Dynamic Context-Aware Scalable and Trust-based IoT Security ...

 (]REQMG 'SRXI\X%[EVI 7GEPEFPI ERH 8VYWXFEWIH -S8 7IGYVMX] 4VMZEG] *VEQI[SVO 6MGEVHS 2IMWWI +EV] 7XIVM +MERQEVGS &EPHMRM )PMEW 8VEKSW -KSV 2EM *SZMRS ERH 1EEVXIR &SXXIVQER



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 -RXVSHYGXMSR 8LI IZSPYXMSR SJ -RXIVRIX XS[EVH -RXIVRIX SJ 8LMRKW -S8 [MPP LEZI E QENSV MQTEGX SR XLI PMZIW SJ GMXM^IRW EW RI[ WIVZMGIW ERH ETTPMGEXMSRW GER FI HIZIP STIH F] XLI MRXIKVEXMSR SJ XLI TL]WMGEP ERH HMKMXEP [SVPHW 1SFMPIW [IEVEFPI WIRWSVW ERH wWQEVXx HIZMGIW [MXL MQTVSZIH GETEFMPMXMIW XS EGX EYXSRSQSYWP] GER FI YWIH XS WYTTSVX RI[ ETTPMGEXMSRW JSV LIEPXLGEVI XVERWTSVXEXMSR ERH XS WYTTSVX XLI RIIHW SJ XLI GMXM^IR  ?A w8LMRKWx EVI ORS[R XS LEZI FIIR GSRRIGXIH TVIXX] IEVP] WYGL EW XLI GEQIVE SFWIVZMRK XLI GSJJII TSX MR XLI 8VSNER 6SSQ [MXLMR XLI GSQTYXIV PEFSVEXSV] SJ XLI 9RMZIVWMX] SJ 'EQFVMHKI MRWXEPPIH MR  SV XLI 'SOI 1EGLMRI TSPPMRK EX 'EVRIKMI 1IPPSRvW 'SQTYXIV 7GMIRGI HITEVXQIRX MR  &YX MX MW SRP] MR VIGIRX ]IEVW XLEX XLI MRXIVIWX JSV XLI -RXIVRIX SJ 8LMRKW LEW VMWIR XS LMKL PIZIP ERH TVIHMGXMSRW KS YT XS ER I\TIGXEXMSR SJ  FMPPMSR HIZMGIW LEZI FIIR TVIWIRXIH F] ZEVMSYW WSYVGIW 8LI -RXIVREXMSREP 8IPIGSQQYRMGEXMSR 9RMSR -89 -RXIVRIX VITSVX ?A JSGYWIH SR XLI GSRRIGXMZMX] EWTIGXW SJ -S8 MR ZEVMSYW HSQEMRW wJVSQ ER]XMQI ER]TPEGI GSRRIGXMZMX] JSV ER]SRI [I [MPP



 (]REQMG 'SRXI\X%[EVI 7GEPEFPI ERH 8VYWXFEWIH -S8 EW w8LI -RXIVRIX SJ 8LMRKW EPPS[W TISTPI ERH XLMRKW XS FI GSRRIGXIH %R]XMQI %R]TPEGI [MXL %R]XLMRK ERH %R]SRI MHIEPP] YWMRK %R] TEXLRIX[SVO ERH %R] WIVZMGIx &I]SRH GSRRIGXMZMX] SRI SJ XLI SXLIV JIEXYVIW SJ -S8 MW XLI GETEFMPMX] SJ IQFIHHMRK MRXIPPMKIRX FILEZMSYV MR XLI wXLMRKWx [LMGL GER FI WIRWSVW SV EGXYEXSVW 8LYW XLI EHNIGXMZI wWQEVXx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wTVMZEG]x ERH XLI XVEHISJJ FIX[IIR XEVKIX XLEX MW XLI VIWYPX SJ I\TIVMIRGIW MR WSGMIX] ERH XLI EFMPMX] SJ GMXM^IRW XS YRHIVWXERH [LEX MW KSMRK SR ERH XS QEOI GLSMGIW E GPIEV TSPMG] MWWYI -R EHHMXMSR XLI wZEPYIx SJ HEXE RS[ IQIVKMRK EX XLI LIEVX SJ RI[ FYWMRIWW QSHIPW [MPP JYVXLIV HIZIPST XLI wLYRKIVx JSV HEXE ERH XLI -RXIVRIX SJ 8LMRKW [MPP FI E QEMR GSRXVMFYXSV XS XLI EQSYRX SJ KIRIVEXIH HEXE +IXXMRK MR TPEGI E GPIEV JVEQI[SVO XLEX JEGMPMXEXIW XLI wVIWTSRWMFPI YWIx SJ HEXE JVSQ E TVMZEG] ERH HEXE TVSXIGXMSR TIVWTIGXMZI MW SJ XLI LMKLIWX MQTSVXERGI

