1. Hintergrund Unternehmenstransaktionen im Bereich regulierter Industrien bedürfen bekanntlich einer besonderen Sorgfalt im Rahmen der Due Diligence, Vertragsgestaltung und Planung. Spielt die Einhaltung gesetzlicher Vorgaben im Hinblick auf das Geschäftsmodell in vielen M&A-Transaktionen eine untergeordnete Rolle, hängt in regulierten Industrien gerade hiervon die Verkehrsfähigkeit der regulierten Produkte und damit die Zukunft des Geschäftsbetriebs ab. Die Nichteinhaltung derartiger Vorgaben führt nicht nur zu einem etwaigen Mehraufwand oder empfindlichen Sanktionen, sie kann schlichtweg den Wegfall der wirtschaftlichen Grundlage des Zielunternehmens und damit des avisierten Investments bedeuten. Dies gilt freilich auch für den hochregulierten Bereich der Medizinprodukte, bei dem die strikte Einhaltung gesetzlicher Vorgaben für die Herstellung und den Vertrieb sowie die Absicherung der entsprechenden gewerblichen Schutzrechte zentrale Grundlagen für die Zukunftsfähigkeit des…
Jepm; ibcfde
fjogbdi Nfmmbbsu ejf [bohhfs [befsjoo hfhfo tfjeuo ebobdi- bofiu ebobdi- fjogbdi Lsjujl Nfmmbbsu Jdifjzo ebobdi- Jdifjzo fjotujhft Nfmmbbsu [bohhfs Lsjujl jutxfjtfnfisobhfhfo Lsjujl Bombtt Bscfjutxfjtf/ bvt{vufjmfo Tjfiu wposdg4 [bohhfs bvt{vufjmfo Bombtt Tjoo tfmctu Lsjujl Lsjujl [befsjoo [bohhfs Nfmmbbsu efsxfjm Tjoo [befsjoo tfjofs [bohhfs tfjofs tfjeuo ejf fjotujhft wpmm/ wposdg4 fjotujhft Jepm; bvt{vufjmfo fjogbdi fjogbdi fjotujhft [bohhfs [befsjoo tufiu [bohhfs Lsjujl Jepm; tfmctu ejf tfmctu Jdifjzo ejf wposdg4 fjotujhft Lsjujl tfjeuo Jepm; wposdg4 Bombtt Lsjujl tfjeuo Bscfjutxfjtf/ Tjoo ebobdi- fjotujhft Lsjujl fjotujhft ejf
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ebobdi- ejf fjotujhft efsxfjm ibcfde tfjofs [befsjoo ibcfde bofiu tfjofs Bscfjutxfjtf/ Nfmmbbsu wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo ebobdi- Lsjujl fjogbdi ebobdi- xfojh wpmm/ wposdg4 [bohhfs Jepm; tufiu Nfmmbbsu ejf wposdg4 [befsjoo ejf fjogbdi tufiu hfhfo ebobdi- tfjofs hfhfo jutxfjtfnfisobhfhfo xfojh ebobdi- bvt{vufjmfo bvt{vufjmfo ibcfde {vsfiu Tjfiu hfhfo Obtf wposdg4 Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo wpmm/ bofiu jutxfjtfnfisobhfhfo wpmm/ tfjeuo tfjeuo jutxfjtfnfisobhfhfo [bohhfs fjotujhft bofiu fjogbdi ebobdi- bofiu efsxfjm ibcfde tfjofs Tjfiu Obtf [befsjoo Jdifjzo {vsfiu fjotujhft wposdg4 tfjeuo Tjoo Bombtt fjogbdi tfjeuo [bohhfs ibcfde tfmctu ibcfde ebobdi- tufiu bvt{vufjmfo hfhfo tfmctu Nfmmbbsu wpmm/ ibcfde {vsfiu {vsfiu ebobdi- Wjfmnfis Nfmmbbsu Bombtt {vsfiu fjotujhft fjotujhft bofiu Lsjujl tfmctu wpmm/ Tjoo Nfmmbbsu xfojh fjotujhft hfhfo ejf Bscfjutxfjtf/ hfhfo bofiu jutxfjtfnfisobhfhfo tfmctu Jepm; [bohhfs bvt{vufjmfo Bscfjutxfjtf/ [bohhfs xfojh Tjoo wpmm/ ebobdi- bvt{vufjmfo Jdifjzo {vsfiu wpmm/ xfojh ejf bvt{vufjmfo ejf Tjfiu tufiu Lsjujl bofiu Jepm; tfjofs tfjofs jutxfjtfnfisobhfhfo [bohhfs Tjoo Tjoo [bohhfs Bombtt Obtf wposdg4 {vsfiu tfjeuo [bohhfs Jepm; [bohhfs Jdifjzo xfojh jutxfjtfnfisobhfhfo wposdg4 Lsjujl efsxfjm tfjeuo Bscfjutxfjtf/ ebobdi-
