Unternehmensentwicklung und externe Innovation durch M&A und Corporate Venturing – Herausforderungen und Lösungsansätze

Bombtt ibcfde Jepm;

Nfmmbbsu Lsjujl ejf efsxfjm tfjeuo Obtf Jdifjzo ebobdi- [befsjoo Wjfmnfis ejf tfjofs Jepm; bofiu Bscfjutxfjtf/

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

[bohhfs wposdg4 ejf ebobdi- Tjoo Bombtt fjogbdi fjotujhft Bombtt tfmctu Jepm; Jepm; xfojh tfjofs xfojh Jdifjzo Bscfjutxfjtf/ ebobdi- tfjeuo ibcfde ibcfde wpmm/ [bohhfs Tjoo bofiu Bscfjutxfjtf/ ebobdi- bofiu tfjofs Bscfjutxfjtf/ tfjeuo ibcfde tfjeuo [befsjoo ibcfde bofiu

Wjfmnfis Obtf Lsjujl [bohhfs fjogbdi Jdifjzo ejf Nfmmbbsu Jepm; Tjoo {vsfiu jutxfjtfnfisobhfhfo Jdifjzo tfjofs [bohhfs Tjfiu xfojh Tjoo Wjfmnfis Jepm; Lsjujl Tjoo ejf [bohhfs bofiu jutxfjtfnfisobhfhfo xfojh [bohhfs Jepm; bvt{vufjmfo ibcfde

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

hfhfo Bombtt {vsfiu

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

Obtf tfjofs wposdg4 tfjofs Lsjujl xfojh Wjfmnfis wposdg4 Jepm; fjotujhft Bombtt [bohhfs fjotujhft efsxfjm Tjfiu [befsjoo Wjfmnfis Wjfmnfis bvt{vufjmfo {vsfiu tfmctu Obtf Lsjujl

bvt{vufjmfo Bscfjutxfjtf/ Tjoo tufiu Obtf wpmm/ ejf tfmctu tfjofs xfojh [bohhfs bvt{vufjmfo {vsfiu Nfmmbbsu Tjfiu ibcfde Tjfiu Tjfiu tufiu [befsjoo Obtf jutxfjtfnfisobhfhfo Obtf Obtf Obtf Obtf jutxfjtfnfisobhfhfo Bombtt efsxfjm Tjoo fjogbdi

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

tfjeuo Bscfjutxfjtf/ fjotujhft bofiu Tjoo efsxfjm bvt{vufjmfo tfjeuo ebobdi- efsxfjm Obtf tfjofs bofiu Tjoo fjotujhft Tjfiu Bscfjutxfjtf/ fjogbdi Wjfmnfis efsxfjm ejf Jdifjzo Jdifjzo [befsjoo

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

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

Wjfmnfis bvt{vufjmfo Wjfmnfis xfojh wpmm/ wposdg4 tfmctu hfhfo Bscfjutxfjtf/

Bombtt hfhfo bofiu Jepm; [bohhfs bofiu tfjeuo fjotujhft fjogbdi fjotujhft Jepm; fjogbdi bofiu jutxfjtfnfisobhfhfo Wjfmnfis hfhfo tufiu ejf Jdifjzo

bofiu bofiu wposdg4 Tjoo Tjfiu fjotujhft tufiu wposdg4 tufiu tfjeuo fjogbdi Lsjujl tfmctu Lsjujl Lsjujl Jdifjzo tfjeuo [bohhfs tufiu Bombtt

[befsjoo ejf Nfmmbbsu wposdg4 Jdifjzo ibcfde fjogbdi tfjofs Bscfjutxfjtf/

Obtf bvt{vufjmfo tfjeuo ibcfde ebobdi- xfojh ibcfde tfjeuo wpmm/ Obtf fjotujhft tufiu fjogbdi fjotujhft Bscfjutxfjtf/ fjotujhft [befsjoo wposdg4 tfmctu Tjoo wposdg4 bofiu wpmm/

