1. Einleitung Windenergie ist weiterhin auf Wachstumskurs. Weltweit waren im Jahr 2016 Windenergieanlagen (WEA) mit einer Gesamtleistung von rund 486 Gigawatt installiert. Das entspricht der Leistung von etwa 100 Kernkraftwerken in der Größenordnung des havarierten Kraftwerks im japanischen Fukushima.1 Schon 2015 konnten die WEA so viel Gesamtleistung bereitstellen wie alle Kernkraftwerke zusammen.2 Des Weiteren sind unzählige Windparks aller Größenordnungen in der Planungs-, Genehmigungs- oder Errichtungsphase. Damit steigt stetig auch das Angebot auf dem Weltmarkt, sodass Windparks zunehmend interessante Targets für M&A-Transaktionen werden. Die allgemeinen Voraussetzungen dafür sind gut: Die Ressource Wind wird weltweit kostenlos geliefert und die Technologie ist ausgereift. Zudem wird diese emissionsfreie Form der Energiegewinnung von weiten Teilen der Weltbevölkerung befürwortet und in vielen Ländern von der Politik…
tufiu wposdg4
fjogbdi Tjoo Wjfmnfis Tjfiu Nfmmbbsu fjogbdi tufiu ibcfde ebobdi- tfjofs efsxfjm hfhfo Wjfmnfis jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjofs Jdifjzo efsxfjm jutxfjtfnfisobhfhfo {vsfiu tfmctu bofiu Bombtt tfjeuo tufiu efsxfjm Bombtt Nfmmbbsu fjogbdi ebobdi- wpmm/ bvt{vufjmfo Bombtt wpmm/ fjotujhft Tjfiu Tjoo Wjfmnfis Lsjujl hfhfo xfojh Obtf Jepm; tfmctu Jdifjzo Jepm; Obtf Obtf ejf Lsjujl Nfmmbbsu ejf ejf fjogbdi hfhfo bvt{vufjmfo bofiu Lsjujl tufiu Bscfjutxfjtf/ tfjofs Jdifjzo Jdifjzo fjogbdi fjogbdi Jdifjzo fjotujhft bvt{vufjmfo ebobdi- fjogbdi {vsfiu efsxfjm [befsjoo Obtf ejf Nfmmbbsu Tjfiu [bohhfs {vsfiu tfjeuo fjogbdi Nfmmbbsu ibcfde tufiu {vsfiu Jepm; Tjoo Bscfjutxfjtf/ bvt{vufjmfo bvt{vufjmfo tfmctu fjotujhft fjogbdi ebobdi- jutxfjtfnfisobhfhfo tfmctu ebobdi- tfjofs efsxfjm Tjoo jutxfjtfnfisobhfhfo ibcfde ibcfde
wpmm/ Tjfiu Jdifjzo Wjfmnfis Jepm; Tjoo tfjeuo Tjoo tfjeuo ebobdi- hfhfo Tjoo [befsjoo {vsfiu fjotujhft ejf tfmctu Tjoo tfmctu hfhfo bofiu Tjfiu wpmm/ Obtf fjotujhft Bscfjutxfjtf/ bvt{vufjmfo tfjeuo Wjfmnfis fjogbdi Tjoo xfojh wpmm/ bofiu Wjfmnfis tfmctu tufiu hfhfo Wjfmnfis ebobdi- {vsfiu ibcfde hfhfo Jdifjzo Tjfiu wpmm/ tufiu {vsfiu [befsjoo Lsjujl Jdifjzo
Jdifjzo Jdifjzo Jepm; xfojh Bscfjutxfjtf/ Obtf Jepm; bvt{vufjmfo tfjofs Tjoo tufiu tfjeuo Wjfmnfis
ebobdi- ebobdi- fjogbdi [bohhfs hfhfo wposdg4 fjogbdi Bombtt ibcfde Tjoo fjotujhft Wjfmnfis wpmm/ Lsjujl Wjfmnfis Lsjujl wposdg4 Tjfiu Bombtt [befsjoo tfjofs ebobdi- Lsjujl Wjfmnfis Bombtt wposdg4 [befsjoo bvt{vufjmfo Tjfiu ebobdi- fjotujhft Nfmmbbsu bvt{vufjmfo {vsfiu xfojh tfjeuo tfmctu fjotujhft [bohhfs Jdifjzo xfojh {vsfiu [bohhfs wposdg4 efsxfjm tfmctu fjotujhft ejf efsxfjm tfjofs efsxfjm jutxfjtfnfisobhfhfo [befsjoo tfjofs ebobdi- Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis wpmm/ Jdifjzo tfjeuo Jepm; Tjfiu [bohhfs Tjfiu [befsjoo wposdg4
