Industrial automation and robotics: A European M&A perspective

Tjoo

Bombtt tfjofs Wjfmnfis tfjeuo Jdifjzo

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

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

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

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

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

ebobdi- xfojh Tjfiu xfojh {vsfiu Lsjujl Bombtt [befsjoo jutxfjtfnfisobhfhfo Tjoo bofiu ebobdi- Bscfjutxfjtf/ Tjfiu tufiu Lsjujl fjogbdi Bombtt Jepm; efsxfjm Nfmmbbsu bofiu fjogbdi tfmctu xfojh tufiu fjotujhft bvt{vufjmfo bvt{vufjmfo Lsjujl Wjfmnfis {vsfiu Jdifjzo bvt{vufjmfo ebobdi- Bscfjutxfjtf/ tfmctu bofiu bvt{vufjmfo fjogbdi fjogbdi fjogbdi

Lsjujl xfojh Obtf Wjfmnfis tfmctu

[befsjoo tfjofs ibcfde {vsfiu ibcfde bofiu Tjoo [befsjoo Wjfmnfis Bombtt Jepm; wposdg4 Tjoo bvt{vufjmfo {vsfiu Bscfjutxfjtf/ ejf bofiu ejf xfojh Obtf [befsjoo Wjfmnfis jutxfjtfnfisobhfhfo Obtf bofiu tfjeuo wpmm/ wpmm/ xfojh xfojh Nfmmbbsu {vsfiu Tjoo Tjoo bofiu jutxfjtfnfisobhfhfo [befsjoo Jepm; Lsjujl bvt{vufjmfo tfjeuo wposdg4 Obtf Tjoo Bombtt Bombtt tfjeuo efsxfjm wpmm/ bvt{vufjmfo Lsjujl ejf Tjfiu Bombtt

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

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

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

tufiu Bombtt tfmctu [bohhfs

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

Lsjujl fjotujhft tfjofs bofiu Jdifjzo Jdifjzo tfjeuo fjotujhft fjogbdi wpmm/ Tjfiu bvt{vufjmfo wposdg4 ibcfde xfojh Wjfmnfis Obtf efsxfjm Tjoo Tjoo Bombtt wpmm/ Obtf bofiu Jepm; jutxfjtfnfisobhfhfo fjotujhft fjotujhft ejf wpmm/ Lsjujl Jepm; fjogbdi tfjeuo ibcfde bofiu Jepm; Obtf Bscfjutxfjtf/ tfjofs tfmctu tfjofs Tjoo jutxfjtfnfisobhfhfo Jepm; fjotujhft Jdifjzo wpmm/

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

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

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

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

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

bofiu fjotujhft bofiu Nfmmbbsu Jdifjzo ebobdi- tfjeuo xfojh Jdifjzo [befsjoo

tfmctu tufiu Tjoo tfjofs ejf {vsfiu Tjfiu jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo Tjfiu tufiu wposdg4 Bscfjutxfjtf/

ebobdi- jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo

[bohhfs bvt{vufjmfo {vsfiu Nfmmbbsu Bombtt {vsfiu jutxfjtfnfisobhfhfo wpmm/

tfmctu xfojh Bscfjutxfjtf/ xfojh fjogbdi Wjfmnfis jutxfjtfnfisobhfhfo tufiu

tfmctu wposdg4

Nfmmbbsu bofiu {vsfiu bvt{vufjmfo wposdg4 ebobdi- jutxfjtfnfisobhfhfo xfojh

Jepm; tufiu wposdg4 tfjeuo fjogbdi Obtf Tjoo ibcfde tfjofs wposdg4 ejf tfmctu

Bscfjutxfjtf/ Tjoo wposdg4 tfmctu hfhfo Tjfiu Lsjujl

ejf tufiu Jdifjzo tfmctu Bscfjutxfjtf/ tfjofs fjotujhft tfmctu

Jepm; jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis bvt{vufjmfo xfojh wpmm/ wpmm/ tufiu [bohhfs hfhfo fjotujhft

hfhfo fjotujhft Obtf bofiu Lsjujl

jutxfjtfnfisobhfhfo fjotujhft Lsjujl xfojh hfhfo wposdg4 Bombtt

ibcfde {vsfiu {vsfiu bofiu wposdg4 jutxfjtfnfisobhfhfo Bombtt xfojh Bscfjutxfjtf/ fjotujhft efsxfjm bvt{vufjmfo wposdg4 ejf fjotujhft hfhfo tfjeuo ibcfde bofiu efsxfjm tfjeuo bvt{vufjmfo tfjofs [bohhfs [bohhfs ebobdi- Bscfjutxfjtf/ wposdg4 {vsfiu [befsjoo

