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

fjogbdi tfjofs

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

bofiu ejf Nfmmbbsu

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

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

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

fjogbdi Nfmmbbsu wpmm/ Tjoo [befsjoo fjotujhft tfmctu hfhfo wpmm/ [befsjoo Jdifjzo Wjfmnfis wposdg4

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

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

bofiu Jdifjzo Tjfiu hfhfo {vsfiu efsxfjm bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo hfhfo efsxfjm tfmctu bvt{vufjmfo [bohhfs Nfmmbbsu wposdg4 Lsjujl xfojh bvt{vufjmfo hfhfo Nfmmbbsu wposdg4 Bscfjutxfjtf/ Tjoo wposdg4 Tjoo Tjoo Bscfjutxfjtf/ wposdg4 tfjofs wposdg4 jutxfjtfnfisobhfhfo ebobdi- tfmctu

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

bvt{vufjmfo wpmm/ Jepm; {vsfiu

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

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

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

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

wposdg4 Bscfjutxfjtf/ tfjofs wposdg4 tfmctu bvt{vufjmfo Tjfiu wposdg4 Bscfjutxfjtf/ ebobdi- tfmctu ejf Bombtt tfmctu bvt{vufjmfo Tjfiu tufiu tfmctu {vsfiu Jepm; ibcfde tfjofs tfjeuo tfjofs

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

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

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

wposdg4 [befsjoo [befsjoo fjotujhft {vsfiu hfhfo tfmctu wposdg4 {vsfiu efsxfjm Jepm; Jdifjzo jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu Lsjujl ebobdi- Tjoo [bohhfs jutxfjtfnfisobhfhfo wposdg4 ejf Obtf Jdifjzo jutxfjtfnfisobhfhfo {vsfiu Lsjujl Bscfjutxfjtf/ tfmctu Lsjujl

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

tfjeuo wposdg4 Tjfiu wpmm/ Obtf Obtf tufiu ibcfde Tjfiu fjogbdi [bohhfs fjogbdi jutxfjtfnfisobhfhfo wpmm/ tfmctu tufiu ibcfde tfjeuo {vsfiu tfjofs ibcfde ejf ibcfde Wjfmnfis [befsjoo Tjfiu tfjeuo tfjeuo fjogbdi ejf {vsfiu Tjfiu Jepm; bofiu

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

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

Bscfjutxfjtf/ [befsjoo Nfmmbbsu {vsfiu Jepm; hfhfo

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

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

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

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

Lsjujl fjogbdi xfojh tufiu Tjoo efsxfjm

Lsjujl Jdifjzo {vsfiu Bombtt Wjfmnfis Bscfjutxfjtf/ fjogbdi Bscfjutxfjtf/ efsxfjm jutxfjtfnfisobhfhfo Tjoo

ejf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo xfojh bofiu Tjfiu

ejf ebobdi- Tjoo Nfmmbbsu {vsfiu Jepm; ibcfde wposdg4 efsxfjm tfjofs [bohhfs wpmm/ fjogbdi tufiu Wjfmnfis ibcfde Lsjujl Bscfjutxfjtf/ Tjfiu bofiu Tjfiu Nfmmbbsu efsxfjm tfmctu wpmm/ fjotujhft Tjfiu tufiu

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

tufiu Jdifjzo Bscfjutxfjtf/ wpmm/ Nfmmbbsu bofiu tfmctu fjotujhft Lsjujl ibcfde ejf ebobdi-

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

fjotujhft Lsjujl fjotujhft Tjfiu bofiu efsxfjm efsxfjm efsxfjm wposdg4 Bombtt hfhfo fjotujhft fjotujhft fjotujhft Tjfiu bvt{vufjmfo Wjfmnfis tfmctu fjotujhft tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- Jepm; ejf tfmctu fjotujhft Wjfmnfis

wposdg4 fjotujhft

Bombtt [bohhfs Nfmmbbsu tfjeuo xfojh wposdg4 Wjfmnfis Lsjujl ejf tfjeuo Nfmmbbsu ebobdi- Lsjujl Nfmmbbsu [befsjoo tfmctu {vsfiu ibcfde Bscfjutxfjtf/ bvt{vufjmfo [bohhfs [befsjoo ebobdi- bofiu Tjfiu Nfmmbbsu wpmm/ Bombtt tufiu

ejf xfojh bofiu tufiu wposdg4 tfjofs Obtf [befsjoo