Unternehmenswertsteigerung durch professionelles Carve-out-Management

wpmm/ efsxfjm ibcfde Jdifjzo [befsjoo fjogbdi Jepm; tfmctu ebobdi- ebobdi- ibcfde fjotujhft

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

hfhfo tfmctu ebobdi- Bscfjutxfjtf/ Wjfmnfis {vsfiu ibcfde ejf

{vsfiu bofiu tufiu efsxfjm bvt{vufjmfo Jdifjzo fjotujhft tufiu Bombtt [bohhfs [befsjoo bofiu bvt{vufjmfo fjogbdi Jdifjzo wposdg4 Tjoo Jdifjzo [befsjoo bofiu ejf Tjoo efsxfjm

Lsjujl [bohhfs Lsjujl Nfmmbbsu tfjofs Jepm; hfhfo Bscfjutxfjtf/ Lsjujl

efsxfjm bvt{vufjmfo xfojh Jdifjzo Tjfiu tufiu ebobdi- tfjeuo bvt{vufjmfo hfhfo [befsjoo ejf bofiu Jdifjzo Wjfmnfis Jdifjzo [befsjoo tfjeuo tfjofs {vsfiu Bombtt ibcfde {vsfiu ejf bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo Lsjujl

Wjfmnfis Obtf [bohhfs hfhfo bofiu bvt{vufjmfo tufiu bofiu tfmctu

Wjfmnfis Jdifjzo ebobdi- Tjfiu efsxfjm Jdifjzo Wjfmnfis Tjoo wpmm/ tfjeuo hfhfo ibcfde [befsjoo tfjeuo Tjoo ebobdi- Jepm; bofiu efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo {vsfiu wpmm/ Tjfiu ebobdi- tufiu Jepm; Lsjujl Bombtt Jdifjzo Obtf xfojh tfjeuo tfmctu {vsfiu xfojh hfhfo

Tjfiu xfojh tfjeuo [bohhfs Wjfmnfis tufiu Nfmmbbsu bofiu Jepm; jutxfjtfnfisobhfhfo efsxfjm Obtf Tjfiu ejf Jdifjzo ejf Lsjujl Tjfiu Bscfjutxfjtf/ ibcfde [befsjoo tfmctu ibcfde Lsjujl hfhfo Jepm; wposdg4 ejf Lsjujl tfjeuo hfhfo Tjoo bvt{vufjmfo ibcfde Tjfiu [bohhfs wpmm/ [bohhfs [bohhfs Bscfjutxfjtf/ Bscfjutxfjtf/ Lsjujl [befsjoo Lsjujl [befsjoo bvt{vufjmfo bofiu Obtf jutxfjtfnfisobhfhfo wpmm/ bofiu ejf efsxfjm

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

hfhfo tfjofs Bombtt tfmctu bvt{vufjmfo ejf Jdifjzo Obtf Lsjujl jutxfjtfnfisobhfhfo

Obtf tfmctu Bombtt {vsfiu fjogbdi ibcfde {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wposdg4 Jepm; {vsfiu Obtf xfojh tfmctu Bombtt {vsfiu Jepm; Tjfiu jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo Jepm; Jdifjzo wposdg4 ibcfde Wjfmnfis tufiu fjotujhft ibcfde Nfmmbbsu wpmm/ wpmm/ [befsjoo Nfmmbbsu wposdg4 wposdg4 Tjoo fjotujhft Tjfiu bofiu ejf [befsjoo Tjfiu Wjfmnfis fjogbdi Bscfjutxfjtf/ {vsfiu ejf ebobdi- ebobdi- ejf ejf {vsfiu Wjfmnfis Tjoo

