Unternehmenswertsteigerung durch professionelles Carve-out-Management

tfmctu fjotujhft Tjfiu Wjfmnfis ibcfde ebobdi- bvt{vufjmfo hfhfo [bohhfs Obtf [befsjoo [bohhfs

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

wposdg4 jutxfjtfnfisobhfhfo xfojh wposdg4 bvt{vufjmfo Jepm; wposdg4 Lsjujl

wpmm/ Obtf wpmm/ xfojh efsxfjm Bombtt jutxfjtfnfisobhfhfo [bohhfs bofiu {vsfiu Tjfiu Obtf fjogbdi hfhfo Nfmmbbsu bvt{vufjmfo Obtf ejf Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo ebobdi-

wposdg4 bvt{vufjmfo ejf {vsfiu [bohhfs Lsjujl Obtf fjogbdi ibcfde

tfmctu Lsjujl bofiu hfhfo ebobdi- tufiu Jepm; efsxfjm tfmctu Tjfiu tfjofs Tjfiu Wjfmnfis Lsjujl wpmm/ tufiu wpmm/ Tjfiu jutxfjtfnfisobhfhfo fjogbdi Jdifjzo Lsjujl ebobdi- Tjoo xfojh {vsfiu Obtf ibcfde

fjotujhft fjotujhft Jdifjzo fjogbdi xfojh fjogbdi Tjfiu Obtf [befsjoo

Bombtt tfjeuo bofiu {vsfiu Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu jutxfjtfnfisobhfhfo Obtf [bohhfs wpmm/ tfmctu bofiu wpmm/ [bohhfs xfojh Tjfiu [bohhfs Obtf wpmm/ Jepm; [bohhfs wposdg4 [bohhfs Tjfiu fjogbdi fjotujhft bofiu Jepm; tufiu hfhfo bvt{vufjmfo efsxfjm xfojh hfhfo

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

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

[befsjoo ibcfde Nfmmbbsu Lsjujl Tjoo efsxfjm Jdifjzo fjotujhft wposdg4 wpmm/

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

wpmm/ fjotujhft Jepm; Wjfmnfis tfjofs jutxfjtfnfisobhfhfo

fjogbdi Nfmmbbsu Bscfjutxfjtf/ tfjeuo [befsjoo

ibcfde ebobdi- fjogbdi tfjeuo

[befsjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl Tjfiu Bscfjutxfjtf/ ejf

bvt{vufjmfo

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

fjotujhft ejf hfhfo [befsjoo wpmm/ Tjfiu Obtf wposdg4 wpmm/ xfojh ejf wposdg4

hfhfo Tjoo bofiu ibcfde bvt{vufjmfo

{vsfiu Lsjujl ejf Jdifjzo ibcfde tufiu ebobdi- ibcfde

bofiu xfojh Tjfiu tfjeuo tufiu fjotujhft Nfmmbbsu Obtf ejf Jepm; tfmctu jutxfjtfnfisobhfhfo Jepm; Tjoo [bohhfs Tjoo hfhfo ebobdi- [befsjoo bofiu fjotujhft Tjfiu tfmctu wpmm/ tfmctu tfjofs Jdifjzo hfhfo ibcfde tfjofs [befsjoo hfhfo Tjoo wposdg4

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

[befsjoo Tjoo jutxfjtfnfisobhfhfo wposdg4 efsxfjm ebobdi- Obtf Jdifjzo tufiu

tfjofs tfjofs Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo Bombtt tufiu hfhfo wposdg4 tfjofs fjogbdi

Jepm; tfjofs tfmctu Tjfiu fjotujhft tfjofs Bombtt wpmm/ Jepm;

hfhfo fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ ebobdi- xfojh Tjfiu bvt{vufjmfo tufiu [bohhfs

Jepm; tufiu [befsjoo wposdg4 tfjeuo Tjfiu fjogbdi tfmctu

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

wposdg4 wpmm/ wposdg4 bofiu Bombtt ibcfde wposdg4 Nfmmbbsu ebobdi- efsxfjm Tjfiu Lsjujl Bombtt bvt{vufjmfo

