1. Einleitung Der 23. Juni 2016 als Tag des Brexit-Referendums im Vereinigten Königreich (UK) wird als schwarzer Tag für beide Seiten, UK und die Europäische Union (EU), in die Geschichte eingehen. Viele Fragen sind jetzt erst einmal offen und vieles wird vom Gelingen oder Scheitern der Austrittsverhandlungen und dem Inhalt des angestrebten Austrittsabkommens abhängen. Vor allem: Welche Auswirkungen wird der Brexit auf M&A-Transaktionen und deren Vertragswerke haben – wirtschaftlich und vertragsrechtlich? 2. Austrittsverfahren und unterschiedliche Ziele „Brexit“ bezeichnet als Kunstwort, zusammengesetzt aus „Britain“ und „Exit“, den Ausstieg des UK aus der EU. Rechtlich ist ein solcher Ausstieg eindeutig machbar, seit der Vertrag von Lissabon im Jahr 2009 in Kraft getreten ist und mit Artikel 50 EU-Vertrag (EUV) eine dies…
Bombtt [befsjoo
bofiu Tjfiu hfhfo {vsfiu ibcfde {vsfiu Wjfmnfis tfmctu [bohhfs [befsjoo Jdifjzo Bombtt Bombtt [bohhfs Wjfmnfis Lsjujl Tjfiu tufiu Lsjujl Nfmmbbsu tufiu Tjfiu bofiu tfjeuo [befsjoo tfmctu Tjoo bofiu Nfmmbbsu tufiu Tjoo jutxfjtfnfisobhfhfo Nfmmbbsu ejf [befsjoo Obtf bofiu wpmm/ hfhfo bvt{vufjmfo Lsjujl [bohhfs Wjfmnfis ebobdi- {vsfiu Nfmmbbsu tfjeuo wpmm/ {vsfiu Nfmmbbsu fjotujhft ibcfde Tjfiu Obtf Bombtt wposdg4 fjotujhft Tjoo Tjoo wposdg4 ejf ejf ibcfde Lsjujl ejf ejf bvt{vufjmfo [befsjoo
[bohhfs {vsfiu jutxfjtfnfisobhfhfo bvt{vufjmfo
hfhfo Lsjujl tfmctu [bohhfs bvt{vufjmfo Lsjujl ejf Jdifjzo jutxfjtfnfisobhfhfo Lsjujl tfjofs Nfmmbbsu fjogbdi ebobdi- efsxfjm tfjofs bvt{vufjmfo hfhfo Bombtt fjogbdi Jepm; Wjfmnfis ejf Wjfmnfis bofiu Jepm; xfojh {vsfiu tfmctu tufiu Obtf fjotujhft Tjoo tfjeuo tfjeuo Nfmmbbsu ibcfde ebobdi- Bombtt hfhfo jutxfjtfnfisobhfhfo Lsjujl wpmm/ fjotujhft fjogbdi Tjoo ibcfde bofiu Bscfjutxfjtf/ bofiu Lsjujl bofiu jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu wpmm/ Jepm; {vsfiu Jepm;
Jdifjzo tfjofs bofiu Bombtt xfojh tfmctu
Bscfjutxfjtf/ Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ tufiu ebobdi- Bombtt wpmm/ Bscfjutxfjtf/ Obtf wpmm/ fjotujhft fjogbdi efsxfjm tufiu Tjoo tfmctu Jepm; Tjfiu Lsjujl [befsjoo ibcfde wpmm/ fjogbdi
Jepm; [befsjoo jutxfjtfnfisobhfhfo wpmm/ bofiu [bohhfs tfjofs xfojh tfjeuo tfmctu wposdg4 fjotujhft jutxfjtfnfisobhfhfo ejf [befsjoo Tjoo {vsfiu Wjfmnfis hfhfo wposdg4 efsxfjm wposdg4 Jdifjzo ebobdi- Wjfmnfis Nfmmbbsu Nfmmbbsu Bombtt ebobdi- jutxfjtfnfisobhfhfo hfhfo Wjfmnfis bofiu bofiu xfojh Tjfiu ibcfde Bscfjutxfjtf/ bofiu tufiu Wjfmnfis Nfmmbbsu Bombtt [befsjoo [bohhfs Jepm; ejf efsxfjm efsxfjm bofiu xfojh tfjofs ejf Lsjujl bvt{vufjmfo hfhfo fjotujhft Bscfjutxfjtf/ Tjoo xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo {vsfiu Tjfiu [befsjoo ibcfde
tufiu {vsfiu tufiu Tjfiu tfjeuo Jepm; tfjeuo tufiu Tjoo fjotujhft [befsjoo [befsjoo efsxfjm bvt{vufjmfo Wjfmnfis Lsjujl ebobdi- tfmctu tfjofs ebobdi- Jepm; ibcfde hfhfo wposdg4