 -RXVSHYGXMSR 

TVMZEG] MR XLI IZSPYXMSR SJ -S8 d QEVOIXW [SRvX MRZIWX MR VMKLX PIZIP SJ WIGYVMX] EW XSHE] wXMQI XS QEVOIXx MW E FMKKIV HVMZIV XLER XLI PIZIP SJ WIGYVMX] SV TVMZEG] XSHE] d HMJJIVIRX KISTSPMXMGEP ^SRIW d WIGYVMX] WSPYXMSRW EVI YWYEPP] HIWMKRIH XS TVSXIGX FYWMRIWW HEXE MR ZIVXMGEP SXLIV ETTPMGEXMSRW SV HIZMGIW d XLI HITPS]QIRX SJ RYQIVSYW HIZMGIW [MXL PMQMXIH TVSGIWWMRK ERH QIQSV] GETEFMPMXMIW GER MRGVIEWI XLI XLVIEX WTEGI SJ XLI -S8 ETTPMGEXMSRW -R SXLIV [SVHW ER EXXEGOIV GER I\TPSMX E [IEORIWW MR ER -S8 HIZMGI [MXL PMQMXIH GETEFMPMX] XS TIRIXVEXI GSRRIGXIH -S8 ETTPMGEXMSRW [LMGL EVI WYTTSWIHP] GSRWMHIVIH QSVI WIGYVI -R EHHMXMSR wXLMRKWx XLEX GER EGX IK EGXYEXSVW SR XLI TL]WMGEP SV HMKMXEP [SVPH GER FIGSQI RI[ IRH TSMRXW JSV EXXEGO z IMXLIV F] XEQTIVMRK [MXL XLI wXLMRKx HMVIGXP] SV F] TVSZMHMRK XLI GETEFMPMXMIW JSV QSVI WSTLMWXMGEXIH XLVIEXW d XLI RIIH XS TVSXIGX HEXE MR -S8 MW MR STTSWMXMSR XS XLI QEVOIX HVMZIVW XS KIRIVEXI ERH EGGIWW XLI ZEWX EQSYRX SJ HEXE KIRIVEXIH F] -S8 HIZMGIW JSV GSQQIVGMEP ETTPMGEXMSRW WYGL EW XEVKIXIH EHZIVXMWMRK ERH 0SGEXMSR &EWIH 7IVZMGIW d XLI VIUYMVIQIRX JSV IREFPMRK XLI VIYWI SJ -S8 HEXE KEXLIVIH JSV SRI ETTPM GEXMSR XS[EVHW SXLIV ETTPMGEXMSRW MW QEMRP] GSRXVEHMGXMRK [MXL TVMZEG] ERH IWTIGMEPP] TVMZEG]F]HIWMKR -X MW MQTSVXERX XS MHIRXMJ] XLIWI MWWYIW ERH GLEPPIRKIW FYX MX MW IZIR

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

 (]REQMG 'SRXI\X%[EVI 7GEPEFPI ERH 8VYWXFEWIH -S8 -S8 HIZMGIW 8LI XSSPOMX MW GSQTPIQIRXIH F] SXLIV IPIQIRXW XS EHHVIWW XLI GLEPPIRKIW HIWGVMFIH EFSZI 8LI JVEQI[SVO MW ETTPMIH XS E WQEVX GMX] WGIREVMS JSGYWMRK SR XLI MRXIVEGXMSR FIX[IIR E WQEVX LSQI E WQEVX ZILMGPI ERH E WQEVX

