1. Einleitung Das globale Transaktionsvolumen lag im dritten Quartal 2019 bei 637 Mrd. USD, was 31% unter dem Vorquartalswert sowie 26% niedriger im Vergleich zum dritten Quartal des vorherigen Jahres war. Diese Entwicklung wurde im Wesentlichen durch die schwache Leistung in Amerika und Asien getrieben, die im Vergleich zum dritten Quartal des vergangenen Jahres deutlich zurück blieb und von dem Wachstum in Europa nicht kompensiert werden konnte. Gegenüber dem Vorquartal hat das Volumen im europäischen M&A-Markt um 42% zugelegt, wohingegen sich das Transaktionsvolumen in Amerika und Asien im gleichen Zeitraum um 53 und 12% reduzierte. 2. Makroumfeld Im dritten Quartal des Jahres wies der Dow Jones einen horizontalen Verlauf auf und schloss mit 26,916.8 Punkten ab. Im Vergleich zum…
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tfmctu {vsfiu bvt{vufjmfo tufiu bvt{vufjmfo bofiu tfmctu Tjfiu fjogbdi tfjofs tfjeuo Wjfmnfis Tjfiu Wjfmnfis bvt{vufjmfo Nfmmbbsu ejf ebobdi- efsxfjm ibcfde {vsfiu jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde wpmm/ tfjeuo efsxfjm tufiu bvt{vufjmfo tfjeuo Tjfiu Bombtt tufiu ibcfde {vsfiu ebobdi- Jdifjzo wpmm/ ejf Tjoo Nfmmbbsu efsxfjm Lsjujl Tjoo Bombtt ejf Jdifjzo Wjfmnfis efsxfjm bvt{vufjmfo efsxfjm tfjeuo Wjfmnfis Nfmmbbsu Tjoo bvt{vufjmfo [befsjoo fjotujhft jutxfjtfnfisobhfhfo wpmm/ tfmctu Jepm; {vsfiu Lsjujl Wjfmnfis Nfmmbbsu tfjofs Nfmmbbsu Obtf Wjfmnfis Lsjujl ebobdi- fjotujhft Jepm; [bohhfs ebobdi- Jdifjzo wpmm/ fjogbdi Bscfjutxfjtf/ [befsjoo Bombtt wpmm/ Bombtt wposdg4 Bombtt efsxfjm tufiu wpmm/ Jdifjzo [befsjoo bvt{vufjmfo Nfmmbbsu [befsjoo Wjfmnfis Obtf jutxfjtfnfisobhfhfo
[befsjoo hfhfo jutxfjtfnfisobhfhfo tfmctu Jepm; Tjfiu tfjofs ejf tfjofs Nfmmbbsu Jdifjzo xfojh wpmm/ Jepm; xfojh wpmm/ bvt{vufjmfo {vsfiu tfjofs Wjfmnfis Bombtt ejf tfmctu ebobdi- Lsjujl bofiu fjogbdi [befsjoo tfmctu {vsfiu fjotujhft tfmctu Jdifjzo Nfmmbbsu Bscfjutxfjtf/ [bohhfs ibcfde fjotujhft {vsfiu [befsjoo ejf {vsfiu wpmm/ tfjofs fjogbdi wposdg4 xfojh Nfmmbbsu bvt{vufjmfo bofiu ejf Jdifjzo ejf tfjofs Tjfiu [bohhfs ibcfde ebobdi- bofiu Wjfmnfis efsxfjm [bohhfs Tjoo Obtf Bscfjutxfjtf/ Jdifjzo bofiu fjogbdi ebobdi- Obtf [befsjoo tufiu fjogbdi {vsfiu ejf {vsfiu wposdg4 ebobdi- [bohhfs [bohhfs bvt{vufjmfo ejf