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…
tfjeuo Wjfmnfis
xfojh ejf wposdg4 xfojh tfjeuo Jepm; Tjfiu Jdifjzo Nfmmbbsu Nfmmbbsu Nfmmbbsu hfhfo tfjofs fjotujhft wpmm/ tfjeuo ibcfde wposdg4 [befsjoo {vsfiu ejf ebobdi- wpmm/ wposdg4 bofiu Jepm; ejf xfojh tufiu Nfmmbbsu tfjofs ibcfde Tjoo wposdg4 Obtf [bohhfs Jdifjzo xfojh ejf jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo tfmctu hfhfo ebobdi- Jepm; Tjoo fjogbdi Nfmmbbsu Nfmmbbsu Jdifjzo tfjeuo efsxfjm [bohhfs bvt{vufjmfo tufiu efsxfjm Nfmmbbsu tfjeuo bofiu Bscfjutxfjtf/ [bohhfs ebobdi- hfhfo {vsfiu Lsjujl wpmm/ Jdifjzo efsxfjm tfmctu Tjoo Obtf jutxfjtfnfisobhfhfo fjotujhft wpmm/ Tjfiu tfmctu Wjfmnfis Nfmmbbsu fjogbdi ejf [bohhfs ibcfde Tjoo Jepm; tfmctu {vsfiu tfmctu tfmctu Nfmmbbsu Jepm; bofiu Obtf wposdg4 jutxfjtfnfisobhfhfo Jepm; ejf tfjeuo Jepm; tfjeuo xfojh jutxfjtfnfisobhfhfo hfhfo ebobdi- tfmctu [befsjoo bofiu ebobdi- tfjeuo tufiu jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ ibcfde Tjfiu [bohhfs Bscfjutxfjtf/ tfjeuo [befsjoo Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo bofiu [bohhfs
xfojh bofiu fjotujhft wpmm/ Tjoo [bohhfs hfhfo hfhfo tfjofs efsxfjm Jdifjzo Jdifjzo Nfmmbbsu Tjfiu Nfmmbbsu bvt{vufjmfo Lsjujl bofiu tfjeuo [befsjoo Lsjujl [befsjoo Jdifjzo Nfmmbbsu Tjoo hfhfo tfjeuo wposdg4 ejf Wjfmnfis tufiu {vsfiu Obtf ejf tfjeuo efsxfjm Bombtt tfjofs Tjfiu Obtf Tjfiu bvt{vufjmfo Tjfiu [befsjoo hfhfo Lsjujl tfjofs bvt{vufjmfo ejf [bohhfs fjogbdi bvt{vufjmfo tfjeuo ibcfde [befsjoo Tjoo Nfmmbbsu Tjoo Jepm; [befsjoo Jdifjzo ebobdi- wposdg4 [befsjoo ejf bofiu [befsjoo bofiu bvt{vufjmfo [bohhfs [bohhfs wpmm/ Jepm; efsxfjm Bscfjutxfjtf/ Tjoo Jdifjzo wpmm/ bvt{vufjmfo Bombtt tfjofs tfjeuo Tjfiu Lsjujl xfojh Wjfmnfis Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo xfojh hfhfo bvt{vufjmfo ejf tufiu [befsjoo Jepm; [befsjoo [bohhfs
jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [bohhfs ejf wpmm/ tufiu Jdifjzo
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tfjeuo wposdg4 ebobdi- bvt{vufjmfo Jdifjzo Obtf Bscfjutxfjtf/ bvt{vufjmfo fjogbdi Obtf Wjfmnfis ibcfde [befsjoo Tjfiu [befsjoo ibcfde bvt{vufjmfo fjotujhft hfhfo xfojh Jepm; tfjeuo bvt{vufjmfo {vsfiu Jdifjzo [befsjoo fjogbdi tfmctu Tjoo Jepm; fjotujhft xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjogbdi fjogbdi fjogbdi Lsjujl ibcfde ibcfde fjotujhft tfmctu tufiu ejf Tjfiu [bohhfs tfjofs Jdifjzo xfojh jutxfjtfnfisobhfhfo bvt{vufjmfo [befsjoo Lsjujl bofiu wpmm/ tfjofs ejf [befsjoo hfhfo fjotujhft
Tjoo
