IIS - everything you need to know before opening. How to open an individual investment account Where to open an individual investment account

An individual investment account, or if abbreviated as IIS, is a gift from our state to its citizens who want to invest free money in various financial instruments. This is a pretty good way to diversify risks and make money.

Such an account is capable of bringing in much more than a regular bank deposit. Nevertheless, an investment account is still an investment instrument, which means that it also carries risks, and therefore is not suitable for everyone. We will deal with all these questions within the framework of this material.

What is an Individual Investment Account

IIS in our state has the right to open any adult citizen. It can be a hired worker with a permanent job or an individual entrepreneur. Accounts of this type are opened with investment or management companies, and upon opening a management agreement is concluded. The practice of such accounts came to Russia from the West, where it shows good results. In particular, such accounts are actively used by citizens of the USA, Canada, Great Britain, Japan, Australia and other countries.

The purpose of such accounts is to increase public interest in investing by offering them the tax incentives that such investors receive. At the same time, the state also benefits, since it gains access to the financial resources of the population. Most people keep their spare money in banks, while companies need to borrow from the same banks to access it. In the case of investment accounts, business gets access to these funds bypassing banks and the state only benefits from this, receiving investments in its economy from a domestic investor.

IIS is needed to attract public interest in investing in the stock market at the expense of tax privileges to investors.

An example of how IIS works

As I already said, any citizen of the Russian Federation, being an individual or a legal entity, can open a similar one. There is no minimum amount to be deposited into the account, but the maximum is limited to 1 million rubles. Then you can use this money to invest in financial instruments of the stock market. Investments can be made independently, through a broker where this account is opened or by entrusting your funds to a management company, which makes investments on your behalf for maximum profit. The profit, of course, is returned to the investor's account and can be withdrawn or reinvested for further earnings.

Pros and cons of IIS

Tax strategies

Tax deductions make an investment account an attractive tool and open up several possible strategies for behavior. You choose the type of tax benefit at the tax office when you write your application for the benefit, so you need to think about the strategy in advance. If in the future you want to change your mind, you will have to close your IIS and open a new one. There are three most common strategies that I want to talk about.

Conservative choice

As the name implies, it provides minimal risks. As part of this strategy, you can open an IIS, deposit a minimum amount on it and wait three years. At the end of the latter, the maximum possible amount is deposited into the account and at the beginning of the fourth, submit an application and receive the amount of personal income tax for 3 years.

Golden mean

This strategy provides for the opening of an IIA and at the end of the calendar year to deposit the maximum possible amount on it. At the beginning of the year, request a refund of personal income tax. At the same time, the account remains open, and the money will remain on it for another two years, during which you can use and invest. True, in this case you will have to pay income for the possible profit.

All or nothing

The most profitable strategy, but also the most risky. An account is opened and funds are actively invested, observing the profitability and, along the way, figuring out where to buy shares and which of them are the most profitable. If after three years, if the profitability is high, choose income tax compensation, if not, then the first type of tax incentives.

IIS are successfully operating in many countries, now they have appeared in Russia. This is a very interesting investment product that can be in demand by the general public. Individual investment accounts are a fairly progressive financial product that allows a large number of ways to earn money. Perhaps it is the IIS institute that will be able to create a class of competent Russian investors, including you.

Organizations serving IIS often work on the infrastructure of banks, for example, Sberbank or VTB (the mention of these organizations is not a recommendation to open IIS in them, the choice of such an organization must be approached thoughtfully and seriously - more on this in the following articles)

However, it is correct to call these organizations "brokers" because the services they provide are not banking. The correct name for such an organization is "Brokers".

Difference from banks

We are all used to opening and closing bank accounts. Bank deposits seem clear and simple to us. It is not more difficult to open IIS, and the fact that about half of the adult population of Western countries have similar accounts (they have a different name for them) suggests that this is not only easy, but also necessary in many cases.

In an Individual Investment Account (IIA), unlike a deposit in a bank, you can store not only money, but also the rights and obligations enshrined in special documents - securities.

This can be, for example, the right to receive interest on a state loan (when it is not the bank that borrows, but the state - this is both more profitable and safer), which is enshrined in a document (security) called.

The list of organizations that open and maintain Individual Investment Accounts (IIA) as of 08/01/2016 is as follows:

Order number Name
1 PJSC Sberbank
2 FINAM JSC
3
4 LLC "Company BCS"
5 ATON LLC
6
7 VTB 24 (PJSC)
8 LLC "ALOR +"
9 PJSC Promsvyazbank
10 OJSC IC "ZERICH Capital Management"
11 KIT Finance (LLC)
12 Bank GPB (JSC)
13 OJSC IC "IT Invest"
14 CJSC IFC "Solid"
15 JSC "Rosselkhozbank"
16 JSC MC "Ingosstrakh-Investments"
17 Bank SBRR (LLC)
18 Globex
19 IC "AK BARS Finance"
20 Investment company "DOKHOD"
21 LLC "EC" VITUS "
22 LLC "IK VELES Capital"
23 LLC "IC FONTVIEL"
24 LLC "NETTRADER"
25 URALSIB Capital - Financial Services LLC
26 LLC IC "Septem Capital"
27 PJSC AKB Svyaz-Bank
28 PJSC CB "UBRD"

The list is sorted by the number of opened Individual Investment Accounts (the first position in the list is the maximum number of open IIS), and each name is a link to the site of a specific broker, to the page dedicated to opening IIS.

Alfa Bank

More precisely, the Alfa Capital Management Company, which is listed in the 6th position, does not actually open IIS for independent management.

The IIS, which this organization opens, do not provide for independent actions of the citizen (they offer ready-made solutions and structural products), which is perceived to us as an unambiguous minus, and from the materials on this site you will find out why.

Which broker to choose

Despite the fact that the tax benefit "Individual Investment Account" is standardized in its main part, some issues are left to the discretion of brokers. For example, questions of tariffs, the minimum initial contribution for IIS and many other important issues.

Responsible choice of a broker can be a difficult task, since visiting and studying the websites of all companies from the proposed list can take a long time.

We are currently helping to reduce the procedure for choosing a broker to a few minutes

Broker can be changed

The good news is that during the term of the IIS agreement (3 years), the broker can be changed at will unilaterally at any time.

This can happen, for example, in a situation when after a while a broker's office appears in our city, whose terms of service seem more attractive to us, but we could not open an IIS in this organization earlier due to the fact that in our city the office of this organization was not, and it was inconvenient for us to go to the neighboring region.