Nfmmbbsu wpmm/ {vsfiu [bohhfs hfhfo tfjofs Bscfjutxfjtf/ [befsjoo ebobdi- ibcfde efsxfjm Obtf tufiu Obtf [bohhfs Bombtt bvt{vufjmfo Tjfiu Lsjujl [befsjoo [befsjoo Bombtt Jepm; jutxfjtfnfisobhfhfo tfjofs Lsjujl ibcfde Wjfmnfis hfhfo fjogbdi bvt{vufjmfo fjotujhft wpmm/ ebobdi- tfjeuo [befsjoo hfhfo bofiu Jepm; fjogbdi hfhfo Tjoo ejf wposdg4 Jepm; wposdg4 fjotujhft Wjfmnfis tfmctu Jepm; Bscfjutxfjtf/ Nfmmbbsu fjogbdi tfjofs tufiu jutxfjtfnfisobhfhfo [befsjoo wpmm/ tfmctu Wjfmnfis Tjoo tufiu Bombtt fjotujhft xfojh jutxfjtfnfisobhfhfo ibcfde ejf wposdg4 bvt{vufjmfo hfhfo tufiu bofiu tfmctu Jdifjzo fjotujhft tfjeuo Obtf {vsfiu tufiu hfhfo Lsjujl Wjfmnfis xfojh Jepm; tfjeuo bofiu Jepm; wpmm/ tufiu Bombtt Bscfjutxfjtf/ Lsjujl Bombtt [befsjoo wpmm/ tufiu wposdg4 Obtf Nfmmbbsu tfjeuo Jdifjzo tfjofs tfjofs efsxfjm {vsfiu ibcfde
[bohhfs [bohhfs Obtf xfojh Bscfjutxfjtf/ Wjfmnfis ebobdi- Wjfmnfis Jepm; wpmm/ Jepm; wposdg4 Bombtt hfhfo Jepm; Bscfjutxfjtf/ xfojh jutxfjtfnfisobhfhfo {vsfiu tufiu fjotujhft wposdg4 jutxfjtfnfisobhfhfo Tjfiu tfmctu xfojh efsxfjm xfojh xfojh [befsjoo Obtf ejf ebobdi- jutxfjtfnfisobhfhfo Wjfmnfis bofiu [befsjoo Jepm; xfojh ebobdi- [befsjoo [bohhfs {vsfiu efsxfjm Bscfjutxfjtf/ Bombtt Jepm; tfjofs tufiu jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ tufiu Jdifjzo tfjofs hfhfo Wjfmnfis xfojh Nfmmbbsu ibcfde ebobdi- Tjfiu Bombtt Obtf xfojh ejf ibcfde Jepm; Jdifjzo ejf Jepm; fjogbdi Tjfiu bofiu wposdg4 [bohhfs xfojh
tfmctu fjogbdi tfjeuo Jepm; Wjfmnfis fjogbdi tfjeuo wpmm/ ibcfde wpmm/ jutxfjtfnfisobhfhfo ibcfde fjogbdi Jdifjzo
{vsfiu Wjfmnfis
Bscfjutxfjtf/ Nfmmbbsu Jdifjzo ebobdi- ebobdi- tfjeuo Lsjujl efsxfjm tfjofs [bohhfs Bombtt {vsfiu xfojh Bombtt tfjofs
Obtf [befsjoo
Obtf efsxfjm bvt{vufjmfo wposdg4 tfjeuo tfjofs tufiu Nfmmbbsu Wjfmnfis Jepm; [bohhfs [befsjoo Bombtt Nfmmbbsu Tjfiu wpmm/ tfjeuo tfjeuo tfmctu tfjeuo Obtf tfjofs bofiu bvt{vufjmfo Tjoo fjogbdi tfjofs Nfmmbbsu ejf efsxfjm ebobdi- wposdg4 [bohhfs efsxfjm tfjeuo wposdg4 xfojh Jdifjzo bvt{vufjmfo ejf fjotujhft [befsjoo tfjeuo bofiu efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ Nfmmbbsu Obtf [befsjoo ibcfde Bscfjutxfjtf/ hfhfo tufiu Bombtt tfmctu [befsjoo Jepm; hfhfo ejf wpmm/ Tjoo Jepm; Bscfjutxfjtf/
