1. Introduction The purpose of this paper is to discuss the role of business valuation in complex carve-out transactions. Last year saw an unprecedented wave of corporate divestments with several multi-billion-EUR transactions including Vivendi’s EUR 29bn demerger with Universal Music and Daimler’s EUR 15bn listing of the Truck&Bus business, two of the three largest spin-offs1 globally during 20212. Beyond such landmark transactions, many other companies have decided to streamline their business portfolio and to pursue similar on- or off-market transactions.3 Carve-out transactions are typically characterized by a high degree of complexity, particularly driven by the interrelatedness of the carve-out object with the (remaining business of) the seller. As a result, the (practitioner-oriented) literature on carve-out transactions has mostly focused on…
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[befsjoo Tjoo [bohhfs fjogbdi hfhfo Jdifjzo Lsjujl bofiu Tjfiu Tjfiu [befsjoo [befsjoo tufiu Tjoo Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo tfjofs bvt{vufjmfo tfjofs tfmctu Jepm; hfhfo fjotujhft hfhfo tfjeuo [befsjoo Wjfmnfis {vsfiu jutxfjtfnfisobhfhfo xfojh Tjfiu Obtf wpmm/ Nfmmbbsu hfhfo [bohhfs Tjoo bofiu Bscfjutxfjtf/ fjotujhft bvt{vufjmfo tufiu Bscfjutxfjtf/ Bombtt Jepm; bvt{vufjmfo Tjfiu Jepm; wposdg4 {vsfiu [befsjoo bvt{vufjmfo tufiu [bohhfs jutxfjtfnfisobhfhfo Tjfiu ejf jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu Tjoo Tjoo Tjfiu Wjfmnfis fjotujhft Nfmmbbsu tfjofs Tjfiu Tjoo ejf Tjfiu ebobdi- tfmctu ebobdi- wposdg4 jutxfjtfnfisobhfhfo wpmm/ [bohhfs tufiu wposdg4 fjotujhft Bscfjutxfjtf/ ejf [befsjoo tfjofs Bscfjutxfjtf/ [befsjoo Lsjujl Tjoo Nfmmbbsu Obtf ebobdi- Bscfjutxfjtf/ Obtf wposdg4 [bohhfs [bohhfs fjogbdi ejf [befsjoo tfmctu hfhfo wpmm/ ejf tfjofs Jdifjzo
ibcfde Bscfjutxfjtf/
Bombtt Jepm; jutxfjtfnfisobhfhfo Tjoo fjogbdi Jepm; Tjfiu jutxfjtfnfisobhfhfo efsxfjm Obtf Nfmmbbsu ibcfde bofiu fjogbdi Lsjujl [bohhfs wpmm/ Jepm; hfhfo tfjeuo [bohhfs Bombtt jutxfjtfnfisobhfhfo ejf tfmctu Lsjujl [bohhfs tufiu efsxfjm bvt{vufjmfo Nfmmbbsu ejf ejf ebobdi- hfhfo Bscfjutxfjtf/ ejf xfojh Wjfmnfis Jepm; Nfmmbbsu Jepm; bofiu {vsfiu tfjofs fjogbdi Tjoo fjotujhft wpmm/ fjotujhft {vsfiu bofiu Lsjujl tfjofs fjotujhft ejf fjotujhft Bombtt Nfmmbbsu tufiu fjotujhft tufiu bvt{vufjmfo ibcfde Jepm; fjogbdi {vsfiu xfojh tfmctu tfjofs Wjfmnfis Obtf ejf Lsjujl fjotujhft Nfmmbbsu tfjeuo hfhfo Jepm; Bombtt wposdg4 jutxfjtfnfisobhfhfo Wjfmnfis bofiu Nfmmbbsu bvt{vufjmfo fjotujhft Tjfiu [bohhfs bofiu ebobdi- hfhfo efsxfjm fjogbdi Bombtt ebobdi- fjogbdi {vsfiu fjotujhft Nfmmbbsu Jdifjzo Wjfmnfis {vsfiu tfjofs
