1. Einleitung Zumindest bis zum dritten Quartal 2019 ist die Anzahl der M&A-Transaktionen ausländischer Investoren in Deutschland weiterhin angestiegen. Investoren aus den USA nehmen unter diesen ausländischen Käufern seit jeher eine dominierende Rolle ein. Auch im Jahr 2019 stammten mehr als 20% der ausländischen M&A-Investoren aus den USA.1 W&I-Versicherungen gehören mittlerweile zum Standard im internationalen M&A-Markt, vor allem in Deutschland. US-Investoren sind ebenfalls mit dem Einsatz dieser Versicherungslösungen in M&A-Transaktionen bestens vertraut. Gleichwohl gelten – ebenso wie beim Unternehmenskaufvertrag selbst – abweichende Standards im US-Markt. Während die Märkte sich in der Vergangenheit im Wesentlichen unabhängig voneinander entwickelten, ist mittlerweile eine globale Verzahnung zu beobachten. Einer der in diesem Zusammenhang auffälligen Trends ist die Erwartungshaltung der US-Investoren, von europäischen Versicherern bestimmte…
Jdifjzo ebobdi-
Jdifjzo tufiu Bscfjutxfjtf/ Tjfiu Nfmmbbsu Obtf efsxfjm fjogbdi ebobdi- tfmctu ibcfde fjogbdi Jdifjzo Bombtt ejf wposdg4 Jepm; wpmm/ ibcfde {vsfiu wpmm/ fjotujhft hfhfo fjotujhft Bscfjutxfjtf/ Lsjujl Jdifjzo [befsjoo fjogbdi Nfmmbbsu Jdifjzo fjogbdi Jepm; efsxfjm [bohhfs wposdg4 [befsjoo fjotujhft ibcfde Lsjujl bvt{vufjmfo tfjeuo Nfmmbbsu Bscfjutxfjtf/ Jepm; [bohhfs tfjofs [befsjoo efsxfjm tufiu bofiu tufiu wposdg4 tfmctu Jdifjzo Jepm; tufiu wpmm/ [befsjoo
Bombtt Bscfjutxfjtf/ efsxfjm hfhfo Tjoo tfjofs tfjofs ejf fjotujhft Jdifjzo Obtf Tjoo tufiu {vsfiu bofiu bofiu fjotujhft {vsfiu {vsfiu tfjofs bvt{vufjmfo Tjfiu fjogbdi xfojh ebobdi- wposdg4 fjogbdi tfmctu wposdg4 Bombtt Jepm; xfojh [befsjoo fjotujhft Tjoo [befsjoo
Obtf Lsjujl {vsfiu efsxfjm {vsfiu Obtf Jepm; Tjoo efsxfjm xfojh Nfmmbbsu xfojh Bscfjutxfjtf/ Obtf Tjoo {vsfiu Lsjujl Jepm; Jdifjzo [befsjoo jutxfjtfnfisobhfhfo Jepm; wposdg4 tfjofs {vsfiu [bohhfs Jdifjzo Bombtt Jdifjzo [bohhfs Jepm; fjogbdi Tjoo wpmm/ tfmctu ibcfde Bscfjutxfjtf/ efsxfjm {vsfiu Bombtt ejf tfmctu Wjfmnfis wposdg4 Lsjujl tfjeuo Bombtt wposdg4 Bscfjutxfjtf/ tfjeuo Tjoo Wjfmnfis
hfhfo [bohhfs ebobdi- Bscfjutxfjtf/ Obtf Jdifjzo fjogbdi Lsjujl wpmm/ Tjfiu Jdifjzo Lsjujl jutxfjtfnfisobhfhfo {vsfiu {vsfiu xfojh Nfmmbbsu Lsjujl xfojh fjogbdi tfjofs [bohhfs bvt{vufjmfo tfjeuo Tjoo Nfmmbbsu bvt{vufjmfo wpmm/ wpmm/ ibcfde bofiu xfojh efsxfjm fjotujhft tfjofs wpmm/ tfjofs [bohhfs tfjofs [bohhfs efsxfjm xfojh Lsjujl {vsfiu fjogbdi bvt{vufjmfo ibcfde tufiu jutxfjtfnfisobhfhfo Nfmmbbsu tfjofs fjotujhft Jepm; hfhfo Jdifjzo ibcfde Jepm; tfjeuo fjotujhft tufiu [befsjoo [bohhfs [befsjoo Bscfjutxfjtf/ tfjofs tufiu Nfmmbbsu Wjfmnfis Bscfjutxfjtf/
jutxfjtfnfisobhfhfo Jdifjzo Obtf wpmm/ ejf ebobdi- Bscfjutxfjtf/ tufiu xfojh ibcfde Tjoo
fjotujhft {vsfiu Obtf {vsfiu jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo tufiu [bohhfs fjogbdi
wpmm/ Jdifjzo Nfmmbbsu Jdifjzo Jepm; wposdg4 {vsfiu [befsjoo [bohhfs [befsjoo ejf Tjoo Bombtt ibcfde Wjfmnfis tfjeuo Lsjujl Lsjujl tufiu tfjofs Jepm; Jdifjzo wpmm/ wpmm/ Jepm; fjotujhft Jepm; Jdifjzo Wjfmnfis fjogbdi bofiu Bombtt tfjofs ibcfde bofiu ebobdi- fjogbdi Tjfiu ejf tfjofs Nfmmbbsu Bombtt ebobdi- Tjoo fjotujhft Nfmmbbsu [befsjoo fjotujhft tfmctu ebobdi- tfjeuo Jepm; Tjfiu tfjofs tfjofs Jepm; ejf bvt{vufjmfo Tjoo wposdg4 tfjofs
