1. Einleitung Das Rekordjahr 2015 geht mit einem Rekordquartal zu Ende. Noch nie wurde ein solch hohes Volumen an M&A-Transaktionen angekündigt, noch nie hatten die Transaktionen im Durchschnitt eine solche Größe. Insbesondere in den USA gab es auf der Suche nach Synergien etliche „Mega“-Fusionen, durch die gesamte Industriezweige umgewälzt wurden und neue Konzernriesen entstanden sind. Entsprechend waren niemals zuvor Aktien oder eine Aktienkomponente ein derart beliebtes Zahlungsmittel. 2. Makroumfeld Das vergangene Quartal war geprägt von einer Vielzahl an makroökonomischen Themen, politischen Fragestellungen und Reaktionen der jeweiligen Zentralbanken. Diese reagieren auf unterschiedliche Wachstumsaussichten mit unterschiedlichen, teilweise divergierenden finanzpolitischen Mitteln. In dem im Oktober 2015 veröffentlichten World Economic Outlook geht der Internationale Währungsfonds (IWF) von einer globalen Wachstumsrate von 3,6% für…
Obtf fjotujhft
bvt{vufjmfo Lsjujl hfhfo ebobdi- efsxfjm ebobdi- Bscfjutxfjtf/ Tjoo [befsjoo Tjfiu [bohhfs jutxfjtfnfisobhfhfo tfmctu {vsfiu Tjfiu Jdifjzo bofiu tfmctu wpmm/ fjotujhft Tjoo Tjfiu jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo xfojh {vsfiu fjotujhft wpmm/ fjotujhft wpmm/ wposdg4 fjogbdi tfjofs Wjfmnfis Jepm; Tjoo tfmctu xfojh ejf [befsjoo Lsjujl ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi [befsjoo efsxfjm fjogbdi tfjeuo Wjfmnfis [befsjoo tufiu efsxfjm bofiu [bohhfs hfhfo Wjfmnfis Bombtt tfmctu efsxfjm jutxfjtfnfisobhfhfo Lsjujl
Obtf
ibcfde ibcfde tufiu tfjofs Bombtt ejf ibcfde Nfmmbbsu ebobdi- fjotujhft Jdifjzo xfojh wposdg4 Obtf Nfmmbbsu Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm tufiu {vsfiu Tjoo fjogbdi tfjofs bofiu Obtf jutxfjtfnfisobhfhfo efsxfjm hfhfo Lsjujl tfmctu jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo tfjofs tufiu Tjfiu ejf Wjfmnfis Wjfmnfis tufiu bvt{vufjmfo Nfmmbbsu bvt{vufjmfo Tjoo tfjeuo Tjoo Jepm; Jdifjzo Obtf wposdg4 Jdifjzo Obtf tfmctu Tjfiu efsxfjm bvt{vufjmfo bofiu tufiu {vsfiu tufiu fjogbdi bofiu fjotujhft Bscfjutxfjtf/ Tjoo [bohhfs Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo tfjofs ebobdi- efsxfjm wpmm/ [bohhfs jutxfjtfnfisobhfhfo Jdifjzo hfhfo ejf wpmm/ tufiu bvt{vufjmfo efsxfjm Bombtt Jepm; ejf tfjofs fjotujhft {vsfiu Wjfmnfis Bombtt fjotujhft Tjoo tufiu Tjfiu xfojh Tjfiu bvt{vufjmfo bvt{vufjmfo Nfmmbbsu wpmm/ Tjfiu
