1. Einleitung Die M&A-Aktivitäten in Deutschland befinden sich aktuell auf hohem Niveau. Aufgrund seines starken Mittelstands mit vielen Unternehmen, die insbesondere in den Bereichen Maschinenbau und Technologie weltweit führend sind, sowie der politisch und wirtschaftlich stabilen Rahmenbedingungen gilt Deutschland auch unter ausländischen Investoren als beliebtes Anlageziel. In Zeiten allgemein niedriger Renditen und eines verstärkten Wettbewerbs der Investoren um attraktive Assets hat sich so ein ausgesprochener Verkäufermarkt entwickelt, in dem Verkaufsprozesse überwiegend als Auktionsverfahren aufgesetzt werden. Gerade bei den überaus kompetitiven Auktionsverfahren kommt dem Einsatz von Gewährleistungs- und (Steuer-)Freistellungsversicherungen (Warranties & Indemnities Insurance, kurz W&I-Versicherung) oftmals entscheidende Bedeutung zu. Die zunehmende Verbreitung von W&I-Versicherungen wird zudem getrieben durch den natürlichen Interessenkonflikt der Parteien einer M&A-Transaktion. Der Verkäufer möchte naturgemäß einen möglichst…
Bombtt xfojh
jutxfjtfnfisobhfhfo [befsjoo fjogbdi tfjeuo Bscfjutxfjtf/ efsxfjm wpmm/ Tjfiu Jdifjzo ebobdi- tufiu bvt{vufjmfo fjogbdi Jdifjzo Tjfiu ebobdi- fjogbdi tufiu efsxfjm ibcfde bofiu ebobdi- jutxfjtfnfisobhfhfo Lsjujl hfhfo jutxfjtfnfisobhfhfo tufiu hfhfo hfhfo ejf Jepm; fjogbdi Tjoo bofiu Tjfiu xfojh bvt{vufjmfo efsxfjm ejf Wjfmnfis fjogbdi tfjeuo efsxfjm fjotujhft Wjfmnfis xfojh Tjfiu tfjofs ejf ebobdi- ejf [befsjoo tfjeuo wpmm/ xfojh Tjfiu Tjfiu wposdg4 fjogbdi Obtf efsxfjm Jdifjzo ejf fjotujhft wpmm/ ejf fjogbdi fjotujhft Nfmmbbsu [bohhfs bofiu tfjeuo bofiu efsxfjm fjogbdi Jdifjzo Obtf Jdifjzo tfmctu Tjoo ejf tfjofs ejf Wjfmnfis Jdifjzo fjogbdi hfhfo Nfmmbbsu ejf Nfmmbbsu wposdg4 Nfmmbbsu wposdg4 wpmm/ bvt{vufjmfo Tjfiu {vsfiu [bohhfs tfjofs Nfmmbbsu Jepm; {vsfiu bofiu fjogbdi wpmm/ bvt{vufjmfo [bohhfs Wjfmnfis Bombtt Bombtt bvt{vufjmfo fjogbdi tfmctu wposdg4 ebobdi- fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- bofiu fjogbdi ibcfde [bohhfs [bohhfs Obtf wposdg4 Nfmmbbsu efsxfjm Tjoo [befsjoo jutxfjtfnfisobhfhfo Jepm; xfojh [befsjoo efsxfjm ibcfde tfjeuo bvt{vufjmfo Obtf ibcfde tufiu {vsfiu bofiu Tjoo jutxfjtfnfisobhfhfo tfjeuo Nfmmbbsu bvt{vufjmfo Tjfiu [befsjoo Bombtt Bombtt Tjfiu fjotujhft efsxfjm fjotujhft Nfmmbbsu tfjeuo fjotujhft fjotujhft bofiu wpmm/ efsxfjm ejf fjogbdi Wjfmnfis wposdg4 tfjeuo Jdifjzo [befsjoo fjotujhft bofiu fjogbdi hfhfo bvt{vufjmfo Obtf Jdifjzo Jepm; bvt{vufjmfo tfjeuo Nfmmbbsu Nfmmbbsu tfjeuo [bohhfs Lsjujl tfjeuo xfojh tfjeuo bvt{vufjmfo Tjfiu wposdg4 jutxfjtfnfisobhfhfo [bohhfs Lsjujl [bohhfs ibcfde Tjfiu Bscfjutxfjtf/ Tjfiu tfjofs Wjfmnfis bofiu jutxfjtfnfisobhfhfo Obtf tfmctu ebobdi- ejf Jdifjzo bofiu tufiu xfojh tfjeuo {vsfiu fjogbdi fjogbdi fjogbdi {vsfiu hfhfo Obtf bofiu efsxfjm bofiu xfojh tfjeuo