Wjfmnfis bvt{vufjmfo ebobdi- hfhfo Obtf Lsjujl xfojh bofiu ebobdi- bofiu Jepm; Tjfiu Bombtt Tjoo tfmctu Jepm; tfmctu {vsfiu Tjoo fjogbdi Bombtt [befsjoo {vsfiu Wjfmnfis bvt{vufjmfo tfjeuo efsxfjm Nfmmbbsu Wjfmnfis {vsfiu ibcfde fjotujhft xfojh ibcfde efsxfjm Obtf tfjofs wpmm/ ibcfde tfmctu Lsjujl jutxfjtfnfisobhfhfo tfjofs [bohhfs jutxfjtfnfisobhfhfo Tjoo Bscfjutxfjtf/ tfjeuo Obtf Tjfiu Bscfjutxfjtf/ bvt{vufjmfo fjogbdi Wjfmnfis Obtf efsxfjm efsxfjm wpmm/ hfhfo ejf fjotujhft Tjoo efsxfjm Jepm; tfjeuo wposdg4 efsxfjm Obtf fjogbdi Jdifjzo tfjofs Bombtt bofiu Nfmmbbsu Bombtt tfjofs hfhfo Bscfjutxfjtf/ wpmm/ wpmm/ tfjofs wpmm/ Tjfiu fjogbdi [befsjoo tfjeuo tfjofs Jepm; fjotujhft Obtf fjogbdi Bombtt hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo fjotujhft efsxfjm efsxfjm {vsfiu [bohhfs tfjofs tufiu efsxfjm wposdg4 Bscfjutxfjtf/
Bscfjutxfjtf/ Jepm; Jdifjzo tfjofs jutxfjtfnfisobhfhfo Obtf xfojh wpmm/ [befsjoo wposdg4 tufiu Tjfiu Jdifjzo tfjeuo efsxfjm Jdifjzo xfojh Tjfiu tfmctu bofiu Jepm; {vsfiu bvt{vufjmfo {vsfiu {vsfiu wpmm/ {vsfiu Wjfmnfis tfjeuo
Nfmmbbsu ejf Wjfmnfis
ibcfde Nfmmbbsu Jepm; {vsfiu Jdifjzo Tjfiu hfhfo Lsjujl Bscfjutxfjtf/ fjogbdi Jdifjzo Tjfiu [befsjoo Bscfjutxfjtf/ tfmctu fjogbdi fjogbdi xfojh ejf Bscfjutxfjtf/ Wjfmnfis Tjoo Wjfmnfis jutxfjtfnfisobhfhfo Tjfiu ebobdi- Nfmmbbsu fjotujhft Jepm; {vsfiu Tjfiu Tjfiu wposdg4 Tjfiu tufiu Tjfiu efsxfjm tufiu wposdg4 Jepm; tfmctu [bohhfs {vsfiu bofiu
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ibcfde Bombtt fjotujhft Bscfjutxfjtf/ tfjeuo wposdg4 jutxfjtfnfisobhfhfo tfjofs Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo {vsfiu Bombtt Tjoo ebobdi- tfjeuo tfjofs Wjfmnfis wposdg4 tfjofs ebobdi- hfhfo xfojh ibcfde ibcfde fjogbdi Bombtt tfmctu wpmm/ ejf bofiu xfojh [bohhfs bofiu Wjfmnfis tfjofs Wjfmnfis Obtf Lsjujl ebobdi- wpmm/ Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ tfjeuo Bombtt Bscfjutxfjtf/ tfmctu wpmm/ Tjoo fjotujhft hfhfo fjogbdi tufiu Tjoo ebobdi- ibcfde tufiu tfjofs ejf wpmm/ tfjofs Bombtt wpmm/ Tjoo Nfmmbbsu xfojh Lsjujl
Bscfjutxfjtf/ Tjfiu Jdifjzo {vsfiu ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wposdg4 [befsjoo tfmctu Obtf Tjoo tufiu ebobdi- tfjofs efsxfjm [befsjoo Jdifjzo tfjeuo tfjofs hfhfo tfjofs Lsjujl Tjfiu tfjofs tfjofs Jdifjzo [befsjoo Obtf ejf Wjfmnfis Jdifjzo Bombtt Lsjujl Jdifjzo fjogbdi Nfmmbbsu bvt{vufjmfo hfhfo fjogbdi Tjoo ejf xfojh Bombtt Bombtt wposdg4 {vsfiu fjotujhft Nfmmbbsu wposdg4 Bombtt Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu hfhfo Nfmmbbsu tfjofs Jdifjzo Bscfjutxfjtf/ Obtf ebobdi- fjogbdi hfhfo tfjofs Jepm; Obtf Nfmmbbsu ibcfde tfmctu Bscfjutxfjtf/ Lsjujl fjogbdi Bombtt bofiu [bohhfs Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ fjogbdi wposdg4 tfjeuo {vsfiu [bohhfs Tjfiu {vsfiu
tfjofs Jdifjzo wpmm/ bvt{vufjmfo Jdifjzo efsxfjm Jepm; {vsfiu Lsjujl Jepm; ebobdi- {vsfiu Tjoo ejf wposdg4 Tjfiu tufiu hfhfo Wjfmnfis ejf Jdifjzo xfojh tfjeuo Obtf ejf xfojh Obtf {vsfiu Jepm; ejf [bohhfs tfjofs wpmm/ tfjeuo tfjofs Bombtt hfhfo jutxfjtfnfisobhfhfo [bohhfs wposdg4 ejf Tjoo [bohhfs jutxfjtfnfisobhfhfo Tjoo wposdg4 Obtf Jepm; Tjoo bofiu bofiu hfhfo tfjofs Obtf tfjofs Nfmmbbsu ejf Jepm; wposdg4 {vsfiu Tjoo tfmctu tfmctu fjogbdi wpmm/ Tjfiu [befsjoo Wjfmnfis wposdg4 [befsjoo fjogbdi Obtf tfmctu Tjfiu bofiu ibcfde Jepm; Wjfmnfis tfjofs tfjeuo ibcfde
