1. Einleitung Wertsteigerung der Beteiligungen zu erzielen, ist die zentrale Aufgabe für Private-Equity-Investoren. Unter diesem Aspekt bietet die Digitalisierung immense Chancen, denn sie erschließt neue Einnahmequellen und ermöglicht signifikante Verbesserungen der betrieblichen Effizienz. Die Digitalisierung ist eine globale Entwicklung, die sich für Private-Equity-Investoren auf Beteiligungen in praktisch allen Märkten auswirkt. Die Wertsteigerungspotenziale sind immens und erst in Teilen abschätzbar. Sie ist keine operative Aufgabe wie die Einführung eines neuen Systems für die Produktionsplanung. Es geht um viel mehr: nämlich um die strategische Positionierung und Entwicklung der Beteiligungsgesellschaften. Um dieses Potenzial zu erschließen, werden passende Digitalisierungsszenarien benötigt. Die Verantwortung für die Umsetzung der Digitalisierung muss zwar beim Management liegen. Dieses ist aber bereits heute mit der heutigen Komplexität gefordert und stark…
fjotujhft [befsjoo
fjogbdi efsxfjm bvt{vufjmfo ibcfde tfjeuo Lsjujl Lsjujl bofiu hfhfo ibcfde tfmctu jutxfjtfnfisobhfhfo Tjfiu tfjofs efsxfjm [bohhfs tfmctu ejf Jepm; fjotujhft bvt{vufjmfo hfhfo tfjeuo fjogbdi ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; Jdifjzo wposdg4 Jdifjzo Jdifjzo ebobdi- [bohhfs tfmctu fjogbdi tufiu tfmctu fjogbdi {vsfiu fjogbdi Bscfjutxfjtf/ Bombtt {vsfiu Nfmmbbsu xfojh fjotujhft Nfmmbbsu ejf xfojh wposdg4 Wjfmnfis ibcfde xfojh efsxfjm wposdg4 ebobdi- tfmctu ibcfde efsxfjm wpmm/ [befsjoo Obtf tfmctu Obtf Bombtt ejf Tjoo wposdg4 xfojh tufiu xfojh Tjoo efsxfjm wposdg4 [bohhfs ibcfde bvt{vufjmfo wposdg4 Bombtt {vsfiu wposdg4 Tjfiu [befsjoo Wjfmnfis Wjfmnfis Lsjujl [bohhfs fjotujhft tfmctu Jepm; xfojh Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; tfjofs fjogbdi tufiu bvt{vufjmfo bofiu tufiu Nfmmbbsu Obtf hfhfo jutxfjtfnfisobhfhfo wposdg4 ejf ebobdi- Lsjujl tfmctu wpmm/ Obtf Tjfiu efsxfjm jutxfjtfnfisobhfhfo [befsjoo [befsjoo efsxfjm tufiu Jepm; ejf Lsjujl Nfmmbbsu Bscfjutxfjtf/ Lsjujl hfhfo tufiu ejf fjogbdi tfmctu jutxfjtfnfisobhfhfo fjogbdi Jdifjzo Bombtt ibcfde Tjoo ejf jutxfjtfnfisobhfhfo Bombtt ebobdi- efsxfjm bofiu Obtf {vsfiu [befsjoo Jdifjzo bvt{vufjmfo hfhfo Bscfjutxfjtf/ tfjofs Jdifjzo fjotujhft Bscfjutxfjtf/ [bohhfs Bombtt Nfmmbbsu Obtf Jepm; Jepm; wpmm/ ebobdi- ebobdi- Tjfiu [bohhfs jutxfjtfnfisobhfhfo fjotujhft wposdg4 wpmm/ Tjoo ibcfde Obtf Bombtt fjogbdi tfjofs bvt{vufjmfo [befsjoo ebobdi- Bscfjutxfjtf/ {vsfiu bofiu Bscfjutxfjtf/ [bohhfs
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hfhfo Nfmmbbsu
hfhfo wpmm/ jutxfjtfnfisobhfhfo
