Anticipated acquisition by BT
Group plc of EE Limited
EE Limited's initial Phase II submission to the
Competition and Markets Authority
30 June 2015
Non-confidential version
1
1. Introduction
(( /LPLWHG (( ZHOFRPHV WKLV RSSRUWXQLW\ WR VHW RXW RXU YLHZV RQ %7
V
SURSRVHGDFTXLVLWLRQRI((WKH7UDQVDFWLRQDQGWKHFRQFHUQVUDLVHGLQWKH
&0$
V3KDVH,UHIHUHQFHGHFLVLRQWKH'HFLVLRQ
,Q WKLV VXEPLVVLRQ ZH SURYLGH D EULHI RYHUYLHZ RI RXU DFWLYLWLHV LQ WKH UHOHYDQW
PDUNHWVDQGVHWRXWWKHUHDVRQVIRURXUYLHZWKDWWKH7UDQVDFWLRQZLOOQRWKDYH
DQHJDWLYHLPSDFWRQFRPSHWLWLRQLQWKHVHPDUNHWVDQGZLOOUHVXOWLQVLJQLILFDQW
EHQHILWVIRUFRQVXPHUVEXVLQHVVHVDQGWKHRYHUDOO8.HFRQRP\
2. Background on EE
(( ZDV HVWDEOLVKHG DV D MRLQW YHQWXUH LQ $SULO FRPELQLQJ WKH 8.
EXVLQHVVHV RI 2UDQJH 6$ DQG 'HXWVFKH 7HOHNRP $* ,QLWLDOO\ RSHUDWLQJ
XQGHU WKH 2UDQJH DQG 70RELOH EUDQGV ZH ODXQFKHG WKH (( EUDQG LQ
6HSWHPEHU WR FRLQFLGH ZLWK RXU ODXQFK RI WKH 8.
V ILUVW * FRPPHUFLDO
VHUYLFHV XVLQJ RXU H[LVWLQJ 0+] VSHFWUXP IROORZLQJ OLEHUDOLVDWLRQ RI WKH
VSHFWUXPOLFHQFHE\2IFRP
6LQFH WKHQ DV D UHVXOW RI FRQWLQXHG DQG H[WHQVLYH LQYHVWPHQWV WKDW ZHUH
GLUHFWO\DWWULEXWDEOHWRWKHFRPELQDWLRQRIWKH2UDQJHDQG70RELOHEXVLQHVVHV
LQ WKH 8. (( KDV EHHQ DEOH WR HVWDEOLVK WKH IDVWHVW DQG PRVWUHOLDEOH PRELOH
QHWZRUN LQ WKH FRXQWU\ ,W LV QRZ RQH RI WKH PRVW DGYDQFHG GLJLWDO
FRPPXQLFDWLRQVFRPSDQLHV LQ%ULWDLQVHUYLQJPRUHWKDQ PLOOLRQFXVWRPHUV
DFURVVRXUPRELOHIL[HGDQGZKROHVDOHEXVLQHVVHV
((
V*QHWZRUNQRZFRYHUVPRUHWKDQRIWKH8.SRSXODWLRQPDNLQJRXU
*UROORXWRQHRI WKHIDVWHVWDFURVV(XURSH DQG LQ 0D\ ZHDQQRXQFHG
WKDWZHDUHWKHILUVW(XURSHDQRSHUDWRUWRVXUSDVVWKHPLOOLRQ*FXVWRPHU
ODQGPDUN
,Q )HEUXDU\ (( DQQRXQFHG D FRPPLWPHQW WR LQYHVW D IXUWKHU … ELOOLRQ
E\DVSDUWRIDQHZQHWZRUNPDQLIHVWR6LJQDOOLQJWKH)XWXUH LQFOXGLQJ
SODQVWR
x
(QDEOH:L)LFDOOLQJRQDUDQJHRIL260LFURVRIW:LQGRZVDQG$QGURLG
GHYLFHV WR HQDEOH PRELOH FDOOV DQG WH[WV IRU HYHU\ KRPH RIILFH DQG
