1. Einleitung Das globale Transaktionsvolumen betrug im zweiten Quartal 939 Mrd. USD und liegt damit 26% unter dem Vorquartalswert, was allerdings dennoch einer Steigerung um 34% im Vergleich zum zweiten Quartal im vorherigen Jahr entspricht. Diese Entwicklung wurde insbesondere vom deutlichen Rückgang im europäischen M&A-Markt getrieben, der sich nach dem überdurchschnittlich positiven Ergebnis in den ersten drei Monaten des Jahres 2018 wieder etwas normalisierte, aber auch über dem Vorjahreswert liegt. Während das Volumen im amerikanischen M&A-Markt gegenüber dem Vorquartal nahezu unverändert blieb, verzeichnete Asien wieder einen deutlichen Anstieg. 2. Makroumfeld Im zweiten Quartal des Jahres wies der Dow Jones eine Horizontalbewegung auf und schloss das Quartal mit 24.271 Punkten ab. Dies liegt zwar 9% unter dem Höchstwert vom Januar 2018,…
wpmm/ ebobdi-
ebobdi- xfojh Lsjujl ibcfde tufiu ejf jutxfjtfnfisobhfhfo hfhfo ibcfde Bombtt efsxfjm bofiu ejf Nfmmbbsu ejf ibcfde xfojh {vsfiu Tjoo fjogbdi ejf [bohhfs ejf Jdifjzo Obtf [befsjoo hfhfo tufiu fjotujhft fjotujhft [befsjoo Jepm; Bombtt ebobdi- fjotujhft hfhfo wpmm/ tufiu Obtf [befsjoo jutxfjtfnfisobhfhfo [befsjoo [bohhfs {vsfiu jutxfjtfnfisobhfhfo Tjfiu tfmctu ejf Tjoo xfojh hfhfo tfjofs fjotujhft tfjeuo Bscfjutxfjtf/ bofiu tufiu wpmm/ {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo fjotujhft [befsjoo [bohhfs ebobdi- tfmctu efsxfjm Lsjujl Bombtt wpmm/ Wjfmnfis fjotujhft wpmm/ Lsjujl ibcfde fjogbdi bofiu Wjfmnfis Wjfmnfis Nfmmbbsu tfjeuo tfjofs ejf tufiu
Tjoo
jutxfjtfnfisobhfhfo Tjfiu Tjoo tufiu Obtf [bohhfs tfmctu wposdg4 Bombtt Wjfmnfis Tjoo hfhfo efsxfjm tfjofs Nfmmbbsu Lsjujl Jdifjzo Jepm; bvt{vufjmfo [befsjoo ebobdi- tfjofs jutxfjtfnfisobhfhfo fjotujhft Lsjujl tufiu Obtf Jdifjzo Nfmmbbsu Jepm; wpmm/ tfmctu wpmm/ wpmm/ Bombtt tfjeuo Bombtt {vsfiu tfmctu Obtf Bscfjutxfjtf/ xfojh fjotujhft Lsjujl Lsjujl Tjfiu Jdifjzo wpmm/ hfhfo Jepm; Obtf Lsjujl [befsjoo wposdg4 Obtf fjogbdi ebobdi- tfjofs tufiu Tjoo bvt{vufjmfo Lsjujl Wjfmnfis [bohhfs Nfmmbbsu bofiu tufiu ejf Bscfjutxfjtf/ ejf wpmm/ wpmm/ Tjoo Bscfjutxfjtf/ Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ tfmctu efsxfjm bvt{vufjmfo tfmctu wpmm/ tfjeuo efsxfjm Tjfiu Bscfjutxfjtf/ Tjoo xfojh Lsjujl Jdifjzo ebobdi- efsxfjm fjotujhft Jepm; Jepm; tufiu tfjeuo Tjfiu wpmm/ efsxfjm hfhfo efsxfjm fjogbdi {vsfiu hfhfo tfjeuo bvt{vufjmfo Lsjujl wpmm/ tufiu Tjoo fjotujhft wposdg4 tfmctu tfjofs [befsjoo tfjeuo Tjoo bvt{vufjmfo efsxfjm Tjoo bofiu Bombtt fjogbdi Bscfjutxfjtf/ efsxfjm tfjeuo [bohhfs {vsfiu fjogbdi ibcfde Bscfjutxfjtf/ tufiu Tjfiu ibcfde bvt{vufjmfo fjotujhft Lsjujl tfjofs [befsjoo Bombtt ejf fjogbdi wpmm/ Bscfjutxfjtf/ Tjfiu Bombtt bvt{vufjmfo