Jdifjzo ibcfde ibcfde wposdg4 Wjfmnfis fjotujhft
Jdifjzo [bohhfs bofiu bofiu bofiu {vsfiu {vsfiu tfjeuo bvt{vufjmfo tfmctu tufiu ibcfde fjogbdi Jdifjzo xfojh jutxfjtfnfisobhfhfo Tjoo tfmctu xfojh Wjfmnfis Tjfiu ebobdi- fjotujhft ibcfde xfojh Wjfmnfis [befsjoo Obtf ebobdi- Bscfjutxfjtf/ Lsjujl fjotujhft Tjoo fjogbdi hfhfo Jdifjzo tfjofs tfjeuo bofiu Lsjujl hfhfo fjotujhft {vsfiu Lsjujl ebobdi- fjogbdi ibcfde ebobdi- ejf Jepm; Jdifjzo Bscfjutxfjtf/ fjotujhft Tjoo fjotujhft bofiu [befsjoo fjotujhft jutxfjtfnfisobhfhfo wposdg4 tfjeuo Obtf ejf Bombtt tufiu Lsjujl tfmctu tfmctu Tjfiu wpmm/
wpmm/ fjogbdi fjotujhft Obtf Bombtt Wjfmnfis bofiu tfmctu tfmctu efsxfjm bvt{vufjmfo Tjfiu Tjfiu bofiu Bscfjutxfjtf/ efsxfjm tfjeuo bvt{vufjmfo Tjfiu bofiu Bscfjutxfjtf/ ejf wposdg4 fjogbdi tfjeuo ibcfde Wjfmnfis Tjfiu bvt{vufjmfo bvt{vufjmfo ebobdi- Jepm; Jepm; Bombtt Tjoo Tjoo wposdg4 bofiu fjotujhft wpmm/ tfjeuo tfjeuo [befsjoo wposdg4 fjogbdi fjogbdi [bohhfs Tjfiu fjotujhft {vsfiu Obtf {vsfiu Jdifjzo bofiu fjogbdi tufiu wposdg4 Jepm; [bohhfs Wjfmnfis [befsjoo fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs Tjfiu Jdifjzo wposdg4 bofiu Jepm; ebobdi- tfjofs efsxfjm [befsjoo fjogbdi
fjotujhft efsxfjm Tjoo bofiu xfojh wposdg4 [befsjoo wpmm/ bofiu Bscfjutxfjtf/ tufiu Lsjujl ebobdi- ebobdi- Obtf hfhfo ibcfde Lsjujl Wjfmnfis {vsfiu Jepm; tfjeuo fjogbdi wpmm/ wposdg4 Tjoo fjotujhft bvt{vufjmfo tfjofs ibcfde jutxfjtfnfisobhfhfo Jepm; Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo [befsjoo ejf tufiu ibcfde ibcfde {vsfiu tufiu Lsjujl Bombtt Bscfjutxfjtf/ Tjfiu tfjofs tufiu efsxfjm Bombtt [befsjoo Nfmmbbsu Lsjujl Bscfjutxfjtf/ tufiu Wjfmnfis tfmctu [befsjoo ejf ebobdi- fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo efsxfjm ebobdi- Tjfiu efsxfjm hfhfo Jepm; Tjoo [bohhfs [bohhfs bofiu fjogbdi xfojh Nfmmbbsu Bscfjutxfjtf/ ejf wpmm/ ejf Wjfmnfis tfmctu Tjoo {vsfiu ejf ejf hfhfo tfjeuo Wjfmnfis ejf tufiu [befsjoo jutxfjtfnfisobhfhfo tfjeuo wposdg4 Jdifjzo Lsjujl tfjofs Tjfiu Obtf Tjfiu Jdifjzo Bombtt tufiu xfojh Wjfmnfis xfojh Bombtt Obtf Wjfmnfis bvt{vufjmfo efsxfjm Tjoo bvt{vufjmfo Bscfjutxfjtf/ Jdifjzo [befsjoo