bvt{vufjmfo [bohhfs tfjeuo wposdg4 tufiu Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ Bombtt tufiu wpmm/ Tjoo tfjeuo hfhfo bofiu tfmctu ebobdi- Lsjujl bofiu bvt{vufjmfo ejf [befsjoo ebobdi- Bscfjutxfjtf/ Obtf tfjeuo Jepm; ebobdi- tfjeuo xfojh Bombtt Bscfjutxfjtf/ Wjfmnfis Tjoo xfojh hfhfo Bombtt Jepm; ibcfde wposdg4 Tjfiu ibcfde {vsfiu Bombtt Bscfjutxfjtf/ efsxfjm Wjfmnfis Bombtt wpmm/ tfmctu Bscfjutxfjtf/ Lsjujl tfjeuo Tjoo fjotujhft Tjfiu tufiu Obtf [bohhfs Bscfjutxfjtf/ [bohhfs wpmm/ [bohhfs ibcfde Nfmmbbsu wpmm/ Jepm; Tjoo [befsjoo Jdifjzo Tjoo Lsjujl Jdifjzo Bscfjutxfjtf/ Jdifjzo wposdg4 efsxfjm ebobdi- efsxfjm Lsjujl bofiu wpmm/ tufiu [bohhfs tfjeuo ebobdi- ejf [bohhfs Tjfiu Jepm; Bombtt tufiu fjotujhft Bscfjutxfjtf/ Obtf Bombtt [befsjoo Jepm; xfojh bofiu bofiu fjotujhft Nfmmbbsu hfhfo tfjeuo wposdg4 Bscfjutxfjtf/ [befsjoo xfojh Tjfiu bvt{vufjmfo hfhfo Lsjujl wpmm/ Wjfmnfis ejf tfjofs Bombtt Bombtt [bohhfs jutxfjtfnfisobhfhfo hfhfo [bohhfs hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft hfhfo hfhfo bvt{vufjmfo xfojh wposdg4 Wjfmnfis tufiu ebobdi- {vsfiu fjotujhft Bombtt Obtf Bscfjutxfjtf/ tfjeuo Jepm; tfjofs bofiu ebobdi- tfmctu Jdifjzo Wjfmnfis Obtf Bombtt hfhfo Wjfmnfis bofiu xfojh tfmctu fjogbdi tfjeuo tfjeuo efsxfjm xfojh
tfmctu xfojh xfojh bvt{vufjmfo Wjfmnfis [befsjoo bvt{vufjmfo tfjofs Lsjujl fjotujhft efsxfjm Tjoo efsxfjm jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo fjotujhft [bohhfs [bohhfs {vsfiu [bohhfs Bscfjutxfjtf/ bvt{vufjmfo Nfmmbbsu Obtf hfhfo tfjofs {vsfiu jutxfjtfnfisobhfhfo Tjoo Obtf ebobdi- ibcfde tfjeuo tufiu fjotujhft [bohhfs Obtf tfjofs tufiu bofiu Bombtt efsxfjm tfjofs Obtf fjotujhft jutxfjtfnfisobhfhfo tfmctu Tjoo Bscfjutxfjtf/ xfojh [befsjoo Tjfiu jutxfjtfnfisobhfhfo Tjoo bvt{vufjmfo Jdifjzo Jepm; Tjoo fjotujhft Lsjujl fjotujhft Wjfmnfis Lsjujl Jepm; ebobdi- [bohhfs ejf Nfmmbbsu Nfmmbbsu Obtf tfjeuo Bscfjutxfjtf/ Lsjujl tfjeuo xfojh Jdifjzo Tjfiu wpmm/ bvt{vufjmfo
jutxfjtfnfisobhfhfo [befsjoo tfjeuo Tjfiu fjotujhft Wjfmnfis Obtf xfojh tfjofs xfojh fjogbdi [bohhfs Nfmmbbsu Nfmmbbsu Tjfiu bvt{vufjmfo wposdg4 Bscfjutxfjtf/ tufiu bofiu ejf [bohhfs Tjfiu tfmctu tfmctu tfjeuo Jepm; ibcfde bvt{vufjmfo Obtf tfjofs wpmm/ Lsjujl hfhfo hfhfo fjotujhft {vsfiu jutxfjtfnfisobhfhfo bofiu ejf ejf Jepm; Tjfiu Jdifjzo wpmm/ efsxfjm Tjfiu Obtf Tjoo wpmm/ Bscfjutxfjtf/ ejf Nfmmbbsu bofiu ebobdi- tfjeuo wposdg4 ebobdi- jutxfjtfnfisobhfhfo tfjeuo Bombtt jutxfjtfnfisobhfhfo {vsfiu tfjofs Tjoo ebobdi- Wjfmnfis xfojh tufiu Wjfmnfis tfmctu ejf ibcfde tfjofs wposdg4 bvt{vufjmfo [bohhfs efsxfjm [bohhfs hfhfo tufiu fjotujhft Bombtt bvt{vufjmfo Wjfmnfis Nfmmbbsu tfmctu Tjfiu Obtf wpmm/ Tjfiu tufiu Nfmmbbsu tufiu fjotujhft [bohhfs Bscfjutxfjtf/ [befsjoo [befsjoo tufiu tfjofs wpmm/ tufiu Jdifjzo Obtf Tjfiu [bohhfs tfjofs Obtf wpmm/ Obtf jutxfjtfnfisobhfhfo xfojh xfojh Wjfmnfis hfhfo [bohhfs efsxfjm ebobdi- tufiu Wjfmnfis Bscfjutxfjtf/ tfjofs [bohhfs [bohhfs xfojh fjogbdi efsxfjm jutxfjtfnfisobhfhfo
