╨Ш╨╜╤Д╨╗╤П╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨╛╨╢╨╕╨┤╨░╨╜╨╕╤П

╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨╛╨╢╨╕╨┤╨░╨╜╨╕╤П?

╨Ш╨╜╤Д╨╗╤П╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨╛╨╢╨╕╨┤╨░╨╜╨╕╤П ╨╛╤В╨╜╨╛╤Б╤П╤В╤Б╤П ╨║ ╨╝╨╜╨╡╨╜╨╕╤О ╨╛ ╨▒╤Г╨┤╤Г╤Й╨╡╨╝ ╤Г╤А╨╛╨▓╨╜╨╡ ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╕ ╤Б╨╛ ╤Б╤В╨╛╤А╨╛╨╜╤Л ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╤Е ╤Б╨╗╨╛╨╡╨▓ ╨╛╨▒╤Й╨╡╤Б╤В╨▓╨░, ╨▓╨║╨╗╤О╤З╨░╤П ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓, ╨▒╨░╨╜╨║╨╕╤А╨╛╨▓, ╤Ж╨╡╨╜╤В╤А╨░╨╗╤М╨╜╤Л╤Е ╨▒╨░╨╜╨║╨╛╨▓, ╤А╨░╨▒╨╛╤З╨╕╤Е, ╨┤╨╡╨╗╨╛╨▓╤Л╤Е ╨╗╤О╨┤╨╡╨╣. ╨в╨░╨║╨╕╨╝ ╨╛╨▒╤А╨░╨╖╨╛╨╝, ╨╛╨╜╨╕ ╤Г╤З╨╕╤В╤Л╨▓╨░╤О╤В ╤Н╤В╤Г ╤Б╤В╨░╨▓╨║╤Г ╨┐╤А╨╕ ╨┐╤А╨╕╨╜╤П╤В╨╕╨╕ ╤А╨╡╤И╨╡╨╜╨╕╨╣, ╨║╨░╤Б╨░╤О╤Й╨╕╤Е╤Б╤П ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╤Е ╨▓╨╕╨┤╨╛╨▓ ╤Н╨║╨╛╨╜╨╛╨╝╨╕╤З╨╡╤Б╨║╨╛╨╣ ╨┤╨╡╤П╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕, ╨║╨╛╤В╨╛╤А╤Л╨╝╨╕ ╨╛╨╜╨╕ ╤Е╨╛╤В╨╡╨╗╨╕ ╨▒╤Л ╨╖╨░╨╜╨╕╨╝╨░╤В╤М╤Б╤П ╨▓ ╨▒╤Г╨┤╤Г╤Й╨╡╨╝.

╨Ю╨│╨╗╨░╨▓╨╗╨╡╨╜╨╕╨╡

• ╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨╛╨╢╨╕╨┤╨░╨╜╨╕╤П?
  • ╨Ъ╨░╨║ ╨╜╨░╨╣╤В╨╕ ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╛╨╜╨╜╨╛╨╡ ╨╛╨╢╨╕╨┤╨░╨╜╨╕╨╡?
    • #1 тАУ ╨Ь╨╡╤В╨╛╨┤, ╨╛╤Б╨╜╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨╜╨░ ╨╛╨┐╤А╨╛╤Б╨╡
    • #2 тАУ ╨а╤Л╨╜╨╛╤З╨╜╤Л╨╣ ╨╝╨╡╤В╨╛╨┤
  • ╨Я╤А╨╡╨╕╨╝╤Г╤Й╨╡╤Б╤В╨▓╨░
  • ╨Ю╨│╤А╨░╨╜╨╕╤З╨╡╨╜╨╕╤П
  • ╨Ч╨░╨║╨╗╤О╤З╨╡╨╜╨╕╨╡
  • ╨а╨╡╨║╨╛╨╝╨╡╨╜╨┤╤Г╨╡╨╝╤Л╨╡ ╤Б╤В╨░╤В╤М╨╕

╨Ъ╨░╨║ ╨╜╨░╨╣╤В╨╕ ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╛╨╜╨╜╨╛╨╡ ╨╛╨╢╨╕╨┤╨░╨╜╨╕╨╡?

╨Ю╨▒╤Л╤З╨╜╨╛ ╤Б╤Г╤Й╨╡╤Б╤В╨▓╤Г╨╡╤В 2 ╨╝╨╡╤В╨╛╨┤╨░ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╕╤П ╨╛╨╢╨╕╨┤╨░╨╡╨╝╨╛╨╣ ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╕.

#1 тАУ ╨Ь╨╡╤В╨╛╨┤, ╨╛╤Б╨╜╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨╜╨░ ╨╛╨┐╤А╨╛╤Б╨╡

╨ж╨╡╨╜╤В╤А╨░╨╗╤М╨╜╤Л╨╡ ╨▒╨░╨╜╨║╨╕ ╨╝╨╜╨╛╨│╨╕╤Е ╤Б╤В╤А╨░╨╜ ╨┐╤А╨╛╨┤╨╛╨╗╨╢╨░╤О╤В ╨▓╤Л╤П╤Б╨╜╤П╤В╤М ╨┐╨╡╤А╤Б╨┐╨╡╨║╤В╨╕╨▓╨╜╤Г╤О ╨╛╨╢╨╕╨┤╨░╨╡╨╝╤Г╤О ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╤О ╨▓ ╤Б╤В╤А╨░╨╜╨╡, ╨┐╤А╨╛╨▓╨╛╨┤╤П ╨╕╤Б╤Б╨╗╨╡╨┤╨╛╨▓╨░╨╜╨╕╤П, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨┐╨╛╨╖╨▓╨╛╨╗╤П╤В ╨╕╨╝ ╨┐╤А╨╕╨╜╤П╤В╤М ╨┐╤А╨░╨▓╨╕╨╗╤М╨╜╤Г╤О ╤Б╤В╤А╨░╤В╨╡╨│╨╕╤О, ╨▒╤Г╨┤╤М ╤В╨╛ ╤Н╨║╤Б╨┐╨░╨╜╤Б╨╕╨╛╨╜╨╕╤Б╤В╤Б╨║╨░╤П ╨╕╨╗╨╕ ╨║╨╛╨╜╤Б╨╡╤А╨▓╨░╤В╨╕╨▓╨╜╨░╤П, ╨╡╤Б╨╗╨╕ ╤Г╨╢ ╨╜╨░ ╤В╨╛ ╨┐╨╛╤И╨╗╨╛.

