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Jul 04, 2020

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d jryhuqphqw ELJ furzgv rxw lqyhvwphqw lq fkloguhq zlwklq wkh idplo|1

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dqg ILJv lv vxfk wkdw wkh| fdq rqo| eh surylghg lq wkh frqwh{w ri wkh idplo|1 Iru

h{dpsoh/ wkhuh grhv qrw vhhp wr d vxevwlwxwh iru wkh lpsdfw wkdw sduhqwv* fduh dqg

oryh kdyh rq wkh hprwlrqdo dqg fkdudfwhu ghyhorsphqw ri fkloguhq1

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fdswxuhg e| wkh gl�huhqfh ehwzhhq ELJv dqg ILJv dqg wkh uhodwlrqvkls ehwzhhq

wkhp1 Eurdgo| vshdnlqj/ ILJv duh iruzdug wudqvihuv/ iurp suhvhqw wr ixwxuh jhqhu0

dwlrqv/ dqg ELJv duh edfnzdug wudqvihuv/ iurp |rxqj wr rog1 Wklv gl�huhqfh lq wkh

wlph ri h{fkdqjh kdv lpsruwdqw lpsolfdwlrqv iru wkh w|sh ri lqwhujhqhudwlrqdo wudgh

wkdw fdq eh vxvwdlqhg1 ELJv wkdw jhqhudwh d srvlwlyh vxusoxv duh vhoi0vxvwdlqdeoh/

exw ILJv qhyhu duh1 Ixuwkhupruh/ wudqvihuv wr ixwxuh jhqhudwlrqv wdnh sodfh lq htxl0

oleulxp rqo| li jhqhudwlrqv olqn ELJv dqg ILJv1 Dv zh vdz lq wkh dssolfdwlrqv/ wkhvh

irufhv duh dw zrun lq d zlgh udqjh ri sureohpv/ iurp wkh srolwlfdo hfrqrp| ri sxeolf

lqwhujhqhudwlrqdo h{shqglwxuhv wr lqyhvwphqw e| sulydwh �upv1

Wkh wkhru| ri ELJv dqg ILJv kdv srvlwlyh dqg qrupdwlyh dssolfdwlrqv1 Rq wkh

srvlwlyh vlgh/ lw fdq dssolhg wr xqghuvwdqg wkh hfrqrplf sureohpv lq zklfk lqwhu0

jhqhudwlrqdo h{fkdqjh lv rqh ri wkh nh| irufhv dw zrun1 Ehvlghv wkh wkuhh sureohpv

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qlrulw|% lqvwlwxwlrqv olnh wkh XV1 Frqjuhvv/2f dfdghpld/ dqg wkh jryhuqdqfh vwuxfwxuh

ri pdq| frpsdqlhv> wkh srolwlfdo hfrqrp| ri ghew dqg wd{dwlrq> rswlpdo wd{dwlrq

lq wkh suhvhqfh ri srolwlfdo frqvwudlqwv> dqg wkh srolwlfdo hfrqrp| ri lqwhuqdwlrqdo

lqwhujhqhudwlrqdo jrrgv olnh wkh joredo folpdwh1

Rq wkh qrupdwlyh vlgh/ wkh wkhru| fdq dovr eh xvhg wr wu| wr ghvljq ehwwhu

lqwhujhqhudwlrqdo lqvwlwxwlrqv1 Vxssrvh/ iru h{dpsoh/ wkdw ixwxuh hpslulfdo dqdo|vlv

vkrzv wkdw yrwhuv gr qrw olqn ELJv dqg ILJv/ dqg wkdw wkhuh lv xqghu0lqyhvwphqw lq

ixwxuh jhqhudwlrqv1 Rqh frxog wkhq orrn iru sodxvleoh prgl�fdwlrqv wr wkh hohfwrudo

dqg frqjuhvvlrqdo v|vwhpv wkdw fuhdwh wkh qhfhvvdu| olqn1

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lvwlfdoo| OlqnhgB Gluhfw Whvwv Xvlqj Plfur Gdwd/% Dphulfdq Hfrqrplf Uhylhz/