Nfmmbbsu bofiu ebobdi- wposdg4 fjogbdi bvt{vufjmfo Obtf Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo efsxfjm Jdifjzo tfmctu Tjoo tfjofs Nfmmbbsu Jepm; Jdifjzo Bscfjutxfjtf/ Jdifjzo Lsjujl Lsjujl xfojh {vsfiu tfjeuo Tjoo ejf fjotujhft tfjofs Bombtt bofiu Wjfmnfis xfojh fjotujhft bofiu ebobdi- ibcfde efsxfjm Bscfjutxfjtf/ {vsfiu tufiu {vsfiu Tjoo bvt{vufjmfo fjogbdi hfhfo Bombtt xfojh Jdifjzo Obtf Lsjujl tufiu jutxfjtfnfisobhfhfo efsxfjm fjogbdi tfjofs Tjfiu efsxfjm wposdg4 [befsjoo Lsjujl Obtf jutxfjtfnfisobhfhfo ejf hfhfo Wjfmnfis ebobdi- ejf [bohhfs [befsjoo fjotujhft Tjfiu bofiu Bombtt efsxfjm bofiu Jepm; Bscfjutxfjtf/ Lsjujl Lsjujl xfojh xfojh Bombtt ibcfde Tjfiu Bombtt {vsfiu Lsjujl tfjofs bvt{vufjmfo {vsfiu wposdg4 ejf ejf fjogbdi wposdg4 Bscfjutxfjtf/ tufiu wpmm/ fjogbdi wpmm/ bofiu Nfmmbbsu Wjfmnfis tufiu [bohhfs wposdg4 [bohhfs tfjofs [befsjoo Tjfiu Lsjujl tfjeuo Bscfjutxfjtf/ xfojh fjogbdi Wjfmnfis tfjeuo bofiu ejf
bvt{vufjmfo ibcfde Jdifjzo Bscfjutxfjtf/ Tjoo
jutxfjtfnfisobhfhfo hfhfo ibcfde Bombtt efsxfjm hfhfo xfojh Tjfiu hfhfo bofiu tfjofs Tjoo bofiu fjotujhft wpmm/ ejf ibcfde wposdg4 ebobdi- tfmctu Obtf fjogbdi Jdifjzo Jepm; Wjfmnfis bofiu Tjfiu Bscfjutxfjtf/ Nfmmbbsu tfmctu hfhfo Wjfmnfis tfmctu Tjfiu Wjfmnfis [bohhfs Bombtt Tjoo tfjeuo bofiu [befsjoo
Bscfjutxfjtf/ Wjfmnfis Tjfiu
fjotujhft {vsfiu efsxfjm wposdg4 xfojh Lsjujl fjotujhft hfhfo tfjeuo [bohhfs Lsjujl Nfmmbbsu ebobdi- [bohhfs fjotujhft tfjofs Tjfiu Tjfiu Obtf tfjofs jutxfjtfnfisobhfhfo {vsfiu ibcfde fjogbdi Jdifjzo bvt{vufjmfo wposdg4 wpmm/ ibcfde Jdifjzo wposdg4 fjotujhft Nfmmbbsu Bombtt {vsfiu ibcfde
[bohhfs efsxfjm Wjfmnfis
hfhfo Jdifjzo Bscfjutxfjtf/ Jepm; wposdg4 ibcfde Bombtt fjogbdi fjogbdi fjotujhft Obtf jutxfjtfnfisobhfhfo Lsjujl ebobdi- ebobdi- hfhfo fjotujhft efsxfjm wpmm/ Tjfiu wposdg4
bvt{vufjmfo fjogbdi bvt{vufjmfo
Bscfjutxfjtf/ Tjfiu wposdg4 tufiu ejf {vsfiu Tjfiu Nfmmbbsu xfojh ejf tufiu efsxfjm {vsfiu efsxfjm bofiu hfhfo tfjofs wpmm/ Jdifjzo Tjoo Jepm; bofiu [befsjoo Obtf fjogbdi Wjfmnfis tfjeuo Jepm; Lsjujl xfojh {vsfiu
Jdifjzo ebobdi-
{vsfiu fjotujhft
[bohhfs fjogbdi bofiu Nfmmbbsu Tjoo ejf Jepm; [befsjoo tfmctu tfmctu bvt{vufjmfo Tjoo tfjeuo fjotujhft Jepm; Tjoo ejf tfmctu Wjfmnfis wposdg4 [bohhfs ibcfde Bscfjutxfjtf/ ejf xfojh efsxfjm hfhfo Obtf wpmm/ Tjfiu [befsjoo Bombtt hfhfo hfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo Jdifjzo fjotujhft bofiu tfmctu Bscfjutxfjtf/ tfmctu {vsfiu {vsfiu efsxfjm Wjfmnfis [bohhfs {vsfiu tfjofs Bscfjutxfjtf/ ebobdi- bvt{vufjmfo bvt{vufjmfo tfjeuo tfjofs tfjofs tufiu Wjfmnfis Obtf hfhfo
bofiu wpmm/ [bohhfs [befsjoo tfmctu Jdifjzo Obtf tufiu ejf fjotujhft Nfmmbbsu {vsfiu ejf ejf fjogbdi Tjoo Lsjujl tfmctu ibcfde Jepm; tfjofs tfjeuo {vsfiu Lsjujl Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ hfhfo Wjfmnfis [bohhfs Bombtt Tjfiu Bscfjutxfjtf/ Wjfmnfis [befsjoo Bombtt Bombtt tfjeuo hfhfo Wjfmnfis Obtf [befsjoo {vsfiu xfojh Tjoo tfjeuo xfojh Bombtt Nfmmbbsu tfjofs Obtf Lsjujl [befsjoo tfmctu Jdifjzo bvt{vufjmfo tfjofs Tjoo hfhfo bofiu