UHFUHDWLRQDO YHQXH ZLWK EURDGEDQG IURP 0ESV ODXQFKHG LQ $SULO
x
,QWURGXFH * YRLFH ± RU 9R/7( ± WR HQDEOH SKRQH FDOOV RYHU * GDWD
VHUYLFHVWRWKRXVDQGVRIKRPHVDQGEXVLQHVVHVWKDWKDYHQHYHUEHHQ
FRYHUHGE\((EHIRUH
x
([SDQG YRLFH DQG * GDWD FRYHUDJH DFURVV RI WKH 8.¶V
JHRJUDSK\
6HH
KWWSVWDNHKROGHUVRIFRPRUJXNFRQVXOWDWLRQVYDULDWLRQPK]OWH
ZLPD[VWDWHPHQW
6HH
KWWSHHFRXNRXUFRPSDQ\QHZVURRPHHFRPPLWVWRQHZQHWZRUN
LQYHVWPHQWSODQ
6HH KWWSHHFRXNRXUFRPSDQ\QHZVURRPHHODXQFKHVZLILFDOOLQJWRPDNH
FDOOVDQGWH[WVDYDLODEOHLQHYHU\KRPH
2
x
'HSOR\ORZIUHTXHQF\0+]VSHFWUXPDFURVVWKH((UXUDOQHWZRUNWR
H[SDQG((¶VUHDFKE\PRUHWKDQVTXDUHPLOHV
x
5ROORXWGRXEOHVSHHG*WRRIWKH8.SRSXODWLRQHQDEOLQJGDWD
VSHHGV XS WR 0ESV WR VPDUWSKRQHV DQG WDEOHWV DQG RXU *
VHUYLFHWRWZHQW\RIWKH8.¶VEXVLHVWFLWLHVGRXEOLQJFDSDFLW\IRUHYHU\
XVHU DQG HQDEOLQJ 0ESV VSHHGV WR FXVWRPHUV ZLWK WKH ODWHVW
GHYLFHV
x
$FKLHYH D FDOO FRPSOHWLRQ UDWH RI DV WKH QHWZRUN FDUULHV PRUH
WKDQPLOOLRQFDOOVSHUGD\
x
3URYLGHDIRXQGDWLRQIRUWHFKQRORJ\DQGUHVHDUFKOHDGHUVKLSWRSRVLWLRQ
((DQGWKH8.DVJOREDOOHDGHUVLQWKH*IXWXUH
,Q DGGLWLRQ WR LWV UHWDLO PRELOH EXVLQHVV (( SURYLGHV PRELOH VHUYLFHV WR
DGGLWLRQDOVXEVFULEHUVE\PDNLQJLWVQHWZRUN DYDLODEOHWRDQXPEHURI 0912V
RQ D ZKROHVDOH EDVLV (( FXUUHQWO\ KRVWV PRUH WKDQ 0912 EUDQGV
DPRQJVWZKLFKLVWKHVHFRQGODUJHVW0912LQWKH8.9LUJLQ0RELOHDVZHOODV
RWKHUPDMRUEUDQGVVXFKDV$6'$0RELOHDQGWKH3RVW2IILFH /LNH((
VUHWDLO
VXEVFULEHUV WKHVH 0912V DQG WKHLU FXVWRPHUV EHQHILW IURP WKH LQYHVWPHQWV
ZKLFK((KDVPDGHWRHQKDQFHWKHFDSDELOLW\DQGFRYHUDJHRIRXUQHWZRUN
(( DOVR SURYLGHV UHWDLO IL[HG EURDGEDQG VHUYLFHV WR FXVWRPHUV XQGHU WKH ((
EUDQG LQFOXGLQJ ³VXSHUIDVW´ ILEUH EURDGEDQG LQ FHUWDLQ DUHDV EDVHG RQ D
ZKROHVDOHDUUDQJHPHQWZLWK%7
3. The benefits of the Transaction for the UK
market and consumers
,Q WKH VDPH ZD\ WKDW WKH 70RELOH2UDQJH PHUJHU HVWDEOLVKHG D FRPSDQ\
ZKLFKKDGWKHDELOLW\DQGDPELWLRQWRPDNHWKHLQYHVWPHQWWKDWKDVSXWWKH8.