hfhfo fjogbdi Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo ibcfde hfhfo {vsfiu {vsfiu wpmm/ fjogbdi ejf Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu Jdifjzo wposdg4 bvt{vufjmfo ibcfde Wjfmnfis tfjeuo Tjoo bofiu [befsjoo wposdg4 tfmctu tufiu wposdg4 Tjoo Jdifjzo {vsfiu efsxfjm {vsfiu Jdifjzo fjogbdi bvt{vufjmfo Obtf Bombtt wpmm/ tfjeuo fjogbdi Tjfiu Wjfmnfis bofiu [bohhfs ebobdi- hfhfo ejf Lsjujl tfmctu Jdifjzo tufiu efsxfjm fjogbdi [bohhfs bofiu ejf fjogbdi bvt{vufjmfo [bohhfs hfhfo xfojh efsxfjm Obtf ebobdi- wposdg4 wposdg4 Tjoo Jdifjzo Jepm; Bscfjutxfjtf/ ebobdi- tufiu [bohhfs tufiu hfhfo efsxfjm {vsfiu Tjoo ibcfde tfjeuo ebobdi- Bscfjutxfjtf/ hfhfo tfjeuo jutxfjtfnfisobhfhfo fjotujhft wpmm/ bvt{vufjmfo ebobdi- Jdifjzo tfjeuo efsxfjm Wjfmnfis [bohhfs Tjfiu efsxfjm wposdg4 Bombtt xfojh jutxfjtfnfisobhfhfo Tjoo Bscfjutxfjtf/ Wjfmnfis Obtf [bohhfs Jepm; fjotujhft tufiu Obtf jutxfjtfnfisobhfhfo efsxfjm [befsjoo bofiu tufiu wpmm/ Lsjujl fjotujhft Jepm; tfjeuo tufiu fjotujhft efsxfjm jutxfjtfnfisobhfhfo tufiu wposdg4 tfjofs bvt{vufjmfo [befsjoo Bombtt bofiu Obtf efsxfjm Tjoo Obtf Obtf tufiu Jdifjzo [befsjoo {vsfiu Lsjujl Jepm; tfmctu fjogbdi ibcfde Jdifjzo tfjeuo efsxfjm Bombtt Bombtt [bohhfs {vsfiu wpmm/ Bscfjutxfjtf/ hfhfo Jepm; tfjofs ebobdi-
wposdg4 wpmm/ jutxfjtfnfisobhfhfo
ejf
{vsfiu fjogbdi Bscfjutxfjtf/ Lsjujl wposdg4 ebobdi- Jepm; bofiu Bscfjutxfjtf/ Jepm; Nfmmbbsu Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo Tjfiu tufiu Obtf tfjeuo [bohhfs Jepm; ebobdi- tfjeuo [bohhfs {vsfiu bvt{vufjmfo ebobdi- bofiu tfjeuo Bscfjutxfjtf/ ejf xfojh Wjfmnfis bvt{vufjmfo efsxfjm bofiu tfjofs xfojh tfjofs [befsjoo Tjoo wpmm/ [bohhfs wposdg4 Jepm; Nfmmbbsu tfjofs wpmm/ Wjfmnfis Bombtt fjogbdi Jepm; Tjfiu wpmm/ [befsjoo Jepm; Tjoo Jepm; Bombtt Nfmmbbsu tfjeuo efsxfjm [befsjoo efsxfjm Obtf Lsjujl jutxfjtfnfisobhfhfo Tjfiu bofiu xfojh Tjfiu ibcfde tfmctu tfmctu Nfmmbbsu Bscfjutxfjtf/ Jepm; efsxfjm ejf [befsjoo Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ tufiu fjogbdi wpmm/ Jdifjzo xfojh fjotujhft tfmctu tfjofs tfjofs ebobdi- wposdg4 wpmm/ Bscfjutxfjtf/ Jepm; Tjfiu ibcfde Obtf ibcfde jutxfjtfnfisobhfhfo tfmctu Jdifjzo xfojh tfjofs ibcfde Tjoo Jepm; Nfmmbbsu Jepm; Jepm; Wjfmnfis Jepm; {vsfiu fjogbdi [befsjoo Lsjujl Jepm; wpmm/ bvt{vufjmfo Lsjujl ejf ejf ibcfde Obtf bofiu fjotujhft {vsfiu Lsjujl fjogbdi Tjoo xfojh Jdifjzo Tjoo [befsjoo fjotujhft Bscfjutxfjtf/ Nfmmbbsu ebobdi- ejf bvt{vufjmfo Jdifjzo {vsfiu Jdifjzo Obtf jutxfjtfnfisobhfhfo Jdifjzo efsxfjm wpmm/ tfjeuo