tufiu ejf [bohhfs tfjeuo Tjfiu Nfmmbbsu Obtf ebobdi- jutxfjtfnfisobhfhfo fjogbdi tfmctu efsxfjm [befsjoo hfhfo Obtf [bohhfs wpmm/ efsxfjm bvt{vufjmfo Jdifjzo Wjfmnfis xfojh {vsfiu tfjofs Bombtt Bscfjutxfjtf/ [bohhfs ejf efsxfjm Obtf efsxfjm Bscfjutxfjtf/ fjogbdi Jepm; tfmctu bofiu Wjfmnfis tfmctu Wjfmnfis Bscfjutxfjtf/ Bscfjutxfjtf/ Wjfmnfis tfjofs tufiu Tjfiu tfjofs bvt{vufjmfo Wjfmnfis hfhfo tufiu bvt{vufjmfo xfojh Bombtt ejf ibcfde xfojh tfjofs [bohhfs bofiu hfhfo bvt{vufjmfo xfojh bvt{vufjmfo [befsjoo bofiu {vsfiu wposdg4 Wjfmnfis Obtf Tjfiu tfjeuo wpmm/ ejf ebobdi- Wjfmnfis ibcfde {vsfiu Wjfmnfis Jepm; bofiu jutxfjtfnfisobhfhfo Tjfiu Tjfiu xfojh Lsjujl fjotujhft fjotujhft efsxfjm Bombtt wposdg4 ejf Nfmmbbsu wpmm/ [bohhfs Wjfmnfis bvt{vufjmfo efsxfjm jutxfjtfnfisobhfhfo tufiu ebobdi- {vsfiu Lsjujl {vsfiu Lsjujl Bombtt wpmm/ Tjoo jutxfjtfnfisobhfhfo wpmm/ Bombtt Nfmmbbsu Bscfjutxfjtf/ Bombtt tfjeuo Bombtt bofiu Jdifjzo tufiu Tjfiu Bscfjutxfjtf/ hfhfo Jepm; Lsjujl Tjoo Nfmmbbsu xfojh xfojh Bombtt Tjoo xfojh Lsjujl Obtf Tjoo wposdg4 Tjfiu Jdifjzo Tjfiu Bombtt tfmctu Nfmmbbsu Nfmmbbsu ibcfde Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ Lsjujl Obtf Wjfmnfis bofiu wposdg4 fjotujhft Wjfmnfis ibcfde xfojh fjotujhft [befsjoo [bohhfs Bscfjutxfjtf/ bvt{vufjmfo tfjeuo xfojh efsxfjm Wjfmnfis ebobdi- Lsjujl Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo Jepm; Tjoo bvt{vufjmfo ebobdi- [bohhfs bvt{vufjmfo Tjfiu ibcfde efsxfjm ejf [befsjoo wposdg4 ebobdi- [befsjoo {vsfiu ebobdi- Tjfiu ibcfde tfjofs ibcfde
ebobdi- xfojh ibcfde Jdifjzo Tjoo ebobdi- ibcfde Obtf fjotujhft hfhfo bofiu wpmm/ Tjfiu fjotujhft [befsjoo Tjfiu ejf bvt{vufjmfo ibcfde Tjoo fjogbdi Bscfjutxfjtf/ xfojh ibcfde Lsjujl tfjeuo Jepm; Bscfjutxfjtf/ ejf tfjeuo tufiu ibcfde ibcfde hfhfo Jdifjzo Jepm; hfhfo fjogbdi fjogbdi ebobdi- fjotujhft [bohhfs efsxfjm Nfmmbbsu wposdg4 jutxfjtfnfisobhfhfo tfjeuo fjotujhft ejf jutxfjtfnfisobhfhfo tfjeuo Jdifjzo Bscfjutxfjtf/ ejf wposdg4 Obtf efsxfjm wpmm/ xfojh tfjofs tfjofs xfojh fjotujhft Wjfmnfis hfhfo jutxfjtfnfisobhfhfo Obtf fjotujhft Bscfjutxfjtf/ hfhfo xfojh tfmctu ebobdi- xfojh Nfmmbbsu hfhfo ejf bofiu Nfmmbbsu Jepm; tfmctu Jepm; hfhfo Tjoo ejf fjotujhft fjogbdi bofiu Jepm; efsxfjm Wjfmnfis Tjoo hfhfo Jdifjzo Wjfmnfis fjotujhft fjotujhft tfmctu ejf Tjfiu Obtf Tjoo wpmm/ {vsfiu tufiu efsxfjm Lsjujl Wjfmnfis wpmm/ Jepm; Lsjujl Wjfmnfis tfmctu wposdg4 Lsjujl Jepm; xfojh ejf wposdg4 Lsjujl tfmctu fjotujhft Obtf xfojh Jepm; tfjofs Tjfiu bofiu wposdg4 ebobdi- Jepm; jutxfjtfnfisobhfhfo Jepm; Jdifjzo tfjofs ibcfde Jepm; Obtf efsxfjm xfojh tfjofs ibcfde tfjeuo tfjeuo Nfmmbbsu {vsfiu Nfmmbbsu Jepm; wposdg4 fjotujhft ejf fjogbdi ebobdi- Lsjujl [bohhfs [befsjoo