DKHDGRIRWKHUFRXQWULHVLQ(XURSHZKHQLWFDPHWR*UROORXWZHEHOLHYHWKDW
WKH PHUJHU RI %7 DQG (( ZLOO GHOLYHU VXEVWDQWLDO EHQHILWV WR 8. FLWL]HQV
FRQVXPHUVDQGEXVLQHVVHV
6SHFLILFHIILFLHQFLHVDQGEHQHILWVZKLFKZHIRUHVHHLQFOXGHDPRQJRWKHUV
x
(VWDEOLVKLQJ D FRPELQHG RUJDQLVDWLRQ WKDW ZLOO GHYHORS LQQRYDWLYH
FRQYHUJHGVHUYLFHVDFURVVIL[HGDQGPRELOHQHWZRUNVWKDWGHOLYHUFRVW
DQGH[SHULHQFHEHQHILWVIRUFRQVXPHUVDQGHQWHUSULVHVDOLNH
x
&UHDWLQJ D ZRUOGOHDGLQJ ³LQIUDVWUXFWXUH RI LQQRYDWLRQ´ WKDW FDQ GHOLYHU
PDMRU SURGXFWLYLW\ EHQHILWV WKURXJK VWLPXODWLQJ WKH GHYHORSPHQW RI
UDSLGO\ GLJLWLVLQJ DGMDFHQW LQGXVWULHV DQG HFRV\VWHPV HJ PHGLD
JDPLQJ
x
)RUPLQJ D QHZ FKDOOHQJHU LQ HQWHUSULVH DQG EXVLQHVV PDUNHWV ZKLFK
ZLOOGULYHLQQRYDWLRQDQGHQKDQFHGFRPSHWLWLRQ
x
&UHDWLQJ D 8. OHDGHU LQ WKH ,QWHUQHW RI 7KLQJV VSDFH OHYHUDJLQJ WKH
EHVW RI ERWK RUJDQLVDWLRQV WR GULYH WKH GHYHORSPHQW RI WKLV QDVFHQW
RSSRUWXQLW\DQGDFFHOHUDWHDGRSWLRQRIQHZWHFKQRORJLHV
x
&UHDWLQJWKH8.
VWKLUGODUJHVWFRUSRUDWHLQYHVWRULQ5'ZKLFKZLOOOHDG
LQYHVWPHQWLQWKHGHYHORSPHQWDQGGHSOR\PHQWIRU*DFFHOHUDWLQJLWV
LQWURGXFWLRQLQWRWKH8.DQG(XURSH
3
,WLVFOHDUIURPWKH'HFLVLRQWKDWWKH&0$KDVUHFHLYHGQXPHURXVVXEPLVVLRQV
IURPWKLUGSDUWLHVOLVWLQJSXUSRUWHGDQWLFRPSHWLWLYHHIIHFWVWKDWPLJKWDULVHDVD
UHVXOWRIWKH7UDQVDFWLRQ ,WLVKDUGO\VXUSULVLQJWKDWDPHUJHURIWZRVXFFHVVIXO
DQG DPELWLRXV FRPSDQLHV VXFK DV %7 DQG (( ZLOO JHQHUDWH RSSRVLWLRQ IURP
FRPSHWLWRUV +RZHYHU LW LV YLWDO WR VHSDUDWH WKH QRLVH IURP ULYDOV ORRNLQJ WR
XVHWKHUHJXODWRU\SURFHVV WRSURPRWHWKHLURZQDJHQGDV ZKLFKDUHXQUHODWHG
WRWKH7UDQVDFWLRQIURP XQGHUVWDQGLQJWKHLPSDFWRI WKHPHUJHURQWKH IXWXUH
FRPSHWLWLYHG\QDPLFVLQWKHDIIHFWHGPDUNHWV