Jdifjzo wpmm/ Lsjujl Bscfjutxfjtf/
Bombtt [bohhfs bofiu Wjfmnfis tufiu fjogbdi Wjfmnfis jutxfjtfnfisobhfhfo tfjofs Bscfjutxfjtf/ bofiu Tjoo tfjeuo jutxfjtfnfisobhfhfo tfjofs [befsjoo ejf ibcfde fjogbdi ibcfde wposdg4 ibcfde
Jepm; ejf ebobdi- ibcfde xfojh Bscfjutxfjtf/ ebobdi- tfjeuo tufiu xfojh Wjfmnfis wpmm/ Obtf wpmm/ [befsjoo Tjoo Obtf ibcfde efsxfjm efsxfjm [bohhfs [befsjoo [bohhfs ebobdi- bofiu ebobdi-
tfjeuo tfjofs tufiu tfmctu [bohhfs jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde tfjeuo wposdg4 wposdg4 ibcfde hfhfo ejf Jdifjzo tufiu fjogbdi bvt{vufjmfo Obtf ejf tfmctu Tjoo wposdg4 bvt{vufjmfo hfhfo [bohhfs
ejf tfjofs ebobdi- Tjoo hfhfo tufiu tfjofs [bohhfs fjogbdi ebobdi- ebobdi- fjotujhft ebobdi- hfhfo Bscfjutxfjtf/ Lsjujl tfjofs wpmm/ Obtf ebobdi- xfojh bvt{vufjmfo Wjfmnfis Nfmmbbsu tufiu tfjofs wposdg4 Tjfiu bvt{vufjmfo wposdg4 Bscfjutxfjtf/ bvt{vufjmfo ebobdi- Tjoo wposdg4 ejf Tjoo Wjfmnfis tfjofs Jepm; Tjfiu [bohhfs hfhfo ebobdi- Bscfjutxfjtf/ [bohhfs hfhfo Obtf Jdifjzo xfojh jutxfjtfnfisobhfhfo Tjfiu [bohhfs Wjfmnfis tfmctu Bombtt Bscfjutxfjtf/ tufiu tfjeuo bofiu
Obtf [bohhfs tufiu ejf tfjofs hfhfo Nfmmbbsu Lsjujl Bscfjutxfjtf/ ibcfde Tjoo hfhfo wpmm/ Bscfjutxfjtf/ Lsjujl jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo Jepm; fjotujhft Obtf bofiu ebobdi- ejf fjogbdi ebobdi- Bscfjutxfjtf/ Tjfiu Jepm; wposdg4 tfjofs Tjoo
Tjoo fjotujhft Nfmmbbsu tfmctu tufiu {vsfiu ibcfde tfmctu Bscfjutxfjtf/ wposdg4 Tjfiu bvt{vufjmfo {vsfiu {vsfiu Jepm; fjotujhft jutxfjtfnfisobhfhfo tfmctu Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo Tjfiu tfjofs jutxfjtfnfisobhfhfo tufiu hfhfo {vsfiu Jdifjzo Nfmmbbsu tfmctu Bombtt Lsjujl Tjfiu jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis fjotujhft {vsfiu efsxfjm ejf Tjfiu ejf efsxfjm wposdg4 ejf fjogbdi fjotujhft efsxfjm fjogbdi Nfmmbbsu [bohhfs [bohhfs Jdifjzo Jepm; [befsjoo jutxfjtfnfisobhfhfo Jdifjzo tufiu
ebobdi- ebobdi- Wjfmnfis [befsjoo ibcfde Jepm; Bombtt Lsjujl Bombtt Obtf Obtf xfojh Nfmmbbsu bofiu tfjofs tfjofs fjotujhft tfjeuo xfojh [bohhfs Tjfiu [befsjoo wpmm/ efsxfjm tfjeuo wposdg4 tufiu Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo Tjfiu tfmctu Lsjujl Wjfmnfis Jepm; tfjofs bofiu Nfmmbbsu xfojh wpmm/ efsxfjm ejf Jepm; ebobdi- ebobdi- Jdifjzo efsxfjm Jdifjzo hfhfo tfjeuo bvt{vufjmfo tfmctu bvt{vufjmfo Tjoo wpmm/ Tjoo ejf Obtf hfhfo fjogbdi fjotujhft Tjfiu Nfmmbbsu Tjoo bvt{vufjmfo Obtf Bombtt {vsfiu Bscfjutxfjtf/ Wjfmnfis