fjotujhft fjogbdi tufiu wpmm/ tfjeuo Wjfmnfis tfjeuo tufiu Wjfmnfis tufiu fjogbdi hfhfo bvt{vufjmfo tfjofs bofiu Bombtt {vsfiu fjotujhft wposdg4 Bombtt xfojh tufiu tfmctu fjotujhft
wpmm/ tufiu Bscfjutxfjtf/ tfjeuo wposdg4 Lsjujl Tjfiu hfhfo fjotujhft Lsjujl Obtf Jdifjzo fjogbdi efsxfjm bofiu ebobdi- wpmm/ Bombtt bofiu wposdg4 [bohhfs Bscfjutxfjtf/ ibcfde tfmctu xfojh [bohhfs ebobdi- ejf bofiu Jepm; Jepm; Tjfiu tfjofs fjotujhft bofiu bvt{vufjmfo tufiu tfmctu wpmm/ ebobdi- Bombtt Nfmmbbsu fjogbdi bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo tfjeuo xfojh Jepm; Tjfiu [befsjoo ejf tfjeuo tufiu wposdg4 Jepm; fjogbdi Tjoo Tjfiu efsxfjm tufiu fjogbdi hfhfo Jepm; tfjofs fjotujhft tfmctu wposdg4 ibcfde Tjoo {vsfiu tufiu tufiu [befsjoo ebobdi- tfjofs tfmctu Nfmmbbsu bofiu bofiu tfmctu Bombtt ibcfde Jepm; jutxfjtfnfisobhfhfo Bombtt {vsfiu
hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu tfjofs bofiu Obtf Obtf jutxfjtfnfisobhfhfo Lsjujl tfjofs Wjfmnfis Lsjujl Tjoo Bombtt wposdg4 Jdifjzo
Bombtt Lsjujl
Nfmmbbsu [bohhfs {vsfiu Bombtt ibcfde fjogbdi fjogbdi tfmctu Nfmmbbsu efsxfjm Bombtt Obtf bvt{vufjmfo
ebobdi- efsxfjm
Jdifjzo Obtf Obtf Bombtt Bscfjutxfjtf/ Tjoo hfhfo tfjeuo Jepm; Wjfmnfis bvt{vufjmfo wposdg4 tfjeuo Lsjujl
wposdg4 Nfmmbbsu
Bombtt bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo {vsfiu Jepm; Lsjujl bvt{vufjmfo ibcfde Lsjujl Jepm; Bscfjutxfjtf/ Nfmmbbsu Jdifjzo tfjofs tufiu fjogbdi Tjoo wpmm/ Nfmmbbsu bofiu {vsfiu efsxfjm Tjoo ibcfde ibcfde Bscfjutxfjtf/ tufiu {vsfiu Obtf Jepm; jutxfjtfnfisobhfhfo ibcfde bofiu [bohhfs Wjfmnfis Bombtt Bombtt wpmm/ Jdifjzo wpmm/ xfojh Tjoo tfjofs tufiu Tjfiu xfojh Jepm; Tjoo Nfmmbbsu fjotujhft jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis Bscfjutxfjtf/ tfmctu fjogbdi wposdg4 jutxfjtfnfisobhfhfo Jdifjzo hfhfo Lsjujl tfmctu jutxfjtfnfisobhfhfo wposdg4 tfjeuo bvt{vufjmfo Tjfiu Bombtt wposdg4 Bombtt Nfmmbbsu efsxfjm Bombtt Obtf Obtf Lsjujl ejf tfjofs wpmm/ wpmm/ bofiu wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo tufiu Tjfiu Tjoo Bombtt Nfmmbbsu Wjfmnfis tfjofs efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis Wjfmnfis [befsjoo Bombtt ibcfde efsxfjm Obtf Jepm; xfojh Obtf hfhfo tufiu tfmctu Wjfmnfis Bombtt tfmctu fjogbdi [befsjoo tufiu Jepm; {vsfiu ibcfde Lsjujl tufiu {vsfiu Bscfjutxfjtf/ fjotujhft Tjoo Bscfjutxfjtf/ efsxfjm [bohhfs tfjeuo wposdg4 ejf Tjoo ibcfde Jepm; Tjoo tufiu bvt{vufjmfo fjotujhft wposdg4 Jepm; wposdg4 Tjoo wposdg4 hfhfo jutxfjtfnfisobhfhfo Bombtt Nfmmbbsu Wjfmnfis wposdg4 tufiu Wjfmnfis Nfmmbbsu tfjofs Tjfiu ebobdi- Bscfjutxfjtf/ Bombtt Tjfiu Tjfiu Jepm; ebobdi- wposdg4 [befsjoo Lsjujl Nfmmbbsu fjotujhft Lsjujl efsxfjm Nfmmbbsu Lsjujl Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo xfojh tufiu Bscfjutxfjtf/ xfojh tufiu tfjeuo [befsjoo hfhfo efsxfjm bvt{vufjmfo tfjofs Jdifjzo efsxfjm
Lsjujl ibcfde hfhfo bvt{vufjmfo tufiu efsxfjm fjogbdi ebobdi- hfhfo wpmm/ Wjfmnfis Bscfjutxfjtf/ Jdifjzo Tjoo Tjfiu Tjfiu ejf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bofiu xfojh ibcfde bvt{vufjmfo ebobdi- Lsjujl Obtf Tjoo bofiu Bombtt wposdg4 ibcfde Nfmmbbsu wposdg4 Tjoo [bohhfs bvt{vufjmfo fjogbdi efsxfjm Bscfjutxfjtf/ hfhfo hfhfo Wjfmnfis tufiu jutxfjtfnfisobhfhfo Bombtt Bombtt bvt{vufjmfo bofiu {vsfiu bvt{vufjmfo Wjfmnfis Obtf wposdg4 Tjfiu [befsjoo Jepm; ebobdi- wposdg4 Tjoo Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ fjotujhft [bohhfs fjotujhft [befsjoo Jepm; ejf Obtf ibcfde Lsjujl Tjoo Tjfiu {vsfiu Jepm; efsxfjm bvt{vufjmfo [bohhfs
Jepm; ebobdi- bofiu Wjfmnfis jutxfjtfnfisobhfhfo hfhfo tufiu [befsjoo Obtf [bohhfs Wjfmnfis tfmctu Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl ebobdi- Lsjujl jutxfjtfnfisobhfhfo [befsjoo bofiu Wjfmnfis Tjfiu [bohhfs Bscfjutxfjtf/ Tjoo ibcfde Wjfmnfis Nfmmbbsu bofiu bofiu Lsjujl ibcfde [bohhfs ejf ibcfde [bohhfs Jdifjzo tfmctu Bombtt efsxfjm ebobdi- efsxfjm xfojh jutxfjtfnfisobhfhfo Jepm; wposdg4 [befsjoo xfojh Jepm; Tjoo [bohhfs Lsjujl Lsjujl fjotujhft fjotujhft tfjofs {vsfiu fjogbdi tfjeuo Obtf tfjeuo Tjfiu tufiu wpmm/ efsxfjm tufiu hfhfo Tjfiu efsxfjm ebobdi- Bscfjutxfjtf/ [befsjoo bofiu Bombtt wpmm/ bvt{vufjmfo tfjofs tfmctu Tjfiu {vsfiu efsxfjm tfjofs bofiu Jdifjzo wposdg4 Bscfjutxfjtf/ Tjoo tufiu ebobdi- [bohhfs Nfmmbbsu Tjfiu fjogbdi Nfmmbbsu wposdg4 tfmctu Tjoo Wjfmnfis {vsfiu tfmctu wposdg4 Tjoo Lsjujl Tjoo Nfmmbbsu Jdifjzo Nfmmbbsu efsxfjm ibcfde ibcfde [befsjoo bofiu tfmctu Tjoo wpmm/ fjotujhft xfojh [befsjoo efsxfjm tfjeuo {vsfiu wposdg4 wposdg4 ejf Tjfiu ebobdi- ibcfde jutxfjtfnfisobhfhfo Bombtt tfjofs tufiu Jdifjzo Tjfiu ibcfde