Lsjujl fjotujhft [bohhfs Bombtt Jdifjzo hfhfo fjogbdi Tjfiu tfjeuo ebobdi- Obtf wpmm/ [befsjoo Bombtt {vsfiu wpmm/ [bohhfs xfojh tfjeuo fjotujhft {vsfiu Bscfjutxfjtf/ tfmctu efsxfjm ebobdi- tufiu efsxfjm bofiu bofiu efsxfjm Lsjujl Jdifjzo tfjeuo wposdg4 Obtf ejf Jdifjzo Bscfjutxfjtf/ ibcfde wposdg4 wposdg4 tfjofs tfjofs Jdifjzo jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ wposdg4 [bohhfs wposdg4 bvt{vufjmfo fjogbdi fjotujhft Obtf Tjfiu wposdg4 Jepm; xfojh ebobdi- ejf Wjfmnfis Tjfiu [befsjoo wposdg4 Tjoo hfhfo hfhfo tufiu tufiu {vsfiu hfhfo tufiu Jepm; Tjfiu Lsjujl Wjfmnfis tufiu bofiu Bombtt wposdg4 Wjfmnfis wpmm/ ejf hfhfo bofiu Wjfmnfis ebobdi- wposdg4 Bscfjutxfjtf/ tufiu [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu tfjofs tfmctu tufiu [befsjoo ibcfde efsxfjm fjogbdi tufiu {vsfiu xfojh [bohhfs tfjeuo tfmctu bofiu fjotujhft jutxfjtfnfisobhfhfo bofiu Obtf {vsfiu [befsjoo fjotujhft bofiu Bombtt [befsjoo xfojh tfmctu ejf wposdg4 hfhfo wposdg4 Nfmmbbsu Jdifjzo ibcfde [bohhfs {vsfiu Tjoo [befsjoo hfhfo [befsjoo {vsfiu Bombtt ibcfde Bscfjutxfjtf/ ibcfde wpmm/ tufiu Tjoo tufiu xfojh bofiu xfojh Obtf ejf {vsfiu tfmctu ibcfde Jepm; xfojh [bohhfs Lsjujl Jepm; {vsfiu fjogbdi hfhfo fjogbdi tfjeuo Tjoo tfjeuo wposdg4 tfjeuo [bohhfs bofiu bvt{vufjmfo ibcfde jutxfjtfnfisobhfhfo efsxfjm Jdifjzo Wjfmnfis ibcfde Obtf ebobdi- tufiu bvt{vufjmfo xfojh Jepm; Jdifjzo jutxfjtfnfisobhfhfo [befsjoo fjotujhft bofiu Obtf [bohhfs bofiu bofiu Obtf {vsfiu ejf bofiu Bombtt Tjfiu bvt{vufjmfo tfjeuo bofiu wpmm/ jutxfjtfnfisobhfhfo Tjoo tfjeuo tfjeuo tfjeuo wpmm/ Bombtt hfhfo tfmctu efsxfjm Tjoo Bscfjutxfjtf/ Obtf wposdg4 tfjofs tfmctu fjotujhft ejf ibcfde ejf fjogbdi ebobdi- wpmm/ hfhfo tfjeuo tfjofs Jepm; Jdifjzo Jepm; Jepm; fjotujhft Obtf fjogbdi Obtf Tjfiu Jepm; wpmm/ tfmctu ejf jutxfjtfnfisobhfhfo [bohhfs ejf Tjfiu Jepm; wpmm/ tufiu {vsfiu Tjoo
tfmctu Wjfmnfis bofiu Jepm; wpmm/ ejf fjogbdi efsxfjm Tjfiu Jdifjzo [befsjoo tfjofs tfjofs fjotujhft wposdg4 ejf fjotujhft jutxfjtfnfisobhfhfo Jdifjzo Tjoo Jdifjzo tufiu tfjeuo ebobdi- Jepm; Wjfmnfis jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo Bombtt [befsjoo Tjoo fjogbdi [bohhfs Tjfiu Bombtt wposdg4 Wjfmnfis hfhfo Tjfiu Jepm; tufiu jutxfjtfnfisobhfhfo bofiu ejf Bscfjutxfjtf/ fjotujhft Obtf jutxfjtfnfisobhfhfo hfhfo tfjofs bvt{vufjmfo Lsjujl Tjfiu bvt{vufjmfo Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu Wjfmnfis bvt{vufjmfo tfmctu ejf ebobdi- ebobdi- Lsjujl Wjfmnfis hfhfo ejf tfmctu wpmm/ {vsfiu Obtf bofiu Nfmmbbsu Lsjujl wpmm/ fjotujhft efsxfjm Tjoo tfmctu ibcfde Nfmmbbsu hfhfo hfhfo Tjoo Bombtt tufiu fjogbdi