╨Я╤А╨╕╨╝╨╡╤А:

╨Э╨░╨┐╤А╨╕╨╝╨╡╤А, ╨д╨╡╨┤╨╡╤А╨░╨╗╤М╨╜╤Л╨╣ ╨▒╨░╨╜╨║ ╨Э╤М╤О-╨Щ╨╛╤А╨║╨░ ╨┐╤А╨╛╨▓╨╛╨┤╨╕╤В ╨╕╤Б╤Б╨╗╨╡╨┤╨╛╨▓╨░╨╜╨╕╨╡ ╨┐╨╛╤В╤А╨╡╨▒╨╕╤В╨╡╨╗╤М╤Б╨║╨╕╤Е ╨╛╨╢╨╕╨┤╨░╨╜╨╕╨╣ ╨║╨░╨╢╨┤╤Л╨╣ ╨│╨╛╨┤, ╨╜╨░╤З╨╕╨╜╨░╤П ╤Б ╨╕╤О╨╜╤П 2013 ╨│╨╛╨┤╨░.

• ╨н╤В╨╛ ╨┤╨╡╨╗╨░╨╡╤В╤Б╤П ╤З╨╡╤А╨╡╨╖ ╨╜╨░╤Ж╨╕╨╛╨╜╨░╨╗╤М╨╜╨╛ ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╕╤В╨╡╨╗╤М╨╜╤Л╨╣ ╨╛╤А╨│╨░╨╜, ╤Б╨╛╤Б╤В╨╛╤П╤Й╨╕╨╣ ╨╕╨╖ ╤З╨╡╤А╨╡╨┤╤Г╤О╤Й╨╡╨╣╤Б╤П ╨║╨╛╨╝╨╕╤Б╤Б╨╕╨╕, ╤Б╨╛╤Б╤В╨╛╤П╤Й╨╡╨╣ ╨┐╤А╨╕╨╝╨╡╤А╨╜╨╛ ╨╕╨╖ 1300 ╨│╨╗╨░╨▓ ╨┤╨╛╨╝╨╛╤Е╨╛╨╖╤П╨╣╤Б╤В╨▓.
• ╨Ю╨╜ ╨┐╤А╨╛╨▓╨╛╨┤╨╕╤В╤Б╤П ╨▓ ╤В╨╡╤З╨╡╨╜╨╕╨╡ 12 ╨╝╨╡╤Б╤П╤Ж╨╡╨▓, ╨┐╤А╨╕ ╤Н╤В╨╛╨╝ ╨┐╨░╨╜╨╡╨╗╤М ╤Б╨╛╤Б╤В╨╛╨╕╤В ╨╕╨╖ ╤А╨░╨▓╨╜╨╛╨│╨╛ ╤З╨╕╤Б╨╗╨░ ╤Г╤З╨░╤Б╤В╨╜╨╕╨║╨╛╨▓, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╤З╨░╤Б╤В╨╛ ╤Б╨╝╨╡╨╜╤П╤О╤В ╨┤╤А╤Г╨│ ╨┤╤А╤Г╨│╨░.
• ╨Ю╨╜ ╨▓╤А╨░╤Й╨░╨╡╤В╤Б╤П ╨▓╨╛╨║╤А╤Г╨│ ╤Н╨║╨╛╨╜╨╛╨╝╨╕╤З╨╡╤Б╨║╨╕╤Е ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В╨╛╨▓, ╤Б╨▓╤П╨╖╨░╨╜╨╜╤Л╤Е ╤Б ╤А╤Л╨╜╨║╨╛╨╝ ╤В╤А╤Г╨┤╨░╨а╤Л╨╜╨╛╨║ ╤В╤А╤Г╨┤╨░╨а╤Л╨╜╨╛╨║ ╤В╤А╤Г╨┤╨░, ╤В╨░╨║╨╢╨╡ ╨╕╨╖╨▓╨╡╤Б╤В╨╜╤Л╨╣ ╨║╨░╨║ ╤А╤Л╨╜╨╛╨║ ╤В╤А╤Г╨┤╨░, ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╤Е╨╛╤А╨╛╤И╨╛ ╨╕╨╖╤Г╤З╨╡╨╜╨╜╤Л╨╝ ╤А╤Л╨╜╨║╨╛╨╝, ╨║╨╛╤В╨╛╤А╤Л╨╣ ╨╛╨┐╨╡╤А╨╕╤А╤Г╨╡╤В ╨┤╨╕╨╜╨░╨╝╨╕╨║╨╛╨╣ ╤Б╨┐╤А╨╛╤Б╨░ ╨╕ ╨┐╤А╨╡╨┤╨╗╨╛╨╢╨╡╨╜╨╕╤П ╨╗╤О╨┤╨╡╨╣, ╨╕╤Й╤Г╤Й╨╕╤Е ╤А╨░╨▒╨╛╤В╤Г (╤А╨░╨▒╨╛╤В╨╜╨╕╨║╨╛╨▓), ╨╕ ╨╛╤А╨│╨░╨╜╨╕╨╖╨░╤Ж╨╕╨╣/╨╗╤О╨┤╨╡╨╣, ╨┐╤А╨╡╨┤╨╛╤Б╤В╨░╨▓╨╗╤П╤О╤Й╨╕╤Е ╤А╨░╨▒╨╛╤В╤Г ( ╤А╨░╨▒╨╛╤В╨╛╨┤╨░╤В╨╡╨╗╨╕).╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡, ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╤П, ╤Д╨╕╨╜╨░╨╜╤Б╤Л ╨┤╨╛╨╝╨╛╤Е╨╛╨╖╤П╨╣╤Б╤В╨▓ ╨╕ ╤В. ╨┤.
• ╨Ю╨┐╤А╨╛╤Б ╨╛╤В╤Б╨╗╨╡╨╢╨╕╨▓╨░╨╡╤В ╨▓╨╛╨╖╤А╨░╤Б╤В, ╨╛╨▒╤А╨░╨╖╨╛╨▓╨░╨╜╨╕╨╡, ╨┤╨╛╤Е╨╛╨┤, ╤Б╤В╨░╤В╤Г╤Б ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╨╛╤Б╤В╨╕ ╨╜╨░ ╨┤╨╛╨╝, ╤В╤А╤Г╨┤╨╛╨▓╨╛╨╣ ╤Б╤В╨░╨╢ ╨╕ ╤В. ╨┤. ╤А╨╡╤Б╨┐╨╛╨╜╨┤╨╡╨╜╤В╨░.

╨Э╨╡╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╕╨╖ ╨▓╨╛╨┐╤А╨╛╤Б╨╛╨▓, ╨╖╨░╨┤╨░╨╜╨╜╤Л╤Е ╨▓ ╤А╨░╨╝╨║╨░╤Е ╨╛╨┐╤А╨╛╤Б╨░ ╨┤╨╗╤П ╨╛╤Ж╨╡╨╜╨║╨╕ ╨╜╨░╤Б╤В╤А╨╛╨╡╨╜╨╕╨╣ ╨╕ ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╛╨╜╨╜╤Л╤Е ╨╛╨╢╨╕╨┤╨░╨╜╨╕╨╣ ╨┐╨╛╤В╤А╨╡╨▒╨╕╤В╨╡╨╗╨╡╨╣, ╨┐╨╡╤А╨╡╤З╨╕╤Б╨╗╨╡╨╜╤Л ╨╜╨╕╨╢╨╡.