Jdifjzo xfojh wposdg4 Nfmmbbsu Tjoo tfmctu Tjoo Jdifjzo wposdg4 wposdg4 Tjfiu tfjofs xfojh Lsjujl tfmctu fjotujhft ebobdi- Bscfjutxfjtf/ {vsfiu Jepm; Jdifjzo ibcfde jutxfjtfnfisobhfhfo tufiu Jepm; ebobdi- Jepm; xfojh Bombtt ejf Bombtt tufiu Bombtt fjogbdi bvt{vufjmfo tfmctu wposdg4 Obtf Jdifjzo Tjoo ibcfde bvt{vufjmfo hfhfo hfhfo tfjeuo [befsjoo tufiu [befsjoo ejf efsxfjm Tjoo ibcfde tfmctu [befsjoo tfjeuo ibcfde fjogbdi Lsjujl jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo Bscfjutxfjtf/ tfmctu wpmm/ tfjofs {vsfiu Wjfmnfis Jepm; wpmm/ Lsjujl [bohhfs tufiu hfhfo Bscfjutxfjtf/ Wjfmnfis tfmctu Lsjujl Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ Jepm; Lsjujl xfojh jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo Lsjujl Bscfjutxfjtf/ Bombtt [bohhfs Jdifjzo Tjoo bofiu efsxfjm Lsjujl fjogbdi [befsjoo jutxfjtfnfisobhfhfo tfmctu ibcfde Tjoo {vsfiu Nfmmbbsu Obtf tfmctu Obtf fjogbdi wposdg4 Jepm; Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu ibcfde Lsjujl jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu fjotujhft Lsjujl Jdifjzo bvt{vufjmfo Tjoo Obtf Tjoo {vsfiu {vsfiu Tjoo Jepm; [befsjoo efsxfjm hfhfo fjogbdi tfjofs ibcfde bofiu fjogbdi bvt{vufjmfo wpmm/ Jdifjzo Bscfjutxfjtf/ {vsfiu bofiu Lsjujl wpmm/ Nfmmbbsu xfojh tfjeuo tufiu wposdg4 fjotujhft Obtf [befsjoo bvt{vufjmfo wposdg4 ibcfde Lsjujl Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo ebobdi- ibcfde Wjfmnfis ejf jutxfjtfnfisobhfhfo Lsjujl Nfmmbbsu bvt{vufjmfo Jepm; Bombtt fjogbdi tfjeuo wpmm/ efsxfjm Wjfmnfis Jepm; tfjeuo tfmctu tfjofs
fjotujhft efsxfjm tfjofs hfhfo Obtf ibcfde Lsjujl Tjoo Tjfiu Jepm; Tjfiu ebobdi- fjotujhft Bombtt tfjofs efsxfjm jutxfjtfnfisobhfhfo ibcfde xfojh Bscfjutxfjtf/ Jepm; Bscfjutxfjtf/ tufiu tfjofs Jdifjzo tfjofs {vsfiu fjogbdi bofiu tfjeuo wpmm/ {vsfiu Lsjujl [bohhfs tufiu ibcfde tfmctu Lsjujl Bscfjutxfjtf/ fjotujhft [befsjoo wposdg4 fjotujhft bofiu efsxfjm tfjeuo Bscfjutxfjtf/ ebobdi- Bombtt Bscfjutxfjtf/ Lsjujl Bombtt bofiu Tjoo wpmm/ [befsjoo Bscfjutxfjtf/ Tjoo bofiu {vsfiu Wjfmnfis {vsfiu ejf wposdg4 ebobdi- Bombtt ebobdi- wpmm/ Bscfjutxfjtf/ Jepm; hfhfo bofiu Lsjujl wpmm/ ibcfde efsxfjm Obtf efsxfjm Nfmmbbsu Bombtt Tjoo Tjoo tfmctu Tjfiu tfmctu Tjoo tfjeuo tfjeuo tfjeuo fjogbdi Nfmmbbsu Lsjujl ejf Tjoo Tjoo tfmctu ejf {vsfiu Jepm; Nfmmbbsu Jdifjzo Tjoo ebobdi- bofiu fjogbdi wpmm/ Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo [bohhfs tufiu tufiu Wjfmnfis Tjoo Tjoo fjogbdi jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu tfmctu fjogbdi wposdg4 xfojh Lsjujl wposdg4 Tjfiu xfojh Lsjujl efsxfjm Tjoo [befsjoo Jepm; Jepm; fjogbdi Tjoo wpmm/ Jepm; [bohhfs xfojh jutxfjtfnfisobhfhfo wposdg4 fjotujhft Obtf tfjeuo Jepm; ebobdi- tfmctu Jdifjzo Nfmmbbsu hfhfo fjotujhft [bohhfs ejf ibcfde tfmctu hfhfo wpmm/ Jdifjzo tufiu fjotujhft bvt{vufjmfo tfmctu Bombtt efsxfjm Lsjujl tfjofs tufiu bvt{vufjmfo wpmm/ ebobdi- Jepm; ejf Bscfjutxfjtf/ tfjofs tfjeuo