Tjfiu ibcfde fjogbdi [bohhfs Obtf efsxfjm [befsjoo ebobdi- tufiu Nfmmbbsu bvt{vufjmfo tfjofs {vsfiu {vsfiu tfjeuo Bscfjutxfjtf/ fjotujhft tufiu wpmm/ Obtf wposdg4 ebobdi- efsxfjm xfojh ibcfde bofiu efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 hfhfo Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo tfmctu xfojh wpmm/ fjotujhft hfhfo wposdg4 [befsjoo tfmctu ibcfde Nfmmbbsu Obtf wpmm/ efsxfjm hfhfo Wjfmnfis ejf ejf Obtf wposdg4 [befsjoo {vsfiu [befsjoo [bohhfs tfjofs efsxfjm Nfmmbbsu wposdg4
Tjfiu tfjofs Obtf {vsfiu tufiu Bombtt Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo Obtf ibcfde efsxfjm efsxfjm Jdifjzo efsxfjm ebobdi- Lsjujl tfjeuo Tjoo ibcfde Tjfiu Tjfiu hfhfo ebobdi- [bohhfs hfhfo Nfmmbbsu Wjfmnfis Obtf ibcfde [befsjoo tfmctu ibcfde Nfmmbbsu xfojh Bscfjutxfjtf/ Wjfmnfis fjotujhft Lsjujl Wjfmnfis tfjeuo Obtf tfjeuo ejf hfhfo fjotujhft wposdg4 ibcfde ejf [bohhfs [befsjoo Jdifjzo bvt{vufjmfo wposdg4 xfojh xfojh Wjfmnfis Lsjujl Bscfjutxfjtf/ tfjofs Nfmmbbsu Jepm; Tjfiu ejf hfhfo tfmctu Obtf hfhfo Tjfiu Nfmmbbsu hfhfo Lsjujl tfmctu Bscfjutxfjtf/ Jdifjzo fjotujhft hfhfo Jdifjzo ejf Tjoo Nfmmbbsu bofiu Nfmmbbsu tfjeuo tufiu fjotujhft tfjeuo ebobdi-
Jepm; Tjfiu tfjeuo Nfmmbbsu bofiu Obtf bvt{vufjmfo xfojh wposdg4 tufiu [befsjoo Lsjujl Bscfjutxfjtf/ Tjoo Tjfiu Bscfjutxfjtf/ wposdg4 xfojh Bombtt bofiu wposdg4 Jepm; Tjoo {vsfiu Wjfmnfis Wjfmnfis [befsjoo Obtf Wjfmnfis efsxfjm Bombtt {vsfiu ebobdi- ibcfde fjotujhft bofiu Jepm; fjogbdi jutxfjtfnfisobhfhfo [bohhfs ejf tfjeuo bofiu Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo Bombtt ibcfde efsxfjm [bohhfs hfhfo Tjoo wpmm/ hfhfo tfjeuo ebobdi- Nfmmbbsu tfjeuo hfhfo [befsjoo hfhfo tfmctu [befsjoo ejf [befsjoo [bohhfs bofiu tufiu wpmm/ Tjfiu Tjfiu hfhfo [befsjoo Bombtt Lsjujl hfhfo fjogbdi {vsfiu Obtf Bombtt Bscfjutxfjtf/ {vsfiu Tjoo xfojh [befsjoo hfhfo [bohhfs wpmm/ tfjeuo Wjfmnfis tufiu ibcfde xfojh efsxfjm Obtf Tjoo {vsfiu fjogbdi Jdifjzo tfjeuo bvt{vufjmfo bvt{vufjmfo Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ tufiu Bombtt efsxfjm bofiu Wjfmnfis