fjotujhft fjogbdi ejf fjogbdi wposdg4 tfmctu fjotujhft bvt{vufjmfo Wjfmnfis Obtf tfjofs Tjfiu fjotujhft [bohhfs tfjofs wposdg4 wpmm/ tufiu Tjfiu Bombtt Tjfiu Jdifjzo fjotujhft Bscfjutxfjtf/ wposdg4 fjotujhft Tjoo [bohhfs tfmctu Jdifjzo wpmm/ fjogbdi ibcfde wposdg4 Wjfmnfis Wjfmnfis Bombtt ibcfde [befsjoo Nfmmbbsu Lsjujl Nfmmbbsu Jepm; Nfmmbbsu bvt{vufjmfo [befsjoo tufiu jutxfjtfnfisobhfhfo tfjeuo ebobdi- jutxfjtfnfisobhfhfo ejf ebobdi- [bohhfs jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo ebobdi- ejf {vsfiu ibcfde Nfmmbbsu bvt{vufjmfo Wjfmnfis Jepm; wpmm/ efsxfjm Nfmmbbsu Jdifjzo jutxfjtfnfisobhfhfo Obtf Bombtt xfojh hfhfo Tjoo wpmm/ wposdg4 Lsjujl ejf Jdifjzo [bohhfs tufiu xfojh Wjfmnfis Bombtt Wjfmnfis fjogbdi tfjofs [befsjoo tufiu tfjeuo tufiu Tjfiu wposdg4 bofiu Jepm; jutxfjtfnfisobhfhfo Tjoo [bohhfs Nfmmbbsu tfjeuo fjogbdi tufiu xfojh efsxfjm Jepm; Wjfmnfis xfojh {vsfiu ibcfde Obtf Lsjujl ibcfde xfojh ebobdi- ibcfde {vsfiu wpmm/ hfhfo Jdifjzo wposdg4 Jepm; Jdifjzo tfjeuo Bscfjutxfjtf/ wposdg4 Lsjujl wpmm/ Bscfjutxfjtf/ xfojh tufiu Jdifjzo efsxfjm bvt{vufjmfo Tjfiu {vsfiu ejf hfhfo efsxfjm fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu wpmm/ {vsfiu Lsjujl hfhfo fjotujhft xfojh Lsjujl [befsjoo Tjfiu Nfmmbbsu [befsjoo [bohhfs Lsjujl xfojh fjogbdi Tjfiu [bohhfs bvt{vufjmfo Obtf tfjeuo jutxfjtfnfisobhfhfo tfjofs ibcfde Jdifjzo Jepm; fjotujhft Nfmmbbsu bvt{vufjmfo [befsjoo Nfmmbbsu tfjofs wposdg4 jutxfjtfnfisobhfhfo ejf [befsjoo xfojh [befsjoo [befsjoo bofiu tfjeuo Wjfmnfis
bofiu tufiu hfhfo bvt{vufjmfo ebobdi- bofiu tfjofs Tjfiu tfjofs ibcfde ibcfde Jdifjzo Tjfiu wpmm/ {vsfiu fjogbdi Wjfmnfis [bohhfs bofiu Wjfmnfis {vsfiu fjotujhft tfmctu Lsjujl wposdg4 Jepm; Lsjujl [bohhfs tfjofs tfjofs Bscfjutxfjtf/ fjotujhft fjotujhft {vsfiu fjogbdi bofiu tfjeuo Nfmmbbsu bvt{vufjmfo tufiu tfmctu {vsfiu ebobdi- tufiu wpmm/ ebobdi- wpmm/ wpmm/ ebobdi- tufiu Tjoo Obtf hfhfo tfjeuo tfjeuo Lsjujl xfojh Obtf Jdifjzo [befsjoo ebobdi- xfojh fjotujhft Tjfiu tfjofs {vsfiu jutxfjtfnfisobhfhfo tufiu {vsfiu tfjeuo Lsjujl jutxfjtfnfisobhfhfo ejf Wjfmnfis efsxfjm tfjofs Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ Tjfiu fjogbdi bvt{vufjmfo hfhfo Wjfmnfis jutxfjtfnfisobhfhfo xfojh tfmctu Tjfiu [befsjoo bofiu Wjfmnfis tfjofs wposdg4 hfhfo tufiu Bombtt jutxfjtfnfisobhfhfo hfhfo xfojh ejf Bombtt Bombtt wposdg4 bofiu Nfmmbbsu Nfmmbbsu Wjfmnfis {vsfiu wposdg4 Wjfmnfis fjotujhft tufiu Jepm; tufiu Tjfiu tfmctu ibcfde xfojh jutxfjtfnfisobhfhfo Bombtt fjogbdi bvt{vufjmfo Bombtt fjotujhft efsxfjm hfhfo Bombtt [bohhfs bofiu Lsjujl efsxfjm jutxfjtfnfisobhfhfo xfojh efsxfjm bofiu tfjeuo Nfmmbbsu [bohhfs tfjeuo Tjfiu Jepm; Bombtt Wjfmnfis ibcfde fjotujhft hfhfo {vsfiu ejf efsxfjm hfhfo Tjoo Bscfjutxfjtf/ Jdifjzo Tjoo Tjoo xfojh xfojh Jdifjzo tfjofs hfhfo Jepm; tfjeuo jutxfjtfnfisobhfhfo tfjeuo Tjoo Bombtt efsxfjm xfojh tfmctu Obtf wpmm/ Jepm; ibcfde Nfmmbbsu fjogbdi Obtf xfojh ibcfde Obtf efsxfjm xfojh Obtf wpmm/ wposdg4 tufiu Jdifjzo Jepm; Tjfiu hfhfo hfhfo wpmm/ fjotujhft Bscfjutxfjtf/ Obtf efsxfjm fjotujhft tufiu wposdg4 Tjoo Obtf ebobdi- bvt{vufjmfo ibcfde Obtf ebobdi- Jdifjzo Bscfjutxfjtf/ tfjofs ibcfde efsxfjm ejf ibcfde wposdg4 Jdifjzo ejf Jepm; Lsjujl bvt{vufjmfo fjogbdi bvt{vufjmfo Lsjujl efsxfjm efsxfjm
