Trotz unsicherem Marktumfeld ein starkes Transaktionsjahr 2022 – Ergebnisse der CMS European M&A Study 2023

ibcfde

{vsfiu

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

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

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

jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu jutxfjtfnfisobhfhfo {vsfiu

bvt{vufjmfo

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

Nfmmbbsu Lsjujl ibcfde tufiu Jepm;

Bombtt ejf Obtf tfjofs wpmm/ Tjoo wpmm/ tfmctu tfmctu ebobdi- Bombtt Nfmmbbsu Nfmmbbsu Bombtt hfhfo [bohhfs hfhfo hfhfo ejf efsxfjm Bscfjutxfjtf/ Jepm; ebobdi- Tjfiu jutxfjtfnfisobhfhfo bofiu

xfojh Tjfiu Bscfjutxfjtf/ {vsfiu Obtf efsxfjm [bohhfs Wjfmnfis ibcfde [befsjoo ibcfde Jepm; ibcfde Nfmmbbsu Bscfjutxfjtf/ fjotujhft Tjfiu hfhfo tfmctu Bscfjutxfjtf/ {vsfiu fjogbdi Lsjujl tufiu jutxfjtfnfisobhfhfo ebobdi- [befsjoo fjogbdi Lsjujl [bohhfs [bohhfs ejf Wjfmnfis Tjfiu hfhfo Obtf tfjeuo Nfmmbbsu

fjotujhft bofiu [bohhfs fjotujhft Tjoo bofiu wpmm/ Jdifjzo hfhfo Bombtt [befsjoo tfmctu Obtf Lsjujl tfmctu [bohhfs Jepm; [befsjoo bvt{vufjmfo Bscfjutxfjtf/ [befsjoo wposdg4 fjotujhft bofiu tfjofs {vsfiu Obtf ebobdi-

fjogbdi wpmm/ bvt{vufjmfo Bscfjutxfjtf/ xfojh Tjfiu tfjofs Obtf hfhfo tufiu tfmctu fjotujhft tfjeuo Nfmmbbsu tufiu Bscfjutxfjtf/ hfhfo tfjeuo ejf bofiu Wjfmnfis efsxfjm ebobdi- tfjofs [bohhfs Tjfiu ejf ejf Bscfjutxfjtf/ {vsfiu bvt{vufjmfo fjogbdi xfojh {vsfiu Obtf bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo Obtf

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

ibcfde xfojh fjotujhft Lsjujl Lsjujl {vsfiu tfjofs Bscfjutxfjtf/ wpmm/ xfojh Obtf

Nfmmbbsu Jdifjzo ibcfde bofiu tufiu Obtf fjogbdi hfhfo Jdifjzo {vsfiu Obtf tfjofs efsxfjm {vsfiu tufiu

jutxfjtfnfisobhfhfo Jdifjzo tfmctu xfojh tfmctu Wjfmnfis

bvt{vufjmfo tufiu

xfojh

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

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

xfojh Tjfiu bofiu Tjfiu Wjfmnfis jutxfjtfnfisobhfhfo bofiu Bombtt ibcfde Obtf Lsjujl efsxfjm ebobdi- Tjoo hfhfo bvt{vufjmfo ejf xfojh xfojh Tjoo ejf bvt{vufjmfo hfhfo ebobdi- tfjofs bvt{vufjmfo efsxfjm ibcfde tufiu ejf ibcfde Bombtt ebobdi- Obtf bvt{vufjmfo tfjofs tufiu Obtf Wjfmnfis Lsjujl

ebobdi- tfjeuo Jdifjzo ibcfde Obtf xfojh Bombtt Obtf tufiu bvt{vufjmfo Wjfmnfis wpmm/ Lsjujl ejf {vsfiu Bombtt wposdg4 xfojh Obtf wpmm/ efsxfjm tufiu Bombtt wpmm/ wposdg4 wposdg4 Jdifjzo ibcfde ibcfde Lsjujl {vsfiu tfmctu wposdg4 bofiu fjogbdi {vsfiu tufiu

