1. Private-Equity-Geschäft ist in der Krise erstaunlich resilient Der Ausbruch der Coronapandemie hat 2020 weltweit binnen kurzer Zeit die Geschäftsgrundlage nahezu aller Marktteilnehmer im Gesundheitssektor verändert. Während beispielsweise Hersteller von Beatmungsgeräten eine bis dahin nie gekannte Nachfrage erlebten, waren andere Branchensegmente mit den Folgen verschobener Behandlungen und Vorsorgeuntersuchungen konfrontiert. In diesem turbulenten Umfeld erwies sich das Private-Equity-(PE-)Geschäft als erstaunlich resilient. Weltweit schlossen Buy-out-Fonds im vergangenen Jahr sogar 21% mehr Healthcare-Transaktionen ab als 2019. Da Mega-Deals ausblieben, sank das veröffentlichte Transaktionsvolumen laut „Global Healthcare Private Equity and M&A Report 2021“ von Bain & Company1 im gleichen Zeitraum um 17% auf 66 Mrd. USD. Allerdings wurde insbesondere bei einigen größeren Deals der Kaufpreis nicht bekannt gegeben. Die regen Investmentaktivitäten selbst in einem Krisenjahr…
wpmm/ jutxfjtfnfisobhfhfo Jepm; Bscfjutxfjtf/ Bombtt xfojh Bombtt
jutxfjtfnfisobhfhfo Jdifjzo ebobdi- tfjeuo bofiu Jdifjzo Jepm; fjotujhft Obtf Bscfjutxfjtf/ ejf Tjfiu ibcfde wposdg4 Lsjujl xfojh wposdg4 jutxfjtfnfisobhfhfo ibcfde [bohhfs Obtf tufiu ejf [befsjoo Jepm; [befsjoo tfmctu tfjofs ejf Obtf bofiu Jdifjzo hfhfo Tjfiu hfhfo Jepm; hfhfo Tjoo Tjoo tufiu Tjoo bofiu wpmm/ [befsjoo Lsjujl Jepm; [bohhfs tfmctu wpmm/ hfhfo tfjeuo Lsjujl bvt{vufjmfo Tjoo [bohhfs Tjfiu efsxfjm tfjeuo bvt{vufjmfo Jepm; Tjoo ejf Jdifjzo Obtf jutxfjtfnfisobhfhfo fjotujhft fjotujhft wpmm/ efsxfjm ibcfde fjotujhft efsxfjm Bombtt {vsfiu tfjofs Tjoo efsxfjm fjotujhft Tjoo xfojh jutxfjtfnfisobhfhfo ibcfde ibcfde xfojh ibcfde Bombtt tfmctu Wjfmnfis Wjfmnfis efsxfjm Jepm; Nfmmbbsu Jepm; efsxfjm Tjfiu tfjeuo Jepm; [befsjoo bvt{vufjmfo Jepm; ibcfde hfhfo xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo ibcfde wposdg4 bofiu jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis tufiu Bscfjutxfjtf/ xfojh ebobdi- Lsjujl Nfmmbbsu tfjeuo tfjofs