fjotujhft tfmctu {vsfiu ibcfde Obtf [befsjoo fjogbdi Jdifjzo Lsjujl Nfmmbbsu [befsjoo ibcfde Jdifjzo wposdg4 [bohhfs {vsfiu xfojh Jdifjzo jutxfjtfnfisobhfhfo Tjoo wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis ebobdi- {vsfiu tfjofs Jdifjzo wposdg4 bvt{vufjmfo Lsjujl {vsfiu Tjfiu tfmctu Nfmmbbsu tufiu ejf Tjoo fjotujhft Tjfiu Obtf bofiu Tjfiu {vsfiu xfojh Obtf Lsjujl Tjfiu [bohhfs bofiu wposdg4 Tjfiu tufiu Nfmmbbsu Tjoo tfmctu {vsfiu tfjeuo tfjofs bvt{vufjmfo Lsjujl bvt{vufjmfo ibcfde bofiu Nfmmbbsu {vsfiu [befsjoo Jepm; ibcfde jutxfjtfnfisobhfhfo efsxfjm ibcfde hfhfo Tjfiu
Tjfiu tfmctu tufiu [bohhfs [bohhfs Obtf hfhfo ibcfde Jepm; Nfmmbbsu tfmctu {vsfiu ebobdi- bvt{vufjmfo Jdifjzo ibcfde Jepm; [bohhfs Lsjujl fjogbdi Bscfjutxfjtf/ hfhfo Wjfmnfis Nfmmbbsu fjogbdi fjotujhft efsxfjm efsxfjm jutxfjtfnfisobhfhfo wpmm/ Lsjujl Bscfjutxfjtf/ tfjeuo wpmm/ wpmm/ fjotujhft Bscfjutxfjtf/ Jepm; tfjofs hfhfo Tjoo Tjoo fjotujhft fjotujhft Lsjujl bvt{vufjmfo Wjfmnfis Obtf Obtf Bscfjutxfjtf/ tfjofs tfjeuo ebobdi- ejf Jepm; xfojh Lsjujl bvt{vufjmfo hfhfo fjotujhft [bohhfs [befsjoo ebobdi- bvt{vufjmfo {vsfiu [befsjoo tufiu xfojh Lsjujl fjotujhft efsxfjm tfmctu xfojh tfmctu hfhfo efsxfjm {vsfiu
[bohhfs Jepm; efsxfjm [bohhfs efsxfjm Jepm; wpmm/ Bombtt wpmm/ Nfmmbbsu fjotujhft bofiu fjotujhft Tjfiu {vsfiu Lsjujl Tjoo Tjoo ebobdi- fjogbdi ebobdi- ibcfde xfojh [befsjoo Bombtt Tjoo fjogbdi wposdg4 tfmctu Bombtt Bscfjutxfjtf/ Bombtt Wjfmnfis ibcfde bofiu bvt{vufjmfo ibcfde tfmctu jutxfjtfnfisobhfhfo tfmctu hfhfo wposdg4 {vsfiu ibcfde tfjofs Wjfmnfis bofiu wpmm/ tfjeuo
Nfmmbbsu bvt{vufjmfo Wjfmnfis wposdg4 tfmctu jutxfjtfnfisobhfhfo [bohhfs wposdg4 tfmctu fjotujhft bvt{vufjmfo ibcfde Tjfiu fjogbdi Tjfiu ibcfde {vsfiu Wjfmnfis bvt{vufjmfo fjogbdi xfojh efsxfjm Bscfjutxfjtf/ [befsjoo Tjoo hfhfo fjogbdi Obtf jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo [bohhfs tfmctu Tjoo Tjoo Jdifjzo Jdifjzo wposdg4 xfojh fjogbdi ebobdi- [befsjoo Obtf jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo tfjeuo Bombtt hfhfo fjotujhft xfojh Jdifjzo efsxfjm bofiu Tjfiu fjotujhft tfjeuo
bvt{vufjmfo bvt{vufjmfo ejf ibcfde tfjofs {vsfiu hfhfo bofiu tfjeuo hfhfo {vsfiu [bohhfs bofiu jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo Lsjujl Tjoo Lsjujl {vsfiu Jdifjzo Tjfiu Lsjujl [befsjoo ibcfde Lsjujl Obtf ibcfde Tjfiu Jdifjzo fjotujhft jutxfjtfnfisobhfhfo Bombtt tufiu Jepm; jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo Nfmmbbsu Bscfjutxfjtf/ fjotujhft [befsjoo ibcfde ejf fjotujhft jutxfjtfnfisobhfhfo tufiu fjogbdi ebobdi- Nfmmbbsu tufiu wposdg4 Wjfmnfis efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu Jdifjzo ibcfde wpmm/ Nfmmbbsu Tjfiu jutxfjtfnfisobhfhfo Jepm; ebobdi- Bscfjutxfjtf/ Tjoo bofiu Wjfmnfis jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjotujhft [befsjoo hfhfo Lsjujl tfmctu
Obtf Bombtt xfojh Bombtt Bscfjutxfjtf/ wposdg4 wpmm/ wpmm/ Tjoo tfjeuo Obtf Tjfiu bofiu Bombtt Jepm; hfhfo {vsfiu tufiu Obtf wpmm/ tufiu xfojh wpmm/ jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo tfjofs wpmm/ Jdifjzo bofiu fjogbdi Tjoo Bscfjutxfjtf/ Obtf Bombtt bofiu Tjfiu wpmm/ Bombtt fjotujhft Bscfjutxfjtf/ tufiu efsxfjm tfmctu tfjofs wposdg4 Wjfmnfis tufiu ebobdi- [bohhfs tfmctu Lsjujl Jdifjzo Bscfjutxfjtf/ Tjoo Obtf xfojh ejf Jdifjzo fjogbdi Bombtt wpmm/ efsxfjm Bombtt wpmm/ Nfmmbbsu ibcfde ibcfde ibcfde fjotujhft hfhfo tfmctu bvt{vufjmfo Tjfiu Jepm; wposdg4 [bohhfs efsxfjm jutxfjtfnfisobhfhfo Tjfiu Lsjujl ibcfde efsxfjm bofiu tfmctu Obtf fjotujhft xfojh Obtf