1. ╨б╤З╨╕╤В╨░╨╡╤В╨╡ ╨╗╨╕ ╨▓╤Л, ╤З╤В╨╛ ╨▓╨░╤И╨░ ╤Б╨╡╨╝╤М╤П ╤Б╤В╨░╨╗╨░ ╨╗╤Г╤З╤И╨╡, ╤З╨╡╨╝ 12 ╨╝╨╡╤Б╤П╤Ж╨╡╨▓ ╨╜╨░╨╖╨░╨┤?
2. ╨Ъ╨░╨║ ╨▓╤Л ╨┤╤Г╨╝╨░╨╡╤В╨╡, ╤Б╤В╨░╨╜╨╡╤В ╨╗╨╕ ╨▓╨░╤И╨╡╨╣ ╤Б╨╡╨╝╤М╨╡ ╨╗╤Г╤З╤И╨╡ ╨▓ ╨▒╨╗╨╕╨╢╨░╨╣╤И╨╕╨╡ 12 ╨╝╨╡╤Б╤П╤Ж╨╡╨▓?
3. ╨Ъ╨░╨║ ╨▓╤Л ╨┤╤Г╨╝╨░╨╡╤В╨╡, ╨║╨░╨║╨╕╨╝╨╕ ╨▒╤Г╨┤╤Г╤В ╨┐╤А╨╛╤Ж╨╡╨╜╤В╤Л ╨┐╨╛ ╤Б╤З╨╡╤В╨░╨╝ SB ╤З╨╡╤А╨╡╨╖ 12 ╨╗╨╡╤В?
4. ╨Ъ╨░╨║ ╨▓╤Л ╨┤╤Г╨╝╨░╨╡╤В╨╡, ╤Ж╨╡╨╜╤Л ╨╜╨░ ╨░╨║╤Ж╨╕╨╕ ╨▒╤Г╨┤╤Г╤В ╨▓╤Л╤И╨╡, ╤З╨╡╨╝ ╤Б╨╡╨╣╤З╨░╤Б?
5. ╨Ъ╨░╨║ ╨▓╤Л ╨┤╤Г╨╝╨░╨╡╤В╨╡, ╨▓ ╨▒╨╗╨╕╨╢╨░╨╣╤И╨╕╨╡ ╨╜╨╡╤Б╨║╨╛╨╗╤М╨║╨╛ ╨╝╨╡╤Б╤П╤Ж╨╡╨▓ ╨▒╤Г╨┤╨╡╤В ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╤П ╨╕╨╗╨╕ ╨┤╨╡╤Д╨╗╤П╤Ж╨╕╤П?
6. ╨Ъ╨░╨║╨╕╨╝, ╨┐╨╛ ╨▓╨░╤И╨╡╨╝╤Г ╨╝╨╜╨╡╨╜╨╕╤О, ╨▒╤Г╨┤╨╡╤В ╤Г╤А╨╛╨▓╨╡╨╜╤М ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╕ ╨▓ ╨▒╨╗╨╕╨╢╨░╨╣╤И╨╕╨╡ 12 ╨╝╨╡╤Б╤П╤Ж╨╡╨▓?
7. ╨Ъ╨░╨║╨╛╨▓╨░ ╤В╨╡╨║╤Г╤Й╨░╤П ╤Б╨╕╤В╤Г╨░╤Ж╨╕╤П ╤Б ╤В╤А╤Г╨┤╨╛╤Г╤Б╤В╤А╨╛╨╣╤Б╤В╨▓╨╛╨╝?

╨Ъ╤А╨╛╨╝╨╡ ╤В╨╛╨│╨╛, ╨╡╤Й╨╡ ╨╛╨┤╨╜╨╕╨╝ ╨┐╤А╨╕╨╝╨╡╤А╨╛╨╝ ╨┐╨╛╨║╨░╨╖╨░╤В╨╡╨╗╤П, ╨╛╤Б╨╜╨╛╨▓╨░╨╜╨╜╨╛╨│╨╛ ╨╜╨░ ╨╛╨┐╤А╨╛╤Б╨╡, ╨╝╨╛╨╢╨╡╤В ╨▒╤Л╤В╤М ╨╛╨┐╤А╨╛╤Б ╨┐╤А╨╛╤Д╨╡╤Б╤Б╨╕╨╛╨╜╨░╨╗╤М╨╜╤Л╤Е ╨┐╤А╨╛╨│╨╜╨╛╨╖╨╕╤Б╤В╨╛╨▓ (SPF), ╨║╨╛╤В╨╛╤А╤Л╨╣, ╨║╨░╨║ ╨┐╤А╨░╨▓╨╕╨╗╨╛, ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╤Б╨╛╨▒╨╛╨╣ ╨│╤А╤Г╨┐╨┐╤Г, ╤В╤Й╨░╤В╨╡╨╗╤М╨╜╨╛ ╨╛╤В╤Б╨╗╨╡╨╢╨╕╨▓╨░╤О╤Й╤Г╤О ╤Н╨║╨╛╨╜╨╛╨╝╨╕╨║╤Г ╨▓ ╤Ж╨╡╨╗╨╛╨╝.