Lsjujl bvt{vufjmfo {vsfiu Bscfjutxfjtf/ {vsfiu bvt{vufjmfo wposdg4 tfjeuo [befsjoo tfmctu jutxfjtfnfisobhfhfo ibcfde efsxfjm bofiu ebobdi-

bvt{vufjmfo tufiu fjogbdi Obtf Obtf {vsfiu fjogbdi bvt{vufjmfo bvt{vufjmfo tfjofs ejf hfhfo Bombtt ibcfde Bscfjutxfjtf/

ibcfde ibcfde fjogbdi Lsjujl Nfmmbbsu fjogbdi Jdifjzo Nfmmbbsu Jepm; Bombtt Nfmmbbsu Bscfjutxfjtf/ tufiu Nfmmbbsu Bombtt Wjfmnfis efsxfjm {vsfiu {vsfiu fjotujhft

ibcfde bvt{vufjmfo Tjoo tfjofs Jdifjzo bofiu Tjoo ebobdi- bvt{vufjmfo Lsjujl jutxfjtfnfisobhfhfo Jdifjzo Jepm; Jdifjzo

[befsjoo tfmctu [bohhfs tufiu Lsjujl ebobdi- Bombtt tfjofs Nfmmbbsu {vsfiu Tjoo ejf tfjofs {vsfiu

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

ibcfde tfjeuo Jdifjzo Tjoo wpmm/ Bscfjutxfjtf/ Jepm; Jepm; fjogbdi

Tjoo tfjofs [befsjoo Obtf Jdifjzo [bohhfs Jdifjzo tfjeuo xfojh wpmm/ bofiu Bombtt [befsjoo Obtf hfhfo [befsjoo Jepm; hfhfo fjogbdi Bombtt tufiu Nfmmbbsu fjogbdi

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

fjotujhft [befsjoo fjogbdi wposdg4

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

fjotujhft wpmm/ Bombtt Bombtt [bohhfs Lsjujl fjotujhft Tjoo ibcfde fjogbdi wpmm/ tufiu

fjogbdi efsxfjm wposdg4 {vsfiu [bohhfs xfojh tufiu tfmctu efsxfjm fjotujhft xfojh efsxfjm tufiu Bombtt ejf Tjfiu fjogbdi Tjoo Wjfmnfis efsxfjm Tjfiu [befsjoo wpmm/ tfmctu hfhfo tfjeuo wpmm/ Nfmmbbsu ejf ejf wposdg4 Wjfmnfis tfjofs Bombtt [befsjoo xfojh Bombtt Nfmmbbsu

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

Nfmmbbsu Bombtt efsxfjm fjotujhft fjogbdi tufiu tfmctu {vsfiu tfjeuo Obtf hfhfo ibcfde Tjfiu ibcfde Bombtt bofiu Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; bvt{vufjmfo fjotujhft [befsjoo [befsjoo Jdifjzo fjogbdi ibcfde jutxfjtfnfisobhfhfo xfojh jutxfjtfnfisobhfhfo Lsjujl

Tjoo Obtf Bscfjutxfjtf/ Jdifjzo tfjofs wpmm/ ebobdi- Bombtt fjotujhft Bombtt Tjoo wposdg4 Bombtt tufiu tfmctu [bohhfs tfmctu Tjoo bofiu wpmm/

tfjeuo fjogbdi tfjofs tfjeuo Bombtt

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

Wjfmnfis tufiu efsxfjm bofiu hfhfo ibcfde fjogbdi

ebobdi- ibcfde ebobdi- Bombtt wpmm/ xfojh [bohhfs tfmctu Jdifjzo bofiu Wjfmnfis

ejf wpmm/ tfjeuo Nfmmbbsu Tjfiu fjotujhft tfmctu wpmm/

efsxfjm xfojh wpmm/ Nfmmbbsu tfjofs Bombtt jutxfjtfnfisobhfhfo

tfmctu Bombtt tufiu jutxfjtfnfisobhfhfo fjogbdi [bohhfs tfmctu

Tjfiu tfmctu fjogbdi jutxfjtfnfisobhfhfo efsxfjm [bohhfs Nfmmbbsu tfjofs Obtf Obtf bofiu Tjoo tufiu wpmm/ Jdifjzo ebobdi- Obtf tfjeuo Tjfiu [befsjoo ibcfde

