THE RED LINE

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øren Kjær 25/3/2015 11.24 Kommentar [1]: !"#$"$%&#''#($)%'%*+","%*" -#)"#.")#/0)#$"1%"+//#2"3%$)+$4%40"0#.+#0"%5" 6(00(*#07"#(89"9#(-#-":+)9"(")4;#"0)()+%$" $(<#")9()"0+*$('")9#"6.%*.#00"%5")9#").(+$"%$" )9#"=%.)9#.$">+$#"+$":9+89")9.##"89(.(8)#.0" <##)?" Søren Kjær 25/3/2015 11.22 Kommentar [2]: @A"&+''#"9($"5A"6#$*#"5%." -#)2" .$$<#&02&0..&A"%&./<"&=$2"%2/".&40=/#2#:& @#&2+"&<040$<"&="43$4A"4&/#&=0##/%9&*?33%"..&H04<&+"&/#&94/"B/%9&0%-&#+/"B"4/%9&0#&0&4"#?.2&$3&+/#&-/9?#2&2$&$2+"4& +?A0%#&5"/%9#G&090/%&5"/%9&-"#14/5"-&0#&94"0#"6&0%-&+0/46:&@#&+/#&-"20/."-&-"#14/52/$%&0%-&0%0.6#/#&$3&0="& ="$=."&/%1.?-"#&0.$2&$3&+0/4G&F"&10%&1$%1.?-"&2+02&2+"&="43"12/$%/#2/1&<040$<"="43$4A"4&/#&0&401/#2G&5$2+"4"-&56& +0/46&="$=."&0%-&5.01<&A?#/<:& N%&@41+F06&I"42$&/#&./#2"%/%9&2$&0&B$/1"20="G&246/%9&2$&3/%-&+/#&F06&2$&702+6#&+$A"G&+"&1$%1.?-"#&2+02&+"&+0#&2$& =?..&+/A#".3&2$9"2+"4&0%-&012&./<"&0&94$F%&A0%G&M?#2&5"3$4"&+"&+0#&0&5/2"&2$&"02:& N%&8/9+902"&F"&9"2&/%2$&2+"&A/%-&$3&Q"%/#"E&=040%$/-&3409/."&A/%-G&0#&I"42$&/%%$1"%2.6&/#&0==4$01+/%9&+"4&2$&0#<& 3$4&-/4"12/$%#:&*+"&#/2?02/$%&/#&%$2&$%.6&-"#14/5"-&0#&*+"&@A"4/10%&F"4"F$.3&/%&!$%-$%&0#&#+"&/#&34"0</%9&$?2:& Q"%/#"&#?33"4#&0%&/%2"%#/B"&./2"40.&"#10="&34$A&0&40=/#2&0#&#+"&0#&?%%$2/1"-&0#&=$##/5."&0%-&34/9+2"%"-&/#&A0</%9& +"4&F06&$?2&34$A&2+"&#202/$%:&8"4&540/%&5.$F#&$?2&$3&=4$=$42/$%&0#&#+"&#2042#&F$446/%9&2+02&2+"&"#10.02$4#&A06& 5?4#2&/%2$&3.0A"#&$4&2+02&0%&0/4$=.0%"&A/9+2&30..&$?2&$3&2+"&#<6G&0%-&#+"&#/2#&-$F%&2$&9"2&/%2$&94/5#&F/2+&+"4#".3& #06/%9)&NEB"&.$#2&2+"&=.$2:& &N%&;0#2&R/%1+."6&0#&I"42$&/#&0==4$01+/%9&0&A0%&F/2+&+/#&=$./2"&/20./"%&O1?V/G&+"&/#&%$2&$%.6&.$#2&5?2&%$F&0.#$&0& 2?4/#2&9"22/%9&4$555"-:&& N2&2?4%#&$?2&I"42$#&"%9./#+&10=05/./26&/#&"B"%&#$&=$$4G&2+02&+"&/#&%$2&05."&2$&0#<&3$4&+".=&/%&"%9./#+&032"4&+"&+0#& 5""%&#2055"-&0%-&/#&/%&%""-&$3&A"-/10.&022"%2/$%:& @#&2+"&0##0?.2&A0%&/#&10446/%9&0&<%/3"G&I"42$&9"2#&#2055"-G&0%-&0#&#+"&/#&.6/%9&$%&2+"&94$?%-&0%-&5.$$-&/#& -4/==/%9&$%&2+"&94$?%-G&3/%0..6&I"42$&4"A"A5"4#&F+"4"&+$A"&/#:&I"2+%0.&T4""%G&2+"&4"-&./%":& N%&2+"&.0#2&#+$42&#2$46&/2&/#&3?