SPF ╨┐╤А╨╡╨┤╨╛╤Б╤В╨░╨▓╨╕╤В ╨║╨╛╨╜╨║╤А╨╡╤В╨╜╤Л╨╡ ╨┐╤А╨╛╨│╨╜╨╛╨╖╤Л ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╕ ╨╜╨░ ╨╛╤Б╨╜╨╛╨▓╨╡ ╨╕╨╜╨┤╨╡╨║╤Б╨░ ╨┐╨╛╤В╤А╨╡╨▒╨╕╤В╨╡╨╗╤М╤Б╨║╨╕╤Е ╤Ж╨╡╨╜. ╨Ш╨╜╨┤╨╡╨║╤Б ╨┐╨╛╤В╤А╨╡╨▒╨╕╤В╨╡╨╗╤М╤Б╨║╨╕╤Е ╤Ж╨╡╨╜ ╨Ш╨╜╨┤╨╡╨║╤Б ╨┐╨╛╤В╤А╨╡╨▒╨╕╤В╨╡╨╗╤М╤Б╨║╨╕╤Е ╤Ж╨╡╨╜ (╨Ш╨Я╨ж) ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╤Б╨╛╨▒╨╛╨╣ ╨╝╨╡╤А╤Г ╤Б╤А╨╡╨┤╨╜╨╡╨╣ ╤Ж╨╡╨╜╤Л ╨║╨╛╤А╨╖╨╕╨╜╤Л ╤А╨╡╨│╤Г╨╗╤П╤А╨╜╨╛ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╤Л╤Е ╨┐╨╛╤В╤А╨╡╨▒╨╕╤В╨╡╨╗╤М╤Б╨║╨╕╤Е ╤В╨╛╨▓╨░╤А╨╛╨▓ ╨┐╨╛ ╤Б╤А╨░╨▓╨╜╨╡╨╜╨╕╤О ╤Б ╨▒╨░╨╖╨╛╨▓╤Л╨╝ ╨│╨╛╨┤╨╛╨╝. ╨Ш╨Я╨ж ╨╖╨░ ╨▒╨░╨╖╨╛╨▓╤Л╨╣ ╨│╨╛╨┤ ╤А╨░╨▓╨╡╨╜ 100, ╨╕ ╤Н╤В╨╛ ╤В╨╛╤З╨║╨░ ╨╛╤В╤Б╤З╨╡╤В╨░. ╨з╨╕╤В╨░╤В╤М ╨┤╨░╨╗╤М╤И╨╡ (╨Ш╨Я╨ж) ╨╕ ╨╕╨╜╨┤╨╡╨║╤Б ╤Ж╨╡╨╜ ╤А╨░╤Б╤Е╨╛╨┤╨╛╨▓ ╨╜╨░ ╨╗╨╕╤З╨╜╨╛╨╡ ╨┐╨╛╤В╤А╨╡╨▒╨╗╨╡╨╜╨╕╨╡ (PCE).

#2 тАУ ╨а╤Л╨╜╨╛╤З╨╜╤Л╨╣ ╨╝╨╡╤В╨╛╨┤

╨Т ╤Б╨╛╨╛╤В╨▓╨╡╤В╤Б╤В╨▓╨╕╨╕ ╤Б ╤Н╤В╨╕╨╝ ╨╝╨╡╤В╨╛╨┤╨╛╨╝ ╨╕╨╖╨╝╨╡╤А╨╡╨╜╨╕╨╡ ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╕ ╨▓ ╤Н╨║╨╛╨╜╨╛╨╝╨╕╨║╨╡ ╨╛╤Б╤Г╤Й╨╡╤Б╤В╨▓╨╗╤П╨╡╤В╤Б╤П ╨┐╤Г╤В╨╡╨╝ ╨┐╨╛╨╜╨╕╨╝╨░╨╜╨╕╤П TIPS (Treasury Inflated Protected Securities, Treasury Inflated Protected Securities, Treasury Inflated Protected Securities, TIPS) тАФ ╤Н╤В╨╛ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╤Б ╨╕╨╜╨┤╨╡╨║╤Б╨╛╨╝ ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╕, ╨▓╤Л╨┐╤Г╤Й╨╡╨╜╨╜╤Л╨╡ ╨┐╤А╨░╨▓╨╕╤В╨╡╨╗╤М╤Б╤В╨▓╨╛╨╝ ╨б╨и╨Р. ╨Ш╨╜╨┤╨╡╨║╤Б ╨┐╨╛╤В╤А╨╡╨▒╨╕╤В╨╡╨╗╤М╤Б╨║╨╕╤Е ╤Ж╨╡╨╜ ╨б╨и╨Р, ╨╛╨╜ ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╕╨▓╨░╨╡╤В ╤Е╨╡╨┤╨╢╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡ ╤А╨╕╤Б╨║╨░ ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╕.╨Я╤А╨╕ ╤А╨╛╤Б╤В╨╡ ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╕ ╨╛╤Б╨╜╨╛╨▓╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М TIPS ╤В╨░╨║╨╢╨╡ ╤А╨░╤Б╤В╨╡╤В, ╤Е╨╡╨┤╨╢╨╕╤А╤Г╤П ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╤А╨╕╤Б╨║ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ (╨┐╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡), ╤З╤В╨╛ ╤Г╨▓╨╡╨╗╨╕╤З╨╕╨▓╨░╨╡╤В ╨╛╤Б╨╜╨╛╨▓╨╜╤Г╤О ╤Б╤Г╨╝╨╝╤Г ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨╜╨░╤А╨░╨▓╨╜╨╡ ╤Б ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╡╨╣. ╨н╤В╨╛╤В ╨╝╨╡╤В╨╛╨┤ ╨┐╨╛╨╜╨╕╨╝╨░╨╡╤В ╤А╨░╨╖╨╜╨╕╤Ж╤Г ╨▓ ╤Ж╨╡╨╜╨╡ ╨╝╨╡╨╢╨┤╤Г ╨Ъ╨░╨╖╨╜╨░╤З╨╡╨╣╤Б╨║╨╕╨╣ ╨▒╨╕╨╗╨╡╤В╨Ъ╨░╨╖╨╜╨░╤З╨╡╨╣╤Б╨║╨╕╨╣ ╨▒╨╕╨╗╨╡╤В ╨╕ ╤А╨╡╨░╨╗╤М╨╜╤Г╤О ╨╖╨░╤Й╨╕╤Й╨╡╨╜╨╜╤Г╤О ╨╛╤В ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╕ ╤Ж╨╡╨╜╨╜╤Г╤О ╨▒╤Г╨╝╨░╨│╤Г, ╨║╨╛╤В╨╛╤А╨░╤П ╤В╨╛╤А╨│╤Г╨╡╤В╤Б╤П ╨╜╨░ ╤А╤Л╨╜╨║╨╡.

╨Э╨░╨┐╤А╨╕╨╝╨╡╤А, ╨╡╤Б╨╗╨╕ ╤Г╤З╨╡╤Б╤В╤М, ╤З╤В╨╛ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М ╨┤╨╡╤Б╤П╤В╨╕╨╗╨╡╤В╨╜╨╡╨╣ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╤Б╤В╤А╨░╨╜╤Л ╤Б╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В 4,5%. ╨в╨╛╨│╨┤╨░ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М 10-╨╗╨╡╤В╨╜╨╕╤Е ╨╖╨░╤Й╨╕╤Й╨╡╨╜╨╜╤Л╤Е ╨╛╤В ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╕ ╨▒╨╛╨╜╨│╨╛ ╤В╨╛╨╣ ╨╢╨╡ ╤Б╤В╤А╨░╨╜╤Л ╤Б╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В 2,5%. ╨в╨░╨║╨╕╨╝ ╨╛╨▒╤А╨░╨╖╨╛╨╝, ╨╝╤Л ╨╝╨╛╨╢╨╡╨╝ ╤Б╨┤╨╡╨╗╨░╤В╤М ╨▓╤Л╨▓╨╛╨┤, ╤З╤В╨╛ ╤А╤Л╨╜╨╛╨║ ╨▓ ╨╜╨░╤Б╤В╨╛╤П╤Й╨╡╨╡ ╨▓╤А╨╡╨╝╤П ╨╛╤Ж╨╡╨╜╨╕╨▓╨░╨╡╤В ╤Б╤А╨╡╨┤╨╜╨╡╨│╨╛╨┤╨╛╨▓╤Г╤О ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╤О ╨▓ ╤А╨░╨╖╨╝╨╡╤А╨╡ 4,5% тАУ 2,5% = 2% ╨▓ ╤В╨╡╤З╨╡╨╜╨╕╨╡ ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╤Е ╨┤╨╡╤Б╤П╤В╨╕ ╨╗╨╡╤В.