Ghfhpehu/ 44::0<;1

�b5ii +@?}i* @?_ ~iU!�@�tih E�bbb� @?_ |�i hiuihi?Uit |�ihi�?�2f5ii 5�iTt*i E�bbb� @?_ 5�iTt*i @?_ �@*iM�g E�bbf��

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65

^5` Dowrqml/ O1/ I1 Kd|dvkl/ dqg O1 Nrwolnr� +4<<:, %Sduhqwdo Dowuxlvp dqg Lqwhu

Ylyrv Wudqvihuv= Wkhru| dqg Hylghqfh/% Mrxuqdo ri Srolwlfdo Hfrqrp|/ Ghfhp0

ehu/ 44540991

^6` Eduur/ Urehuw +4<:7, %Duh Jryhuqphqw Erqgv Qhw ZhdowkB% Mrxuqdo ri Srolw0

lfdo Hfrqrp|/ ;5/ 43<80444;1

^7` Ehfnhu/ Jdu| dqg Nhylq Pxusk| +4<;;, %Wkh Idplo| dqg wkh Vwdwh/% Mrxuqdo

ri Odz dqg Hfrqrplfv/ yro1 [[[L/ Dsulo= 404;1

^8` Ehqgru/ Mrqdwkdq dqg Glols Prrnkhumhh +4<<3, %Qrupv/ Wklug0Sduw| Vdqf0

wlrqv/ dqg Frrshudwlrq/% Mrxuqdo ri Odz/ Hfrqrplfv/ dqg Rujdql}dwlrq/ yro1 9/

Vsulqj= 6608:1

^9` Ehuqkhlp/ Grxjodv dqg Plfkdho Zklqvwrq +4<<3, %Pxowlpdunhw Frqwdfw dqg

Frooxvlyh Ehkdylru/% Udqg Mrxuqdo ri Hfrqrplfv/ 54=40591

^:` Ekdvndu/ Y1 +4<<;, %Lqirupdwlrqdo Frqvwudlqwv dqg wkh Ryhuodsslqj Jhqhud0

wlrqv Prgho= Iron dqg Dqwl0Iron Wkhruhpv/% Uhylhz ri Hfrqrplf Vwxglhv/ 98=

46807<1

^;` Erkq/ Khqqlqj +4<<;, %Zloo Vrfldo Vhfxulw| Uhpdlq Yldeoh dv wkh X1V1 Srsx0

odwlrq lv DjlqjB% X1F1 Vdqwd Eduedud/ pdqxvfulsw1

^<` Erogulq/ Plfkhoh dqg Dqd Prqwhv +4<<;, %Lqwhujhqhudwlrqdo Wudqvihu Lqvwl0

wxwlrqv= Sxeolf Hgxfdwlrq dqg Sxeolf Shqvlrqv/% Xqlyhuvlw| ri Plqqhvrwd/

pdqxvfulsw1

^43` Frqoh|/ Mrkq dqg Dqwrqlr Udqjho +4<<<, %Lqwhujhqhudwlrqdo Vslooryhuv dqg Lq0

whumxulvglfwlrqdo Frpshwlwlrq/% Vwdqirug plphr1

^44` Frroh|/ Wkrpdv dqg Mrujh Vrduhv +4<<<, %D Srvlwlyh Wkhru| ri Vrfldo Vhfxulw|

Edvhg rq Uhsxwdwlrq/% Mrxuqdo ri Srolwlfdo Hfrqrp|/ yro1 43:/ 4= 46804931

^45` Gldprqg/ S1 dqg M1 Pluuohhv +4<:;, %D Prgho ri Vrfldo Lqvxudqfh zlwk Yduldeoh

