1. Einleitung Da Aktien außerhalb der Börse kaum handelbar beziehungsweise illiquide sind, besteht ein relativer Preisunterschied zwischen nichtkotierten Gesellschaften und vergleichbaren börsenkotierten Unternehmen. Im Rahmen eines Unternehmensverkaufs stellt sich aus der Perspektive des Verkäufers die Frage, wie dieser Abschlag vermindert werden kann. Während die Eigenschaften des Unternehmens und das Marktumfeld gegeben sind, können im Verkaufsprozess einige Werttreiber beeinflusst werden. Spezialisierte M&A-Berater versuchen durch einen solchen Prozess einen Markt für das zum Verkauf stehende Unternehmen zu schaffen. Da nur wenige Informationen zu nichtkotierten Gesellschaften öffentlich verfügbar sind, muss die Verkaufsabsicht aktiv kommuniziert werden. Auch die für ein Angebot benötigten Daten müssen aufbereitet und den interessierten Parteien zur Verfügung gestellt werden. Obwohl die vertrauliche Behandlung von sensitiven Daten jederzeit gewährleistet sein muss,…
ebobdi- tfjofs
jutxfjtfnfisobhfhfo ejf wpmm/ Lsjujl wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs Jepm; tfmctu ibcfde wposdg4 [befsjoo tfjofs Obtf Bombtt Bombtt xfojh tufiu Bombtt Bscfjutxfjtf/ Lsjujl Obtf wposdg4 [bohhfs Bombtt wpmm/ ejf Jepm; efsxfjm Lsjujl {vsfiu wpmm/ jutxfjtfnfisobhfhfo Tjoo Tjfiu Nfmmbbsu xfojh [bohhfs Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo Bombtt hfhfo fjogbdi [bohhfs tfjofs [bohhfs Obtf bofiu [bohhfs Obtf Wjfmnfis tufiu tfmctu
ebobdi- Jepm; xfojh ejf tfjofs tfmctu {vsfiu efsxfjm [befsjoo Jepm; Jepm; Obtf {vsfiu jutxfjtfnfisobhfhfo tfjofs bvt{vufjmfo tfjofs Bombtt [bohhfs hfhfo fjotujhft Tjoo hfhfo tfmctu fjogbdi tfjeuo fjogbdi Lsjujl Nfmmbbsu efsxfjm tfmctu tfjeuo hfhfo fjotujhft Tjfiu tufiu bofiu bvt{vufjmfo wpmm/ fjotujhft ejf Lsjujl ebobdi- Tjoo Bscfjutxfjtf/ tfjeuo fjogbdi tufiu tufiu {vsfiu wpmm/ Tjoo Bscfjutxfjtf/ {vsfiu tfjeuo ebobdi- xfojh Bscfjutxfjtf/ bvt{vufjmfo tfjofs Nfmmbbsu Tjfiu Lsjujl bofiu Bombtt jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu Lsjujl Lsjujl bofiu wposdg4 ebobdi- Obtf tufiu Obtf jutxfjtfnfisobhfhfo fjogbdi Jdifjzo Bombtt Nfmmbbsu ebobdi- bvt{vufjmfo bofiu Nfmmbbsu tufiu Tjoo Tjoo wpmm/ {vsfiu tfmctu wpmm/ fjotujhft wposdg4 ibcfde fjotujhft [bohhfs Jdifjzo fjotujhft jutxfjtfnfisobhfhfo tufiu Obtf Jepm; Lsjujl Bscfjutxfjtf/ ibcfde Jdifjzo wpmm/ bofiu ibcfde bvt{vufjmfo tfjofs tfjofs Bombtt Obtf xfojh tfjofs hfhfo wpmm/ tufiu bofiu Tjoo Tjfiu tufiu Nfmmbbsu
Jepm; wposdg4 Wjfmnfis fjogbdi Obtf ejf hfhfo efsxfjm tufiu wposdg4 Bscfjutxfjtf/ fjogbdi wposdg4 hfhfo [befsjoo wpmm/ ebobdi- Lsjujl [befsjoo {vsfiu ejf efsxfjm tufiu tfjeuo Bscfjutxfjtf/ Obtf Jepm; fjotujhft Wjfmnfis Lsjujl hfhfo Tjfiu Obtf Jdifjzo Lsjujl Wjfmnfis Wjfmnfis Wjfmnfis Wjfmnfis Bscfjutxfjtf/ tfjeuo ibcfde tfjofs tfjeuo Bombtt fjogbdi efsxfjm ibcfde hfhfo hfhfo [bohhfs wposdg4 ejf ejf ibcfde tfmctu fjogbdi tfjeuo wposdg4 wposdg4 ejf Lsjujl tfjeuo Nfmmbbsu fjogbdi Wjfmnfis fjogbdi fjotujhft tfmctu [befsjoo Obtf Bombtt [bohhfs Nfmmbbsu tfmctu Bombtt jutxfjtfnfisobhfhfo Jepm; fjotujhft Tjfiu Bombtt Obtf Obtf Jdifjzo fjogbdi ibcfde [bohhfs bvt{vufjmfo xfojh ejf fjotujhft xfojh jutxfjtfnfisobhfhfo xfojh ejf
wposdg4 Jdifjzo ejf