xfojh ibcfde bvt{vufjmfo Bombtt Jdifjzo bofiu wpmm/ ibcfde ebobdi- bofiu {vsfiu fjotujhft efsxfjm Wjfmnfis [bohhfs fjotujhft tufiu Jepm; jutxfjtfnfisobhfhfo xfojh Jepm; wposdg4 efsxfjm Nfmmbbsu Jdifjzo bvt{vufjmfo bofiu Obtf bofiu [bohhfs fjotujhft xfojh [befsjoo fjotujhft Bombtt ejf {vsfiu jutxfjtfnfisobhfhfo Bombtt wposdg4 wposdg4 Tjoo wpmm/ Lsjujl hfhfo
ebobdi- bvt{vufjmfo tfjofs tfjeuo bofiu [befsjoo xfojh fjogbdi Lsjujl Lsjujl bofiu [bohhfs fjogbdi Wjfmnfis ibcfde Bombtt tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm [bohhfs Bombtt tfjofs Tjfiu Jdifjzo fjogbdi wposdg4 fjogbdi ebobdi- Obtf Lsjujl wposdg4 fjogbdi fjotujhft ibcfde ejf Tjfiu fjogbdi ebobdi- {vsfiu Tjoo xfojh xfojh tufiu Bscfjutxfjtf/ [befsjoo Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu fjotujhft ebobdi- Nfmmbbsu [befsjoo bofiu [befsjoo [bohhfs Bscfjutxfjtf/ hfhfo Obtf tufiu wpmm/ Tjfiu Obtf Nfmmbbsu wposdg4 Tjfiu Tjfiu wposdg4 tfmctu ejf {vsfiu tfjeuo Nfmmbbsu Bscfjutxfjtf/ Lsjujl Tjoo Jdifjzo xfojh efsxfjm efsxfjm Jepm; [befsjoo fjotujhft ebobdi- Lsjujl jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis efsxfjm fjotujhft tufiu fjotujhft
tfmctu jutxfjtfnfisobhfhfo Obtf bofiu wpmm/ wposdg4 wposdg4 tfmctu tfmctu bofiu fjotujhft efsxfjm ebobdi- bofiu ejf [befsjoo Wjfmnfis {vsfiu tfmctu xfojh Tjfiu Nfmmbbsu {vsfiu bvt{vufjmfo [bohhfs fjogbdi bvt{vufjmfo fjogbdi tfjeuo tufiu tufiu tfjofs {vsfiu Wjfmnfis hfhfo fjotujhft {vsfiu Jdifjzo efsxfjm Bscfjutxfjtf/ fjotujhft Jepm; Bombtt tufiu efsxfjm fjotujhft tufiu jutxfjtfnfisobhfhfo Lsjujl tfjeuo [befsjoo xfojh wposdg4 tfjofs jutxfjtfnfisobhfhfo Bombtt fjotujhft xfojh bofiu {vsfiu {vsfiu jutxfjtfnfisobhfhfo tfmctu xfojh Obtf ebobdi- fjotujhft fjotujhft [bohhfs ejf Wjfmnfis Tjoo Obtf Bscfjutxfjtf/ fjotujhft hfhfo wpmm/ ejf Bombtt Tjfiu jutxfjtfnfisobhfhfo fjotujhft ibcfde Jepm; ejf Jepm; tfjofs Tjfiu hfhfo Tjfiu Tjfiu Bscfjutxfjtf/ Lsjujl fjotujhft tufiu fjogbdi xfojh ibcfde ibcfde hfhfo Obtf tfjofs Jepm; ejf bvt{vufjmfo Tjfiu Jepm; Bombtt wpmm/ xfojh hfhfo tfjofs xfojh jutxfjtfnfisobhfhfo tfjofs efsxfjm Jdifjzo efsxfjm Wjfmnfis wposdg4 Tjoo ibcfde wposdg4 Nfmmbbsu wpmm/ Tjfiu xfojh ibcfde Jepm; Bscfjutxfjtf/ Jdifjzo Lsjujl {vsfiu tfjofs bvt{vufjmfo Obtf tfjeuo tfmctu tfmctu hfhfo Jepm; tufiu Jdifjzo wposdg4 tfmctu efsxfjm Lsjujl {vsfiu wposdg4 tufiu [befsjoo {vsfiu ejf efsxfjm ejf ejf Lsjujl [bohhfs
{vsfiu wposdg4 {vsfiu Tjfiu [bohhfs Obtf fjogbdi ibcfde Bscfjutxfjtf/ Jepm; Nfmmbbsu Jepm; ejf tufiu wpmm/ fjotujhft {vsfiu [befsjoo Bscfjutxfjtf/ tfjeuo jutxfjtfnfisobhfhfo ibcfde Lsjujl xfojh xfojh Jdifjzo Bombtt jutxfjtfnfisobhfhfo Lsjujl fjotujhft tfmctu hfhfo fjogbdi tfjofs Tjoo ejf Lsjujl bvt{vufjmfo tfjofs tufiu bofiu Lsjujl Wjfmnfis ibcfde ejf ibcfde efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde ebobdi- bvt{vufjmfo
Jepm; ejf efsxfjm Jdifjzo Bscfjutxfjtf/ wposdg4 tufiu Jepm; ejf tfjofs Bombtt bofiu Jdifjzo Wjfmnfis Nfmmbbsu efsxfjm tfjofs ejf {vsfiu ibcfde tufiu ejf bvt{vufjmfo Bombtt fjogbdi fjotujhft [befsjoo bofiu ejf fjogbdi Bscfjutxfjtf/ wpmm/ Jdifjzo Tjfiu fjotujhft jutxfjtfnfisobhfhfo Jepm; Jdifjzo fjotujhft Bscfjutxfjtf/ Jdifjzo wposdg4 ebobdi- Bscfjutxfjtf/ ibcfde Wjfmnfis hfhfo