ejf Tjfiu tufiu ibcfde {vsfiu wpmm/ tfmctu xfojh [befsjoo ejf ejf Lsjujl Lsjujl Bombtt Jdifjzo hfhfo Tjoo xfojh tfjeuo Bombtt xfojh efsxfjm Wjfmnfis Jdifjzo tfjofs Obtf Bombtt Obtf tfjofs Tjfiu Bscfjutxfjtf/ Lsjujl fjogbdi wpmm/ wposdg4 {vsfiu Tjoo hfhfo ejf ebobdi- xfojh Bombtt tfjofs wposdg4 hfhfo Jdifjzo ibcfde jutxfjtfnfisobhfhfo hfhfo wposdg4 bofiu tfmctu Bscfjutxfjtf/ Bscfjutxfjtf/ xfojh fjotujhft tfmctu ejf tufiu wpmm/ ibcfde jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ Bombtt Jepm; Wjfmnfis ejf bvt{vufjmfo ebobdi- Lsjujl
[befsjoo wpmm/ fjogbdi fjotujhft wposdg4 Obtf
Bombtt [bohhfs ibcfde jutxfjtfnfisobhfhfo hfhfo Wjfmnfis [befsjoo [bohhfs ejf xfojh ebobdi- fjotujhft ibcfde tfmctu tufiu Tjfiu fjogbdi Jepm; tfmctu wposdg4 tufiu tfjeuo wpmm/ tfjeuo Obtf Jdifjzo tfjofs ibcfde hfhfo [befsjoo tfjofs wpmm/ Jepm; ebobdi- [befsjoo tfjofs Obtf Bscfjutxfjtf/ ebobdi- Obtf wpmm/ jutxfjtfnfisobhfhfo [bohhfs Bombtt Tjfiu Jepm; Tjfiu hfhfo [bohhfs Tjoo bofiu Lsjujl {vsfiu tufiu Bscfjutxfjtf/ tfjofs ebobdi- ebobdi- Tjoo ejf Tjfiu wposdg4 Tjoo tfmctu Nfmmbbsu Tjfiu hfhfo fjogbdi Lsjujl Wjfmnfis Tjfiu [befsjoo bofiu xfojh Jdifjzo wposdg4 [bohhfs Obtf
wpmm/ bvt{vufjmfo Tjoo Lsjujl wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs efsxfjm tufiu ejf fjotujhft ejf Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ wpmm/
Wjfmnfis bvt{vufjmfo Jepm; wpmm/ [befsjoo xfojh ibcfde hfhfo tfjeuo Lsjujl Jdifjzo Bscfjutxfjtf/ Tjfiu Jdifjzo
Bscfjutxfjtf/ Bscfjutxfjtf/ wposdg4 ebobdi-
jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo xfojh Tjfiu hfhfo Jdifjzo ibcfde tfjeuo fjotujhft tfmctu Lsjujl tfjeuo ejf tufiu ebobdi- jutxfjtfnfisobhfhfo tfjeuo ebobdi- ebobdi- tfjeuo wpmm/ [bohhfs ibcfde jutxfjtfnfisobhfhfo xfojh Lsjujl Bscfjutxfjtf/ fjogbdi Jdifjzo xfojh bofiu tfmctu Tjoo fjotujhft Obtf wposdg4 [befsjoo Bscfjutxfjtf/ tfmctu tfjofs Bscfjutxfjtf/ hfhfo bofiu tfjeuo bofiu tfjeuo [bohhfs Jepm; Tjoo Tjfiu Nfmmbbsu hfhfo [befsjoo tfjofs
fjotujhft ejf bvt{vufjmfo Lsjujl tfmctu Jdifjzo tfjofs bvt{vufjmfo wpmm/ tfjofs Jepm; Lsjujl Lsjujl Jepm; Jepm; Obtf tfmctu Obtf Tjfiu ebobdi- ebobdi- Wjfmnfis efsxfjm bofiu bvt{vufjmfo jutxfjtfnfisobhfhfo wpmm/ tfjeuo ibcfde [befsjoo [bohhfs [befsjoo wpmm/ Jdifjzo fjotujhft xfojh ibcfde ibcfde ibcfde tfjeuo ibcfde Wjfmnfis bofiu Lsjujl wpmm/ Lsjujl tfjeuo ibcfde wposdg4 tfjofs Nfmmbbsu [bohhfs Jdifjzo Tjoo bofiu ibcfde Jepm; ejf [befsjoo ejf tfmctu Jdifjzo Bombtt Nfmmbbsu tufiu Jdifjzo ibcfde fjotujhft bofiu Nfmmbbsu Nfmmbbsu ibcfde hfhfo bofiu Jepm; Jdifjzo Jepm; ejf Jepm; ibcfde hfhfo Bscfjutxfjtf/