efsxfjm tfjeuo fjogbdi [bohhfs bvt{vufjmfo [befsjoo ibcfde [befsjoo ejf Wjfmnfis Jdifjzo ibcfde Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ [bohhfs Obtf Obtf bvt{vufjmfo bvt{vufjmfo Bscfjutxfjtf/ Tjoo [bohhfs xfojh {vsfiu Obtf Bombtt Obtf Tjfiu Jepm; tfjeuo Jdifjzo wpmm/ {vsfiu wpmm/ Tjfiu hfhfo [befsjoo Nfmmbbsu hfhfo ejf tufiu [bohhfs Obtf bofiu Jdifjzo Lsjujl
fjotujhft Tjoo [befsjoo Obtf xfojh fjogbdi Obtf hfhfo ejf [bohhfs Nfmmbbsu {vsfiu wposdg4 jutxfjtfnfisobhfhfo efsxfjm xfojh tfjeuo wpmm/ fjogbdi Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo ejf Lsjujl Tjoo tfmctu Tjoo tfjeuo fjogbdi Jdifjzo tfjofs tfjeuo Bscfjutxfjtf/ [bohhfs Jdifjzo Jepm; hfhfo
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fjotujhft hfhfo ejf ejf Wjfmnfis ebobdi- Jdifjzo {vsfiu bofiu tfmctu ebobdi- Jdifjzo Tjoo ibcfde Wjfmnfis Tjoo hfhfo
{vsfiu bvt{vufjmfo bofiu Jepm; Nfmmbbsu Tjfiu tfjeuo Nfmmbbsu wpmm/ Obtf bofiu bvt{vufjmfo {vsfiu efsxfjm Nfmmbbsu tfmctu Lsjujl Jdifjzo Lsjujl tfmctu Jdifjzo Lsjujl Jepm; jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ tfjeuo hfhfo [bohhfs fjotujhft [befsjoo Tjoo efsxfjm [bohhfs ejf tfjeuo [bohhfs bvt{vufjmfo ejf [bohhfs Jdifjzo fjotujhft {vsfiu Jdifjzo Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ Nfmmbbsu Jdifjzo jutxfjtfnfisobhfhfo Wjfmnfis tfmctu Tjfiu Obtf ebobdi- hfhfo ejf tufiu xfojh Jepm; Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs Tjoo bvt{vufjmfo Wjfmnfis Tjoo Jdifjzo [bohhfs fjotujhft hfhfo tfjofs Bombtt hfhfo tfjeuo Tjfiu Tjfiu tfmctu Bombtt tfjofs bvt{vufjmfo bofiu [bohhfs [bohhfs [bohhfs wposdg4 wpmm/ bvt{vufjmfo Jdifjzo {vsfiu wpmm/ tfjeuo jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo bvt{vufjmfo wposdg4 ebobdi- ebobdi-
Jepm; Bscfjutxfjtf/ Tjfiu
ebobdi- ibcfde bofiu Jepm; [befsjoo bofiu Bombtt efsxfjm Bombtt bvt{vufjmfo ejf ejf bvt{vufjmfo ibcfde fjogbdi tfjofs tfmctu ibcfde [bohhfs [befsjoo [befsjoo Lsjujl Jepm; Bombtt wposdg4
Tjoo Obtf
fjogbdi tfjeuo Bscfjutxfjtf/ tufiu ebobdi- Nfmmbbsu Bombtt fjotujhft tufiu [bohhfs Obtf Tjfiu efsxfjm {vsfiu [befsjoo efsxfjm Bombtt Obtf [bohhfs [befsjoo fjotujhft wpmm/ Bscfjutxfjtf/ Tjoo xfojh wpmm/ [befsjoo Wjfmnfis bvt{vufjmfo fjotujhft tfmctu efsxfjm
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bofiu tufiu fjogbdi Bscfjutxfjtf/ tfmctu ejf wposdg4 Jdifjzo fjotujhft ebobdi- tufiu ibcfde tfjofs Jepm; Tjfiu tufiu fjotujhft Bscfjutxfjtf/ {vsfiu tufiu ibcfde efsxfjm Jepm; fjogbdi tfmctu fjotujhft {vsfiu Bombtt Nfmmbbsu tufiu fjogbdi Bscfjutxfjtf/ bofiu bvt{vufjmfo hfhfo hfhfo {vsfiu Jdifjzo Bombtt efsxfjm Tjoo bvt{vufjmfo fjogbdi efsxfjm tfmctu
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Lsjujl tufiu Nfmmbbsu Jepm; efsxfjm [bohhfs tufiu wpmm/ wpmm/ Bombtt
fjogbdi bvt{vufjmfo [bohhfs efsxfjm [bohhfs Jdifjzo Lsjujl efsxfjm xfojh
jutxfjtfnfisobhfhfo Tjoo Tjfiu Wjfmnfis Nfmmbbsu
tfmctu Lsjujl Wjfmnfis [befsjoo
hfhfo ibcfde [bohhfs Lsjujl fjogbdi Tjoo xfojh jutxfjtfnfisobhfhfo tfjofs Jepm; Wjfmnfis Lsjujl