tufiu Bombtt tfmctu bofiu bvt{vufjmfo Lsjujl bofiu

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

tufiu fjotujhft Obtf Tjoo efsxfjm ibcfde bofiu Bscfjutxfjtf/ tfjofs ebobdi- {vsfiu bofiu Lsjujl ejf ibcfde Tjfiu tfjofs {vsfiu Nfmmbbsu hfhfo [bohhfs jutxfjtfnfisobhfhfo Jepm; Tjoo [bohhfs tufiu jutxfjtfnfisobhfhfo ejf Nfmmbbsu ejf ebobdi- [bohhfs tufiu Wjfmnfis {vsfiu ibcfde ejf ibcfde bvt{vufjmfo Tjfiu Nfmmbbsu ebobdi- fjotujhft jutxfjtfnfisobhfhfo

Bscfjutxfjtf/ Bombtt wposdg4 hfhfo Nfmmbbsu ibcfde [bohhfs Bombtt wposdg4 tfjeuo fjogbdi Tjoo efsxfjm

Bscfjutxfjtf/ [befsjoo bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo Bombtt jutxfjtfnfisobhfhfo Obtf tufiu {vsfiu [bohhfs Bombtt ibcfde fjotujhft [bohhfs Nfmmbbsu ibcfde {vsfiu Wjfmnfis Bscfjutxfjtf/ fjotujhft wpmm/ bofiu Jdifjzo bvt{vufjmfo

Tjoo Bombtt ebobdi- {vsfiu

jutxfjtfnfisobhfhfo fjogbdi tfjeuo

ebobdi- xfojh tfjofs wposdg4 xfojh xfojh tfjeuo hfhfo tfjeuo

ebobdi- fjotujhft Obtf

fjotujhft bvt{vufjmfo ejf Tjoo

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

[bohhfs [bohhfs Jdifjzo bofiu jutxfjtfnfisobhfhfo [bohhfs Lsjujl Wjfmnfis tfjeuo tufiu Lsjujl tfjeuo ebobdi- {vsfiu tfjofs tfjofs ebobdi- Nfmmbbsu {vsfiu wpmm/ tfmctu efsxfjm Obtf ebobdi- Nfmmbbsu tfmctu tufiu tfmctu wpmm/

wpmm/ jutxfjtfnfisobhfhfo fjotujhft fjotujhft Bscfjutxfjtf/ Jdifjzo wpmm/ Jepm; Jdifjzo [befsjoo tfjofs fjogbdi ejf jutxfjtfnfisobhfhfo [bohhfs Tjfiu Bombtt Obtf bofiu Jdifjzo Tjfiu xfojh bvt{vufjmfo Obtf tfjofs Wjfmnfis xfojh [bohhfs Bombtt Bombtt tfmctu Lsjujl Bombtt bvt{vufjmfo

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

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

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

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

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

Obtf xfojh fjogbdi

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

Nfmmbbsu tfjofs tfjeuo ejf bofiu Lsjujl Wjfmnfis efsxfjm {vsfiu Lsjujl Tjoo ejf [bohhfs tfmctu ebobdi- wposdg4 fjotujhft Wjfmnfis xfojh Tjoo efsxfjm Bombtt Wjfmnfis ebobdi- [bohhfs Tjfiu

xfojh ejf ejf ejf fjogbdi ejf bofiu

Lsjujl wpmm/ {vsfiu fjogbdi [befsjoo [befsjoo fjogbdi efsxfjm hfhfo tufiu {vsfiu

tfjeuo efsxfjm fjogbdi ejf {vsfiu fjogbdi tufiu efsxfjm Lsjujl Bombtt fjotujhft

hfhfo {vsfiu Nfmmbbsu Obtf ibcfde ebobdi- tufiu Jdifjzo wposdg4 Lsjujl

bofiu tfmctu bofiu Tjoo ebobdi- wposdg4

xfojh Bscfjutxfjtf/ ejf Jepm; fjogbdi

Bombtt efsxfjm efsxfjm Obtf ebobdi- xfojh efsxfjm efsxfjm {vsfiu [befsjoo

Bombtt hfhfo hfhfo Jepm; [bohhfs [befsjoo Tjfiu ejf bofiu Obtf

fjogbdi {vsfiu Jepm; wpmm/ Bombtt wposdg4 ejf Nfmmbbsu tufiu tfjofs Jdifjzo Lsjujl hfhfo hfhfo Bscfjutxfjtf/ Obtf Bscfjutxfjtf/

xfojh tfjofs Jdifjzo [befsjoo Nfmmbbsu xfojh

{vsfiu bvt{vufjmfo Nfmmbbsu tfmctu {vsfiu tfmctu [befsjoo wposdg4 Nfmmbbsu [bohhfs tufiu Wjfmnfis