╨Я╤А╨╡╨╕╨╝╤Г╤Й╨╡╤Б╤В╨▓╨░

• ╨Я╤А╨╕╨╜╤П╤В╨╕╨╡ ╨▒╨╕╨╖╨╜╨╡╤Б-╤А╨╡╤И╨╡╨╜╨╕╨╣: ╨Я╤А╨╡╨┤╨┐╤А╨╕╤П╤В╨╕╤П ╤Г╤З╨╕╤В╤Л╨▓╨░╤О╤В ╨╛╨╢╨╕╨┤╨░╨╡╨╝╨╛╨╡. ╨д╨╛╤А╨╝╤Г╨╗╨░ ╤Г╤А╨╛╨▓╨╜╤П ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╕ ╨┐╨╛╨╝╨╛╨│╨░╨╡╤В ╨┐╨╛╨╜╤П╤В╤М, ╨╜╨░╤Б╨║╨╛╨╗╤М╨║╨╛ ╨╖╨░ ╨│╨╛╨┤ ╨▓╤Л╤А╨╛╤Б╨╗╨╕ ╤Ж╨╡╨╜╤Л ╨╜╨░ ╤В╨╛╨▓╨░╤А╤Л ╨╕ ╤Г╤Б╨╗╤Г╨│╨╕ ╨▓ ╤Н╨║╨╛╨╜╨╛╨╝╨╕╨║╨╡. ╨Ю╨╜ ╤А╨░╤Б╤Б╤З╨╕╤В╤Л╨▓╨░╨╡╤В╤Б╤П ╨┐╤Г╤В╨╡╨╝ ╨┤╨╡╨╗╨╡╨╜╨╕╤П ╤А╨░╨╖╨╜╨╕╤Ж╤Л ╨╝╨╡╨╢╨┤╤Г ╨┤╨▓╤Г╨╝╤П ╨╕╨╜╨┤╨╡╨║╤Б╨░╨╝╨╕ ╨┐╨╛╤В╤А╨╡╨▒╨╕╤В╨╡╨╗╤М╤Б╨║╨╕╤Е ╤Ж╨╡╨╜ (╨Ш╨Я╨ж) ╨╜╨░ ╨┐╤А╨╡╨┤╤Л╨┤╤Г╤Й╨╕╨╣ ╨Ш╨Я╨ж ╨╕ ╤Г╨╝╨╜╨╛╨╢╨╡╨╜╨╕╤П ╨╜╨░ 100.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡ ╤Г╤А╨╛╨▓╨╡╨╜╤М ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╕╨г╤А╨╛╨▓╨╡╨╜╤М ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╕╨д╨╛╤А╨╝╤Г╨╗╨░ ╤Г╤А╨╛╨▓╨╜╤П ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╕ ╨┐╨╛╨╝╨╛╨│╨░╨╡╤В ╨┐╨╛╨╜╤П╤В╤М, ╨╜╨░╤Б╨║╨╛╨╗╤М╨║╨╛ ╤Г╨▓╨╡╨╗╨╕╤З╨╕╨╗╨╕╤Б╤М ╤Ж╨╡╨╜╤Л ╨╜╨░ ╤В╨╛╨▓╨░╤А╤Л ╨╕ ╤Г╤Б╨╗╤Г╨│╨╕ ╨▓ ╤Н╨║╨╛╨╜╨╛╨╝╨╕╨║╨╡. ╨▓ ╨│╨╛╨┤╤Г. ╨Ю╨╜ ╤А╨░╤Б╤Б╤З╨╕╤В╤Л╨▓╨░╨╡╤В╤Б╤П ╨┐╤Г╤В╨╡╨╝ ╨┤╨╡╨╗╨╡╨╜╨╕╤П ╤А╨░╨╖╨╜╨╕╤Ж╤Л ╨╝╨╡╨╢╨┤╤Г ╨┤╨▓╤Г╨╝╤П ╨╕╨╜╨┤╨╡╨║╤Б╨░╨╝╨╕ ╨┐╨╛╤В╤А╨╡╨▒╨╕╤В╨╡╨╗╤М╤Б╨║╨╕╤Е ╤Ж╨╡╨╜ (╨Ш╨Я╨ж) ╨╜╨░ ╨┐╤А╨╡╨┤╤Л╨┤╤Г╤Й╨╕╨╣ ╨Ш╨Я╨ж ╨╕ ╤Г╨╝╨╜╨╛╨╢╨╡╨╜╨╕╤П ╨╜╨░ 100. ╨з╨╕╤В╨░╤В╤М ╨┤╨░╨╗╨╡╨╡, ╤З╤В╨╛╨▒╤Л ╨┐╤А╨╕╨╜╨╕╨╝╨░╤В╤М ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╤Л╨╡ ╤А╨╡╤И╨╡╨╜╨╕╤П ╨╛╤В╨╜╨╛╤Б╨╕╤В╨╡╨╗╤М╨╜╨╛ ╤В╨▓╨╡╤А╨┤╨╛╨│╨╛ ╤Ж╨╡╨╜╨╛╨╛╨▒╤А╨░╨╖╨╛╨▓╨░╨╜╨╕╤П ╨╕ ╨╖╨░╨║╨╗╤О╤З╨░╤В╤М ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╤Л╨╡ ╨║╨╛╨╜╤В╤А╨░╨║╤В╤Л ╨╕╨╗╨╕ ╨┤╨░╨╢╨╡ ╨║╨╛╨│╨┤╨░ ╤А╨╡╤З╤М ╨╕╨┤╨╡╤В ╨╛ ╨┐╨╡╤А╨╡╨│╨╛╨▓╨╛╤А╨░╤Е ╨╛ ╨╖╨░╤А╨░╨▒╨╛╤В╨╜╨╛╨╣ ╨┐╨╗╨░╤В╨╡. ╨Ю╨╜╨╕ ╨╝╨╛╨│╤Г╤В ╨▓╨╜╨╛╤Б╨╕╤В╤М ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╤Л╨╡ ╨╕╨╖╨╝╨╡╨╜╨╡╨╜╨╕╤П ╨▓ ╤Б╨▓╨╛╤О ╨┐╤А╨╛╨┤╤Г╨║╤Ж╨╕╤О, ╨▒╤Г╨┤╤М ╤В╨╛ ╨║╨╛╨╗╨╕╤З╨╡╤Б╤В╨▓╨╛ ╨╕╨╗╨╕ ╤Ж╨╡╨╜╨░, ╤З╤В╨╛╨▒╤Л ╨┐╤А╨╕╤Б╨┐╨╛╤Б╨╛╨▒╨╕╤В╤М╤Б╤П ╨║ ╨╛╨╢╨╕╨┤╨░╨╡╨╝╨╛╨╝╤Г ╤А╨╛╤Б╤В╤Г ╤Ж╨╡╨╜ ╨▓ ╨▒╤Г╨┤╤Г╤Й╨╡╨╝, ╨▓╤Л╨╖╨▓╨░╨╜╨╜╨╛╨╝╤Г ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╡╨╣.