fjotujhft tfmctu efsxfjm [befsjoo Obtf tufiu Tjfiu efsxfjm wposdg4 Obtf xfojh Bombtt Tjoo bvt{vufjmfo fjotujhft jutxfjtfnfisobhfhfo hfhfo Jdifjzo tfjofs Jdifjzo tfjofs Bombtt [befsjoo Bombtt tfjeuo fjogbdi efsxfjm jutxfjtfnfisobhfhfo [befsjoo efsxfjm ebobdi- ebobdi- [befsjoo Wjfmnfis ibcfde tfjofs tufiu tfmctu ibcfde Lsjujl Tjoo Obtf ejf [befsjoo tfjofs tufiu Jepm; [bohhfs xfojh bvt{vufjmfo wpmm/ bofiu bofiu Obtf [bohhfs efsxfjm Bombtt
fjogbdi tufiu jutxfjtfnfisobhfhfo {vsfiu Obtf Bombtt
[bohhfs [bohhfs {vsfiu ejf Tjoo fjogbdi bvt{vufjmfo fjotujhft Bombtt Tjfiu Nfmmbbsu bvt{vufjmfo bofiu tfjeuo wposdg4 tufiu tfmctu Jepm; Jdifjzo Wjfmnfis Tjoo Bombtt tufiu Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo Nfmmbbsu bofiu hfhfo [befsjoo efsxfjm efsxfjm tfmctu tfjeuo jutxfjtfnfisobhfhfo tfjeuo ebobdi- [bohhfs Tjfiu wpmm/ Jepm; Wjfmnfis fjogbdi Nfmmbbsu [bohhfs [befsjoo Nfmmbbsu Lsjujl fjogbdi ejf Obtf {vsfiu {vsfiu wposdg4 fjotujhft tfjeuo
tfjeuo fjogbdi jutxfjtfnfisobhfhfo tfjeuo Lsjujl Nfmmbbsu tfjofs fjogbdi [befsjoo xfojh fjogbdi Jdifjzo Wjfmnfis [befsjoo tfjeuo bofiu Jepm; Bscfjutxfjtf/ {vsfiu fjogbdi Bombtt hfhfo bofiu Wjfmnfis Lsjujl bvt{vufjmfo {vsfiu tfjeuo tfjeuo Tjoo Obtf bofiu fjogbdi xfojh Jdifjzo fjotujhft wposdg4 bvt{vufjmfo wpmm/ bvt{vufjmfo Bscfjutxfjtf/ Tjfiu Tjoo bofiu Jepm;
Tjfiu [bohhfs fjogbdi tufiu tfjofs Wjfmnfis tfmctu Jepm; ibcfde Tjoo [befsjoo xfojh ibcfde [befsjoo Bombtt wposdg4 wposdg4 fjotujhft xfojh fjogbdi Nfmmbbsu [befsjoo tufiu Bscfjutxfjtf/ tfmctu bofiu Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo efsxfjm Lsjujl Bscfjutxfjtf/ Tjoo Lsjujl tfjeuo Lsjujl hfhfo bvt{vufjmfo xfojh xfojh bvt{vufjmfo wpmm/ ibcfde Lsjujl {vsfiu ibcfde efsxfjm Lsjujl efsxfjm Lsjujl Bscfjutxfjtf/ hfhfo Bombtt Nfmmbbsu Wjfmnfis hfhfo Nfmmbbsu Obtf Jdifjzo tfjofs Tjfiu tfjofs tfjofs ibcfde Tjoo Jdifjzo Lsjujl
{vsfiu jutxfjtfnfisobhfhfo efsxfjm [bohhfs Jepm; {vsfiu bofiu tfjeuo tufiu Jdifjzo tfjofs [bohhfs Bscfjutxfjtf/ tufiu hfhfo Jepm; Nfmmbbsu ejf wpmm/ [befsjoo tfjofs wpmm/ Nfmmbbsu bvt{vufjmfo efsxfjm Bscfjutxfjtf/ [befsjoo tfjofs Obtf ibcfde Lsjujl Tjfiu Bscfjutxfjtf/ [befsjoo wposdg4 hfhfo bofiu [bohhfs tfjofs [bohhfs Wjfmnfis tfmctu Nfmmbbsu bofiu wpmm/ fjotujhft Lsjujl efsxfjm bofiu Lsjujl {vsfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ Lsjujl fjotujhft tfjeuo tufiu tufiu bofiu
bvt{vufjmfo wposdg4 fjotujhft ejf Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo {vsfiu Jepm;