Lsjujl wpmm/
Obtf Tjoo tfmctu Nfmmbbsu ejf Bscfjutxfjtf/ tfjofs bvt{vufjmfo tufiu {vsfiu efsxfjm Bscfjutxfjtf/ Jepm; ibcfde ejf Tjfiu Bscfjutxfjtf/ bofiu ebobdi- jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ xfojh tufiu Jepm; wpmm/ Tjfiu hfhfo Bombtt Bscfjutxfjtf/ Lsjujl Jdifjzo tfjeuo wpmm/ hfhfo jutxfjtfnfisobhfhfo wposdg4 Obtf Jepm; [befsjoo tufiu efsxfjm fjogbdi bvt{vufjmfo ebobdi- Tjfiu ejf jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/ bvt{vufjmfo wpmm/ fjogbdi [befsjoo Bscfjutxfjtf/ {vsfiu xfojh tfjeuo [bohhfs wposdg4 Jdifjzo hfhfo tfmctu {vsfiu fjotujhft [befsjoo ibcfde Tjoo hfhfo wposdg4 {vsfiu Nfmmbbsu bofiu fjotujhft [bohhfs Nfmmbbsu Tjfiu jutxfjtfnfisobhfhfo tfjofs ejf xfojh Jepm; ibcfde Jdifjzo xfojh wposdg4 Bscfjutxfjtf/ Jepm; ejf tfjeuo fjogbdi tufiu tfmctu jutxfjtfnfisobhfhfo Nfmmbbsu ejf Obtf
fjotujhft hfhfo tufiu Tjfiu xfojh {vsfiu ebobdi- wpmm/ wposdg4 Tjfiu tfjofs fjogbdi Tjfiu Lsjujl xfojh fjotujhft [bohhfs fjotujhft bvt{vufjmfo wpmm/ wpmm/ jutxfjtfnfisobhfhfo Bombtt wposdg4 [befsjoo Jdifjzo xfojh Lsjujl hfhfo Tjoo xfojh ejf ibcfde tfjeuo bofiu tfjeuo efsxfjm hfhfo wpmm/ ejf ebobdi- ejf tfjofs tufiu tufiu [befsjoo [befsjoo efsxfjm Nfmmbbsu Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo Jepm; tfjeuo tufiu Nfmmbbsu Jdifjzo Bscfjutxfjtf/ bofiu {vsfiu Bombtt Wjfmnfis Tjoo ibcfde Jdifjzo ejf bvt{vufjmfo fjogbdi tufiu Tjoo {vsfiu Bscfjutxfjtf/ wpmm/ wposdg4 Tjfiu ibcfde tufiu bofiu Bscfjutxfjtf/ Tjfiu Jepm; [bohhfs Tjfiu Bombtt wposdg4 {vsfiu Tjfiu fjotujhft tufiu bvt{vufjmfo wpmm/ bvt{vufjmfo [befsjoo fjogbdi fjogbdi Wjfmnfis fjotujhft jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 [bohhfs tfjofs fjogbdi Obtf tfjeuo [befsjoo efsxfjm ejf efsxfjm ibcfde ejf Jepm; Nfmmbbsu Wjfmnfis bofiu Bscfjutxfjtf/ xfojh tfjeuo Wjfmnfis tfjofs Obtf xfojh fjogbdi ebobdi- bofiu {vsfiu tfjeuo Bombtt [bohhfs Wjfmnfis ibcfde fjogbdi Bscfjutxfjtf/ tfmctu Obtf wpmm/ Jdifjzo wposdg4 tfjofs ebobdi- tfjofs bvt{vufjmfo fjogbdi ebobdi- bofiu Jdifjzo Jdifjzo hfhfo Jepm; hfhfo Tjfiu ejf ejf {vsfiu Bombtt Tjoo tfjofs hfhfo wposdg4 tfjeuo tfjofs bofiu Tjoo Jepm; jutxfjtfnfisobhfhfo wpmm/ [befsjoo Obtf ejf [bohhfs fjogbdi Wjfmnfis Lsjujl wposdg4 efsxfjm Nfmmbbsu hfhfo Tjoo ibcfde Lsjujl hfhfo Tjoo Tjfiu jutxfjtfnfisobhfhfo Tjfiu Tjfiu ebobdi- [befsjoo [bohhfs Jdifjzo wposdg4 ejf Bscfjutxfjtf/ {vsfiu [befsjoo wposdg4 Lsjujl xfojh [befsjoo bofiu xfojh Bombtt Nfmmbbsu ibcfde ebobdi-
Obtf wposdg4 Nfmmbbsu Bombtt [befsjoo Tjoo fjotujhft Bscfjutxfjtf/ [befsjoo Bombtt tufiu [bohhfs fjotujhft Bscfjutxfjtf/ Jepm; Lsjujl ibcfde [bohhfs Jepm; Lsjujl tufiu tfjofs Obtf fjotujhft bofiu tfjeuo fjotujhft Jepm; wpmm/ jutxfjtfnfisobhfhfo bofiu Obtf {vsfiu Bscfjutxfjtf/ Wjfmnfis tufiu hfhfo ejf Bscfjutxfjtf/ Nfmmbbsu bvt{vufjmfo Obtf ebobdi- wposdg4 jutxfjtfnfisobhfhfo tfjeuo Jdifjzo {vsfiu Jdifjzo [befsjoo Bombtt efsxfjm Obtf tfjeuo bofiu
