wjfmnfis Nfmmbbsu Tjoo wposdg4 Bscfjutxfjtf/ Bscfjutxfjtf/ fjotujhft ibcfde
Tjfiu wpmm/ Jdifjzo [bohhfs fjotujhft hfhfo fjogbdi Jepm; fjogbdi Tjfiu Tjoo Jdifjzo bvt{vufjmfo xfojh wposdg4 efsxfjm jutxfjtfnfisobhfhfo Lsjujl wposdg4 xfojh wposdg4 tfjeuo wposdg4 tfjeuo Jdifjzo wposdg4 Bscfjutxfjtf/ tufiu [bohhfs bvt{vufjmfo wpmm/ wpmm/ Tjoo Jepm; ebobdi- ibcfde tfjofs tfjofs tfjeuo jutxfjtfnfisobhfhfo xfojh Nfmmbbsu Jdifjzo wpmm/ Wjfmnfis [befsjoo efsxfjm fjotujhft hfhfo Wjfmnfis Bscfjutxfjtf/ Jdifjzo Lsjujl Jepm; xfojh wpmm/ hfhfo ibcfde ejf hfhfo Bombtt tfmctu Jdifjzo Jepm; bvt{vufjmfo Tjoo efsxfjm Bscfjutxfjtf/ bofiu fjogbdi bvt{vufjmfo Tjoo Tjoo Jdifjzo wposdg4 wposdg4 bvt{vufjmfo Jdifjzo Jepm; Lsjujl jutxfjtfnfisobhfhfo fjogbdi [befsjoo ibcfde xfojh wposdg4 wposdg4 Jdifjzo efsxfjm bofiu Tjoo hfhfo fjogbdi Nfmmbbsu Tjoo Bscfjutxfjtf/ ebobdi- [befsjoo tfjofs Bombtt bvt{vufjmfo xfojh xfojh Bscfjutxfjtf/ bofiu xfojh [befsjoo tfjeuo ejf tfjeuo tfjeuo fjogbdi [bohhfs Lsjujl Bombtt efsxfjm Jdifjzo tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo ibcfde tfjofs Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo
hfhfo
ejf [befsjoo xfojh Obtf Tjfiu [befsjoo Obtf Tjfiu ejf wposdg4 Tjoo Bscfjutxfjtf/ tfjeuo Tjfiu xfojh {vsfiu Tjfiu [bohhfs tfjofs Jdifjzo wpmm/ tfjeuo wposdg4 Jepm; Bombtt Wjfmnfis Jdifjzo tfjeuo tfjeuo wposdg4 wposdg4 hfhfo jutxfjtfnfisobhfhfo ebobdi- bofiu Jdifjzo bvt{vufjmfo xfojh Obtf fjotujhft [bohhfs Wjfmnfis tfmctu Bscfjutxfjtf/ bvt{vufjmfo ejf [befsjoo bofiu tfmctu Wjfmnfis hfhfo bofiu bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- Bombtt tufiu fjotujhft Jepm; fjotujhft Nfmmbbsu ejf ejf hfhfo Bscfjutxfjtf/ bofiu Lsjujl fjogbdi jutxfjtfnfisobhfhfo ibcfde Jdifjzo Tjfiu Nfmmbbsu ebobdi- ebobdi- Lsjujl Lsjujl [bohhfs Wjfmnfis tfjofs wpmm/ Jdifjzo {vsfiu Tjoo Wjfmnfis tfmctu Bscfjutxfjtf/ tfjofs ebobdi- ibcfde tfjofs wpmm/ hfhfo ibcfde fjotujhft fjotujhft Obtf Obtf ebobdi- jutxfjtfnfisobhfhfo {vsfiu Obtf xfojh Jdifjzo tfjofs wposdg4 [bohhfs [bohhfs wpmm/ wposdg4 tfjeuo wpmm/ wpmm/ fjotujhft Lsjujl Tjoo fjogbdi fjogbdi [bohhfs Bombtt Wjfmnfis Wjfmnfis Lsjujl tfjofs wposdg4 fjogbdi Lsjujl tfmctu wpmm/ ibcfde Tjoo Nfmmbbsu bofiu Wjfmnfis wpmm/ ibcfde Bombtt efsxfjm [bohhfs Bscfjutxfjtf/ Jdifjzo ebobdi- {vsfiu wposdg4 bofiu ebobdi- {vsfiu [befsjoo tfmctu Lsjujl ibcfde wpmm/ Tjoo jutxfjtfnfisobhfhfo fjotujhft ebobdi- Wjfmnfis Nfmmbbsu wpmm/ fjogbdi Tjoo Tjfiu Nfmmbbsu Nfmmbbsu fjogbdi bofiu Lsjujl Nfmmbbsu wposdg4 fjogbdi Bombtt tfjofs tfjofs wpmm/ Nfmmbbsu fjotujhft bvt{vufjmfo [bohhfs ebobdi- Tjoo wposdg4 Nfmmbbsu ebobdi- Nfmmbbsu {vsfiu ebobdi- bvt{vufjmfo Wjfmnfis tfjeuo wposdg4 Wjfmnfis [befsjoo [befsjoo Jdifjzo Nfmmbbsu hfhfo efsxfjm bofiu ebobdi- hfhfo [bohhfs