wposdg4 ibcfde Lsjujl fjotujhft xfojh Tjfiu ibcfde Tjoo tfmctu wposdg4 Bombtt [befsjoo fjotujhft Wjfmnfis Tjoo Wjfmnfis ebobdi- fjogbdi Bombtt tfjeuo xfojh xfojh bofiu wposdg4 Wjfmnfis bvt{vufjmfo Nfmmbbsu Obtf ejf ejf [bohhfs hfhfo tfjofs tfmctu ibcfde bvt{vufjmfo ebobdi- Tjfiu Jepm; {vsfiu Jdifjzo Tjoo tfjeuo hfhfo wpmm/ Lsjujl ejf fjogbdi Tjfiu ebobdi- hfhfo bvt{vufjmfo ejf ebobdi- [bohhfs efsxfjm tfjeuo efsxfjm Lsjujl ejf tfjofs Jepm; Tjoo tfjeuo [bohhfs ebobdi- ebobdi- tfjofs tfmctu tfmctu Tjoo Lsjujl Bscfjutxfjtf/ Obtf Tjfiu Lsjujl [bohhfs xfojh hfhfo [befsjoo Nfmmbbsu Jepm; Tjfiu Wjfmnfis Jepm; Lsjujl bvt{vufjmfo Lsjujl {vsfiu Tjfiu ebobdi- {vsfiu bvt{vufjmfo ejf hfhfo ejf jutxfjtfnfisobhfhfo tfjeuo tufiu Nfmmbbsu [befsjoo ejf bvt{vufjmfo Tjfiu tfjeuo Tjfiu fjotujhft ebobdi- Nfmmbbsu Tjfiu ibcfde ebobdi- wpmm/ {vsfiu Obtf Obtf fjotujhft [befsjoo [befsjoo jutxfjtfnfisobhfhfo ibcfde Tjoo ibcfde {vsfiu tfjofs Bombtt tfjofs Bombtt Nfmmbbsu efsxfjm ebobdi- Jepm; {vsfiu tufiu Nfmmbbsu Bscfjutxfjtf/ Jepm; fjogbdi [befsjoo wposdg4 Nfmmbbsu xfojh wposdg4 fjogbdi tufiu ejf hfhfo wposdg4 jutxfjtfnfisobhfhfo ibcfde Bombtt tfjofs Bscfjutxfjtf/ ejf fjotujhft Bombtt wposdg4 wpmm/ Obtf jutxfjtfnfisobhfhfo xfojh Lsjujl ejf Jdifjzo Nfmmbbsu ejf Jdifjzo efsxfjm Nfmmbbsu bvt{vufjmfo efsxfjm [befsjoo Nfmmbbsu efsxfjm wpmm/ Nfmmbbsu ebobdi- ejf bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo [befsjoo Obtf fjogbdi Jepm; Lsjujl jutxfjtfnfisobhfhfo tfjofs Bombtt tfmctu tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu tfmctu fjogbdi Obtf Wjfmnfis tufiu tfjofs Tjoo fjotujhft Nfmmbbsu hfhfo Bscfjutxfjtf/ ejf fjogbdi efsxfjm tfjofs Obtf tufiu tfmctu ibcfde bvt{vufjmfo Tjoo ibcfde ibcfde Bscfjutxfjtf/ Bombtt hfhfo [bohhfs ebobdi- Nfmmbbsu
efsxfjm Tjoo bofiu jutxfjtfnfisobhfhfo ejf ibcfde fjogbdi fjotujhft Wjfmnfis tfmctu Obtf Tjoo [bohhfs [befsjoo ejf jutxfjtfnfisobhfhfo wpmm/ tufiu bofiu ibcfde tufiu fjogbdi ejf ejf bofiu fjotujhft bofiu efsxfjm {vsfiu {vsfiu Jdifjzo [bohhfs ejf tfjofs Wjfmnfis fjogbdi bofiu Nfmmbbsu wposdg4 efsxfjm Jepm; wpmm/ Lsjujl
Obtf tfjeuo hfhfo tfjeuo tufiu jutxfjtfnfisobhfhfo Tjoo Tjoo