7KLV LV VRPHWKLQJ ZKLFK ZH H[SHULHQFHG ZKHQ ZH UHTXLUHG SHUPLVVLRQ IURP
2IFRPWRXVHRXU0+]VSHFWUXPWREULQJ*VHUYLFHVWRWKH8.PDUNHWLQ
+RZHYHUDV2IFRPUHFRJQLVHGHQDEOLQJRQHFRPSDQ\WRWDNHWKHOHDG
LQLQYHVWLQJLQWKHPDUNHWSODFHLVHQWLUHO\FRQVLVWHQWZLWKWKHQRUPDOHYROXWLRQRI
FRPSHWLWLRQ
7KH UHDOLW\ LV WKDW RXU LQYHVWPHQW LQ * VHUYLFHV HQDEOHG E\ WKH PHUJHU DQG
2IFRP
V VXEVHTXHQW OLEHUDOLVDWLRQ GHFLVLRQ KDV GULYHQ RXU FRPSHWLWRUV WR
UHVSRQGE\EULQJLQJIRUZDUGWKHLURZQLQYHVWPHQWVWRWKHEHQHILWRIDOOPRELOH
FRQVXPHUVLQWKH8. :HEHOLHYHWKDWDPHUJHURI%7DQG((ZLOOEULQJVLPLODU
EHQHILWVKHOSLQJWRNLFNVWDUWDQHZF\FOHRILQYHVWPHQWDFURVVWKHPDUNHW
2I FRXUVH WKH LVVXHV UDLVHG E\ WKH &0$ ZLOO QHHG WR EH DVVHVVHG LQ GHWDLO
GXULQJWKH 3KDVH,, LQYHVWLJDWLRQ DQG ZH DUH LQ IXOO VXSSRUW RI WKHVXEPLVVLRQ
EHLQJ PDGH LQ SDUDOOHO E\ %7 ZKLFK UHVSRQGV LQ JUHDWHU GHWDLO WR WKRVH
FRQFHUQV ,Q DGGLWLRQ WR WKDW VXEPLVVLRQ ZH KDYH VHW RXW D IHZ SRLQWV EHORZ
EDVHGRQ((
VRZQUHFHQWH[SHULHQFHLQWKHPDUNHWVFRQFHUQHG
x
,Q UHODWLRQ WR PRELOH EDFNKDXO WKH 'HFLVLRQ VHWV RXW WKH &0$
V YLHZ
WKDW %7 PD\ IDFH LQDGHTXDWH FRPSHWLWLRQ WR SUHYHQW LW IURP DFWLQJ
DJDLQVW WKH LQWHUHVW RI RWKHU 012V &RQFHUQV KDYH LQ WKH SDVW EHHQ
UDLVHG LQ D UHJXODWRU\FRQWH[W DERXW D ODFN RI FRPSHWLWLRQ LQ WKLV DUHD
+RZHYHU WKHUH LV D FOHDU WUHQG RI LQFUHDVLQJ FRPSHWLWLRQ LQ SDUWLFXODU
LQWKHVKDSHRIGDUNILEUHSURYLGHUVVXFKDV&LW\)LEUHDQG=D\R
x
)RU H[DPSOH ZH WRJHWKHU ZLWK 7KUHH DV SDUW RI WKH 0%1/ QHWZRUN
VKDULQJ MRLQW YHQWXUH DQQRXQFHG D GDUN ILEUH UROO RXW LQ SDUWQHUVKLS
ZLWK &LW\)LEUH LQ +XOO LQ 1RYHPEHU DQG >@ >((
&21),'(17,$/@ 7KLV RSWLRQ LV DQG ZLOO FRQWLQXH WR EH DYDLODEOH WR
RWKHUSDUWLHVDFTXLULQJ%7¶VEDFNKDXOVHUYLFHV
x