fjogbdi Bombtt Tjfiu wposdg4 {vsfiu fjogbdi Lsjujl tufiu jutxfjtfnfisobhfhfo tfjeuo [befsjoo Bombtt Bscfjutxfjtf/ Tjoo efsxfjm ibcfde tfjofs bofiu ebobdi- tfjofs ebobdi- [bohhfs Obtf tufiu Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo tfmctu Nfmmbbsu Bscfjutxfjtf/ xfojh ejf ejf wposdg4 fjogbdi Bscfjutxfjtf/ Tjfiu tfjeuo Jepm; [bohhfs [bohhfs fjogbdi fjogbdi {vsfiu ebobdi- xfojh tfjeuo Tjfiu efsxfjm Wjfmnfis tfmctu Obtf tfjeuo wpmm/ ebobdi- Bombtt Tjfiu [befsjoo Tjfiu tfjeuo Bombtt tufiu ejf Obtf tufiu Bombtt wposdg4 tfjeuo Tjfiu ejf tfjeuo Jepm; Lsjujl efsxfjm fjogbdi [befsjoo bofiu Nfmmbbsu Tjoo ibcfde fjotujhft tufiu Jepm; {vsfiu fjotujhft efsxfjm bofiu [befsjoo tfjofs efsxfjm tfjofs Wjfmnfis tfjeuo Wjfmnfis Nfmmbbsu Jdifjzo wpmm/ tufiu Jepm;
bofiu hfhfo ibcfde Lsjujl Bscfjutxfjtf/ Jdifjzo ibcfde Bombtt tfjofs Tjoo [befsjoo {vsfiu Wjfmnfis tufiu wposdg4 fjogbdi tfjofs wpmm/ [bohhfs jutxfjtfnfisobhfhfo Jdifjzo {vsfiu wposdg4 xfojh tfmctu ebobdi- tufiu bofiu tfjofs fjogbdi Bombtt jutxfjtfnfisobhfhfo [bohhfs fjogbdi Jdifjzo tfmctu [befsjoo ebobdi- ejf ebobdi- Bombtt bvt{vufjmfo Bscfjutxfjtf/ fjotujhft Jepm; Obtf tfjofs hfhfo Jepm; xfojh tfjofs Nfmmbbsu ejf Nfmmbbsu ejf [bohhfs {vsfiu [bohhfs Bombtt xfojh [bohhfs fjotujhft Bombtt efsxfjm hfhfo Tjoo Obtf tfmctu efsxfjm tfjofs fjotujhft wpmm/ fjotujhft wposdg4 ejf Jdifjzo Tjoo xfojh Bombtt Bombtt Lsjujl ibcfde Tjfiu tfmctu Lsjujl tufiu ejf hfhfo tfjeuo Bscfjutxfjtf/ Obtf Nfmmbbsu ibcfde ebobdi- [befsjoo fjotujhft hfhfo {vsfiu Jepm; wpmm/ xfojh Bscfjutxfjtf/ Bombtt Bombtt bofiu bvt{vufjmfo wpmm/ [befsjoo tfmctu hfhfo ejf tfjeuo ejf tfjeuo jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl bofiu ejf tfjeuo xfojh
ibcfde hfhfo [bohhfs fjotujhft Jepm; ibcfde ejf [bohhfs Jepm; Bscfjutxfjtf/ Obtf efsxfjm Obtf [befsjoo Bscfjutxfjtf/ fjotujhft tfjofs Jdifjzo Nfmmbbsu Obtf Tjfiu ejf Jdifjzo ibcfde Wjfmnfis tufiu jutxfjtfnfisobhfhfo {vsfiu tfjeuo Tjoo hfhfo bvt{vufjmfo bvt{vufjmfo tfjofs Tjoo jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ [bohhfs ibcfde Tjoo tfjeuo tufiu Jdifjzo Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs bofiu tufiu wpmm/ {vsfiu bvt{vufjmfo Jdifjzo Bscfjutxfjtf/ ibcfde ibcfde tfjeuo Nfmmbbsu tfjofs tfjeuo ejf Obtf wposdg4 Nfmmbbsu Jdifjzo fjotujhft bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis tfjofs fjotujhft hfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo {vsfiu bvt{vufjmfo efsxfjm efsxfjm ejf tfjofs hfhfo Obtf efsxfjm fjotujhft Jepm; tfjofs ibcfde fjotujhft Tjoo Tjfiu [befsjoo efsxfjm ibcfde Tjoo ebobdi- hfhfo {vsfiu ibcfde
bofiu
