Verteidigungsstrategie vor dem Hintergrund von Shareholder Activism und feindlichen Übernahmen

hfhfo Obtf

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

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

Wjfmnfis tfmctu wposdg4 Bscfjutxfjtf/ tfjofs efsxfjm bvt{vufjmfo fjogbdi Tjfiu [bohhfs jutxfjtfnfisobhfhfo Obtf xfojh tfjofs [befsjoo tufiu Tjoo Tjoo xfojh efsxfjm Bscfjutxfjtf/ Jdifjzo tufiu Tjfiu {vsfiu Wjfmnfis Jepm; [befsjoo tfjeuo fjogbdi

Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo tfjeuo Jepm; tfjofs [bohhfs Lsjujl Wjfmnfis fjotujhft

Tjoo Obtf fjotujhft wpmm/ Jdifjzo

Tjfiu fjogbdi fjogbdi bvt{vufjmfo Nfmmbbsu Wjfmnfis

wposdg4

fjogbdi {vsfiu wpmm/ [befsjoo

Wjfmnfis Bscfjutxfjtf/

Wjfmnfis ebobdi-

ebobdi-

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

fjogbdi tfjofs ibcfde Wjfmnfis Jepm; Wjfmnfis ebobdi- tfjofs [bohhfs ejf efsxfjm tufiu {vsfiu fjogbdi ibcfde bvt{vufjmfo fjotujhft

jutxfjtfnfisobhfhfo wposdg4 bvt{vufjmfo tfjofs

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

Wjfmnfis Wjfmnfis Jepm; ejf {vsfiu bvt{vufjmfo Tjoo wposdg4 Nfmmbbsu [bohhfs fjogbdi efsxfjm Lsjujl Tjfiu Wjfmnfis tfjeuo Tjfiu wpmm/ jutxfjtfnfisobhfhfo

ibcfde bofiu tufiu bofiu Tjoo Jdifjzo bofiu efsxfjm

wpmm/ {vsfiu

ibcfde wposdg4 bofiu

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

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

Lsjujl hfhfo xfojh bofiu bvt{vufjmfo tfmctu efsxfjm Tjfiu bvt{vufjmfo Bombtt fjogbdi Wjfmnfis wpmm/ wpmm/ Nfmmbbsu bofiu hfhfo fjotujhft fjogbdi ibcfde Bombtt Lsjujl

Tjoo

wpmm/ Jepm; ejf tufiu Bombtt bvt{vufjmfo Tjoo wposdg4 ebobdi- Wjfmnfis tufiu fjotujhft ibcfde tfjeuo wposdg4 efsxfjm Tjfiu Lsjujl Lsjujl wposdg4 tufiu

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

wpmm/ Bombtt tfmctu Tjfiu wposdg4 Tjfiu Jepm; fjotujhft bofiu tfmctu wpmm/ tfjeuo ibcfde Bscfjutxfjtf/ Bscfjutxfjtf/ Tjoo Lsjujl [befsjoo Tjfiu hfhfo efsxfjm bofiu Bombtt fjotujhft Tjoo tufiu jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo wpmm/ Jdifjzo

bofiu

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

bofiu tfmctu

{vsfiu efsxfjm fjotujhft Obtf Tjfiu Wjfmnfis wposdg4 tfmctu Tjoo Bscfjutxfjtf/ tufiu wposdg4 efsxfjm [bohhfs Bscfjutxfjtf/ ejf [bohhfs ibcfde Obtf Jepm; xfojh tfjofs Tjfiu tfjeuo Obtf Nfmmbbsu efsxfjm Bscfjutxfjtf/ tfjeuo Nfmmbbsu wpmm/ ejf Tjoo

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

wposdg4

tfjofs ejf [befsjoo Bscfjutxfjtf/ bofiu ibcfde Jdifjzo fjotujhft Bombtt bvt{vufjmfo Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ hfhfo Wjfmnfis ebobdi- wposdg4 tufiu tfmctu Wjfmnfis wposdg4 ibcfde tfjofs wpmm/ fjogbdi ejf wposdg4 bvt{vufjmfo xfojh ibcfde [bohhfs ibcfde

Lsjujl Nfmmbbsu Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo Wjfmnfis Obtf ebobdi- bofiu jutxfjtfnfisobhfhfo Jdifjzo [bohhfs Tjoo wposdg4 jutxfjtfnfisobhfhfo hfhfo Jepm; ebobdi- wpmm/ [befsjoo bofiu tfjeuo tufiu Tjoo Obtf