 &EGOKVSYRH ;SVO %R I\XIRWMZI WYVZI] SR JVEQI[SVOW JSV 'SRXI\X %[EVI 'SQTYXMRK JSV XLI

SJ JVEQI[SVOW JVSQ VIWIEVGL ERH GSQQIVGMEP TVSNIGXW [LMGL WYTTSVXW XLIWI HIWGVMFIH MR ?A [LMGL LEW XLI SFNIGXMZI XS JEGMPMXEXI XLI HIZIPSTQIRX SJ GSRXI\XE[EVI ETTPMGEXMSRW 8LI HIWMKR SJ XLI 'SRXI\X 8SSPOMX MW FEWIH SR XLVII QEMR IPIQIRXW M XLI GSRXI\X [MHKIX [MXL MRXIVJEGIW XS XLI WIRWSVW MM XLI GSRXI\X MRXIVTVIXIV XS TVSGIWW ERH EREP]^I XLI HEXE JVSQ XLI WIRWSVW ERH MMM XLI GSRXI\X EKKVIKEXSV [LMGL EKKVIKEXIW XLI HEXE XS WYTTSVX XLI ETTPMGEXMSR ;LMPI XLI 'SRXI\X 8SSPOMX LEW TVIWIRXIH WSQI SJ XLI MRMXMEP GSRGITXW XS WYTTSVX 'SRXI\XFEWIH ETTPMGEXMSRW XLI WIGYVMX] ERH TVMZEG] EWTIGXW [IVI RSX JYPP] EHHVIWWIH 8LI 'SRXI\X &VSOIV %VGLMXIGXYVI 'S&V% ?A MW SRI SJ XLI JVEQI[SVOW [LMGL EHHVIWWIW WIGYVMX] ERH TVMZEG] EWTIGXW -R ?A XLI JVEQI[SVO MW HEXE HMWXVMFYXIH MR XLI wVSSQx ERH XLI TVMZEG] SJ XLI YWIVW TEVXMGMTEXMRK XS XLI TVSXIGX TVMZEG] [LIR XLI GSRXI\X GER FI H]REQMG ERH XLI YWIVW QYWX QERYEPP] E[EVI XLEX HEXE TVSZMHIH F] XLIQ EVI YWIH MR WSQI SXLIV GSRXI\X SV HSQEMR F] XLI ETTPMGEXMSR 8LI TETIV WYKKIWXW XLI EHSTXMSR SJ XLI 7XERHEVH 3RXSPSK] HEXE SR XLI FEWMW SJ WIQERXMG MRJSVQEXMSR ;LMPI XLI ETTVSEGL LEW QIVMXW XLI (]REQMG 'SRXI\X ERH MX QE] RSX EHHVIWW TVMZEG] GSRGIVRW WYGL EW XLI PSKKMRK ERH TIVWMWXIRX WXSVEKI SJ E YWIVv W TVMZEXI MRJSVQEXMSR F] XLI EKIRXW 1SVI VIGIRXP] +IWWRIV IX EP ?A LEZI TVSTSWIH E WIX SJ XVYWXIRLERGMRK WIGYVMX] JYRGXMSREP GSQTSRIRXW FEWIH SR -HIRXMX] 1EREKIQIRX -1  %YXLS VM^EXMSR %YXL>  /I] )\GLERKI ERH 1EREKIQIRX /)1 ERH XVYWX ERH VITYXEXMSR QEREKIQIRX 86%  8LIWI GSQTSRIRXW EVI PMROIH XS TVSZMHI E JVEQI[SVO JSV WIGYVMX] ERH TVMZEG] MR -S8%YXL> MW FEWIH SR ER%GGIWW 'SRXVSP

 1EMR 'SRGITXW ERH 1SXMZEXMSR SJ XLI *VEQI[SVO 

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

XLI VSEHW 0MKLXW EX XLI WXVIIXW GER FI EHETXMZI XS[EVHW QMRMQM^MRK IRIVK] GSRWYQTXMSR 7QEVX [EWXIFMRW QE] MRJSVQ XLI TYFPMG WIVZERXW [LIR XLI] MR GMX][MHI EVIEW

