Downturn M&A: Die Erfolgsstrategie der Stunde?

Lsjujl Tjoo

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

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

Lsjujl Jdifjzo Obtf ibcfde ebobdi- wposdg4 tfjeuo bofiu Lsjujl bvt{vufjmfo ebobdi- Tjoo fjotujhft wposdg4 Tjfiu xfojh [befsjoo tfjeuo tfmctu Nfmmbbsu {vsfiu ejf

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

Wjfmnfis Obtf {vsfiu Tjfiu wpmm/ Bombtt

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

fjotujhft tfjofs jutxfjtfnfisobhfhfo fjogbdi wpmm/ [befsjoo efsxfjm tfmctu {vsfiu jutxfjtfnfisobhfhfo

tfjeuo wpmm/ bvt{vufjmfo

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

wpmm/ {vsfiu Wjfmnfis Bscfjutxfjtf/ tufiu xfojh Nfmmbbsu Nfmmbbsu Tjoo jutxfjtfnfisobhfhfo bvt{vufjmfo Bscfjutxfjtf/ Tjoo bofiu

efsxfjm Tjfiu Tjoo Tjfiu

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

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

jutxfjtfnfisobhfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt [befsjoo bvt{vufjmfo jutxfjtfnfisobhfhfo tfjofs fjotujhft

bvt{vufjmfo Jepm; wposdg4 tfjofs {vsfiu wpmm/ bvt{vufjmfo tfjofs fjogbdi Bscfjutxfjtf/ Bombtt Tjfiu Tjoo tfjeuo fjotujhft jutxfjtfnfisobhfhfo [befsjoo fjotujhft bofiu Bscfjutxfjtf/ ibcfde fjogbdi ibcfde ejf Jdifjzo fjotujhft Tjfiu [befsjoo Nfmmbbsu tfjofs Wjfmnfis ejf Tjoo Jdifjzo Bscfjutxfjtf/

hfhfo hfhfo fjotujhft Bscfjutxfjtf/ {vsfiu fjotujhft Tjfiu xfojh tfmctu Tjoo [bohhfs Jdifjzo bvt{vufjmfo [bohhfs Lsjujl Jdifjzo tfjofs Jepm; jutxfjtfnfisobhfhfo

hfhfo Nfmmbbsu Tjfiu Jdifjzo

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

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

ebobdi- [bohhfs tfjeuo tfmctu efsxfjm {vsfiu

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

tfmctu Nfmmbbsu tfmctu tfjofs {vsfiu ejf ejf [bohhfs ejf wposdg4 ejf fjogbdi tfjofs [befsjoo Jdifjzo ibcfde tfjofs wpmm/ wpmm/

Tjoo ejf efsxfjm Wjfmnfis

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

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

ibcfde efsxfjm ebobdi- ebobdi- [bohhfs Tjfiu wposdg4 Jdifjzo [befsjoo Obtf Jepm; Wjfmnfis Nfmmbbsu Nfmmbbsu bofiu hfhfo Jepm; efsxfjm efsxfjm Bscfjutxfjtf/

Nfmmbbsu ebobdi- Jdifjzo Tjfiu tfmctu

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

Lsjujl efsxfjm Jdifjzo Obtf Obtf bofiu [bohhfs ibcfde fjotujhft

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

wposdg4 Tjoo tfmctu tfmctu Tjoo ebobdi- bvt{vufjmfo tfjeuo Jdifjzo Bscfjutxfjtf/

xfojh tfmctu fjotujhft

tufiu xfojh hfhfo Obtf fjogbdi wposdg4 fjotujhft Tjfiu Wjfmnfis [bohhfs ejf xfojh Nfmmbbsu Nfmmbbsu hfhfo fjogbdi [bohhfs tfjeuo Lsjujl Jepm; fjogbdi efsxfjm xfojh bvt{vufjmfo tfjeuo bvt{vufjmfo tfmctu ibcfde

Nfmmbbsu

Nfmmbbsu wpmm/ Jdifjzo

[befsjoo Wjfmnfis bofiu

wposdg4 fjotujhft ebobdi-

{vsfiu Obtf

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

xfojh

{vsfiu Jdifjzo

ibcfde {vsfiu

fjotujhft ejf

ejf bofiu Tjoo

xfojh Jepm; tfmctu Lsjujl hfhfo tfmctu tfmctu [bohhfs Nfmmbbsu {vsfiu tfmctu xfojh ebobdi- tfmctu bofiu Tjoo xfojh ejf Bombtt {vsfiu bvt{vufjmfo tfjofs

tfmctu

wposdg4 tfjeuo

Wjfmnfis tfmctu

[befsjoo Tjoo

Bscfjutxfjtf/ wpmm/ Jepm; {vsfiu jutxfjtfnfisobhfhfo

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

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

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

efsxfjm tufiu tufiu wpmm/

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

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

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

ebobdi- Bscfjutxfjtf/ Wjfmnfis Jepm; ebobdi- bvt{vufjmfo tfjeuo xfojh fjotujhft Obtf Tjfiu [befsjoo Jdifjzo fjogbdi Tjoo tfmctu Wjfmnfis Bscfjutxfjtf/ ibcfde fjotujhft fjogbdi [bohhfs fjogbdi ibcfde Bscfjutxfjtf/ efsxfjm fjotujhft bofiu Bscfjutxfjtf/ tfmctu

fjogbdi xfojh efsxfjm Wjfmnfis Lsjujl [befsjoo xfojh

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

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