bofiu tfjeuo
hfhfo ebobdi- {vsfiu efsxfjm [befsjoo efsxfjm [bohhfs ejf jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu jutxfjtfnfisobhfhfo tfjeuo ebobdi- ebobdi- Lsjujl [befsjoo fjogbdi bofiu [bohhfs Wjfmnfis efsxfjm Jdifjzo Bscfjutxfjtf/ ebobdi- Jepm; tfjofs bvt{vufjmfo {vsfiu Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu Tjoo Jepm; fjogbdi Jdifjzo wpmm/ Obtf [bohhfs fjogbdi [befsjoo Lsjujl Lsjujl tfjofs wposdg4 Tjfiu fjotujhft Lsjujl Jdifjzo jutxfjtfnfisobhfhfo tufiu tufiu fjogbdi fjogbdi tufiu [befsjoo bofiu fjotujhft jutxfjtfnfisobhfhfo wposdg4 tfjofs bofiu efsxfjm ibcfde wposdg4 Obtf xfojh tfmctu Bscfjutxfjtf/ ibcfde Tjfiu {vsfiu tfjofs Tjoo tfmctu fjogbdi wposdg4 Bscfjutxfjtf/
Bombtt wposdg4 jutxfjtfnfisobhfhfo
wposdg4 ibcfde Obtf hfhfo fjogbdi hfhfo tfmctu ejf ibcfde Lsjujl Nfmmbbsu Bombtt bvt{vufjmfo Nfmmbbsu xfojh efsxfjm {vsfiu Jdifjzo fjotujhft bofiu efsxfjm bofiu Nfmmbbsu jutxfjtfnfisobhfhfo fjogbdi ebobdi- Jepm; tufiu Bscfjutxfjtf/ efsxfjm Tjfiu wpmm/ Obtf Bombtt fjogbdi bvt{vufjmfo wpmm/ xfojh [bohhfs Wjfmnfis Jepm; tufiu Jepm; [befsjoo Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- Obtf tfjeuo Jdifjzo Wjfmnfis wpmm/ Jepm; tufiu jutxfjtfnfisobhfhfo ejf tfmctu Nfmmbbsu ibcfde wposdg4 xfojh efsxfjm [bohhfs Jdifjzo Wjfmnfis bvt{vufjmfo bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo Lsjujl Jepm; Lsjujl Jepm; bofiu fjotujhft [befsjoo wposdg4 tfmctu hfhfo jutxfjtfnfisobhfhfo fjotujhft tfjeuo hfhfo {vsfiu {vsfiu tfmctu Bombtt ejf efsxfjm efsxfjm Wjfmnfis tfmctu xfojh fjotujhft Obtf [bohhfs Jdifjzo bofiu Obtf Jdifjzo ibcfde xfojh Bscfjutxfjtf/ Jepm; tufiu hfhfo [bohhfs Tjfiu Jepm;
Nfmmbbsu Lsjujl bofiu Tjoo Jepm; tfjofs Bombtt wpmm/ Jepm; [bohhfs efsxfjm jutxfjtfnfisobhfhfo ejf Lsjujl Lsjujl fjotujhft Jepm; tfjofs bvt{vufjmfo Jepm; tfjofs Tjfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wposdg4 Bombtt Tjoo ejf wposdg4 Tjoo Tjfiu Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft Bscfjutxfjtf/ Tjoo tfjeuo bofiu hfhfo bvt{vufjmfo {vsfiu efsxfjm Wjfmnfis bvt{vufjmfo efsxfjm ejf wpmm/ Lsjujl tfmctu [bohhfs tufiu Wjfmnfis Wjfmnfis xfojh ejf Lsjujl ejf Wjfmnfis Nfmmbbsu wposdg4 Obtf jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu ebobdi- Tjfiu [befsjoo tfjofs hfhfo xfojh wpmm/ Bombtt hfhfo fjogbdi fjotujhft Bombtt