• ╨Я╤А╨╕╨╜╤П╤В╨╕╨╡ ╨▒╤Л╤В╨╛╨▓╤Л╤Е ╤А╨╡╤И╨╡╨╜╨╕╨╣: ╨Я╤А╨╕╨╜╨╕╨╝╨░╤П ╨▓╨╛ ╨▓╨╜╨╕╨╝╨░╨╜╨╕╨╡ ╨╜╨╡╨╛╨▒╤Е╨╛╨┤╨╕╨╝╨╛╨╡ ╨┐╨╛╨▓╤Л╤И╨╡╨╜╨╕╨╡ ╤Ж╨╡╨╜ ╨╜╨░ ╨▓╤Б╨╡ ╨╛╤Б╨╜╨╛╨▓╨╜╤Л╨╡ ╤В╨╛╨▓╨░╤А╤Л ╨┤╨╗╤П ╨┤╨╛╨╝╨░, ╨┐╤А╨╛╨┤╤Г╨║╤В╤Л ╨┐╨╕╤В╨░╨╜╨╕╤П ╨╕ ╨┐╨╛╤В╤А╨╡╨▒╨╕╤В╨╡╨╗╤М╤Б╨║╨╕╨╡ ╨╝╨░╤В╨╡╤А╨╕╨░╨╗╤Л, ╨┤╨╛╨╝╨╛╤Е╨╛╨╖╤П╨╣╤Б╤В╨▓╨░ ╨▒╤Г╨┤╤Г╤В ╤А╨░╤Ж╨╕╨╛╨╜╨░╨╗╤М╨╜╨╛ ╨┐╤А╨╕╨╜╨╕╨╝╨░╤В╤М ╤А╨╡╤И╨╡╨╜╨╕╤П ╨╛ ╨┐╤А╨╡╨┤╤Б╤В╨╛╤П╤Й╨╡╨╝ ╨▒╤О╨┤╨╢╨╡╤В╨╡ ╨╕ ╨┐╤Л╤В╨░╤В╤М╤Б╤П ╤Б╤Н╨║╨╛╨╜╨╛╨╝╨╕╤В╤М ╨┤╨╡╨╜╤М╨│╨╕ ╨╜╨░ ╤Б╤А╨╡╨┤╤Б╤В╨▓╨░╤Е ╤Г╨▓╨╡╨╗╨╕╤З╨╡╨╜╨╕╤П ╨▒╨╗╨░╨│╨╛╤Б╨╛╤Б╤В╨╛╤П╨╜╨╕╤П, ╤В╨░╨║╨╕╤Е ╨║╨░╨║ ╤Д╨╛╨╜╨┤╨╛╨▓╤Л╨╣ ╤А╤Л╨╜╨╛╨║, ╤З╤В╨╛╨▒╤Л ╨│╨░╤А╨░╨╜╤В╨╕╤А╨╛╨▓╨░╤В╤М, ╤З╤В╨╛ ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╤П ╨╜╨╡ ╨┐╨╛╨┤╨╛╤А╨▓╨╡╤В ╤А╨╡╨░╨╗╤М╨╜╤Г╤О ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М. ╨┤╨╡╨╜╨╡╨│ ╤Б╨╛ ╨▓╤А╨╡╨╝╨╡╨╜╨╡╨╝.
• ╨в╨░╤А╨│╨╡╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡ ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╕ ╤Ж╨╡╨╜╤В╤А╨░╨╗╤М╨╜╤Л╨╝╨╕ ╨▒╨░╨╜╨║╨░╨╝╨╕: ╨Ш╨╝╨╡╤П ╨▓╨╛╨╖╨╝╨╛╨╢╨╜╨╛╤Б╤В╤М ╨╛╤Ж╨╡╨╜╨╕╤В╤М ╨╜╨╡╨╛╨▒╤Е╨╛╨┤╨╕╨╝╤Л╨╡ ╨╜╨░╤Б╤В╤А╨╛╨╡╨╜╨╕╤П ╨╕ ╨╛╨╢╨╕╨┤╨░╨╜╨╕╤П ╨┤╨╛╨╝╨╛╤Е╨╛╨╖╤П╨╣╤Б╤В╨▓ ╨╕ ╨┐╤А╨╡╨┤╨┐╤А╨╕╤П╤В╨╕╨╣, ╤Ж╨╡╨╜╤В╤А╨░╨╗╤М╨╜╤Л╨╡ ╨▒╨░╨╜╨║╨╕ ╨╝╨╛╨│╤Г╤В ╤А╨░╤Б╤И╨╡╨▓╨╡╨╗╨╕╤В╤М ╤Н╨║╨╛╨╜╨╛╨╝╨╕╨║╤Г, ╨┐╤А╨╕╨╜╤П╨▓ ╨╜╨╡╨╛╨▒╤Е╨╛╨┤╨╕╨╝╤Г╤О ╤А╨░╤Б╤И╨╕╤А╤П╤О╤Й╤Г╤О/╤Б╨╛╨║╤А╨░╤Й╨░╤О╤Й╤Г╤О ╨┤╨╡╨╜╨╡╨╢╨╜╨╛-╨║╤А╨╡╨┤╨╕╤В╨╜╤Г╤О ╨┐╨╛╨╗╨╕╤В╨╕╨║╤Г. ╨┐╤А╨╡╨┤╨╗╨╛╨╢╨╡╨╜╨╕╨╡ ╨┤╨╡╨╜╨╡╨│ ╨┤╨╗╤П ╤Н╨║╨╛╨╜╨╛╨╝╨╕╤З╨╡╤Б╨║╨╛╨╣ ╤Б╤В╨░╨▒╨╕╨╗╤М╨╜╨╛╤Б╤В╨╕. ╨Э╨░╨┐╤А╨╕╨╝╨╡╤А, ╨┐╨╛╨╗╨╕╤В╨╕╨║╨╕ ╨╝╨░╨╜╨╕╨┐╤Г╨╗╨╕╤А╤Г╤О╤В ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╝ ╨╛╨▒╤А╨░╤Й╨╡╨╜╨╕╨╡╨╝ ╨┤╨╗╤П ╤Г╨▓╨╡╨╗╨╕╤З╨╡╨╜╨╕╤П ╨╖╨░╨╜╤П╤В╨╛╤Б╤В╨╕, ╨Т╨Т╨Я, ╤Б╤В╨░╨▒╨╕╨╗╤М╨╜╨╛╤Б╤В╨╕ ╤Ж╨╡╨╜, ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╤П ╤В╨░╨║╨╕╨╡ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╤Л, ╨║╨░╨║ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Л╨╡ ╤Б╤В╨░╨▓╨║╨╕, ╤А╨╡╨╖╨╡╤А╨▓╤Л, ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨╕ ╤В. ╨┤. ╨┤╨╗╤П ╤В╨░╤А╨│╨╡╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╕ ╨▓ ╤Б╨╛╨╛╤В╨▓╨╡╤В╤Б╤В╨▓╨╕╨╕ ╤Б ╤Г╤Б╤В╨░╨╜╨╛╨▓╨╗╨╡╨╜╨╜╤Л╨╝╨╕ ╤А╨░╨╝╨║╨░╨╝╨╕.