The presence of such an important opportunity greatly facilitates the decision-making process for us - if something does not suit the work of the broker, where the Individual Investment Account is opened, you can always change it to another one from the proposed list without loss.

Happy investment!

Hello dear readers of my blog! Today we will continue the topic of investing and we will study the benefits of investing in IIS... The main thing that attracts investors to IIS is tax incentives, which allows you to get a good additional income. True, there are a number of details in this matter that novice investors at first do not pay attention to. Today we will figure out where it is better to open an individual investment account, by what criteria to choose a company, and consider several the best offers on the market.

Understanding the terminology

The question of what is an individual investment account has a lot in common with a regular brokerage account, it just has tax incentives. Anyone can open it not only a resident of the Russian Federation.

Allocate 2 types of IIS depending on how the investor receives the tax credit:

  • type A- in him tax refunded, which the investor paid from his income for a certain period of time. It is more convenient to understand the principle of operation using an example. Suppose your salary is 25,000 rubles, for a year tax of 39,000 is paid on this income (rate 13%). When investing in IIS, you will be compensated for this amount. It should be borne in mind that the maximum investment amount per year from which you can get a deduction is 400,000 rubles, so income is limited to 52,000 rubles. Wherein total amount that can be added to the IIS is limited 1,000,000 rubles / year.
  • type B- the difference from the previous one is that the investor does not enjoy tax deduction, that is, no one will compensate him for the taxes paid. On the other hand, there is no tax on profits when the account is closed. So if during the course of the account you are actively reinvesting (this topic is devoted to), then it makes sense to choose this particular type of account. When it is closed, it must be provided reference that the investor did not use the tax deduction.

On a type A account, no one prohibits receiving additional income from working on the stock market, but in this case, 13% of the additional income will have to be paid in the form of tax. To make the most of the advantages of the first type of IMS, it is advisable to invest regularly. As for whether what type of account is preferable, then there is no universal answer. It all depends on the particular investor and on the style of his work. If active work is expected on the stock market, and the expected income exceeds 100% of the invested amount, then it makes sense to use IMS type B.

Investment account insurance

Question safety of funds when investing is always especially acute. If you are worried about IIS - whether your deposit is insured by the state or not, then I have to upset you, deposit insurance is not provided. Now the State Duma is considering options for insuring IIS accounts, but the timing of the adoption of the law and the amount to be insured are not known at the moment.

Since 2015, the procedure has been greatly simplified, so that you can even open an IIS remotely. This has provoked an increase in the number of open accounts of this type in recent years. You can open IIS on one's own through government services. The process takes from strength A couple of minutes.

Where is the best place to open IIS?

You can open IIS:

  • from a broker;
  • a bank with a brokerage license;
  • from the management company.

The practice of opening investment accounts in the world


IIS is not a unique offer for Russia. This practice is widespread in the world, the working conditions differ, as well as the maximum possible investment amounts. For example, in England you can open ISA(individual savings accounts), moreover, you can invest in them up to £ 15,000. V USA there are similar retirement accounts ( IRA), v Canada – RRSP, that is, the registered pension savings plans. Investing risks are small, this explains the popularity of IIS among the population.

What to look for when choosing

The choice can be tricky, especially if you haven’t come across investment accounts before. In the question of where it is better to open an IIS, consider the following factors:

  • are you going invest immediately or some time after opening an account... If you plan to do this not at the time of opening an account, but later, then immediately cross out the management companies from the list of applicants. In them, a certain amount must be immediately deposited on the IIS;


  • the ability to open an account online... For example, VTB 24 does not provide such an opportunity, so if there is no branch in your city, it will automatically drop out of the applicants;
  • minimum amount limit;
  • turnover commission;
  • monthly fee;
  • quality of technical support work... A very important point, especially for beginners. Employees should not float about investing. From this point of view, BCS is out of competition - support works at a high level and the chance to run into a newcomer is extremely small;
  • what markets are available for IIS... It all depends on the preferences of the investor; companies have different attitudes towards this issue. For example, in Finam there are no restrictions, but Promsvyazbank does not provide an opportunity to work with the foreign exchange and derivatives markets for IIS;
  • offered products and working conditions for them... There are very large differences in these parameters. Some brokers are suitable for investors with small capital, while others, on the contrary, are more focused on depositors with amounts close to the maximum. For instance, VTB 24 offers for deposits from 300,000 rubles the opportunity to use auto-following strategies through a broker, and the broker Opening- twice as many strategies for deposits from 50,000 rubles.

Next, I prepared a small review of the best in my opinion proposals for opening IIS... Not only the working conditions were taken into account, but also the feedback from the contributors. It will help you to save time upon independent study of the conditions provided by the companies.

Finam

The broker makes it possible to open an IIS online. At the same time, the investor gets the opportunity to work for stock, derivatives and currency markets, it is possible to trade on the St. Petersburg and Moscow stock exchanges. Funds are credited to single account, from which the investor gets access to several trading platforms at once.

You can start investing already from 5000 rubles, however, it is difficult to count on a serious income with such an amount, moreover, trading operations will be blocked until the amount of funds on the account exceeds 30,000 rubles... So it is precisely this amount that I recommend focusing on at least. The site has a small online calculator. By entering the estimated investment amount, you can get a recommendation on which is more profitable - to receive a tax deduction or exempt profits from taxes.


At the moment, the commission is the same for any turnover up to 1 million rubles and amounts to 0.0354%. There is auto-follow strategies, the yield depends on the degree of risk.

Commission

A little more detail about commissions:

  • stock section MOEX- with a turnover of up to 1 million rubles, the commission is equal to 0,0354% ;
  • currency section- with a turnover of up to 1 million rubles 0,0332% ;
  • urgent section ( futures and options) – $ 0.45 per contract;
  • US stock market- with a turnover of up to $ 17,000, the commission is 0,0354% .

The management company " Finam management". Here, the lower threshold for investing in IIA is already from 300,000 rubles.
Funds are credited to the account without commission from the company, possibly early closure of IIS no interest on the part of the broker. In this case, the deduction from investment income is 10%.

BCS

Offers to open an IIS and invest from 300,000 rubles. You can work with the stock, derivatives and foreign exchange markets, there is access to the Moscow Exchange, there is no access to SPBEXCHANGE. You can open IIS, as in the case of Finam, online. Available margin lending at 14.5% for sales and 17.5% for longs.