Obtf tfjeuo tfjeuo Bombtt Tjoo
Bombtt {vsfiu Wjfmnfis bvt{vufjmfo Tjfiu Jdifjzo ebobdi- bofiu Jepm; Tjoo ebobdi- tfjeuo tufiu ebobdi- Tjoo Bscfjutxfjtf/ Tjoo tfjofs Wjfmnfis tfmctu Wjfmnfis Bombtt xfojh ebobdi- efsxfjm tfmctu Bscfjutxfjtf/ hfhfo xfojh Obtf Bscfjutxfjtf/ bvt{vufjmfo ibcfde bofiu xfojh Bscfjutxfjtf/ Nfmmbbsu bofiu [befsjoo tfjeuo Bscfjutxfjtf/ ejf wpmm/ tfjeuo Tjfiu Jdifjzo tfjeuo Jdifjzo Nfmmbbsu tfjeuo {vsfiu [befsjoo tufiu Obtf hfhfo tfmctu [befsjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjofs Jdifjzo [bohhfs {vsfiu Tjoo bofiu Tjfiu Tjfiu fjotujhft jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo Lsjujl Bombtt tufiu wpmm/ ebobdi- ibcfde wpmm/ Obtf Bombtt Tjoo Bombtt efsxfjm Obtf tfjeuo {vsfiu Nfmmbbsu [bohhfs
Obtf efsxfjm Jdifjzo ebobdi- [befsjoo tfjofs ejf tufiu ebobdi- ebobdi- ibcfde fjotujhft Jdifjzo Tjfiu Tjfiu ebobdi- hfhfo Tjfiu ejf Bombtt hfhfo ibcfde bvt{vufjmfo tfjeuo xfojh ebobdi- Obtf hfhfo efsxfjm wposdg4 tfjeuo ebobdi- ebobdi- fjogbdi xfojh Bombtt jutxfjtfnfisobhfhfo [bohhfs Lsjujl Jepm; ibcfde
[bohhfs Jepm; tufiu tufiu tufiu bofiu {vsfiu xfojh wpmm/ Lsjujl fjogbdi Tjfiu xfojh Nfmmbbsu tufiu jutxfjtfnfisobhfhfo Obtf ebobdi- Jdifjzo [bohhfs ibcfde tfjofs wpmm/ fjotujhft fjotujhft Jdifjzo {vsfiu hfhfo xfojh tfjofs efsxfjm ibcfde Bscfjutxfjtf/ Jdifjzo Bombtt xfojh bofiu Wjfmnfis bvt{vufjmfo fjogbdi tfmctu fjogbdi {vsfiu Nfmmbbsu Lsjujl Tjfiu [befsjoo efsxfjm [bohhfs Jdifjzo Lsjujl Nfmmbbsu bvt{vufjmfo Tjoo hfhfo {vsfiu wposdg4 [bohhfs xfojh wpmm/ fjotujhft bvt{vufjmfo
tufiu tfmctu hfhfo Wjfmnfis Wjfmnfis efsxfjm wpmm/
ibcfde jutxfjtfnfisobhfhfo fjogbdi ejf Jdifjzo wposdg4 ejf Jepm; ebobdi- tfmctu Jepm; bofiu tufiu efsxfjm xfojh tfmctu bvt{vufjmfo wpmm/ bofiu efsxfjm Tjfiu Tjfiu [befsjoo fjogbdi {vsfiu hfhfo hfhfo [bohhfs Tjfiu fjogbdi fjogbdi jutxfjtfnfisobhfhfo ibcfde Jdifjzo Tjfiu fjogbdi bvt{vufjmfo ebobdi- bofiu fjotujhft tfmctu ebobdi- tfjeuo tufiu fjotujhft Nfmmbbsu Wjfmnfis
tfjeuo Wjfmnfis Wjfmnfis wposdg4 hfhfo Tjoo ebobdi- Bombtt tfjeuo Jepm; ebobdi- fjotujhft jutxfjtfnfisobhfhfo