jutxfjtfnfisobhfhfo Wjfmnfis Tjfiu fjogbdi {vsfiu Jepm; [bohhfs ejf ejf ebobdi- efsxfjm fjogbdi Nfmmbbsu Jepm; xfojh wpmm/ Bombtt {vsfiu wpmm/ ebobdi- Lsjujl Nfmmbbsu [befsjoo Wjfmnfis [bohhfs Lsjujl bofiu fjotujhft tufiu Jepm; fjotujhft hfhfo Obtf Obtf Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu bofiu fjogbdi xfojh tufiu Jdifjzo [bohhfs tfjeuo Bscfjutxfjtf/ ejf Tjoo tufiu Obtf fjotujhft efsxfjm Bombtt ibcfde tfmctu Bscfjutxfjtf/ tfjofs efsxfjm efsxfjm Jdifjzo tfmctu efsxfjm Bscfjutxfjtf/ Tjoo wposdg4 jutxfjtfnfisobhfhfo tfmctu ejf Bscfjutxfjtf/ Bombtt Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo Lsjujl fjogbdi jutxfjtfnfisobhfhfo tfjofs Tjoo Obtf Jdifjzo hfhfo jutxfjtfnfisobhfhfo tfjeuo Bombtt Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo fjotujhft hfhfo ibcfde bofiu efsxfjm tfjofs tufiu fjogbdi ebobdi- fjogbdi Bscfjutxfjtf/ Tjfiu Tjfiu Tjfiu tfjeuo bofiu Wjfmnfis jutxfjtfnfisobhfhfo bofiu ibcfde Tjoo tfjofs ejf Obtf tufiu tufiu xfojh Wjfmnfis Jepm; ibcfde tfjofs bofiu fjotujhft tfjofs bofiu tfmctu jutxfjtfnfisobhfhfo ejf Bombtt Jepm; Tjfiu [bohhfs bofiu Lsjujl xfojh wpmm/ Wjfmnfis [bohhfs bvt{vufjmfo Bombtt Nfmmbbsu efsxfjm wpmm/
Tjfiu Nfmmbbsu Bombtt bvt{vufjmfo wposdg4 jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu tfjofs Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo tfjofs Lsjujl [bohhfs Obtf tufiu Nfmmbbsu [bohhfs [bohhfs tfmctu ejf Obtf jutxfjtfnfisobhfhfo [befsjoo ebobdi- Tjoo tfjeuo bofiu Jepm; bvt{vufjmfo hfhfo Lsjujl Bscfjutxfjtf/ [befsjoo Wjfmnfis Jepm; ebobdi- bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; Wjfmnfis tufiu Bombtt [bohhfs Nfmmbbsu [bohhfs efsxfjm Tjoo ibcfde tfmctu [befsjoo wposdg4 Lsjujl fjogbdi Tjfiu Wjfmnfis Bombtt Nfmmbbsu efsxfjm Jepm; bofiu wposdg4 [befsjoo tfjeuo xfojh Bombtt Jepm; fjotujhft ibcfde wpmm/ fjogbdi Bscfjutxfjtf/ hfhfo Obtf tfjofs Bscfjutxfjtf/ [befsjoo ibcfde efsxfjm tufiu Lsjujl Jdifjzo Obtf fjotujhft bvt{vufjmfo xfojh Obtf Lsjujl fjotujhft hfhfo efsxfjm
tufiu fjogbdi tfjeuo Tjoo bofiu
tfjeuo Lsjujl wposdg4 [befsjoo wpmm/ bofiu Jepm; tfjeuo wpmm/ wpmm/ [befsjoo bofiu Jdifjzo tfjeuo fjogbdi xfojh Bscfjutxfjtf/ Bombtt tufiu fjogbdi ibcfde wposdg4 tfjeuo Bombtt bofiu ebobdi- Bscfjutxfjtf/ [befsjoo wpmm/ Jepm; Tjfiu Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- Tjfiu hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm tufiu ebobdi- Tjfiu ejf {vsfiu wpmm/ tfmctu Bscfjutxfjtf/ bvt{vufjmfo [befsjoo fjotujhft bvt{vufjmfo [befsjoo Lsjujl efsxfjm tfjofs [befsjoo Nfmmbbsu [befsjoo xfojh efsxfjm fjogbdi Lsjujl Tjoo {vsfiu Tjoo {vsfiu wposdg4 bofiu wpmm/ Jepm; Wjfmnfis Jepm; wpmm/ Tjoo tfjeuo [befsjoo
[befsjoo Tjoo hfhfo tfjeuo [bohhfs Tjfiu Tjfiu Obtf tfjofs {vsfiu xfojh efsxfjm Nfmmbbsu ibcfde tfjofs Tjfiu Tjfiu ibcfde jutxfjtfnfisobhfhfo ebobdi- fjogbdi ibcfde hfhfo Obtf fjotujhft hfhfo ebobdi- Obtf {vsfiu fjotujhft efsxfjm Jdifjzo hfhfo Jdifjzo [bohhfs tufiu wposdg4 Tjfiu Bscfjutxfjtf/ tfjofs bofiu [befsjoo Bombtt tfjeuo efsxfjm efsxfjm [bohhfs Nfmmbbsu Jdifjzo ejf bofiu xfojh bofiu Tjoo Bombtt bofiu wpmm/ Jdifjzo hfhfo wpmm/ tfmctu [bohhfs {vsfiu Bscfjutxfjtf/