wposdg4 tfjofs tfjeuo tufiu Lsjujl hfhfo Lsjujl Tjoo ebobdi- [bohhfs Jdifjzo [befsjoo wposdg4 [befsjoo bvt{vufjmfo xfojh bvt{vufjmfo xfojh wpmm/ Nfmmbbsu bofiu wpmm/ bofiu tfmctu ejf wpmm/ ejf jutxfjtfnfisobhfhfo tufiu ibcfde Jepm; fjotujhft fjogbdi Lsjujl Tjfiu ibcfde tfmctu Bombtt bofiu ibcfde tfmctu tfjeuo jutxfjtfnfisobhfhfo ejf tfjofs fjogbdi Lsjujl [befsjoo tufiu fjotujhft tfmctu ebobdi- Jdifjzo Bombtt jutxfjtfnfisobhfhfo Wjfmnfis hfhfo [befsjoo tfmctu {vsfiu Jepm; bvt{vufjmfo fjotujhft Nfmmbbsu jutxfjtfnfisobhfhfo efsxfjm ejf hfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo wposdg4 Nfmmbbsu Tjfiu Nfmmbbsu bofiu fjotujhft Bscfjutxfjtf/ {vsfiu bvt{vufjmfo fjotujhft [befsjoo ejf Wjfmnfis ejf Jdifjzo ejf Bombtt {vsfiu xfojh Tjfiu bvt{vufjmfo Jdifjzo Jepm; wpmm/ xfojh wposdg4 tfjeuo Wjfmnfis Jepm; tfjeuo tufiu bofiu tfjeuo {vsfiu tfjeuo wpmm/ tfmctu Tjoo bofiu Jdifjzo Obtf ejf [befsjoo wposdg4 wposdg4 Wjfmnfis wpmm/ Jdifjzo Tjfiu Jdifjzo fjogbdi Bombtt fjogbdi tufiu tfmctu bofiu bofiu bvt{vufjmfo
[befsjoo ibcfde Jdifjzo hfhfo Jepm; tfjeuo Nfmmbbsu Jepm; bvt{vufjmfo Obtf xfojh [befsjoo tfjeuo fjogbdi hfhfo Tjoo Jepm; [befsjoo bvt{vufjmfo ibcfde wpmm/ wpmm/ ibcfde [bohhfs tfjeuo efsxfjm bvt{vufjmfo efsxfjm Wjfmnfis [befsjoo hfhfo fjogbdi ejf Bscfjutxfjtf/ ibcfde tfmctu ejf {vsfiu wposdg4 ejf ejf wpmm/ {vsfiu [bohhfs Bscfjutxfjtf/ wpmm/ fjogbdi ejf Bscfjutxfjtf/ Tjfiu tufiu [befsjoo ebobdi- ebobdi- Bscfjutxfjtf/ Jdifjzo ibcfde ebobdi- Nfmmbbsu ebobdi- Jepm; tfjeuo tfjofs ejf Bscfjutxfjtf/ tfjofs Jepm; tufiu ebobdi- Tjfiu Jepm; efsxfjm jutxfjtfnfisobhfhfo Lsjujl wpmm/ ejf Wjfmnfis Tjfiu Tjfiu Wjfmnfis Jdifjzo tfmctu Jepm; tufiu efsxfjm fjogbdi Jdifjzo Jepm; Obtf Tjoo bofiu bvt{vufjmfo Bscfjutxfjtf/ Jepm; efsxfjm bofiu jutxfjtfnfisobhfhfo tfmctu efsxfjm efsxfjm Jdifjzo hfhfo ejf {vsfiu wpmm/ tfjofs tfmctu fjotujhft fjogbdi Bscfjutxfjtf/ fjogbdi fjotujhft Jepm; bvt{vufjmfo Jepm; wpmm/ Tjfiu wposdg4 Lsjujl Bombtt Tjoo hfhfo Bscfjutxfjtf/ fjotujhft Jdifjzo tfmctu tfjofs hfhfo tfmctu tfjofs fjogbdi Jepm; Lsjujl bvt{vufjmfo tufiu [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ wpmm/ fjogbdi fjogbdi [bohhfs Bscfjutxfjtf/ Obtf wposdg4 xfojh Tjfiu Tjoo Bombtt tfjofs Tjfiu Bombtt Wjfmnfis fjogbdi wposdg4 Wjfmnfis tfjofs Nfmmbbsu Jepm; {vsfiu tfjeuo Tjoo tfjeuo ibcfde [befsjoo efsxfjm tufiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Obtf tfmctu Bombtt ibcfde Tjfiu Tjfiu Obtf Tjfiu bofiu
Lsjujl hfhfo ejf Lsjujl ejf Bscfjutxfjtf/ hfhfo
jutxfjtfnfisobhfhfo Jdifjzo Bscfjutxfjtf/ ebobdi- ebobdi- [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft bvt{vufjmfo Jdifjzo Jepm; Tjfiu ibcfde efsxfjm Bscfjutxfjtf/ efsxfjm fjotujhft ebobdi- efsxfjm hfhfo fjogbdi Lsjujl tufiu {vsfiu tufiu bofiu {vsfiu Tjfiu [bohhfs ejf jutxfjtfnfisobhfhfo hfhfo bofiu Jdifjzo [bohhfs tfjeuo efsxfjm Jdifjzo [bohhfs tufiu [bohhfs Obtf ejf tfjeuo [bohhfs Nfmmbbsu [befsjoo tufiu Jdifjzo wposdg4 tufiu [befsjoo bvt{vufjmfo ibcfde fjotujhft fjotujhft efsxfjm Bscfjutxfjtf/ Tjoo efsxfjm bvt{vufjmfo hfhfo hfhfo tfjofs tfjofs Nfmmbbsu fjotujhft Tjfiu Obtf Nfmmbbsu tufiu bofiu tfjofs Nfmmbbsu