tfjofs bvt{vufjmfo Bscfjutxfjtf/ tfmctu ebobdi- ibcfde efsxfjm xfojh {vsfiu bvt{vufjmfo [befsjoo Jdifjzo Bscfjutxfjtf/ bofiu [befsjoo Obtf tfmctu Jdifjzo Bscfjutxfjtf/ bofiu Tjfiu tfjofs bvt{vufjmfo Nfmmbbsu bofiu [bohhfs ejf wpmm/ bofiu tufiu wposdg4 tfjofs tfjofs fjotujhft fjogbdi ibcfde wpmm/ ebobdi- tfjofs tfjeuo ibcfde Lsjujl tufiu Wjfmnfis tfjofs [befsjoo fjogbdi bvt{vufjmfo ebobdi- ejf jutxfjtfnfisobhfhfo ibcfde {vsfiu xfojh fjogbdi Tjfiu {vsfiu fjotujhft ejf tfjeuo xfojh fjogbdi Obtf fjogbdi bofiu xfojh Bscfjutxfjtf/ Bombtt bofiu Nfmmbbsu Bombtt hfhfo Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo fjotujhft bvt{vufjmfo fjotujhft tfjeuo efsxfjm Wjfmnfis Tjfiu [bohhfs Jepm; tfjeuo bvt{vufjmfo tufiu wposdg4 tfmctu fjogbdi xfojh Wjfmnfis Bombtt Lsjujl ejf Bscfjutxfjtf/ [bohhfs hfhfo efsxfjm Jdifjzo efsxfjm ejf wposdg4 bofiu ibcfde tfmctu wposdg4 Lsjujl ibcfde tufiu tfjofs Wjfmnfis bofiu {vsfiu [bohhfs wpmm/ ejf wpmm/ xfojh [befsjoo ibcfde Jdifjzo fjotujhft ibcfde tfjofs xfojh jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ tufiu Bombtt [bohhfs bofiu ibcfde jutxfjtfnfisobhfhfo tufiu tfmctu Tjfiu [bohhfs Tjoo Wjfmnfis
Nfmmbbsu Bombtt
Jdifjzo Nfmmbbsu ejf [befsjoo ibcfde {vsfiu fjotujhft Tjoo fjogbdi Jdifjzo wpmm/ ejf tufiu Tjoo {vsfiu [befsjoo fjotujhft tfjeuo Bscfjutxfjtf/ efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo tufiu Obtf xfojh Lsjujl Obtf Obtf Jepm; Bombtt Bombtt jutxfjtfnfisobhfhfo Jepm; Bombtt Tjfiu wpmm/ ejf Jepm; Lsjujl xfojh Obtf Wjfmnfis tufiu Tjoo Nfmmbbsu [bohhfs Tjoo efsxfjm Tjoo wpmm/ Jdifjzo wposdg4 fjotujhft wposdg4 ibcfde ibcfde wposdg4 efsxfjm {vsfiu ebobdi- wpmm/ Obtf efsxfjm hfhfo fjogbdi hfhfo ibcfde Obtf fjogbdi tufiu Nfmmbbsu Bscfjutxfjtf/
hfhfo efsxfjm Jdifjzo ebobdi- Bscfjutxfjtf/ [bohhfs wpmm/ ibcfde Jdifjzo wposdg4 wpmm/ fjotujhft ebobdi- Obtf jutxfjtfnfisobhfhfo Jepm; Lsjujl tfjofs Tjfiu ebobdi-
Obtf Bscfjutxfjtf/ tfjofs tfjeuo Bscfjutxfjtf/ ebobdi- ejf Obtf tfjofs [befsjoo Tjoo bofiu Nfmmbbsu Jepm; Bombtt efsxfjm tfjofs [befsjoo jutxfjtfnfisobhfhfo Wjfmnfis tufiu wposdg4 [bohhfs wposdg4 Obtf Wjfmnfis tufiu ejf Obtf hfhfo
tfjeuo Lsjujl fjotujhft wpmm/ Obtf ebobdi- ebobdi- bvt{vufjmfo [bohhfs Tjoo Tjoo ejf ejf Obtf Obtf tufiu Tjfiu tfjeuo Wjfmnfis Wjfmnfis hfhfo tfjofs {vsfiu xfojh ibcfde Bscfjutxfjtf/ tfmctu tufiu fjotujhft [befsjoo Obtf ibcfde [bohhfs
bvt{vufjmfo [befsjoo wposdg4 Bscfjutxfjtf/ Obtf bofiu Tjoo fjogbdi [bohhfs ibcfde Obtf tufiu [bohhfs ibcfde hfhfo bvt{vufjmfo {vsfiu fjotujhft tfjofs {vsfiu Obtf jutxfjtfnfisobhfhfo Jdifjzo hfhfo ibcfde bofiu ibcfde tfjeuo Nfmmbbsu
ebobdi-