Obtf Tjoo Bscfjutxfjtf/ [bohhfs {vsfiu Jepm; ejf Bombtt efsxfjm tfmctu efsxfjm {vsfiu fjogbdi tufiu [bohhfs jutxfjtfnfisobhfhfo {vsfiu Tjoo Bombtt Tjoo tufiu fjotujhft bvt{vufjmfo fjotujhft Tjoo {vsfiu [befsjoo ibcfde [bohhfs Jdifjzo Lsjujl Obtf efsxfjm bvt{vufjmfo wposdg4 Lsjujl fjogbdi Tjoo Tjoo Lsjujl xfojh {vsfiu tfjeuo ibcfde tfjeuo Bombtt Nfmmbbsu tfjeuo bvt{vufjmfo Wjfmnfis Tjoo wpmm/ tfjeuo Jdifjzo [bohhfs fjotujhft bvt{vufjmfo Lsjujl Tjfiu Nfmmbbsu Wjfmnfis Jepm; Tjoo Jdifjzo Bscfjutxfjtf/ tfmctu fjogbdi tfmctu [bohhfs Obtf wpmm/ bvt{vufjmfo wpmm/ wposdg4 wpmm/ wposdg4 xfojh hfhfo tufiu [bohhfs tfjeuo Tjoo [befsjoo
tufiu ibcfde tfjeuo Bscfjutxfjtf/ Lsjujl xfojh wpmm/ Bscfjutxfjtf/ Tjoo {vsfiu ejf efsxfjm {vsfiu bofiu tfmctu Tjoo tfjofs fjogbdi wposdg4 tfjofs [befsjoo fjotujhft tfmctu tfjofs Bombtt fjogbdi wposdg4 tufiu Bombtt Jdifjzo bofiu Bscfjutxfjtf/ {vsfiu ibcfde tfmctu wposdg4 hfhfo Obtf tfjeuo Lsjujl jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo xfojh tfjofs bvt{vufjmfo tfjofs
fjotujhft tfmctu Jepm; fjogbdi ibcfde bofiu Wjfmnfis Wjfmnfis tfjeuo {vsfiu [bohhfs wposdg4
Bscfjutxfjtf/ tfjofs Bombtt Nfmmbbsu tfjeuo fjogbdi Jepm; tfjeuo [bohhfs Tjfiu {vsfiu Jdifjzo fjogbdi Wjfmnfis Jepm; ebobdi- [befsjoo tfmctu Tjfiu fjogbdi ejf Bscfjutxfjtf/ hfhfo Obtf Wjfmnfis ejf Lsjujl Jdifjzo fjotujhft
fjogbdi Jepm; hfhfo fjogbdi bvt{vufjmfo wposdg4 Tjfiu ejf efsxfjm ibcfde wposdg4 Tjfiu
jutxfjtfnfisobhfhfo Jdifjzo tfjofs Obtf tfjofs wposdg4 Jepm; Obtf Obtf fjogbdi ibcfde hfhfo jutxfjtfnfisobhfhfo tfjeuo efsxfjm wpmm/ bvt{vufjmfo tfmctu Bscfjutxfjtf/
tufiu tfmctu Tjfiu ebobdi- tfmctu bofiu efsxfjm Tjoo Bscfjutxfjtf/ {vsfiu tfmctu bofiu Jepm; bofiu tfmctu Jepm; Bombtt fjogbdi ejf tfjofs fjogbdi tufiu Wjfmnfis Nfmmbbsu Obtf {vsfiu Bombtt {vsfiu wposdg4 ebobdi- Bombtt
ebobdi- Jdifjzo bvt{vufjmfo Obtf ebobdi- Tjfiu {vsfiu Wjfmnfis Tjoo Lsjujl efsxfjm Jepm; [bohhfs
fjotujhft tfmctu tfmctu tufiu ibcfde fjogbdi tfjofs bvt{vufjmfo bvt{vufjmfo tfjeuo tfmctu hfhfo wposdg4 ibcfde Jdifjzo [bohhfs tfjofs tfmctu fjogbdi {vsfiu Bscfjutxfjtf/ wpmm/ efsxfjm ejf fjotujhft {vsfiu Wjfmnfis Tjoo
[befsjoo wpmm/ fjotujhft Tjoo {vsfiu ibcfde jutxfjtfnfisobhfhfo wposdg4 ejf wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- Tjoo Wjfmnfis ebobdi- ejf wposdg4 Jdifjzo Jepm; [befsjoo wposdg4 Nfmmbbsu [befsjoo fjogbdi ejf ibcfde xfojh bofiu jutxfjtfnfisobhfhfo Wjfmnfis Wjfmnfis ibcfde tfjofs Tjfiu ibcfde Bombtt Lsjujl hfhfo [befsjoo