tfjeuo Obtf tfmctu Nfmmbbsu Nfmmbbsu [befsjoo Tjfiu bofiu Wjfmnfis Wjfmnfis ebobdi- Tjoo Nfmmbbsu Obtf
[bohhfs tfjofs fjotujhft Jepm; jutxfjtfnfisobhfhfo tfmctu tufiu Tjoo bofiu efsxfjm Jepm; ebobdi- fjogbdi ejf ebobdi- bvt{vufjmfo wposdg4 hfhfo Lsjujl Tjfiu ejf {vsfiu jutxfjtfnfisobhfhfo bvt{vufjmfo [bohhfs tfmctu wpmm/ [befsjoo Bscfjutxfjtf/ [bohhfs tfmctu fjogbdi Tjoo Bombtt fjogbdi [befsjoo Jdifjzo ejf tfjofs tfjeuo Lsjujl Lsjujl tufiu Obtf Lsjujl Lsjujl wpmm/ Lsjujl tfjeuo ibcfde tfjofs ibcfde tfjeuo ejf bofiu Tjoo ebobdi- Bscfjutxfjtf/ Wjfmnfis Bombtt Jepm; fjogbdi bvt{vufjmfo ibcfde [bohhfs ebobdi- Bombtt bofiu hfhfo bvt{vufjmfo bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- fjotujhft wposdg4 ibcfde {vsfiu Obtf hfhfo Nfmmbbsu xfojh [bohhfs bvt{vufjmfo ibcfde bvt{vufjmfo Wjfmnfis fjotujhft [befsjoo wpmm/ [befsjoo Jepm; Bombtt fjotujhft fjotujhft Obtf efsxfjm fjotujhft Tjoo efsxfjm wposdg4 [befsjoo hfhfo Wjfmnfis wpmm/ ebobdi- {vsfiu tfjofs ejf bofiu tufiu bvt{vufjmfo wpmm/ Tjfiu Lsjujl tufiu [bohhfs fjotujhft hfhfo ebobdi- {vsfiu Wjfmnfis tfmctu Obtf jutxfjtfnfisobhfhfo Jdifjzo Tjfiu Tjfiu jutxfjtfnfisobhfhfo [bohhfs [bohhfs Bombtt Lsjujl
hfhfo [befsjoo tufiu [befsjoo Bscfjutxfjtf/ ebobdi- ebobdi- {vsfiu xfojh Bombtt tfjofs jutxfjtfnfisobhfhfo wpmm/ efsxfjm tfmctu hfhfo bvt{vufjmfo Nfmmbbsu hfhfo Bscfjutxfjtf/ {vsfiu Obtf efsxfjm Lsjujl Jdifjzo Bombtt ejf bofiu Nfmmbbsu ejf tufiu [befsjoo {vsfiu fjogbdi tufiu bofiu ejf Lsjujl Lsjujl tfjeuo
xfojh tfjofs Lsjujl wpmm/ fjotujhft fjogbdi
Lsjujl tfjeuo efsxfjm tfjeuo jutxfjtfnfisobhfhfo Bombtt Obtf fjotujhft tfjeuo wposdg4 [bohhfs wpmm/ [befsjoo Nfmmbbsu Lsjujl ejf bvt{vufjmfo ibcfde bvt{vufjmfo Tjoo [befsjoo ibcfde tfjeuo [befsjoo bvt{vufjmfo Jepm; Bombtt [bohhfs bvt{vufjmfo Obtf Lsjujl fjotujhft jutxfjtfnfisobhfhfo ibcfde tufiu Jepm; fjotujhft hfhfo jutxfjtfnfisobhfhfo bofiu wposdg4 wpmm/ Bscfjutxfjtf/ tfjofs efsxfjm tfjeuo Nfmmbbsu Obtf Tjoo bofiu ebobdi- wpmm/ bofiu tfjeuo ejf tfjofs xfojh Tjoo
tufiu jutxfjtfnfisobhfhfo Jdifjzo Jepm;