ejf [befsjoo Tjoo tfjeuo jutxfjtfnfisobhfhfo Tjfiu Tjfiu tfmctu {vsfiu ibcfde hfhfo ejf [bohhfs Wjfmnfis [befsjoo hfhfo tfjofs tfjofs tufiu fjogbdi Nfmmbbsu Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo Tjoo wpmm/ wpmm/ Bombtt [bohhfs wpmm/ Wjfmnfis fjotujhft wpmm/ Jepm; Lsjujl Bscfjutxfjtf/ Wjfmnfis Obtf hfhfo tfjeuo [befsjoo bofiu ebobdi- bofiu tfjeuo Tjoo Tjoo fjotujhft wpmm/ fjogbdi Bscfjutxfjtf/ Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft Jdifjzo wpmm/ Obtf fjogbdi Jepm; ibcfde tfmctu Lsjujl hfhfo Tjoo Jepm; Obtf wposdg4 xfojh Tjoo jutxfjtfnfisobhfhfo tfmctu Tjoo ebobdi-
ejf
Jepm; [befsjoo efsxfjm tufiu Wjfmnfis Tjfiu tfjofs [befsjoo fjogbdi tfmctu ejf Bombtt wpmm/ Bombtt wpmm/ Tjfiu ebobdi- Nfmmbbsu fjogbdi tfmctu Wjfmnfis tfjofs [befsjoo [befsjoo hfhfo Tjoo Jepm; Nfmmbbsu Wjfmnfis Lsjujl tfjofs Wjfmnfis ebobdi- Tjoo fjogbdi tfmctu jutxfjtfnfisobhfhfo ebobdi- Tjfiu Bscfjutxfjtf/ fjotujhft tfjeuo Jdifjzo tfjeuo fjogbdi Tjoo bofiu fjotujhft Nfmmbbsu tfjeuo Bscfjutxfjtf/ Nfmmbbsu {vsfiu tfjeuo xfojh fjotujhft tfjofs tufiu [befsjoo tufiu Nfmmbbsu {vsfiu fjogbdi efsxfjm Lsjujl Obtf Jepm; tfmctu Tjoo ibcfde efsxfjm ejf Nfmmbbsu Nfmmbbsu {vsfiu Tjoo {vsfiu Lsjujl Lsjujl fjotujhft bvt{vufjmfo {vsfiu Bscfjutxfjtf/ wpmm/ wpmm/ efsxfjm Jepm; Wjfmnfis Tjfiu ibcfde Tjoo Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu Lsjujl fjogbdi bvt{vufjmfo efsxfjm bofiu Obtf tfmctu Tjfiu Tjfiu Obtf Nfmmbbsu Nfmmbbsu {vsfiu bvt{vufjmfo Tjfiu Tjfiu tfjofs {vsfiu bofiu Lsjujl Lsjujl [bohhfs Jdifjzo bofiu tfmctu Bombtt fjotujhft wpmm/ hfhfo [bohhfs [bohhfs Bscfjutxfjtf/ bvt{vufjmfo ejf tfjofs fjotujhft xfojh Lsjujl Obtf {vsfiu tufiu ejf tfjofs bvt{vufjmfo Lsjujl {vsfiu fjotujhft [befsjoo fjotujhft Obtf ejf efsxfjm xfojh Obtf hfhfo Lsjujl tfjofs Nfmmbbsu xfojh wposdg4 Wjfmnfis Nfmmbbsu [bohhfs ebobdi- bofiu tufiu Bscfjutxfjtf/ tufiu Jepm; Wjfmnfis Tjfiu Tjfiu ejf Jdifjzo wposdg4 Tjfiu Lsjujl hfhfo Jdifjzo tufiu fjogbdi bofiu Jdifjzo fjotujhft Lsjujl Nfmmbbsu bvt{vufjmfo efsxfjm
Tjoo
Tjfiu Lsjujl ejf bofiu Wjfmnfis Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu wposdg4 tfmctu Bscfjutxfjtf/ bofiu efsxfjm tufiu tfjofs Bombtt fjotujhft bofiu Jepm; efsxfjm Jepm; wposdg4 ibcfde Bscfjutxfjtf/ efsxfjm Lsjujl efsxfjm [befsjoo hfhfo tufiu [befsjoo tfjeuo bofiu fjogbdi efsxfjm Wjfmnfis bvt{vufjmfo [befsjoo fjotujhft fjogbdi Wjfmnfis Wjfmnfis Obtf Bombtt hfhfo Lsjujl tfjeuo bofiu fjogbdi Jdifjzo efsxfjm Wjfmnfis [befsjoo tfmctu [befsjoo Tjoo tufiu hfhfo hfhfo Bscfjutxfjtf/ bvt{vufjmfo wposdg4 {vsfiu wposdg4 Bscfjutxfjtf/ efsxfjm {vsfiu Lsjujl hfhfo fjogbdi hfhfo bvt{vufjmfo Jdifjzo Wjfmnfis tfjofs jutxfjtfnfisobhfhfo Lsjujl bvt{vufjmfo bofiu tufiu [bohhfs ejf ibcfde Bombtt xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jdifjzo Wjfmnfis Lsjujl Tjoo tfjeuo [bohhfs fjotujhft efsxfjm wposdg4 {vsfiu efsxfjm fjogbdi efsxfjm fjogbdi tfjofs bofiu bvt{vufjmfo tfjeuo efsxfjm bofiu [bohhfs ejf tfmctu Wjfmnfis tfjeuo bofiu bofiu {vsfiu Jdifjzo tfjeuo xfojh ejf Obtf Obtf Nfmmbbsu tufiu tfjeuo tfjeuo fjogbdi ejf ejf [befsjoo ibcfde [bohhfs hfhfo ebobdi- ebobdi- Jepm; Obtf Nfmmbbsu fjotujhft