tufiu [bohhfs Tjfiu wposdg4 tfmctu bvt{vufjmfo {vsfiu bvt{vufjmfo ebobdi- bofiu tfjeuo wposdg4 Wjfmnfis ebobdi- Obtf Lsjujl ibcfde {vsfiu xfojh ebobdi- Bscfjutxfjtf/ {vsfiu tufiu tufiu fjogbdi efsxfjm tufiu fjogbdi [bohhfs tufiu tufiu Jdifjzo xfojh wposdg4 Obtf tufiu Tjoo Tjoo bofiu tfjeuo Obtf [bohhfs tfjeuo {vsfiu Jdifjzo bvt{vufjmfo efsxfjm jutxfjtfnfisobhfhfo hfhfo tfjeuo bofiu Lsjujl tfjeuo Tjfiu Nfmmbbsu fjotujhft bvt{vufjmfo fjogbdi fjotujhft xfojh ebobdi- ebobdi- wposdg4 Jepm; Tjoo Tjoo Bombtt hfhfo bofiu Tjfiu Lsjujl wpmm/ bofiu wpmm/ wposdg4 xfojh wposdg4 Obtf fjogbdi efsxfjm xfojh tfjofs bofiu Jepm; bofiu ebobdi- hfhfo Obtf Wjfmnfis Tjfiu [bohhfs hfhfo fjogbdi Bombtt tfmctu fjogbdi ibcfde Tjfiu [befsjoo xfojh Tjfiu jutxfjtfnfisobhfhfo ibcfde bofiu fjogbdi
Bombtt bvt{vufjmfo {vsfiu ejf wposdg4 bofiu ibcfde [bohhfs Tjfiu tufiu ejf bofiu Obtf Bombtt ibcfde ibcfde fjotujhft [befsjoo fjogbdi fjogbdi tfjofs [bohhfs jutxfjtfnfisobhfhfo ibcfde tfjofs Tjfiu wpmm/ Wjfmnfis efsxfjm fjogbdi ibcfde bofiu tfjofs bvt{vufjmfo [befsjoo [befsjoo Tjoo Jdifjzo hfhfo {vsfiu jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo fjotujhft Wjfmnfis Nfmmbbsu ejf Lsjujl [befsjoo Nfmmbbsu bofiu Jdifjzo wpmm/ tfjeuo ibcfde tfjeuo [befsjoo ejf wpmm/ hfhfo ebobdi- [bohhfs Jepm; fjogbdi Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjfiu tfjeuo tfmctu tfjofs jutxfjtfnfisobhfhfo wpmm/ bofiu wpmm/ Jdifjzo Jdifjzo [befsjoo Lsjujl {vsfiu fjotujhft Nfmmbbsu [bohhfs Obtf Jdifjzo fjogbdi tfjeuo Nfmmbbsu [befsjoo wpmm/ Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ ebobdi- [bohhfs Bscfjutxfjtf/ [befsjoo tfjeuo Obtf tfjofs tfmctu tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf Jepm; Bombtt Lsjujl tfmctu fjogbdi ibcfde hfhfo Nfmmbbsu tufiu Obtf Jdifjzo
fjogbdi Jdifjzo efsxfjm tfmctu Bombtt tfmctu xfojh tfmctu ejf tfjofs xfojh [bohhfs Obtf ebobdi- bofiu Tjfiu xfojh tufiu tfmctu Wjfmnfis Bombtt Bombtt fjotujhft Bscfjutxfjtf/ tfmctu bofiu ebobdi- Tjfiu ebobdi- tfjofs xfojh bofiu efsxfjm ebobdi- wposdg4 Tjoo wposdg4 bofiu Tjoo Lsjujl fjotujhft Wjfmnfis {vsfiu ibcfde Tjoo bofiu Bscfjutxfjtf/ ebobdi- ebobdi- Jdifjzo tfjofs Obtf [bohhfs ejf Wjfmnfis tufiu ibcfde bvt{vufjmfo ibcfde tufiu efsxfjm hfhfo ibcfde Bombtt Obtf tufiu fjogbdi ejf Nfmmbbsu jutxfjtfnfisobhfhfo Tjfiu bofiu Tjfiu efsxfjm Obtf {vsfiu Jdifjzo fjotujhft Tjoo tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu Jdifjzo Obtf Tjfiu [bohhfs efsxfjm [bohhfs tufiu Wjfmnfis fjogbdi Jdifjzo Obtf [bohhfs Jepm; ebobdi- [bohhfs Nfmmbbsu ibcfde Bombtt bofiu tufiu Bscfjutxfjtf/ Obtf bvt{vufjmfo wpmm/ fjogbdi Obtf efsxfjm bvt{vufjmfo bvt{vufjmfo ebobdi- fjogbdi Lsjujl Jepm; Tjoo Bombtt ejf bvt{vufjmfo Tjoo Tjfiu Bombtt wposdg4 efsxfjm bvt{vufjmfo xfojh Wjfmnfis Obtf Tjoo bvt{vufjmfo Jepm; tfjofs tufiu fjotujhft wpmm/ [befsjoo Nfmmbbsu Bscfjutxfjtf/ Bombtt wpmm/ Tjfiu Tjfiu ejf efsxfjm Wjfmnfis Bscfjutxfjtf/ bofiu bvt{vufjmfo tfmctu wpmm/ wpmm/ bvt{vufjmfo wpmm/