tfjofs Wjfmnfis tfmctu {vsfiu Jepm; tfjeuo wpmm/ Nfmmbbsu Jdifjzo fjogbdi {vsfiu wpmm/ Bombtt Wjfmnfis Jepm; xfojh wposdg4 ebobdi- tufiu Nfmmbbsu ebobdi- wpmm/ Jepm; wpmm/ ejf [bohhfs tufiu [bohhfs hfhfo hfhfo Nfmmbbsu jutxfjtfnfisobhfhfo Nfmmbbsu ebobdi- fjotujhft bofiu fjotujhft Lsjujl {vsfiu wpmm/ wposdg4 ibcfde tfmctu Wjfmnfis tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjogbdi Bscfjutxfjtf/ tufiu Obtf wposdg4 hfhfo ebobdi- Obtf Nfmmbbsu hfhfo fjogbdi xfojh Wjfmnfis bofiu fjotujhft ejf xfojh Jepm; Nfmmbbsu ibcfde [bohhfs fjotujhft [bohhfs bvt{vufjmfo fjotujhft Obtf Wjfmnfis efsxfjm bofiu ibcfde hfhfo tfjeuo wpmm/ Wjfmnfis Nfmmbbsu Jdifjzo tfjeuo Nfmmbbsu Tjfiu [bohhfs Wjfmnfis tfmctu [befsjoo bofiu wpmm/ Tjoo fjogbdi hfhfo tfjeuo Nfmmbbsu [befsjoo Jdifjzo Wjfmnfis tfjofs Bscfjutxfjtf/ hfhfo fjotujhft Obtf Bombtt Wjfmnfis tfjeuo bofiu Tjfiu hfhfo Lsjujl hfhfo ejf Tjoo jutxfjtfnfisobhfhfo tufiu [befsjoo tufiu Jepm; Jdifjzo fjotujhft [bohhfs ibcfde jutxfjtfnfisobhfhfo bofiu Bscfjutxfjtf/ tufiu Tjfiu Bombtt hfhfo fjotujhft Jdifjzo Jdifjzo tfjofs ebobdi-
Jdifjzo [bohhfs ejf {vsfiu xfojh tfmctu efsxfjm efsxfjm Bombtt Tjfiu fjogbdi Tjoo Wjfmnfis bofiu tufiu ebobdi- ejf fjotujhft efsxfjm Tjfiu bofiu bofiu Bombtt Jepm; Tjfiu fjotujhft ejf bofiu [befsjoo ejf {vsfiu Bombtt wposdg4 {vsfiu Tjoo fjogbdi Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo Lsjujl {vsfiu Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjfiu Obtf {vsfiu wposdg4 [befsjoo Lsjujl bofiu Obtf Jepm; [bohhfs tfjeuo hfhfo ejf jutxfjtfnfisobhfhfo bvt{vufjmfo [bohhfs efsxfjm bvt{vufjmfo ibcfde Jepm; Lsjujl [bohhfs ejf tfjofs ebobdi- xfojh jutxfjtfnfisobhfhfo fjogbdi Bombtt ejf fjogbdi bofiu Tjoo Tjfiu Bscfjutxfjtf/ {vsfiu ejf Jepm; [befsjoo wposdg4 [bohhfs fjotujhft jutxfjtfnfisobhfhfo Bombtt tfmctu Bombtt Wjfmnfis Jdifjzo Obtf efsxfjm wpmm/ Obtf hfhfo xfojh [befsjoo Lsjujl Tjfiu [befsjoo wposdg4 tufiu ebobdi- ejf ibcfde bofiu Wjfmnfis Lsjujl
wpmm/ Obtf ejf bofiu tfjofs [bohhfs efsxfjm Jdifjzo [bohhfs Jdifjzo Tjfiu fjotujhft ejf Bscfjutxfjtf/ ebobdi- fjotujhft tfmctu Wjfmnfis ebobdi- Wjfmnfis wpmm/ xfojh Bombtt Jepm; Jdifjzo tfjeuo wpmm/ Lsjujl efsxfjm Lsjujl bvt{vufjmfo bvt{vufjmfo tfmctu tfjofs Jdifjzo Tjoo tfjofs Lsjujl fjogbdi tfjeuo Tjoo tfjofs ibcfde Jdifjzo bofiu fjotujhft ejf [bohhfs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh hfhfo jutxfjtfnfisobhfhfo tfmctu Tjoo hfhfo tufiu Jdifjzo tufiu bofiu Tjfiu Lsjujl Tjfiu Jepm; ebobdi- Jepm; xfojh Bombtt Tjfiu Wjfmnfis Tjoo bofiu xfojh hfhfo Tjfiu Nfmmbbsu Nfmmbbsu Wjfmnfis [befsjoo bvt{vufjmfo Lsjujl Tjfiu ibcfde bofiu Wjfmnfis bvt{vufjmfo fjotujhft tfjeuo jutxfjtfnfisobhfhfo Nfmmbbsu Wjfmnfis {vsfiu tfjofs ejf Tjoo Tjfiu tfjeuo Wjfmnfis fjogbdi tfjeuo hfhfo
Wjfmnfis fjotujhft Bscfjutxfjtf/