Uhwluhphqw/% Mrxuqdo ri Sxeolf Hfrqrplfv/ 43+6, 5<806691

^46` Grhohpdq/ M1 dqg W1 Vdqgohu +4<<;, %Wkh Lqwhujhqhudwlrqdo Fdvh ri Plvvlqj

Pdunhwv dqg Plvvlqj Yrwhuv/% Odqg Hfrqrplfv/ :7 +4,=40481

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66

^47` Irophu/ Khqn/ hw do1 +4<<6, %Lqwhufrqqhfwhg Jdphv dqg Lqwhuqdwlrqdo Hqylurq0

phqwdo Sureohpv/% Hqylurqphqwdo dqg Uhvrxufh Hfrqrplfv/ 6= 6460681

^48` Kdpprqg/ Shwhu +4<:8, %Fkdulw|= Dowuxlvp ru Frrshudwlyh HjrlvpB% lq Do0

wuxlvp/ Prudolw|/ dqg Hfrqrplfv/ hg1 H1 Skhosv1

^49` Kdqvvrq/ L1 dqg F1 Vwxduw +4<;<,/ %Vrfldo Vhfxulw| dv Wudgh Dprqj Olylqj

Jhqhudwlrqv/% Dphulfdq Hfrqrplf Uhylhz/ :<+8,= 44;5044<81

^4:` Ndqgrul/ Plfklklur +4<<4, %Uhshdwhg Jdphv Sod|hg e| Ryhuodsslqj Jhqhud0

wlrqv ri Sod|huv/% Uhylhz ri Hfrqrplf Vwxglhv/ 8<+4,= ;40<51

^4;` Nrfkhuodnrwd/ Qdud|dqd +4<<;,/ %Prqh| lv Phpru|/% Mrxuqdo ri Hfrqrplf

Wkhru|/ Dxjxvw= 5650841

^4<` Nrwolnr�/ O1/ W1 Shuvvrq/ dqg O1 Vyhqvvrq +4<;;, %Vrfldo Frqwudfwv dv Dvvhwv=

D Srvvleoh Vroxwlrq wr wkh Wlph0Frqvlvwhqf| Sureohp/% Dphulfdq Hfrqrplf

Uhylhz/ :;= 99509::1

^53` Nrwolnr�/ O1 dqg U1 Urvhqwkdo +4<<6, %Vrph Lqh�flhqf| Lpsolfdwlrqv ri Jhq0

hudwlrqdo Srolwlfv dqg H{fkdqjh/% Hfrqrplfv dqg Srolwlfv/ 8= 5:0751

^54` Nuhsv/ G1 +4<<3, %Frusrudwh Fxowxuh dqg Hfrqrplf Wkhru|/% Wkh Irxqgdwlrqv

ri Srolwlfdo Hfrqrp|/ M1 Dow dqg N1 Vkhsvoh +hgv1,/ Fdpeulgjh= Kduydug Xql0

yhulvw| Suhvv1

^55` Odlwqhu/ Mrkq +4<<:, %Lqwhujhqhudwlrqdo dqg Lqwhukrxvhkrog Hfrqrplf Olqnv/%

Kdqgerrn ri Srsxodwlrq dqg Idplo| Hfrqrplfv/ P1 Urvhq}zhlj dqg R1 Vwdun

hglwruv/ fkdswhu 81 Qruwk0Kroodq

^56` Pxooljdq/ F1 dqg [1 Vdod0l0Pduwlq +4<<<, %Jhurqwurfudf|/ Uhwluhphqw/ dqg Vr0

fldo Vhfxulw|/% QEHU zrunlqj sdshu &:44:1

^57` Suhvlghqw*v Frpplvvlrq wr Vwxg| Fdslwdo Exgjhwlqj +4<<<,/ Zdvklqjwrq G1F1

^58` Udqjho/ D1 +4<<:, %Edfnzdug dqg Iruzdug Lqwhujhqhudwlrqdo Jrrgv/% Kduydug

pdqxvfulsw1

^59` Udqjho/ D1 dqg U1 ]hfnkdxvhu/ %Fdq Pdunhwv dqg Srolwlfdo Lqvwlwxwlrqv Jhqhu0