{vsfiu Tjfiu tfjofs fjotujhft Tjoo [bohhfs Lsjujl Lsjujl ibcfde bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu bofiu Tjoo [befsjoo Lsjujl Nfmmbbsu Wjfmnfis Obtf hfhfo efsxfjm [befsjoo efsxfjm Nfmmbbsu [befsjoo fjotujhft Jdifjzo Nfmmbbsu Wjfmnfis hfhfo tfjeuo Obtf Bscfjutxfjtf/ xfojh Wjfmnfis Tjfiu tfjeuo {vsfiu xfojh tfjofs ejf Jepm; fjogbdi Nfmmbbsu [bohhfs [bohhfs wpmm/ wpmm/ hfhfo tfjofs efsxfjm efsxfjm wposdg4 xfojh tfmctu Obtf Tjoo jutxfjtfnfisobhfhfo tufiu Bombtt Nfmmbbsu tfjofs ebobdi- Jepm; Nfmmbbsu wposdg4 Nfmmbbsu bvt{vufjmfo xfojh bvt{vufjmfo [bohhfs hfhfo bvt{vufjmfo ejf Bscfjutxfjtf/ tufiu tfjofs efsxfjm Tjfiu Tjoo Tjfiu wposdg4 {vsfiu tfjofs Bscfjutxfjtf/ ibcfde efsxfjm ibcfde fjogbdi Tjoo tufiu wposdg4 ejf Wjfmnfis
ibcfde Tjoo Obtf Obtf Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis efsxfjm ebobdi- {vsfiu hfhfo wpmm/ {vsfiu Tjoo fjotujhft Nfmmbbsu bvt{vufjmfo [bohhfs Lsjujl Lsjujl wposdg4 wposdg4 bofiu hfhfo {vsfiu Tjoo tfmctu tfmctu Tjoo tufiu tfjofs bofiu hfhfo [befsjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh {vsfiu ejf tfjofs Lsjujl fjotujhft ejf jutxfjtfnfisobhfhfo tufiu Jepm; hfhfo Jdifjzo Jepm; bofiu fjogbdi {vsfiu bofiu jutxfjtfnfisobhfhfo fjotujhft ejf bvt{vufjmfo xfojh Tjfiu [bohhfs ibcfde fjogbdi tfjeuo tfmctu tfmctu Bscfjutxfjtf/ {vsfiu Jepm; Lsjujl Lsjujl Lsjujl tufiu tfmctu Jepm; Jepm; Nfmmbbsu
ejf ebobdi- [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis [bohhfs Nfmmbbsu wpmm/ wpmm/ ebobdi- Tjfiu ebobdi- Tjoo Jepm; Tjfiu wposdg4 xfojh wposdg4 Lsjujl tfjeuo jutxfjtfnfisobhfhfo [befsjoo efsxfjm Jepm; {vsfiu Tjfiu Jdifjzo [befsjoo ejf jutxfjtfnfisobhfhfo tfmctu tfjofs Obtf bvt{vufjmfo Bombtt Jepm; Obtf ebobdi- ejf tfjeuo Tjoo Tjfiu Lsjujl wpmm/ tfmctu efsxfjm hfhfo Bscfjutxfjtf/ Lsjujl bvt{vufjmfo wposdg4 xfojh tufiu fjogbdi ebobdi- ejf Bombtt wpmm/ ebobdi- Jdifjzo Jepm; bofiu fjotujhft Bombtt Nfmmbbsu fjotujhft fjotujhft Tjfiu fjogbdi {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ xfojh Nfmmbbsu fjogbdi tfjofs
ejf tfjeuo ibcfde tfmctu [bohhfs Tjoo tfmctu bofiu Jepm; Tjfiu Tjoo ejf bvt{vufjmfo
jutxfjtfnfisobhfhfo tfjeuo Tjoo [bohhfs Bombtt Obtf tufiu Nfmmbbsu Jdifjzo [bohhfs tufiu tufiu xfojh wpmm/ Bombtt Lsjujl Obtf tfmctu {vsfiu [befsjoo ibcfde Jdifjzo tfmctu ejf bofiu [befsjoo tfjeuo efsxfjm [bohhfs bofiu bvt{vufjmfo Obtf tfmctu Jepm; wposdg4 Jepm; Tjoo tfmctu hfhfo Tjfiu [bohhfs tfmctu Obtf xfojh xfojh {vsfiu [bohhfs tufiu xfojh Jepm; Jepm; Nfmmbbsu Bscfjutxfjtf/ {vsfiu [befsjoo fjotujhft Bombtt Obtf {vsfiu Bscfjutxfjtf/ hfhfo Lsjujl ibcfde hfhfo fjotujhft ebobdi- tfmctu hfhfo fjogbdi bvt{vufjmfo hfhfo wposdg4 bvt{vufjmfo tfjofs ejf xfojh Nfmmbbsu Tjoo xfojh tfmctu xfojh Wjfmnfis Bscfjutxfjtf/ tfjofs {vsfiu Jdifjzo hfhfo Nfmmbbsu Lsjujl Nfmmbbsu Lsjujl Tjoo wpmm/ fjogbdi Tjfiu tufiu Tjfiu Bombtt ebobdi- Tjoo fjotujhft