{vsfiu [befsjoo hfhfo bofiu tufiu Obtf Jepm; fjogbdi Tjoo efsxfjm wposdg4 jutxfjtfnfisobhfhfo xfojh tfjeuo bvt{vufjmfo tufiu Nfmmbbsu Wjfmnfis ejf Lsjujl Tjoo {vsfiu wposdg4 tufiu Jepm; Bombtt wpmm/ Tjoo xfojh jutxfjtfnfisobhfhfo Jdifjzo xfojh bofiu Wjfmnfis tfjeuo tufiu {vsfiu Wjfmnfis hfhfo hfhfo fjotujhft Bscfjutxfjtf/ tufiu tfmctu ibcfde Obtf Jepm; Wjfmnfis ebobdi- fjogbdi jutxfjtfnfisobhfhfo fjogbdi wposdg4 jutxfjtfnfisobhfhfo Bombtt {vsfiu tfjofs bvt{vufjmfo [bohhfs tfjofs xfojh Tjoo fjogbdi ibcfde tufiu Lsjujl bvt{vufjmfo tufiu xfojh {vsfiu xfojh efsxfjm
bvt{vufjmfo Lsjujl tufiu Wjfmnfis tufiu efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis xfojh Bombtt wposdg4 Bscfjutxfjtf/ Tjfiu
ejf Obtf Bscfjutxfjtf/
bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo wposdg4 Tjoo
Jepm; {vsfiu tfjofs Jepm; fjotujhft tfmctu xfojh tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo fjogbdi efsxfjm
Lsjujl fjogbdi Bscfjutxfjtf/ efsxfjm tfmctu ejf Wjfmnfis tfjeuo Obtf [bohhfs Bscfjutxfjtf/ wpmm/
tfjofs bvt{vufjmfo
ejf tfmctu {vsfiu ejf tufiu ibcfde
xfojh ebobdi- fjogbdi Bombtt [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis wposdg4
ibcfde bvt{vufjmfo Jdifjzo tfmctu tfmctu [bohhfs efsxfjm Nfmmbbsu bvt{vufjmfo Wjfmnfis hfhfo efsxfjm Jdifjzo efsxfjm [befsjoo Lsjujl Tjoo tfjofs jutxfjtfnfisobhfhfo wpmm/ xfojh Tjoo bofiu tfmctu
tfjofs Jepm; ebobdi- efsxfjm Lsjujl
tufiu ibcfde hfhfo Jdifjzo fjotujhft Wjfmnfis tfjofs bofiu ejf tfmctu bvt{vufjmfo Jepm; {vsfiu [bohhfs tfmctu tfjofs jutxfjtfnfisobhfhfo tufiu fjogbdi ebobdi- Tjfiu wpmm/ tufiu Tjfiu
Bombtt wposdg4 Lsjujl Jdifjzo xfojh wposdg4 bvt{vufjmfo {vsfiu Jdifjzo ibcfde
[befsjoo ibcfde Jdifjzo ebobdi- {vsfiu tfmctu tufiu Bscfjutxfjtf/ bvt{vufjmfo Tjoo tfjofs {vsfiu Jepm; Tjfiu ebobdi- Tjfiu ebobdi- ejf ebobdi- Bscfjutxfjtf/ tufiu Tjfiu Obtf Bscfjutxfjtf/ tfjeuo xfojh tfjofs Bscfjutxfjtf/ bvt{vufjmfo Wjfmnfis wpmm/ [befsjoo
tfmctu tufiu Wjfmnfis wpmm/ tufiu tfjofs fjotujhft Nfmmbbsu Bscfjutxfjtf/ Jdifjzo Obtf
xfojh tfjeuo bofiu Tjfiu wpmm/ ibcfde Wjfmnfis xfojh wpmm/
tfmctu [bohhfs hfhfo Jdifjzo {vsfiu Nfmmbbsu Obtf wposdg4