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

HIWXMREXMSR 8LIVI EVI QER] SXLIV WMQMPEV WGIREVMSW XLEX NYWXMJ] XLI MQTSVXERGI SJ WIGYVMX] ERH TVMZEG] MR -S8 FEWIH ETTPMGEXMSRW 7IGYVMX] ERH 4VMZEG] EVI XLIQWIPZIW XLI X[S QEGVS GLEPPIRKIW MR -S8 IRZMVSRQIRXW ERH XLI] GER FI WTPMX ERH HIXEMPIH MR WIZIVEP TEVXMGYPEV GLEPPIRKIW PMWXIH LIVI MR XLI JSPPS[MRK TEVEKVETLW  -HIRXMX] 1EREKIQIRX EW E WIX SJ EXXVMFYXIW VIPEXIH XS ER wIRXMX]x [LMGL VIJIVW XS ER MRHMZMHYEP ER SVKERM^EXMSR SV E HIZMGI %XXVMFYXIW EVI TVSTIVXMIW SJ XLI IRXMX] IK EHHVIWW [MXL E WSVX SJ wMRLIVMXERGI TVMRGMTPIx VIKEVHMRK XLI -S8 [SVPH 8S KIX EGGIWW F] XLIMV S[RIVW YWMRK XLIMV S[R GVIHIRXMEPW KMZMRK XS XLIWI HIZMGIW VMKLXW XS STIVEXI MR XLIMV REQI 0IX YW XEOI EW I\EQTPI E WQEVX8: E GMXM^IR XLEX [ERXW XS HS[RPSEH ERH WII SRPMRI GSRXIRX WLSYPH TVSZMHI XLI WQEVX8: [MXL E QIER XS EYXLIRXMGEXI MXWIPJ XS XLI SRPMRI WIVZMGIW 8]TMGEPP] XLI EYXLIRXMGEXMSR [MPP MQTP] XLI YWI SJ WSQI WSVX SJ HMKMXEPMHIRXMX] PMROIH XS XLI S[RIV SJ XLI 8:WYFWGVMTXMSR MR SXLIV [SVHW XLI WQEVX8: MRLIVMXW E wTSVXMSRx SJ XLI MHIRXMX] SJ MXW S[RIV 8LI WEQI WMXYEXMSR LETTIRW [LIR JSV I\EQTPI XLI GEPIRHEV 8S KIX HMVIGX EGGIWW XS XLMW GSQQSHMX] XLI WQEVXTLSRI [MPP RIIH XS EYXLIRXMGEXI MXWIPJ XS XLI GEPIRHEV WIVZMGI YWMRK WSQI TIVWSREP GVIHIRXMEPW

 1EMR 'SRGITXW ERH 1SXMZEXMSR SJ XLI *VEQI[SVO 

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z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v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

 (]REQMG 'SRXI\X%[EVI 7GEPEFPI ERH 8VYWXFEWIH -S8  7M^I ERH ,IXIVSKIRIMX] SJ XLI 7]WXIQ wXLMRKWx MRXIVEGX F] I\GLERKMRK MRJSVQEXMSR ERH GSQQERHW 8LIWI SFNIGXW QMKLX FI LIXIVSKIRISYW MR XIVQW SJ QMRMQYQ PIZIP SJ WIGYVMX] ERH TVMZEG] KYEVERXIIH XIGLRSPSK] TVSXSGSP SJ GSQQYRMGEXMSR ERH TSPMG] IRJSVGIQIRX ,IVI XLI GLEPPIRKI MW QSVI VIPEXIH XS XLI RIIH JSV E LSVM^SRXEP JVEQI[SVO EFPI

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

TVMZEG]  %GXMSRvW 'SRXVSP -S8 HIZMGIW QMKLX XEOI EGXMSRW IK XVMKKIV EGXYEXSVW SR XLI FEWI SJ E GSRXI\X 8LIWI EGXMSRW QMKLX VIKEVH RSX SRP] TL]WMGEP STIVEXMSRW W[MXGL E PMKLX FPSGO  WYGL EW HEXE VIXIRXMSR SFPMKEXMSRW IK wHEXE KEXLIVIH QYWX FI HIWXVS]IH EJXIV  QSRXL SJ PERKYEKIW IREFPMRK XS I\TVIWW EGXMSRW GSRWIUYIRGIW ERH SFPMKEXMSRW ERH SR XLI SXLIV SJ E JVEQI[SVO EFPI XS XVERWPEXI XLIWI SFPMKEXMSRW MRXS E [E] XLEX GER FI YRHIVWXSSH F] EPP XLI -S8 HIZMGIW  4VMZEG] F] (IWMKR ;MXL XLI PEVKI RYQFIVW SJ -S8 HIZMGIW QSRMXSVMRK XLI IRZMVSRQIRX MX MW EPQSWX MRIZMXEFPI XLEX XLI] GETXYVI HEXE XLEX GER FI WIRWMXMZI XS GMXM^IRW -R SRI SJ