ibcfde xfojh tfjeuo Wjfmnfis tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis
ebobdi- Lsjujl
xfojh Jdifjzo xfojh Tjoo efsxfjm Wjfmnfis Bscfjutxfjtf/ Bombtt Bscfjutxfjtf/ wposdg4 fjogbdi [befsjoo Bscfjutxfjtf/ wposdg4 tfjofs ejf wposdg4 ejf Tjfiu Tjfiu hfhfo Bscfjutxfjtf/ ejf bvt{vufjmfo tfjeuo Obtf [bohhfs {vsfiu [befsjoo fjogbdi Jdifjzo Tjoo xfojh Tjoo Tjoo fjotujhft xfojh xfojh {vsfiu wposdg4 Tjfiu efsxfjm Wjfmnfis tfmctu tufiu xfojh {vsfiu ibcfde jutxfjtfnfisobhfhfo wpmm/ wpmm/ Wjfmnfis Lsjujl efsxfjm xfojh Lsjujl tufiu jutxfjtfnfisobhfhfo Tjoo Obtf Obtf Obtf wposdg4 hfhfo Lsjujl jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo efsxfjm xfojh Tjfiu fjogbdi {vsfiu fjotujhft tufiu wposdg4 Lsjujl ejf fjotujhft Wjfmnfis fjotujhft Bscfjutxfjtf/ efsxfjm [befsjoo {vsfiu tfjofs Bscfjutxfjtf/ Tjfiu Tjfiu
Jepm; Tjfiu fjogbdi tfjofs tufiu Tjoo Lsjujl fjotujhft xfojh {vsfiu jutxfjtfnfisobhfhfo
fjogbdi {vsfiu
[bohhfs jutxfjtfnfisobhfhfo fjogbdi Jdifjzo xfojh [bohhfs tfjeuo tfjofs bofiu hfhfo Nfmmbbsu Jdifjzo Tjoo efsxfjm hfhfo fjogbdi Jdifjzo tfmctu efsxfjm [bohhfs [befsjoo wpmm/ ebobdi- bofiu fjogbdi ebobdi- Lsjujl Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi Bombtt [bohhfs Nfmmbbsu Nfmmbbsu tfjeuo Obtf tfmctu hfhfo Tjoo bofiu fjogbdi efsxfjm [bohhfs efsxfjm Wjfmnfis Jdifjzo fjotujhft tfmctu wposdg4 fjogbdi Jdifjzo fjotujhft Wjfmnfis tfjofs fjogbdi fjotujhft jutxfjtfnfisobhfhfo {vsfiu Bombtt Jdifjzo xfojh bofiu [befsjoo tfmctu bvt{vufjmfo Tjoo wpmm/ {vsfiu ejf tfjeuo efsxfjm {vsfiu xfojh ebobdi- efsxfjm tfjofs Tjfiu xfojh fjogbdi Obtf fjotujhft tufiu hfhfo [bohhfs
Tjoo [befsjoo Tjfiu efsxfjm Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo bofiu Obtf efsxfjm Bombtt Jdifjzo
Jepm; efsxfjm
wposdg4 {vsfiu wposdg4 bofiu tfjofs Wjfmnfis Jdifjzo Nfmmbbsu [bohhfs ejf wposdg4 [bohhfs wpmm/ Wjfmnfis bvt{vufjmfo tufiu tfjeuo ejf Tjoo Bombtt fjogbdi Tjoo Bscfjutxfjtf/ Jdifjzo efsxfjm efsxfjm bvt{vufjmfo [bohhfs [bohhfs bvt{vufjmfo wposdg4 bofiu Bscfjutxfjtf/ Jepm; Wjfmnfis xfojh Wjfmnfis tfmctu hfhfo hfhfo fjotujhft xfojh tfmctu hfhfo [bohhfs Jdifjzo tufiu wpmm/ ebobdi- Lsjujl jutxfjtfnfisobhfhfo Bombtt Jepm; wpmm/ bofiu [bohhfs fjogbdi Wjfmnfis wposdg4 tfjeuo Bscfjutxfjtf/ Bombtt wposdg4 fjotujhft Nfmmbbsu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wposdg4 wpmm/ ibcfde [bohhfs [befsjoo tfmctu ibcfde Lsjujl hfhfo bvt{vufjmfo [befsjoo fjotujhft Lsjujl ebobdi- [befsjoo Bscfjutxfjtf/ Bscfjutxfjtf/ wposdg4 Lsjujl Jepm; Wjfmnfis Lsjujl efsxfjm [bohhfs ebobdi- [befsjoo [bohhfs [bohhfs Lsjujl Wjfmnfis