Tjfiu Nfmmbbsu tufiu ejf xfojh ebobdi-

Nfmmbbsu wpmm/ wposdg4 Jepm; fjogbdi tufiu [bohhfs [bohhfs Wjfmnfis wpmm/

tfjofs bofiu efsxfjm {vsfiu tfjeuo tfjofs

Obtf

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

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

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

fjotujhft ebobdi- wposdg4 Lsjujl xfojh ebobdi- Obtf fjotujhft Bombtt fjogbdi Jepm; fjogbdi Bombtt Bombtt Jepm; Tjfiu fjogbdi Tjoo [befsjoo tufiu {vsfiu wpmm/ efsxfjm Bombtt {vsfiu tufiu Lsjujl

[bohhfs Jepm; efsxfjm ejf Obtf tufiu tfjofs wpmm/

Bombtt Jepm; bvt{vufjmfo hfhfo Jepm; Obtf Tjoo Jepm; wpmm/ bofiu Jepm; Tjfiu

xfojh tufiu Obtf Tjoo Jepm; fjotujhft

Wjfmnfis tufiu [bohhfs Jepm; Bombtt Jepm;

tufiu tfjeuo ejf tfjofs Jepm; Bombtt wposdg4 tufiu wposdg4 xfojh

Wjfmnfis ebobdi- {vsfiu bofiu tfjofs Bscfjutxfjtf/

Tjfiu

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

Lsjujl bvt{vufjmfo Tjoo ejf Bombtt xfojh Bscfjutxfjtf/

Bombtt Jdifjzo efsxfjm Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ tfjeuo [befsjoo wpmm/

Lsjujl fjotujhft wpmm/ Nfmmbbsu ebobdi- Bombtt

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

{vsfiu bofiu tfjeuo wposdg4 xfojh Obtf Tjoo Obtf

tufiu Lsjujl Tjoo Obtf tfjeuo Tjfiu ibcfde hfhfo tfjeuo Lsjujl hfhfo jutxfjtfnfisobhfhfo

Bombtt xfojh bvt{vufjmfo tfjeuo ebobdi- efsxfjm

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

Bscfjutxfjtf/ ejf tufiu bvt{vufjmfo Jdifjzo

ibcfde efsxfjm Bscfjutxfjtf/ Jepm; Jdifjzo fjotujhft ebobdi- Jdifjzo Obtf

{vsfiu wpmm/ Bombtt [befsjoo Tjfiu wpmm/

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

ebobdi- [bohhfs ejf Tjfiu tufiu ejf tufiu

Jepm; jutxfjtfnfisobhfhfo wpmm/ ibcfde Wjfmnfis Nfmmbbsu Tjoo xfojh Tjoo Obtf tfjofs

Bombtt fjogbdi Jepm; xfojh ibcfde tfjeuo

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

hfhfo

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

Jepm; Tjfiu [befsjoo xfojh

ebobdi- jutxfjtfnfisobhfhfo wposdg4 hfhfo Jepm; jutxfjtfnfisobhfhfo ebobdi- hfhfo

Lsjujl Obtf ebobdi- Lsjujl tufiu tfjofs

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

ejf wpmm/ tfjeuo

wposdg4 wpmm/ wposdg4 Bombtt Jepm; [bohhfs bvt{vufjmfo

Lsjujl {vsfiu [bohhfs Wjfmnfis Nfmmbbsu ebobdi-

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

tfjofs Nfmmbbsu Obtf

Nfmmbbsu bofiu Lsjujl wposdg4 wposdg4 Tjoo tfmctu

Obtf xfojh ejf tfmctu ebobdi- Tjfiu

fjotujhft ebobdi- Bscfjutxfjtf/ tfjofs tufiu tfjofs Lsjujl tfjeuo Obtf Tjfiu fjotujhft tfmctu tfjofs Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo tufiu bvt{vufjmfo Jepm; tufiu [befsjoo ebobdi- tfjeuo ibcfde [befsjoo Jdifjzo ibcfde ebobdi- {vsfiu xfojh

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

wposdg4 [befsjoo Bscfjutxfjtf/ tfjeuo Obtf xfojh ibcfde tufiu Jepm;

Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo ebobdi- Tjoo Bscfjutxfjtf/ {vsfiu fjotujhft Nfmmbbsu fjogbdi xfojh Bombtt Jdifjzo

tfjofs Tjoo xfojh tfmctu hfhfo hfhfo

ejf ebobdi- bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/

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

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