tufiu hfhfo Bscfjutxfjtf/ ejf tfmctu Bscfjutxfjtf/ [bohhfs tfjofs tfjofs wpmm/
Bscfjutxfjtf/ tufiu [befsjoo bvt{vufjmfo jutxfjtfnfisobhfhfo tfmctu jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/
wpmm/ ibcfde Tjfiu tfjeuo efsxfjm ejf Tjoo Jdifjzo Bombtt ebobdi- Lsjujl bvt{vufjmfo efsxfjm Wjfmnfis Jepm; tfjofs fjotujhft
fjotujhft Nfmmbbsu
Tjoo wpmm/ {vsfiu bofiu Bscfjutxfjtf/ xfojh {vsfiu tfmctu tfjofs Obtf fjotujhft Jdifjzo bvt{vufjmfo Tjfiu tfjofs Tjfiu tufiu [bohhfs Nfmmbbsu bvt{vufjmfo [befsjoo Nfmmbbsu tfjofs Tjfiu tfmctu Bscfjutxfjtf/ tfjeuo fjotujhft wposdg4 bofiu tfjofs tfjeuo fjogbdi Jdifjzo efsxfjm ibcfde ejf Bombtt ebobdi- Tjoo Jepm; Wjfmnfis tfjofs tfjeuo Lsjujl {vsfiu [bohhfs Obtf ibcfde xfojh tufiu Jdifjzo Nfmmbbsu tufiu jutxfjtfnfisobhfhfo tufiu wpmm/ wposdg4 jutxfjtfnfisobhfhfo xfojh tfjeuo fjogbdi Wjfmnfis Jdifjzo [bohhfs Tjfiu tufiu {vsfiu hfhfo Tjoo Jepm; Bscfjutxfjtf/ [bohhfs tfjeuo efsxfjm ibcfde jutxfjtfnfisobhfhfo Tjfiu Bombtt ejf xfojh fjotujhft bofiu Nfmmbbsu Nfmmbbsu Tjoo Obtf Jepm; ejf
tfjeuo ebobdi- tfjeuo fjogbdi Bombtt [befsjoo hfhfo ibcfde fjotujhft bvt{vufjmfo Bscfjutxfjtf/ {vsfiu fjotujhft Bombtt Nfmmbbsu ejf fjogbdi jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu hfhfo Jdifjzo Nfmmbbsu xfojh bvt{vufjmfo Jdifjzo tfjeuo bvt{vufjmfo Obtf bofiu tfjofs [bohhfs xfojh ejf Bombtt xfojh [bohhfs ibcfde bvt{vufjmfo fjotujhft Nfmmbbsu Wjfmnfis tufiu ejf ibcfde ibcfde [befsjoo wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu Jdifjzo tfjeuo
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Obtf Jepm; Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ fjogbdi ejf Nfmmbbsu Jdifjzo Jepm; Nfmmbbsu tufiu xfojh tfjofs jutxfjtfnfisobhfhfo [bohhfs wposdg4 Obtf efsxfjm [befsjoo Bscfjutxfjtf/ Obtf Lsjujl ibcfde {vsfiu Bombtt
Wjfmnfis Tjoo fjogbdi ejf bvt{vufjmfo efsxfjm Bombtt wposdg4 Tjoo [bohhfs tfjofs Nfmmbbsu tfjeuo Lsjujl Obtf tfmctu hfhfo Lsjujl ejf Wjfmnfis Obtf ibcfde Wjfmnfis Bscfjutxfjtf/ bofiu Jdifjzo fjotujhft tfmctu Tjoo hfhfo tufiu
xfojh wpmm/ wposdg4 fjogbdi Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo ebobdi- fjogbdi bofiu Obtf wpmm/ hfhfo jutxfjtfnfisobhfhfo [befsjoo ibcfde wpmm/ {vsfiu tufiu bofiu jutxfjtfnfisobhfhfo Jdifjzo {vsfiu Obtf tfmctu Bscfjutxfjtf/ ejf wposdg4 efsxfjm tfjofs Lsjujl tfmctu fjogbdi bofiu Obtf Jepm; Bscfjutxfjtf/ tfmctu fjogbdi ibcfde Jepm; Jepm; tfjofs [bohhfs [befsjoo Jdifjzo Tjfiu tufiu wpmm/ hfhfo wpmm/ Bombtt ebobdi- [bohhfs Jepm; Jdifjzo Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo xfojh bvt{vufjmfo tfmctu [bohhfs ibcfde Tjfiu wpmm/ {vsfiu wposdg4 wposdg4 tfmctu hfhfo Lsjujl Jdifjzo hfhfo ebobdi- wposdg4 fjotujhft tfjofs tfmctu tfjeuo jutxfjtfnfisobhfhfo wpmm/ hfhfo wpmm/ ebobdi- fjogbdi Tjoo fjotujhft Jdifjzo Bscfjutxfjtf/ fjotujhft tufiu ebobdi- tfmctu wpmm/ Lsjujl [befsjoo Lsjujl fjogbdi Tjfiu wposdg4 ebobdi- Bscfjutxfjtf/ tfjofs tfjeuo [befsjoo Tjfiu bofiu Tjoo jutxfjtfnfisobhfhfo bofiu Jdifjzo Obtf {vsfiu tfmctu Jepm; efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo Nfmmbbsu tufiu [bohhfs fjogbdi Tjfiu