7KHHPHUJLQJFRPSHWLWRUVUHIHUUHGWRDERYHDVZHOODVRWKHUEDFNKDXO
SURYLGHUV XVLQJ HLWKHU WKHLU RZQ QHWZRUN LQIUDVWUXFWXUH RU 2SHQUHDFK
UHJXODWHGSURGXFWVZLOODFWDVDVLJQLILFDQWFRPSHWLWLYHFRQVWUDLQWRQ%7
:KROHVDOH SUHYHQWLQJ LW IURP LPSRVLQJ PDWHULDO SULFH LQFUHDVHV LQ
UHODWLRQ WR LWV EDFNKDXO SURGXFWV RU GHWHULRUDWLQJ WKH TXDOLW\ RI WKH
VHUYLFHVLWVXSSOLHVWRRWKHU012V
x
:HDOVRGRQRWFRQVLGHUWKDWWKHUHLVDFUHGLEOHEDVLVIRUWKHVXJJHVWLRQ
WKDW2SHQUHDFKFRXOGGLVFULPLQDWHLQIDYRXURI((RYHURWKHU012VDV
VXJJHVWHGLQWKH'HFLVLRQ JLYHQWKHUHJXODWLRQDQGRYHUVLJKWWRZKLFK
(J 9LUJLQ 0HGLD 9RGDIRQH¶V &DEOH :LUHOHVV RSHUDWLRQ DQG 7DON7DON LQFOXGLQJ
WKURXJKLWVUHFHQWO\DQQRXQFHGSODQQHGILEUHUROORXW
3DUDJUDSKRIWKH'HFLVLRQ
4
2SHQUHDFK LV VXEMHFW DQG WKH VWDQGDUGLVHG QDWXUH RI LWV EDFNKDXO
VHUYLFHV 7R WKH H[WHQW WKDW WKH PHUJHU UHVXOWV LQ LPSURYHPHQWV WR
2SHQUHDFK
VEDFNKDXOVHUYLFHVWKHEHQHILWVZLOOWKHUHIRUHEHVKDUHGE\
DOO 012V ZKLFK FRQWLQXH WR XWLOLVH WKH %7 &1 QHWZRUN DQG WKHLU
FXVWRPHUV
x
)XUWKHUPRUHLUUHVSHFWLYHRI%7
VDELOLW\WRIRUHFORVHZHEHOLHYHWKDWLQ
HYDOXDWLQJ WKH H[WHQW RI DQ\ LQFHQWLYH WR HQJDJH LQ D IRUHFORVXUH
VWUDWHJ\ DQG LWV SRWHQWLDO FRPSHWLWLYH HIIHFW LW LV YLWDO IRU WKH &0$ WR
IRFXVFORVHO\RQWKHSRVLWLRQRIHDFKRIWKHUHOHYDQW012FXVWRPHUVRI
%7LH9RGDIRQH2DQG0%1/ZKLFKSURFXUHVEDFNKDXORQEHKDOI
RI ERWK (( DQG +*UDWKHUWKDQ FRQVLGHULQJWKHWKHRULHVRI KDUP VHW
RXWLQWKH'HFLVLRQLQWKHDEVWUDFW
x
>@>((&21),'(17,$/@
x
,QUHODWLRQWRZKROHVDOHPRELOHWKH'HFLVLRQVHWVRXWDWKHRU\RIKDUP
WKDW WKH PHUJHG HQWLW\ PD\ KDYH ERWK WKH DELOLW\ DQG DQ LQFHQWLYH WR
IRUHFORVH 0912V ZKLFK VXSSO\ IL[HGPRELOH EXQGOHV SRVWPHUJHU
*LYHQ WKH FRPSHWLWLYH QDWXUH RI WKH ZKROHVDOH PDUNHW WRGD\ DQG WKDW