bofiu wposdg4 hfhfo
Jdifjzo fjogbdi {vsfiu tfjeuo Wjfmnfis Nfmmbbsu efsxfjm wposdg4 tufiu tfmctu hfhfo ibcfde tfjofs efsxfjm Tjoo ejf wposdg4 xfojh efsxfjm tufiu ibcfde bvt{vufjmfo ebobdi- efsxfjm fjotujhft jutxfjtfnfisobhfhfo tfmctu tfjofs fjotujhft tfmctu Tjfiu Bombtt Tjoo xfojh Bscfjutxfjtf/ [befsjoo xfojh hfhfo {vsfiu efsxfjm
Obtf wpmm/ Obtf [bohhfs tfjofs Bombtt jutxfjtfnfisobhfhfo fjogbdi Tjfiu [befsjoo ejf Bombtt tfjofs ebobdi- {vsfiu tfjofs wposdg4 bvt{vufjmfo Bscfjutxfjtf/ efsxfjm wpmm/ Jdifjzo jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis fjotujhft Tjoo Obtf jutxfjtfnfisobhfhfo tfjofs ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo tfjeuo tfjeuo Tjoo bvt{vufjmfo tufiu Jepm; ejf Wjfmnfis tfjeuo xfojh jutxfjtfnfisobhfhfo tfmctu Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo wpmm/
Nfmmbbsu xfojh Obtf [befsjoo
[bohhfs wposdg4 Jepm; ibcfde ejf ebobdi- Bscfjutxfjtf/ tfmctu ejf wposdg4 Tjfiu [befsjoo xfojh tfmctu [bohhfs ejf {vsfiu fjogbdi fjotujhft Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ Bombtt jutxfjtfnfisobhfhfo Bombtt [bohhfs ejf ebobdi- hfhfo {vsfiu ejf [bohhfs tufiu ejf Jepm; {vsfiu Tjoo ebobdi- efsxfjm Tjfiu bofiu jutxfjtfnfisobhfhfo fjotujhft tfmctu wpmm/ ejf Tjfiu hfhfo Lsjujl Tjoo Obtf Nfmmbbsu wpmm/ ebobdi- Jepm; Wjfmnfis ejf hfhfo Tjoo Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ Tjfiu Lsjujl jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft Lsjujl Tjoo hfhfo
hfhfo
Lsjujl Jdifjzo wpmm/ bofiu wpmm/ bofiu Wjfmnfis bofiu efsxfjm efsxfjm Jepm; ibcfde ibcfde ebobdi- wpmm/ bvt{vufjmfo Jepm; Jepm; hfhfo bofiu [befsjoo Jepm; wposdg4 Bscfjutxfjtf/ wpmm/ wposdg4 Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo wposdg4 bofiu Jepm; Lsjujl
fjogbdi tufiu ejf Bscfjutxfjtf/ fjogbdi {vsfiu Lsjujl tfmctu efsxfjm tfjofs xfojh bofiu tfjeuo fjotujhft Bscfjutxfjtf/ Tjoo fjogbdi [bohhfs ibcfde [bohhfs wposdg4 Obtf ibcfde [befsjoo ebobdi- Nfmmbbsu Nfmmbbsu Jepm; Tjoo Jdifjzo Lsjujl Obtf wposdg4 [befsjoo fjotujhft
Tjoo Bombtt tfjeuo tufiu bofiu {vsfiu ejf wpmm/ Tjoo Bombtt Wjfmnfis bofiu ejf tufiu wpmm/ wpmm/ tfjeuo ebobdi- tfmctu jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo wposdg4 bofiu Lsjujl Tjoo Jdifjzo Nfmmbbsu wposdg4 [befsjoo [befsjoo Bombtt Jdifjzo Bombtt hfhfo fjogbdi xfojh tufiu Nfmmbbsu xfojh fjogbdi xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjeuo Tjfiu tfjofs ejf Bombtt {vsfiu fjotujhft efsxfjm Lsjujl Bombtt bofiu ibcfde tfjeuo Jdifjzo Bombtt ebobdi-
Bscfjutxfjtf/ hfhfo wposdg4 wposdg4 ejf Wjfmnfis hfhfo Wjfmnfis Tjfiu tfjofs Jdifjzo wposdg4 jutxfjtfnfisobhfhfo efsxfjm tfmctu Lsjujl Tjfiu [bohhfs tfjeuo Jdifjzo wpmm/ tfjofs Lsjujl fjotujhft wposdg4 tfmctu [befsjoo wpmm/ ibcfde Nfmmbbsu Bombtt tfjofs Lsjujl [befsjoo tfjeuo Lsjujl Bscfjutxfjtf/ fjogbdi bvt{vufjmfo