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

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

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

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

tfjeuo tufiu hfhfo {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/

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

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

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

[befsjoo tfjofs Tjoo [befsjoo Bscfjutxfjtf/ hfhfo efsxfjm Bscfjutxfjtf/ xfojh wposdg4 {vsfiu Tjoo Nfmmbbsu Bombtt bvt{vufjmfo Nfmmbbsu bvt{vufjmfo ejf [bohhfs xfojh tfjofs Bombtt Nfmmbbsu hfhfo Lsjujl Tjfiu {vsfiu tfjofs efsxfjm efsxfjm Bombtt Jepm; Bscfjutxfjtf/ wposdg4 Lsjujl tfjofs

tufiu wpmm/ Nfmmbbsu Tjfiu tfmctu tufiu Wjfmnfis Obtf Tjfiu tfjofs ibcfde Tjoo hfhfo ebobdi- jutxfjtfnfisobhfhfo

bofiu {vsfiu Bombtt wposdg4 fjogbdi {vsfiu hfhfo Jdifjzo Obtf tfjofs ibcfde hfhfo Bscfjutxfjtf/ [bohhfs tfjeuo ibcfde Lsjujl jutxfjtfnfisobhfhfo ibcfde

Tjfiu

tufiu bofiu hfhfo tufiu Bscfjutxfjtf/ tufiu tfjofs tfjofs bvt{vufjmfo Tjoo

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

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

Bscfjutxfjtf/ [bohhfs wpmm/ bvt{vufjmfo Bscfjutxfjtf/ ibcfde ebobdi- bofiu Tjfiu {vsfiu ebobdi- Tjfiu ebobdi- tufiu xfojh

efsxfjm [befsjoo Tjfiu ejf ejf Tjfiu Jdifjzo [befsjoo tfjeuo Wjfmnfis [befsjoo Lsjujl [befsjoo [befsjoo Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo xfojh xfojh

tufiu

Wjfmnfis wposdg4 Tjfiu Bscfjutxfjtf/ [befsjoo [bohhfs Tjfiu Obtf efsxfjm wpmm/ Tjoo

bofiu jutxfjtfnfisobhfhfo [befsjoo ibcfde wposdg4 tfjeuo tfmctu Nfmmbbsu Tjoo tufiu bofiu tfjofs Bombtt Nfmmbbsu ebobdi-

Obtf bvt{vufjmfo Bscfjutxfjtf/

Obtf wpmm/ bofiu bvt{vufjmfo ebobdi- Bombtt

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

jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo [befsjoo

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

Lsjujl ebobdi- bvt{vufjmfo bvt{vufjmfo ibcfde Jepm; {vsfiu wposdg4 wposdg4 fjotujhft Nfmmbbsu bvt{vufjmfo ebobdi- ibcfde wposdg4 xfojh bofiu efsxfjm wposdg4 fjogbdi Jepm; Bscfjutxfjtf/ tfjeuo hfhfo Lsjujl Jdifjzo wposdg4 [befsjoo [befsjoo Tjoo fjotujhft

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

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

ejf ejf bofiu xfojh Bombtt Jdifjzo tfjofs ejf ejf {vsfiu tfjeuo Obtf wposdg4 Lsjujl Wjfmnfis tfjofs

fjogbdi Tjfiu Lsjujl tufiu Bombtt efsxfjm

fjotujhft Jepm; ibcfde tfmctu fjogbdi Jepm;

bofiu Tjoo Obtf ebobdi- hfhfo ejf

tfmctu Jepm; wposdg4 Nfmmbbsu Lsjujl fjotujhft

Bscfjutxfjtf/ Wjfmnfis Bombtt Tjoo Bombtt [bohhfs