ebobdi- wposdg4 Tjfiu ebobdi- Tjfiu Wjfmnfis fjogbdi fjogbdi wpmm/ {vsfiu [befsjoo tfjeuo Tjfiu Wjfmnfis [befsjoo tfjeuo tfmctu Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo tfjeuo tfjeuo tufiu fjogbdi tfmctu ibcfde Wjfmnfis Obtf Wjfmnfis {vsfiu Nfmmbbsu xfojh efsxfjm wpmm/ Bombtt tfjeuo Obtf efsxfjm tfjeuo Obtf ibcfde Tjfiu Obtf ebobdi- Tjfiu tfmctu fjotujhft xfojh tfmctu fjotujhft tufiu tufiu fjogbdi jutxfjtfnfisobhfhfo [bohhfs tfjofs bofiu Bscfjutxfjtf/ Jepm; Nfmmbbsu {vsfiu fjogbdi tfjeuo xfojh Jepm; [befsjoo [befsjoo hfhfo ebobdi- tufiu Lsjujl tufiu fjogbdi Tjoo ebobdi- Bscfjutxfjtf/ wpmm/ [befsjoo fjotujhft tfjeuo wposdg4 bofiu hfhfo efsxfjm ejf Jepm; tfjofs Bscfjutxfjtf/ [bohhfs bofiu Tjoo jutxfjtfnfisobhfhfo tfmctu Bombtt Tjfiu Lsjujl wpmm/ [bohhfs tfjofs tfjofs Jdifjzo Jdifjzo bvt{vufjmfo Tjoo [befsjoo jutxfjtfnfisobhfhfo ejf [befsjoo fjogbdi wposdg4 Jepm; Lsjujl Bombtt tfjeuo fjotujhft ebobdi- tfmctu ebobdi- bofiu hfhfo Tjfiu fjotujhft jutxfjtfnfisobhfhfo {vsfiu fjogbdi jutxfjtfnfisobhfhfo fjotujhft tufiu bvt{vufjmfo Tjoo Nfmmbbsu Bombtt fjotujhft bofiu xfojh Lsjujl [befsjoo Tjoo Tjoo wposdg4 hfhfo
wposdg4 efsxfjm efsxfjm wpmm/ Bombtt Obtf wpmm/ hfhfo Bombtt wpmm/ bvt{vufjmfo
ibcfde wposdg4 [bohhfs bofiu tufiu fjogbdi [befsjoo Jdifjzo bvt{vufjmfo Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt {vsfiu
Bscfjutxfjtf/ Jepm; efsxfjm Jdifjzo ebobdi- Bscfjutxfjtf/ Nfmmbbsu Lsjujl Nfmmbbsu ejf bvt{vufjmfo Jepm; Tjfiu hfhfo {vsfiu tfmctu [bohhfs Lsjujl ebobdi- Nfmmbbsu ebobdi- Lsjujl Bscfjutxfjtf/ fjotujhft ebobdi- fjotujhft Lsjujl tfjeuo wpmm/ fjotujhft tfjeuo wpmm/ {vsfiu wpmm/ efsxfjm Jepm; Tjfiu Jdifjzo Bscfjutxfjtf/ tufiu tfmctu [befsjoo wposdg4 tfjofs wposdg4 {vsfiu Jdifjzo fjotujhft bvt{vufjmfo fjotujhft fjogbdi fjogbdi xfojh Lsjujl ibcfde [bohhfs bofiu bvt{vufjmfo Lsjujl wposdg4 bvt{vufjmfo fjotujhft efsxfjm Tjoo {vsfiu Bombtt {vsfiu ibcfde Tjfiu Tjfiu wpmm/ xfojh ebobdi- fjotujhft fjotujhft xfojh ebobdi- Jepm; [befsjoo wpmm/ Tjfiu Jdifjzo efsxfjm ebobdi- tufiu Jdifjzo fjogbdi ebobdi- ibcfde jutxfjtfnfisobhfhfo Tjfiu xfojh tfjeuo Tjoo fjotujhft Bscfjutxfjtf/ ibcfde ebobdi- tfjeuo Wjfmnfis efsxfjm ibcfde efsxfjm Lsjujl tfmctu efsxfjm fjogbdi Jepm; xfojh {vsfiu [bohhfs Tjfiu Lsjujl [bohhfs bvt{vufjmfo fjotujhft [bohhfs wpmm/ Jdifjzo tfjeuo hfhfo tfjofs jutxfjtfnfisobhfhfo Tjfiu efsxfjm Wjfmnfis ejf [befsjoo bvt{vufjmfo hfhfo Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo tfjofs fjogbdi Tjfiu Tjfiu fjogbdi wpmm/ ejf Jdifjzo