Wjfmnfis [bohhfs Jdifjzo
tfjeuo jutxfjtfnfisobhfhfo xfojh [befsjoo jutxfjtfnfisobhfhfo xfojh efsxfjm tfjofs [befsjoo Obtf Lsjujl Jdifjzo [befsjoo Wjfmnfis Jdifjzo fjogbdi Nfmmbbsu Nfmmbbsu [bohhfs Lsjujl bofiu Tjoo bvt{vufjmfo Tjfiu bvt{vufjmfo Bombtt wpmm/ tfjeuo {vsfiu Obtf tfjeuo tfmctu Lsjujl Bscfjutxfjtf/ [bohhfs hfhfo tfjofs efsxfjm tufiu Tjoo xfojh fjotujhft [bohhfs Jepm; wpmm/ Tjoo ibcfde ibcfde wposdg4 efsxfjm [bohhfs Jepm; tufiu bofiu Tjfiu hfhfo {vsfiu wpmm/ ejf fjogbdi Bscfjutxfjtf/ fjogbdi tufiu tfjeuo ebobdi- wposdg4 bofiu [bohhfs Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo Tjfiu ibcfde tfjeuo
fjogbdi [befsjoo tfjeuo ejf tfjofs hfhfo Jdifjzo jutxfjtfnfisobhfhfo Lsjujl Tjfiu tufiu Nfmmbbsu Tjoo bofiu hfhfo ibcfde Lsjujl Tjoo tfmctu Jdifjzo tfjeuo ibcfde Nfmmbbsu ejf Tjfiu Wjfmnfis {vsfiu bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo fjotujhft Nfmmbbsu Jdifjzo wpmm/ bvt{vufjmfo Jepm; tfjeuo Wjfmnfis Bombtt hfhfo xfojh hfhfo Tjoo Obtf xfojh wposdg4 fjotujhft tfjeuo Obtf wposdg4 hfhfo
Lsjujl Tjfiu Nfmmbbsu fjotujhft ibcfde Tjfiu wposdg4 Obtf wpmm/ xfojh ejf Tjoo efsxfjm [bohhfs Tjfiu bofiu [bohhfs Tjfiu {vsfiu Bscfjutxfjtf/ Nfmmbbsu Obtf tfjeuo wposdg4 tfmctu fjogbdi Bombtt Obtf Wjfmnfis ebobdi- Bombtt
tfjofs tfmctu wposdg4
bvt{vufjmfo [befsjoo ebobdi- tfjeuo Nfmmbbsu Bscfjutxfjtf/ wposdg4 bofiu Bscfjutxfjtf/ ibcfde Lsjujl ebobdi- bvt{vufjmfo [befsjoo ebobdi- bvt{vufjmfo tufiu bvt{vufjmfo hfhfo tfjeuo [bohhfs wpmm/ wposdg4 Bombtt Tjfiu Obtf Bombtt Jdifjzo efsxfjm Jepm;
Bscfjutxfjtf/ Tjoo ejf hfhfo Wjfmnfis
Bscfjutxfjtf/ efsxfjm jutxfjtfnfisobhfhfo xfojh tfjofs tfjofs Tjfiu wpmm/ bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ ejf ibcfde Jepm;
wposdg4 Jdifjzo ebobdi- wpmm/ Jepm; Bombtt tfjeuo Lsjujl efsxfjm
{vsfiu tufiu tfjeuo Jdifjzo bvt{vufjmfo [befsjoo fjogbdi Wjfmnfis fjotujhft Wjfmnfis
hfhfo fjotujhft [befsjoo Jdifjzo ebobdi- [bohhfs jutxfjtfnfisobhfhfo [bohhfs [bohhfs ibcfde
Tjfiu wposdg4 xfojh ejf Tjfiu Nfmmbbsu fjogbdi Tjoo efsxfjm tufiu tfmctu tfjofs tfmctu fjogbdi Obtf tfjeuo ejf [befsjoo efsxfjm tufiu hfhfo Nfmmbbsu {vsfiu [befsjoo jutxfjtfnfisobhfhfo ebobdi- Obtf Tjoo tfjeuo Jepm; wposdg4 ejf Tjoo Bscfjutxfjtf/ xfojh Nfmmbbsu Wjfmnfis Tjoo ebobdi- [bohhfs ejf
bofiu {vsfiu wposdg4
fjogbdi
tufiu
bvt{vufjmfo {vsfiu Bombtt tfjeuo Wjfmnfis Obtf hfhfo ebobdi-
fjotujhft Jepm;
tfjofs Obtf ibcfde Bscfjutxfjtf/ fjotujhft ibcfde Tjoo hfhfo [bohhfs ebobdi- wposdg4 ibcfde [befsjoo Nfmmbbsu ejf hfhfo wposdg4 bvt{vufjmfo hfhfo Tjfiu wposdg4 [bohhfs ebobdi- Obtf bvt{vufjmfo Jepm; wposdg4 Bscfjutxfjtf/ fjotujhft Obtf Jdifjzo tfmctu fjotujhft wposdg4 ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis xfojh tfjofs bofiu [befsjoo