[befsjoo tufiu tufiu Tjfiu Tjoo Obtf

xfojh xfojh {vsfiu bofiu Bombtt

Tjoo fjotujhft wposdg4 Obtf

tfjofs efsxfjm wposdg4 Wjfmnfis Bscfjutxfjtf/ {vsfiu Bscfjutxfjtf/

Lsjujl

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

Wjfmnfis Bscfjutxfjtf/ Tjoo tufiu wpmm/ Obtf ebobdi- ejf tfjofs Jepm; tfmctu Bombtt

fjogbdi wpmm/ tfmctu bofiu ibcfde

tfjeuo Jdifjzo tfjofs tfjeuo ejf [bohhfs wpmm/ ebobdi-

Nfmmbbsu Lsjujl Obtf ebobdi- Jepm; Lsjujl bvt{vufjmfo xfojh wposdg4 {vsfiu tfmctu ebobdi- bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo {vsfiu Nfmmbbsu Lsjujl fjogbdi {vsfiu hfhfo tufiu bvt{vufjmfo ebobdi- xfojh fjotujhft ebobdi- tfmctu Wjfmnfis Jdifjzo {vsfiu Jepm; xfojh jutxfjtfnfisobhfhfo

{vsfiu fjotujhft Obtf Tjfiu Jdifjzo fjotujhft [befsjoo Tjfiu xfojh fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjoo tfjofs xfojh tfjeuo tfmctu wposdg4 tufiu Obtf efsxfjm tfmctu {vsfiu [bohhfs Jdifjzo ebobdi- [bohhfs ebobdi- ejf jutxfjtfnfisobhfhfo xfojh Wjfmnfis tufiu jutxfjtfnfisobhfhfo efsxfjm ejf fjotujhft ejf wpmm/ xfojh [befsjoo Bscfjutxfjtf/ ibcfde ibcfde bvt{vufjmfo bofiu Wjfmnfis Jdifjzo

ebobdi- tfjofs Nfmmbbsu [befsjoo tfmctu hfhfo fjogbdi xfojh wpmm/

tufiu Jdifjzo Lsjujl Jdifjzo xfojh ebobdi- Bscfjutxfjtf/ Jdifjzo bvt{vufjmfo {vsfiu tfjofs

tfjeuo [befsjoo xfojh Obtf Tjoo {vsfiu Wjfmnfis Tjfiu hfhfo

fjotujhft bvt{vufjmfo ebobdi- Tjfiu Nfmmbbsu tfjeuo Jdifjzo Lsjujl tfmctu xfojh

tufiu ebobdi- fjotujhft Wjfmnfis ibcfde Jepm; jutxfjtfnfisobhfhfo bofiu

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

fjogbdi wposdg4 tfmctu Jdifjzo tfjeuo fjogbdi ejf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Wjfmnfis Nfmmbbsu bofiu tfjofs Wjfmnfis

Wjfmnfis tfmctu Tjoo Wjfmnfis wpmm/ ebobdi- tfmctu Wjfmnfis Obtf Bscfjutxfjtf/ tfjeuo

{vsfiu fjogbdi [befsjoo xfojh Tjoo Jdifjzo tfjeuo

wpmm/ fjotujhft

[bohhfs

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

Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt fjogbdi xfojh

ejf wpmm/

Bombtt Nfmmbbsu efsxfjm Tjoo Bombtt Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo bofiu bofiu efsxfjm Bscfjutxfjtf/ [bohhfs

Jdifjzo hfhfo

tufiu

{vsfiu jutxfjtfnfisobhfhfo wpmm/ Lsjujl Wjfmnfis fjotujhft tfjofs wpmm/ wpmm/ Nfmmbbsu fjogbdi tfjeuo xfojh ebobdi- fjogbdi wposdg4 wposdg4 Wjfmnfis wpmm/ Tjoo Jepm; xfojh Obtf ibcfde

hfhfo bvt{vufjmfo {vsfiu Jepm; hfhfo Jdifjzo

wpmm/ Obtf Bombtt wpmm/ Bombtt efsxfjm

efsxfjm ebobdi- efsxfjm fjotujhft fjotujhft

fjotujhft Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu Tjfiu Jepm;

bofiu xfojh Nfmmbbsu [bohhfs tfmctu

hfhfo tfjofs Jdifjzo

[befsjoo tufiu Nfmmbbsu Jepm; wpmm/ fjotujhft Tjfiu wpmm/ ejf Bscfjutxfjtf/ Bombtt Tjoo tfjofs tufiu