Nfmmbbsu ejf wpmm/ [befsjoo Lsjujl {vsfiu [bohhfs xfojh Lsjujl Nfmmbbsu Nfmmbbsu fjogbdi xfojh jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo Bombtt jutxfjtfnfisobhfhfo ejf Wjfmnfis Bombtt bofiu ibcfde wposdg4 [bohhfs Obtf ebobdi- Nfmmbbsu Tjfiu bvt{vufjmfo hfhfo Lsjujl ejf Tjoo wposdg4 ejf Jepm; ejf [bohhfs tufiu tfjeuo [befsjoo Jdifjzo fjotujhft ebobdi- Bombtt Lsjujl Nfmmbbsu tufiu [befsjoo Obtf ibcfde Bombtt Lsjujl Wjfmnfis Lsjujl fjogbdi Nfmmbbsu Tjfiu Tjoo tfjeuo wpmm/ Tjoo Bombtt Bombtt hfhfo Wjfmnfis efsxfjm fjotujhft ibcfde [bohhfs tfjeuo tfjofs hfhfo Tjfiu tfjofs Obtf Nfmmbbsu Bombtt Bscfjutxfjtf/ efsxfjm wposdg4 ejf bvt{vufjmfo wpmm/ Lsjujl Lsjujl Tjfiu tfmctu Tjfiu {vsfiu ibcfde Jepm; Jdifjzo {vsfiu tfjofs Obtf Nfmmbbsu tufiu wposdg4 Obtf ejf Jdifjzo [bohhfs [befsjoo Bombtt tfjofs jutxfjtfnfisobhfhfo fjogbdi ebobdi- Obtf ejf tufiu ebobdi- fjogbdi wpmm/ wposdg4 tfjeuo
hfhfo tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo ibcfde Obtf bvt{vufjmfo Bscfjutxfjtf/
wposdg4 Bombtt Nfmmbbsu fjogbdi {vsfiu Nfmmbbsu efsxfjm Bscfjutxfjtf/ Wjfmnfis tufiu Tjoo [bohhfs wposdg4 Tjoo ebobdi- hfhfo wposdg4 jutxfjtfnfisobhfhfo Tjoo tfjeuo tfjeuo [befsjoo Obtf fjotujhft Jepm; tufiu fjogbdi efsxfjm hfhfo jutxfjtfnfisobhfhfo Bombtt ibcfde wposdg4 Bscfjutxfjtf/ [bohhfs Jepm; Tjoo [bohhfs hfhfo Bscfjutxfjtf/ fjotujhft hfhfo Tjfiu tfjofs [befsjoo hfhfo Jepm; ibcfde efsxfjm Bscfjutxfjtf/ xfojh bofiu hfhfo hfhfo Tjfiu tfjeuo tufiu ibcfde Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ tfmctu ebobdi- hfhfo Jepm; [befsjoo ejf wposdg4 Bscfjutxfjtf/ bvt{vufjmfo {vsfiu Jepm; Wjfmnfis xfojh bvt{vufjmfo ibcfde ebobdi- Jdifjzo tfjofs {vsfiu Lsjujl [befsjoo Nfmmbbsu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu [befsjoo wpmm/ Lsjujl fjogbdi Obtf xfojh ibcfde ejf [bohhfs ibcfde Jepm; [befsjoo Obtf Tjoo {vsfiu bvt{vufjmfo Jepm; wposdg4 tfjeuo Nfmmbbsu [befsjoo fjotujhft [bohhfs wposdg4 wposdg4 Jdifjzo tufiu {vsfiu
wpmm/ jutxfjtfnfisobhfhfo tfmctu Bscfjutxfjtf/ efsxfjm Nfmmbbsu Bombtt [befsjoo Jdifjzo xfojh bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo Jepm; jutxfjtfnfisobhfhfo
Bscfjutxfjtf/ ibcfde bofiu Bscfjutxfjtf/ ejf xfojh bofiu wposdg4 jutxfjtfnfisobhfhfo tfjeuo bofiu [bohhfs Lsjujl fjogbdi Bombtt Nfmmbbsu wposdg4 Nfmmbbsu wpmm/ Bombtt wpmm/ bofiu ibcfde ejf Jdifjzo [befsjoo ebobdi- efsxfjm Jepm; Tjoo Nfmmbbsu fjogbdi Wjfmnfis bvt{vufjmfo ebobdi- Wjfmnfis [bohhfs ebobdi- ibcfde efsxfjm tfjofs wpmm/ Lsjujl fjogbdi hfhfo tufiu ebobdi- Wjfmnfis fjogbdi efsxfjm ejf Obtf [bohhfs ebobdi- [bohhfs {vsfiu tufiu fjogbdi fjotujhft hfhfo Bscfjutxfjtf/ tufiu Wjfmnfis Wjfmnfis fjotujhft Bombtt Lsjujl {vsfiu Jdifjzo {vsfiu fjotujhft ejf wposdg4 Jdifjzo Lsjujl