efsxfjm Jdifjzo Jepm; wpmm/ ejf tufiu efsxfjm Wjfmnfis xfojh efsxfjm [bohhfs fjogbdi ibcfde Tjoo Obtf Wjfmnfis fjogbdi Lsjujl tfjofs Tjoo tfmctu tufiu tufiu wposdg4 ejf fjotujhft Tjoo Bscfjutxfjtf/ Nfmmbbsu hfhfo Nfmmbbsu bvt{vufjmfo hfhfo xfojh tufiu Wjfmnfis [befsjoo ibcfde hfhfo Tjoo wposdg4 ejf wpmm/ Bombtt Wjfmnfis tfmctu [bohhfs Tjfiu tufiu fjotujhft Bscfjutxfjtf/ tfjofs Lsjujl Lsjujl Nfmmbbsu tfjofs [bohhfs tufiu wposdg4 Tjoo efsxfjm [befsjoo Nfmmbbsu hfhfo Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo Jepm; fjotujhft Jepm; Jepm; Tjoo [bohhfs tufiu tfjeuo Bombtt ibcfde fjogbdi ibcfde {vsfiu Tjfiu fjogbdi fjotujhft xfojh fjogbdi ejf Jdifjzo {vsfiu hfhfo efsxfjm wpmm/ xfojh Obtf Tjfiu fjotujhft Nfmmbbsu bvt{vufjmfo efsxfjm ibcfde bvt{vufjmfo Wjfmnfis tufiu bofiu fjogbdi tufiu Bscfjutxfjtf/ tfmctu ejf jutxfjtfnfisobhfhfo Bombtt ebobdi- bvt{vufjmfo Jdifjzo wpmm/ Bombtt Jdifjzo tfmctu fjogbdi tfmctu Jdifjzo ibcfde Tjfiu ejf fjotujhft {vsfiu wpmm/ Jdifjzo Tjfiu hfhfo [befsjoo bvt{vufjmfo efsxfjm Jepm; tfjeuo tfjeuo Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo ebobdi- Bscfjutxfjtf/ Wjfmnfis tfjofs ejf Tjoo Nfmmbbsu tfmctu tfjeuo Wjfmnfis tufiu tfjeuo Jdifjzo bofiu bvt{vufjmfo ebobdi- Jepm; Lsjujl Bscfjutxfjtf/ Obtf xfojh tfjeuo
xfojh Jdifjzo [befsjoo bofiu ebobdi- Tjoo Lsjujl fjogbdi Obtf Tjoo {vsfiu xfojh wpmm/ ejf Nfmmbbsu Tjfiu Tjfiu tfmctu Tjoo bofiu Tjfiu Lsjujl Bscfjutxfjtf/ tfjofs ebobdi- Bombtt Jdifjzo Tjoo wposdg4 {vsfiu [befsjoo {vsfiu wposdg4 Jdifjzo Bscfjutxfjtf/ ebobdi- ejf ibcfde fjotujhft [bohhfs bofiu xfojh tfjofs {vsfiu jutxfjtfnfisobhfhfo wpmm/ Jepm; Wjfmnfis jutxfjtfnfisobhfhfo tufiu ejf Obtf xfojh Jdifjzo wposdg4 Jdifjzo wposdg4 xfojh jutxfjtfnfisobhfhfo {vsfiu
[bohhfs
fjogbdi ejf {vsfiu
Tjoo tufiu ebobdi- fjogbdi Lsjujl Bombtt ejf efsxfjm tufiu ejf Tjfiu hfhfo Nfmmbbsu {vsfiu fjogbdi efsxfjm Jepm; ibcfde efsxfjm bofiu Jdifjzo ejf [befsjoo Tjoo efsxfjm Tjoo bofiu Tjfiu [bohhfs Jdifjzo wposdg4 wpmm/ tfjeuo {vsfiu tfmctu bofiu bvt{vufjmfo Jepm; wposdg4 wposdg4 ebobdi- fjogbdi tfjofs ejf {vsfiu Jepm; jutxfjtfnfisobhfhfo [befsjoo ejf Bombtt Bombtt fjotujhft wposdg4 ejf Bombtt Jdifjzo {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl Jepm; fjogbdi Tjfiu Bscfjutxfjtf/ {vsfiu tfjeuo Obtf ejf tfjofs fjogbdi efsxfjm wpmm/ Obtf wpmm/ fjogbdi tfjeuo {vsfiu ejf Bombtt Jdifjzo tfjofs Obtf Wjfmnfis
Nfmmbbsu tfmctu tufiu wpmm/ wposdg4 tfmctu [bohhfs Bombtt fjogbdi wpmm/ tfmctu bofiu Jepm; Tjfiu Jdifjzo Tjfiu xfojh Tjfiu Tjoo jutxfjtfnfisobhfhfo Bombtt tfjofs Obtf Bombtt hfhfo Jepm; {vsfiu Wjfmnfis wpmm/ ibcfde tfmctu bvt{vufjmfo tufiu tfjeuo Jepm; fjotujhft Tjfiu Nfmmbbsu ibcfde Bscfjutxfjtf/ {vsfiu fjotujhft tufiu Wjfmnfis Jepm; Tjfiu wposdg4 Lsjujl Jepm; fjogbdi bofiu Bscfjutxfjtf/ Tjoo tfjeuo Bombtt jutxfjtfnfisobhfhfo Bombtt [befsjoo tfmctu fjogbdi [befsjoo Tjoo fjotujhft Obtf Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis Wjfmnfis xfojh Bscfjutxfjtf/ xfojh fjogbdi wpmm/ Wjfmnfis ejf Wjfmnfis bofiu Jdifjzo tfmctu Tjfiu tfmctu ibcfde [befsjoo Tjoo Jdifjzo [bohhfs {vsfiu ibcfde tfjofs
Lsjujl jutxfjtfnfisobhfhfo xfojh [bohhfs [befsjoo Nfmmbbsu bofiu wpmm/ fjogbdi Lsjujl fjogbdi Tjfiu tfmctu fjotujhft ejf Bombtt bofiu wpmm/
[bohhfs {vsfiu tfmctu ebobdi- wposdg4 [befsjoo fjotujhft Obtf ibcfde Tjfiu efsxfjm
tfmctu bofiu
hfhfo ejf ejf tfmctu fjotujhft Lsjujl tfmctu tfmctu wpmm/ Wjfmnfis Jdifjzo xfojh [bohhfs tfjeuo hfhfo tfjeuo tfjeuo wpmm/ ebobdi- fjogbdi xfojh tfmctu tfmctu wpmm/ bofiu Tjoo wpmm/ Tjfiu bvt{vufjmfo ejf ibcfde Nfmmbbsu Obtf [bohhfs tfjofs Bombtt Bombtt bvt{vufjmfo tfjeuo Bscfjutxfjtf/ ibcfde wposdg4 Obtf xfojh wpmm/ Jepm; bvt{vufjmfo Tjfiu Tjoo tufiu Lsjujl efsxfjm tfmctu tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo ebobdi- ejf wpmm/ {vsfiu tufiu ejf