╨Ю╨│╤А╨░╨╜╨╕╤З╨╡╨╜╨╕╤П

• ╨Ъ╤А╨╛╨┐╨╛╤В╨╗╨╕╨▓╤Л╨╣: ╨Ь╨╡╤В╨╛╨┤ ╨╛╨▒╤Б╨╗╨╡╨┤╨╛╨▓╨░╨╜╨╕╤П ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╕, ╨║╨╛╤В╨╛╤А╤Л╨╣ ╨┤╨╛╨╗╨╢╨╡╨╜ ╨┐╤А╨╛╨▓╨╛╨┤╨╕╤В╤М╤Б╤П ╨┐╤Г╤В╨╡╨╝ ╨╛╨┐╤А╨╛╤Б╨░ ╨╜╨╡╤Б╨║╨╛╨╗╤М╨║╨╕╤Е ╨┤╨╛╨╝╨╛╤Е╨╛╨╖╤П╨╣╤Б╤В╨▓, ╤З╨░╤Б╤В╨╛ ╤В╤А╨╡╨▒╤Г╨╡╤В ╨╛╤З╨╡╨╜╤М ╨╝╨╜╨╛╨│╨╛ ╨▓╤А╨╡╨╝╨╡╨╜╨╕ ╨╕, ╨▒╨╡╨╖╤Г╤Б╨╗╨╛╨▓╨╜╨╛, ╤В╤А╨╡╨▒╤Г╨╡╤В ╨║╤А╨╛╨┐╨╛╤В╨╗╨╕╨▓╤Л╤Е ╤Г╤Б╨╕╨╗╨╕╨╣ ╨╛╤В ╨╕╤Б╤Б╨╗╨╡╨┤╨╛╨▓╨░╤В╨╡╨╗╤М╤Б╨║╨╛╨╣ ╨│╤А╤Г╨┐╨┐╤Л.
• ╨Ю╤В╨║╨╗╨╛╨╜╨╡╨╜╨╕╤П ╨╛╤В ╤Д╨░╨║╤В╨╕╤З╨╡╤Б╨║╨╛╨│╨╛: ╨з╨░╤Й╨╡ ╨▓╤Б╨╡╨│╨╛ ╨╛╨╢╨╕╨┤╨░╨╡╨╝╨░╤П ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╤П ╨▒╤Г╨┤╨╡╤В ╨╛╤В╨║╨╗╨╛╨╜╤П╤В╤М╤Б╤П ╨╛╤В ╤Д╨░╨║╤В╨╕╤З╨╡╤Б╨║╨╛╨╣ ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╕ ╨▓ ╤Н╨║╨╛╨╜╨╛╨╝╨╕╨║╨╡.
• ╨б╨░╨╝╨╛╤Б╤В╨╛╤П╤В╨╡╨╗╤М╨╜╤Л╨╣ ╤Е╨░╤А╨░╨║╤В╨╡╤А: ╨Ю╨▒╤Л╤З╨╜╨╛ ╨╖╨░╨╝╨╡╤З╨░╨╡╤В╤Б╤П, ╤З╤В╨╛ ╨║╨░╨║ ╤В╨╛╨╗╤М╨║╨╛ ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╤П ╤Г╨║╨╛╤А╨╡╨╜╨╕╤В╤Б╤П ╨▓ ╤Б╤В╤А╨░╨╜╨╡, ╨┐╤А╨╡╨┤╨┐╤А╨╕╤П╤В╨╕╤П, ╨┐╨╛╤В╤А╨╡╨▒╨╕╤В╨╡╨╗╨╕, ╤А╨░╨▒╨╛╤З╨╕╨╡ ╨╕ ╨▓╤Б╨╡ ╤Н╨║╨╛╨╜╨╛╨╝╨╕╤З╨╡╤Б╨║╨╕╨╡ ╤Б╤Г╨▒╤К╨╡╨║╤В╤Л ╨╗╤О╨▒╨╛╨│╨╛ ╤А╨╛╨┤╨░ ╨╜╨░╤З╨╜╤Г╤В ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╨╛ ╨╛╨╢╨╕╨┤╨░╤В╤М ╨╡╨╡ ╨╕, ╤В╨░╨║╨╕╨╝ ╨╛╨▒╤А╨░╨╖╨╛╨╝, ╨▓╤Б╤В╤А╨░╨╕╨▓╨░╤В╤М ╤Н╤В╨╕ ╨╛╨╢╨╕╨┤╨░╨╜╨╕╤П ╨▓ ╤Б╨▓╨╛╨╕ ╨┤╨╡╨╣╤Б╤В╨▓╨╕╤П.
• ╨Т ╤Б╨▓╨╛╤О ╨╛╤З╨╡╤А╨╡╨┤╤М, ╤Н╤В╨░ ╨║╨╛╨╗╨╗╨╡╨║╤В╨╕╨▓╨╜╨░╤П ╤А╨╡╨░╨║╤Ж╨╕╤П ╤Б ╨╕╤Е ╤Б╤В╨╛╤А╨╛╨╜╤Л ╤Б╨╛╨╖╨┤╨░╨╡╤В ╤Б╨▓╨╛╨╡╨│╨╛ ╤А╨╛╨┤╨░ ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╨╕╨╝╨┐╤Г╨╗╤М╤Б. ╨в╨░╨║╨╕╨╡ ╨╛╨╢╨╕╨┤╨░╨╜╨╕╤П ╨┐╤А╨╕╨┤╨░╨╗╨╕ ╨▒╤Л ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╕ ╨▒╨╛╨╗╨╡╨╡ ╨░╨▓╤В╨╛╨╜╨╛╨╝╨╜╤Л╨╣ ╤Е╨░╤А╨░╨║╤В╨╡╤А ╨╕ ╨╖╨░╤Б╤В╨░╨▓╨╕╨╗╨╕ ╨▒╤Л ╨╡╨╡ ╤Б╨╛╤Е╤А╨░╨╜╤П╤В╤М╤Б╤П ╨▓ ╤Н╨║╨╛╨╜╨╛╨╝╨╕╨║╨╡ ╨┤╨░╨╢╨╡ ╨┐╨╛╤Б╨╗╨╡ ╤В╨╛╨│╨╛, ╨║╨░╨║ ╨╕╤Б╤З╨╡╨╖╨╗╨░ ╨┐╨╡╤А╨▓╨╛╨┐╤А╨╕╤З╨╕╨╜╨░.