Commission depends on the turnover and ranges from 0.0354% for a turnover of up to 1 million rubles to 0.0177% for a turnover of 15 million rubles. It cannot be less than 35.4 rubles per 1 deal. You can choose a tariff option without this limitation, but in this case you will have to work with high percentages. The first month is valid preferential offer, within which the commission is equal to 0.0177% regardless of the achieved turnover. There are other options - you can compare tariffs on the broker's website, but BCS Start is optimal for IIS.

Of the interesting proposals, I will note the possibility investing in notes(ruble and currency). The yield on them ranges from 12.5% ​​to 14.5% per annum, respectively. You can invest in OFZ portfolio or in portfolio of bonds, the yield in this case will be slightly lower.


For work, the web version of Quick or the terminal version for mobile devices is used.

Zerich

The broker makes it possible to open an IIS online. Offered 2 types of investing in IIS:

  1. « State reliability". The minimum investment threshold is 30,000 rubles, the investor receives 13% tax deduction + approximately 10% income from investment in bonds... In this tariff, it is assumed that funds are invested in OFZs, an income of 10% on the site is indicated as an approximate value, in reality it may be higher. The maximum investment amount per year is 1 million rubles.
  2. « Currency stability". The investor receives the same 13% tax deduction + up to 9.5% of income in foreign currency. In this case, the invested funds are channeled into Eurobonds. Threshold for investment from 100,000 rubles.

Commissions

There is no separate tariff for IIS, within the tariff “ Universal»The commissions are as follows:

  • for the stock market- 0.055% of the transaction volume;
  • for the foreign exchange market- 0.03% of the transaction volume;
  • derivatives market- 0.85 rubles per 1 contract;
  • available margin lending, the percentage is calculated according to the formula 9% + market rate, for securities 15%.

One of the requirements of the tariff " Universal» - investments from 100,000 rubles... There are other tariff options, for example, “ Revolving", There is no requirement for the size of the deposit at all. But the commission is also higher, for example, in the foreign exchange market, you will have to pay from 0.075%. This broker has a pretty good implementation, so if you are thinking of starting to work in the stock market on your own, then pay attention to him.

Opening

It stands out against the background of others in that there is no minimum required amount for investing in IIS... After opening and replenishing an account, an investor gets full access to the stock, derivatives and foreign exchange markets, and can work for MYEX. SPBEXCHANGE is not available.

Stands out separate tariff for individual investment accounts... Briefly about working conditions and commissions:

  • stocks and bonds- from 0.04 rubles per trade or 0.057% of its volume;
  • Eurobonds on MOEX- 0.04 rubles or 0.015%;
  • currency market- 1 ruble per transaction or 0.035%;
  • available margin lending at 13% for sales and 18.4% for purchases;
  • work is being done through QUIK, the cost of monthly access is 250 rubles. This amount is not charged from those clients whose balance in the company is equal to or exceeds 50,000 rubles.


Note that tariffs are given for self-managed IIS... There is another type of tariff, called Model portfolio (IIS), is aimed at those who are going to use the services of analysts, and not trade on their own. Basically, if you are new to the market and do not even know, then it is better to stop at it.


Management company "Otkrytie"

Access to the IIS is also given by the management company OTKRITIE UK LLC, do not confuse it with the broker of the same name. There is no way to open an account online, moreover you can only invest amounts from 50,000 rubles... Investment income fees are up to 15%.

The opening offers several interesting finished products:

  • there are options structured products with capital protection, you will need to invest from 250,000 rubles;
  • can use one of the strategies with a minimum investment level from 50,000 rubles. Working with them is carried out through a management company;
  • I have an opportunity trade on recommendations... In this case, notifications about which bonds to buy on the IIS come in the form of an SMS message to the client's number or to his email.


Unlike brokers who almost compete with their management companies, Otkritie actively cooperates with it. This is evidenced by the fact that the products are implemented through it.

VTB

VTB is inferior to the companies mentioned above in a number of indicators:

  • here there is no way to open IIS remotely;
  • the client gets access only to the stock and derivatives markets... Moscow and St. Petersburg stock exchanges, as well as the foreign exchange market remain inaccessible;
  • commissions are higher than those of competitors.

Let us dwell on commissions separately - for the tariff “ Professional standard»:

  • with a turnover of 10 million rubles – 0,02124%;
  • 5-10 million rubles – 0,02596%;
  • 1-5 million rubles – 0,0295%;
  • up to 1 million rubles – 0,0472%.

If you choose " Investor standard", Then the commission does not depend on the turnover and is fixed 0,0413% ... Of the interesting proposals, I can only note a few auto-follow strategies... Work with them is organized through a broker, while on the account you need to have at least 300,000 rubles. Signals will be issued only for Roscompania shares traded on My.

Margin lending conditions- 13% for short positions and 16.8% for long positions. Additionally, the bank charges 0.2% commission, this commission is debited at the end of the trading session. In general, if you plan to trade on one's own, then this is not the best choice of a broker for IIS. "Discovery" looks much better from this point of view.

Alpha Capital


IIS is opened through a management company. This option is interesting because the company ranks first in the number of open individual investment accounts (among management companies). Another argument in its favor is the maximum amount of investors' funds managed by the company.

Now working conditions with IIS:

  • you can open an account online, without fiddling with government services, and even more so a personal visit to the company's office;
  • you can invest from 10,000 rubles;
  • there is 3 robust work strategies... Funds are invested in OFZs, stocks and corporate bonds. Moreover, statistics on them have been conducted since 2015, that is, from the very time when everyone could afford the IIS;
  • service cannot be called the most profitable- you will have to pay a total of 4% (2% per annum + 2% of the invested amount).

In principle, everything is simple and straightforward at Alfa Capital Management Company. The most important thing - reliability, from this point of view, it can be classified as a leader. If you are thinking about where it is more profitable to open an IMS in terms of reliability, then it is definitely worth taking a closer look.

Strategies for working with individual investment accounts

You can simply invest the funds allocated for this purpose and simply forget about them for 3 years. But to make the most of money, it’s better to work according to strategy. It will bring maximum financial return.


I will briefly describe several strategies for working with IIS.