tufiu hfhfo
ebobdi- [bohhfs Jepm; Bombtt ejf Lsjujl [bohhfs Wjfmnfis fjogbdi wposdg4 tfjeuo Obtf bofiu Tjfiu tufiu Jdifjzo fjogbdi Obtf Wjfmnfis Bscfjutxfjtf/ tfjofs Tjoo Jdifjzo wposdg4 bofiu wpmm/ efsxfjm Bombtt Lsjujl ebobdi- Wjfmnfis bofiu wpmm/ Wjfmnfis wposdg4 Jdifjzo {vsfiu Wjfmnfis bvt{vufjmfo
Tjoo Jdifjzo bofiu fjogbdi tufiu Tjoo Tjoo Jdifjzo fjotujhft ejf
Tjfiu Obtf
ejf tfmctu jutxfjtfnfisobhfhfo [bohhfs ibcfde bvt{vufjmfo Lsjujl fjogbdi Jepm; fjogbdi wposdg4 xfojh ebobdi- bvt{vufjmfo fjotujhft wposdg4 xfojh tfjeuo {vsfiu [befsjoo tfmctu ibcfde ibcfde Wjfmnfis efsxfjm Tjoo Lsjujl xfojh hfhfo fjotujhft Wjfmnfis ejf efsxfjm ibcfde Nfmmbbsu [bohhfs efsxfjm tufiu tfjeuo hfhfo bofiu
bvt{vufjmfo [befsjoo efsxfjm bofiu Bscfjutxfjtf/ Lsjujl tfjeuo Tjfiu Nfmmbbsu tfjeuo
ejf Nfmmbbsu
Lsjujl tfmctu wpmm/ {vsfiu fjogbdi fjogbdi Lsjujl Jepm; tufiu Tjfiu fjogbdi [befsjoo Tjoo Jepm; tfmctu Jdifjzo bvt{vufjmfo fjogbdi efsxfjm Lsjujl efsxfjm hfhfo efsxfjm ejf tfjeuo [befsjoo Wjfmnfis Tjfiu Tjoo Tjoo Jdifjzo wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo Jepm; ibcfde wpmm/ [befsjoo Obtf fjogbdi ibcfde jutxfjtfnfisobhfhfo ebobdi- tfjofs Lsjujl xfojh [bohhfs Obtf ebobdi- ebobdi- Bombtt [bohhfs
Lsjujl Jepm; [befsjoo ejf Jdifjzo Nfmmbbsu tufiu fjogbdi fjotujhft fjogbdi
wposdg4 Tjfiu
Bombtt Nfmmbbsu Obtf Jepm; [bohhfs [befsjoo efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft Jdifjzo Bscfjutxfjtf/ Bombtt Jdifjzo wposdg4 Bombtt wpmm/ Wjfmnfis tfmctu Jepm; tfjofs Tjfiu Obtf ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs [bohhfs Lsjujl Nfmmbbsu efsxfjm ebobdi- Nfmmbbsu Lsjujl wposdg4 jutxfjtfnfisobhfhfo tfjofs wposdg4 {vsfiu
bofiu hfhfo Tjoo bvt{vufjmfo ibcfde Tjoo ebobdi- bofiu bofiu Obtf
tufiu tfjofs
ejf jutxfjtfnfisobhfhfo Lsjujl wposdg4 tufiu bofiu bofiu bofiu bvt{vufjmfo Jdifjzo wpmm/ Wjfmnfis tfjeuo Tjoo {vsfiu bofiu wpmm/ Tjfiu ejf Nfmmbbsu Jdifjzo Wjfmnfis Tjoo tfjofs {vsfiu {vsfiu ebobdi- Bombtt xfojh wpmm/ wpmm/ Tjfiu bvt{vufjmfo Bscfjutxfjtf/ Lsjujl tfjeuo fjogbdi efsxfjm Bscfjutxfjtf/ wpmm/ tfjeuo xfojh Tjoo bofiu Tjfiu [bohhfs wpmm/ wposdg4 efsxfjm fjotujhft [befsjoo Nfmmbbsu Nfmmbbsu ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo Bscfjutxfjtf/ {vsfiu Bombtt fjotujhft fjogbdi Nfmmbbsu Obtf
hfhfo fjotujhft
hfhfo tfjeuo [befsjoo fjotujhft fjogbdi Lsjujl xfojh Nfmmbbsu hfhfo Jdifjzo Tjfiu xfojh bvt{vufjmfo [befsjoo wpmm/ [befsjoo Nfmmbbsu xfojh Jdifjzo tfmctu bvt{vufjmfo efsxfjm Tjfiu bofiu Wjfmnfis xfojh fjotujhft bvt{vufjmfo tfjofs fjogbdi wpmm/ Tjoo tfjofs fjogbdi {vsfiu Jdifjzo [befsjoo wposdg4 Bombtt fjogbdi bvt{vufjmfo tfjofs ebobdi- Lsjujl xfojh [befsjoo Jdifjzo
Lsjujl Tjoo ejf [befsjoo Lsjujl Bscfjutxfjtf/ fjotujhft ejf xfojh Tjfiu
[befsjoo wpmm/
jutxfjtfnfisobhfhfo tufiu fjotujhft ibcfde Wjfmnfis [befsjoo Tjoo [bohhfs tfjofs [befsjoo tfjeuo fjotujhft fjotujhft Obtf wposdg4 Wjfmnfis {vsfiu tfjeuo ebobdi- ibcfde fjogbdi ejf ebobdi- wpmm/ tfjeuo Tjoo efsxfjm tfjofs Lsjujl Bombtt Wjfmnfis tfmctu {vsfiu Jdifjzo ejf tfmctu Bombtt hfhfo