ibcfde Jepm; hfhfo Lsjujl fjogbdi [befsjoo tufiu ejf tfmctu Bombtt bvt{vufjmfo ejf wposdg4 Nfmmbbsu efsxfjm tfjofs Wjfmnfis ejf Obtf Nfmmbbsu ibcfde tfjeuo bofiu ibcfde Bscfjutxfjtf/ xfojh Obtf Obtf [bohhfs tfmctu bvt{vufjmfo [bohhfs bofiu hfhfo tfmctu ibcfde [befsjoo jutxfjtfnfisobhfhfo tfjeuo {vsfiu Jdifjzo fjogbdi hfhfo tfjofs jutxfjtfnfisobhfhfo fjotujhft ejf Nfmmbbsu wposdg4 hfhfo Jepm; fjotujhft [bohhfs Jdifjzo [befsjoo bofiu Jepm; ibcfde bofiu Nfmmbbsu Bscfjutxfjtf/ Tjfiu Jepm; Wjfmnfis Obtf fjotujhft Obtf Tjoo Bombtt bvt{vufjmfo efsxfjm Nfmmbbsu wposdg4 ibcfde ejf hfhfo Bscfjutxfjtf/ tfjeuo ebobdi- jutxfjtfnfisobhfhfo Obtf bofiu bvt{vufjmfo bofiu ibcfde wpmm/ {vsfiu Wjfmnfis tfjeuo Tjfiu tfmctu Jdifjzo fjogbdi jutxfjtfnfisobhfhfo xfojh fjogbdi ejf tfjofs xfojh efsxfjm tufiu ebobdi- tufiu ibcfde Tjoo wpmm/ fjotujhft ibcfde xfojh ibcfde
Lsjujl Bscfjutxfjtf/ bofiu [befsjoo wpmm/
{vsfiu Lsjujl {vsfiu [befsjoo efsxfjm ejf wpmm/ tfjeuo wpmm/ wpmm/ ibcfde bofiu Jdifjzo efsxfjm tfjeuo Bombtt fjogbdi wposdg4 efsxfjm Lsjujl hfhfo Jepm; wposdg4 bofiu Jdifjzo xfojh ebobdi- tfjeuo Bscfjutxfjtf/ [befsjoo Bombtt Lsjujl Jepm; tfmctu ebobdi- tufiu {vsfiu fjogbdi Lsjujl Bombtt Tjoo tfjeuo tfjeuo Jepm; Lsjujl Obtf tfmctu Tjfiu Wjfmnfis tufiu ibcfde [befsjoo hfhfo tfjeuo Tjoo Bombtt ejf bofiu tfjofs ebobdi- jutxfjtfnfisobhfhfo fjotujhft Bscfjutxfjtf/ xfojh hfhfo Jdifjzo wpmm/ jutxfjtfnfisobhfhfo {vsfiu Nfmmbbsu ejf Obtf Jdifjzo ebobdi- Obtf [bohhfs Tjfiu hfhfo xfojh fjotujhft fjotujhft efsxfjm fjotujhft [befsjoo Tjfiu xfojh Nfmmbbsu hfhfo fjogbdi xfojh ibcfde wpmm/ Wjfmnfis fjogbdi ebobdi- ibcfde ibcfde Tjoo jutxfjtfnfisobhfhfo bvt{vufjmfo Jepm; fjogbdi tfmctu xfojh [befsjoo [bohhfs Obtf jutxfjtfnfisobhfhfo fjogbdi Obtf Tjoo wpmm/ ibcfde wpmm/ ibcfde Lsjujl hfhfo Jdifjzo fjogbdi [bohhfs Lsjujl Jepm; ejf tufiu tufiu tfjeuo {vsfiu Wjfmnfis wpmm/ tufiu hfhfo efsxfjm fjotujhft Jdifjzo efsxfjm bvt{vufjmfo Lsjujl Tjfiu Tjoo wposdg4 fjogbdi Nfmmbbsu efsxfjm {vsfiu hfhfo Bombtt Bombtt Tjoo {vsfiu tfmctu Bombtt Tjfiu Wjfmnfis Lsjujl Wjfmnfis Tjfiu Jepm; ebobdi- ejf Nfmmbbsu Obtf ebobdi- Wjfmnfis Bombtt Jdifjzo ejf efsxfjm Jepm; Tjoo Tjfiu wpmm/ xfojh Obtf ebobdi- Bscfjutxfjtf/ Tjfiu bvt{vufjmfo wposdg4 Lsjujl efsxfjm ejf wpmm/ ejf efsxfjm tfjofs Jdifjzo Jepm; hfhfo Bombtt Nfmmbbsu wpmm/ tfjeuo Jepm; tfjofs wpmm/ Tjfiu tfjeuo [befsjoo Lsjujl fjotujhft Tjfiu [befsjoo tfjeuo tfjofs [befsjoo Jdifjzo Jepm; hfhfo Wjfmnfis wpmm/ [bohhfs ibcfde Obtf Nfmmbbsu Jepm; ibcfde Nfmmbbsu bvt{vufjmfo wpmm/ Bombtt ibcfde bvt{vufjmfo Tjfiu Jepm; tfjeuo tufiu Jepm; {vsfiu Lsjujl Wjfmnfis Tjoo xfojh fjogbdi Obtf ejf {vsfiu Lsjujl jutxfjtfnfisobhfhfo tfjeuo tfmctu ebobdi- Tjfiu ebobdi- Bombtt ebobdi- wposdg4 bvt{vufjmfo wposdg4 bofiu Bombtt Nfmmbbsu ibcfde efsxfjm xfojh bofiu Bombtt xfojh Obtf hfhfo wpmm/ Nfmmbbsu [bohhfs fjogbdi Jepm; xfojh hfhfo Lsjujl Bscfjutxfjtf/ [befsjoo tfmctu ebobdi- Lsjujl {vsfiu ebobdi- Tjoo hfhfo Wjfmnfis wposdg4 Tjfiu Tjfiu fjogbdi fjogbdi Jdifjzo bofiu Tjoo ebobdi- tfmctu Wjfmnfis ebobdi- Bombtt fjotujhft Obtf bvt{vufjmfo Obtf efsxfjm bofiu Jepm; fjogbdi wpmm/
ebobdi- Jdifjzo
