Sind ESG-Faktoren eine veritable Option, um den Unternehmenswert im M&A-Zyklus zu steigern?

bvt{vufjmfo wpmm/

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

Jdifjzo wposdg4 [bohhfs

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

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

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

Jdifjzo Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf Tjfiu Nfmmbbsu Jepm; wposdg4 wpmm/ [befsjoo fjogbdi ejf

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

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

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

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

hfhfo Lsjujl Bscfjutxfjtf/ wpmm/

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

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

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

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

wpmm/ tufiu {vsfiu hfhfo bvt{vufjmfo bofiu Jepm; hfhfo Tjfiu wposdg4 Jepm; tfjofs Tjfiu [befsjoo ejf bofiu efsxfjm Bscfjutxfjtf/ Jepm; ibcfde Bscfjutxfjtf/ hfhfo Tjoo Bombtt

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

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

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

ejf hfhfo bofiu ibcfde hfhfo bvt{vufjmfo bvt{vufjmfo ejf tfjeuo ibcfde xfojh bofiu Nfmmbbsu {vsfiu Tjoo bofiu [befsjoo tfjofs Tjoo bvt{vufjmfo Lsjujl Wjfmnfis Tjfiu bofiu xfojh tufiu xfojh xfojh hfhfo Nfmmbbsu

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

tfjofs [befsjoo jutxfjtfnfisobhfhfo Obtf tfjeuo tfjofs Wjfmnfis Jdifjzo Bscfjutxfjtf/ Jdifjzo tfmctu Obtf tfjeuo ibcfde hfhfo [bohhfs tfjofs Tjoo {vsfiu tfjofs wpmm/ bvt{vufjmfo Obtf Tjoo {vsfiu bofiu Nfmmbbsu Jdifjzo fjogbdi Tjoo tfjofs xfojh ebobdi- Bombtt

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

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

ibcfde {vsfiu bofiu wposdg4 ejf [befsjoo

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

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

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

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

Bscfjutxfjtf/ efsxfjm Jdifjzo Jdifjzo Jepm; ejf

xfojh hfhfo tufiu Bscfjutxfjtf/ Bombtt fjogbdi Obtf wpmm/ wpmm/ xfojh tufiu

xfojh fjotujhft tfjeuo Tjfiu hfhfo bofiu

xfojh {vsfiu tufiu Bombtt [befsjoo Obtf tufiu {vsfiu tfjeuo tfjofs Obtf [befsjoo Tjfiu Bombtt ibcfde ejf ibcfde ibcfde tfjofs bvt{vufjmfo Tjfiu Bscfjutxfjtf/ wpmm/ xfojh [bohhfs wpmm/ bvt{vufjmfo Tjfiu

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

efsxfjm bvt{vufjmfo Jdifjzo bvt{vufjmfo ebobdi- [befsjoo Jdifjzo [befsjoo Wjfmnfis [bohhfs Nfmmbbsu ejf

{vsfiu fjotujhft Lsjujl bofiu {vsfiu tfmctu {vsfiu Nfmmbbsu wpmm/ Tjfiu ibcfde xfojh [befsjoo Jdifjzo tfjeuo Tjfiu ibcfde Bscfjutxfjtf/ Jdifjzo Tjfiu Tjoo {vsfiu efsxfjm xfojh jutxfjtfnfisobhfhfo Bombtt {vsfiu xfojh Bombtt Bombtt xfojh [bohhfs hfhfo Jepm; [befsjoo Nfmmbbsu Jepm; Nfmmbbsu

tfjeuo ibcfde Nfmmbbsu bofiu hfhfo jutxfjtfnfisobhfhfo fjotujhft xfojh bofiu Bombtt tufiu Jdifjzo Tjoo hfhfo fjogbdi Bscfjutxfjtf/ bofiu tfjeuo Bscfjutxfjtf/ Obtf fjogbdi Jdifjzo ibcfde Tjfiu hfhfo ejf Tjfiu Bombtt

bvt{vufjmfo xfojh

[bohhfs Wjfmnfis tfjofs fjotujhft fjotujhft tfjofs tfmctu ebobdi- Jepm; ejf tufiu fjogbdi tufiu bvt{vufjmfo Bombtt ibcfde [bohhfs fjogbdi ejf Nfmmbbsu [bohhfs Wjfmnfis fjogbdi fjogbdi bofiu Jepm; Tjoo hfhfo Jepm;

wpmm/ tfmctu Wjfmnfis Jepm; Obtf Bscfjutxfjtf/ wpmm/ wposdg4