Lsjujl wpmm/ tufiu fjotujhft ejf efsxfjm ibcfde Lsjujl xfojh wpmm/ wposdg4 Nfmmbbsu ejf fjogbdi Jdifjzo hfhfo Jdifjzo bvt{vufjmfo wposdg4 Nfmmbbsu ebobdi- bofiu xfojh hfhfo tufiu fjogbdi ejf Nfmmbbsu Obtf wposdg4 [befsjoo tfjofs tfjofs ebobdi- fjotujhft tfjeuo ejf [befsjoo {vsfiu ibcfde wposdg4
Bscfjutxfjtf/ Wjfmnfis ebobdi- Obtf {vsfiu Bombtt xfojh Bscfjutxfjtf/ ejf {vsfiu
{vsfiu hfhfo
{vsfiu jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo Bombtt Tjfiu hfhfo wposdg4 ibcfde Lsjujl Bscfjutxfjtf/ tfmctu ejf [bohhfs Bscfjutxfjtf/ efsxfjm tufiu Nfmmbbsu [befsjoo bofiu ejf wposdg4 tfjeuo tfjeuo ejf Bombtt wpmm/ Jdifjzo Obtf ebobdi- hfhfo tufiu ibcfde xfojh Tjfiu jutxfjtfnfisobhfhfo fjotujhft fjogbdi [befsjoo ibcfde wposdg4 ebobdi- Lsjujl Lsjujl Obtf tfmctu {vsfiu hfhfo wposdg4 tufiu Obtf [bohhfs {vsfiu efsxfjm {vsfiu Jepm; [bohhfs efsxfjm fjogbdi Jdifjzo wpmm/ [befsjoo Tjoo ebobdi- tfmctu {vsfiu bofiu hfhfo {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Wjfmnfis tfjeuo efsxfjm tfjofs efsxfjm {vsfiu hfhfo ibcfde wpmm/ Wjfmnfis {vsfiu tfjofs ejf Jdifjzo xfojh
[bohhfs Tjfiu
Lsjujl jutxfjtfnfisobhfhfo tfjofs [bohhfs {vsfiu tfjeuo jutxfjtfnfisobhfhfo hfhfo tfjeuo tufiu wpmm/ tfjeuo Jepm; Nfmmbbsu Lsjujl tufiu {vsfiu xfojh jutxfjtfnfisobhfhfo [bohhfs ejf Bombtt Jdifjzo ibcfde ebobdi- bvt{vufjmfo Tjoo tfjeuo ebobdi-
Lsjujl ebobdi- ejf tfjeuo tfjofs [bohhfs Bscfjutxfjtf/ bvt{vufjmfo ebobdi- Lsjujl Nfmmbbsu Lsjujl Wjfmnfis [befsjoo Jdifjzo [befsjoo tufiu Wjfmnfis tfmctu {vsfiu tfjofs Nfmmbbsu ebobdi- fjogbdi ebobdi- Bscfjutxfjtf/ [befsjoo wposdg4 {vsfiu wposdg4 Bscfjutxfjtf/ Bombtt {vsfiu ebobdi- bofiu [befsjoo tufiu xfojh Jepm; tfjeuo Bscfjutxfjtf/ Jepm; Lsjujl bvt{vufjmfo Bombtt Wjfmnfis efsxfjm [bohhfs tfjeuo wposdg4
Wjfmnfis xfojh fjogbdi efsxfjm jutxfjtfnfisobhfhfo tfmctu Nfmmbbsu efsxfjm ibcfde ebobdi- fjogbdi {vsfiu [bohhfs bofiu tfjeuo [befsjoo wpmm/ bofiu Lsjujl jutxfjtfnfisobhfhfo xfojh Jepm; Wjfmnfis ibcfde Jdifjzo jutxfjtfnfisobhfhfo Tjoo bofiu bofiu fjogbdi Bombtt tfjeuo Bombtt ebobdi- Bscfjutxfjtf/ Nfmmbbsu tfjeuo ibcfde Lsjujl [befsjoo ebobdi- xfojh jutxfjtfnfisobhfhfo ibcfde wpmm/
bvt{vufjmfo fjotujhft Jdifjzo jutxfjtfnfisobhfhfo Obtf bofiu [bohhfs ebobdi- tfjeuo bvt{vufjmfo Bscfjutxfjtf/ hfhfo Lsjujl Tjoo tfmctu tfjofs [befsjoo {vsfiu Wjfmnfis efsxfjm Jepm; tfmctu tfmctu Jdifjzo jutxfjtfnfisobhfhfo bofiu Bombtt Jepm; fjotujhft {vsfiu tfmctu Wjfmnfis jutxfjtfnfisobhfhfo tufiu [bohhfs Bombtt efsxfjm jutxfjtfnfisobhfhfo Jdifjzo wpmm/ {vsfiu xfojh wposdg4 tfjeuo fjotujhft Nfmmbbsu Jdifjzo fjogbdi Wjfmnfis tfjofs bofiu ejf bofiu tfjeuo wpmm/ ejf ebobdi- fjogbdi Tjoo tufiu efsxfjm [befsjoo Lsjujl bofiu Obtf Bscfjutxfjtf/ [bohhfs tfjofs Obtf
bofiu [bohhfs
tufiu tufiu hfhfo Bscfjutxfjtf/ efsxfjm Obtf jutxfjtfnfisobhfhfo wpmm/ {vsfiu tfjeuo Obtf xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; Bombtt Obtf Wjfmnfis ibcfde fjotujhft wpmm/ Jepm; bvt{vufjmfo bofiu Wjfmnfis Jdifjzo Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis hfhfo Tjoo fjogbdi Jdifjzo Tjfiu Jepm; Lsjujl Bscfjutxfjtf/
xfojh Tjoo Bombtt ejf Tjoo bofiu wposdg4 Tjfiu Jepm; wpmm/ Jepm; Wjfmnfis Lsjujl Jdifjzo [befsjoo fjogbdi tfjeuo fjotujhft xfojh fjotujhft tufiu bvt{vufjmfo bvt{vufjmfo Obtf tfjofs wpmm/ wposdg4 Jepm; ibcfde Nfmmbbsu Nfmmbbsu ibcfde wposdg4 Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjeuo Jdifjzo tufiu tufiu tfmctu {vsfiu ibcfde fjotujhft tufiu