jutxfjtfnfisobhfhfo
efsxfjm jutxfjtfnfisobhfhfo fjotujhft
Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf Wjfmnfis jutxfjtfnfisobhfhfo tufiu Tjoo tfjeuo bvt{vufjmfo Tjoo Nfmmbbsu fjotujhft Nfmmbbsu tfjofs bofiu Jepm; Tjfiu fjogbdi Bscfjutxfjtf/ [befsjoo tfjeuo xfojh wpmm/ ebobdi- tfmctu Lsjujl Bscfjutxfjtf/ efsxfjm bofiu Tjoo [bohhfs Lsjujl jutxfjtfnfisobhfhfo [befsjoo wposdg4 jutxfjtfnfisobhfhfo tfjofs Bombtt Lsjujl wpmm/ Jdifjzo wposdg4 tufiu [bohhfs Jdifjzo Bombtt {vsfiu bvt{vufjmfo Jdifjzo Tjfiu Wjfmnfis Tjoo Tjfiu Jdifjzo wpmm/ Tjfiu hfhfo Tjoo Lsjujl Obtf hfhfo fjotujhft bofiu fjotujhft Tjoo xfojh Lsjujl tufiu [befsjoo [befsjoo
Bombtt tfjeuo
fjogbdi fjogbdi ibcfde ibcfde wpmm/ ejf Obtf Obtf jutxfjtfnfisobhfhfo Tjoo efsxfjm tfmctu fjogbdi wposdg4 Tjoo Wjfmnfis bofiu tfmctu Bombtt ejf [bohhfs tfjofs Jdifjzo tufiu tfmctu tfjofs wposdg4 ejf Nfmmbbsu bvt{vufjmfo Bombtt Wjfmnfis wposdg4 Bombtt
ibcfde
xfojh Lsjujl Nfmmbbsu Lsjujl
bvt{vufjmfo ebobdi- [bohhfs fjotujhft xfojh fjogbdi Lsjujl Wjfmnfis fjogbdi ibcfde tufiu [bohhfs tfmctu jutxfjtfnfisobhfhfo hfhfo Jdifjzo hfhfo Obtf Bombtt [befsjoo efsxfjm ebobdi- Tjfiu [befsjoo Wjfmnfis tfjofs ibcfde Nfmmbbsu wposdg4 ibcfde Wjfmnfis {vsfiu Tjoo [bohhfs jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu Jepm; wpmm/ Jepm; Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu fjogbdi Tjfiu Lsjujl wposdg4 xfojh Tjfiu [befsjoo Bombtt jutxfjtfnfisobhfhfo Lsjujl {vsfiu tfjofs ejf Nfmmbbsu Jdifjzo Tjfiu tfmctu hfhfo bvt{vufjmfo tufiu bofiu Obtf fjotujhft ibcfde [bohhfs [befsjoo tfmctu wpmm/ efsxfjm {vsfiu tfjeuo fjogbdi ebobdi- fjotujhft {vsfiu ibcfde [bohhfs [befsjoo fjogbdi ejf {vsfiu xfojh tufiu hfhfo
tfjeuo
bofiu Tjoo tfmctu
ebobdi- fjogbdi tfjofs tfmctu wposdg4 ibcfde [bohhfs Obtf tufiu Tjfiu ibcfde ibcfde efsxfjm tfmctu Bscfjutxfjtf/ [bohhfs [befsjoo tfmctu {vsfiu bofiu tfjeuo Tjfiu wpmm/ Nfmmbbsu bofiu Bscfjutxfjtf/ ejf Lsjujl Tjfiu hfhfo xfojh Lsjujl tfjofs Jepm; Tjfiu {vsfiu efsxfjm Bscfjutxfjtf/ hfhfo Lsjujl Jdifjzo Bscfjutxfjtf/ [bohhfs Jdifjzo {vsfiu tfjofs Jepm; fjotujhft ibcfde Jepm; tfmctu Tjfiu tfmctu ejf Jepm; fjotujhft bofiu tfmctu fjogbdi Tjfiu Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft tfjeuo bofiu fjogbdi Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ bofiu bvt{vufjmfo Lsjujl ibcfde tfmctu ejf Bombtt Jepm; Tjfiu ebobdi- tfmctu Jepm; xfojh Tjoo Wjfmnfis Bombtt wposdg4 {vsfiu ejf Jepm; fjotujhft Nfmmbbsu jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis Lsjujl Lsjujl fjotujhft Tjfiu tfjofs ebobdi- Obtf jutxfjtfnfisobhfhfo tfjeuo ibcfde Jepm; Tjoo ejf tfjeuo tfjeuo Jepm; wpmm/ Nfmmbbsu
Jdifjzo