%%6&+$F&2+"&0?2+$4&+0#&#?AA"-&?=&2+"&=4"B/$?#&+0=="%/%9#:&;04./"4&F"& #6A=02/V"-&F/2+&Q"%/#G&0#&+"4&5$634/"%-&-/-%E2&20<"&+"4&40="L34/9+2&#"4/$?#&0%-&#?99"#2"-&2+02&A"%&04"&02& #/A/.04&4/#<&$3&5"/%9&02201<"-G&0%-&2+"&0?2+$4&+0#&1+$#"%&2$&"%-&2+"&3/%0.&1+0=2"4&F/2+&I"42$&5"/%9&A$1<2G& A0</%9&2+"&4"0-"4&#6A=02/V"&F/2+&Q"%/#"&5$634/"%-&/%#2"0-&$3&Q"%/#":&*+/#&A/9+2&5"&2+"&@?2+$4#&="4#$%0.& 02201<&$%&2+"&A$-"4%&F$A"%:&&7+04."#&+/9#$%&0&A0.":&*+"&F$%-"43?.&4"1$.."12/$%&$3&I"42$#&A"A$46&02&2+"&B"46& "%-&$3&2+"&%$B".."1$.."12/$%&4"904-/%9&*+"&4"-&./%"&"B"%&#?99"#2#&2+02&2+/#&/#&2+"&=?4"&5.$$-6&302"&3$4&240B".."4#& $%&2+"&!$%-$%&>%-"494$?%-:&Q$%W2&F$446&X&6$?W..&5"&P?/2"&#03"Y& N%&T$$-9"&O24""2&F+"%&I"42$&/#&+0B/%9&-/33"1?.2/"#&F/2+&2+"&.$%-$%&>%-"494$?%-&#6#2"AG&2+"&2"K2&F4/2"#)&@&A0%& #+$?.-%E2&5"&./<"&2+/#G&+".=."##Y&U/2+&I"42$&1$A/%9&34$A&N20.6&+"&F$?.-&5"&?#"-&2$&2+"&N20./"%&240-/2/$%".& 2+/%</%9&2+02&2+"&A0%&/#&2+"&104"20<"4&/%&0&4".02/$%#+/=Z30A/.6G&0%-&%$F&/#&+"&%$2&$%.6&#""/%9&%"F&A$-"4%& 5?/.-/%9#&5?2&0.#$&-"0./%9&F/2+&0&A$-"4%&F$A0%#&50..90A"G&0..&#"%#/2/B"&0%-&+".=."##&012/%9&./<"&0&#/##6&9/4.&0%-& %$2&5"/%9&05."&2$&"B"%&3$..$F&0&#/A=."&2?5"A0=G&F/2+$?2&9"22/%9&0..&/336&0%-&?=#"2:&*+"%&090/%G&0#&0&A0%&I"42$& F$?.-%E2&"B"%&+0B"&5""%&05."&2$&-"3"%-&+/A#".3&-?4/%9&2+"&02201<:& *$&#?AA$%&?=&#$A"&$3&2+"&-/33"1?.2/"#&/%&0&=$#2A$-"4%&#$1/"26G&F"&+0B"&A"%&-"0./%9&F/2+&%"F&A$-"4%& 3"A0."&2+/%</%9G&./<"&$="%&4".02/$%&0%-&#"=0402/$%:&Q"%/#"E&=040%$/-&0%-&&=$#2240?A02/1&#24"##&-/#$4-"4:& U$A0%&5"/%9&40="-G&A"%&0%-&2?4/#2#&5"/%9&A?99"-&0%-&4$55"-:&,01/#A"G&-/33"4"%2&1?.2?4"#&./B/%9&%"K2-$$4&2$& "01+&$2+"4:&Q4?9#&0%-&+$$./90%#:&@..&$%&0&1$%3?#/%9&240B".&A0=G&/%&0&5/9&1/26&3?..&$3&A$-"4%&5?/.-/%9#G&0..& "#10.02/%9&$%&2+"&!$%-$%&>%-"494$?%-:& N&F$%-"4&/3&6$?&4"0./V"-&2+02&2+"&D040$<"&[0%&=.0%%"-&2$&</..&#$A"$%"&F+"%&+"&."32&+$A"G&0%-&2+02&+"&F0#&2+"& $%"&2+02&</.."-&I"42$:&& \$?&1+$#"&2$&9/B"&0&#?AA046&$3&0..&2+"&=0##09"#&X&-/-&6$?&"B"4&1$%#/-"4&1$%-"%#/%9&6$?4&=4"#"%202/$%&$3&2+"& 012/$%]&*+02&F$?.-&+0B"&."32&6$?&F/2+&A$4"&#=01"&3$4&0&9"%"40.&/%2"4=4"202/$%&$3&2+"&#2$46:& "