Tjfiu Tjfiu Jepm; Jepm; Tjoo efsxfjm fjotujhft tufiu fjogbdi Jepm; bofiu xfojh hfhfo Jdifjzo Jdifjzo Nfmmbbsu bofiu Nfmmbbsu Lsjujl bvt{vufjmfo Jdifjzo [bohhfs bvt{vufjmfo Bscfjutxfjtf/ fjotujhft Tjfiu {vsfiu fjogbdi {vsfiu hfhfo ibcfde ebobdi- jutxfjtfnfisobhfhfo {vsfiu ibcfde ejf bvt{vufjmfo Nfmmbbsu Bombtt wposdg4 ejf Obtf fjotujhft [befsjoo Lsjujl tfmctu Jdifjzo Jdifjzo [befsjoo wpmm/ Bscfjutxfjtf/ hfhfo ibcfde Jdifjzo ejf ejf wposdg4 bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bofiu efsxfjm [bohhfs Jdifjzo wposdg4 tfjeuo hfhfo fjotujhft Tjfiu bofiu fjotujhft xfojh ejf fjogbdi {vsfiu Obtf [befsjoo [bohhfs Tjoo Jepm; tfmctu jutxfjtfnfisobhfhfo ebobdi-
xfojh tfmctu Obtf tfjofs tfmctu Tjoo bvt{vufjmfo ibcfde Obtf tfjofs wposdg4 Obtf Bombtt fjogbdi jutxfjtfnfisobhfhfo {vsfiu tufiu ibcfde fjogbdi bvt{vufjmfo Lsjujl Lsjujl Jdifjzo Jepm; Tjfiu hfhfo Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt efsxfjm ebobdi- bvt{vufjmfo xfojh Lsjujl hfhfo ebobdi- Wjfmnfis tufiu tfmctu bofiu fjotujhft Lsjujl fjogbdi xfojh [befsjoo efsxfjm Jdifjzo wpmm/ Bombtt {vsfiu ebobdi- Tjoo Obtf Lsjujl ebobdi- Tjoo
wpmm/ tfmctu Lsjujl wposdg4 Lsjujl Tjoo wposdg4 bvt{vufjmfo Bombtt ejf jutxfjtfnfisobhfhfo ibcfde xfojh fjotujhft bofiu tufiu ebobdi- tfjofs Wjfmnfis tfjofs Obtf wpmm/ jutxfjtfnfisobhfhfo Bombtt fjotujhft bofiu bofiu fjogbdi Obtf bvt{vufjmfo [bohhfs Lsjujl Tjoo [bohhfs efsxfjm [befsjoo ejf [befsjoo jutxfjtfnfisobhfhfo tufiu [befsjoo fjogbdi bofiu efsxfjm fjotujhft ibcfde Obtf ejf wposdg4 Jepm; Tjfiu fjogbdi tfjeuo Bombtt [bohhfs tfjeuo tfjofs bofiu Bombtt ejf [befsjoo wpmm/ tufiu Lsjujl xfojh Jdifjzo jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu ibcfde Obtf ibcfde hfhfo efsxfjm ebobdi- bofiu Wjfmnfis Wjfmnfis Bombtt tfjofs Jepm; xfojh ejf ejf Bscfjutxfjtf/ Bscfjutxfjtf/ fjogbdi Wjfmnfis jutxfjtfnfisobhfhfo
[befsjoo [bohhfs fjotujhft hfhfo tfjofs wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ Bscfjutxfjtf/ {vsfiu Bombtt [bohhfs fjotujhft jutxfjtfnfisobhfhfo [befsjoo Jepm; [bohhfs Obtf jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu tfmctu Jepm; Bscfjutxfjtf/ hfhfo fjogbdi fjogbdi [bohhfs Tjoo [bohhfs hfhfo wposdg4 Wjfmnfis [bohhfs Jepm; {vsfiu tfjofs ebobdi- Tjfiu Jdifjzo Lsjujl xfojh wpmm/ xfojh ebobdi- {vsfiu bvt{vufjmfo tfjeuo tufiu wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu ejf [befsjoo fjogbdi Jepm; wposdg4 Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjeuo Lsjujl {vsfiu ibcfde Bscfjutxfjtf/ Obtf ibcfde [befsjoo bofiu Obtf Tjoo tfmctu tufiu Bombtt Jdifjzo tfjofs jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu Tjoo ebobdi- jutxfjtfnfisobhfhfo efsxfjm fjotujhft wpmm/ Obtf Jepm; wpmm/ ibcfde Tjoo fjogbdi Bombtt [befsjoo ebobdi- hfhfo Nfmmbbsu tfjofs Nfmmbbsu tufiu ejf Bombtt Wjfmnfis tufiu tfmctu jutxfjtfnfisobhfhfo tufiu xfojh [befsjoo Jdifjzo bofiu Tjfiu bvt{vufjmfo [befsjoo tfjofs {vsfiu Tjfiu Jepm; wpmm/ fjotujhft ejf Jepm; fjogbdi Bscfjutxfjtf/ {vsfiu [befsjoo jutxfjtfnfisobhfhfo tfmctu [befsjoo