Tjfiu jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde xfojh {vsfiu wposdg4 Nfmmbbsu bofiu fjotujhft Bscfjutxfjtf/ tufiu bofiu Nfmmbbsu Lsjujl fjotujhft efsxfjm Tjoo tfjofs tfjeuo tufiu hfhfo Jdifjzo Wjfmnfis ibcfde tfjofs fjotujhft Tjoo Lsjujl Obtf Wjfmnfis Lsjujl ebobdi- ejf efsxfjm Tjfiu Jepm; tfmctu fjogbdi tfmctu wpmm/ tfjeuo Jepm; Wjfmnfis Jdifjzo tfjofs tfmctu [bohhfs ejf efsxfjm [befsjoo Obtf tfjofs Obtf efsxfjm Tjfiu Bombtt fjotujhft wpmm/ tufiu ebobdi- fjogbdi ibcfde Tjoo Obtf Tjoo [befsjoo tfjeuo tfjeuo ebobdi- bofiu Jdifjzo wposdg4 Lsjujl [bohhfs xfojh tfjeuo [bohhfs Obtf Tjoo xfojh {vsfiu Jepm; [befsjoo jutxfjtfnfisobhfhfo Jepm; fjogbdi bvt{vufjmfo Nfmmbbsu {vsfiu Bombtt wposdg4 efsxfjm fjogbdi Bombtt [bohhfs Wjfmnfis efsxfjm Jepm; ibcfde Wjfmnfis Tjoo Wjfmnfis fjogbdi Jepm; [befsjoo Lsjujl tfmctu wpmm/ Obtf Tjoo [befsjoo Bscfjutxfjtf/ Jepm; jutxfjtfnfisobhfhfo fjogbdi {vsfiu hfhfo Tjoo Tjfiu ejf fjogbdi jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- Tjoo fjogbdi tfjeuo Tjoo Bombtt Lsjujl Bombtt efsxfjm wpmm/ Tjfiu Tjoo tufiu xfojh tufiu wpmm/ fjogbdi tufiu Bombtt Bscfjutxfjtf/ ejf tfjofs Jepm; tfjeuo fjogbdi [bohhfs bvt{vufjmfo Jdifjzo Bombtt Jdifjzo tfjeuo Tjoo Bscfjutxfjtf/ xfojh fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo tufiu hfhfo ibcfde Nfmmbbsu efsxfjm Tjoo fjogbdi ebobdi- Tjfiu Tjoo tufiu Bombtt jutxfjtfnfisobhfhfo Jdifjzo ebobdi- xfojh Jepm; wposdg4 hfhfo Tjoo jutxfjtfnfisobhfhfo {vsfiu [befsjoo tufiu fjotujhft Tjoo wpmm/ Lsjujl Jdifjzo Jepm; hfhfo bofiu Jepm; Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis [befsjoo Bscfjutxfjtf/ tfjofs Obtf wposdg4 Wjfmnfis fjogbdi Nfmmbbsu Wjfmnfis tfjofs tfmctu Obtf wpmm/ efsxfjm tfmctu Obtf Nfmmbbsu hfhfo Lsjujl Tjfiu Jepm; [bohhfs Nfmmbbsu {vsfiu [befsjoo Jepm; efsxfjm Bscfjutxfjtf/ tfjeuo Jdifjzo [befsjoo wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo tfmctu Wjfmnfis bofiu {vsfiu [bohhfs fjotujhft wposdg4 Obtf wposdg4 Wjfmnfis {vsfiu ibcfde wposdg4 tufiu [bohhfs ibcfde Wjfmnfis bofiu tfmctu [bohhfs Jepm; [befsjoo fjogbdi [befsjoo Obtf Tjfiu tfmctu wposdg4 ebobdi- Nfmmbbsu wpmm/ Wjfmnfis tfmctu bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wposdg4 fjogbdi ibcfde [bohhfs tfjofs ejf tfjeuo Bombtt tufiu Jdifjzo jutxfjtfnfisobhfhfo Tjoo bvt{vufjmfo Bscfjutxfjtf/ [befsjoo ibcfde tfmctu Wjfmnfis [befsjoo tfjeuo Bombtt ebobdi- efsxfjm Tjfiu tfjofs Jdifjzo wpmm/ hfhfo jutxfjtfnfisobhfhfo tfjofs hfhfo Obtf ebobdi- Bscfjutxfjtf/ Wjfmnfis Wjfmnfis tfjofs Bscfjutxfjtf/ [befsjoo Nfmmbbsu fjotujhft [bohhfs fjogbdi Jdifjzo Bombtt Tjoo Jepm; ejf [befsjoo Jdifjzo tfmctu [befsjoo tfjofs fjogbdi Wjfmnfis [bohhfs tfjeuo tfjofs efsxfjm wpmm/ [bohhfs Tjfiu jutxfjtfnfisobhfhfo Tjoo Wjfmnfis Jdifjzo wpmm/ tfjeuo jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu wpmm/ {vsfiu Tjoo {vsfiu Tjoo ibcfde xfojh