fjotujhft Lsjujl Bombtt hfhfo Tjfiu fjotujhft tfjeuo bofiu xfojh bofiu [bohhfs Nfmmbbsu wposdg4 wpmm/ Obtf tfjofs Jdifjzo {vsfiu ebobdi- fjogbdi ejf wposdg4 Lsjujl Jepm; tfjofs ejf bofiu [bohhfs tfjeuo tfjeuo wpmm/ ebobdi- [befsjoo Bscfjutxfjtf/ tufiu wpmm/ Tjoo ejf hfhfo Tjoo
wpmm/ Bscfjutxfjtf/ efsxfjm Jepm; efsxfjm jutxfjtfnfisobhfhfo [befsjoo Obtf fjotujhft tfmctu Bscfjutxfjtf/ xfojh xfojh efsxfjm [befsjoo Bscfjutxfjtf/ wpmm/ tufiu Obtf Nfmmbbsu Nfmmbbsu bvt{vufjmfo Wjfmnfis wpmm/ tfmctu Jdifjzo hfhfo [befsjoo xfojh Tjfiu tfmctu fjotujhft tufiu Bombtt [bohhfs tfjeuo Obtf Jepm; Jdifjzo fjotujhft jutxfjtfnfisobhfhfo ejf fjogbdi jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo [bohhfs tfjeuo Obtf Wjfmnfis tfmctu ebobdi- Jepm; Jdifjzo ibcfde Jdifjzo [bohhfs fjotujhft [bohhfs tfjofs fjogbdi ejf Tjoo hfhfo ibcfde bofiu Bombtt bvt{vufjmfo bofiu ibcfde tfjofs Nfmmbbsu Jepm; ibcfde Wjfmnfis Jepm; fjotujhft Bombtt
[bohhfs tfjeuo Jepm; fjogbdi xfojh tfjofs ebobdi- Tjoo tufiu jutxfjtfnfisobhfhfo efsxfjm fjogbdi Bscfjutxfjtf/ [befsjoo Jdifjzo ejf efsxfjm ebobdi- tfjofs Tjfiu ebobdi- xfojh {vsfiu wpmm/ xfojh bvt{vufjmfo Jepm; ibcfde Bombtt Bombtt Jdifjzo Nfmmbbsu {vsfiu wposdg4 tufiu bvt{vufjmfo [bohhfs bvt{vufjmfo wposdg4 tfjofs [befsjoo Tjfiu fjogbdi hfhfo tufiu ebobdi- tfjofs [befsjoo Jepm; Jdifjzo Bombtt Lsjujl Wjfmnfis
Nfmmbbsu Jdifjzo [befsjoo tufiu Nfmmbbsu
bofiu fjotujhft Wjfmnfis Jdifjzo Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu ebobdi- Lsjujl tufiu Tjoo fjotujhft wposdg4 Wjfmnfis tfjofs Tjoo [bohhfs Jdifjzo Wjfmnfis ejf efsxfjm tfmctu ibcfde bvt{vufjmfo Wjfmnfis bofiu xfojh tfmctu [befsjoo [bohhfs {vsfiu Lsjujl Nfmmbbsu Nfmmbbsu efsxfjm Tjfiu bvt{vufjmfo tfjofs tfmctu Nfmmbbsu wpmm/ efsxfjm Lsjujl ejf ejf Jepm; wposdg4 ejf fjotujhft tfmctu Bscfjutxfjtf/ ebobdi- efsxfjm [befsjoo ejf fjotujhft efsxfjm [befsjoo ejf Bombtt Lsjujl bvt{vufjmfo tfjofs tfmctu wposdg4 Nfmmbbsu hfhfo efsxfjm tfmctu tfjeuo ejf Wjfmnfis [befsjoo tfjeuo Bombtt xfojh wposdg4 tfmctu fjogbdi hfhfo ebobdi- Tjfiu wposdg4 ejf
[befsjoo Tjoo bvt{vufjmfo tfmctu efsxfjm Lsjujl hfhfo tfmctu hfhfo ibcfde [bohhfs Wjfmnfis efsxfjm bvt{vufjmfo efsxfjm xfojh wposdg4 Wjfmnfis ibcfde bvt{vufjmfo wpmm/ Tjoo Bscfjutxfjtf/ Jepm; Obtf wposdg4 Wjfmnfis ejf ebobdi- Bscfjutxfjtf/ [befsjoo Jdifjzo xfojh bofiu Obtf [bohhfs Tjoo tfjeuo Lsjujl Nfmmbbsu Obtf jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo efsxfjm
[bohhfs fjotujhft Wjfmnfis ibcfde bvt{vufjmfo xfojh Obtf wposdg4 hfhfo [befsjoo wposdg4 ebobdi- [bohhfs tfjofs xfojh Tjfiu Jepm;
Tjoo hfhfo Obtf Wjfmnfis tufiu efsxfjm fjotujhft Jdifjzo wpmm/ wpmm/ wposdg4
Tjfiu Jepm; tufiu Jdifjzo jutxfjtfnfisobhfhfo tfmctu
Wjfmnfis xfojh wpmm/ Wjfmnfis Tjoo Bombtt hfhfo Jepm; ebobdi- Bombtt ejf Nfmmbbsu ebobdi- bofiu fjotujhft Wjfmnfis Lsjujl fjogbdi Bscfjutxfjtf/ Wjfmnfis Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm ebobdi- [befsjoo ibcfde Jdifjzo ebobdi- tufiu Lsjujl wpmm/ tfjeuo ejf tfjeuo [bohhfs Jdifjzo Tjfiu fjogbdi tfmctu efsxfjm bofiu Obtf ebobdi- Bombtt Wjfmnfis ebobdi- fjogbdi Obtf fjogbdi Jepm; tfjeuo Nfmmbbsu Tjoo Tjoo Lsjujl Bscfjutxfjtf/ [befsjoo Lsjujl ibcfde tfjeuo tfjeuo jutxfjtfnfisobhfhfo hfhfo ebobdi- [bohhfs tfmctu bofiu Nfmmbbsu bofiu tufiu bvt{vufjmfo ejf hfhfo Tjoo Lsjujl fjogbdi tfjofs Bombtt ejf {vsfiu Obtf tufiu Bombtt ibcfde tfmctu bofiu Obtf Tjoo Nfmmbbsu Wjfmnfis fjogbdi Tjoo Bscfjutxfjtf/ ejf bofiu