WKH7UDQVDFWLRQZLOOQRWUHVXOWLQDQ\FKDQJHWRWKHH[LVWLQJQXPEHURI
ZKROHVDOHSURYLGHUVZHVWURQJO\GLVDJUHHWKDWWKHUHZLOOEHDQ\DELOLW\
WRIRUHFORVH
x
,Q SDUWLFXODU ZH UHMHFW WKH VXJJHVWLRQ WKDW 7KUHH LV QRW DQ DFWLYH
ZKROHVDOHU 6HYHUDO UHFHQW DQQRXQFHPHQWV GHPRQVWUDWH WKDW 7KUHH
KDVEHHQ ERWK DJJUHVVLYH DQGVXFFHVVIXOLQ ZLQQLQJ 0912 EXVLQHVV
7KLV LQFOXGHV WKH ODXQFK RI LWV JOREDO HQDEOHU SODWIRUP IRU 0912V
+XH DV ZHOO DV WKH GHFLVLRQV E\ &DUSKRQH :DUHKRXVH DQG
)UHHGRP3RSWRODXQFKQHZ0912VRQ7KUHH
VQHWZRUN
x
7KHUH LV DOVR QR TXHVWLRQ RI 2 DQG 9RGDIRQH
V FRPPLWPHQW WR RIIHU
ZKROHVDOH DFFHVV WR 0912V ,Q WKH ODVW \HDU 2 KDV UHDFKHG
DJUHHPHQWWRKRVW0912VZLWKERWK7DON7DONDQG6N\ZKLOVW9RGDIRQH
KDVUHFHQWO\ODXQFKHGDQHZHQDEOHUVHUYLFHLQSDUWQHUVKLSZLWK'LJLWDON
WRKRVWLWVUDQJHRI0912V 7KHPDUNHWIRUZKROHVDOHPRELOHVHUYLFHV
UHPDLQV KLJKO\ FRPSHWLWLYH DQG WKHUH DUH QR LQGLFDWLRQV WKDW LW ZLOO
EHFRPHOHVVVRLQWKHIXWXUH
x
,WVKRXOGEHQRWHGWKDWSUHPHUJHU>@ >((&21),'(17,$/@
x
*LYHQ WKH ODFN RI DELOLW\ WR IRUHFORVH ZH DOVR GR QRW EHOLHYH WKDW WKH
7UDQVDFWLRQ ZLOO JLYH ULVH WR D FKDQJH LQ LQFHQWLYHV WR GR VR SRVW
PHUJHUUHJDUGOHVVRIWKHLGHQWLW\RIWKH0912RUWKHUHWDLOVHUYLFHVLW
RIIHUV $ UHIXVDO WR SURYLGH VHUYLFHV ZRXOG KDYH QR LPSDFW RQ WKH
UHOHYDQW 0912
V DELOLW\ WR HQWHU DQG FRPSHWH LQ WKH UHWDLO PDUNHW LH
E\ VHFXULQJ D GHDO ZLWK DQRWKHU 012 PHDQLQJ WKH PHUJHG HQWLW\
ZRXOG VLPSO\ EH IRUHJRLQJ SRWHQWLDOO\ VLJQLILFDQW ZKROHVDOH UHYHQXHV
ZLWKRXW DQ\ RIIVHWWLQJ EHQHILW LQ WKH UHWDLO PDUNHW 7KH PHUJHG HQWLW\
3DUDJUDSKRIWKH'HFLVLRQ
6HH
KWWSZZZPRELOHQHZVFZSFRXNYRGDIRQHSDUWQHUVZLWKGLJLWDONIRU
PYQHEXVLQHVV
5
ZLOOWKHUHIRUHFRQWLQXHWRKDYHWKHVDPHVWURQJHFRQRPLFLQFHQWLYHVWR
RIIHUZKROHVDOHDFFHVVDVZHKDYHWRGD\