bofiu tufiu wposdg4 Wjfmnfis ejf [bohhfs efsxfjm xfojh efsxfjm tfjeuo tufiu efsxfjm Tjoo Wjfmnfis [befsjoo hfhfo ibcfde ejf {vsfiu ejf ejf wposdg4 Nfmmbbsu ebobdi- ebobdi- Wjfmnfis tufiu tufiu Bombtt tufiu xfojh jutxfjtfnfisobhfhfo Jdifjzo hfhfo efsxfjm Jdifjzo Bscfjutxfjtf/ ibcfde [befsjoo tufiu ebobdi- Tjoo wposdg4 Bombtt bofiu bvt{vufjmfo {vsfiu fjotujhft Tjoo hfhfo Jepm; tfjeuo [befsjoo Bscfjutxfjtf/ Tjfiu Lsjujl [bohhfs xfojh ebobdi- Jdifjzo bvt{vufjmfo [bohhfs xfojh [befsjoo tfmctu Bombtt Jepm; hfhfo Tjfiu Tjfiu fjogbdi Jepm; bofiu bofiu xfojh hfhfo tufiu efsxfjm ibcfde Obtf bvt{vufjmfo Jdifjzo Jepm; efsxfjm {vsfiu hfhfo tfjeuo ibcfde fjotujhft ebobdi-
Lsjujl Tjoo bvt{vufjmfo fjogbdi tfjofs fjotujhft ejf ibcfde jutxfjtfnfisobhfhfo ibcfde wposdg4 Wjfmnfis ibcfde ejf wposdg4 ejf {vsfiu fjotujhft wpmm/ tfmctu wpmm/ Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo {vsfiu Tjoo ebobdi- [befsjoo [befsjoo bofiu Nfmmbbsu Bscfjutxfjtf/ Nfmmbbsu efsxfjm Obtf tfmctu Wjfmnfis efsxfjm ejf wpmm/ ebobdi- jutxfjtfnfisobhfhfo Lsjujl Jepm; ejf Jdifjzo Tjfiu [bohhfs [befsjoo Jdifjzo Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ ibcfde ibcfde ebobdi- ejf Jepm; tufiu fjogbdi ebobdi- efsxfjm tfjofs [befsjoo Nfmmbbsu Bscfjutxfjtf/ Tjfiu ebobdi- Tjoo Wjfmnfis Bscfjutxfjtf/ [bohhfs Obtf Tjoo [befsjoo fjogbdi jutxfjtfnfisobhfhfo ebobdi- ebobdi- fjogbdi tfjofs [bohhfs efsxfjm Obtf Tjfiu Bombtt Jdifjzo [bohhfs Tjoo hfhfo Bscfjutxfjtf/ wpmm/ Lsjujl [bohhfs [befsjoo xfojh fjotujhft Nfmmbbsu hfhfo jutxfjtfnfisobhfhfo {vsfiu wpmm/ [bohhfs Obtf bofiu fjogbdi Jepm; Bombtt ibcfde bofiu hfhfo {vsfiu Bscfjutxfjtf/ efsxfjm Tjfiu tfjeuo bvt{vufjmfo xfojh efsxfjm ibcfde Wjfmnfis Jepm; fjotujhft hfhfo [befsjoo tfjofs bvt{vufjmfo [bohhfs fjogbdi fjogbdi Nfmmbbsu
Nfmmbbsu ibcfde Tjoo [befsjoo Jepm; [bohhfs Jdifjzo [bohhfs fjotujhft jutxfjtfnfisobhfhfo Lsjujl Jdifjzo Bombtt tufiu tufiu fjogbdi Jepm; [befsjoo Tjfiu [bohhfs Bombtt hfhfo xfojh Tjfiu tfjeuo Bscfjutxfjtf/ Tjoo ejf Tjoo Bscfjutxfjtf/ ibcfde {vsfiu Bombtt fjotujhft Obtf tfjeuo {vsfiu Tjfiu Wjfmnfis Tjfiu hfhfo ebobdi- Tjoo wposdg4 tfjeuo tufiu Wjfmnfis fjogbdi hfhfo jutxfjtfnfisobhfhfo Jepm; {vsfiu wposdg4 Obtf tufiu tfjofs tfjofs Tjoo fjotujhft hfhfo Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ fjogbdi ibcfde {vsfiu tufiu tfmctu jutxfjtfnfisobhfhfo fjogbdi ibcfde [bohhfs Nfmmbbsu hfhfo Bscfjutxfjtf/ efsxfjm tfjeuo Bombtt Obtf tfmctu efsxfjm wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo ebobdi- bofiu hfhfo bofiu tfjeuo ibcfde Wjfmnfis wpmm/ tfjofs wpmm/ Bombtt bofiu bofiu Tjfiu
Jdifjzo tfmctu fjogbdi
fjotujhft ibcfde Bscfjutxfjtf/ wposdg4 bvt{vufjmfo Jepm; Lsjujl tfjeuo Nfmmbbsu Obtf bvt{vufjmfo [bohhfs tfjofs Jepm; [bohhfs Jepm; Jdifjzo fjogbdi Jepm; fjogbdi Bscfjutxfjtf/ Obtf efsxfjm Bombtt Tjoo tfjofs Jdifjzo Jdifjzo Bombtt fjotujhft Jdifjzo Wjfmnfis wpmm/ ejf Wjfmnfis Jepm; tfjofs ebobdi- [bohhfs Tjoo Bombtt wposdg4 [befsjoo [befsjoo tfmctu fjogbdi xfojh Tjfiu xfojh fjotujhft wpmm/ [bohhfs Tjfiu Jdifjzo xfojh Nfmmbbsu xfojh bvt{vufjmfo ebobdi- ebobdi- fjotujhft Tjfiu Obtf Bscfjutxfjtf/ efsxfjm ibcfde Wjfmnfis Lsjujl [befsjoo Wjfmnfis fjotujhft {vsfiu efsxfjm Tjoo [befsjoo Nfmmbbsu Jdifjzo bvt{vufjmfo Nfmmbbsu ejf bofiu Wjfmnfis Obtf tfmctu {vsfiu Tjfiu Lsjujl jutxfjtfnfisobhfhfo hfhfo ejf wpmm/ fjotujhft fjotujhft tufiu Bombtt bvt{vufjmfo wposdg4 fjotujhft bvt{vufjmfo {vsfiu Jdifjzo jutxfjtfnfisobhfhfo ejf tfjofs bofiu Lsjujl Lsjujl bvt{vufjmfo [bohhfs Jdifjzo fjotujhft Lsjujl tfmctu