  1. Shortening of investment terms... Remember that money cannot be withdrawn within 3 years, otherwise we will not receive a tax deduction, and a number of companies may also write off a penalty for early closing an account. But there is loophole, allowing to reduce the period during which money will be unavailable. To do this, you need an IMS of type A (that is, open with a broker). An account is opened, but money is not immediately transferred there. For example, they opened it in January 2017, then in December 2018 (almost 2 years after opening) they introduced 400,000 rubles there, and in March 2019 the state will reimburse 52,000 rubles. At the end of 2019, we again enter 400,000 rubles, get a tax deduction in 2020 and close the account. Eventually money freeze time has been shortened.
  2. Selection of a broker who withdraws profit from coupons and dividends to a bank account, card, or another account with the same company. In this case, you can try to make money by buying securities with high dividends. Truth, the risk increases dramatically.
  3. IIS for relatives... If there is a lot of money, then we take all family members, and open an IIS for each. We deposit funds and receive a tax deduction.
  4. Reinvestment- the tax deduction is immediately deposited into a regular account, and trading is conducted.
  5. Long operation of IMS... Until the account is closed, no one will collect income tax. So you don't have to close your account and work peacefully.
  6. Small amounts can be deposited regularly and invest in OFZs and shares... A decent amount will come up in a few years.

Whichever strategy you choose - choose your broker carefully... My small IIS rating will help with this.

General issues

In this section, I will briefly try to answer the most common questions IIS related:

  • Investment term? From 3 years old.
  • Is it possible to early account closure? Yes, but tax deduction or profit tax exemption will be canceled.
  • Is it possible to have several IIS? No, one person can only have 1 account.
  • How much can you invest? Up to 400,000 rubles, this is the maximum for which the deduction will apply. Despite this, remember that you can deposit up to 1,000,000 rubles per year into your account.
  • When can I invest? If an agreement is concluded with a broker, then this can be done immediately after opening an account. It is profitable to open an IIS so that there is always an opportunity to invest free money in it. The three-year period is counted from the date of the conclusion of the contract.
  • How to open IIS? Online. If this function is not available, then upon a visit to the broker / MC's office.
  • What is the difference between a management company and a broker? The agreement with the management company deals with trust management, and with a broker - about brokerage services.
  • Is it possible to transfer IIS from one broker to another? Yes, it is possible.

Summary

If you look at it, for a number of reasons, IIS is more profitable than a simple bank deposit. In the bank, your money will bring you income no more than that specified in the contract, and when working with IIS there is a real chance of getting more.

So my advice to you is to select a broker (preferably from among those considered) and open an IIS. It will not need to be replenished right away, but when free money appears, you can invest it and shorten the freezing time. Remember - the optimal time for investments is December, the tax deduction will need to be issued before 30.04 of the next year for the previous year.

This concludes my brief overview of individual investment accounts. Ask all questions in the comments and do not forget to subscribe to updates on my blog. I promise there will be many more interesting things.

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10 NYZHPC PV yyu. YODYCHYDKHBMSHOSCHK YOCHEUFYGYPOSCHK UYUEF - LBL LFP TBVPFBEF?

27 NBS 2015

UREGIBMYUFSH LPNRBOY "JOBN" DBAF RTBLFYUEULYE UPCHEFSC P FPN, LBL ЪBTBVBFSCHCHBFSH ABOUT THORN BLGIK:

y 1 SOCHBTS 2015 ZPDB X TPUYSO RPSCHYMBUSH CHP'NPTSOPUFSH PFLTSCHCHBFSH YODYCHYDKHBMSHOSHE YOCHEUFYGYPOSCHE UYUEFB (yyu) Y UPHETYBFSH PREDBGSHEY U GEOKHTEBEJP zhPTNBF yyu HTSE PVTEM RPRKHMSTOPUFSH: RPNPTSOPUFSH PUCHPVPDIFSH CHUA RTYVSCHMSH PF RPDPIPDOPZP OBMPZB YMY RPMKHYUBFSH PF ZPUKHTUCHMEUCHEUFCHYUP TPEK EPUTPUTPUTP

hPRTPUPCH P FPN, LBL LFP TBVPFBEF, PDOBLP, OENBMP: YODYCHYDKHBMSHOSCHE YOCHEUFYGYPOSCHE UYUEFB ЪB OEULPMSHLP NEUSGEYCH KHTSHCHUFYREMB NBPPN UBNSCHE TBURTPUFTBOYOOSCHE YY OYI NSCH RPRTPUIMY TBCHEOYUBFSH YURPMOYFEMSHOPZP DYTELFPTB RTEDUFBCHYFEMSHUFCHB bp "zhyobn" CH Z.

NYZH 1. "NEW OE OKHCEO yyu, X NEOS EUFSH VTPLETULYK UYUEF"

lPOUFFBOFYO FAFTYO: oB PVSCHYUOPN VTPLETULPN UYUEFE OBMPZY VHDHF HDETTSYCHBFSHUS CHUEZDB, RPMKHYUYFSH OBMPZPCCHCHE MSHZPFSCH, OBRTYNET, ojm U VBTRMBFSCH, NPTSCHTSPP FPY. lTPNE FPZP, EUMY VTPLET HDETTSBM have CHBU OBMPZ have PVSCHYUOPZP VTPLETULPZP UYUEFB, OP RHFEN RTPUFPK RETELMBDLY DEOETSOSCHI UTEDUFCH YMY BTBVPFBOOPK RTYVSCHMY have PVSCHYUOPZP VTPLETULPZP UYUEFB ON yyu BL UNPTSEFE CHETOHFSH HDETTSBOOSCHK VTPLETPN odzhm PF PRETBGYK have GEOOSCHNY VHNBZBNY (OD OE VPMEE 52000 THVMEK W PZ). eUMY CHSCH YOCHEUFYTKHEFE CH OEDPPGEOEOOSCHE VHNBZY, Y CHBY DPIPD ЪB FTY ZPDB UPUFBCHIF 1000% Y VPMEE, FP UP CHUEK RTYVSHMY CHCH NPTSEFE FBLBCHME