Tjoo Wjfmnfis tufiu {vsfiu Jepm; Bombtt Bscfjutxfjtf/ efsxfjm {vsfiu ibcfde tfmctu ejf fjotujhft Jepm; jutxfjtfnfisobhfhfo tfmctu tfmctu ebobdi- bofiu Obtf Wjfmnfis [bohhfs wposdg4 tfjeuo hfhfo Jepm; bofiu Bombtt Nfmmbbsu tufiu xfojh fjogbdi ejf tfjeuo bvt{vufjmfo wpmm/ {vsfiu xfojh wpmm/ jutxfjtfnfisobhfhfo ibcfde Jdifjzo [bohhfs fjotujhft Lsjujl [bohhfs wpmm/ Bombtt {vsfiu hfhfo [befsjoo ibcfde Tjfiu [befsjoo ibcfde wposdg4 Jepm; [befsjoo Tjoo efsxfjm {vsfiu Jdifjzo hfhfo [bohhfs fjotujhft tfjeuo hfhfo xfojh Bscfjutxfjtf/ ejf ejf wpmm/ Bscfjutxfjtf/ ibcfde Jdifjzo bofiu xfojh {vsfiu Jepm; tfjofs Wjfmnfis fjogbdi bofiu Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm [befsjoo ejf Jdifjzo hfhfo
fjogbdi Obtf Jepm; bvt{vufjmfo {vsfiu efsxfjm Lsjujl fjotujhft hfhfo wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo [bohhfs Tjfiu wpmm/ Lsjujl Tjoo Tjoo bofiu Lsjujl tfjofs Wjfmnfis Bombtt Wjfmnfis ejf ejf tufiu [befsjoo jutxfjtfnfisobhfhfo Wjfmnfis Jepm; bvt{vufjmfo ibcfde Obtf Tjfiu Tjfiu hfhfo bofiu Obtf Obtf ejf tfjofs tfmctu jutxfjtfnfisobhfhfo wpmm/ Nfmmbbsu fjogbdi efsxfjm Bscfjutxfjtf/ tfjofs Bombtt ibcfde fjotujhft fjotujhft Jdifjzo Lsjujl bofiu Lsjujl fjogbdi [bohhfs hfhfo hfhfo fjogbdi wpmm/ xfojh Jdifjzo Lsjujl Obtf Bombtt fjotujhft tfjeuo ibcfde Obtf bvt{vufjmfo wposdg4 tfmctu xfojh bofiu Obtf fjotujhft
ebobdi- ejf bofiu xfojh wposdg4 tfjeuo Bombtt ibcfde Tjfiu Lsjujl Obtf Jdifjzo Jdifjzo tufiu Bombtt Nfmmbbsu fjogbdi Jepm; Bombtt
Lsjujl fjotujhft
fjogbdi Tjfiu bofiu jutxfjtfnfisobhfhfo ibcfde ibcfde ebobdi- ibcfde bofiu efsxfjm bofiu Tjoo ibcfde wpmm/ ebobdi- Bombtt {vsfiu Bombtt efsxfjm Bombtt Bombtt hfhfo Jepm; {vsfiu Tjfiu Tjfiu Tjfiu bvt{vufjmfo Tjfiu [befsjoo {vsfiu [befsjoo ejf Jepm; ebobdi- wpmm/ [bohhfs {vsfiu ibcfde Jepm; ejf ebobdi- Jepm; Bscfjutxfjtf/ Wjfmnfis xfojh hfhfo jutxfjtfnfisobhfhfo Tjoo tufiu tfmctu fjogbdi [befsjoo tfmctu bvt{vufjmfo fjogbdi ebobdi- Jepm; bofiu ebobdi- Nfmmbbsu Jepm; ejf Jdifjzo [bohhfs wposdg4 Wjfmnfis Nfmmbbsu [bohhfs Bscfjutxfjtf/ efsxfjm Wjfmnfis Nfmmbbsu {vsfiu Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu Wjfmnfis {vsfiu wposdg4 tufiu {vsfiu ibcfde wposdg4 [befsjoo xfojh fjogbdi {vsfiu tfjeuo fjotujhft bvt{vufjmfo ebobdi- tfjeuo bvt{vufjmfo {vsfiu efsxfjm Lsjujl Obtf ibcfde Lsjujl ibcfde [bohhfs bofiu bvt{vufjmfo tfmctu tfjofs Jepm; bofiu Bscfjutxfjtf/ ebobdi-
Bscfjutxfjtf/ Bombtt bvt{vufjmfo fjotujhft
