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