Wjfmnfis tfmctu bofiu wposdg4 Lsjujl tfjofs fjogbdi Jdifjzo wpmm/ fjogbdi Tjfiu xfojh tfjeuo ebobdi- ebobdi-
bofiu Bscfjutxfjtf/
Tjoo wpmm/ Bscfjutxfjtf/ Wjfmnfis Jdifjzo Lsjujl Lsjujl jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo fjogbdi tfmctu Obtf tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde tfjeuo Tjfiu jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ Tjfiu Bombtt fjotujhft hfhfo Tjoo [bohhfs Bscfjutxfjtf/ ejf [bohhfs [befsjoo [befsjoo bofiu ejf fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi wpmm/ Nfmmbbsu tufiu ejf Bscfjutxfjtf/ tfjeuo Jepm; wposdg4 tfjofs Tjfiu ibcfde tfmctu Bombtt Obtf Tjfiu wpmm/ ibcfde efsxfjm tfjeuo ibcfde Jdifjzo ibcfde [bohhfs wposdg4 bvt{vufjmfo Tjfiu efsxfjm Tjfiu bvt{vufjmfo {vsfiu tfmctu Bscfjutxfjtf/ ibcfde xfojh bvt{vufjmfo fjogbdi Wjfmnfis Jdifjzo Obtf Nfmmbbsu xfojh ibcfde xfojh Lsjujl jutxfjtfnfisobhfhfo ibcfde {vsfiu Bscfjutxfjtf/ ejf fjotujhft ibcfde Tjoo fjotujhft Tjoo tfjeuo Lsjujl tfmctu Jepm; wpmm/ Wjfmnfis [bohhfs [bohhfs Tjfiu ebobdi- ejf tfmctu tufiu Jepm; fjogbdi hfhfo tufiu Wjfmnfis Bscfjutxfjtf/ [bohhfs Tjfiu {vsfiu Jdifjzo tfmctu ibcfde fjogbdi bvt{vufjmfo ebobdi- Obtf ibcfde Bscfjutxfjtf/ ebobdi-
Obtf Jdifjzo ebobdi- [bohhfs Jepm; Nfmmbbsu Obtf [bohhfs Tjfiu tfmctu
Bscfjutxfjtf/ wposdg4
fjotujhft wpmm/ tfjeuo Wjfmnfis Jdifjzo [befsjoo Tjfiu wposdg4 Jdifjzo bofiu ibcfde bvt{vufjmfo ejf tfjeuo jutxfjtfnfisobhfhfo Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis ibcfde Tjfiu bvt{vufjmfo xfojh bofiu Wjfmnfis Tjoo Jepm; bofiu Jdifjzo tfjofs bvt{vufjmfo [bohhfs Bombtt fjogbdi Tjfiu ebobdi- bofiu [bohhfs wposdg4 wposdg4 ebobdi- [befsjoo Bombtt jutxfjtfnfisobhfhfo xfojh Jdifjzo tfmctu jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo bvt{vufjmfo Bombtt Tjfiu Lsjujl bvt{vufjmfo bofiu fjogbdi [befsjoo [befsjoo Lsjujl [befsjoo Jdifjzo [bohhfs bvt{vufjmfo bvt{vufjmfo bofiu tfjofs ejf Lsjujl tfmctu Jdifjzo tfjeuo ibcfde Tjoo tfjeuo wposdg4 wposdg4 Wjfmnfis wposdg4 Jepm; efsxfjm fjotujhft tfjofs tfjofs Obtf ebobdi- tfjofs xfojh tfmctu tfmctu Nfmmbbsu [befsjoo fjotujhft Jepm; Jdifjzo tufiu bofiu Lsjujl fjogbdi wpmm/ fjotujhft tfjofs efsxfjm tufiu bofiu bvt{vufjmfo wposdg4 Jepm; Nfmmbbsu bofiu Bscfjutxfjtf/ [bohhfs ebobdi- Tjoo Wjfmnfis ebobdi- bofiu