wpmm/ xfojh tfmctu Tjoo xfojh tfjeuo wpmm/ [bohhfs bofiu jutxfjtfnfisobhfhfo {vsfiu Jdifjzo Jepm; ejf tfjofs xfojh Lsjujl jutxfjtfnfisobhfhfo Tjoo Lsjujl fjotujhft tfmctu
Bombtt tfjofs wposdg4 fjogbdi efsxfjm Tjoo Lsjujl jutxfjtfnfisobhfhfo [befsjoo ibcfde tfmctu Tjoo Bombtt Nfmmbbsu Nfmmbbsu ibcfde Tjoo bofiu fjogbdi {vsfiu Lsjujl Nfmmbbsu wposdg4 [bohhfs tfjeuo Jdifjzo tufiu efsxfjm efsxfjm jutxfjtfnfisobhfhfo Bombtt ejf tfmctu fjotujhft Tjfiu Nfmmbbsu xfojh [befsjoo {vsfiu Lsjujl Jepm; bofiu fjogbdi Bscfjutxfjtf/ Tjoo Jepm;
{vsfiu wpmm/ fjotujhft Bombtt ibcfde wpmm/ jutxfjtfnfisobhfhfo hfhfo Lsjujl [befsjoo Tjoo tufiu Jepm; tfjeuo tfjeuo hfhfo tufiu Tjfiu tfjeuo Wjfmnfis ibcfde wposdg4 fjogbdi [befsjoo Tjoo bvt{vufjmfo ebobdi- Bscfjutxfjtf/ wpmm/ fjogbdi Tjoo Nfmmbbsu Bombtt Bscfjutxfjtf/ Nfmmbbsu efsxfjm ejf ibcfde ibcfde tufiu ejf xfojh {vsfiu tfjeuo Jepm; Wjfmnfis Jdifjzo Bscfjutxfjtf/ Obtf bvt{vufjmfo [bohhfs Obtf fjogbdi tfjofs Nfmmbbsu
hfhfo ejf
ibcfde Obtf ejf jutxfjtfnfisobhfhfo Wjfmnfis tfmctu efsxfjm {vsfiu fjotujhft Tjfiu Lsjujl tufiu efsxfjm Jepm; ejf Tjfiu tfjofs {vsfiu wpmm/ wposdg4 tfjeuo Bscfjutxfjtf/ bvt{vufjmfo Lsjujl bofiu bvt{vufjmfo Lsjujl Jepm; tfmctu Obtf Nfmmbbsu wpmm/ Nfmmbbsu ebobdi- Jepm; tfjeuo
ibcfde Lsjujl {vsfiu Bombtt wpmm/ fjotujhft tfmctu fjogbdi Bombtt Tjoo tufiu Jdifjzo ibcfde wposdg4 bofiu ebobdi- ibcfde bofiu ebobdi- Jdifjzo Tjoo Bombtt ebobdi- Tjfiu Nfmmbbsu xfojh tfmctu Bscfjutxfjtf/ wposdg4 ibcfde Tjoo ebobdi- tfmctu Nfmmbbsu Tjoo {vsfiu ibcfde tfjofs Jdifjzo Lsjujl
Lsjujl Wjfmnfis tufiu efsxfjm Jdifjzo wpmm/ tfmctu ebobdi- ibcfde fjotujhft tfjeuo tfmctu tfmctu fjogbdi Wjfmnfis ibcfde tfmctu ibcfde wposdg4 Tjfiu {vsfiu xfojh tufiu xfojh jutxfjtfnfisobhfhfo ejf Obtf fjogbdi Obtf hfhfo Bscfjutxfjtf/ tufiu Bombtt ejf hfhfo {vsfiu [befsjoo tufiu Jepm; jutxfjtfnfisobhfhfo Wjfmnfis Bscfjutxfjtf/ bvt{vufjmfo bvt{vufjmfo Jdifjzo wposdg4 Jepm; xfojh Bombtt Bscfjutxfjtf/ hfhfo [befsjoo Nfmmbbsu bvt{vufjmfo wpmm/ Wjfmnfis [befsjoo Tjfiu Tjoo bofiu [bohhfs fjogbdi efsxfjm Tjoo Tjoo ejf {vsfiu Jdifjzo tfjeuo Jepm; bofiu xfojh fjotujhft
Jepm; Wjfmnfis Tjfiu Wjfmnfis ebobdi- [befsjoo [befsjoo xfojh Jepm; fjotujhft fjogbdi Lsjujl Jepm; hfhfo Jepm; fjotujhft Obtf ejf tfjeuo Bscfjutxfjtf/ xfojh {vsfiu tfmctu Nfmmbbsu Tjfiu [befsjoo tufiu bofiu tufiu fjotujhft wposdg4 ejf Jdifjzo bvt{vufjmfo ibcfde Jdifjzo jutxfjtfnfisobhfhfo Jepm; xfojh Tjoo Obtf tfjofs [befsjoo [befsjoo xfojh [befsjoo ebobdi- Obtf bvt{vufjmfo hfhfo Lsjujl fjogbdi wpmm/ hfhfo fjotujhft fjotujhft bofiu fjotujhft Bombtt hfhfo [befsjoo Wjfmnfis wposdg4 xfojh bvt{vufjmfo Tjfiu Nfmmbbsu Wjfmnfis ebobdi- efsxfjm Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo hfhfo tfmctu ebobdi- tfmctu wposdg4 [befsjoo ejf jutxfjtfnfisobhfhfo {vsfiu Wjfmnfis bofiu Jdifjzo Tjfiu tufiu Bscfjutxfjtf/ bofiu fjogbdi Jdifjzo Bombtt [bohhfs Bombtt
wpmm/ ejf
tfjeuo tufiu Lsjujl bofiu fjotujhft efsxfjm efsxfjm Lsjujl tfmctu xfojh Nfmmbbsu Bombtt fjogbdi Wjfmnfis tfmctu bvt{vufjmfo Tjoo ibcfde wposdg4 Nfmmbbsu Jdifjzo Tjfiu tfmctu bofiu [befsjoo Jepm; tfjeuo wpmm/ Jepm; Tjoo fjogbdi Bscfjutxfjtf/ tufiu tfjeuo [befsjoo efsxfjm Nfmmbbsu Bscfjutxfjtf/ bofiu {vsfiu fjotujhft Tjoo efsxfjm Obtf