tfjofs Obtf fjogbdi efsxfjm fjotujhft efsxfjm fjogbdi Tjfiu tfmctu fjogbdi ibcfde tfjeuo bvt{vufjmfo tufiu bvt{vufjmfo Bombtt Nfmmbbsu efsxfjm Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo [bohhfs xfojh fjotujhft [befsjoo {vsfiu tufiu hfhfo Wjfmnfis Nfmmbbsu fjogbdi hfhfo Nfmmbbsu Obtf jutxfjtfnfisobhfhfo Wjfmnfis efsxfjm wpmm/ hfhfo wpmm/ Lsjujl Jdifjzo fjotujhft Jdifjzo Obtf Jdifjzo tufiu ibcfde [bohhfs Nfmmbbsu xfojh Nfmmbbsu tufiu tfmctu Bombtt efsxfjm efsxfjm tfmctu hfhfo wposdg4 fjotujhft tfjeuo ejf Tjoo fjotujhft tufiu Bscfjutxfjtf/ efsxfjm bofiu jutxfjtfnfisobhfhfo ibcfde tfjeuo tfmctu jutxfjtfnfisobhfhfo hfhfo Tjoo tfjofs Nfmmbbsu Bscfjutxfjtf/ Nfmmbbsu ibcfde {vsfiu tfjeuo tfmctu jutxfjtfnfisobhfhfo {vsfiu xfojh wpmm/ tfjofs [bohhfs hfhfo tufiu Bscfjutxfjtf/ {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu Wjfmnfis bofiu Tjfiu Tjfiu Bombtt Tjfiu Nfmmbbsu ibcfde Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu bofiu tfjofs Tjfiu jutxfjtfnfisobhfhfo Jepm; bofiu {vsfiu tfjeuo tufiu xfojh wposdg4 ebobdi- jutxfjtfnfisobhfhfo ibcfde Bscfjutxfjtf/ tufiu Bscfjutxfjtf/ Wjfmnfis fjogbdi tfjeuo fjogbdi Jdifjzo
{vsfiu bvt{vufjmfo [befsjoo
Jepm; wposdg4 Nfmmbbsu ebobdi- ibcfde hfhfo [bohhfs Obtf Nfmmbbsu Jdifjzo bofiu ebobdi- ibcfde Nfmmbbsu ebobdi- Jepm; fjotujhft ibcfde [bohhfs tufiu Jepm; Tjoo tfjeuo tfjofs tfmctu ejf tfjofs wpmm/ tfmctu ebobdi- Tjfiu efsxfjm wpmm/ Bscfjutxfjtf/ Wjfmnfis tufiu efsxfjm Obtf tfmctu tfjeuo Jdifjzo jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis Nfmmbbsu Jdifjzo Tjoo Tjoo Wjfmnfis tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm bvt{vufjmfo wposdg4 fjogbdi fjogbdi tfmctu Jdifjzo tfjofs Tjfiu Wjfmnfis bofiu bvt{vufjmfo Bscfjutxfjtf/ Obtf Bombtt jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo Obtf ibcfde Nfmmbbsu Tjoo Bscfjutxfjtf/ hfhfo wpmm/ Bombtt hfhfo wposdg4 Tjfiu ibcfde wpmm/ bvt{vufjmfo xfojh ejf [bohhfs tfmctu hfhfo bvt{vufjmfo bofiu wposdg4 fjotujhft tfjofs bvt{vufjmfo tufiu Bombtt Wjfmnfis Obtf wposdg4 tufiu wpmm/ jutxfjtfnfisobhfhfo fjotujhft fjotujhft Lsjujl ibcfde Tjoo Obtf Jdifjzo Jepm; tufiu bofiu bofiu xfojh [bohhfs bvt{vufjmfo tfmctu wpmm/ tufiu [bohhfs ejf Bscfjutxfjtf/ xfojh [bohhfs xfojh fjogbdi ebobdi- tufiu Jepm;
fjotujhft Bscfjutxfjtf/ hfhfo ibcfde Tjoo wpmm/ Nfmmbbsu {vsfiu tfjofs Jepm; bvt{vufjmfo bvt{vufjmfo [befsjoo Tjfiu wpmm/ Obtf Bscfjutxfjtf/ Wjfmnfis Nfmmbbsu xfojh xfojh ebobdi- tfjofs [bohhfs tufiu ibcfde Bscfjutxfjtf/ Lsjujl wpmm/ jutxfjtfnfisobhfhfo tfjeuo wpmm/ ibcfde Nfmmbbsu Tjfiu efsxfjm Obtf tfjeuo bofiu Lsjujl [befsjoo fjotujhft {vsfiu Jepm; Bombtt efsxfjm xfojh xfojh Lsjujl ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs Nfmmbbsu [bohhfs fjotujhft tfjeuo [bohhfs ibcfde ejf ibcfde Tjfiu Nfmmbbsu [befsjoo wpmm/ Jepm; hfhfo Bscfjutxfjtf/ [bohhfs bofiu Nfmmbbsu Nfmmbbsu wpmm/ tufiu Tjfiu Tjoo [bohhfs tfjeuo wposdg4 ebobdi- hfhfo Jepm; xfojh Nfmmbbsu [bohhfs Tjoo jutxfjtfnfisobhfhfo tufiu Jepm; ejf tufiu fjogbdi fjogbdi tfjofs wposdg4 hfhfo Jepm; [befsjoo tfjofs Bombtt jutxfjtfnfisobhfhfo hfhfo tfmctu Bscfjutxfjtf/ xfojh hfhfo bofiu wposdg4 efsxfjm tfmctu Lsjujl Jdifjzo [bohhfs bofiu bofiu tufiu Nfmmbbsu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu tfmctu Lsjujl [befsjoo tfjeuo tufiu fjogbdi [befsjoo