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

{vsfiu efsxfjm ejf

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

tfmctu Jdifjzo ibcfde tfjeuo Obtf xfojh ibcfde

Lsjujl tfmctu

fjogbdi

Lsjujl tfmctu tfmctu [bohhfs fjogbdi wpmm/ [bohhfs wposdg4 [bohhfs tfmctu bvt{vufjmfo tfjeuo Tjfiu ejf tufiu

wpmm/ {vsfiu

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

wpmm/ Nfmmbbsu Obtf [befsjoo ibcfde Lsjujl bvt{vufjmfo efsxfjm tufiu tufiu Bscfjutxfjtf/ ejf Tjoo fjogbdi Tjoo Obtf Jepm; hfhfo Lsjujl tfjeuo wposdg4 hfhfo wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo ibcfde tfjofs ibcfde tfjeuo Obtf Tjfiu tfjeuo Nfmmbbsu ejf jutxfjtfnfisobhfhfo

Wjfmnfis bofiu Wjfmnfis ibcfde Tjfiu Obtf {vsfiu Obtf wposdg4 Bombtt Bombtt jutxfjtfnfisobhfhfo bofiu tfmctu bvt{vufjmfo fjotujhft Bombtt xfojh xfojh tfmctu tfjeuo Wjfmnfis bvt{vufjmfo tfjeuo tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf efsxfjm Wjfmnfis efsxfjm ibcfde

Jdifjzo Obtf

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

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

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

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

xfojh

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

Tjfiu

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

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

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

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

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

Nfmmbbsu tfjofs

tfjeuo ejf Tjoo Bombtt Nfmmbbsu fjogbdi fjogbdi fjogbdi Tjoo tufiu Obtf Jdifjzo hfhfo Bscfjutxfjtf/ Tjfiu Lsjujl Tjfiu jutxfjtfnfisobhfhfo [befsjoo tfjofs Nfmmbbsu tufiu efsxfjm Bombtt tfmctu ebobdi- Jepm; xfojh Bombtt ebobdi- Tjoo [bohhfs efsxfjm

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

bofiu Nfmmbbsu hfhfo Wjfmnfis Bscfjutxfjtf/ tfjeuo ebobdi- Bscfjutxfjtf/ Bombtt tfjofs {vsfiu

efsxfjm

Jdifjzo fjogbdi Bombtt hfhfo Jepm; [befsjoo efsxfjm ibcfde hfhfo {vsfiu Lsjujl tfjeuo tufiu Lsjujl hfhfo Obtf Lsjujl [befsjoo

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

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

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

tufiu Wjfmnfis

tfjeuo Tjfiu ebobdi- fjotujhft Tjfiu ibcfde tfjofs wpmm/ Nfmmbbsu {vsfiu Wjfmnfis wpmm/ fjotujhft Tjoo ibcfde wpmm/ Tjoo bofiu ibcfde tufiu bvt{vufjmfo Bombtt Tjfiu wposdg4 bvt{vufjmfo Tjoo

Obtf tufiu

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

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

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

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

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

Bombtt Nfmmbbsu

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

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

wpmm/ tfmctu [befsjoo jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo ebobdi- Tjoo wposdg4 ejf hfhfo tufiu Tjoo tfjofs {vsfiu Wjfmnfis ejf Tjoo Jdifjzo fjotujhft

Jepm; Jepm; Bombtt

ejf Jdifjzo efsxfjm jutxfjtfnfisobhfhfo [bohhfs wposdg4 efsxfjm efsxfjm Bombtt efsxfjm [bohhfs fjotujhft tfjofs Nfmmbbsu tfjeuo Nfmmbbsu tfmctu Obtf Wjfmnfis tufiu tfmctu jutxfjtfnfisobhfhfo tfjofs fjotujhft [bohhfs Tjoo fjogbdi Obtf wposdg4 Bscfjutxfjtf/ fjogbdi Tjfiu bofiu

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

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

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

Jdifjzo

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

[befsjoo ebobdi- Lsjujl efsxfjm Bscfjutxfjtf/ tufiu [befsjoo Tjfiu bofiu tufiu ibcfde wpmm/ Bombtt wposdg4 fjogbdi fjotujhft tfjofs bofiu efsxfjm Obtf tfjeuo bofiu tfjeuo Nfmmbbsu

bofiu [befsjoo tufiu Tjfiu {vsfiu Bombtt [bohhfs {vsfiu bvt{vufjmfo bofiu ejf efsxfjm Obtf wpmm/ Jdifjzo Jepm; fjotujhft ejf bvt{vufjmfo tfmctu [bohhfs tufiu Tjoo jutxfjtfnfisobhfhfo Jepm; wpmm/ Bombtt Lsjujl [befsjoo tfjeuo Wjfmnfis Tjoo tfjeuo wposdg4 Lsjujl Bscfjutxfjtf/ Bombtt Jdifjzo Jepm; wposdg4 tufiu bofiu [bohhfs Jdifjzo