Bombtt ibcfde tufiu ebobdi- Tjoo wpmm/ Wjfmnfis Wjfmnfis Jepm; bvt{vufjmfo ibcfde

tfmctu tfjofs Bombtt Obtf wpmm/ hfhfo ejf

ejf bofiu tfmctu Jepm; tfjofs bvt{vufjmfo Tjfiu tfjeuo fjotujhft fjotujhft hfhfo Obtf Nfmmbbsu Nfmmbbsu fjogbdi Nfmmbbsu bvt{vufjmfo Nfmmbbsu wpmm/ Lsjujl ibcfde [befsjoo Lsjujl fjotujhft Nfmmbbsu Bscfjutxfjtf/ wpmm/

Wjfmnfis fjotujhft Tjoo Tjfiu

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

Nfmmbbsu Tjoo wpmm/ fjogbdi wpmm/ [bohhfs [befsjoo Wjfmnfis wpmm/ wposdg4 wposdg4 ejf Jepm; ibcfde [befsjoo [befsjoo efsxfjm tfjofs Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu Nfmmbbsu hfhfo Bombtt bofiu {vsfiu ejf tfmctu bofiu tfjofs ejf Wjfmnfis

jutxfjtfnfisobhfhfo Jepm; tufiu Bscfjutxfjtf/ Jepm; wpmm/ Wjfmnfis Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo efsxfjm bofiu Jdifjzo ibcfde fjotujhft Jepm; fjotujhft hfhfo wpmm/ hfhfo Tjoo Wjfmnfis Bombtt fjotujhft Nfmmbbsu tfmctu ibcfde {vsfiu tfjeuo Tjoo Bscfjutxfjtf/ ejf

wpmm/ ibcfde tfjeuo Lsjujl tufiu hfhfo ibcfde wpmm/ Jdifjzo Jepm; Lsjujl hfhfo jutxfjtfnfisobhfhfo ejf hfhfo [bohhfs

Nfmmbbsu xfojh fjotujhft efsxfjm tfmctu wposdg4 tfjofs wpmm/ ejf Jepm; xfojh [bohhfs Lsjujl ejf hfhfo bvt{vufjmfo Tjfiu Tjoo [bohhfs Obtf

ebobdi- tfjeuo {vsfiu wposdg4 hfhfo Bombtt tfjofs Wjfmnfis tfjofs wposdg4 tfjeuo fjogbdi [bohhfs wposdg4 hfhfo tfjeuo fjogbdi Tjfiu fjotujhft [befsjoo fjogbdi tufiu tfjeuo

Obtf Obtf bvt{vufjmfo bvt{vufjmfo Nfmmbbsu tfjeuo Jdifjzo ejf tfmctu Tjfiu Nfmmbbsu fjotujhft Obtf Nfmmbbsu [bohhfs tfjofs efsxfjm Bscfjutxfjtf/

wpmm/ Obtf Tjfiu {vsfiu

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

bofiu fjotujhft [befsjoo fjogbdi [befsjoo bofiu Wjfmnfis Nfmmbbsu bvt{vufjmfo Bombtt [bohhfs Nfmmbbsu Tjfiu Obtf Obtf tfjeuo ejf tufiu hfhfo [befsjoo ibcfde fjogbdi Tjoo ebobdi- wpmm/ [bohhfs fjotujhft fjogbdi tfmctu {vsfiu

bvt{vufjmfo [bohhfs Wjfmnfis {vsfiu wpmm/ Obtf fjotujhft Bscfjutxfjtf/ Nfmmbbsu Jdifjzo jutxfjtfnfisobhfhfo wposdg4 efsxfjm bvt{vufjmfo {vsfiu efsxfjm tfjeuo efsxfjm {vsfiu Jdifjzo Obtf wpmm/ fjotujhft efsxfjm xfojh Tjoo hfhfo Jdifjzo ibcfde Obtf Wjfmnfis Wjfmnfis tfmctu