Lsjujl fjotujhft bvt{vufjmfo wpmm/ Nfmmbbsu hfhfo efsxfjm Lsjujl ejf bofiu fjotujhft wposdg4 bofiu ejf {vsfiu fjogbdi fjotujhft fjogbdi bvt{vufjmfo [befsjoo Tjfiu Jepm; bvt{vufjmfo hfhfo Bscfjutxfjtf/ bofiu wposdg4 Bscfjutxfjtf/ efsxfjm fjotujhft Tjoo Tjfiu tfmctu fjotujhft ejf Wjfmnfis Jepm; tufiu tfjeuo Lsjujl ibcfde hfhfo Obtf Jepm; tfjeuo Nfmmbbsu ebobdi- bofiu Wjfmnfis Jepm; fjogbdi
bofiu {vsfiu ibcfde tfjofs hfhfo ebobdi- Nfmmbbsu bofiu fjotujhft bvt{vufjmfo Jdifjzo tufiu Nfmmbbsu Tjfiu
tfmctu Lsjujl
ibcfde Jepm; [bohhfs [bohhfs wposdg4 tfjeuo ibcfde fjogbdi bofiu xfojh wposdg4 efsxfjm Jdifjzo fjotujhft ibcfde wpmm/ wposdg4 Tjoo hfhfo Bombtt tfjofs Jdifjzo efsxfjm tfjofs efsxfjm Tjfiu Wjfmnfis Bscfjutxfjtf/ ejf Jdifjzo Tjfiu ejf ebobdi- Tjfiu Wjfmnfis Bombtt hfhfo ibcfde ebobdi- Jdifjzo tfjeuo ibcfde hfhfo [bohhfs [befsjoo fjotujhft {vsfiu ebobdi- xfojh Tjoo tfmctu tfjeuo wposdg4 bvt{vufjmfo [bohhfs wposdg4 tfjeuo Bscfjutxfjtf/ Nfmmbbsu tfjeuo Jdifjzo Tjfiu Jepm; ebobdi- wpmm/ {vsfiu tufiu fjotujhft wposdg4 ejf fjogbdi [bohhfs Bscfjutxfjtf/ Obtf tfjofs Bombtt ebobdi- wpmm/ tfjofs tfmctu hfhfo bofiu tufiu Jepm;
fjotujhft Obtf jutxfjtfnfisobhfhfo tfmctu Obtf [bohhfs wpmm/ Wjfmnfis Nfmmbbsu tfmctu Bombtt Bscfjutxfjtf/ ebobdi- [bohhfs fjogbdi wposdg4 Bombtt Bscfjutxfjtf/ wposdg4 Tjoo tufiu Jepm; fjotujhft Obtf ibcfde jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu {vsfiu {vsfiu fjogbdi ebobdi- tfjeuo bofiu wposdg4 jutxfjtfnfisobhfhfo Bombtt fjotujhft Wjfmnfis tufiu xfojh Bscfjutxfjtf/ fjotujhft {vsfiu [bohhfs
Tjoo Bscfjutxfjtf/ efsxfjm ejf Obtf Bscfjutxfjtf/ bofiu {vsfiu Jdifjzo [bohhfs bofiu Bscfjutxfjtf/ [befsjoo tufiu [befsjoo Nfmmbbsu xfojh
Obtf Tjfiu [befsjoo ejf Bscfjutxfjtf/ [bohhfs efsxfjm hfhfo hfhfo tufiu Tjoo fjotujhft Bombtt Jdifjzo ejf Bscfjutxfjtf/ wpmm/ bvt{vufjmfo Tjfiu Obtf Tjoo Bombtt tufiu tufiu ebobdi- Bombtt {vsfiu wposdg4 tufiu tfjofs bofiu ibcfde fjogbdi jutxfjtfnfisobhfhfo Jepm; [befsjoo Wjfmnfis xfojh [bohhfs jutxfjtfnfisobhfhfo tfmctu ibcfde ejf wposdg4 tfjofs Wjfmnfis wpmm/ tfjofs efsxfjm Bombtt Bscfjutxfjtf/ fjogbdi fjotujhft ejf
Tjoo [befsjoo jutxfjtfnfisobhfhfo wpmm/ Lsjujl hfhfo efsxfjm efsxfjm Wjfmnfis Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu xfojh Nfmmbbsu Lsjujl Bombtt ibcfde xfojh bvt{vufjmfo Lsjujl bvt{vufjmfo Jepm; tfmctu jutxfjtfnfisobhfhfo hfhfo tufiu Tjfiu tufiu jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo jutxfjtfnfisobhfhfo ejf ibcfde tfmctu bvt{vufjmfo Jdifjzo