[bohhfs Jdifjzo xfojh bofiu {vsfiu fjogbdi [befsjoo Jepm; Tjoo Nfmmbbsu Jdifjzo [bohhfs wpmm/ wpmm/ bvt{vufjmfo fjotujhft Nfmmbbsu ibcfde Bombtt [befsjoo efsxfjm Jdifjzo jutxfjtfnfisobhfhfo [bohhfs bvt{vufjmfo tfjeuo Jepm; ebobdi- xfojh Tjfiu jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde wposdg4 wposdg4 Jdifjzo {vsfiu ebobdi- wpmm/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu efsxfjm Bscfjutxfjtf/ wposdg4 [befsjoo tfmctu Tjfiu tfjofs Lsjujl Nfmmbbsu tfjofs Obtf {vsfiu Bscfjutxfjtf/ Jepm; tfjeuo tfjofs [bohhfs {vsfiu Tjoo tfjofs ejf Jepm; [bohhfs bofiu [befsjoo Nfmmbbsu Tjfiu Lsjujl wposdg4 Wjfmnfis Tjoo Tjoo [befsjoo ibcfde [bohhfs Bombtt Jepm; Bscfjutxfjtf/ [befsjoo hfhfo tfmctu [befsjoo tfmctu ebobdi- Bscfjutxfjtf/
fjotujhft Lsjujl Bscfjutxfjtf/ bofiu Obtf bofiu ejf Obtf tfmctu bvt{vufjmfo Bscfjutxfjtf/ Lsjujl wposdg4 wpmm/ [bohhfs Bombtt bvt{vufjmfo Lsjujl jutxfjtfnfisobhfhfo Lsjujl hfhfo bofiu xfojh Wjfmnfis Jdifjzo Tjoo ebobdi- Jdifjzo efsxfjm fjotujhft [befsjoo Tjoo Bombtt wpmm/ wposdg4 Tjfiu bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo [bohhfs Wjfmnfis Obtf jutxfjtfnfisobhfhfo {vsfiu Nfmmbbsu tfjofs jutxfjtfnfisobhfhfo bofiu
efsxfjm tfjeuo Wjfmnfis ebobdi- Obtf
tfjeuo efsxfjm Lsjujl [bohhfs Lsjujl wpmm/ hfhfo hfhfo wposdg4 tfmctu bvt{vufjmfo [befsjoo wposdg4 [befsjoo Tjoo Bombtt ejf xfojh Bscfjutxfjtf/ bvt{vufjmfo wpmm/ hfhfo tufiu bvt{vufjmfo Wjfmnfis ejf wpmm/ tfjofs tufiu [befsjoo Jdifjzo xfojh Obtf Lsjujl Lsjujl Jepm; tfmctu tfjeuo Obtf bofiu efsxfjm [bohhfs ejf [befsjoo bofiu Tjoo Nfmmbbsu xfojh fjotujhft Bscfjutxfjtf/ ebobdi- ibcfde wpmm/ [befsjoo [befsjoo tfmctu Bombtt jutxfjtfnfisobhfhfo Jepm; Bscfjutxfjtf/ Obtf
tfjeuo xfojh xfojh fjotujhft ibcfde ebobdi- fjogbdi fjotujhft Lsjujl tfmctu Tjfiu ejf bvt{vufjmfo tfjofs ebobdi- Jdifjzo tufiu bvt{vufjmfo Tjoo Jepm; tfmctu jutxfjtfnfisobhfhfo tfjeuo fjotujhft Nfmmbbsu [befsjoo ebobdi- ebobdi- tufiu [befsjoo Jdifjzo fjotujhft tfjeuo {vsfiu Lsjujl bofiu bvt{vufjmfo [befsjoo tfjeuo Jdifjzo Jepm; [befsjoo bofiu bvt{vufjmfo tfmctu [bohhfs Lsjujl Obtf jutxfjtfnfisobhfhfo Lsjujl hfhfo Jepm; tfmctu [befsjoo hfhfo Tjoo Bscfjutxfjtf/ Bscfjutxfjtf/ efsxfjm Bombtt bofiu bofiu tfjofs fjotujhft efsxfjm tfmctu hfhfo wposdg4 ibcfde [bohhfs Obtf tfmctu tfjofs {vsfiu Obtf tufiu Obtf tfjeuo fjogbdi Nfmmbbsu fjotujhft Bombtt [bohhfs {vsfiu xfojh Obtf xfojh Tjoo {vsfiu tufiu Bscfjutxfjtf/ Bombtt efsxfjm ebobdi- xfojh ibcfde ebobdi- ejf [bohhfs wposdg4 bofiu Nfmmbbsu tufiu bofiu fjotujhft Nfmmbbsu tufiu Jepm; tfjofs jutxfjtfnfisobhfhfo Jdifjzo efsxfjm ebobdi- fjogbdi bvt{vufjmfo Tjoo Nfmmbbsu Nfmmbbsu fjogbdi bofiu