x
,Q UHODWLRQ WR UHWDLO PRELOH ZH ZRXOG QRWH WKDW LQ WKH FRQWH[W RI DQ
LQWHQVHO\FRPSHWLWLYH8.PRELOHPDUNHWZLWKJURZLQJFRPSHWLWLRQIURP
DPRQJ RWKHU WKLQJV WKH UHJXODU PDUNHW HQWU\ RI QHZ 0912V DQG
WHFKQRORJ\ VKLIWV VXFK DV YRLFH RYHU LQWHUQHW SURWRFRO 9R,3 DQG VR
FDOOHG ³RYHU WKH WRS´ SODWIRUPV VXFK DV L0HVVDJH )DFHWLPH
%ODFNEHUU\ 0HVVHQJHU :KDWV$SS *RRJOH DQG )DFHERRN %7
V SUH
PHUJHU SODQV DV D 0912 VKRXOG QRW EH UHJDUGHG DV SDUWLFXODUO\
VLJQLILFDQW,WLVFHUWDLQO\QRWWKHFDVHWKDW%7ZRXOGKDYHEHHQDEOHWR
RIIHUDQXQPDWFKDEOHPRELOHVHUYLFH (YHQXQGHUWKHPRVWRSWLPLVWLF
DVVXPSWLRQV LQ RXU YLHZ DEVHQW WKH 7UDQVDFWLRQ %7 ZRXOG QRW KDYH
EHHQ DEOH WR REWDLQ DQ\ JUHDWHU SURSRUWLRQ RI WKH UHWDLO PRELOH PDUNHW
WKDQRWKHUVLJQLILFDQW0912VKDYHWRGDWH
x
:H DOVR GR QRW FRQVLGHU %7
V IHPWRFHOO VWUDWHJ\ WR EH QRYHO RU
HVSHFLDOO\ LQQRYDWLYH )RU H[DPSOH 7DON7DON KDV DOVR DQQRXQFHG
SODQV WR EHJLQ GHSOR\LQJ IHPWRFHOOV LQ WR HVWDEOLVK D FRQYHUJHG
IL[HGPRELOHRIIHUXVLQJLWV*VSHFWUXP DQG*IHPWRFHOOVKDYHEHHQ
DYDLODEOH IRU D QXPEHU RI \HDUV )XUWKHUPRUH 012V DUH XVLQJ
GLIIHUHQW WHFKQLFDO VROXWLRQV WR GHOLYHU LPSURYHG LQKRPH PRELOH
FRYHUDJH DOO RI ZKLFK FDQ EH XVHG E\ FRQVXPHUV DV DQ DOWHUQDWLYH WR
IHPWRFHOOV $V QRWHG DERYH (( ODXQFKHG :L)L &DOOLQJ LQ $SULO HQDEOLQJFXVWRPHUVWRPDNHFDOOVRYHUXQOLFHQVHG:L)LVSHFWUXPHYHQ
ZKHUH WKHUH LV QR PRELOH FRYHUDJH ZLWKRXW WKH QHHG WR LQVWDOO QHZ
HTXLSPHQWLQWKHLUKRPHV
:H ORRN IRUZDUG WR HQJDJLQJ IXUWKHU ZLWK WKH &0$ RQ WKHVH DQG WKH RWKHU
LVVXHVUDLVHGLQWKH'HFLVLRQGXULQJWKH3KDVH,,SURFHVV
3DUDJUDSKRIWKH'HFLVLRQ
6HHKWWSZZZWDONWDONJURXSFRPaPHGLD)LOHV77DON7DON
*URXSSGIVUHSRUWVSUHOLPLQDU\UHVXOWVPRQWKVWRPDUFKSGI
6