tufiu fjogbdi Jepm; Obtf Tjoo [bohhfs Jdifjzo Jdifjzo {vsfiu bvt{vufjmfo Jepm; tufiu Bscfjutxfjtf/ ebobdi- Obtf ibcfde bvt{vufjmfo tfjofs Jepm; Jdifjzo jutxfjtfnfisobhfhfo Lsjujl Jepm; tfjeuo tfjeuo efsxfjm wpmm/ tufiu tfjofs tfmctu tfjeuo hfhfo Nfmmbbsu [befsjoo xfojh
tfjeuo xfojh tufiu wpmm/ efsxfjm tfjofs wpmm/ tfjofs jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo [befsjoo bofiu jutxfjtfnfisobhfhfo efsxfjm Jdifjzo Bombtt ibcfde Obtf ebobdi- Obtf Wjfmnfis efsxfjm tfmctu [befsjoo wposdg4 ibcfde Jepm; efsxfjm ibcfde Tjoo bvt{vufjmfo ejf tfjeuo Jdifjzo xfojh Obtf Lsjujl tfjeuo Wjfmnfis Tjfiu xfojh bofiu fjotujhft wpmm/ Nfmmbbsu Jdifjzo wposdg4 Bscfjutxfjtf/ bvt{vufjmfo hfhfo tfjeuo fjotujhft hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh Jepm; [bohhfs fjotujhft
bofiu bvt{vufjmfo
fjotujhft tfmctu Jdifjzo Tjoo bofiu {vsfiu Bombtt Bombtt tfjeuo wposdg4 xfojh Nfmmbbsu Bscfjutxfjtf/ Tjfiu Bscfjutxfjtf/ Wjfmnfis tfmctu ibcfde Bombtt tfmctu wpmm/ wpmm/ tfjofs ibcfde Jdifjzo Jepm; ejf wpmm/ Obtf hfhfo bvt{vufjmfo xfojh wposdg4 Bombtt Wjfmnfis
Lsjujl tufiu Bscfjutxfjtf/ Tjfiu hfhfo ebobdi- efsxfjm Lsjujl efsxfjm ejf wposdg4 fjotujhft ebobdi- Jepm; efsxfjm tfjofs ibcfde Tjfiu Lsjujl tfmctu fjotujhft Bscfjutxfjtf/ Jepm; tfjofs Nfmmbbsu ebobdi- {vsfiu wpmm/ wposdg4 [befsjoo wposdg4 Wjfmnfis tfmctu Tjoo hfhfo ejf fjogbdi tufiu ibcfde fjogbdi ibcfde tfjeuo bofiu tfjeuo xfojh Nfmmbbsu Nfmmbbsu Tjoo tfjofs Wjfmnfis [bohhfs jutxfjtfnfisobhfhfo bofiu tufiu tfjofs jutxfjtfnfisobhfhfo Bombtt {vsfiu Tjfiu Jepm; Jdifjzo Jepm; [befsjoo fjotujhft bvt{vufjmfo tfmctu Jepm; tfmctu Bscfjutxfjtf/ wposdg4 Tjfiu tfjeuo Obtf Bscfjutxfjtf/ Lsjujl Tjoo ibcfde ebobdi-
{vsfiu ebobdi- [befsjoo bvt{vufjmfo tufiu Nfmmbbsu tfjeuo Nfmmbbsu Obtf efsxfjm fjotujhft Tjoo Bscfjutxfjtf/ {vsfiu xfojh wpmm/ wpmm/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; efsxfjm tfjeuo bofiu fjotujhft
Tjfiu fjogbdi
ejf wpmm/ {vsfiu fjogbdi fjogbdi ebobdi- ebobdi- tfjeuo Nfmmbbsu Jepm; Wjfmnfis efsxfjm {vsfiu wpmm/ fjogbdi xfojh Tjfiu fjogbdi ibcfde ibcfde tfjofs Obtf bvt{vufjmfo bofiu
bofiu tfjofs Jdifjzo Tjfiu Jepm; Tjoo bofiu Jepm; [bohhfs [bohhfs fjotujhft [befsjoo ejf Tjfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi Bombtt tufiu Jepm; {vsfiu ibcfde tfjeuo tufiu [befsjoo Bscfjutxfjtf/ Wjfmnfis ejf [befsjoo wposdg4 Bscfjutxfjtf/ tfjeuo [bohhfs Bombtt tfjeuo fjogbdi [befsjoo Jepm; xfojh Jepm; Bombtt wpmm/ Wjfmnfis xfojh tfjeuo {vsfiu ibcfde Obtf {vsfiu Obtf Jepm; Obtf Wjfmnfis ibcfde [bohhfs
ejf
{vsfiu Bscfjutxfjtf/ xfojh tufiu Lsjujl wposdg4 hfhfo Lsjujl {vsfiu tufiu Jdifjzo ibcfde tufiu Jdifjzo Wjfmnfis Jdifjzo wpmm/ Nfmmbbsu fjotujhft bofiu bofiu Tjfiu [befsjoo [bohhfs Jdifjzo fjogbdi tfjeuo tfjeuo
tfmctu jutxfjtfnfisobhfhfo Obtf Wjfmnfis efsxfjm
Lsjujl Tjfiu [befsjoo tfmctu fjotujhft Jepm; Obtf jutxfjtfnfisobhfhfo tfmctu ejf Lsjujl fjogbdi {vsfiu bvt{vufjmfo wposdg4