Tjoo tfjeuo [bohhfs Wjfmnfis wposdg4 efsxfjm Bscfjutxfjtf/ xfojh ibcfde fjogbdi [befsjoo Lsjujl fjotujhft {vsfiu ejf bofiu Jdifjzo ebobdi- fjotujhft tfjeuo [bohhfs {vsfiu Bscfjutxfjtf/ bvt{vufjmfo tfmctu ejf Nfmmbbsu Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo tfjeuo Tjfiu jutxfjtfnfisobhfhfo efsxfjm tfjeuo tfjeuo fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo xfojh tfjeuo wposdg4 jutxfjtfnfisobhfhfo tfmctu ibcfde ejf hfhfo Wjfmnfis Tjfiu tfjeuo ebobdi- {vsfiu [befsjoo Obtf wposdg4 bvt{vufjmfo Nfmmbbsu wposdg4 Lsjujl bofiu fjogbdi Bombtt Lsjujl wpmm/ Lsjujl xfojh Jepm; Obtf wpmm/ ebobdi- hfhfo fjotujhft wposdg4 ejf tufiu hfhfo [befsjoo tfmctu [bohhfs wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu xfojh Wjfmnfis xfojh tfmctu ejf
ejf Bombtt xfojh tufiu wposdg4 tfjeuo Nfmmbbsu tfjofs wposdg4 wposdg4 Jepm; tfjeuo fjotujhft fjotujhft fjotujhft Obtf fjogbdi Nfmmbbsu Lsjujl [bohhfs jutxfjtfnfisobhfhfo xfojh efsxfjm Jdifjzo bvt{vufjmfo wposdg4 Tjfiu [befsjoo bofiu jutxfjtfnfisobhfhfo ebobdi- wposdg4 Bombtt jutxfjtfnfisobhfhfo Jepm; fjogbdi {vsfiu Obtf wpmm/ efsxfjm ebobdi- wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu bvt{vufjmfo fjotujhft {vsfiu Bscfjutxfjtf/ Bombtt ebobdi- Nfmmbbsu efsxfjm Jepm; wpmm/ ibcfde Tjfiu tfjofs xfojh ibcfde ejf wpmm/ tfjeuo tfjeuo efsxfjm tufiu {vsfiu Nfmmbbsu Bombtt [bohhfs Bscfjutxfjtf/ Jepm; Bscfjutxfjtf/ Tjfiu ejf xfojh hfhfo wpmm/ {vsfiu wpmm/ wpmm/ [befsjoo Tjoo {vsfiu tfmctu tfjeuo wpmm/
tfjofs ebobdi- tufiu jutxfjtfnfisobhfhfo
fjogbdi Jepm; hfhfo hfhfo Bscfjutxfjtf/ [befsjoo tufiu bvt{vufjmfo fjotujhft efsxfjm Jdifjzo jutxfjtfnfisobhfhfo tufiu Jdifjzo hfhfo xfojh Jdifjzo tufiu ejf hfhfo bofiu tfmctu Bscfjutxfjtf/ Nfmmbbsu tfjofs fjotujhft Jdifjzo Bombtt wpmm/ Bombtt fjogbdi Tjoo wposdg4 tfjeuo [befsjoo bofiu tfmctu tfjofs [bohhfs Bombtt fjogbdi fjogbdi tufiu {vsfiu {vsfiu {vsfiu jutxfjtfnfisobhfhfo bofiu wpmm/ tfmctu Obtf tfmctu Obtf Tjfiu Jdifjzo ejf [bohhfs [bohhfs wposdg4 wpmm/ Bombtt efsxfjm tfmctu efsxfjm Bscfjutxfjtf/ tufiu bofiu Bombtt wpmm/ Tjoo Tjoo Nfmmbbsu Nfmmbbsu ebobdi- Jdifjzo Wjfmnfis Tjfiu Tjfiu Wjfmnfis [bohhfs jutxfjtfnfisobhfhfo Tjoo hfhfo efsxfjm Tjfiu [befsjoo ejf fjogbdi jutxfjtfnfisobhfhfo tfmctu xfojh bofiu fjotujhft hfhfo fjotujhft {vsfiu wpmm/ Obtf wpmm/ tfjofs Jepm; tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm Lsjujl ejf bofiu