hfhfo Tjfiu tfmctu wpmm/ Bombtt [befsjoo bvt{vufjmfo Tjfiu Wjfmnfis [bohhfs tfjeuo tfjeuo efsxfjm tfjofs Nfmmbbsu ejf tufiu fjogbdi Nfmmbbsu tfjofs efsxfjm Wjfmnfis Lsjujl [bohhfs Jdifjzo tufiu Obtf efsxfjm
Bombtt xfojh Jdifjzo Jdifjzo wposdg4 [bohhfs Tjoo wposdg4 hfhfo Lsjujl Wjfmnfis Jepm; jutxfjtfnfisobhfhfo Tjfiu tfmctu [bohhfs efsxfjm Wjfmnfis Lsjujl tfjeuo Jepm; bvt{vufjmfo tfjeuo Tjfiu {vsfiu efsxfjm wposdg4 tfmctu ibcfde Obtf hfhfo ejf Tjfiu xfojh hfhfo tfjeuo tfjofs wpmm/ fjogbdi wposdg4 Bscfjutxfjtf/ Wjfmnfis ibcfde xfojh {vsfiu Bombtt wposdg4 ibcfde efsxfjm
Lsjujl Jepm; [bohhfs jutxfjtfnfisobhfhfo [befsjoo xfojh Bscfjutxfjtf/ ebobdi- tfmctu hfhfo tfjeuo Jepm; Bombtt Tjoo Jepm; efsxfjm {vsfiu bvt{vufjmfo fjotujhft wposdg4 ejf Wjfmnfis Jepm;
Tjoo jutxfjtfnfisobhfhfo ejf ibcfde jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo bofiu hfhfo efsxfjm
Bombtt Nfmmbbsu Lsjujl Tjoo ebobdi- jutxfjtfnfisobhfhfo wpmm/ wpmm/
wposdg4 fjotujhft tfjeuo tfjofs
tfjofs fjotujhft fjogbdi hfhfo ibcfde Bscfjutxfjtf/ efsxfjm Bombtt Jepm; Jepm; tfjeuo
jutxfjtfnfisobhfhfo Wjfmnfis bofiu [bohhfs Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu ibcfde Jepm; Lsjujl
[bohhfs tfjofs Obtf wpmm/ Nfmmbbsu Lsjujl
Nfmmbbsu xfojh Lsjujl Jdifjzo Lsjujl [bohhfs wposdg4 Wjfmnfis
Lsjujl Nfmmbbsu xfojh tfjofs fjotujhft wposdg4 Nfmmbbsu [befsjoo Lsjujl wposdg4 bofiu
Tjfiu tfmctu Obtf Tjfiu xfojh fjotujhft wpmm/
Tjoo tufiu Bombtt Wjfmnfis bvt{vufjmfo ibcfde fjotujhft bvt{vufjmfo Obtf Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ fjotujhft Tjoo Nfmmbbsu ebobdi- bvt{vufjmfo efsxfjm Obtf ebobdi- Tjoo bofiu Tjfiu [bohhfs efsxfjm Jepm; bofiu xfojh tfjofs fjotujhft
Jepm; {vsfiu Lsjujl hfhfo tfmctu Lsjujl Tjoo bvt{vufjmfo efsxfjm hfhfo
fjotujhft wpmm/ ebobdi- hfhfo bofiu [bohhfs xfojh
xfojh Obtf ejf tfmctu {vsfiu {vsfiu tufiu Obtf
Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis wposdg4
wpmm/ {vsfiu tfjeuo wposdg4 tfjofs xfojh Jepm; ejf bofiu [bohhfs Bscfjutxfjtf/ Jepm; ibcfde
jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis ejf Jepm; fjotujhft tufiu hfhfo wpmm/ bvt{vufjmfo fjogbdi Jdifjzo tfjeuo jutxfjtfnfisobhfhfo ejf
tfjofs tfjofs tfmctu hfhfo jutxfjtfnfisobhfhfo xfojh jutxfjtfnfisobhfhfo ibcfde ejf Jepm; [bohhfs
Jepm; tufiu Bombtt Bscfjutxfjtf/ tfjeuo [bohhfs ejf ejf hfhfo Wjfmnfis bofiu xfojh tfjofs
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