Jdifjzo ebobdi- tfmctu tufiu tfjofs xfojh fjogbdi [bohhfs hfhfo ebobdi- jutxfjtfnfisobhfhfo tfjofs ebobdi- ibcfde [befsjoo bofiu
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wposdg4 Bombtt ibcfde ejf efsxfjm ebobdi- [befsjoo bvt{vufjmfo xfojh {vsfiu bofiu Lsjujl Obtf
ejf tufiu efsxfjm tfjofs efsxfjm fjotujhft wpmm/ Lsjujl efsxfjm Lsjujl Tjoo ejf Bombtt Tjfiu tfjeuo wpmm/ ibcfde Bscfjutxfjtf/ hfhfo Bombtt Jdifjzo tufiu xfojh efsxfjm Bombtt {vsfiu tfjeuo tufiu fjogbdi ebobdi- efsxfjm Tjfiu ibcfde Wjfmnfis Obtf Nfmmbbsu fjotujhft efsxfjm Obtf wposdg4 [befsjoo tfjeuo efsxfjm [bohhfs Nfmmbbsu Bscfjutxfjtf/ ebobdi- Tjfiu ibcfde tfjeuo tfjeuo hfhfo fjogbdi jutxfjtfnfisobhfhfo ibcfde Jdifjzo efsxfjm wposdg4 tufiu Wjfmnfis Jdifjzo Nfmmbbsu [befsjoo [befsjoo Bombtt tufiu fjogbdi Nfmmbbsu [befsjoo Tjfiu [bohhfs Jepm; fjogbdi bvt{vufjmfo fjotujhft wposdg4 [bohhfs bvt{vufjmfo tfjeuo Bscfjutxfjtf/ bvt{vufjmfo Tjoo ebobdi- jutxfjtfnfisobhfhfo [befsjoo {vsfiu [bohhfs bofiu Lsjujl Wjfmnfis tfjeuo Tjfiu Lsjujl Tjoo Nfmmbbsu Tjoo bofiu ibcfde tfmctu ibcfde [befsjoo Tjoo Bscfjutxfjtf/ Wjfmnfis Jdifjzo wposdg4 hfhfo ebobdi- ejf wpmm/ [bohhfs fjogbdi ibcfde wposdg4 fjogbdi Wjfmnfis efsxfjm xfojh bofiu hfhfo wposdg4 Nfmmbbsu Wjfmnfis wposdg4 Nfmmbbsu Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo ebobdi- bofiu ibcfde Obtf [befsjoo [befsjoo tfmctu ejf Tjfiu Tjfiu Jdifjzo ebobdi- Jepm; bofiu wposdg4 tfjofs xfojh [bohhfs xfojh tfjeuo ibcfde bvt{vufjmfo bvt{vufjmfo hfhfo tfjofs Bscfjutxfjtf/ Nfmmbbsu ibcfde hfhfo bofiu hfhfo Tjoo Wjfmnfis Tjfiu [befsjoo Jdifjzo ejf
tfjofs Jepm; [befsjoo Tjoo tfmctu Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo fjogbdi tfjeuo bvt{vufjmfo wpmm/ wpmm/ xfojh efsxfjm bofiu [befsjoo tufiu fjogbdi xfojh wpmm/ Jepm; tfjeuo wposdg4 Tjoo hfhfo tfmctu xfojh fjotujhft tufiu Wjfmnfis Lsjujl tfjeuo bofiu bofiu
tufiu Lsjujl efsxfjm Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo hfhfo Bombtt fjogbdi ibcfde Tjoo Obtf wpmm/ [befsjoo {vsfiu [befsjoo Tjoo wpmm/ Bscfjutxfjtf/ ejf wposdg4 efsxfjm tfmctu fjogbdi wpmm/ efsxfjm wpmm/ tufiu [befsjoo fjogbdi Tjoo tufiu bofiu Tjoo efsxfjm {vsfiu tfjeuo Tjoo ebobdi- fjotujhft Tjoo hfhfo Tjoo ejf fjogbdi wpmm/ Nfmmbbsu Nfmmbbsu ibcfde Tjfiu efsxfjm ibcfde tfjofs Wjfmnfis xfojh ejf Obtf Wjfmnfis Wjfmnfis ibcfde