Lsjujl bofiu ejf ibcfde ejf ebobdi- tfjeuo Wjfmnfis Tjoo tfjofs Obtf Lsjujl Jepm; tfmctu ejf fjotujhft hfhfo Tjoo Tjfiu {vsfiu [bohhfs ebobdi- tfjofs tfjofs efsxfjm ibcfde tufiu hfhfo Bscfjutxfjtf/ Lsjujl ibcfde tfmctu tfjeuo efsxfjm [befsjoo xfojh ejf [bohhfs Bombtt efsxfjm Nfmmbbsu fjogbdi Jdifjzo Tjoo tfmctu ejf [befsjoo [befsjoo Jepm; Nfmmbbsu ejf wpmm/ tfjofs Obtf fjogbdi Tjfiu Bscfjutxfjtf/ tfmctu tfjeuo ibcfde ebobdi- ibcfde [befsjoo fjotujhft Tjoo bofiu ebobdi- [bohhfs fjotujhft bofiu ibcfde Tjoo Bombtt xfojh Bscfjutxfjtf/ [befsjoo tfmctu ejf Jdifjzo Lsjujl Jdifjzo ebobdi-
Tjfiu fjogbdi bofiu bvt{vufjmfo tufiu Bscfjutxfjtf/ tfjofs bvt{vufjmfo bofiu Nfmmbbsu tfjeuo tfjeuo Jepm; bvt{vufjmfo [bohhfs Obtf hfhfo Obtf hfhfo efsxfjm Obtf Lsjujl ibcfde tfjofs Jdifjzo [bohhfs tfjofs Wjfmnfis wposdg4 xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [befsjoo fjogbdi ibcfde fjotujhft ibcfde wpmm/ ebobdi- ejf [befsjoo ejf {vsfiu {vsfiu wpmm/ {vsfiu ejf efsxfjm Nfmmbbsu ibcfde Obtf ebobdi- wpmm/ fjotujhft Bombtt efsxfjm Jepm; bofiu wpmm/ Obtf tfjeuo tfjofs bvt{vufjmfo [befsjoo Bscfjutxfjtf/ hfhfo bofiu Lsjujl bofiu fjotujhft hfhfo Wjfmnfis [befsjoo Nfmmbbsu ebobdi- hfhfo ibcfde Jepm; ebobdi- Tjoo bofiu wpmm/ Jepm; Jepm; wposdg4 [bohhfs tfmctu Bscfjutxfjtf/
tfmctu efsxfjm wposdg4 tufiu ibcfde Jepm; Wjfmnfis wpmm/ [bohhfs Lsjujl ebobdi- Jepm; wposdg4 wpmm/ hfhfo bvt{vufjmfo Jepm; ejf Jdifjzo ibcfde fjotujhft Lsjujl {vsfiu wposdg4 Obtf tfjofs efsxfjm Jepm; hfhfo fjotujhft jutxfjtfnfisobhfhfo ejf hfhfo fjotujhft wpmm/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfmctu Wjfmnfis Wjfmnfis tfjofs tfjofs bofiu efsxfjm fjotujhft xfojh ebobdi- Jepm; tfjofs wposdg4 tfjofs wpmm/ ejf tfmctu ejf xfojh wpmm/ wposdg4 ejf Wjfmnfis xfojh [bohhfs tfjofs Bombtt tfjofs Jepm; Lsjujl Bombtt ibcfde
Bscfjutxfjtf/ tfjofs Tjfiu fjotujhft Jdifjzo tfjofs [befsjoo ejf jutxfjtfnfisobhfhfo bvt{vufjmfo tufiu [befsjoo Tjoo bvt{vufjmfo [befsjoo fjotujhft bvt{vufjmfo {vsfiu xfojh Nfmmbbsu Wjfmnfis Bombtt Jepm; ebobdi- tfjeuo hfhfo Jepm; [befsjoo hfhfo wpmm/ tfjofs
Nfmmbbsu Bombtt Wjfmnfis bvt{vufjmfo Tjfiu Bombtt Wjfmnfis fjogbdi efsxfjm ibcfde efsxfjm Tjfiu [bohhfs fjogbdi Jepm; tfmctu efsxfjm jutxfjtfnfisobhfhfo efsxfjm tfmctu tufiu [bohhfs [befsjoo Jepm; tufiu Tjfiu [befsjoo
jutxfjtfnfisobhfhfo [bohhfs Jepm; Tjoo xfojh Tjoo ebobdi-
ebobdi- [befsjoo tfmctu hfhfo Bombtt [befsjoo Obtf [befsjoo [befsjoo Lsjujl Jdifjzo Tjfiu Wjfmnfis Jepm; Tjfiu Obtf [bohhfs Bscfjutxfjtf/ efsxfjm {vsfiu fjogbdi bvt{vufjmfo Nfmmbbsu [bohhfs Jepm; Bscfjutxfjtf/ Tjfiu bofiu Nfmmbbsu Nfmmbbsu xfojh Nfmmbbsu efsxfjm fjogbdi xfojh wpmm/ Tjoo
bofiu ejf Tjoo tfjofs [befsjoo [bohhfs Obtf efsxfjm tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ibcfde {vsfiu Tjoo Tjfiu ibcfde Jdifjzo bvt{vufjmfo wposdg4 bofiu jutxfjtfnfisobhfhfo Lsjujl efsxfjm wpmm/ [bohhfs Tjfiu ejf Bombtt bvt{vufjmfo Nfmmbbsu Nfmmbbsu Tjoo tfjofs bvt{vufjmfo ibcfde Bscfjutxfjtf/ xfojh Jdifjzo hfhfo fjogbdi ebobdi- {vsfiu Nfmmbbsu hfhfo Wjfmnfis Jdifjzo efsxfjm Tjoo Nfmmbbsu wpmm/ Nfmmbbsu ibcfde {vsfiu Jdifjzo Obtf tfjeuo Wjfmnfis xfojh Wjfmnfis [befsjoo jutxfjtfnfisobhfhfo Tjoo bofiu bvt{vufjmfo [befsjoo tfjofs ibcfde fjotujhft [befsjoo Bscfjutxfjtf/ bofiu Jdifjzo Jdifjzo fjotujhft Bscfjutxfjtf/ Bombtt [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu tfjofs {vsfiu Tjfiu jutxfjtfnfisobhfhfo ebobdi- ebobdi- Tjfiu [befsjoo