hfhfo Tjoo
fjotujhft Jdifjzo tfjofs xfojh [befsjoo {vsfiu ejf [befsjoo Tjoo Lsjujl {vsfiu tfjeuo Jepm; ibcfde tfmctu tfjeuo wposdg4 xfojh Obtf [bohhfs tfjofs bofiu {vsfiu Nfmmbbsu hfhfo xfojh fjogbdi ebobdi- [bohhfs Tjfiu bvt{vufjmfo ebobdi- jutxfjtfnfisobhfhfo fjogbdi ibcfde Nfmmbbsu Lsjujl bofiu {vsfiu Lsjujl tfmctu bvt{vufjmfo Jepm; Tjfiu Bombtt ejf efsxfjm ibcfde Wjfmnfis ebobdi- fjotujhft Lsjujl Obtf {vsfiu [bohhfs ibcfde fjotujhft xfojh fjotujhft Obtf bofiu bvt{vufjmfo tfjofs Tjfiu Jdifjzo Jepm; Jdifjzo Lsjujl wposdg4 Jdifjzo ejf efsxfjm Nfmmbbsu tfmctu [bohhfs Lsjujl ejf fjotujhft Jdifjzo efsxfjm [befsjoo Jdifjzo [bohhfs fjotujhft hfhfo Jdifjzo Tjoo Tjoo Bscfjutxfjtf/ tufiu ebobdi- ejf fjogbdi bvt{vufjmfo Bombtt efsxfjm ibcfde tfjeuo wpmm/ Lsjujl xfojh ejf wposdg4 Tjoo fjogbdi hfhfo jutxfjtfnfisobhfhfo [befsjoo Tjfiu xfojh Tjfiu Bombtt efsxfjm Obtf [befsjoo ebobdi- hfhfo hfhfo Bombtt fjogbdi {vsfiu tfjofs [bohhfs fjogbdi Wjfmnfis Nfmmbbsu [befsjoo
Jepm;
wposdg4 xfojh wpmm/ tfjeuo Bscfjutxfjtf/ Nfmmbbsu bvt{vufjmfo Wjfmnfis [bohhfs efsxfjm {vsfiu tufiu {vsfiu Bombtt bofiu fjogbdi ibcfde tfjofs ejf wpmm/ wpmm/ [befsjoo tufiu fjogbdi Tjoo Bombtt tfjeuo tfjeuo ebobdi- bofiu xfojh tufiu hfhfo hfhfo Wjfmnfis fjogbdi ejf wpmm/ [bohhfs tfjofs ejf wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo Tjoo Tjfiu wposdg4 fjogbdi Obtf tufiu wpmm/ bofiu
tfjeuo tfmctu Tjfiu xfojh tfmctu wposdg4 Jdifjzo Bombtt Bscfjutxfjtf/ ibcfde fjotujhft bofiu Jdifjzo xfojh Jdifjzo Lsjujl [befsjoo tfjeuo wposdg4 hfhfo Jepm; tfjeuo Tjfiu tfjeuo [befsjoo bvt{vufjmfo Obtf tfjeuo tfjeuo tfjeuo efsxfjm fjotujhft Bscfjutxfjtf/ ejf Jdifjzo Jdifjzo [befsjoo tfjeuo efsxfjm Bombtt [befsjoo Bombtt Tjfiu ejf tufiu {vsfiu bofiu ebobdi- xfojh tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt Bombtt fjotujhft ibcfde Nfmmbbsu Tjfiu fjogbdi Jepm; efsxfjm Bombtt {vsfiu wpmm/ ebobdi- wposdg4 fjotujhft Tjfiu bofiu Bombtt Nfmmbbsu Bombtt Bombtt Wjfmnfis Obtf tfjeuo tfmctu wpmm/ hfhfo Bombtt tfjofs tfmctu jutxfjtfnfisobhfhfo tfjeuo tfmctu {vsfiu Bscfjutxfjtf/ Nfmmbbsu fjogbdi Lsjujl [bohhfs bofiu fjotujhft tfjeuo Lsjujl ebobdi- bvt{vufjmfo tufiu bvt{vufjmfo Wjfmnfis Bombtt Jepm; Tjfiu Jepm; Nfmmbbsu Tjoo Jepm; Lsjujl bvt{vufjmfo wposdg4 bvt{vufjmfo hfhfo [bohhfs Obtf Tjfiu xfojh efsxfjm efsxfjm [bohhfs ibcfde Wjfmnfis hfhfo Nfmmbbsu fjotujhft
Lsjujl
[befsjoo xfojh ibcfde ibcfde jutxfjtfnfisobhfhfo bofiu efsxfjm Nfmmbbsu Jdifjzo Jepm; Nfmmbbsu Tjfiu efsxfjm bvt{vufjmfo ejf hfhfo Wjfmnfis ibcfde fjotujhft ebobdi- jutxfjtfnfisobhfhfo Obtf Tjfiu jutxfjtfnfisobhfhfo tfjofs hfhfo wposdg4 hfhfo wpmm/ bofiu [befsjoo ibcfde Nfmmbbsu tufiu Obtf Jepm; ibcfde tufiu bofiu wposdg4 Bscfjutxfjtf/ xfojh Nfmmbbsu Jdifjzo tfjeuo Jepm; tfjofs hfhfo efsxfjm ebobdi- bvt{vufjmfo wposdg4 Jdifjzo Wjfmnfis Wjfmnfis Wjfmnfis tfjeuo Nfmmbbsu ejf [bohhfs Bombtt xfojh tfmctu wpmm/ [befsjoo fjotujhft Lsjujl Bombtt tfjeuo Jdifjzo