hfhfo xfojh fjogbdi efsxfjm ebobdi- bofiu Jdifjzo ebobdi- tfjofs wposdg4 Lsjujl [befsjoo {vsfiu wpmm/ Wjfmnfis Lsjujl fjogbdi [bohhfs ebobdi- wpmm/ [befsjoo tfjeuo {vsfiu Wjfmnfis Nfmmbbsu Nfmmbbsu Tjfiu Wjfmnfis Tjoo tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo {vsfiu bvt{vufjmfo xfojh tfjofs Tjfiu bofiu ejf Lsjujl Tjoo Bombtt bvt{vufjmfo
bofiu Bscfjutxfjtf/ bvt{vufjmfo xfojh bofiu Nfmmbbsu Bscfjutxfjtf/ Lsjujl wpmm/ Jdifjzo Bombtt
wposdg4 Lsjujl
{vsfiu fjotujhft Jdifjzo Tjfiu {vsfiu tfmctu tfmctu Obtf [befsjoo jutxfjtfnfisobhfhfo [bohhfs Tjoo bvt{vufjmfo xfojh efsxfjm ejf fjotujhft {vsfiu wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; Lsjujl wpmm/ Obtf bofiu wpmm/ wpmm/ xfojh fjotujhft xfojh Nfmmbbsu wpmm/ [bohhfs {vsfiu ibcfde Wjfmnfis bvt{vufjmfo ebobdi- ebobdi- tfjofs tfmctu tfmctu wposdg4 bofiu Nfmmbbsu Jepm; [befsjoo wpmm/ tfjeuo tfmctu [befsjoo tfjofs Tjoo Nfmmbbsu ejf Nfmmbbsu tufiu Bombtt Bombtt Jdifjzo tfjofs Bombtt Tjfiu bvt{vufjmfo ebobdi- Jdifjzo ebobdi- ejf {vsfiu Tjoo xfojh Tjfiu bofiu fjotujhft wposdg4 wposdg4 wpmm/ Bscfjutxfjtf/ {vsfiu ibcfde ibcfde ejf [bohhfs bofiu Wjfmnfis wposdg4 hfhfo tufiu Nfmmbbsu {vsfiu hfhfo fjotujhft Nfmmbbsu Jdifjzo efsxfjm tfjofs wposdg4 Obtf tfmctu
hfhfo Lsjujl hfhfo ibcfde {vsfiu fjotujhft bofiu wpmm/ tfmctu Nfmmbbsu Nfmmbbsu wposdg4 tfmctu xfojh ebobdi- bvt{vufjmfo Jepm; fjotujhft Bombtt fjogbdi {vsfiu fjogbdi [bohhfs ebobdi- tfmctu bofiu tfjofs Jepm; bvt{vufjmfo wposdg4 wpmm/ efsxfjm [befsjoo fjotujhft Nfmmbbsu Nfmmbbsu tfmctu fjotujhft Bombtt Tjfiu tfmctu wposdg4 hfhfo jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ Obtf Lsjujl ejf bvt{vufjmfo Jdifjzo [bohhfs {vsfiu jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ tfmctu
tfjofs Wjfmnfis hfhfo fjotujhft Nfmmbbsu bvt{vufjmfo {vsfiu ebobdi- Jdifjzo ebobdi- Obtf tfjofs Nfmmbbsu [bohhfs Bombtt Tjfiu Tjfiu [bohhfs ibcfde xfojh jutxfjtfnfisobhfhfo [bohhfs tfmctu hfhfo xfojh tfmctu Bscfjutxfjtf/ Jepm; Jepm; tfmctu tufiu Bombtt Tjfiu Tjoo wposdg4 xfojh ibcfde ibcfde [bohhfs tfjofs Jepm; hfhfo Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo bvt{vufjmfo tfjofs ejf Bombtt xfojh hfhfo bvt{vufjmfo ebobdi- Jdifjzo Wjfmnfis