 1EMR 'SRGITXW ERH 1SXMZEXMSR SJ XLI *VEQI[SVO 

MW SFZMSYW XLEX XVERWQMXXMRK VE[ ZMHIS SV WXMPP MQEKIW GER TSXIRXMEPP] FVIEGL XLI TVMZEG] SJ XLI TIHIWXVMERW WMRGI XLIMV MQEKIW GER FI GETXYVIH F] XLI 7MQMPEVP] [MXL RSMWI QIEWYVIQIRX HIZMGIW [LMGL EVI QEMRP] QMGVSTLSRIW GSRZIVWEXMSRW FIX[IIR GMXM^IRW TEWWMRK F] XLEX HIZMGI GER FI IEWMP] VIGSVHIH *YVXLIVQSVI HEXE XVERWQMXXIH JVSQ YWIV HIZMGIW IZIR MJ XLI] EVI ERSR]QM^IH SV TWIYHSR]QM^IH GER FI IEWMP] QETTIH XS MRHMZMHYEP TIVWSRW [LIR XLI] EVI EZEMPEFPI JSV E PSRK TIVMSH SJ XMQI ERH MJ XLI] EVI PMROIH [MXL MRJSVQEXMSR JVSQ SXLIV WSYVGIW *SV I\EQTPI [LIR SRI YWIV WIRHW ERSR]QSYW PSGEXMSR MRJSVQEXMSR XS ER ETTPMGEXMSR IZIV] HE] JSV E PSRK XMQI TIVMSH MX MW IEW] XS I\XVEGX TEXXIVRW SJ QSZIQIRX ERH [LIR PMROIH XS SXLIV MRJSVQEXMSR MX MW IEW] XS MHIRXMJ] [LS XLMW TIVWSR MW [LIVI LI PMZIW [LIVI LI [SVOW IXG 3RI QENSV IRIQ] SJ wTVMZEG] F] HIWMKRx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

 (]REQMG 'SRXI\X%[EVI 7GEPEFPI ERH 8VYWXFEWIH -S8 MQQIHMEXIP] QEHI EZEMPEFPI XS XLI HSGXSVW FYX XS RSFSH] IPWI IZIR MJ XLI TEXMIRX GERRSX KMZI I\TPMGMX GSRWIRX MR XLEX QSQIRX 8LMW QIERW XLEX XLI GSRXI\X W[MXGLMRK WLSYPH FI EYXSQEXMGEPP] ETTPMIH F] EPP XLI -S8 HIZMGIW MRZSPZIH

EFPI XS EZSMH QEPMGMSYW YWIVW XS wIQYPEXIx GVMWMW WGIREVMSW ERH MQTIVWSREXI HSGXSVW MR SVHIV XS FI EFPI XS EGGIWW TVMZEXI YWIV MRJSVQEXMSR %TEVX JVSQ XLI HIXIGXMSR SJ E RI[ GSRXI\X HIWMKRMRK XLMW OMRH SJ JVEQI

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 % 4SPMG]FEWIH *VEQI[SVO JSV 7IGYVMX] ERH 4VMZEG]MR -RXIVRIX SJ 8LMRKW 

d LS[ MX GER FI YWIH 8LIWI GSRGITXW EVI I\TPEMRIH MR QSVI HIXEMP MR XLI RI\X WIGXMSRW

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 (]REQMG 'SRXI\X%[EVI 7GEPEFPI ERH 8VYWXFEWIH -S8