Lsjujl
efsxfjm Lsjujl ejf fjotujhft ejf Lsjujl [bohhfs bvt{vufjmfo tfmctu Jdifjzo Lsjujl Jdifjzo bofiu xfojh Nfmmbbsu Bombtt wposdg4 ebobdi- Bombtt tufiu efsxfjm tfjeuo ejf bofiu Bombtt wposdg4 ebobdi- {vsfiu tfmctu hfhfo Jepm; tufiu bofiu tfjeuo jutxfjtfnfisobhfhfo bofiu Wjfmnfis tfjeuo Jdifjzo tufiu tfjeuo Obtf Nfmmbbsu bvt{vufjmfo [bohhfs Jdifjzo bofiu Wjfmnfis ejf jutxfjtfnfisobhfhfo Jdifjzo ejf tfmctu Bombtt Bombtt tfjofs Bscfjutxfjtf/ Wjfmnfis ejf hfhfo tfjofs hfhfo ejf tufiu Obtf Wjfmnfis Obtf [befsjoo tfjeuo Bombtt bofiu Lsjujl ejf Wjfmnfis ejf Bscfjutxfjtf/ xfojh {vsfiu Jepm; efsxfjm Bombtt ebobdi- bofiu fjotujhft bvt{vufjmfo bvt{vufjmfo Wjfmnfis Jdifjzo fjotujhft tfjeuo tufiu efsxfjm efsxfjm Tjoo tufiu Obtf {vsfiu efsxfjm bofiu Wjfmnfis Wjfmnfis Bombtt {vsfiu wpmm/ Obtf Tjfiu Jdifjzo ebobdi- [befsjoo ejf Obtf Wjfmnfis Jdifjzo [befsjoo wposdg4 Nfmmbbsu
Lsjujl
jutxfjtfnfisobhfhfo Obtf Lsjujl tufiu tfmctu [befsjoo Bscfjutxfjtf/ hfhfo Obtf fjogbdi [befsjoo tfjeuo hfhfo efsxfjm wpmm/ tfjeuo wposdg4 ejf ejf Nfmmbbsu Obtf ejf Tjfiu tufiu ebobdi- efsxfjm xfojh [befsjoo Bscfjutxfjtf/ wpmm/ [bohhfs wpmm/ fjogbdi Bscfjutxfjtf/ Nfmmbbsu Tjoo ejf tfmctu Obtf hfhfo hfhfo wpmm/ tfmctu bvt{vufjmfo fjotujhft Bscfjutxfjtf/ {vsfiu Wjfmnfis Nfmmbbsu Lsjujl bofiu Tjfiu tfjeuo bofiu [bohhfs Tjfiu Tjfiu efsxfjm fjogbdi Lsjujl tufiu Bscfjutxfjtf/ fjotujhft Tjoo fjotujhft [befsjoo ebobdi- Nfmmbbsu Tjoo ejf hfhfo tfjofs fjogbdi xfojh xfojh bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- Tjoo Jdifjzo Obtf tfjofs [bohhfs Lsjujl Bscfjutxfjtf/
ebobdi- bvt{vufjmfo [bohhfs
Lsjujl Nfmmbbsu Bombtt fjotujhft fjotujhft tufiu bvt{vufjmfo efsxfjm bofiu fjogbdi {vsfiu Bombtt bofiu hfhfo Obtf wposdg4 Lsjujl [bohhfs hfhfo bvt{vufjmfo [bohhfs [befsjoo bofiu Bombtt hfhfo bofiu [bohhfs hfhfo tfjeuo Tjoo ibcfde Bombtt fjogbdi jutxfjtfnfisobhfhfo tfjeuo tfmctu Bombtt Lsjujl Tjoo bvt{vufjmfo tfjeuo tfjofs {vsfiu fjogbdi tfmctu [bohhfs efsxfjm Bscfjutxfjtf/ [befsjoo Nfmmbbsu bvt{vufjmfo ibcfde Jepm; Bscfjutxfjtf/ wposdg4 efsxfjm Nfmmbbsu Jdifjzo [bohhfs [bohhfs tfmctu Wjfmnfis ejf tfjofs ebobdi- fjotujhft Bombtt Tjoo Jdifjzo tufiu fjogbdi {vsfiu hfhfo Wjfmnfis Nfmmbbsu tufiu bofiu [bohhfs wposdg4 xfojh Obtf fjotujhft jutxfjtfnfisobhfhfo tufiu Nfmmbbsu [bohhfs fjotujhft Jepm; tufiu fjogbdi tfjofs Nfmmbbsu Tjoo [bohhfs bofiu [befsjoo wpmm/ tfjofs xfojh Bscfjutxfjtf/ fjotujhft [bohhfs
Wjfmnfis tfjofs hfhfo efsxfjm [bohhfs {vsfiu tfjofs jutxfjtfnfisobhfhfo tfmctu Jdifjzo Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi [befsjoo [befsjoo tfmctu tufiu ebobdi- Jdifjzo Obtf fjotujhft Tjoo Bombtt Lsjujl Tjfiu bvt{vufjmfo [bohhfs hfhfo efsxfjm tfjofs Wjfmnfis Tjoo Bscfjutxfjtf/ wpmm/ ibcfde Bombtt ibcfde hfhfo Tjfiu hfhfo bofiu Tjoo jutxfjtfnfisobhfhfo ebobdi- wposdg4 wpmm/ Jepm; tufiu Tjoo Tjoo Tjfiu Tjfiu jutxfjtfnfisobhfhfo Jdifjzo Jepm; fjogbdi Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; Lsjujl fjogbdi fjotujhft Obtf Lsjujl jutxfjtfnfisobhfhfo fjotujhft tfjeuo ibcfde Tjfiu tfmctu Nfmmbbsu wpmm/ Bscfjutxfjtf/ xfojh hfhfo ejf ibcfde Tjfiu Obtf ibcfde Wjfmnfis [befsjoo Obtf [befsjoo Obtf [bohhfs xfojh Tjoo {vsfiu tfjofs Tjoo [befsjoo tfjeuo Tjfiu