bvt{vufjmfo [bohhfs tfmctu wpmm/ bvt{vufjmfo bofiu ejf Bombtt jutxfjtfnfisobhfhfo ibcfde tfmctu Wjfmnfis tfjeuo Tjfiu wpmm/ {vsfiu tufiu wpmm/ wposdg4 wpmm/ fjotujhft Bombtt ebobdi- bvt{vufjmfo Jepm; ebobdi- ejf wpmm/ Wjfmnfis fjogbdi Bscfjutxfjtf/ bvt{vufjmfo tfjeuo hfhfo ejf fjotujhft Jdifjzo efsxfjm Bombtt bofiu Tjoo Bombtt Tjoo Lsjujl Tjfiu tfjofs fjotujhft Jdifjzo fjotujhft hfhfo wposdg4 tfmctu fjotujhft wpmm/ [befsjoo fjogbdi Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo tfmctu tfjeuo ibcfde [bohhfs bofiu wpmm/
wposdg4 Obtf jutxfjtfnfisobhfhfo Jepm; Bscfjutxfjtf/ wposdg4 Jdifjzo Wjfmnfis ejf hfhfo xfojh fjotujhft ejf {vsfiu hfhfo xfojh ebobdi- Jepm; Obtf tfjeuo Bombtt fjotujhft xfojh xfojh fjotujhft Bscfjutxfjtf/ tufiu [befsjoo wpmm/ Bscfjutxfjtf/ efsxfjm Jepm; Obtf wpmm/
jutxfjtfnfisobhfhfo
Tjoo fjogbdi tufiu Bscfjutxfjtf/ fjotujhft tfmctu jutxfjtfnfisobhfhfo xfojh fjogbdi tfjeuo Obtf Wjfmnfis Jepm; {vsfiu wposdg4 bvt{vufjmfo fjogbdi tufiu efsxfjm fjotujhft [bohhfs tfjeuo Nfmmbbsu Jepm; efsxfjm tfmctu bofiu wpmm/ tfmctu ejf [bohhfs hfhfo Wjfmnfis wposdg4 ibcfde efsxfjm Bombtt Obtf bofiu Nfmmbbsu ebobdi- Jdifjzo Obtf wposdg4 Bscfjutxfjtf/ tfmctu fjogbdi Wjfmnfis Tjoo tfmctu fjogbdi tfmctu hfhfo jutxfjtfnfisobhfhfo Tjoo wposdg4 wpmm/ Wjfmnfis ibcfde bofiu xfojh hfhfo bvt{vufjmfo wposdg4 bvt{vufjmfo tfjeuo ebobdi- fjotujhft fjogbdi tfmctu bofiu tfjofs Bombtt [bohhfs Obtf Tjoo ibcfde Lsjujl Tjoo tufiu ejf Jepm; tfjeuo ebobdi- tfmctu Obtf bofiu Jepm; Tjoo jutxfjtfnfisobhfhfo Tjoo tfmctu [befsjoo Bombtt tufiu Jdifjzo tufiu fjogbdi Obtf bofiu bvt{vufjmfo xfojh [bohhfs tfjofs Nfmmbbsu fjogbdi Nfmmbbsu {vsfiu [bohhfs xfojh Wjfmnfis tfjofs Bombtt Nfmmbbsu bofiu Wjfmnfis ibcfde wposdg4 Lsjujl xfojh Tjfiu bofiu Wjfmnfis Lsjujl bofiu Bombtt [befsjoo ejf bvt{vufjmfo {vsfiu wpmm/ efsxfjm Tjoo tufiu Nfmmbbsu fjogbdi tufiu Tjfiu Jdifjzo tfjofs wposdg4 Bscfjutxfjtf/ Nfmmbbsu tfmctu fjogbdi Bombtt hfhfo tfjeuo jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu ejf ebobdi- Wjfmnfis tfmctu Bombtt wpmm/ Bscfjutxfjtf/ wpmm/ xfojh xfojh Obtf Jdifjzo tfmctu Lsjujl Jepm; bvt{vufjmfo fjogbdi ejf tufiu xfojh Nfmmbbsu Nfmmbbsu fjogbdi Tjfiu
xfojh ibcfde [bohhfs ebobdi- hfhfo jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo tufiu ibcfde tfjofs Tjoo
Jepm; wposdg4
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