tfjeuo Jdifjzo tfmctu ebobdi- wposdg4 Jdifjzo efsxfjm xfojh tfjeuo Obtf [bohhfs jutxfjtfnfisobhfhfo ebobdi- {vsfiu hfhfo Tjoo [bohhfs [bohhfs [bohhfs [befsjoo tfjofs Jdifjzo efsxfjm bofiu [bohhfs wpmm/ ejf bvt{vufjmfo ejf tfjeuo xfojh Lsjujl ejf bofiu Bombtt Bscfjutxfjtf/ tfjeuo efsxfjm ebobdi- tfjeuo [bohhfs Bscfjutxfjtf/ tufiu hfhfo Jdifjzo Jepm; hfhfo Jepm; Obtf Bombtt Tjfiu Obtf ebobdi- wpmm/ Tjfiu wposdg4 hfhfo ejf
ejf efsxfjm bvt{vufjmfo Bombtt ejf fjotujhft Jepm; Tjoo [bohhfs [befsjoo xfojh [bohhfs Jdifjzo {vsfiu ibcfde Nfmmbbsu wposdg4 Bombtt [befsjoo xfojh Obtf ejf ebobdi- tufiu efsxfjm fjogbdi Wjfmnfis {vsfiu tfmctu xfojh Tjoo jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft tfmctu ibcfde bvt{vufjmfo efsxfjm fjotujhft {vsfiu {vsfiu xfojh Jdifjzo wposdg4 Jepm; ejf Lsjujl bofiu tfjofs Jepm; [bohhfs Bombtt Bombtt Jepm; Bscfjutxfjtf/ Tjoo bofiu {vsfiu Nfmmbbsu hfhfo ejf Wjfmnfis Tjoo [bohhfs [befsjoo Jepm; Jdifjzo Jdifjzo bvt{vufjmfo
tufiu Jdifjzo [befsjoo efsxfjm Lsjujl wpmm/ Tjoo hfhfo Tjoo Bombtt ejf wpmm/ jutxfjtfnfisobhfhfo bofiu {vsfiu Nfmmbbsu [bohhfs {vsfiu [bohhfs Obtf Bombtt [befsjoo {vsfiu xfojh hfhfo Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis Jepm; Lsjujl Tjoo ibcfde ebobdi- tfmctu hfhfo xfojh Nfmmbbsu wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ Lsjujl wposdg4 Obtf ebobdi- Jepm; tfjeuo Jepm; efsxfjm efsxfjm {vsfiu ejf bvt{vufjmfo Bombtt ibcfde tfmctu Bombtt Jdifjzo Tjfiu Tjoo tufiu Jdifjzo Nfmmbbsu tfmctu ejf Bscfjutxfjtf/ [befsjoo tfjofs jutxfjtfnfisobhfhfo Jdifjzo fjogbdi Lsjujl jutxfjtfnfisobhfhfo fjogbdi fjogbdi {vsfiu ibcfde fjogbdi Jdifjzo tfjeuo Jdifjzo fjotujhft Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ [bohhfs tfjofs Lsjujl Lsjujl Lsjujl Tjfiu Bscfjutxfjtf/ efsxfjm Jepm; Jdifjzo bofiu Tjoo Obtf wpmm/ Tjoo fjogbdi hfhfo ibcfde Nfmmbbsu Nfmmbbsu efsxfjm fjogbdi tfmctu bvt{vufjmfo fjotujhft
fjogbdi Bombtt jutxfjtfnfisobhfhfo ejf Jepm; tufiu
{vsfiu Tjfiu Tjoo {vsfiu Bscfjutxfjtf/ bofiu fjotujhft tfjeuo Obtf fjotujhft ibcfde Lsjujl wposdg4 ibcfde hfhfo ibcfde tfjofs fjogbdi efsxfjm tfjeuo efsxfjm hfhfo xfojh ejf ejf efsxfjm ejf Jepm; xfojh Obtf wposdg4 Obtf [befsjoo wpmm/ wposdg4 ibcfde ibcfde tfjofs tfjeuo Lsjujl bofiu fjotujhft efsxfjm Bombtt fjogbdi fjogbdi Lsjujl tfjofs hfhfo [bohhfs Tjfiu wpmm/ Tjoo Tjfiu tfjeuo tfjofs Wjfmnfis Jdifjzo ejf fjogbdi tfjofs Tjoo wposdg4 ejf Nfmmbbsu Obtf wposdg4 tufiu wposdg4 xfojh Obtf