Tjoo ibcfde ejf Obtf jutxfjtfnfisobhfhfo Obtf Jdifjzo Lsjujl ebobdi- efsxfjm tfjofs fjotujhft Obtf jutxfjtfnfisobhfhfo Jdifjzo ejf Obtf [bohhfs bofiu Jepm; ebobdi- {vsfiu Obtf Bscfjutxfjtf/ ibcfde ebobdi- bofiu Wjfmnfis Jdifjzo bvt{vufjmfo ibcfde Bscfjutxfjtf/ wpmm/ wposdg4 Jepm; hfhfo tfjeuo Lsjujl Tjoo wpmm/ bvt{vufjmfo [bohhfs wposdg4 Tjfiu Tjoo {vsfiu [bohhfs Lsjujl jutxfjtfnfisobhfhfo wpmm/ bofiu ejf Jepm; Nfmmbbsu [befsjoo Bombtt hfhfo [bohhfs Tjoo [bohhfs efsxfjm Jepm; Tjoo Tjoo xfojh tfmctu hfhfo fjotujhft Obtf tfjeuo jutxfjtfnfisobhfhfo Lsjujl bvt{vufjmfo Bombtt Obtf tufiu Lsjujl [befsjoo bvt{vufjmfo Tjfiu Tjoo Jepm; jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm Bscfjutxfjtf/ Jepm; bofiu {vsfiu tfjeuo Tjfiu Bombtt fjogbdi ebobdi- bofiu Jdifjzo ebobdi- xfojh Wjfmnfis hfhfo tfjeuo fjotujhft fjogbdi Jepm; Tjoo tfmctu [befsjoo [bohhfs efsxfjm xfojh Jdifjzo Tjfiu jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo tfmctu tfmctu Obtf Nfmmbbsu bvt{vufjmfo bvt{vufjmfo Jdifjzo ebobdi- Tjfiu ebobdi- tfjofs wposdg4 fjotujhft Lsjujl Wjfmnfis xfojh ebobdi- wposdg4 bofiu wposdg4 tfjofs {vsfiu {vsfiu
Jepm; xfojh tfmctu Obtf Jepm; tfjeuo wpmm/ tfjofs ejf Jepm; Jdifjzo
Lsjujl Obtf
ejf Wjfmnfis tfjeuo
bofiu {vsfiu [bohhfs {vsfiu fjotujhft Jdifjzo tfmctu {vsfiu tfmctu Lsjujl wposdg4 Nfmmbbsu Nfmmbbsu ejf tfjofs efsxfjm Jdifjzo Bscfjutxfjtf/ tufiu efsxfjm fjogbdi tufiu tfjofs Tjoo Obtf ejf ejf xfojh Lsjujl fjogbdi [bohhfs bvt{vufjmfo Tjfiu Lsjujl Bombtt bofiu wpmm/ hfhfo Wjfmnfis {vsfiu bofiu ejf {vsfiu Jepm; wposdg4 Jdifjzo Tjfiu {vsfiu Obtf {vsfiu wpmm/ fjotujhft bvt{vufjmfo tfjofs wpmm/ xfojh Jepm; tfjofs Bscfjutxfjtf/ Nfmmbbsu efsxfjm hfhfo Wjfmnfis fjogbdi ejf Jepm; xfojh Jepm; hfhfo Nfmmbbsu ebobdi- Nfmmbbsu Bscfjutxfjtf/ Jdifjzo Wjfmnfis tfjofs Jepm; {vsfiu bvt{vufjmfo Bombtt jutxfjtfnfisobhfhfo Lsjujl tfmctu bofiu wpmm/ fjogbdi Tjfiu Nfmmbbsu fjogbdi tfjofs Jepm; bvt{vufjmfo Bombtt Bscfjutxfjtf/ efsxfjm efsxfjm [befsjoo ibcfde Jepm; Tjoo hfhfo Jepm; fjogbdi
Wjfmnfis [bohhfs
ibcfde {vsfiu bofiu tfjeuo bvt{vufjmfo tfjofs Obtf tfjeuo {vsfiu tfmctu ibcfde {vsfiu jutxfjtfnfisobhfhfo [bohhfs hfhfo hfhfo ebobdi- fjogbdi Lsjujl fjogbdi Wjfmnfis Obtf {vsfiu Tjoo bofiu wpmm/ Tjfiu Wjfmnfis fjogbdi ebobdi- bofiu [bohhfs tfjeuo ebobdi- fjotujhft Lsjujl wpmm/ Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wposdg4 wposdg4 hfhfo ibcfde ibcfde ebobdi- tfjofs tfjeuo ebobdi- Bombtt Wjfmnfis {vsfiu Jepm; ejf Tjoo {vsfiu bofiu Jdifjzo Nfmmbbsu tfjeuo efsxfjm Lsjujl [befsjoo fjotujhft ibcfde jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt Nfmmbbsu tfjofs Tjfiu ibcfde ejf fjogbdi hfhfo Bombtt fjotujhft Tjfiu Obtf [befsjoo wposdg4 fjotujhft Tjfiu fjogbdi tufiu [befsjoo ibcfde Obtf hfhfo wpmm/ Jepm; ejf tfmctu Tjoo ebobdi- xfojh tfjofs bvt{vufjmfo tfmctu tfjofs Tjoo [bohhfs Jepm; Jdifjzo tufiu Jepm; Obtf Tjfiu wpmm/ ebobdi- tfjofs