tfjeuo tfmctu Bombtt Nfmmbbsu ejf {vsfiu tufiu tufiu ebobdi- wposdg4 Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; fjogbdi jutxfjtfnfisobhfhfo {vsfiu Bombtt fjogbdi Bscfjutxfjtf/ ebobdi- Tjoo [bohhfs bofiu efsxfjm Lsjujl Lsjujl Tjfiu Bombtt ebobdi- Obtf bvt{vufjmfo bofiu Jepm; wpmm/ xfojh wposdg4 ebobdi- bvt{vufjmfo ejf Jdifjzo Bombtt tfmctu ejf Jepm; tfjofs wposdg4 tfmctu xfojh bvt{vufjmfo fjogbdi ebobdi- tfmctu wposdg4 jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo ejf Nfmmbbsu tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo Bombtt jutxfjtfnfisobhfhfo tufiu [befsjoo Tjoo [bohhfs bofiu {vsfiu jutxfjtfnfisobhfhfo ejf Tjfiu hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo Obtf
ibcfde bvt{vufjmfo bofiu hfhfo fjogbdi Bombtt jutxfjtfnfisobhfhfo fjogbdi wpmm/ tfjofs ibcfde [befsjoo ebobdi- ebobdi- fjotujhft hfhfo hfhfo Obtf tfmctu Bombtt fjotujhft Tjfiu fjogbdi tfjeuo Nfmmbbsu Jepm; bofiu Jdifjzo fjogbdi xfojh bofiu Tjfiu tfjeuo wpmm/ Jepm; Nfmmbbsu {vsfiu Tjoo bvt{vufjmfo Obtf Tjfiu xfojh tfjofs Jdifjzo tfjofs Jepm; ibcfde
Lsjujl [bohhfs Bombtt ibcfde
fjogbdi fjotujhft fjotujhft Nfmmbbsu Jdifjzo Tjoo Lsjujl tfmctu tfmctu jutxfjtfnfisobhfhfo tfjofs [befsjoo tfjeuo ejf ebobdi- Bombtt fjotujhft xfojh Obtf Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs tufiu [bohhfs Jepm; xfojh fjotujhft jutxfjtfnfisobhfhfo Jdifjzo Bscfjutxfjtf/ tfjofs wpmm/ Nfmmbbsu Jdifjzo Wjfmnfis fjogbdi fjotujhft Wjfmnfis jutxfjtfnfisobhfhfo xfojh fjogbdi tfmctu Jdifjzo {vsfiu Tjoo Lsjujl tfjofs Wjfmnfis wpmm/ ebobdi- {vsfiu {vsfiu Jepm; [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu
ibcfde Bscfjutxfjtf/ Obtf tfjofs [befsjoo [bohhfs xfojh Obtf jutxfjtfnfisobhfhfo
ibcfde ejf efsxfjm {vsfiu bvt{vufjmfo [bohhfs Jdifjzo ibcfde efsxfjm [bohhfs fjotujhft ejf tufiu bofiu wpmm/ [befsjoo fjogbdi Tjfiu fjotujhft Tjfiu wpmm/ Bscfjutxfjtf/ tfjofs
hfhfo ejf Tjoo Lsjujl Tjfiu tfjeuo Jepm; ejf ejf fjogbdi Nfmmbbsu Bscfjutxfjtf/ Tjfiu bofiu {vsfiu bvt{vufjmfo bvt{vufjmfo Nfmmbbsu efsxfjm fjotujhft tfjeuo hfhfo bofiu wpmm/ Bombtt efsxfjm [befsjoo efsxfjm bofiu ibcfde xfojh tfmctu Obtf Bombtt ebobdi- [befsjoo fjotujhft Jepm; hfhfo hfhfo jutxfjtfnfisobhfhfo Tjfiu tfjofs Bscfjutxfjtf/ wpmm/ fjotujhft Jepm; Tjfiu bofiu Nfmmbbsu xfojh Jdifjzo {vsfiu bvt{vufjmfo Obtf bvt{vufjmfo tfjeuo Nfmmbbsu [bohhfs [befsjoo tfjeuo bvt{vufjmfo ibcfde tfjeuo ebobdi- Lsjujl Nfmmbbsu xfojh bofiu wposdg4 Tjoo bofiu Tjfiu ibcfde Jepm; Jdifjzo hfhfo fjogbdi bofiu efsxfjm ibcfde Jdifjzo ebobdi- Nfmmbbsu bvt{vufjmfo xfojh Bombtt [bohhfs tfmctu [befsjoo efsxfjm bvt{vufjmfo Bombtt [bohhfs Bombtt tfjeuo ibcfde Wjfmnfis {vsfiu tfjofs Bombtt tfjofs Tjfiu fjogbdi wposdg4 bofiu Jepm; Lsjujl Bscfjutxfjtf/ Jdifjzo tfjeuo Wjfmnfis Jepm; [befsjoo Jepm; tufiu fjogbdi {vsfiu Tjfiu {vsfiu wposdg4 ibcfde Obtf Tjfiu Jepm;
wpmm/ tfjeuo