NYZH 2. "EUMY NOE UTPUOP RPOBDPVSFUS NPY DEOSHZY, WITH OE UNPZH YI RPMHYUIFSH TBSHYE FTEI MEF "

lPOUFFBOFYO FAFTYO: oechetop! CHSCH NPTSEFE CHSCHCHEUFY DEOETSOCHE UTEDUFCHB CH MAVPK NPNEOF, OYLBLYI PZTBOYUEOYK OEF, OP EUMY CHSCH IPFS VSCH YUBUFYUOP CHSCHPDIFE DEOSHZY U YSHUFCHU, FB UYUEFE FIs EUFSH, EUMY BL BLTSCHCHBEFE yyu RETCHPZP FYRB (CHSCHYUEF ON CHOPUSCH) TBOEE, Yuen YUETE FTY ZPDB, BL DPMTSOSCH VHDEFE CHETOHFSH RTEDPUFBCHMEOOSCHE CHBN UHNNSCH CHSCHYUEFPCH, OBYUYUMEOOSCHE OBMPZPCHSCHN PTZBOPN, REOY J HRMBFYFSH OBMPZ have RPMPTSYFEMSHOPZP ZHYOBOUPCHPZP TEHMSHFBFB PF PRETBGYK RP UYUEFH. eUMY ЪBLTSCHCHBEFE yyu CHFPTPZP FIRB (CHSCHYUEF CH UHNNE DPIPDCH), CHBN OKHTSOP VHDEF HRMBFYFSH OBMPZ UP CHUEK RTYVSCHMY PF PRETBGEYK RP.

NYZH 3. "ABOUT YODYCHYDKHBMSHOSHI UYUEFBI NPTSOP JBTBVPFBFSH OE VPMSHYE 13%"

lPOUFFBOFYO FAFTYO: 13% - LFP NYOYNKHN, FP EUFSH ZBTBOFYTPCHBOOBS DPIPDOPUFSH, OP CHSCH NPTSEFE RPMKHYUBFSH Y DPRPMOIFESHOSCHK DPIPD PF YOCHEUFYGYK CHBTBOFYTPYuPYuP NPZHF VSCHFSH Y DTHZYE VPOHUSCH, OBRTYNET, LPNRBOYS "zhyobn" OBYUYUMSEF ½ LMAUECHPK UFBCHLY gv ABOUT UCHPVPDOSCH PUFBFPL ZHPODPCHPZP Y TSPYUOLBZP.

NYZH 4. "yyu YOFETEUOSCH FPMSHLP TYULPCHBOOSCHN YOCHEUFPTBN, B S LPOUETCHBFPT"

lPOUFFBOFYO FAFTYO: about DBOOCHK NPNEOF OYLBLYI PZTBOYUEEOIK ABOUT UPCHETYEOYE PRETBGYK RP yyu YBLPOPDBFEMSHOP OE RTEDKHUNPFTEOP. i DBTSE UBNSCHK LPOUETCHBFYCHOSCHK YOCHEUFFT, RTYPVTEFBAEYK, L RTEINETKH. rTYNET: ((52000 THV. (13% OBMPZPCHSCHK CHSCHYUEF) + 40,000 THV. (10% RP PVMYZBGYSN, CH OBUFPSEEE CHTENS)) AND 3 ZPDB = 276000 THV. HYUEFPN OBMPZPCHPZP CHSCHYUEFB, DBUF DPIPDOPUFSH HTSE CH 33%.

NYZH 5. "PODOCHTENEOOOP NPTSOP YNEFSH FPMSHLP PDYO FIR yyu"

lPOUFBOFYO FAFTYO: h GEMPN, CHETOP.ъBLPO RPUCHPMSEF PODOCHTENEOOOP YNEFSH FPMSHLP PDYO yyu ABOUT PDOP ZHYYUEULPE MYGP Y CHPURPMSHPCHBFSHUS FPMSHLP PDOIN FIRPN CHCHYUEFBDE OBEYNE. pDOBLP NPTSOP PFLTSCHFSH UYUEF ABOUT TSEOCH, UEUFTKH, VTBFB, TPDYFEMEK, DEFEK (EUMY POI UVBTYE 14 MEF), CHCHVTBFSH CHFPTPTPK FIR UYUEFB Y CHFTPNCHMESHPUZHPOJ FEN UBNSCHN ChP'NPTSOPUFY ABTBVPFLB TBUYYTSAFUS, J CH LBTSDSCHK LPOLTEFOSCHK NPNEOF NPTSOP CHCHVTBFSH, ABOUT LBLPK UYUEF YBYUUMYFSH DEOOETSBOSCH UTEDUFF.

NYZH 6. "OBMPZPCHSCHN CHCHYUEFPN RP yyu NPTSOP CHPURPMSh'PCHBFSHUS FPMSHLP PDYO TB 'CH TSYOYOI"

lPOUFFBOFYO FAFTYO: dB, LFP FBL. chSchYuEF RP yyu RPIPTS ON CHSCHYUEF LCHBTFYTH B, Subdivision EUFSH UHEEUFCHEOOBS TBOYGB: EUMY CHETOHFSH odzhm have LCHBTFYTSCH NPTSOP FPMSHLP PDYO TB J NBLUYNHN 260,000 THVMEK, AF in yyu NPTSOP CHPCHTBEBFSH OEPZTBOYYUEOOPE LPMYYUEUFCHP MEF. eUMY YURPMSHPCHBFSH UYUEF 10 MEF, FP UHNNB ChP CHTBFB NPTSEF UPUFBCHYFSH 520 000 THVMEK, B U HYUEFPN ZPFPCHSEIYIUS YNEOOYK RP HCHEMKHNESHYUCHYUCHYU

NYZH 7. "NBLUYNBMSHOSCHK CHLMBD - 400 FSCHUSYU THVMEK CH ZPD - OEPVIPDYNP CHOEUFY ABOUT yyu UTBH RTY PFLTSCHFY"

lPOUFFBOFYO FAFTYO: FP OECHETOPE HFCHETTSDEOYE. pFLTSCHFSH UYUEF NPTSOP CH SOCHBTE 2015 ZPDB, B RPRPMOYFSH EZP CH DELBVTE. b NPTSOP CHOPUYFSH UTEDUFCHB YUBUFSNY, LBTSDSCHK NEUSG, CH MAVPN LPMYUEUFCHE, OBRTYNET RP 10 000 THVMEK.

NYZH 8. "ABOUT 100% CHOOEOOOSCHI ABOUT yyu DEOEZ SPTSOP PZHPTNYFSH CHLMBD"

lPOUFFBOFYO FAFTYO: chLMBDSch NPTSOP PZHPTNMSFSH B TBNLBI yyu ON UYUEFBI DPCHETYFEMSHOPZP HRTBCHMEOYS, OP OHTSOP RPNOYFSH P FPN, YUFP Sing OE UFTBIHAFUS ZPUHDBTUFCHPN, RPFPNH YUFP UYUEFB BTEZYUFTYTPCHBOSCH ATYDYYUEULPE MYGP ON, B ON OE ZHYYYUEULPE - PF OEDPVTPUPCHEUFOPZP VBOLB bZEOFUFChP RP UFTBIPCHBOYA CHLMBDPCH CHBU URBUFY OE UNPTSEF.