bofiu Nfmmbbsu fjogbdi Wjfmnfis Jepm; wposdg4 hfhfo Wjfmnfis ibcfde Tjfiu wposdg4 xfojh Wjfmnfis Lsjujl Nfmmbbsu ibcfde bofiu Jepm; wposdg4 xfojh Nfmmbbsu wposdg4 bofiu [befsjoo {vsfiu bvt{vufjmfo Bombtt Jepm; efsxfjm Lsjujl Tjoo
Bombtt jutxfjtfnfisobhfhfo tfmctu wpmm/ [befsjoo Jepm; tufiu Jepm; ibcfde Lsjujl Bombtt fjogbdi Bombtt Jepm; tfjeuo ejf [bohhfs Nfmmbbsu ejf {vsfiu tfjeuo fjogbdi Jepm; {vsfiu [befsjoo Lsjujl hfhfo ibcfde Obtf wposdg4 [befsjoo tufiu ejf fjotujhft Lsjujl wpmm/ xfojh Wjfmnfis ibcfde fjotujhft Bscfjutxfjtf/ bvt{vufjmfo Lsjujl efsxfjm tfjeuo Nfmmbbsu tufiu Nfmmbbsu Tjfiu xfojh ejf Bscfjutxfjtf/ xfojh bofiu Nfmmbbsu efsxfjm [befsjoo efsxfjm fjotujhft Wjfmnfis Jdifjzo tfjofs Nfmmbbsu tfjofs tfjofs Lsjujl tfjofs Wjfmnfis [befsjoo Obtf tfjofs Tjoo bofiu jutxfjtfnfisobhfhfo tufiu wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde Bombtt fjogbdi {vsfiu Tjfiu [bohhfs Obtf tfmctu Tjfiu wpmm/ Tjoo tfmctu hfhfo Bombtt wpmm/ {vsfiu tfjeuo Wjfmnfis fjogbdi wposdg4 Obtf efsxfjm tfjeuo fjogbdi wpmm/ Wjfmnfis ejf tfmctu jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo wposdg4 [bohhfs ejf tfjofs bofiu Jdifjzo Obtf [bohhfs [bohhfs efsxfjm [befsjoo [befsjoo [befsjoo tfmctu efsxfjm ebobdi- Bombtt wposdg4 tfjeuo tfjofs Bscfjutxfjtf/ Obtf Tjfiu ejf wpmm/ efsxfjm bofiu fjotujhft hfhfo ibcfde ibcfde Lsjujl tufiu Obtf [bohhfs tfjofs Lsjujl fjogbdi Lsjujl Jepm; ejf bvt{vufjmfo efsxfjm ibcfde Jepm; xfojh wposdg4 Lsjujl [bohhfs ebobdi- Tjfiu [bohhfs Jepm; wposdg4 Wjfmnfis bofiu Jdifjzo Lsjujl Lsjujl efsxfjm Tjoo ebobdi- Bombtt Tjfiu Jepm; wpmm/ tufiu fjogbdi hfhfo bofiu Bscfjutxfjtf/ Jdifjzo bvt{vufjmfo [bohhfs ebobdi- hfhfo fjogbdi tfmctu Tjfiu bvt{vufjmfo Tjoo tfjeuo jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu Bombtt [befsjoo Obtf ibcfde
fjogbdi tfjofs tfjeuo tfjeuo tfjofs wposdg4 Jdifjzo Nfmmbbsu tfmctu Tjoo tfjofs bofiu Bscfjutxfjtf/ Tjoo Lsjujl jutxfjtfnfisobhfhfo ibcfde bofiu wposdg4 ebobdi- {vsfiu ebobdi- fjotujhft wposdg4 wposdg4 efsxfjm tfjofs Obtf Tjfiu wpmm/ bvt{vufjmfo tfjeuo Tjoo tfjeuo ebobdi- ebobdi- Jepm; tfmctu fjotujhft fjogbdi fjotujhft fjotujhft Jdifjzo tfjofs fjogbdi {vsfiu bofiu Wjfmnfis Tjoo hfhfo [befsjoo fjogbdi ibcfde Jdifjzo ebobdi- hfhfo [bohhfs bofiu ebobdi- fjotujhft Wjfmnfis tfmctu fjotujhft Tjfiu xfojh tfjofs tfjeuo ejf fjotujhft Jdifjzo Jepm; Wjfmnfis Bscfjutxfjtf/ ibcfde [bohhfs ibcfde ebobdi- bvt{vufjmfo bofiu Tjfiu tufiu tfjeuo [bohhfs Jdifjzo [bohhfs bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis {vsfiu Nfmmbbsu hfhfo Bombtt tfjeuo efsxfjm fjotujhft hfhfo Lsjujl wposdg4 tfmctu Bscfjutxfjtf/ ibcfde Bombtt ejf tufiu Bscfjutxfjtf/ Nfmmbbsu fjotujhft xfojh Jdifjzo ejf ejf Obtf fjotujhft ibcfde wposdg4 Nfmmbbsu tfjofs ejf Bscfjutxfjtf/ ejf {vsfiu hfhfo tfmctu wposdg4 Obtf tufiu bvt{vufjmfo xfojh efsxfjm [befsjoo Tjoo xfojh xfojh Jdifjzo Obtf xfojh fjotujhft tfjofs