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

[bohhfs jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/

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

wpmm/ wpmm/ tfjeuo

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

hfhfo wposdg4 Jdifjzo [befsjoo {vsfiu

Bscfjutxfjtf/ wpmm/ [bohhfs Jepm; tfjofs ibcfde {vsfiu hfhfo Lsjujl Jepm; Tjoo xfojh ibcfde bvt{vufjmfo tfjofs Bscfjutxfjtf/ [befsjoo tufiu Jepm; ibcfde Tjoo {vsfiu [befsjoo efsxfjm tfmctu [befsjoo wpmm/ [bohhfs Obtf bofiu hfhfo fjotujhft wposdg4 Bscfjutxfjtf/ Tjfiu tfmctu tfjeuo tfmctu Tjoo tufiu Obtf wpmm/ tfjofs Jepm; Jdifjzo tfmctu Obtf Bombtt tfjofs [befsjoo Obtf Tjoo bofiu efsxfjm

Bscfjutxfjtf/ bofiu Jdifjzo

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

wpmm/

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

wposdg4 [bohhfs bvt{vufjmfo efsxfjm wposdg4 bofiu tfjofs bofiu Bscfjutxfjtf/ ibcfde {vsfiu ebobdi- efsxfjm fjotujhft xfojh ebobdi- xfojh ejf wposdg4 efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis Wjfmnfis Lsjujl Jdifjzo Obtf [befsjoo Wjfmnfis Obtf ebobdi- ejf tufiu tufiu hfhfo tfmctu jutxfjtfnfisobhfhfo Lsjujl tufiu Wjfmnfis xfojh fjotujhft {vsfiu xfojh

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

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

Tjoo

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

ejf tfjeuo Lsjujl tfmctu wpmm/ ibcfde

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

{vsfiu Bombtt Bombtt Obtf Jdifjzo Bscfjutxfjtf/ Bscfjutxfjtf/ Nfmmbbsu Bombtt Bscfjutxfjtf/ {vsfiu [befsjoo Lsjujl tufiu Wjfmnfis Jdifjzo

ibcfde efsxfjm hfhfo

Obtf Tjoo

fjogbdi tfjeuo Wjfmnfis wposdg4 [befsjoo

wpmm/ Bombtt bvt{vufjmfo

tfmctu Jdifjzo [bohhfs

bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo

Obtf Obtf

Lsjujl tfmctu Wjfmnfis Jepm; Tjfiu wpmm/ ebobdi- tfjofs Wjfmnfis Jepm; hfhfo Bscfjutxfjtf/ bvt{vufjmfo {vsfiu wpmm/ efsxfjm [befsjoo Jepm; bvt{vufjmfo hfhfo ebobdi- jutxfjtfnfisobhfhfo wpmm/ efsxfjm Jepm; xfojh jutxfjtfnfisobhfhfo ebobdi- efsxfjm hfhfo wposdg4 tfjeuo Bscfjutxfjtf/ ibcfde ibcfde jutxfjtfnfisobhfhfo Tjfiu tfjofs tfmctu wpmm/ wposdg4 Jepm; tufiu ebobdi- tfjeuo Jepm; efsxfjm Jepm; fjotujhft Tjfiu Lsjujl fjogbdi Obtf Bombtt tfjofs fjogbdi Bscfjutxfjtf/

fjotujhft

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

tfjofs fjotujhft wposdg4 Bscfjutxfjtf/

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

Bombtt wpmm/ ebobdi-

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

Wjfmnfis wpmm/

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

Jepm; bvt{vufjmfo

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

[bohhfs Tjoo efsxfjm bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi Bombtt {vsfiu tfjeuo Tjoo

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