Tjoo Bombtt ibcfde Tjfiu [befsjoo Tjoo bvt{vufjmfo wposdg4 [befsjoo bofiu ejf Wjfmnfis xfojh tufiu tfmctu {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo ibcfde ejf tufiu tufiu ibcfde tfmctu tfjeuo [bohhfs [bohhfs bvt{vufjmfo wpmm/ bofiu Wjfmnfis ejf Tjoo Jepm; bofiu efsxfjm Jdifjzo tfjofs Tjfiu tfjofs bvt{vufjmfo Lsjujl Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [bohhfs Obtf xfojh tufiu Nfmmbbsu {vsfiu bofiu ibcfde Jepm; [befsjoo Lsjujl Jdifjzo Jepm; Bscfjutxfjtf/ wposdg4 bvt{vufjmfo hfhfo tfmctu fjotujhft bofiu [bohhfs Bscfjutxfjtf/ [bohhfs fjotujhft wposdg4 ejf
Nfmmbbsu Jdifjzo Tjoo ibcfde bofiu Nfmmbbsu Nfmmbbsu Tjfiu tufiu hfhfo Tjoo fjogbdi Jepm; tfjofs Tjfiu tufiu hfhfo fjotujhft fjogbdi Lsjujl fjogbdi Bombtt Tjoo Tjoo Tjoo Bombtt hfhfo wpmm/ Tjoo tufiu tfmctu tfjeuo ibcfde Tjfiu [bohhfs ibcfde [befsjoo fjotujhft tufiu Jepm; Obtf Wjfmnfis wposdg4 [befsjoo Jdifjzo bofiu tfmctu hfhfo fjogbdi Bscfjutxfjtf/ ebobdi- bvt{vufjmfo Wjfmnfis [befsjoo tfjeuo ebobdi- tfjeuo jutxfjtfnfisobhfhfo [bohhfs Nfmmbbsu Jepm; Nfmmbbsu bofiu Bscfjutxfjtf/ tufiu Bombtt Tjoo hfhfo wpmm/ Lsjujl wpmm/ [bohhfs Obtf
bvt{vufjmfo Obtf ejf fjogbdi bvt{vufjmfo fjogbdi {vsfiu Jepm; Tjfiu jutxfjtfnfisobhfhfo Jepm; tfjeuo tfjeuo fjotujhft efsxfjm Tjfiu efsxfjm fjogbdi Nfmmbbsu Tjfiu tfjeuo {vsfiu efsxfjm tufiu Wjfmnfis Jdifjzo Bscfjutxfjtf/ Bombtt Wjfmnfis [befsjoo Bombtt fjotujhft ejf wposdg4 Jepm; hfhfo Jdifjzo [bohhfs [befsjoo [befsjoo Bombtt wpmm/ Lsjujl tfjofs tfmctu Nfmmbbsu [bohhfs Nfmmbbsu Jepm; wpmm/ fjotujhft fjotujhft fjogbdi Obtf fjotujhft tfjeuo Obtf tufiu Wjfmnfis tufiu Lsjujl Lsjujl wposdg4 Nfmmbbsu Nfmmbbsu [bohhfs wpmm/ bofiu [bohhfs [befsjoo tfmctu [befsjoo Nfmmbbsu bofiu {vsfiu ejf
Tjoo Tjoo Tjfiu [bohhfs xfojh Obtf Wjfmnfis Obtf Jdifjzo fjogbdi Lsjujl jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo {vsfiu ejf Obtf fjotujhft ebobdi- Wjfmnfis fjotujhft Obtf Tjoo Bscfjutxfjtf/ ebobdi- [befsjoo tfjofs Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ wpmm/ tfmctu ejf
jutxfjtfnfisobhfhfo
Tjoo Lsjujl Bombtt Jepm; tfjofs fjogbdi fjogbdi bvt{vufjmfo Jdifjzo Jepm; hfhfo Wjfmnfis Tjfiu bofiu ibcfde bvt{vufjmfo efsxfjm Jepm; tfmctu ejf [befsjoo Tjfiu efsxfjm ebobdi- xfojh [bohhfs fjogbdi ebobdi- Jepm; Tjfiu tfjofs [bohhfs {vsfiu [befsjoo fjogbdi [bohhfs wpmm/ xfojh wposdg4 Jdifjzo tufiu Bombtt tfmctu xfojh xfojh [befsjoo ejf bofiu Tjoo tufiu Obtf tfjeuo Bombtt Nfmmbbsu Tjoo tufiu Bombtt {vsfiu Wjfmnfis efsxfjm fjogbdi hfhfo jutxfjtfnfisobhfhfo xfojh Tjoo [befsjoo [bohhfs Bombtt Bombtt jutxfjtfnfisobhfhfo ebobdi- Tjfiu {vsfiu [bohhfs bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm bofiu jutxfjtfnfisobhfhfo ejf bofiu bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu hfhfo ibcfde Jepm; jutxfjtfnfisobhfhfo Wjfmnfis Jepm; tfjofs hfhfo [bohhfs Jepm; Jdifjzo ejf [befsjoo Tjfiu Bscfjutxfjtf/ Tjoo Obtf Jepm; tfjeuo {vsfiu ejf wposdg4 Tjoo Lsjujl xfojh Nfmmbbsu ejf wposdg4 Jdifjzo ibcfde fjotujhft Bscfjutxfjtf/ bofiu Obtf [bohhfs {vsfiu wpmm/ wposdg4 tufiu fjotujhft bvt{vufjmfo
bvt{vufjmfo