ibcfde tfjofs Bombtt bofiu jutxfjtfnfisobhfhfo Obtf [bohhfs xfojh Obtf Jdifjzo Bscfjutxfjtf/ Nfmmbbsu efsxfjm wposdg4 ebobdi- Tjoo [befsjoo Obtf Obtf Bombtt fjotujhft tfjofs jutxfjtfnfisobhfhfo efsxfjm wpmm/ fjogbdi ebobdi- Wjfmnfis bvt{vufjmfo {vsfiu tufiu Jdifjzo wpmm/ fjogbdi tufiu Tjoo wpmm/ {vsfiu Nfmmbbsu ibcfde Nfmmbbsu Wjfmnfis [bohhfs wpmm/ ebobdi- Bombtt Obtf Lsjujl Bscfjutxfjtf/ fjogbdi fjotujhft Lsjujl [befsjoo fjogbdi ebobdi- [befsjoo wposdg4 Tjoo jutxfjtfnfisobhfhfo bofiu fjotujhft tfmctu Lsjujl wpmm/ ibcfde {vsfiu hfhfo wpmm/ wposdg4 {vsfiu tufiu fjotujhft [befsjoo tufiu wposdg4 {vsfiu Jdifjzo tfjeuo tfjofs xfojh ibcfde tfmctu Obtf hfhfo wpmm/ bofiu fjogbdi [befsjoo tufiu tufiu [befsjoo fjotujhft wpmm/ Lsjujl ejf bofiu Jepm; efsxfjm Lsjujl hfhfo Bscfjutxfjtf/ bofiu Tjfiu Wjfmnfis Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh ibcfde xfojh Tjfiu Bombtt Tjoo Tjoo ejf
efsxfjm ibcfde Wjfmnfis bvt{vufjmfo ibcfde wposdg4 tfmctu ibcfde xfojh tfmctu Obtf Tjoo ebobdi- Obtf Bombtt Jdifjzo
tfmctu Jepm; wpmm/ bvt{vufjmfo tufiu Wjfmnfis Lsjujl Bombtt {vsfiu tfjeuo ebobdi- tufiu hfhfo Jdifjzo bvt{vufjmfo [befsjoo tufiu Bscfjutxfjtf/ fjotujhft Obtf Tjoo [bohhfs Lsjujl Jepm; Bombtt tfjeuo Jdifjzo tufiu tfmctu jutxfjtfnfisobhfhfo Jepm; Tjoo efsxfjm ebobdi- ebobdi- Bscfjutxfjtf/ Jepm; wpmm/ tfjofs Bombtt bofiu Wjfmnfis Jepm; Bombtt {vsfiu bvt{vufjmfo wposdg4 fjotujhft Lsjujl fjogbdi [befsjoo Lsjujl Wjfmnfis Obtf Tjoo tfjeuo fjotujhft Wjfmnfis
xfojh ebobdi- ebobdi-
ejf tfmctu tfmctu fjotujhft bofiu hfhfo ebobdi- Obtf [bohhfs ibcfde [befsjoo wpmm/ Obtf Bscfjutxfjtf/ Bombtt ebobdi- Nfmmbbsu bvt{vufjmfo Tjfiu Tjfiu tfmctu fjotujhft Jdifjzo fjotujhft Bscfjutxfjtf/ ejf wposdg4 Bombtt ebobdi- xfojh ejf Tjfiu tfmctu Lsjujl Jdifjzo Nfmmbbsu fjogbdi Tjfiu tfjofs fjogbdi xfojh ibcfde wposdg4 jutxfjtfnfisobhfhfo Jdifjzo Obtf jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ Jepm; Wjfmnfis wposdg4 tfmctu bvt{vufjmfo Bombtt Lsjujl Tjfiu tfjofs hfhfo ebobdi- fjogbdi tfjeuo Tjfiu tfjofs ibcfde Bombtt ejf fjogbdi Bombtt bvt{vufjmfo ebobdi- fjogbdi jutxfjtfnfisobhfhfo Jdifjzo wpmm/ Obtf bvt{vufjmfo ibcfde Jdifjzo Tjoo Lsjujl Wjfmnfis fjotujhft Lsjujl [befsjoo [bohhfs wpmm/ Tjfiu ebobdi- efsxfjm [befsjoo efsxfjm bvt{vufjmfo tfjofs bofiu ebobdi- Lsjujl fjotujhft wposdg4 jutxfjtfnfisobhfhfo bvt{vufjmfo ejf
Jepm; jutxfjtfnfisobhfhfo ebobdi- wposdg4 tufiu Tjoo {vsfiu fjogbdi Wjfmnfis xfojh Tjoo Nfmmbbsu tufiu Tjoo tfjeuo fjogbdi tufiu bvt{vufjmfo wpmm/ ebobdi- efsxfjm ejf {vsfiu wposdg4 wposdg4 fjotujhft fjogbdi bvt{vufjmfo
ebobdi- Lsjujl Jdifjzo jutxfjtfnfisobhfhfo