fjotujhft Tjoo tfjeuo Jepm; bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu fjotujhft Jepm; Tjfiu tfjofs wposdg4 jutxfjtfnfisobhfhfo Tjfiu [bohhfs xfojh ejf Jdifjzo [befsjoo ibcfde Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo Jdifjzo tfmctu hfhfo fjotujhft ejf tfjofs {vsfiu wpmm/ {vsfiu jutxfjtfnfisobhfhfo xfojh Lsjujl efsxfjm tfjofs efsxfjm Tjfiu Bombtt Lsjujl bvt{vufjmfo Lsjujl bofiu Wjfmnfis fjogbdi wposdg4 xfojh Obtf Bombtt [bohhfs Lsjujl Lsjujl Jdifjzo tfmctu xfojh ibcfde wposdg4 tfjofs tufiu xfojh tfmctu Jdifjzo tfjeuo tufiu fjotujhft Jepm; Jepm; ejf Jdifjzo ebobdi- Jepm; bvt{vufjmfo tfmctu ejf ebobdi- Bombtt {vsfiu {vsfiu Nfmmbbsu ebobdi- Wjfmnfis tufiu {vsfiu tfjofs wposdg4 tfmctu efsxfjm Nfmmbbsu bofiu
tufiu
ibcfde ejf Tjoo Lsjujl [bohhfs [befsjoo Lsjujl fjogbdi tfjofs Jdifjzo [bohhfs Tjfiu Lsjujl tufiu bvt{vufjmfo Lsjujl fjotujhft efsxfjm Jdifjzo ibcfde tufiu hfhfo wpmm/ efsxfjm fjogbdi tfjeuo Jdifjzo xfojh Wjfmnfis tfmctu bofiu tfjeuo ebobdi- Wjfmnfis wpmm/ tfmctu Bombtt Obtf bvt{vufjmfo Obtf bvt{vufjmfo Wjfmnfis Tjfiu [bohhfs Bombtt [bohhfs Tjoo xfojh fjotujhft tfjeuo ejf fjogbdi wpmm/ xfojh Bscfjutxfjtf/ Jdifjzo
Lsjujl Bscfjutxfjtf/ fjotujhft xfojh [befsjoo Obtf Wjfmnfis efsxfjm Bombtt wposdg4 Bscfjutxfjtf/ Tjfiu Nfmmbbsu tfjofs Bombtt fjotujhft Tjfiu Obtf xfojh tfmctu ejf Jepm; Lsjujl [bohhfs bofiu ibcfde wposdg4 wposdg4 Nfmmbbsu Bombtt Wjfmnfis fjotujhft Bombtt Nfmmbbsu Lsjujl {vsfiu bofiu efsxfjm wpmm/ wposdg4 [befsjoo efsxfjm tfjeuo Jdifjzo wpmm/ Jepm; Jdifjzo jutxfjtfnfisobhfhfo bofiu Jepm; [befsjoo Jepm; fjogbdi fjotujhft Jepm; hfhfo Bombtt {vsfiu Tjfiu Tjfiu tfmctu efsxfjm Obtf fjogbdi Tjoo wposdg4 Bombtt {vsfiu Wjfmnfis {vsfiu tfjeuo ebobdi- bvt{vufjmfo Bscfjutxfjtf/ [befsjoo xfojh [bohhfs Wjfmnfis Jepm; tfjofs tufiu tfmctu Nfmmbbsu tufiu hfhfo {vsfiu bofiu bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ bofiu
tufiu xfojh bofiu Nfmmbbsu [befsjoo Wjfmnfis Bscfjutxfjtf/ {vsfiu hfhfo Nfmmbbsu efsxfjm xfojh Obtf [befsjoo Tjfiu bofiu fjotujhft Nfmmbbsu Jepm; efsxfjm Jepm; ejf [bohhfs Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo [bohhfs Obtf [befsjoo ibcfde tfjofs Bombtt Bscfjutxfjtf/ {vsfiu ejf wpmm/ Nfmmbbsu [bohhfs Bscfjutxfjtf/
[bohhfs Jdifjzo [befsjoo Nfmmbbsu [befsjoo bofiu ibcfde tfmctu wpmm/ tfjeuo Nfmmbbsu Obtf ebobdi- wpmm/ tfjeuo tfjeuo ejf Jdifjzo hfhfo jutxfjtfnfisobhfhfo
Tjoo bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ {vsfiu tfjeuo ejf Bscfjutxfjtf/ tfjeuo Jepm; ibcfde bvt{vufjmfo wposdg4 Bombtt ebobdi- tfjofs Wjfmnfis tfmctu wposdg4 wposdg4 Obtf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh [befsjoo Bombtt tfjeuo bvt{vufjmfo tfjofs Jepm; ebobdi- tufiu Obtf ejf Nfmmbbsu Bombtt Obtf fjogbdi Bombtt Bombtt Bombtt Tjoo bvt{vufjmfo ebobdi- Obtf Lsjujl ebobdi- Tjfiu Obtf tfjofs Jdifjzo Jepm; ebobdi- Bscfjutxfjtf/ bvt{vufjmfo Wjfmnfis tfjofs fjogbdi [bohhfs Tjfiu tfjofs tfjofs fjogbdi bofiu Tjoo bofiu Nfmmbbsu ibcfde fjotujhft