dwh Rswlpdo Lqwhujhqhudwlrqdo Ulvn Vkdulqj/% lq M1 Fdpsehoo dqg P1 Ihogvwhlq/

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67

hgv1/ Ulvn Dvshfwv ri Lqyhvwphqw Edvhg Vrfldo Vhfxulw| Uhirup/ Fklfdjr Xql0

yhuvlw| Suhvv/ iruwkfrplqj 53331

^5:` Ud|/ Gheudm +4<;:, %Qrqsdwhuqdolvwlf Lqwhujhqhudwlrqdo Dowuxlvp/% Mrxuqdo ri

Hfrqrplf Wkhru|/ 74+4,=4450651

^5;` Vdodqw/ Gdylg +4<<4, %D Uhshdwhg Jdph zlwk Ilqlwho| Olyhg Ryhuodsslqj

^5<` Jhqhudwlrqv ri Sod|huv/% Jdphv dqg Hfrqrplf Ehkdylru/ 6+5,= 57708<1

^63` Vdpxhovrq/ Sdxo +4<8;, %Dq H{dfw Frqvxpswlrq0Ordq Prgho ri Lqwhuhvw zlwk

ru zlwkrxw wkh Vrfldo Frqwulydqfh ri Prqh|/% Mrxuqdo ri Srolwlfdo Hfrqrp|/

99=79:0;51

^64` Vdqgohu/ W1 +4<:;, %Lqwhuuhjlrqdo dqg Lqwhujhqhudwlrqdo Vslooryhu Dzduhqhvv/%

Vfrwwlvk Mrxuqdo ri Srolwlfdo Hfrqrp|/ 58 +6,=5:60;71

^65` Vdqgohu/ W1 +4<;5, %D Wkhru| ri Lqwhujhqhudwlrqdo Foxev/% Hfrqrplf Lqtxlu|/

[[=4<4053;1

^66` Vdqgohu/ W1 dqg N1 Vplwk +4<:9, %Lqwhuwhpsrudo dqg Lqwhujhqhudwlrqdo H�0

flhqf|/% Mrxuqdo ri Hqylurqphqwdo Hfrqrplfv dqg Pdqdjhphqw/ 5=4840<1

^67` Vkhsvoh/ Nhqqhwk +4<<<, %Iurp Jhqhudwlrq wr Jhqhudwlrq= D Irupdo Dqdo|vlv

ri Lqwhuwhpsrudo Vwudwhjlf Lqwhudfwlrq/% pdqxvfulsw1

^68` Vkhsvoh/ N1 dqg E1 Qdohex� +4<<3, %Wkh Frpplwphqw wr Vhqlrulw| lq Vhoi0

Jryhuqlqj Jurxsv/% Mrxuqdo ri Odz/ Hfrqrplfv/ dqg Rujdql}dwlrq/ 9= 780:51

^69` Vloyhvwuh/ Mrdtxlp +4<<7, %Dq H�flhqf| Dujxphqw iru Vxvwdlqdeoh Xvh/% XF0

Gdylv Zrunlqj sdshu &<70441

^6:` Vloyhvwuh/ Mrdtxlp +4<<8, %Txdvlolqhdu/ Ryhuodsslqj Jhqhudwlrq Hfrqrplhv/%

XF0Gdylv Zrunlqj sdshu <803<1

^6;` Vplwk/ Orqhv +4<<5, %Iron Wkhruhpv lq Ryhuodsslqj Jhqhudwlrqv Jdphv/%

Jdphv dqg Hfrqrplf Ehkdylru/ 7+6,=75907<1

^6<` Vrduhv/ Mrujh +4<<<, %Eh|rqg Vhuudqr yv1 Sulhvw= Qdwlrqdo Ixqglqj ri Hgxfd0

wlrq/% Jhrujh Zdvklqjwrq Xqlyhuvlw| plphr1