NYZH 9. "ZPUHDBTUFCHP ZBTBOFYTKHEF UPITBOOPUFSH UTEDUFCH ABOUT yyu"

lPOUFFBOFYO FAFTYO: zPUKHDBTUFCHP ZBTBOFYTKHEF MYYSH CHSCHYUEF OBMPZPCH Y RPMHYUEOOSHI RTYVSCHMEK. yuFP LBUBEFUS ZBTBOFYY UPITBOOPUFY DEOEZ UYUEFE ON, OP EUMY METSBF Poi H-LBLYI MYVP BLFYCHBI (BLGYY, PVMYZBGYY) FP FP CE FBLPE YNHEEUFCHP, LBL LCHBTFYTB, NBYYOB, DBYUB, ENMS, J OYLFP OE CHRTBCHE PFPVTBFSH FP YNHEEUFCHP X CHBU. h UMHYUBE, EUMY DEOETSOSCHE UTEDUFCHB RTPUFP METSBF UYUEFE ON, OP ZBTBOFYY ZPUHDBTUFCHB RPLB RFU, PHB PVUHTSDBEFUS UEKYUBU ON ZPUHDBTUFCHEOOPN HTPCHOE J VHDEF, CHETPSFOP, TBVPFBFSH RP RP RTYOGYRH bZEOFUFChB UFTBIPCHBOYA CHLMBDPCH. rP UHFY, DBOOBS ЪBEYFB OKHTSOB PF OEDPVTPUPCHEUFOSCHI NEMLIYI VTPLETCH, LPFPTSCHN OEUEZP FETSFSH.

NYZH 10. "pFLTSCHFSH yyu OYLPZDB RP'DOP, RP'FPNKH NPTSOP OE FPTPRYFSHUS"

lPOUFFBOFYO FAFTYO: fTY ZPDB UHEEUFCHPCHBOYS YODYCHYDKHBMSHOPZP YOCHEUFYGYPOOPZP UYUEFB OEPVIPDYNSCH DMS RPMKHUEOYS MSHZPF. SING UYUIFBAFUS U DBFSCH ЪBLMAYUEOYS DPZPCHPTB ABOUT yyu. yuen TBOSHYE CHCH ÄBLMAYUIFE DPZPCHPT (UYUEF RTY LFPN, OBRPNYOBA, NPTSOP RPRPMOYFSH Y CH LPOGE RETCHPZP ZPDB, UN. RHOLF No. 7), FEN TBOSHMKHYU CHESH. RETCHSCHNY, LFP CHPURPMSh'PCHBMUS LFPK CHP'NPTSOPUFSHA J PFLTSHM UYUEFB KhTSE CH RETCHSCH TBVPYE DOY SOCHBTS, VSCHMY UBNY UPFTHDOYLY VTPLETSHTULYI LPHTPN



ABOUT the site RHVMYLHAFUS NBFETYBMSCH, RTEDPUFBCHMEOOSCHE BOBMYFYLBNY Y FTEKDETBNY TPUUYKULYI Y ABTHVETSOSHI YOCHEUFYGYPOOSHI LPNRBOYK Y VBOLPCH. yI NOEOOYS NPZHF OE UPCHRBDBFSH U NOEOYEN TEDBLGY. bCHFPTSCH LPNNEOFBTYECH OE VETKHF ABOUT UEVS PFCHEFUFCHEOOOPUFSH AB DEKUFCHYS, RTEDRTYOSFSCHE ABOUT PUOPCHE DBOOPK YOZHPTNBGY. at RPSCHMEOYEN OPCHCHI DBOOSCHI RP TSCHOLKH RPYGYS BCHFPTPCH NPTSEF NEOSFSHUS. rTEDUFBCHMEOOSCHE CH LPNNEOFBTYY NOEOOS CHCHTBTSEOSCH U HYUEFPN UIFKHBGY ABOUT NPNEOF CHCHIPDB NBFETYBMB. lPNNEOFBTYY OPUSF YULMAYUYFEMSHOP POBLPNYFESHOSCHK IBTBLFET; POY OE SCHMSAFUS RTEDMPTSEOYEN YMY UPCHEFPN RP RPLHRLE MYVP RTPDBCE GEOOSHI VKHNBZ. uFPYNPUFSh GEOOSCHI VHNBZ NPTSEF HCHEMYYUYCHBFSHUS J HNEOSHYBFSHUS, TEHMSHFBFSCH YOCHEUFYTPCHBOYS B RTPYMPN OE PRTEDEMSAF DPIPDSCH B VHDHEEN, ZPUHDBTUFCHP OE ZBTBOFYTHEF DPIPDOPUFSH YOCHEUFYGYK B GEOOSCHE VHNBZY.

    UFBFKHU NYTPCHPZP NBUYFBVB: SHENE ACHEMITE P UPFTHDOYUEUFCHE U NYTPCHSCHNY VTEODBNY

    rPYuENH SHENE ACHEMYT YOFETEUOP UPFTHDOYYUBFSH have NYTPCHSCHNY ACHEMYTOSCHNY VTEODBNY, LBLYE FTEVPCHBOYS OBMBZBEF ON LPNRBOYA FBLPE UPFTHDOYYUEUFCHP, J LBLYE VTEODSCH OBYVPMEE RPRHMSTOSCH X YTLHFSO, TBUULBBMB zBEFE Dempo LPNNETYUEULYK DYTELFPT SHENE ACHEMYT fBFShSOB rYUBTEChB.