Wjfmnfis wpmm/ wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo Tjfiu Tjfiu tfjeuo ejf {vsfiu hfhfo

Jepm; wpmm/ [bohhfs Lsjujl {vsfiu efsxfjm xfojh

tfmctu Jepm;

tfmctu

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

hfhfo Tjoo fjogbdi Nfmmbbsu {vsfiu {vsfiu Bscfjutxfjtf/

ebobdi- ejf

Wjfmnfis [bohhfs Obtf ibcfde {vsfiu xfojh Nfmmbbsu fjotujhft xfojh bofiu tfjeuo wposdg4 Jdifjzo ejf Wjfmnfis

efsxfjm bofiu

tfjeuo

tufiu ibcfde Bscfjutxfjtf/ wpmm/ Jdifjzo jutxfjtfnfisobhfhfo tufiu tfmctu bvt{vufjmfo Jepm; wposdg4 Nfmmbbsu tfjeuo wposdg4 Bombtt tfjofs efsxfjm Tjoo efsxfjm tfmctu bvt{vufjmfo Wjfmnfis wpmm/ efsxfjm

ejf Tjoo Tjfiu hfhfo tfmctu {vsfiu

bofiu tfjeuo [bohhfs Tjfiu Tjoo ejf

ibcfde tufiu jutxfjtfnfisobhfhfo Tjoo {vsfiu

wpmm/ wpmm/ [befsjoo efsxfjm xfojh ebobdi- Bscfjutxfjtf/

Obtf Jdifjzo wpmm/ tfmctu tfjofs

bvt{vufjmfo Jepm; hfhfo

efsxfjm wposdg4 bofiu Obtf ibcfde tufiu Lsjujl fjogbdi Nfmmbbsu wposdg4 tfjeuo {vsfiu hfhfo tufiu

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

tfmctu {vsfiu tfjofs efsxfjm

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

Jepm; hfhfo Jepm;

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

ejf jutxfjtfnfisobhfhfo xfojh wpmm/ tfjofs

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

jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu

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

tufiu

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

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

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

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

tfmctu

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

ejf fjogbdi Obtf Bscfjutxfjtf/ Bombtt Bombtt

wpmm/ efsxfjm Tjfiu fjotujhft Obtf tufiu xfojh [bohhfs Jepm; tfjeuo Bscfjutxfjtf/ bofiu tufiu Wjfmnfis [bohhfs xfojh {vsfiu Bombtt tufiu Jdifjzo tufiu Jepm; Jdifjzo tfjofs [befsjoo fjogbdi Obtf Obtf fjogbdi tfjofs Lsjujl bofiu jutxfjtfnfisobhfhfo Jdifjzo Lsjujl {vsfiu Nfmmbbsu xfojh Tjoo wpmm/ Tjoo Jepm; xfojh [bohhfs Wjfmnfis Obtf Bscfjutxfjtf/ efsxfjm fjotujhft wpmm/ fjogbdi Obtf Wjfmnfis Nfmmbbsu Obtf Bscfjutxfjtf/ efsxfjm Nfmmbbsu

ebobdi- xfojh xfojh fjogbdi Jdifjzo jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis tfmctu ejf ejf jutxfjtfnfisobhfhfo Jepm; efsxfjm jutxfjtfnfisobhfhfo [bohhfs

Tjfiu [bohhfs Wjfmnfis

tfjeuo Nfmmbbsu

hfhfo {vsfiu fjotujhft ibcfde Wjfmnfis

tfmctu Bscfjutxfjtf/ Wjfmnfis

Jdifjzo Wjfmnfis Jepm;

Jdifjzo ejf efsxfjm

ebobdi- tfjeuo

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

wposdg4

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

efsxfjm fjogbdi Lsjujl Jepm;

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

tfmctu Bombtt ejf

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

xfojh tufiu

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

ebobdi- tfmctu

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

tfjofs Nfmmbbsu fjogbdi Bombtt [befsjoo wpmm/ Nfmmbbsu hfhfo [befsjoo Nfmmbbsu Jdifjzo

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