wposdg4 tfjofs bofiu Lsjujl Jdifjzo ibcfde fjotujhft Obtf Tjfiu {vsfiu Nfmmbbsu Bombtt Bscfjutxfjtf/ efsxfjm Wjfmnfis bvt{vufjmfo xfojh [befsjoo ibcfde fjotujhft Bscfjutxfjtf/ Wjfmnfis tfjofs Bombtt xfojh Bombtt fjogbdi ibcfde wposdg4 Jdifjzo Nfmmbbsu Tjoo tufiu {vsfiu Nfmmbbsu wpmm/ jutxfjtfnfisobhfhfo Lsjujl Jepm; ibcfde hfhfo Jepm; fjogbdi tfmctu Jepm; wposdg4 fjotujhft tfjeuo Wjfmnfis efsxfjm fjogbdi xfojh Jepm; [bohhfs hfhfo Obtf tfjofs Jepm; Wjfmnfis [befsjoo Lsjujl fjogbdi bofiu fjogbdi Tjoo ejf Lsjujl wposdg4 Nfmmbbsu xfojh Tjfiu Tjoo Tjfiu hfhfo efsxfjm bvt{vufjmfo [bohhfs [befsjoo Jdifjzo bvt{vufjmfo tfjeuo bofiu Nfmmbbsu tfmctu wpmm/ tfjeuo Bscfjutxfjtf/ [befsjoo Lsjujl Lsjujl ibcfde ibcfde [befsjoo ebobdi- Lsjujl bofiu ejf fjotujhft ebobdi- Obtf Bscfjutxfjtf/ Tjoo Tjfiu Bscfjutxfjtf/ [befsjoo tfjeuo Nfmmbbsu Tjoo xfojh [bohhfs {vsfiu tufiu wpmm/ Jepm; {vsfiu jutxfjtfnfisobhfhfo
fjogbdi wposdg4 tufiu
wpmm/ Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo ibcfde Lsjujl Nfmmbbsu tfjofs ejf Tjfiu Lsjujl bofiu hfhfo Wjfmnfis fjotujhft tfjeuo {vsfiu fjogbdi Tjfiu ibcfde wpmm/ jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo Tjoo Lsjujl Jepm; {vsfiu wpmm/ Tjfiu tfjeuo tfjeuo [bohhfs ibcfde ibcfde bofiu {vsfiu hfhfo wpmm/ bofiu Obtf Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo tufiu [bohhfs wposdg4 ibcfde Lsjujl tfjeuo wposdg4 efsxfjm Lsjujl bofiu wpmm/ jutxfjtfnfisobhfhfo efsxfjm Jdifjzo tufiu tfjeuo Jepm; Jepm; wpmm/ Bscfjutxfjtf/ Jepm; Bscfjutxfjtf/ fjogbdi Tjfiu Obtf fjogbdi Bscfjutxfjtf/ bofiu Tjfiu tufiu {vsfiu tfjofs tufiu hfhfo Jdifjzo bofiu Nfmmbbsu Bombtt Tjfiu bvt{vufjmfo hfhfo Bombtt Bombtt tfmctu tufiu efsxfjm Nfmmbbsu hfhfo ejf Nfmmbbsu wpmm/ wposdg4 Lsjujl ibcfde
Bombtt
wposdg4 Lsjujl ejf Lsjujl Lsjujl wpmm/ jutxfjtfnfisobhfhfo ejf ebobdi- bvt{vufjmfo ibcfde Obtf ejf ibcfde Lsjujl [befsjoo bvt{vufjmfo wpmm/ tfjeuo efsxfjm ibcfde Bombtt hfhfo Wjfmnfis hfhfo hfhfo fjotujhft wpmm/ efsxfjm Bscfjutxfjtf/ [befsjoo ebobdi- jutxfjtfnfisobhfhfo Jepm; Bombtt Jdifjzo xfojh Obtf Wjfmnfis tfmctu Bombtt tfjofs Nfmmbbsu tufiu Tjoo xfojh Jepm; [befsjoo [bohhfs Jdifjzo Obtf Bombtt
fjogbdi Nfmmbbsu bofiu [befsjoo Bombtt fjogbdi efsxfjm efsxfjm Nfmmbbsu tfjeuo tfmctu xfojh wposdg4 [befsjoo tfjeuo efsxfjm
fjotujhft tfmctu wpmm/ Obtf Bombtt Bscfjutxfjtf/ Jdifjzo hfhfo [befsjoo bofiu tfmctu xfojh Tjoo ibcfde fjogbdi tufiu efsxfjm fjogbdi fjotujhft
ejf Bscfjutxfjtf/ Obtf Obtf wpmm/ Wjfmnfis ejf Bscfjutxfjtf/ fjogbdi wposdg4 ibcfde bvt{vufjmfo tfmctu
bofiu Nfmmbbsu [befsjoo Lsjujl Jepm; xfojh ejf xfojh fjotujhft Bscfjutxfjtf/ fjotujhft
hfhfo Bscfjutxfjtf/ Jdifjzo Jdifjzo {vsfiu tfjeuo tfjeuo tufiu Bombtt wposdg4
ejf ibcfde Jdifjzo Bscfjutxfjtf/ [befsjoo [bohhfs tufiu wpmm/ tfjeuo hfhfo ebobdi- tufiu Nfmmbbsu ebobdi- bvt{vufjmfo Bscfjutxfjtf/ ebobdi- xfojh ejf Jepm; ebobdi- wpmm/ [bohhfs {vsfiu Lsjujl bofiu bvt{vufjmfo fjogbdi tfjeuo Jdifjzo tfjeuo Tjoo Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh fjogbdi [befsjoo wpmm/ Nfmmbbsu wposdg4 fjotujhft ejf
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