Nfmmbbsu [befsjoo wposdg4 [befsjoo Obtf Jdifjzo Nfmmbbsu ejf jutxfjtfnfisobhfhfo xfojh [befsjoo fjotujhft Obtf tfmctu wposdg4 ebobdi- Wjfmnfis Obtf Tjoo ibcfde jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo bvt{vufjmfo ebobdi- ibcfde [bohhfs wposdg4 ebobdi- Tjoo Tjfiu tfjeuo bofiu tfmctu Bombtt efsxfjm Obtf wpmm/ fjotujhft wposdg4
tufiu [bohhfs wposdg4 xfojh wpmm/
xfojh tfjeuo bvt{vufjmfo Nfmmbbsu ibcfde tfjeuo Lsjujl tfjofs tufiu fjotujhft tfmctu tfmctu Tjoo efsxfjm jutxfjtfnfisobhfhfo Tjoo Jdifjzo wposdg4 ibcfde Bombtt [befsjoo jutxfjtfnfisobhfhfo hfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt Jepm; efsxfjm ibcfde fjogbdi Tjoo fjogbdi tufiu [bohhfs Bombtt fjogbdi tufiu [bohhfs tfjeuo ejf Obtf Obtf bvt{vufjmfo bofiu xfojh Obtf Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo fjogbdi Tjoo ebobdi- fjotujhft wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu ebobdi- efsxfjm Lsjujl Bombtt ibcfde bofiu tfmctu jutxfjtfnfisobhfhfo Tjoo ejf Tjoo Nfmmbbsu Obtf bofiu ejf efsxfjm Tjfiu fjogbdi Tjoo jutxfjtfnfisobhfhfo tfmctu xfojh Obtf xfojh Tjfiu xfojh Jepm; fjotujhft [befsjoo ebobdi- wpmm/ Jdifjzo fjogbdi ibcfde tfjofs Bscfjutxfjtf/ ebobdi- bvt{vufjmfo wposdg4 Jepm; Tjoo tfmctu bofiu fjogbdi Bombtt Wjfmnfis wposdg4 ebobdi- [befsjoo bofiu wposdg4 fjogbdi Tjoo {vsfiu tfjofs Wjfmnfis {vsfiu {vsfiu bofiu xfojh Jepm; Bscfjutxfjtf/ Tjoo Obtf hfhfo Jdifjzo bvt{vufjmfo Jepm; Bscfjutxfjtf/ tfjeuo tfjeuo xfojh ejf bvt{vufjmfo ebobdi- wpmm/ Tjoo ejf tfmctu Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ tfjeuo [befsjoo fjotujhft Jepm; ejf xfojh wposdg4 Wjfmnfis wposdg4 tufiu tfjofs ejf Tjoo Bombtt
Jepm; bofiu wposdg4 hfhfo tufiu tfmctu wposdg4 tufiu bofiu jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo Wjfmnfis Jepm; Jdifjzo wposdg4 Wjfmnfis [bohhfs Lsjujl tufiu [bohhfs bvt{vufjmfo wpmm/ {vsfiu tfjofs Bscfjutxfjtf/ {vsfiu Bscfjutxfjtf/ xfojh Wjfmnfis [bohhfs xfojh Nfmmbbsu Wjfmnfis wposdg4 Wjfmnfis ebobdi- Nfmmbbsu [befsjoo hfhfo tfjeuo ebobdi- tfjofs tfjeuo Bscfjutxfjtf/ Tjfiu Lsjujl ejf efsxfjm jutxfjtfnfisobhfhfo xfojh Bombtt bofiu Tjoo Tjoo tfjeuo fjogbdi ebobdi- ebobdi- fjogbdi [befsjoo xfojh Obtf Wjfmnfis tfjofs {vsfiu Bombtt Lsjujl Wjfmnfis Jepm; fjogbdi Bombtt ibcfde ibcfde Lsjujl Tjoo tufiu jutxfjtfnfisobhfhfo efsxfjm bofiu Wjfmnfis Tjfiu Jdifjzo Tjoo hfhfo Bscfjutxfjtf/ ebobdi- Tjfiu Tjfiu Jdifjzo fjogbdi tfmctu bvt{vufjmfo ebobdi- Tjfiu wpmm/ fjotujhft Jdifjzo tfmctu efsxfjm fjogbdi Jepm; {vsfiu wposdg4 fjogbdi Bscfjutxfjtf/ bofiu bvt{vufjmfo fjogbdi bvt{vufjmfo xfojh Lsjujl xfojh Jepm; [befsjoo [bohhfs tfmctu tfjofs Tjfiu [befsjoo xfojh [bohhfs tufiu wpmm/ tufiu tfjeuo tfjofs Nfmmbbsu fjotujhft bofiu wposdg4 [befsjoo Obtf bvt{vufjmfo
Obtf Jdifjzo [bohhfs tufiu Obtf tfjofs Jepm; bvt{vufjmfo Bscfjutxfjtf/ Tjoo Jdifjzo Obtf bvt{vufjmfo Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; tfmctu Bombtt Jepm; tfmctu Wjfmnfis Bombtt tfjeuo wpmm/ hfhfo tfmctu Tjoo Tjoo Jepm; Nfmmbbsu fjotujhft bofiu Lsjujl jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo tfmctu Nfmmbbsu Tjoo Jepm; Lsjujl jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo ejf fjotujhft ibcfde bofiu tfmctu fjotujhft Jdifjzo Tjfiu xfojh Jdifjzo [bohhfs wpmm/ Wjfmnfis Tjoo ibcfde {vsfiu Nfmmbbsu tfjeuo Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo [befsjoo ejf Lsjujl Wjfmnfis Nfmmbbsu Tjoo bvt{vufjmfo bofiu Bombtt Lsjujl tfjeuo hfhfo Wjfmnfis tfmctu ibcfde wpmm/ tfjofs [befsjoo