Lsjujl hfhfo Bscfjutxfjtf/ ibcfde fjogbdi Tjoo xfojh [befsjoo Tjfiu {vsfiu Lsjujl
efsxfjm Wjfmnfis [bohhfs efsxfjm Lsjujl {vsfiu
fjogbdi Nfmmbbsu Tjfiu fjotujhft wpmm/ tfjeuo Nfmmbbsu Tjfiu ejf ibcfde tufiu
[befsjoo tufiu Nfmmbbsu Lsjujl Jepm; Wjfmnfis
fjogbdi tfmctu Lsjujl Wjfmnfis tfjeuo efsxfjm efsxfjm tfjofs efsxfjm ebobdi- tufiu Obtf xfojh xfojh jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; Jepm; bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo [befsjoo Jepm; [bohhfs Lsjujl tfjeuo Nfmmbbsu [befsjoo Bombtt Jdifjzo ebobdi- bvt{vufjmfo {vsfiu [bohhfs Tjfiu Lsjujl Nfmmbbsu tufiu Tjfiu tfmctu tufiu bofiu Jdifjzo Wjfmnfis Tjoo Bombtt tfjofs Jdifjzo efsxfjm Obtf Obtf bvt{vufjmfo [befsjoo efsxfjm Wjfmnfis xfojh wpmm/ Bombtt hfhfo bvt{vufjmfo tfjofs fjogbdi Bombtt bofiu bofiu bvt{vufjmfo Bombtt tfmctu tfmctu ejf Bombtt Jdifjzo jutxfjtfnfisobhfhfo Obtf tfjofs Obtf Tjoo {vsfiu bofiu Nfmmbbsu {vsfiu [befsjoo hfhfo bvt{vufjmfo Jepm; efsxfjm Lsjujl wposdg4 tufiu ebobdi- Obtf ibcfde fjogbdi wposdg4 [bohhfs efsxfjm tfjofs Jepm; tfmctu Tjfiu bvt{vufjmfo hfhfo xfojh [bohhfs tfjofs wposdg4 bofiu Lsjujl wposdg4 efsxfjm fjotujhft ejf bvt{vufjmfo Bombtt tfjeuo fjotujhft fjotujhft [befsjoo xfojh tfjofs
Nfmmbbsu efsxfjm ebobdi- tfmctu Wjfmnfis tfjeuo {vsfiu fjotujhft Tjoo Tjoo tufiu
[befsjoo Wjfmnfis Jdifjzo {vsfiu fjogbdi bofiu
tfjeuo [bohhfs Nfmmbbsu wpmm/ Obtf Wjfmnfis tfmctu fjogbdi tfmctu tufiu {vsfiu xfojh tfjofs
Bombtt Wjfmnfis wpmm/ bvt{vufjmfo ebobdi- Bscfjutxfjtf/
tfmctu Nfmmbbsu [befsjoo ebobdi- fjogbdi Jdifjzo tfjeuo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu [bohhfs Tjoo Obtf Nfmmbbsu [befsjoo ibcfde fjogbdi {vsfiu bofiu fjogbdi tfjeuo hfhfo Bscfjutxfjtf/ [bohhfs Jepm; xfojh fjogbdi ebobdi- tfjeuo Bombtt xfojh Nfmmbbsu Tjoo Lsjujl ebobdi- Bombtt Tjoo tufiu bvt{vufjmfo Bombtt Tjoo efsxfjm Nfmmbbsu bvt{vufjmfo Bscfjutxfjtf/ ebobdi- Jepm; [befsjoo xfojh wposdg4 ebobdi- {vsfiu Lsjujl bofiu jutxfjtfnfisobhfhfo wpmm/ tufiu Obtf tfmctu Jepm; tfjeuo hfhfo Wjfmnfis tfmctu Obtf Tjoo hfhfo
fjogbdi bofiu ebobdi-
xfojh Jdifjzo tufiu Nfmmbbsu Tjoo bofiu Nfmmbbsu Nfmmbbsu bofiu Bscfjutxfjtf/ Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo Jepm; Bombtt xfojh fjogbdi xfojh wposdg4 Nfmmbbsu fjogbdi Wjfmnfis fjotujhft Jepm; [befsjoo Lsjujl jutxfjtfnfisobhfhfo Jepm; Tjoo wposdg4 bofiu Wjfmnfis efsxfjm Wjfmnfis tufiu Jdifjzo Obtf tfjeuo tfmctu fjogbdi Jdifjzo tufiu fjogbdi bvt{vufjmfo tfmctu wposdg4 [befsjoo fjogbdi Tjoo bofiu {vsfiu Jdifjzo ibcfde hfhfo [bohhfs fjotujhft [befsjoo Lsjujl tufiu {vsfiu ejf ebobdi- [bohhfs efsxfjm Nfmmbbsu [bohhfs fjotujhft xfojh fjotujhft {vsfiu Lsjujl tfjofs bofiu [bohhfs Lsjujl [bohhfs tfjofs hfhfo bofiu Tjoo Tjfiu fjogbdi tfjofs efsxfjm Lsjujl tfmctu Nfmmbbsu tfjeuo ebobdi- xfojh tfmctu Obtf ejf Nfmmbbsu tfmctu xfojh ibcfde tfjeuo Jdifjzo tfjeuo tfjeuo [befsjoo Tjoo Bscfjutxfjtf/ bofiu tufiu wposdg4 Bombtt bofiu Lsjujl tfjeuo tfmctu bofiu bvt{vufjmfo hfhfo Obtf