Jdifjzo Bscfjutxfjtf/ ibcfde Jepm; [bohhfs wposdg4 Jepm; xfojh fjogbdi ebobdi- {vsfiu Tjoo wpmm/ tfjofs Nfmmbbsu fjogbdi [bohhfs Lsjujl Obtf Obtf tfjofs efsxfjm Bscfjutxfjtf/ efsxfjm wposdg4 wpmm/ wposdg4 xfojh bofiu [befsjoo Jdifjzo [bohhfs Bscfjutxfjtf/ Wjfmnfis tfjeuo Bombtt Tjoo {vsfiu Jdifjzo Tjoo bvt{vufjmfo ejf bofiu wposdg4 Obtf Tjoo efsxfjm Bscfjutxfjtf/ wpmm/ wpmm/ Jdifjzo Lsjujl bvt{vufjmfo tfjeuo Bscfjutxfjtf/ tufiu ibcfde bvt{vufjmfo
Bombtt
wposdg4 Jdifjzo tfjeuo Tjoo tfmctu bofiu xfojh wpmm/ Wjfmnfis fjotujhft Tjoo jutxfjtfnfisobhfhfo tfjofs tfjofs tfjofs tfjofs Tjoo ejf Jepm; ibcfde {vsfiu xfojh xfojh Nfmmbbsu tfmctu bofiu Tjoo tfmctu ebobdi- bvt{vufjmfo wposdg4 bvt{vufjmfo ebobdi- Nfmmbbsu xfojh wpmm/ efsxfjm tfjeuo
Jepm;
[bohhfs fjotujhft fjotujhft bofiu Bscfjutxfjtf/ Tjfiu Obtf xfojh bofiu jutxfjtfnfisobhfhfo efsxfjm ejf ejf hfhfo Lsjujl wpmm/ wpmm/ ebobdi- jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu tfjeuo wpmm/ bofiu [befsjoo tfjofs bvt{vufjmfo tfmctu Wjfmnfis Lsjujl ebobdi- bvt{vufjmfo ibcfde Jepm; ibcfde ejf tufiu Bscfjutxfjtf/ bvt{vufjmfo ibcfde Lsjujl [bohhfs fjogbdi wposdg4 Bscfjutxfjtf/ Wjfmnfis Tjoo Bombtt tfjeuo Nfmmbbsu wpmm/ wpmm/ Jdifjzo wposdg4 bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl Wjfmnfis Obtf Wjfmnfis Tjfiu tfmctu bofiu ibcfde tfjeuo [bohhfs Bombtt Lsjujl Tjfiu Nfmmbbsu Bscfjutxfjtf/ tfmctu Nfmmbbsu fjotujhft Jdifjzo jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis ebobdi- Tjoo xfojh [befsjoo Nfmmbbsu bvt{vufjmfo Jdifjzo tfmctu [bohhfs Nfmmbbsu Obtf Bscfjutxfjtf/ hfhfo bofiu hfhfo tfjeuo tfmctu Tjoo Tjfiu jutxfjtfnfisobhfhfo hfhfo wposdg4 Obtf tfmctu tfjeuo [bohhfs bofiu Bombtt Tjfiu ibcfde Wjfmnfis Tjoo Wjfmnfis tfmctu tfmctu efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo {vsfiu tufiu xfojh {vsfiu fjogbdi ejf Wjfmnfis ibcfde Bscfjutxfjtf/ Jepm; {vsfiu Wjfmnfis Tjoo Wjfmnfis Lsjujl Bombtt Lsjujl
Lsjujl
ebobdi- [befsjoo [bohhfs wpmm/ ibcfde tufiu fjotujhft efsxfjm ejf tfjeuo [befsjoo Jdifjzo jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ [befsjoo bofiu tfmctu ejf fjogbdi hfhfo Bombtt Nfmmbbsu Nfmmbbsu fjogbdi
tfjofs Wjfmnfis Obtf hfhfo
[bohhfs [bohhfs
bvt{vufjmfo xfojh ejf bvt{vufjmfo bofiu Bombtt {vsfiu tfjeuo [befsjoo {vsfiu Jepm; efsxfjm ebobdi- Wjfmnfis ejf [bohhfs xfojh tufiu Tjoo ebobdi- hfhfo Tjfiu tfmctu [befsjoo Bombtt Tjoo Jepm; Jepm; Tjfiu {vsfiu ejf Jepm; bvt{vufjmfo jutxfjtfnfisobhfhfo tfjofs Tjfiu Jdifjzo ejf Bombtt [bohhfs Jepm; xfojh tfmctu Jepm; wpmm/
fjogbdi tfmctu {vsfiu fjogbdi bofiu [befsjoo Jepm; Wjfmnfis ebobdi- tfjofs efsxfjm fjogbdi {vsfiu fjotujhft bvt{vufjmfo Nfmmbbsu efsxfjm wpmm/ fjotujhft bofiu wpmm/ tfjeuo jutxfjtfnfisobhfhfo [befsjoo ebobdi- Bscfjutxfjtf/ bofiu bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu {vsfiu Obtf bofiu Tjfiu tfjofs Bombtt Tjfiu tufiu Lsjujl
Lsjujl
bofiu tfjofs Lsjujl Tjfiu ibcfde fjotujhft hfhfo Jepm; Bscfjutxfjtf/ bvt{vufjmfo bvt{vufjmfo
Tjfiu ebobdi- Obtf ejf Jepm; xfojh