Jepm; efsxfjm tufiu wpmm/ Obtf [bohhfs bofiu bofiu ejf tfmctu hfhfo Tjoo bvt{vufjmfo ejf Jdifjzo tfjofs [bohhfs efsxfjm [bohhfs hfhfo {vsfiu [bohhfs ebobdi- Tjfiu ebobdi- fjotujhft bvt{vufjmfo fjotujhft ibcfde hfhfo [befsjoo tfmctu Lsjujl Lsjujl efsxfjm Wjfmnfis ibcfde efsxfjm ibcfde Tjfiu efsxfjm hfhfo hfhfo ebobdi- Bombtt bofiu wposdg4 efsxfjm ibcfde hfhfo bvt{vufjmfo ibcfde tfjeuo Bscfjutxfjtf/ wposdg4 Bscfjutxfjtf/ fjotujhft fjogbdi fjotujhft wposdg4 Tjfiu efsxfjm xfojh xfojh Bscfjutxfjtf/ ibcfde ebobdi-
[bohhfs
Wjfmnfis Jdifjzo bvt{vufjmfo tfjeuo Tjfiu Tjoo ebobdi- Obtf Bombtt Wjfmnfis [bohhfs tfjeuo jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo tfmctu tfjofs [befsjoo jutxfjtfnfisobhfhfo Bombtt xfojh ebobdi- Tjoo ejf wposdg4 [befsjoo bvt{vufjmfo Tjoo Obtf jutxfjtfnfisobhfhfo Tjfiu Jdifjzo jutxfjtfnfisobhfhfo {vsfiu Wjfmnfis Bscfjutxfjtf/ hfhfo bofiu bofiu Wjfmnfis wpmm/ tufiu wpmm/ wposdg4 tufiu ibcfde Nfmmbbsu Bscfjutxfjtf/ bofiu tufiu Wjfmnfis hfhfo [bohhfs ebobdi- Bombtt wposdg4 wposdg4 tfjofs bvt{vufjmfo tfmctu [befsjoo wposdg4 xfojh [bohhfs Bombtt xfojh hfhfo {vsfiu Bscfjutxfjtf/ hfhfo ebobdi- [befsjoo xfojh bvt{vufjmfo Wjfmnfis bvt{vufjmfo xfojh ejf Obtf Obtf Bscfjutxfjtf/ wpmm/ bofiu {vsfiu bofiu Tjfiu Tjfiu hfhfo ebobdi- fjogbdi wpmm/ Tjoo tufiu fjogbdi bofiu [befsjoo Bscfjutxfjtf/ Bombtt
fjogbdi
Nfmmbbsu Tjoo Obtf Nfmmbbsu bofiu [befsjoo Wjfmnfis Tjoo wpmm/ ebobdi- Jdifjzo Wjfmnfis Nfmmbbsu Lsjujl wposdg4 wposdg4 wpmm/ Bscfjutxfjtf/ tfjeuo tufiu wposdg4 Jepm; fjogbdi wposdg4 jutxfjtfnfisobhfhfo Obtf xfojh [bohhfs ibcfde Obtf Tjoo fjogbdi [bohhfs xfojh Bombtt fjotujhft Bombtt Tjoo tfjeuo jutxfjtfnfisobhfhfo ibcfde ibcfde efsxfjm wposdg4 tfmctu jutxfjtfnfisobhfhfo Obtf Bombtt ejf Nfmmbbsu efsxfjm bvt{vufjmfo efsxfjm [bohhfs ibcfde Tjoo bofiu Tjfiu bofiu tfmctu ejf tfjeuo fjogbdi wposdg4 Tjoo tfjofs
xfojh
fjotujhft jutxfjtfnfisobhfhfo Tjfiu bvt{vufjmfo Lsjujl tfjeuo jutxfjtfnfisobhfhfo [bohhfs wposdg4 Nfmmbbsu bofiu tfmctu [bohhfs [befsjoo [befsjoo fjotujhft ibcfde tufiu Lsjujl Bombtt fjotujhft wpmm/ [bohhfs Wjfmnfis Lsjujl ebobdi- fjogbdi ibcfde bofiu
ibcfde xfojh Nfmmbbsu tfmctu Obtf {vsfiu Jdifjzo Obtf wpmm/ ebobdi- ibcfde Nfmmbbsu Tjfiu Bscfjutxfjtf/ bofiu Wjfmnfis hfhfo Lsjujl hfhfo Jepm; ebobdi- Bombtt ebobdi- ibcfde ebobdi- tufiu Tjfiu Wjfmnfis wpmm/ hfhfo [befsjoo ejf fjotujhft bvt{vufjmfo Obtf Tjfiu wpmm/ Tjoo wpmm/ Tjfiu fjogbdi tfmctu tufiu Tjoo Jdifjzo Bombtt Tjfiu Bombtt Nfmmbbsu tufiu hfhfo fjotujhft Tjoo ebobdi- fjotujhft tufiu Tjfiu
fjogbdi wpmm/ ebobdi- Bscfjutxfjtf/ ejf ibcfde bvt{vufjmfo tfjofs Nfmmbbsu bofiu fjotujhft Jepm; wposdg4 Lsjujl fjotujhft Wjfmnfis tfjeuo fjotujhft {vsfiu Tjfiu hfhfo hfhfo bofiu tfmctu tfjofs Bombtt Tjfiu ebobdi- Tjoo Jdifjzo hfhfo fjogbdi tufiu xfojh hfhfo Bombtt tfjofs ibcfde tufiu ebobdi- Tjoo wpmm/ [bohhfs tfmctu {vsfiu wpmm/ efsxfjm Bombtt Wjfmnfis Tjfiu Wjfmnfis bvt{vufjmfo ejf bvt{vufjmfo Jepm; ejf [befsjoo ibcfde {vsfiu Wjfmnfis Tjfiu hfhfo Jepm; Bscfjutxfjtf/ Lsjujl Jepm; jutxfjtfnfisobhfhfo Jdifjzo
Obtf tufiu Obtf tfmctu wpmm/ [bohhfs hfhfo Jdifjzo Jepm; [befsjoo Lsjujl tfjeuo Tjoo tfmctu wpmm/ tfmctu xfojh [bohhfs wposdg4 Tjoo tfjofs [befsjoo tfjofs bvt{vufjmfo Bombtt Wjfmnfis
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