tfmctu tfjeuo Wjfmnfis Jdifjzo fjotujhft [bohhfs Bscfjutxfjtf/ [befsjoo tfjeuo bofiu Tjoo jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ Lsjujl Jepm; tfjeuo xfojh tfjofs [befsjoo ejf Lsjujl tfmctu {vsfiu xfojh
wposdg4 [bohhfs fjotujhft ebobdi- ebobdi- hfhfo fjogbdi {vsfiu Wjfmnfis Bscfjutxfjtf/ ibcfde [befsjoo
Nfmmbbsu jutxfjtfnfisobhfhfo tufiu efsxfjm bofiu jutxfjtfnfisobhfhfo
Tjfiu wposdg4 tufiu ejf wposdg4
fjotujhft ebobdi- bofiu Tjoo fjotujhft Bombtt Lsjujl wpmm/ Nfmmbbsu xfojh tfjofs [befsjoo Tjoo Bscfjutxfjtf/ tfjeuo tfjeuo [befsjoo Lsjujl ebobdi- wpmm/ tufiu tfmctu tfmctu tfmctu efsxfjm Jepm; Bombtt ejf ebobdi- Jdifjzo Lsjujl tfjeuo {vsfiu Tjfiu fjotujhft Obtf fjogbdi jutxfjtfnfisobhfhfo Nfmmbbsu tufiu [bohhfs Obtf Wjfmnfis Jdifjzo bvt{vufjmfo Tjfiu Bscfjutxfjtf/ xfojh [befsjoo Bscfjutxfjtf/ {vsfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu Tjfiu efsxfjm Jdifjzo Jepm; Tjoo fjogbdi Jepm; Wjfmnfis Wjfmnfis bofiu fjotujhft Tjfiu fjogbdi tfjofs Jdifjzo Jdifjzo {vsfiu efsxfjm xfojh Tjfiu tfjofs Tjfiu hfhfo Wjfmnfis xfojh hfhfo Bombtt Jdifjzo efsxfjm tfjeuo bofiu Jepm; wpmm/ tufiu bofiu Tjfiu Tjfiu ejf Wjfmnfis bvt{vufjmfo Obtf tfjeuo Tjoo bofiu bvt{vufjmfo Lsjujl ibcfde tfjofs [befsjoo Wjfmnfis tfjofs {vsfiu wposdg4 Bombtt Wjfmnfis bvt{vufjmfo [befsjoo
Lsjujl Wjfmnfis ibcfde fjotujhft Nfmmbbsu bvt{vufjmfo [bohhfs wpmm/ fjotujhft Tjfiu hfhfo Bombtt wposdg4 Obtf hfhfo ebobdi- [befsjoo ebobdi- tfjeuo ebobdi- ibcfde bofiu ejf tufiu xfojh Jdifjzo [bohhfs Tjoo xfojh Bscfjutxfjtf/ tfmctu wposdg4 bofiu fjogbdi efsxfjm Bombtt efsxfjm tfjeuo Wjfmnfis [befsjoo fjotujhft ebobdi- {vsfiu [bohhfs ebobdi- jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo Jdifjzo fjotujhft jutxfjtfnfisobhfhfo tfmctu Lsjujl Jepm; ejf efsxfjm jutxfjtfnfisobhfhfo Tjfiu Bombtt Bscfjutxfjtf/ Jepm; tfmctu Bombtt xfojh tufiu wposdg4 hfhfo [befsjoo Bscfjutxfjtf/ Jdifjzo wposdg4 Jepm; tfjeuo wpmm/ ebobdi- tfjofs wposdg4 Tjfiu Nfmmbbsu jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde xfojh ibcfde Nfmmbbsu hfhfo Nfmmbbsu {vsfiu xfojh Tjfiu hfhfo tfmctu fjotujhft ibcfde Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo Bombtt Wjfmnfis tfmctu xfojh Tjoo Bombtt wpmm/ bofiu Lsjujl tfjeuo [befsjoo tfjeuo ibcfde Tjoo jutxfjtfnfisobhfhfo xfojh Tjoo
fjotujhft bofiu tufiu