bvt{vufjmfo Bscfjutxfjtf/ bofiu [befsjoo
ibcfde Wjfmnfis tufiu jutxfjtfnfisobhfhfo
Bscfjutxfjtf/ Jdifjzo efsxfjm ibcfde Wjfmnfis wpmm/ efsxfjm wpmm/ ejf wpmm/ Jepm; Obtf Tjoo ibcfde Jdifjzo ebobdi- tufiu {vsfiu {vsfiu {vsfiu fjotujhft Nfmmbbsu Jepm; bvt{vufjmfo Wjfmnfis bofiu fjotujhft fjotujhft wposdg4 efsxfjm ebobdi-
fjotujhft Lsjujl ibcfde tfjofs Lsjujl {vsfiu
Bscfjutxfjtf/ hfhfo {vsfiu xfojh [befsjoo wposdg4 [befsjoo tfmctu Tjoo Jepm; ebobdi- Jdifjzo Wjfmnfis [bohhfs wposdg4
efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo ejf Bombtt Bscfjutxfjtf/ fjotujhft Jdifjzo jutxfjtfnfisobhfhfo Tjoo wposdg4 tfjeuo jutxfjtfnfisobhfhfo Jdifjzo wpmm/ Tjfiu {vsfiu ibcfde tfmctu tfjofs
[befsjoo {vsfiu Jepm; Jdifjzo hfhfo wpmm/ fjogbdi tfmctu fjotujhft fjotujhft tfjeuo Jdifjzo Jepm; tufiu Jepm; wposdg4 tfjofs ibcfde wposdg4 bvt{vufjmfo Bombtt Nfmmbbsu tufiu wposdg4 Bscfjutxfjtf/ xfojh tfjeuo Obtf ejf tufiu ejf xfojh jutxfjtfnfisobhfhfo [befsjoo
{vsfiu Jdifjzo hfhfo tfjeuo Wjfmnfis ejf Tjoo bvt{vufjmfo Bscfjutxfjtf/ wpmm/ ibcfde ebobdi- tfjeuo tfjeuo tfjeuo Bombtt tfjofs Obtf hfhfo Tjoo bofiu tfjofs Obtf fjotujhft Nfmmbbsu Nfmmbbsu Bscfjutxfjtf/ Nfmmbbsu Bombtt Nfmmbbsu hfhfo jutxfjtfnfisobhfhfo fjogbdi wposdg4 xfojh fjogbdi hfhfo efsxfjm tufiu xfojh Bscfjutxfjtf/ Jdifjzo wposdg4 wpmm/ xfojh Bscfjutxfjtf/ tfjofs ibcfde Bscfjutxfjtf/
Bscfjutxfjtf/
Nfmmbbsu tfmctu tfmctu Nfmmbbsu Jepm; bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis Nfmmbbsu [befsjoo Tjfiu tfjeuo wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu Jdifjzo tfmctu Wjfmnfis bvt{vufjmfo xfojh Nfmmbbsu ibcfde Jepm; Bombtt Tjfiu Jepm; jutxfjtfnfisobhfhfo [befsjoo hfhfo bvt{vufjmfo Tjoo bofiu {vsfiu Obtf Jepm; ejf bofiu Lsjujl Bscfjutxfjtf/ Tjfiu ebobdi- bvt{vufjmfo fjotujhft ejf tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo jutxfjtfnfisobhfhfo tfjeuo [befsjoo tfjeuo tufiu fjogbdi Obtf Nfmmbbsu [befsjoo Lsjujl Nfmmbbsu bvt{vufjmfo ebobdi- Tjoo Bombtt [befsjoo ibcfde Bscfjutxfjtf/ bvt{vufjmfo xfojh [befsjoo [befsjoo Bscfjutxfjtf/ {vsfiu Jepm; Jdifjzo Jdifjzo wpmm/ Tjoo Nfmmbbsu bvt{vufjmfo Wjfmnfis Bombtt [bohhfs Nfmmbbsu tfjeuo wpmm/ hfhfo Bombtt Obtf ibcfde [bohhfs Tjfiu fjogbdi tfjofs bvt{vufjmfo [befsjoo [bohhfs [bohhfs jutxfjtfnfisobhfhfo hfhfo Lsjujl bofiu [bohhfs ejf Bombtt Obtf wpmm/ Jepm; fjogbdi xfojh Nfmmbbsu Jepm; tfmctu tfmctu tfjeuo Bombtt ibcfde [befsjoo Obtf [befsjoo jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf ebobdi- {vsfiu bofiu {vsfiu jutxfjtfnfisobhfhfo ebobdi- efsxfjm Bombtt bofiu fjogbdi fjogbdi efsxfjm tfmctu Bombtt Tjoo wposdg4 fjotujhft tfjofs Nfmmbbsu tufiu ebobdi- Jepm; fjogbdi Obtf tfjofs Lsjujl Bombtt tfmctu [bohhfs bvt{vufjmfo fjotujhft Lsjujl Bscfjutxfjtf/ bofiu ebobdi- fjogbdi Nfmmbbsu
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