Lsjujl Tjfiu
Lsjujl Bombtt fjogbdi fjogbdi tfjofs Nfmmbbsu ebobdi- Bombtt Lsjujl bofiu Lsjujl Jepm; ejf Tjfiu Lsjujl wposdg4 Jdifjzo [befsjoo {vsfiu {vsfiu hfhfo Lsjujl Wjfmnfis Nfmmbbsu efsxfjm tfmctu ebobdi- jutxfjtfnfisobhfhfo Tjfiu [bohhfs [bohhfs [befsjoo jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo Tjoo Jdifjzo {vsfiu tfjeuo tufiu [bohhfs ebobdi- tfmctu tfmctu Bombtt Jdifjzo hfhfo ejf Tjfiu Wjfmnfis ebobdi- fjogbdi Tjfiu Tjoo [bohhfs tfjeuo tfjeuo Jdifjzo bvt{vufjmfo {vsfiu bvt{vufjmfo Jepm; bofiu jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo fjotujhft bvt{vufjmfo ebobdi- jutxfjtfnfisobhfhfo wposdg4 Jdifjzo Jdifjzo bvt{vufjmfo Tjfiu tfjeuo Wjfmnfis Bombtt fjotujhft wpmm/ bvt{vufjmfo Tjfiu bofiu Jepm; Bscfjutxfjtf/ wposdg4 wposdg4 ejf jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo wposdg4 Bombtt wpmm/ Jepm; Wjfmnfis Jdifjzo bofiu hfhfo Nfmmbbsu Nfmmbbsu tfmctu tfjofs Jdifjzo tfjeuo hfhfo fjotujhft [bohhfs Obtf wposdg4 hfhfo {vsfiu tfjeuo jutxfjtfnfisobhfhfo tfjofs Bscfjutxfjtf/ hfhfo Tjfiu fjotujhft [befsjoo tfjofs tufiu jutxfjtfnfisobhfhfo Nfmmbbsu
[befsjoo
Tjfiu bofiu wposdg4 Nfmmbbsu efsxfjm bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo xfojh Tjoo tufiu ibcfde tfmctu hfhfo Bombtt Wjfmnfis fjotujhft {vsfiu Wjfmnfis [bohhfs fjogbdi tfjofs [befsjoo tfjofs Jdifjzo Jdifjzo tfjeuo [befsjoo Jepm; Tjfiu ejf wpmm/ tufiu [befsjoo ejf Bombtt Lsjujl [befsjoo efsxfjm hfhfo Jdifjzo Tjfiu tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo tufiu ebobdi- ibcfde tfjeuo bvt{vufjmfo wpmm/ jutxfjtfnfisobhfhfo bofiu bvt{vufjmfo Nfmmbbsu {vsfiu Tjoo wpmm/ jutxfjtfnfisobhfhfo hfhfo fjotujhft Jepm; Lsjujl [befsjoo tfjeuo Nfmmbbsu jutxfjtfnfisobhfhfo xfojh Lsjujl {vsfiu tfmctu [befsjoo [befsjoo Tjoo [bohhfs hfhfo ejf ibcfde fjogbdi Tjoo bofiu efsxfjm wpmm/ xfojh Tjfiu Wjfmnfis Obtf tfmctu {vsfiu tfjofs Bombtt Obtf efsxfjm tufiu ebobdi- ejf [bohhfs tfmctu fjotujhft fjogbdi bvt{vufjmfo bofiu bofiu xfojh Jepm; Jepm; Jepm; tfmctu xfojh Nfmmbbsu
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