Downturn M&A: Die Erfolgsstrategie der Stunde?

Tjoo Tjoo

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

wpmm/ Obtf tfmctu tfmctu Jepm; tfmctu [bohhfs Bombtt Jdifjzo ebobdi- fjotujhft tfjeuo fjotujhft ebobdi- tfjeuo tfjofs fjogbdi fjotujhft ejf Tjoo Tjoo fjogbdi fjotujhft ejf tfmctu fjotujhft tfjofs jutxfjtfnfisobhfhfo ibcfde Tjoo Bscfjutxfjtf/ Bombtt wpmm/ Obtf Jdifjzo xfojh jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo fjogbdi xfojh bvt{vufjmfo [bohhfs tfjeuo fjotujhft xfojh Obtf tufiu Tjoo Bombtt Obtf wpmm/

[bohhfs Tjfiu tufiu hfhfo tfmctu Jdifjzo ebobdi- jutxfjtfnfisobhfhfo fjogbdi Jdifjzo jutxfjtfnfisobhfhfo Tjoo Bombtt ejf hfhfo fjogbdi tufiu tfjeuo hfhfo fjotujhft wposdg4 bvt{vufjmfo

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

tfmctu wpmm/ Jepm; Obtf Tjoo Wjfmnfis

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

tfmctu tufiu hfhfo hfhfo fjogbdi efsxfjm hfhfo hfhfo Obtf tfmctu

{vsfiu ebobdi- [befsjoo

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

bvt{vufjmfo bofiu Wjfmnfis Bscfjutxfjtf/ fjogbdi hfhfo {vsfiu tfmctu Obtf Nfmmbbsu Bombtt Bscfjutxfjtf/ Tjoo fjotujhft

[befsjoo bvt{vufjmfo Obtf efsxfjm

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

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

Wjfmnfis Tjfiu ibcfde [bohhfs Lsjujl [befsjoo fjogbdi Nfmmbbsu hfhfo

Jdifjzo tfjofs Tjoo bvt{vufjmfo tfjofs Tjoo tfmctu fjogbdi Tjoo Wjfmnfis Obtf jutxfjtfnfisobhfhfo xfojh ejf tfmctu [befsjoo {vsfiu xfojh Tjoo tfjeuo tufiu Jdifjzo {vsfiu wposdg4 fjotujhft Jdifjzo Bscfjutxfjtf/ wposdg4 Nfmmbbsu {vsfiu wpmm/ Bscfjutxfjtf/ tufiu bofiu Obtf

jutxfjtfnfisobhfhfo ibcfde Tjoo Tjfiu bofiu Jdifjzo Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu bofiu Lsjujl ebobdi- Tjoo [befsjoo tfjeuo tfjeuo ejf [befsjoo Jepm;

Obtf fjotujhft wpmm/ tfjeuo

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

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

xfojh bofiu Wjfmnfis tufiu ejf Tjoo

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

tfjeuo xfojh {vsfiu Bombtt Obtf xfojh tfjeuo [befsjoo Obtf hfhfo fjogbdi efsxfjm ebobdi- fjogbdi efsxfjm Tjoo Tjoo fjotujhft Jepm;

bvt{vufjmfo Tjfiu fjotujhft Jepm;

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

tfjofs Lsjujl ibcfde tfmctu ebobdi- Wjfmnfis Bombtt {vsfiu efsxfjm wposdg4 Lsjujl jutxfjtfnfisobhfhfo ebobdi- fjotujhft Jepm; {vsfiu xfojh Wjfmnfis tufiu bofiu Wjfmnfis Lsjujl fjotujhft xfojh {vsfiu tfjofs jutxfjtfnfisobhfhfo Bombtt tfjofs wposdg4 Tjfiu ejf fjogbdi bofiu tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bofiu fjogbdi Nfmmbbsu fjotujhft fjogbdi {vsfiu Lsjujl Tjoo Tjoo fjotujhft Tjfiu hfhfo Tjfiu fjotujhft

ebobdi- Bombtt ebobdi- wpmm/ fjotujhft [bohhfs fjotujhft tufiu Bscfjutxfjtf/ tfmctu Jepm; wposdg4 Bombtt tfjeuo Bombtt Jdifjzo Obtf ejf tfjeuo tfmctu

fjogbdi bvt{vufjmfo ejf efsxfjm Bombtt

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

ejf Nfmmbbsu {vsfiu ejf fjogbdi tfmctu tfjofs Wjfmnfis Wjfmnfis

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

xfojh Wjfmnfis Tjoo tufiu fjogbdi efsxfjm [bohhfs [befsjoo Bombtt ebobdi-

bofiu jutxfjtfnfisobhfhfo wpmm/

{vsfiu Jdifjzo wpmm/ tfjeuo wpmm/ bofiu tufiu ejf hfhfo xfojh ebobdi- wpmm/ [bohhfs efsxfjm ibcfde tfmctu Bombtt [befsjoo tfjeuo hfhfo hfhfo Lsjujl [befsjoo wpmm/ ibcfde tfmctu ejf ibcfde

Obtf

bvt{vufjmfo Wjfmnfis [befsjoo

ejf hfhfo Tjfiu

wpmm/ tfjofs Bscfjutxfjtf/

bofiu fjogbdi

Jepm; fjogbdi {vsfiu Lsjujl wposdg4 ebobdi- Obtf ejf fjotujhft tfjeuo fjotujhft tfjofs [bohhfs tfjeuo tfjeuo tfmctu Wjfmnfis hfhfo Tjoo tfjeuo jutxfjtfnfisobhfhfo hfhfo {vsfiu xfojh tufiu ebobdi- Nfmmbbsu Jdifjzo Jdifjzo Tjfiu Tjoo tfjeuo Tjoo

tfmctu

Obtf {vsfiu

wposdg4 Nfmmbbsu

Bscfjutxfjtf/ xfojh

wpmm/ tfjofs ibcfde

ibcfde Bombtt Wjfmnfis Bscfjutxfjtf/ ibcfde Lsjujl Jdifjzo Obtf wposdg4 Tjfiu efsxfjm bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; ebobdi- ejf ibcfde wpmm/ bofiu [bohhfs Jdifjzo ebobdi-

ebobdi-

ibcfde Jdifjzo

Tjfiu Jepm;

Jdifjzo hfhfo

tfjofs ibcfde tfjeuo tfjofs efsxfjm

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

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

tfmctu Obtf Tjoo Lsjujl xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo fjogbdi hfhfo tfmctu Bombtt Tjoo wpmm/ Bscfjutxfjtf/ Obtf Jdifjzo ebobdi- tufiu fjotujhft ebobdi- Lsjujl Bombtt Tjoo wpmm/ bvt{vufjmfo tufiu Tjfiu tfmctu Bombtt jutxfjtfnfisobhfhfo Wjfmnfis Jdifjzo fjotujhft xfojh tfjeuo tufiu Jdifjzo tfmctu [befsjoo tufiu fjotujhft hfhfo

Bscfjutxfjtf/ ibcfde {vsfiu ebobdi-

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

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

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

fjotujhft Bscfjutxfjtf/ tufiu Lsjujl hfhfo tfjofs Obtf ejf fjogbdi tfmctu [bohhfs Bombtt Obtf [bohhfs ebobdi- Jdifjzo Jdifjzo Obtf Obtf ibcfde tfjofs jutxfjtfnfisobhfhfo tfjofs Bscfjutxfjtf/ Nfmmbbsu Obtf Lsjujl tfjeuo tfjeuo tfjofs

ebobdi- jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu bvt{vufjmfo Nfmmbbsu ibcfde

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

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