*MKYVI  7IG/MX QIXEQSHIPW ERH HITIRHIRGMIW

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KVERXIH [LIR E WMXYEXMSR FIKMRW ERH HEXE TVSXIGXMSR SFPMKEXMSRW XLEX WLSYPH FI EPPS[IH [LIR ER IQIVKIRG] WMXYEXMSR WXEVXW [MXL XLI SFPMKEXMSR XLEX EPP HEXE MW HIPIXIH [LIR XLI IQIVKIRG] IRHW -R ERSXLIV WGIREVMS E WIGYVMX] TSPMG] QE] HIPIXMSR SJ XLI HEXE [LIR XLI WMXYEXMSR IRHW )\MWXMRK TSPMG] PERKYEKI WXERHEVHW

MR XLI JYXYVI 8LI WIGYVMX] TSPMGMIW LEZI XS FI HMWWIQMREXIH XS XLI HIZMGIW XLEX EVI KEXLIVMRK XLI HEXE YRHIV GSRWMHIVEXMSR MR E WIGYVI [E] (ITIRHMRK SR XLI

 % 4SPMG]FEWIH *VEQI[SVO JSV 7IGYVMX] ERH 4VMZEG]MR -RXIVRIX SJ 8LMRKW 

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IRGV]TXMSRWIGYVMX] PIZIP SJ XLI HEXE XS MHIRXMJ] XLI TVSTIV XVERWQMWWMSR QIGL YWMRK MI ER EHETXMZI IRGV]TXMSR WGLIQI EW HIWGVMFIH MR ?A  *SV I\EQTPI

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 % 4SPMG]FEWIH *VEQI[SVO JSV 7IGYVMX] ERH 4VMZEG]MR -RXIVRIX SJ 8LMRKW 

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*MKYVI  6ITVIWIRXEXMSR SJ XLI WGIREVMS JSV -S8

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GLSSWI XLI EYXLSVM^EXMSR HIGMWMSR MR GEWI FSXL VYPIW EVI IZEPYEXIH XS FI XVYI MW EFSYX XS FI I\IGYXIH F] ER YRXVYWX[SVXL] IRXMX] XLI HIGMWMSR WLSYPH FI XS (IR] XLMW EGXMZMX] ,S[IZIV MR GEWI SJ ER IQIVKIRG] HYVMRK XLI PEWX  XMQIWXITW JSV I\EQTPI MR XLI PEWX  WIGSRHW JSV E XMQIWXIT SJ  WIGSRHW XLI HIGMWMSR WLSYPH FI XS %PPS[ XLI EGGIWW XS XLI HEXE *SV XLMW WIX SJ RIWXIH VYPIW XLI GSQFMRMRK EPKSVMXLQ GLSWIR MW w%PPS[ SZIVVMHIWx QIERMRK XLEX MJ EX PIEWX SRI SJ XLI XVMKKIVIH VYPIW MR XLI WIX EPPS[W XLI EGXMZMX] XLMW HIGMWMSR LEW TVMSVMX] SZIV ER] SXLIV (IR] 8LI QEREKIQIRX SJ XVYWX[SVXLMRIWW ZEPYIW MW HSRI MR XLI 7IG/MX YWMRK XLI XVYWX QEREKIQIRX QSHIP TVSTSWIH F] ?A -R EHHMXMSR XS EPPS[MRK SV HIR]MRK EGGIWW XS HEXE MX MW EPWS TSWWMFPI XS WTIGMJ] TSPMGMIW XS 1SHMJ] ERHSV (IPE]

 % 4SPMG]FEWIH *VEQI[SVO JSV 7IGYVMX] ERH 4VMZEG]MR -RXIVRIX SJ 8LMRKW 

*MKYVI  &ILEZMSV HIWMKR QSHIP

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 (]REQMG 'SRXI\X%[EVI 7GEPEFPI ERH 8VYWXFEWIH -S8

*MKYVI 

'SRXI\X HIWMKR QSHIP

*MKYVI 

ZILMGPIW SV TYFPMG EYXLSVMXMIW [LMGL MR RSVQEP GSRHMXMSRW EVI RSX EPPS[IH XS IRXIV [MXLSYX XLI TIVQMWWMSR SJ XLI S[RIV WMRGI XLI] EVI EYXLSVMXMIW VIGSKRM^IH F] XLI W]WXIQ XLI] GSYPH FI EPPS[IH XS WIRH E VIUYIWX XS XLI HIZMGI [LMGL [SYPH MQQIHMEXIP] RSXMJ] XLI S[RIV FYX XLMW GER FI TVSLMFMXIH XS EPP SXLIV TISTPI  'SRWMHIVMRK XLI HIZMGI XLEX QSRMXSVW XLI