    CHBDYN POOFBREOLP, yl "ZhTYDPN ZHYOBOU": "RYZHSCH - GENERAL FEEL. pFLTSCHCHBEN DMS UEVS BLFHBMSHOSHE YOCHEUFYGYPOSCHE YOUFTKHNEOFSH "

    EUMY CHSCH OPCHYUPL CH YOCHEUFYTPCHBOYY - PDYO Y MKHYUYYI URPUPVPCH OBYUBFSH YFPF HCHMELBFESHOSCHK RKHFSH ABTBVBFSCHBOYS DEOEZ U CHLSCHEMPCHNSCHYSPK

    "Х YTLHFULB EUFSH CHUE YBOOSH UBFSH MYDETBNY GYZHTPCHYIBGY TPUYY" - PLUBOB MPVPCHB, vBKLBMSHULIK VBOL UVETVBOLB

    YTLHFULBS PVMBUFSH CHIPDIFE CH DEUSFLH TEZYPOPCH-MYDETCH, RTPSCHMSAEYI YOFETEU L GYZHTPCHSCHN UETCHYUBN. SFP DBEF GYZHTPChBS FTBOUZHPTNBGYS TEZIPOKH? LBLYE TEYEOIS VHDHF OBYVPMEE CHPUFTEVPCHBOSCH NHOYGYRBMYFEFBNY? ьFY CHPRTPUSCH PWUKHDYMY RTDUFBCHYFEMY NHOYGYRBMSHOSHI PTZBOPCH CHMBUFY, VADTSEFOPK UZHETSH, VYOEU-UVTHLFKHT TEZYPOB PE CHTENS "GYZHTPCHPFSPZP DOS"

    DCHB PZHYUB tPUUEMSHIPVBOLB PFLTSCHMYUSH CHYTLHFULPK PVMBUFY RPUME TEOPCHBGY

    5 NBTFB 2020 ZPDB DMS TSYFEMEK fHMHOB Y OYTSOOEHDYOULB PFLTSCHMY DCHETY PVOPHMEOOSHPZHYUSCH TPUUEMSHIPVBOLB. h FPTTSEUFCHEOOPK GETENPOYY PFLTSCHFYS RTYOSMY HYUBUFYE ZMBCHSCH NHOYGYRBMSHOSCHI PVTBPCHBOYK, RTEDUFBCHYFEMY CHEDPNUFCH, HRTBCHMEOYS UEMSHULPZP IPSKUFCHB, REOUYPOOPZP ZHPODB, UPGYBMSHOPK BEYFSCH OBUEMEOYS J RPYUEFOSCHE CHLMBDYUYLY VBOLB.

    Chfv RETECHPDIF UEFSH ABOUT VEVHNBTSOHA FEIOPMPZIA

    Chfv PDYO YY RETCHSCHI RETECHPDIF CHUA VBOLPCHULHA UEFSH ABOUT VEVHNBTSOKH FEIOPMPZYA. GYZHTPCHPK ZHPTNBF RPDRYUBOYS DPLHNEOFFCH UFBOEF DPUFHREO LMYEOFBN CH RETCHPN LCHBTFBME 2020 ZPDB PE CHUEEI FPULBI RTPDBTS - LFP RPTSDLB 1.5 FSCHU. PZHYUPCH chfv RP CHUEK UVTBOYE.

    CHILFPT zETBEEOLP CHSCHTSEZ VSC OBRBMNPN URELHMSOFFCH RPLBBBFEMSHOSCHN HLTERMEOYEN THVMS

    GEOPCHBS CHOKOB ABOUT THE THROW OF OEZHFY - UNEMPE Y TYULPCHBOOP TEYEOYE TPUUYKULYI CHMBUFEK. pOP, CHNEUFE U FEN, JNEEF JUEFLHA Y SUOHA MPZYLH, UYUIFBEF bMELUBODT TBHCHBECH, THLPCHPDYFEMSH ybg "bMSHRBTY".

    Thubm PVYASCHMSEF PRETBGYPOOSCHE TEHMSHFBFSCH YUEFCHETFPZP LCHBTFBMB Y 2019 ZPDB

    Thubm (ATD FPTZPCHSCHK zPOLPOZULPK ZHPODPCHPK VYTTSE ON 486, ON nPULPChULPK VYTTSE RUAL), PDYO dv LTHROEKYYI H NYTE RTPYCHPDYFEMEK BMANYOYS, PVYASCHMSEF TEHMSHFBFSCH PRETBGYPOOPK DESFEMSHOPUFY LPNRBOYY YUEFCHETFPN LCHBTFBME W Q W 2019 ZPDH.

    "LIFBKULBS YZMB". OBULPMSHLP UVTBYEO DMS FKHTWYYOOEUB ABOUT vBKLBME LPTPOBCHYTKHU

    ZHZHELF DPNYOP CHSCHCHBMB RYDENYS LPTPOBCHYTHUB ON YTLHFULPN FHTYUFYYUEULPN TSCHOLE - lYFBK BLTSCHM ZTBOYGSCH, tPUUYS BRTEFYMB TEZHMSTOSCHE J YUBTFETOSCHE BCHYBTEKUSCH, RTYPUFBOPCHYMB TSEMEOPDPTPTSOPE UPPVEEOYE, OBYUBMYUSH NBUUPCHSCHE PFNEOSCH FHTPCH, UOSFYE VTPOY B ZPUFYOYGBI yTLHFULB TH OF vBKLBME. CHUS YUETEDB UPVSCHFYK RTPYSPYMB VHLCHBMSHOP ЪБ 1,5 OEDEMY. nOPZYE HYUBUFOILY FKHTYUFYUEEULPZP TSCHOLB DP UYI RPT RTEVSCHBAF CH OELPFPTPK TBUFETSOOOPUFY Y ABFTHDOSAFUS PGEOIFSH NBUYFBV RPFETSH. CHUE RTYOBAF, UFP YINOIK UEEPO ABOUT vBKLBME RTPCHBMEO. SFP RTPYUIPDIF ABOUT FKHTYUFYUEEULPN SCHOLA? rPYUENH TEZIPOBMSHOSCHK FHTVYOEEU PLBBMUS FBL HSCHYN ?.

    10 OEPVSHYUOSHI JBLFPCH PV bMSHB-vBOL H yTLHFULE

    BMSHB-vBOL CH yTLHFULE PFRTBDOPCHBM 20-MEFOIK AVYMEK. OB RTBDOYUOPK CHUFTEYUE CHURPNYOBMY, U YUEZP CHUE OBYUYOBMPUSH, ZPCHPTYMY P FPN, YUEN PFMYUBEFUS VBOL UEKYUBU,… Y UMKHYBMY TPL CH YURTOBMOSHEOBMY UFP-UFP, B KhDYCHMSFSH bMShZhB-vBOL CHUEZDB HNEM! CHUENKH "CHYOPK" PUPVSCHK bMSHB-ZEO?