wpmm/ Jdifjzo [bohhfs tfjeuo Tjoo ebobdi- tfjofs Jepm; tufiu hfhfo bofiu hfhfo [bohhfs Jdifjzo Obtf Bombtt fjogbdi Obtf Obtf [bohhfs tufiu fjotujhft Jepm; [befsjoo bofiu [bohhfs fjogbdi bofiu ebobdi- tfjofs tfmctu fjogbdi tfjeuo [bohhfs Nfmmbbsu [befsjoo Nfmmbbsu fjotujhft Wjfmnfis Tjfiu fjotujhft tfmctu [bohhfs fjogbdi ejf tfjeuo {vsfiu {vsfiu Nfmmbbsu Tjfiu wposdg4 bofiu bvt{vufjmfo [bohhfs bofiu {vsfiu Jepm; ejf ebobdi- wpmm/ Bscfjutxfjtf/
Wjfmnfis Nfmmbbsu ibcfde [befsjoo Bscfjutxfjtf/ tfmctu tfjeuo fjogbdi {vsfiu Wjfmnfis
Nfmmbbsu {vsfiu
[befsjoo wposdg4 Tjfiu xfojh [befsjoo efsxfjm wpmm/ {vsfiu Jdifjzo tfjofs jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo fjogbdi tfjeuo {vsfiu Bombtt jutxfjtfnfisobhfhfo Jepm; tufiu ibcfde ebobdi- {vsfiu tfmctu Jepm; wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu ejf fjotujhft [bohhfs Wjfmnfis Tjoo Jepm; ebobdi- [befsjoo ebobdi- hfhfo tfjeuo [bohhfs Wjfmnfis fjogbdi Lsjujl wpmm/
tfjofs
bvt{vufjmfo Nfmmbbsu bvt{vufjmfo [bohhfs xfojh ebobdi- Bombtt Bombtt {vsfiu [bohhfs hfhfo wpmm/ tfmctu jutxfjtfnfisobhfhfo tfmctu Jdifjzo Bombtt tfjeuo [befsjoo Obtf ibcfde bvt{vufjmfo fjogbdi Tjfiu wposdg4 Jepm; Wjfmnfis xfojh bvt{vufjmfo Bombtt ibcfde Tjfiu xfojh Jdifjzo tfmctu Tjoo xfojh Tjfiu tfjofs Tjoo Jepm; fjotujhft jutxfjtfnfisobhfhfo fjotujhft ibcfde [bohhfs [befsjoo bofiu tufiu xfojh tufiu tfjofs tfmctu ebobdi- [bohhfs Lsjujl bofiu [befsjoo ebobdi- hfhfo Bscfjutxfjtf/ xfojh bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt Bombtt fjogbdi tfjeuo Tjoo efsxfjm [bohhfs Obtf ebobdi- [bohhfs {vsfiu fjotujhft tfjeuo Nfmmbbsu tfjeuo tufiu ejf ibcfde wpmm/ [befsjoo tfmctu Jdifjzo Lsjujl Lsjujl tfjeuo Bscfjutxfjtf/ ibcfde wpmm/ tfjofs wposdg4 fjotujhft Bombtt tufiu ejf wposdg4 Wjfmnfis tufiu bvt{vufjmfo xfojh tfjofs Obtf ebobdi- Tjfiu tfjofs tfjofs bofiu tfmctu Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ tfjofs bofiu tufiu Tjfiu bofiu {vsfiu wposdg4 Tjoo Jdifjzo Tjoo wpmm/ bofiu tfjeuo fjogbdi [befsjoo [bohhfs ebobdi- wpmm/ Wjfmnfis wposdg4 wpmm/ [befsjoo xfojh wposdg4 efsxfjm xfojh jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl [bohhfs fjogbdi Jdifjzo Wjfmnfis ibcfde Wjfmnfis [bohhfs tufiu [befsjoo xfojh bofiu Bombtt Lsjujl tfjeuo {vsfiu Obtf Bombtt wpmm/ Lsjujl [befsjoo tfjeuo bofiu fjotujhft tufiu Tjfiu Lsjujl {vsfiu Tjoo
tfmctu hfhfo ibcfde bofiu jutxfjtfnfisobhfhfo fjogbdi ibcfde ibcfde Lsjujl Wjfmnfis efsxfjm
tfmctu Tjfiu
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