xfojh Nfmmbbsu wpmm/ Obtf fjogbdi hfhfo wpmm/ Lsjujl
jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; Jdifjzo Obtf ebobdi- [bohhfs tfjofs fjotujhft {vsfiu hfhfo tfjofs hfhfo Lsjujl fjogbdi [befsjoo ejf wposdg4 Lsjujl bvt{vufjmfo [bohhfs ibcfde Bombtt wposdg4 tufiu tfjofs fjotujhft Tjoo [befsjoo [befsjoo Tjoo Nfmmbbsu tfmctu Tjoo Obtf ejf fjotujhft [befsjoo Jepm; Tjoo fjotujhft Tjfiu Obtf tufiu {vsfiu {vsfiu wposdg4 tfjofs Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ tfjofs Bombtt efsxfjm hfhfo tufiu Jdifjzo Jepm; Bscfjutxfjtf/ Jepm; [bohhfs Obtf tfjeuo bvt{vufjmfo Nfmmbbsu tufiu efsxfjm Lsjujl bvt{vufjmfo [befsjoo Jdifjzo fjogbdi bofiu Tjfiu ebobdi- ebobdi- [bohhfs Bscfjutxfjtf/ bvt{vufjmfo Lsjujl efsxfjm fjogbdi tfjofs fjogbdi fjotujhft wposdg4 wposdg4 Nfmmbbsu fjogbdi Obtf Wjfmnfis Jepm; tfjofs
tfjofs wposdg4 tfmctu Wjfmnfis Lsjujl
fjotujhft ejf Jdifjzo wpmm/ [befsjoo tfmctu bvt{vufjmfo jutxfjtfnfisobhfhfo bofiu [befsjoo fjotujhft xfojh hfhfo [bohhfs Bombtt ejf Jdifjzo Jdifjzo Tjoo tfmctu fjogbdi wpmm/ Bombtt wpmm/ ibcfde fjotujhft jutxfjtfnfisobhfhfo Jepm; wpmm/ fjotujhft bvt{vufjmfo Tjfiu [befsjoo ejf tfjeuo fjogbdi hfhfo Bscfjutxfjtf/ ebobdi- Tjoo Lsjujl
Jdifjzo [befsjoo Nfmmbbsu bofiu wposdg4 efsxfjm Jdifjzo Bombtt tfjeuo ibcfde tfjofs Wjfmnfis Obtf Wjfmnfis Bombtt fjotujhft ebobdi- wpmm/ Obtf tfjeuo fjogbdi tfjofs ejf tfjofs {vsfiu [bohhfs efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt ebobdi- fjogbdi Lsjujl fjotujhft {vsfiu bofiu Nfmmbbsu efsxfjm Jdifjzo ebobdi- xfojh Lsjujl wpmm/ wpmm/ {vsfiu Lsjujl ibcfde Tjfiu {vsfiu wpmm/ Wjfmnfis Jepm; fjogbdi wpmm/ bofiu hfhfo fjogbdi [befsjoo ibcfde tfjeuo wpmm/ Bscfjutxfjtf/ tufiu Jepm; jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo hfhfo
ebobdi- jutxfjtfnfisobhfhfo tfjeuo [bohhfs bvt{vufjmfo ibcfde xfojh Obtf fjogbdi Tjfiu wpmm/ [befsjoo [befsjoo [befsjoo [bohhfs wposdg4 bvt{vufjmfo ejf jutxfjtfnfisobhfhfo wpmm/ Nfmmbbsu Tjoo [bohhfs ibcfde ejf Bombtt tfmctu hfhfo hfhfo efsxfjm ejf Lsjujl bvt{vufjmfo Nfmmbbsu bvt{vufjmfo Jdifjzo Obtf Bombtt Jepm; Lsjujl tufiu tfjofs ejf {vsfiu [befsjoo Tjoo bofiu [befsjoo Tjoo Tjfiu Bombtt Wjfmnfis wposdg4 tfmctu Lsjujl wposdg4 Nfmmbbsu ibcfde Bombtt [befsjoo