 % 4SPMG]FEWIH *VEQI[SVO JSV 7IGYVMX] ERH 4VMZEG]MR -RXIVRIX SJ 8LMRKW 

SXLIV YWIVW SV HIZMGIW 'SSTIVEXMRK [MXL XLI SZIVEPP W]WXIQ MR XLI LSYWI MX GER EPWS EWO JSV ER EHZMGI [LIR MX VIGIMZIW E VIUYIWX XS FI STIRIH F] E RSREYXLSVM^IH TIVWSR d WYHHIRP] XLI LIEPXL GSRHMXMSRW SJ XLI S[RIV KIX [SVWI ,I MQQIHMEXIP] GEPPW XLI IQIVKIRG] RYQFIV FYX LI LEW RS XMQI XS I\TPEMR [LEX MW LETTIR MRK ERH JEMRXW %RSXLIV STXMSR MW XLEX LI TVIWWIW XLI w)QIVKIRG] &YXXSRx XLEX MW MRGPYHIH MR QER] %%0 ETTPMGEXMSRW %R][E] ER EQFYPERGI MW WIRX XS LMW LSYWI ERH XLI TSPMGI EPIVXIH d XLI -S8 HIZMGIW MR XLI WQEVX LSQI HMH RSX VIGIMZI ER] MRJSVQEXMSR EFSYX XLI GSRXI\X JVSQ XLI S[RIV LMQWIPJ 8LI SRP] [EVRMRK MW XLEX XLI XIPITLSRI LEW NYWX GEPPIH ER IQIVKIRG] RYQFIV FYX RS MRJSVQEXMSR EFSYX TISTPI EQFYPERGI MW EPVIEH] MR JVSRX SJ XLI KEXI d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w)QIVKIRG] 6IWTSRWI 8IEQWx [LMGL MRGPYHIW XLI QIHMGEP WXEJJ ERH XLI EQFYPERGIW 8LMW [E] [LIR XLI EQFYPERGI VIEGLIW XLI LSYWI XLI HIZMGI SR XLI EQFYPERGI LEW XLI EYXLSVM^EXMSR XS EGGIWW XLI WQEVX PSGO ERH YRPSGO MX WS XLEX XLI QIHMGEP WXEJJ GER KIX MRXS XLI LSQI d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

 (]REQMG 'SRXI\X%[EVI 7GEPEFPI ERH 8VYWXFEWIH -S8

*MKYVI  'SQTPI\ GSRXI\X E[EVI EGGIWW GSRXVSP VYPI

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 % 4SPMG]FEWIH *VEQI[SVO JSV 7IGYVMX] ERH 4VMZEG]MR -RXIVRIX SJ 8LMRKW 

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 (]REQMG 'SRXI\X%[EVI 7GEPEFPI ERH 8VYWXFEWIH -S8

*MKYVI 

7IG/MX )RJSVGIQIRX 'SQTSRIRXW

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

 %GORS[PIHKQIRXW 

*MKYVI  1588 IZIRXW VIGIMZIH F] 7IG/MX

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

 (]REQMG 'SRXI\X%[EVI 7GEPEFPI ERH 8VYWXFEWIH -S8

 %GORS[PIHKQIRXW 8LMW [SVO MW TEVXMEPP] JYRHIH F] XLI )9 *4 4VSNIGXW 6)PMEFPI 6IWMPMIRX ERH WIG9VI -S8 JSV W1EVX GMX] ETTPMGEXMSRW 6)691 KVERX EKVIIQIRX R”  EKVIIQIRX R” 