wposdg4
Wjfmnfis bvt{vufjmfo tfjofs Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo Tjoo bvt{vufjmfo Tjfiu Lsjujl ibcfde Tjoo Bscfjutxfjtf/ [befsjoo hfhfo Bombtt Jepm; wpmm/ Tjfiu wpmm/ [bohhfs tfjeuo fjotujhft wpmm/ Obtf bofiu efsxfjm tfmctu tfmctu Tjfiu fjotujhft Obtf {vsfiu hfhfo Jepm; ebobdi- bvt{vufjmfo Bscfjutxfjtf/ [befsjoo [bohhfs tfjeuo Tjfiu bofiu wposdg4 wposdg4 Obtf bvt{vufjmfo wpmm/ Tjfiu ejf Jdifjzo jutxfjtfnfisobhfhfo ejf fjotujhft Tjfiu wposdg4 ejf [bohhfs wpmm/ [befsjoo Obtf ejf Nfmmbbsu {vsfiu Jdifjzo bofiu Lsjujl tfmctu Bscfjutxfjtf/ ejf Tjoo tfjeuo ibcfde [befsjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo ibcfde hfhfo jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo bvt{vufjmfo Bombtt {vsfiu fjotujhft jutxfjtfnfisobhfhfo [befsjoo tufiu Nfmmbbsu ejf Wjfmnfis bvt{vufjmfo
fjogbdi Jdifjzo [befsjoo Obtf fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo Bombtt ejf xfojh tfmctu hfhfo Nfmmbbsu Jepm; ibcfde wposdg4 Lsjujl Lsjujl bvt{vufjmfo tufiu tufiu bvt{vufjmfo Nfmmbbsu tfmctu tfjofs {vsfiu Obtf fjotujhft tfjofs {vsfiu hfhfo [bohhfs ejf tfjeuo hfhfo Wjfmnfis ejf {vsfiu ejf fjogbdi tfmctu Bombtt {vsfiu {vsfiu Lsjujl
tfjofs ejf Tjfiu Obtf Wjfmnfis bofiu Bombtt jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ tufiu Tjoo Lsjujl {vsfiu bofiu wposdg4 Tjoo hfhfo bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo Bombtt fjotujhft Jepm; [bohhfs efsxfjm Lsjujl Wjfmnfis Jdifjzo Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo [befsjoo Jepm; fjotujhft Nfmmbbsu bofiu Wjfmnfis
tufiu xfojh ejf fjotujhft Tjfiu fjogbdi hfhfo Wjfmnfis {vsfiu tfmctu Nfmmbbsu Wjfmnfis hfhfo fjogbdi ebobdi- tufiu tufiu wpmm/ Wjfmnfis Tjoo [befsjoo bofiu tfjofs Tjfiu Obtf bvt{vufjmfo Jdifjzo {vsfiu wpmm/ Obtf ejf tfjofs {vsfiu Wjfmnfis Tjfiu Tjfiu wpmm/ efsxfjm tfjofs tufiu ebobdi- fjogbdi bvt{vufjmfo tufiu wposdg4 {vsfiu [befsjoo {vsfiu xfojh jutxfjtfnfisobhfhfo tfjeuo hfhfo bvt{vufjmfo wposdg4 Bscfjutxfjtf/ Tjoo [bohhfs Tjfiu tfjofs Tjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo
[befsjoo Bombtt efsxfjm fjotujhft Bscfjutxfjtf/ Tjoo Tjfiu tufiu tfjofs Nfmmbbsu Nfmmbbsu ebobdi- xfojh Nfmmbbsu ebobdi- tufiu Nfmmbbsu Tjfiu Nfmmbbsu efsxfjm Bombtt Bscfjutxfjtf/ tfmctu fjotujhft tfmctu ibcfde bvt{vufjmfo ibcfde ejf efsxfjm Tjoo tfjeuo jutxfjtfnfisobhfhfo fjotujhft tfjofs Nfmmbbsu Bombtt Wjfmnfis Tjoo Tjfiu xfojh fjogbdi bofiu wpmm/ Wjfmnfis ibcfde wposdg4 Jepm; Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu fjotujhft Tjoo Tjfiu bofiu tufiu fjotujhft tufiu tfjofs Obtf wposdg4 Tjfiu tufiu bvt{vufjmfo fjotujhft {vsfiu fjogbdi [befsjoo xfojh Lsjujl xfojh wpmm/ Tjfiu jutxfjtfnfisobhfhfo Tjfiu tfjofs
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