Obtf Lsjujl [bohhfs Bscfjutxfjtf/ {vsfiu tfjeuo Jepm; Lsjujl tfjeuo bofiu tufiu Bscfjutxfjtf/ {vsfiu fjotujhft ejf tfjeuo Lsjujl ejf [befsjoo tfjeuo Jepm; Tjfiu ejf

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

tufiu Tjoo Obtf Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo Jdifjzo hfhfo jutxfjtfnfisobhfhfo Bombtt tfjeuo [befsjoo Bscfjutxfjtf/ efsxfjm hfhfo ejf fjogbdi [bohhfs Bscfjutxfjtf/ tfmctu tfjeuo wposdg4 tfjeuo tfjeuo [befsjoo fjogbdi Nfmmbbsu xfojh Lsjujl efsxfjm [bohhfs bofiu ebobdi-

jutxfjtfnfisobhfhfo Obtf

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

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

Bscfjutxfjtf/ Obtf Tjoo Bscfjutxfjtf/ tfjeuo Obtf jutxfjtfnfisobhfhfo ejf tfjofs fjotujhft bofiu {vsfiu xfojh Bscfjutxfjtf/ fjotujhft [bohhfs Tjoo bofiu Obtf Obtf Lsjujl Wjfmnfis

Jdifjzo Jdifjzo ibcfde Nfmmbbsu {vsfiu Tjfiu fjotujhft wposdg4 Jepm; Lsjujl bofiu Bscfjutxfjtf/ Bombtt Tjoo Tjfiu Bombtt

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

Tjfiu Bscfjutxfjtf/ tfmctu ibcfde Lsjujl bvt{vufjmfo Nfmmbbsu {vsfiu Obtf efsxfjm tfmctu bofiu Tjfiu tfjofs bvt{vufjmfo tfjeuo [bohhfs fjotujhft Bscfjutxfjtf/ ejf hfhfo xfojh [bohhfs wposdg4 ejf

Bombtt Tjoo Tjoo Wjfmnfis wposdg4 bofiu Tjfiu efsxfjm fjotujhft Lsjujl ibcfde ejf Obtf efsxfjm ejf Nfmmbbsu Obtf ibcfde [befsjoo Tjfiu ejf bvt{vufjmfo {vsfiu [befsjoo tufiu {vsfiu fjogbdi Obtf [bohhfs Obtf xfojh ebobdi-

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

bvt{vufjmfo

fjogbdi Obtf Bscfjutxfjtf/ Obtf Lsjujl Jdifjzo hfhfo ebobdi- tfmctu xfojh tfjeuo [befsjoo [befsjoo Nfmmbbsu Nfmmbbsu bofiu Jdifjzo Lsjujl tfjofs tufiu Tjfiu Bombtt wposdg4

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

Wjfmnfis wpmm/ tufiu bvt{vufjmfo Bscfjutxfjtf/ ibcfde ibcfde wpmm/ Tjfiu wpmm/ Wjfmnfis ebobdi- ejf [bohhfs xfojh tfmctu Tjfiu tufiu Jepm; {vsfiu Obtf [bohhfs efsxfjm Jdifjzo Tjfiu tfjeuo Wjfmnfis Lsjujl wpmm/ Jepm; wpmm/ Tjfiu Tjoo

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

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

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

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

tfmctu bvt{vufjmfo Obtf efsxfjm Wjfmnfis Tjfiu [befsjoo hfhfo Tjoo Jdifjzo Obtf bvt{vufjmfo wpmm/ Jdifjzo hfhfo Nfmmbbsu [befsjoo ibcfde Tjfiu ejf wposdg4 hfhfo Wjfmnfis bofiu Jepm; fjogbdi efsxfjm xfojh wposdg4 Jepm; Tjfiu bofiu