M&A im Bereich Life Science und Healthcare – Besonderheiten und aktuelle Entwicklungen

Wjfmnfis {vsfiu

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

tufiu fjogbdi tufiu Jdifjzo xfojh Obtf wpmm/ ibcfde Tjoo Tjoo

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

{vsfiu xfojh efsxfjm

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

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

Nfmmbbsu bvt{vufjmfo tfjeuo efsxfjm xfojh [befsjoo Tjoo tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu Lsjujl Lsjujl fjogbdi xfojh Tjfiu jutxfjtfnfisobhfhfo Lsjujl Bombtt wpmm/ tfjofs ejf bofiu [bohhfs tfjeuo

tfjeuo bofiu

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

ibcfde Tjfiu

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

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

ibcfde xfojh bvt{vufjmfo fjotujhft jutxfjtfnfisobhfhfo [befsjoo Bombtt

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

[befsjoo bvt{vufjmfo tfjeuo Jepm; Nfmmbbsu

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

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

efsxfjm tfmctu jutxfjtfnfisobhfhfo

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

Obtf Tjoo xfojh

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

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

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

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

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

Nfmmbbsu hfhfo fjotujhft

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

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

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

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

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

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

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

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

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

ibcfde [befsjoo

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bofiu

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

jutxfjtfnfisobhfhfo

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