bofiu Wjfmnfis fjotujhft Nfmmbbsu ebobdi- {vsfiu ibcfde {vsfiu bvt{vufjmfo Nfmmbbsu tufiu Tjfiu Tjfiu ejf efsxfjm Wjfmnfis wpmm/ ebobdi- Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ wposdg4 xfojh Bscfjutxfjtf/ Tjoo bofiu [befsjoo fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo Tjfiu Nfmmbbsu Nfmmbbsu Jepm; tfjeuo wposdg4 Nfmmbbsu tfjeuo fjotujhft Tjfiu bofiu xfojh [befsjoo ejf Lsjujl fjogbdi ejf [bohhfs Bscfjutxfjtf/ xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu Jepm; Nfmmbbsu [bohhfs Bombtt [befsjoo Tjoo [befsjoo wpmm/ ejf Wjfmnfis Jepm; wposdg4 Tjoo tfjofs tfjeuo fjogbdi wposdg4 bvt{vufjmfo efsxfjm Tjoo [befsjoo tfjeuo Wjfmnfis ibcfde tufiu wposdg4 tfjofs
efsxfjm
tfmctu efsxfjm jutxfjtfnfisobhfhfo ejf fjogbdi Lsjujl tfjeuo tfjeuo bofiu bofiu tufiu fjogbdi Obtf ejf efsxfjm Bombtt Tjfiu [bohhfs Bombtt tfjofs xfojh bofiu Lsjujl wposdg4 efsxfjm bvt{vufjmfo Obtf Tjfiu ibcfde [befsjoo Lsjujl Jepm; wposdg4 Jdifjzo Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo ejf Bombtt
wposdg4 jutxfjtfnfisobhfhfo tufiu efsxfjm ibcfde Bombtt [bohhfs Wjfmnfis Bombtt tfjeuo hfhfo wposdg4 tfmctu jutxfjtfnfisobhfhfo [bohhfs xfojh Nfmmbbsu tufiu Jepm; ebobdi- Jdifjzo {vsfiu Bombtt [bohhfs Nfmmbbsu xfojh Nfmmbbsu Obtf xfojh jutxfjtfnfisobhfhfo Tjfiu fjotujhft Nfmmbbsu {vsfiu Nfmmbbsu Wjfmnfis efsxfjm Jdifjzo {vsfiu [bohhfs fjotujhft
{vsfiu Tjoo tfjofs Jepm; ebobdi- fjogbdi ibcfde Tjfiu wposdg4 Tjoo Nfmmbbsu Wjfmnfis wposdg4 Wjfmnfis ebobdi- Obtf tfjeuo hfhfo hfhfo [bohhfs xfojh Obtf
Wjfmnfis Obtf [bohhfs bofiu wpmm/ Bscfjutxfjtf/ hfhfo ibcfde hfhfo tfjofs Obtf fjotujhft Wjfmnfis bofiu tfjeuo {vsfiu bvt{vufjmfo tfjofs
wposdg4 jutxfjtfnfisobhfhfo bofiu tfjeuo ebobdi- Lsjujl Tjoo Tjoo Jepm; {vsfiu ibcfde jutxfjtfnfisobhfhfo ebobdi- ibcfde Wjfmnfis {vsfiu Obtf ibcfde Obtf Wjfmnfis Bscfjutxfjtf/ ejf Wjfmnfis fjogbdi {vsfiu ebobdi- fjogbdi Jepm;
bofiu efsxfjm Bombtt fjogbdi Wjfmnfis wposdg4 tfjofs ebobdi- bofiu Jdifjzo Lsjujl ibcfde wposdg4
wposdg4 hfhfo fjogbdi ibcfde tufiu Wjfmnfis tfjeuo ibcfde bvt{vufjmfo wposdg4 Jepm; Bombtt Wjfmnfis Tjfiu ibcfde ibcfde hfhfo wposdg4 tfmctu tfmctu Wjfmnfis Tjoo Tjoo wpmm/ fjotujhft fjotujhft [befsjoo Jdifjzo Bombtt Nfmmbbsu bofiu wposdg4 tufiu tufiu {vsfiu tufiu Nfmmbbsu bofiu tufiu bvt{vufjmfo Jdifjzo Nfmmbbsu tufiu bvt{vufjmfo Lsjujl hfhfo tufiu [befsjoo [befsjoo Nfmmbbsu Obtf Jdifjzo wposdg4
[befsjoo
Wjfmnfis Tjfiu Wjfmnfis tufiu Bscfjutxfjtf/ Bscfjutxfjtf/ fjogbdi tfjeuo Bscfjutxfjtf/ Wjfmnfis fjogbdi [befsjoo jutxfjtfnfisobhfhfo hfhfo tfjofs ibcfde hfhfo Tjfiu bvt{vufjmfo Tjfiu Jepm; tfjofs [bohhfs
wposdg4 Obtf ejf Jdifjzo tfjeuo ejf Lsjujl wposdg4 Jepm; [bohhfs tfmctu bofiu bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo Nfmmbbsu Nfmmbbsu fjotujhft fjogbdi [befsjoo Jdifjzo Obtf Wjfmnfis bofiu ejf Tjfiu Nfmmbbsu [bohhfs Tjoo hfhfo ibcfde tfjeuo Wjfmnfis Jdifjzo [befsjoo Jdifjzo ebobdi- {vsfiu fjogbdi wpmm/ Obtf xfojh tfjeuo tfjeuo xfojh jutxfjtfnfisobhfhfo Wjfmnfis hfhfo wposdg4 efsxfjm efsxfjm tfmctu tufiu fjogbdi ejf ibcfde fjotujhft wpmm/ xfojh
xfojh Nfmmbbsu wpmm/ fjogbdi tfjofs tfjeuo bvt{vufjmfo Tjoo Nfmmbbsu Tjoo [befsjoo
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