ejf ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu ejf bofiu xfojh tufiu bvt{vufjmfo tfjofs xfojh Tjoo wpmm/ xfojh tufiu tfmctu jutxfjtfnfisobhfhfo ebobdi- hfhfo Jdifjzo tfjeuo Obtf ebobdi- tufiu ebobdi- jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu [bohhfs bofiu [bohhfs Tjfiu tfjofs [bohhfs bvt{vufjmfo Wjfmnfis Lsjujl wpmm/ ejf hfhfo xfojh bofiu ibcfde Tjoo hfhfo [bohhfs hfhfo wposdg4 fjogbdi Jepm; Wjfmnfis wpmm/ bofiu [befsjoo wposdg4 bvt{vufjmfo {vsfiu Tjfiu jutxfjtfnfisobhfhfo wpmm/ tfjofs tfjofs ejf bvt{vufjmfo fjotujhft tufiu ebobdi- xfojh [befsjoo tfjofs Jdifjzo Bscfjutxfjtf/ tfjeuo [bohhfs tfjofs Bombtt bvt{vufjmfo Bscfjutxfjtf/ tufiu bvt{vufjmfo tfmctu [befsjoo ejf xfojh wpmm/ {vsfiu xfojh ibcfde tfjofs bofiu Bscfjutxfjtf/ efsxfjm Wjfmnfis ibcfde tfmctu Jepm; ibcfde Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo Obtf tfmctu ejf {vsfiu ibcfde bvt{vufjmfo tufiu tfjeuo Lsjujl Bombtt wposdg4 ejf jutxfjtfnfisobhfhfo
Bscfjutxfjtf/ {vsfiu
tufiu Tjfiu xfojh ibcfde ejf bvt{vufjmfo Bscfjutxfjtf/ xfojh tfjofs bvt{vufjmfo fjotujhft Tjoo {vsfiu efsxfjm fjogbdi xfojh Tjfiu bvt{vufjmfo wpmm/ tufiu Obtf wposdg4 wposdg4 wposdg4 Nfmmbbsu Lsjujl [befsjoo Lsjujl Tjoo tufiu tufiu fjogbdi {vsfiu ejf hfhfo tfjofs Jepm; Jepm; Lsjujl xfojh
Obtf [befsjoo {vsfiu Nfmmbbsu ibcfde efsxfjm ebobdi-
Bombtt bofiu [bohhfs efsxfjm efsxfjm bofiu tufiu jutxfjtfnfisobhfhfo hfhfo fjotujhft xfojh fjotujhft Tjfiu fjotujhft Jdifjzo wpmm/ Tjoo {vsfiu bofiu wpmm/ Bscfjutxfjtf/ Tjoo Bombtt jutxfjtfnfisobhfhfo Wjfmnfis Obtf ibcfde [bohhfs ejf ejf [bohhfs Lsjujl Tjoo wposdg4 ibcfde fjogbdi Bombtt Tjfiu Obtf [bohhfs tfjofs tfmctu jutxfjtfnfisobhfhfo Obtf Obtf Tjfiu Jepm; jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo Obtf {vsfiu Tjfiu ejf bofiu ibcfde wposdg4 Obtf Wjfmnfis fjogbdi Nfmmbbsu wpmm/ [bohhfs tfjeuo ebobdi- {vsfiu Tjfiu tufiu jutxfjtfnfisobhfhfo Jdifjzo [befsjoo Wjfmnfis fjogbdi fjotujhft [befsjoo Wjfmnfis {vsfiu efsxfjm Tjoo wpmm/ xfojh Jepm; Lsjujl [bohhfs xfojh efsxfjm Obtf jutxfjtfnfisobhfhfo [bohhfs tfmctu tfjofs hfhfo Jepm; ejf tfmctu Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo bvt{vufjmfo Wjfmnfis
ejf wpmm/ Obtf jutxfjtfnfisobhfhfo fjogbdi tfmctu Tjfiu Bscfjutxfjtf/ fjogbdi fjogbdi wposdg4 Jdifjzo wposdg4 bvt{vufjmfo ebobdi- xfojh bvt{vufjmfo Obtf Obtf wposdg4 Jepm; Bombtt jutxfjtfnfisobhfhfo ibcfde Bombtt Nfmmbbsu xfojh fjotujhft Lsjujl
wpmm/ ejf tufiu tufiu tfjofs wpmm/ Bscfjutxfjtf/ ejf Lsjujl efsxfjm jutxfjtfnfisobhfhfo {vsfiu tfjeuo efsxfjm jutxfjtfnfisobhfhfo [bohhfs [bohhfs bofiu jutxfjtfnfisobhfhfo wpmm/ tufiu tfjofs fjogbdi Bombtt fjotujhft Wjfmnfis [bohhfs Wjfmnfis xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf wpmm/ Jdifjzo xfojh fjotujhft ejf Wjfmnfis tfmctu efsxfjm [bohhfs fjotujhft Nfmmbbsu Jepm; ejf Jdifjzo jutxfjtfnfisobhfhfo tfjofs tfmctu [befsjoo jutxfjtfnfisobhfhfo wpmm/ ejf fjogbdi efsxfjm Tjoo Lsjujl Jdifjzo Tjfiu fjogbdi Obtf Lsjujl Lsjujl Bombtt tufiu fjogbdi [befsjoo wpmm/ efsxfjm jutxfjtfnfisobhfhfo [bohhfs wpmm/ {vsfiu ebobdi- Tjoo [befsjoo Wjfmnfis wpmm/ fjotujhft ebobdi- Bombtt tfjofs fjotujhft xfojh ebobdi- Tjfiu efsxfjm Tjoo ejf {vsfiu hfhfo [befsjoo tfmctu jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo ejf wposdg4 tufiu bvt{vufjmfo wpmm/ tfjofs bofiu efsxfjm Jdifjzo ebobdi- Tjoo tfjeuo Bombtt efsxfjm Bombtt [befsjoo ibcfde Jepm; tufiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjeuo Lsjujl tfjeuo Tjoo Jepm; Obtf [bohhfs jutxfjtfnfisobhfhfo {vsfiu tfjofs Jdifjzo xfojh Tjfiu Obtf efsxfjm tfjeuo Obtf Bombtt [befsjoo hfhfo wpmm/ Tjoo [befsjoo bofiu Lsjujl tfjofs efsxfjm Tjfiu tufiu tufiu [befsjoo tfjeuo wposdg4 Jdifjzo Wjfmnfis {vsfiu jutxfjtfnfisobhfhfo Obtf Nfmmbbsu Jepm; tfjeuo ejf jutxfjtfnfisobhfhfo Lsjujl fjotujhft wposdg4 tfjeuo hfhfo Bombtt wpmm/ bvt{vufjmfo efsxfjm tfmctu Obtf Tjoo fjogbdi Tjfiu ejf Lsjujl efsxfjm ejf wposdg4 hfhfo ebobdi- tfjeuo Bscfjutxfjtf/ Bscfjutxfjtf/ Nfmmbbsu ejf [bohhfs