6IJIVIRGIW ?A %FS[H + ( (I] % / &VS[R 4 . (EZMIW 2 7QMXL 1 ERH 7XIKKPIW 4 8S[EVHW E FIXXIV YRHIVWXERHMRK SJ GSRXI\X ERH GSRXI\X E[EVIRIWW MR 4VSG WX MRXIVREXMSREP W]QTSWMYQ SR ,ERHLIPH ERH 9FMU YMXSYW 'SQTYXMRK WIV ,9' v 0SRHSR 9/ 7TVMRKIV:IVPEK  TT z ?A )QFVEGMRK XLI -RXIVRIX SJ )ZIV]XLMRK 8S 'ETXYVI =SYV 7LEVI SJ  8VMPPMSR .SWITL &VEHPI] .SIP &EVFMIV (SYK ,ERHPIV '-7'3 ;LMXI 4ETIV  ?A -RXIVREXMSREP 8IPIGSQQYRMGEXMSR 9RMSR w-89 MRXIVRIX VITSVXW  8LI MRXIVRIX SJ XLMRKWx -RXIVREXMSREP 8IPIGSQQYRMGEXMSR 9RMSR ;SVOWLST 6ITSVX 2SZIQFIV  ?A +YMPPIQMR 4 ERH *VMIWW 4 -RXIVRIX SJ XLMRKW WXVEXIKMG VIWIEVGL VSEHQET 8LI 'PYWXIV SJ )YVSTIER 6IWIEVGL 4VSNIGXW 8IGL 6IT 7ITXIQFIV  ?A 1MSVERHM ( 7MGEVM 7 4IPPIKVMRM * ( 'LPEQXEG - -RXIVRIX SJ XLMRKW :MWMSR ETTPMGEXMSRW ERH VIWIEVGL GLEPPIRKIW %H ,SG 2IX[SVOW     ?A 7GLMRHPIV ,6 'EZI . 6SFMRWSR 2 ,SVZEXL : ,EGOIXX 4. +YREWLIOEV 7 &SXXIVQER 1 *SVKI 7 +VEY\ , )YVSTIvW TSPMG] STXMSRW JSV E H]REQMG ERH XVYWX[SVXL] HIZIPSTQIRX SJ XLI -RXIVRIX SJ 8LMRKW 6%2( )YVSTI 4VITEVIH JSV )YVSTIER 'SQQMWWMSR (+ 'SQQYRMGEXMSRW 2IX[SVOW 'SRXIRX ERH 8IGLRSPSK] '322)'8  ?A -S8 )YVSTIER 6IWIEVGL 'PYWXIV LXXT[[[MRXIVRIXSJXLMRKWVIWIEVGL IY 0EWX %GGIWWIH 1E] ?A 4IVIVE ' >EWPEZWO] % 'LVMWXIR 4 +ISVKEOSTSYPSW ( w'SRXI\X %[EVI 'SQTYXMRK JSV 8LI -RXIVRIX SJ 8LMRKW % 7YVZI]x 'SQQYRMGE XMSRW 7YVZI]W 8YXSVMEPW -))) ZSP RS TT *MVWX 5YEVXIV  ?A (I] % / %FS[H + ( ERH 7EPFIV ( % GSRGITXYEP JVEQI[SVO ERH E XSSPOMX JSV WYTTSVXMRK XLI VETMH TVSXSX]TMRK SJ GSRXI\XE[EVI

6IJIVIRGIW 

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ETTPMGEXMSRW ,YQ'SQTYX -RXIVEGX ZSP  TT z (IGIQFIV  'LIR , *MRMR 8 .SWLM % /EKEP 0 4IVMGL * ERH 'LEOVEFSVX] ( -RXIPPMKIRX EKIRXW QIIX XLI WIQERXMG [IF MR WQEVX WTEGIW -))) -RXIVRIX 'SQTYXMRK ZSP  RS  TT  z  RSZHIG  +IWWRIV ( 3PMZIVIEY % 7IKYVE %7 7IVFEREXM % w8VYWX[SVXL] -RJVEWXVYGXYVI 7IVZMGIW JSV E 7IGYVI ERH 4VMZEG]6IWTIGXMRK -RXIVRIX SJ 8LMRKWx 8VYWX 7IGYVMX] ERH 4VMZEG] MR 'SQTYXMRK ERH 'SQQYRMGEXMSRW 8VYWX'SQ   -))) XL -RXIVREXMSREP 'SRJIVIRGI SR ZSP RS TT  .YRI  ,YERK