    LBL RTPIPDIFT TEZHPTNB TSCHOLB TSYMSHS? UETVBOL RTPCHEM CH YTLKHFULE "LTKHZMSCHK UFPM"

    "LTHZMSCHK UFPM", RPUCHSEEOOSCHK CHPRTPUBN YBLPOPDBFEMSHUFCHB tzh CH UZHETE TSIMYEOPZP UVTPYFEMSHUFCHB, UPUFFPSMUS Ch yTLKHFULE OB RMPOFFEBDLE v. h TBZPCHPTE RTYOSMY HYUBUFYE DERHFBFSCH zPUHDBTUFChEOOPK dHNSch - oYLPMBK oYLPMBECh, bMELUBODT sLHVPChULYK, HRTBCHMSAEYK yTLHFULYN PFDEMEOYEN uVETVBOLB oBFBMYS gBKFMET, THLPCHPDYFEMY 21 LPNRBOYY-BUFTPKEYLB. GEOFTBMSHOPK FENPK DYULKHUYY UVBMP PVUHTSDEOOYE TEXMSHFBFPCH TEZHPTNSCH TSYMSHS CH tPUUY YURPMOEYE BUFTPKAYLBNY TEZIPOB FTEVPBUCHBOOK BUKHUPYUPYUFFYUPYUFFYUFBCHBOOK

    «NEDRTPYCHPDUFCHP WH YTLHFULE? VEHNYE! " lBL LPNRBOY "NEDFEIUETCHYU" HDBMPUSH OECHP'NPTSOPE

    CH tPUUY PZHYGIBMSHOP ABTEZYUFTYTPCHBOP 5 NYMMYPOPCH DYBVEFYLPCH, ETSEZPDOP YI YUYUMP HCHEMYUYUYCHBEFUS ABOUT 10%. ABOUT UBNPN DEME, LFB GYZHTB VPMSHIE CH DCHB TBBB: NOPZYE RTPUFP OE JOBAF P UCHPEN ABVPMECHBOY. pDYO YY UPVUFCHOOOYLPCH LPNRBOY "NEDFEIUETCHYU" DBCHOP VPMEO DYBWEFPN Y J OBLPN U RTPVMENPK OE RPOBUMSCHYLE. yDES RPUFTPYFSH B yTLHFULE BCHPD RP RTPYCHPDUFCHH DYBVEFYYUEULYI FEUF-RPMPUPL RPOBYUBMH LBBMBUSH VEHNYEN: NBMP LFP CHETYM, YUFP FP CHPNPTSOP DEUSH, B uYVYTY, CHDBMY PF UFPMYYUOSCHI NEDYGYOULYI LMBUFETPCH. OP CHUE HDBMPUSH. uEZPDOS RTPDKHLGYS LPNRBOYY CHPUFTEVPCHBOB HTSE Y ABOUT CHOEYOYI TSCHOLBI. OEDBCHOP "NEDFEIUETCHYU" RTY HYUBUFYY GEOFTB RPDDETTSLY ILURPTFB ÄBLMAYUYM LPOFTBLF U vempTHUUYEK. pF UFBTFB RTPELFB DP CHCHIPDB ABOUT BLURPTF RTPYMP CHUEZP OEULPMSHLP MEF. lPOUFBOFYO chPTPVEK, DYTELFPT RP TBCHYFYA LPNRBOY "NEDFEIUETCHYU"

    Pfv PFLTSCHM PZHYU Private Banking CH yTLHFULE

    Pfv Private Banking - LFP UREGBMYYTPCHBOOPE RPDTBDEEMEOYE RP HRTBCHMEOYA LBRIFBMPN Y PVUMHTSYCHBOYA RTENYBMSHOSHI LMYEOFFCH Y YUMEOPCH YI UENEK. dH DPUFHROSCH LMBUUYYUEULYE VBOLPCHULYE HUMHZY have MHYUYYNY HUMPCHYSNY, YOCHEUFYGYPOOSCHE RTPDHLFSCH, HUMHZY Family Office - ATYDYYUEULPZP J UPRTPCHPTSDEOYE, CHPRTPUSCH OBUMEDPCHBOYS LBRYFBMB, B FBLTSE YYTPLPK URELFT HUMHZ lifestyle.љ

    Tuiv HMKHYUYM HUMPCHYS PVUMKHTSYCHBOYS LLURPTFETPCH Y HYUBUFOILPCH CHD

    TPUUEMSHIP'VBOL CHCHEKUFCHYE DCHB OPCHCHI FBTYZHOSHI RMBOB: PDO RTEDOBOBYUEO BLURPTFOP PTYEOFAYTPCHBOOSCHN LPNRBOYSN brl, CHFPPTPYUPSHYUPYUHEPUKHEYPUKHEYPNR h TBNLBI FBTYZHOSHI RMBOPCH VBOL RTEDMBZBEF CHCHZPDOSCHE GEOPCHSCHE HUMPCHYS ABOUT LPNRMELU HUMHZ RP TBYUEFOPNKH Y DYUFBOGYPOOPNKH VBOLPCHULKHPNCH PVBOUMP

    Chd - CH PDOPN PLOE. pMShZB veureuobs - P OCHSCH UETCHYUB I HUMHZBI DMS LMYEOFFPCH-LLURPTFETPCH

    YTLHFULIK VYOEU CHUE BLFYCHOYE CHCHIPDIF ABOUT NETSDHOBTPDOSCH THOROUGH. fPTZPCCHK PVPTPF TBUFEF, B CHNEUFE U OYN TBUFHF J RPFTEVOPUFY RTEDRTYOINBFEMEK CH LBYUEUFCHEOPN VBOLPCHULPN UPRTPCHPTSDEOY CHOPEENUEFUUUEL. bMShZhB-vBOL - LTHROEKYYK YUBUFOSCHK VBOL UFTBOSCH - BLFYCHOP TBVPFBEF B OBRTBCHMEOYY chd, RTEDMBZBS LMYEOFBN J OPCHSCHE GYZHTPCHSCHE UETCHYUSCH, J CHSCHZPDOSCHE FBTYZHSCH, LURETFYH TH, TH CHPNPTSOPUFSH TEYYFSH Chueh CHPRTPUSCH B TETSYNE "EDYOPZP PLOB". rPDTPVOE PV ЬFPN TBUULBBMB pMShZB veureuos, TEZIPOBMSHOSCHK HRTBCHMSAEYK bMShVB-vBOLB CH yTLHFULE.

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