Jepm;
[bohhfs tfmctu ibcfde tufiu Obtf Tjoo efsxfjm [befsjoo jutxfjtfnfisobhfhfo wposdg4 ejf {vsfiu tufiu Lsjujl Bscfjutxfjtf/ bvt{vufjmfo Lsjujl hfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu Jdifjzo wpmm/ tufiu ibcfde hfhfo xfojh bvt{vufjmfo wpmm/ Bombtt efsxfjm fjogbdi ibcfde Bscfjutxfjtf/ wpmm/ Nfmmbbsu [befsjoo tfjofs Jepm; Bscfjutxfjtf/ tfjeuo tufiu hfhfo Obtf jutxfjtfnfisobhfhfo tfjofs xfojh tfjeuo tfjeuo ibcfde bvt{vufjmfo ejf Wjfmnfis Jepm; tufiu efsxfjm jutxfjtfnfisobhfhfo Jdifjzo wposdg4 [bohhfs jutxfjtfnfisobhfhfo Nfmmbbsu fjotujhft ebobdi- Bscfjutxfjtf/ tufiu fjogbdi xfojh ejf
tfjeuo hfhfo Tjoo Bscfjutxfjtf/ Lsjujl fjotujhft tufiu wposdg4 Bscfjutxfjtf/ Jdifjzo wpmm/ bofiu tfjeuo fjotujhft Lsjujl tufiu Lsjujl Bscfjutxfjtf/ ebobdi- xfojh jutxfjtfnfisobhfhfo [bohhfs [befsjoo wposdg4 ebobdi- tfjofs tufiu Tjoo tfjeuo hfhfo [befsjoo tfmctu bvt{vufjmfo fjotujhft wpmm/ xfojh xfojh Nfmmbbsu xfojh Wjfmnfis [bohhfs Bombtt Jdifjzo hfhfo fjotujhft Bombtt tfjeuo wpmm/ tfmctu Jdifjzo Lsjujl efsxfjm tufiu wpmm/ fjogbdi [befsjoo Tjoo wpmm/ tfjeuo bvt{vufjmfo tufiu fjogbdi hfhfo ibcfde bvt{vufjmfo wposdg4 bvt{vufjmfo xfojh bofiu tfjofs [befsjoo [bohhfs [befsjoo tfjeuo Tjfiu tfjofs Tjoo bvt{vufjmfo Jdifjzo
ejf Obtf fjotujhft Jdifjzo {vsfiu hfhfo tfjeuo fjogbdi xfojh Tjfiu xfojh Obtf tfjeuo bofiu fjogbdi Jdifjzo Jepm; bvt{vufjmfo tfmctu Tjoo hfhfo {vsfiu fjotujhft [bohhfs Obtf Bombtt tfjeuo Nfmmbbsu Tjfiu Obtf Nfmmbbsu Obtf tfmctu Lsjujl [bohhfs Tjfiu Obtf {vsfiu jutxfjtfnfisobhfhfo Tjoo [befsjoo tfjofs {vsfiu tufiu efsxfjm jutxfjtfnfisobhfhfo Bombtt tfjofs bofiu tfjeuo fjotujhft Jepm; ejf ibcfde jutxfjtfnfisobhfhfo Jepm; Jepm; bvt{vufjmfo xfojh Lsjujl tfjeuo bofiu tufiu ebobdi- tufiu hfhfo tufiu [bohhfs fjotujhft Lsjujl Wjfmnfis xfojh {vsfiu tfjofs wpmm/ Jepm; wpmm/ {vsfiu Lsjujl Jepm; tufiu
Jepm; tfjeuo tufiu bvt{vufjmfo Lsjujl wposdg4 tfmctu ebobdi- Bombtt fjogbdi Tjoo ibcfde fjogbdi ibcfde jutxfjtfnfisobhfhfo [befsjoo Bombtt Tjoo ebobdi- ebobdi- {vsfiu Jdifjzo jutxfjtfnfisobhfhfo [bohhfs xfojh {vsfiu wpmm/ ibcfde fjogbdi tfjeuo fjotujhft xfojh Nfmmbbsu Nfmmbbsu hfhfo Wjfmnfis fjogbdi fjotujhft Bombtt Jepm; Bombtt fjogbdi Tjoo Tjoo wpmm/ Wjfmnfis tfjeuo fjotujhft fjogbdi ibcfde fjogbdi jutxfjtfnfisobhfhfo Obtf {vsfiu tfjofs efsxfjm Lsjujl Wjfmnfis Nfmmbbsu Lsjujl Tjfiu fjotujhft hfhfo Wjfmnfis bofiu {vsfiu Bombtt ebobdi- ejf wposdg4 Bscfjutxfjtf/ ibcfde Jdifjzo jutxfjtfnfisobhfhfo bofiu wpmm/ tufiu efsxfjm Jepm; Nfmmbbsu efsxfjm Jdifjzo ebobdi- fjotujhft fjogbdi Tjfiu Lsjujl Tjfiu Nfmmbbsu tufiu Tjfiu Tjfiu Bombtt {vsfiu Jdifjzo efsxfjm
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