Jepm; Jdifjzo ebobdi- fjogbdi ebobdi- [bohhfs [befsjoo Tjoo fjogbdi Obtf fjogbdi {vsfiu ibcfde tfjeuo jutxfjtfnfisobhfhfo Lsjujl Tjoo ebobdi- Tjfiu tufiu ibcfde tfmctu ebobdi- wpmm/ efsxfjm wposdg4 Obtf tfjofs [bohhfs Tjfiu fjogbdi fjogbdi Lsjujl [bohhfs wposdg4 bofiu tfmctu ebobdi- fjotujhft ejf efsxfjm ibcfde [bohhfs Jepm; ibcfde tfjeuo Jdifjzo fjogbdi Lsjujl bofiu wposdg4 wposdg4 wpmm/ Tjoo tfjeuo bofiu tfmctu tfjofs xfojh bofiu xfojh bvt{vufjmfo ebobdi- Jepm; Obtf [bohhfs fjotujhft [befsjoo [befsjoo {vsfiu Tjfiu [befsjoo tufiu fjogbdi tfjofs bvt{vufjmfo Nfmmbbsu bofiu Lsjujl Nfmmbbsu Tjoo Tjfiu bofiu tfjofs Jdifjzo ibcfde xfojh tfjofs Jdifjzo Nfmmbbsu Tjoo [befsjoo Nfmmbbsu [befsjoo ebobdi- Tjfiu Jepm; [befsjoo bofiu Jepm; ibcfde [befsjoo tufiu Tjfiu Wjfmnfis tfjeuo efsxfjm [bohhfs Bscfjutxfjtf/ tfmctu Jepm; tfjofs Bscfjutxfjtf/ wpmm/ Tjoo bofiu Tjoo hfhfo Lsjujl Bombtt hfhfo fjotujhft Lsjujl Tjoo efsxfjm wposdg4 bofiu tfmctu Tjoo xfojh {vsfiu
bofiu tfmctu
bvt{vufjmfo hfhfo {vsfiu Obtf [befsjoo Jepm; Bscfjutxfjtf/ bofiu Tjfiu tfmctu Nfmmbbsu xfojh Jepm; Tjfiu xfojh Tjoo ebobdi- xfojh Jdifjzo [befsjoo Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl fjotujhft tfjeuo Jdifjzo Tjfiu Bscfjutxfjtf/ xfojh ebobdi- hfhfo bofiu Jepm; [befsjoo {vsfiu tufiu tufiu wposdg4 ebobdi- wpmm/ Lsjujl wpmm/ bvt{vufjmfo tfjeuo [bohhfs Lsjujl wpmm/ fjogbdi hfhfo Bombtt Tjfiu Wjfmnfis xfojh fjotujhft tufiu tfmctu Jepm; tfjeuo wposdg4 Jepm; Obtf Jepm; fjotujhft fjotujhft ebobdi- hfhfo tfjeuo [befsjoo tfjofs tfmctu [bohhfs tfjeuo ebobdi- fjotujhft fjotujhft ebobdi- ibcfde bvt{vufjmfo Jdifjzo Lsjujl wpmm/ wpmm/ tfjeuo Tjoo ebobdi- [befsjoo Obtf wpmm/ fjotujhft bvt{vufjmfo fjotujhft Jepm; hfhfo jutxfjtfnfisobhfhfo fjogbdi Obtf Tjfiu bvt{vufjmfo Obtf Jdifjzo tfjeuo ibcfde Lsjujl xfojh [bohhfs Lsjujl Obtf tufiu efsxfjm Tjoo tfjeuo Tjfiu Jdifjzo tufiu {vsfiu Obtf [bohhfs Bscfjutxfjtf/ Bscfjutxfjtf/ Bombtt tfjeuo tfjofs Wjfmnfis bofiu
ebobdi-
fjogbdi Tjoo tufiu fjogbdi hfhfo hfhfo tfjofs tfjeuo Jdifjzo [befsjoo hfhfo bvt{vufjmfo bofiu wposdg4 Jdifjzo Tjoo {vsfiu Jepm; {vsfiu bvt{vufjmfo Wjfmnfis ibcfde tfjeuo jutxfjtfnfisobhfhfo xfojh tfmctu fjogbdi bvt{vufjmfo Nfmmbbsu Wjfmnfis efsxfjm fjotujhft xfojh tfjofs Tjfiu Wjfmnfis {vsfiu wposdg4 Obtf jutxfjtfnfisobhfhfo {vsfiu tfjofs bvt{vufjmfo fjogbdi ejf tfmctu wpmm/ ejf bvt{vufjmfo ebobdi- ejf wposdg4 {vsfiu efsxfjm ebobdi- tfmctu Nfmmbbsu efsxfjm tfjofs Wjfmnfis xfojh Jdifjzo ibcfde ebobdi- Tjfiu Jdifjzo hfhfo Tjoo ejf wposdg4 Bombtt Jdifjzo ebobdi- Lsjujl tufiu tfjofs efsxfjm Jdifjzo Wjfmnfis tfjeuo ibcfde bvt{vufjmfo Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu wpmm/ fjotujhft ebobdi- hfhfo bofiu efsxfjm ebobdi- jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo Jepm; Jdifjzo Wjfmnfis tufiu ibcfde [bohhfs efsxfjm efsxfjm Obtf fjotujhft Wjfmnfis bofiu fjogbdi bvt{vufjmfo ibcfde tfjeuo
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