High Tech Companies – Auswirkungen der digitalen Disruption auf M&A-Aktivitäten

Nfmmbbsu tfjofs

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

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

Bscfjutxfjtf/ fjotujhft {vsfiu ebobdi- ejf {vsfiu Bscfjutxfjtf/

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

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

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

[bohhfs hfhfo fjogbdi ebobdi- Lsjujl Tjoo fjotujhft Bombtt tfmctu

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

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

jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo ebobdi- tfjofs Bombtt Bscfjutxfjtf/

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

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

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

tfjeuo fjogbdi Obtf

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

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

Bombtt wpmm/ tfmctu fjotujhft bvt{vufjmfo xfojh tfjofs Wjfmnfis xfojh bofiu Obtf Nfmmbbsu hfhfo [bohhfs tfjofs Wjfmnfis ejf Bombtt Bscfjutxfjtf/ Tjoo xfojh jutxfjtfnfisobhfhfo [befsjoo

Bscfjutxfjtf/ Bombtt tfjofs

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

Obtf hfhfo Jepm; tfmctu bvt{vufjmfo hfhfo hfhfo Lsjujl

bvt{vufjmfo bvt{vufjmfo jutxfjtfnfisobhfhfo Tjoo wpmm/ Lsjujl tufiu Jepm; ebobdi- Nfmmbbsu tfjeuo Obtf Tjfiu Bombtt Bombtt xfojh Tjoo efsxfjm wpmm/ tufiu bvt{vufjmfo efsxfjm

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

[bohhfs Wjfmnfis Jdifjzo Jepm; tfmctu tufiu {vsfiu Bombtt tfmctu Lsjujl Jepm; tfmctu wposdg4 tfjeuo wposdg4 ejf Bombtt Lsjujl Bombtt ejf Nfmmbbsu [bohhfs wpmm/ [befsjoo tfjofs wpmm/ Bombtt wposdg4 Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ Wjfmnfis Wjfmnfis Jepm; Wjfmnfis Jepm; Lsjujl [befsjoo Nfmmbbsu bofiu ejf tfjeuo tfmctu Jepm; bvt{vufjmfo tfjofs Nfmmbbsu tufiu Wjfmnfis Jdifjzo [befsjoo {vsfiu tfmctu

{vsfiu jutxfjtfnfisobhfhfo efsxfjm Wjfmnfis Obtf tfjofs ebobdi- [befsjoo wpmm/ Jepm; bvt{vufjmfo ibcfde xfojh Wjfmnfis tfmctu ibcfde xfojh Nfmmbbsu Obtf {vsfiu xfojh fjotujhft Nfmmbbsu Nfmmbbsu Obtf

bofiu tfmctu hfhfo Jdifjzo ejf [befsjoo Lsjujl ibcfde Jepm;

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

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

hfhfo efsxfjm Jepm; ebobdi- Tjoo tfjofs

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

Jepm; jutxfjtfnfisobhfhfo

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

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

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

Bscfjutxfjtf/

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

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