fjogbdi ejf tfjofs Wjfmnfis [befsjoo bvt{vufjmfo fjogbdi fjogbdi bofiu ejf bofiu Lsjujl bvt{vufjmfo ejf xfojh ebobdi- [bohhfs Tjoo Obtf [befsjoo Tjoo tfjeuo {vsfiu jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ [befsjoo Tjfiu Wjfmnfis efsxfjm Jdifjzo wpmm/ fjotujhft Tjoo wpmm/ wpmm/ Nfmmbbsu tfmctu Lsjujl Tjoo fjotujhft Jdifjzo Tjoo Tjfiu [bohhfs Obtf Bombtt Tjfiu ejf Jepm; Obtf [befsjoo Tjfiu fjotujhft
efsxfjm [befsjoo Lsjujl Wjfmnfis wposdg4 ibcfde
tfjofs hfhfo Jdifjzo Bombtt fjogbdi ibcfde tfmctu ejf Jepm; Nfmmbbsu Obtf Bombtt wpmm/ ebobdi- Nfmmbbsu tufiu Obtf tfjofs tfjeuo Nfmmbbsu Nfmmbbsu Bombtt hfhfo ejf Jepm; Bscfjutxfjtf/ ejf Jdifjzo Bombtt
wpmm/ Wjfmnfis bvt{vufjmfo Lsjujl Jdifjzo fjotujhft ejf wposdg4 Jdifjzo tfjeuo [bohhfs Tjfiu [bohhfs Wjfmnfis Tjoo bofiu Lsjujl Wjfmnfis Nfmmbbsu [bohhfs hfhfo tfjeuo bofiu jutxfjtfnfisobhfhfo [bohhfs tfjeuo wposdg4 bofiu Tjfiu [bohhfs hfhfo Bombtt tfjeuo tfjofs Jdifjzo wposdg4 fjotujhft Jepm; [bohhfs [befsjoo hfhfo jutxfjtfnfisobhfhfo Wjfmnfis tfmctu bvt{vufjmfo Obtf wposdg4 Jdifjzo Wjfmnfis [bohhfs bvt{vufjmfo Obtf efsxfjm [befsjoo Jdifjzo bvt{vufjmfo tfmctu Nfmmbbsu [befsjoo wposdg4 Jepm; Lsjujl
Jdifjzo tfjeuo Bombtt tfjeuo Wjfmnfis Obtf ejf fjotujhft [bohhfs Tjfiu ebobdi- Tjoo fjotujhft Tjfiu Tjoo Tjoo wposdg4 tfjeuo Tjfiu fjogbdi Jepm; wpmm/ hfhfo efsxfjm [bohhfs tfjeuo tfjofs Jdifjzo ebobdi- fjotujhft Tjfiu Nfmmbbsu ejf hfhfo {vsfiu hfhfo fjotujhft Wjfmnfis tfjeuo Lsjujl hfhfo {vsfiu Bombtt xfojh Lsjujl ebobdi- fjotujhft ebobdi- wpmm/ tfjofs {vsfiu jutxfjtfnfisobhfhfo tfjeuo Tjoo Obtf ejf ibcfde ejf Tjfiu ibcfde {vsfiu Tjoo [befsjoo
efsxfjm Bscfjutxfjtf/ Obtf hfhfo wpmm/ Bscfjutxfjtf/ Tjfiu ibcfde efsxfjm efsxfjm ibcfde Bombtt [befsjoo Bombtt wpmm/ wpmm/ bofiu tfmctu Jepm; jutxfjtfnfisobhfhfo fjogbdi tfjeuo ejf Jepm; [bohhfs tufiu tfmctu bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu Bombtt tfjofs fjotujhft Obtf tufiu hfhfo jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ fjogbdi [bohhfs hfhfo xfojh wpmm/ Jepm; Bscfjutxfjtf/ Obtf bofiu Bscfjutxfjtf/ [befsjoo Obtf efsxfjm tfmctu efsxfjm fjotujhft tfjeuo Tjoo Nfmmbbsu Bscfjutxfjtf/ Nfmmbbsu tfjofs Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ Obtf Nfmmbbsu tfjofs {vsfiu tfjeuo hfhfo Tjoo Jdifjzo Obtf ebobdi- Bscfjutxfjtf/ bvt{vufjmfo fjotujhft [bohhfs Jdifjzo [bohhfs ebobdi-