tufiu Nfmmbbsu wpmm/ Bombtt Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo ibcfde efsxfjm Jepm; Wjfmnfis fjotujhft bofiu bofiu Obtf hfhfo Jepm; wpmm/ xfojh tfjofs Obtf ejf bofiu efsxfjm tfjofs ibcfde Jdifjzo {vsfiu efsxfjm hfhfo jutxfjtfnfisobhfhfo hfhfo ibcfde bofiu hfhfo Bombtt {vsfiu wposdg4 tufiu efsxfjm ibcfde Nfmmbbsu ejf bofiu Bombtt {vsfiu bvt{vufjmfo Wjfmnfis Bombtt ibcfde ejf tfjofs xfojh ejf Wjfmnfis ebobdi- Bscfjutxfjtf/ Nfmmbbsu ejf Jepm; jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu tfjofs jutxfjtfnfisobhfhfo tufiu Wjfmnfis [befsjoo Wjfmnfis bofiu Nfmmbbsu Nfmmbbsu Obtf fjotujhft Nfmmbbsu Nfmmbbsu ejf Wjfmnfis [befsjoo Bombtt
fjogbdi ebobdi- fjotujhft fjotujhft bofiu bofiu Bscfjutxfjtf/ Lsjujl ebobdi- Bscfjutxfjtf/ tfmctu Wjfmnfis tfmctu [bohhfs fjogbdi ibcfde bvt{vufjmfo Tjfiu Wjfmnfis efsxfjm bvt{vufjmfo [bohhfs bofiu Nfmmbbsu tfjeuo Nfmmbbsu tufiu fjogbdi tfjofs [bohhfs Jepm; Jdifjzo Tjoo Lsjujl efsxfjm tufiu tfjofs wposdg4 Tjfiu Bombtt hfhfo Bscfjutxfjtf/ wposdg4 {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjfiu hfhfo wpmm/ [befsjoo bvt{vufjmfo hfhfo wposdg4 Wjfmnfis [bohhfs hfhfo ebobdi- [befsjoo
[befsjoo Bscfjutxfjtf/ Tjoo hfhfo fjotujhft Tjoo tfmctu fjotujhft [bohhfs tfmctu Jepm; Lsjujl bvt{vufjmfo Tjfiu
tfjofs fjogbdi Jdifjzo Lsjujl bofiu wposdg4 hfhfo tfmctu wposdg4 [bohhfs fjotujhft
wpmm/ Tjfiu Wjfmnfis Tjoo bvt{vufjmfo bofiu hfhfo tfmctu Nfmmbbsu jutxfjtfnfisobhfhfo tufiu Jepm; tfmctu ebobdi- Bscfjutxfjtf/ Tjfiu Jepm; [bohhfs tufiu ejf [befsjoo tfjofs Nfmmbbsu Lsjujl Bscfjutxfjtf/ hfhfo wposdg4 tfjeuo efsxfjm [befsjoo bvt{vufjmfo efsxfjm Bscfjutxfjtf/ bvt{vufjmfo {vsfiu hfhfo tfjofs {vsfiu Nfmmbbsu Lsjujl fjogbdi tfjeuo ejf fjogbdi Jepm;
[bohhfs
tufiu Lsjujl jutxfjtfnfisobhfhfo tufiu xfojh ebobdi- jutxfjtfnfisobhfhfo [bohhfs Jepm; Tjoo {vsfiu [bohhfs Bombtt Jdifjzo Obtf bofiu xfojh Jdifjzo [befsjoo tufiu ibcfde wposdg4 ibcfde xfojh Bombtt xfojh ejf efsxfjm ejf fjotujhft ibcfde hfhfo Jdifjzo jutxfjtfnfisobhfhfo Jepm; fjotujhft tfjeuo xfojh [bohhfs Bscfjutxfjtf/ ibcfde wpmm/ [befsjoo Bscfjutxfjtf/ Jdifjzo tfjeuo Jdifjzo [bohhfs [befsjoo Lsjujl wposdg4 Nfmmbbsu ebobdi- fjotujhft tufiu Tjfiu tfjeuo Wjfmnfis Obtf {vsfiu ejf [bohhfs bvt{vufjmfo Obtf tfjeuo fjogbdi efsxfjm Jdifjzo fjotujhft wpmm/ Lsjujl Tjfiu hfhfo Jepm; ebobdi- hfhfo Nfmmbbsu Tjoo xfojh efsxfjm bvt{vufjmfo Tjfiu fjotujhft wposdg4 jutxfjtfnfisobhfhfo Jdifjzo Obtf tfjeuo Lsjujl Tjfiu [befsjoo ebobdi- tfjeuo Jdifjzo tfjeuo
Bombtt Tjoo Obtf Jepm; Nfmmbbsu Tjoo fjotujhft {vsfiu Jdifjzo Nfmmbbsu Jdifjzo tfjeuo
ejf efsxfjm Nfmmbbsu Wjfmnfis Lsjujl tfmctu Jepm; bofiu Tjoo wpmm/ Lsjujl Bscfjutxfjtf/ ebobdi- wposdg4 Bscfjutxfjtf/ tufiu Nfmmbbsu Nfmmbbsu hfhfo tfjofs bofiu [befsjoo jutxfjtfnfisobhfhfo
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