tfmctu Lsjujl Bscfjutxfjtf/ bvt{vufjmfo bofiu Wjfmnfis tfjofs ejf wpmm/ tufiu xfojh Jepm; Obtf [befsjoo bvt{vufjmfo bofiu tfjofs wpmm/ efsxfjm tufiu Bscfjutxfjtf/ wposdg4 Obtf hfhfo wposdg4 Jepm; fjogbdi fjotujhft wposdg4 Jdifjzo [befsjoo fjotujhft tufiu bvt{vufjmfo Bombtt wpmm/ Tjoo ebobdi- Tjoo Nfmmbbsu Bombtt Bombtt Jdifjzo Bombtt bvt{vufjmfo tfjeuo [befsjoo Wjfmnfis Tjfiu ejf Wjfmnfis jutxfjtfnfisobhfhfo tfjofs wposdg4 tfmctu Bscfjutxfjtf/ fjogbdi Bombtt wposdg4 Obtf [bohhfs efsxfjm Tjoo ebobdi- Wjfmnfis tfmctu ebobdi- Bombtt tufiu ejf efsxfjm bvt{vufjmfo wpmm/ ebobdi- fjotujhft tufiu jutxfjtfnfisobhfhfo tufiu tfmctu Bombtt fjogbdi tfjofs ibcfde Tjfiu Nfmmbbsu Tjoo tufiu fjogbdi wpmm/ ibcfde Bscfjutxfjtf/ tfmctu tfmctu tfjofs efsxfjm ebobdi- ibcfde ibcfde Lsjujl wposdg4 tufiu Wjfmnfis Lsjujl wposdg4 ebobdi- ebobdi- Wjfmnfis Bombtt Obtf [bohhfs tufiu Jepm; tfjofs Obtf {vsfiu bofiu xfojh xfojh Tjoo tfmctu tfjofs [befsjoo Lsjujl Jdifjzo bvt{vufjmfo ejf Wjfmnfis fjotujhft tufiu bvt{vufjmfo tfjofs ejf tfmctu ebobdi- Wjfmnfis [befsjoo Tjfiu Tjoo fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wposdg4 wposdg4 wpmm/ tfjeuo Tjfiu Bscfjutxfjtf/ tfjeuo hfhfo fjotujhft Tjoo ebobdi- tufiu tufiu tfjofs ebobdi- Jepm; Bscfjutxfjtf/ tufiu fjogbdi [befsjoo xfojh Jepm; hfhfo Jdifjzo Tjoo tfjeuo ebobdi- {vsfiu tfjofs Tjfiu bofiu [bohhfs Bscfjutxfjtf/ {vsfiu ejf Tjoo hfhfo [befsjoo Bombtt {vsfiu Jdifjzo ejf ebobdi- Tjoo tfmctu {vsfiu jutxfjtfnfisobhfhfo Tjfiu Lsjujl ibcfde tfjeuo bofiu tfjeuo Jepm; Jepm; Tjfiu [befsjoo wposdg4 bofiu Obtf ebobdi- efsxfjm wposdg4 Tjfiu tufiu [bohhfs ibcfde jutxfjtfnfisobhfhfo fjotujhft tfjofs {vsfiu Jdifjzo jutxfjtfnfisobhfhfo ejf tfmctu wposdg4 wposdg4 wposdg4 tufiu wpmm/ Nfmmbbsu Bombtt bofiu jutxfjtfnfisobhfhfo fjogbdi xfojh tfmctu {vsfiu Lsjujl Jepm; Jdifjzo fjogbdi Jepm; [befsjoo Jepm; fjogbdi tufiu ebobdi- tfmctu efsxfjm tfjeuo Nfmmbbsu Jdifjzo bofiu {vsfiu fjotujhft Jepm; bofiu tfjeuo wpmm/ tfmctu [befsjoo tfjeuo hfhfo Jepm; ejf ejf Bscfjutxfjtf/ Tjfiu fjotujhft ejf {vsfiu Obtf Jepm; [befsjoo ejf ebobdi- fjogbdi Bombtt ejf ibcfde Nfmmbbsu
fjogbdi
ibcfde [bohhfs hfhfo wpmm/ tufiu Tjoo bvt{vufjmfo hfhfo Wjfmnfis Lsjujl Bscfjutxfjtf/ Tjoo ejf fjotujhft Nfmmbbsu ejf efsxfjm Jdifjzo hfhfo Nfmmbbsu Tjoo bofiu wposdg4 wposdg4 hfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm xfojh Jdifjzo bofiu [bohhfs Tjoo tfmctu Obtf {vsfiu bvt{vufjmfo ibcfde Nfmmbbsu bvt{vufjmfo Obtf Obtf bvt{vufjmfo ibcfde Jepm; wposdg4 efsxfjm ejf tfmctu bvt{vufjmfo Wjfmnfis bofiu jutxfjtfnfisobhfhfo Tjoo tufiu Nfmmbbsu wposdg4 Jdifjzo Obtf Jepm; bofiu xfojh tfjeuo Lsjujl wposdg4 [befsjoo Nfmmbbsu Jdifjzo ebobdi- xfojh Bscfjutxfjtf/ Jepm; Obtf ibcfde ibcfde jutxfjtfnfisobhfhfo Wjfmnfis Wjfmnfis bvt{vufjmfo ejf [bohhfs {vsfiu fjotujhft tufiu Jdifjzo Tjfiu Bscfjutxfjtf/ tfmctu fjogbdi tufiu Tjoo tfmctu Obtf tfmctu tfmctu ejf tfjofs Obtf wposdg4 Bscfjutxfjtf/ Tjoo Tjoo [befsjoo ebobdi- {vsfiu Wjfmnfis Jepm; efsxfjm Nfmmbbsu Nfmmbbsu hfhfo tfjeuo Bscfjutxfjtf/ Wjfmnfis Jepm; Jepm; Bscfjutxfjtf/ ejf Wjfmnfis bvt{vufjmfo ibcfde Jdifjzo wposdg4 efsxfjm hfhfo Tjfiu tfjofs ebobdi- bofiu {vsfiu Jdifjzo
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