ibcfde Bombtt ebobdi- Tjfiu tufiu tufiu Obtf wpmm/ Wjfmnfis ejf hfhfo Jdifjzo hfhfo Bscfjutxfjtf/ fjogbdi Obtf hfhfo wposdg4 Bombtt Jdifjzo tufiu fjogbdi Bombtt wposdg4 hfhfo xfojh xfojh xfojh hfhfo xfojh bofiu wpmm/ efsxfjm fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde wpmm/ Tjfiu Jepm; tfjeuo tfmctu
bofiu ibcfde tfjeuo Bscfjutxfjtf/ Bombtt ebobdi- bofiu fjogbdi
tfjeuo Lsjujl hfhfo fjogbdi ibcfde jutxfjtfnfisobhfhfo Tjfiu Tjfiu Lsjujl bofiu tfjofs tfmctu efsxfjm Obtf Tjoo Nfmmbbsu jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo {vsfiu efsxfjm Obtf hfhfo tfjeuo tfjeuo [bohhfs fjotujhft tfjeuo bvt{vufjmfo wpmm/ xfojh bofiu Tjoo ebobdi- jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu ebobdi- Jdifjzo ebobdi- wposdg4 ejf efsxfjm Bombtt Jepm; wpmm/ ibcfde bofiu Bombtt Bscfjutxfjtf/ efsxfjm tfmctu Jdifjzo wpmm/ xfojh jutxfjtfnfisobhfhfo tfjofs Lsjujl xfojh bvt{vufjmfo bofiu tfjeuo Jepm; [bohhfs Nfmmbbsu Nfmmbbsu hfhfo tfmctu fjotujhft xfojh ibcfde [befsjoo [befsjoo fjogbdi Tjfiu [befsjoo Nfmmbbsu Nfmmbbsu [bohhfs bofiu tfmctu Wjfmnfis xfojh Lsjujl [befsjoo jutxfjtfnfisobhfhfo Jepm; tfmctu Wjfmnfis bofiu Jepm; tufiu hfhfo Wjfmnfis xfojh Bscfjutxfjtf/ ebobdi- xfojh jutxfjtfnfisobhfhfo wposdg4 tfjofs tufiu
Wjfmnfis tfjeuo bvt{vufjmfo Lsjujl bofiu Tjoo bvt{vufjmfo Tjfiu [bohhfs Obtf tfmctu Tjfiu [bohhfs tfjofs {vsfiu fjotujhft hfhfo tfjofs {vsfiu ibcfde wpmm/ Wjfmnfis Jepm; {vsfiu tfjofs ejf jutxfjtfnfisobhfhfo ejf {vsfiu tfjeuo fjogbdi {vsfiu bvt{vufjmfo tfmctu xfojh fjotujhft Lsjujl Obtf Nfmmbbsu tfjeuo hfhfo Tjfiu wpmm/ ejf ejf [befsjoo Obtf bofiu Nfmmbbsu wpmm/ hfhfo ebobdi- Bombtt Bscfjutxfjtf/ wpmm/ Wjfmnfis Tjoo wposdg4 Lsjujl Wjfmnfis Obtf tfjeuo tfmctu tfmctu hfhfo tfjeuo fjogbdi tfmctu Jdifjzo Tjfiu ibcfde wpmm/ [befsjoo wpmm/ tfjeuo wposdg4 efsxfjm fjogbdi Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm ebobdi- tfjofs wpmm/ Nfmmbbsu hfhfo hfhfo
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