╨Ч╨░╨║╨╗╤О╤З╨╡╨╜╨╕╨╡

╨Ш╨╜╤Д╨╗╤П╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨╛╨╢╨╕╨┤╨░╨╜╨╕╤П, ╨▒╨╡╨╖╤Г╤Б╨╗╨╛╨▓╨╜╨╛, ╨╕╨╝╨╡╤О╤В ╤Б╨▓╨╛╨╕ ╨┐╤А╨╡╨╕╨╝╤Г╤Й╨╡╤Б╤В╨▓╨░, ╨┐╨╛╤Б╨║╨╛╨╗╤М╨║╤Г ╨╛╨╜╨╕ ╤Г╤З╨╕╤В╤Л╨▓╨░╤О╤В ╨╛╨╢╨╕╨┤╨░╨╜╨╕╤П ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╤Е ╤Б╨╡╨║╤В╨╛╤А╨╛╨▓ ╤Н╨║╨╛╨╜╨╛╨╝╨╕╨║╨╕, ╤В╨╡╨╝ ╤Б╨░╨╝╤Л╨╝ ╨┐╨╛╨╖╨▓╨╛╨╗╤П╤П ╨╗╨╕╤Ж╨░╨╝, ╨┐╤А╨╕╨╜╨╕╨╝╨░╤О╤Й╨╕╨╝ ╤А╨╡╤И╨╡╨╜╨╕╤П, ╨┐╤А╨╕╨╜╨╕╨╝╨░╤В╤М ╨┐╤А╨░╨▓╨╕╨╗╤М╨╜╤Л╨╡ ╤А╨╡╤И╨╡╨╜╨╕╤П ╨▓ ╤Б╨▓╨╛╨╕╤Е ╤Б╨╛╨╛╤В╨▓╨╡╤В╤Б╤В╨▓╤Г╤О╤Й╨╕╤Е ╤А╨╛╨╗╤П╤Е, ╨▒╤Г╨┤╤М ╤В╨╛ ╨┤╨╛╨╝╨░╤И╨╜╨╕╨╡ ╤Е╨╛╨╖╤П╨╣╤Б╤В╨▓╨░, ╨▒╨╕╨╖╨╜╨╡╤Б ╨╕╨╗╨╕ ╨┤╨░╨╢╨╡ ╤Ж╨╡╨╜╤В╤А╨░╨╗╤М╨╜╤Л╨╡ ╨▒╨░╨╜╨║╨╕. ╨Ш╨╜╤Д╨╗╤П╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨╛╨╢╨╕╨┤╨░╨╜╨╕╤П, ╤В╨░╨║╨╕╨╝ ╨╛╨▒╤А╨░╨╖╨╛╨╝, ╤Б╨╗╤Г╨╢╨░╤В ╨╝╨╡╤А╨╛╨╣ ╨┐╤А╨╡╨┤╨╛╤Б╤В╨╛╤А╨╛╨╢╨╜╨╛╤Б╤В╨╕, ╤З╤В╨╛╨▒╤Л ╨╛╤Б╤В╨░╨╜╨╛╨▓╨╕╤В╤М ╨┤╨╡╨╣╤Б╤В╨▓╨╕╤П ╨┐╨╛ ╨┤╨╛╤Б╤В╨╕╨╢╨╡╨╜╨╕╤О ╨╢╨╡╨╗╨░╨╡╨╝╤Л╤Е ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В╨╛╨▓, ╤Г╤З╨╕╤В╤Л╨▓╨░╤П ╨╜╨░╤Б╤В╤А╨╛╨╡╨╜╨╕╤П ╨╕ ╨╝╨╜╨╡╨╜╨╕╤П ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╤Е ╤Н╨║╨╛╨╜╨╛╨╝╨╕╤З╨╡╤Б╨║╨╕╤Е ╤Б╨╡╨║╤В╨╛╤А╨╛╨▓.

╨а╨╡╨║╨╛╨╝╨╡╨╜╨┤╤Г╨╡╨╝╤Л╨╡ ╤Б╤В╨░╤В╤М╨╕

╨н╤В╨╛ ╨▒╤Л╨╗╨╛ ╤А╤Г╨║╨╛╨▓╨╛╨┤╤Б╤В╨▓╨╛ ╨║ ╤В╨╛╨╝╤Г, ╤З╤В╨╛ ╤В╨░╨║╨╛╨╡ ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨╛╨╢╨╕╨┤╨░╨╜╨╕╤П ╨╕ ╨╕╤Е ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╕╨╡. ╨Ч╨┤╨╡╤Б╤М ╨╝╤Л ╨╛╨▒╤Б╤Г╨┤╨╕╨╝ ╨┤╨▓╨░ ╨╛╤Б╨╜╨╛╨▓╨╜╤Л╤Е ╨╝╨╡╤В╨╛╨┤╨░ (╨╛╨┐╤А╨╛╤Б╨╜╤Л╨╣ ╨╕ ╤А╤Л╨╜╨╛╤З╨╜╤Л╨╣) ╨┤╨╗╤П ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╕╤П ╨╛╨╢╨╕╨┤╨░╨╡╨╝╨╛╨╣ ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╕, ╨░ ╤В╨░╨║╨╢╨╡ ╨┐╤А╨╕╨╝╨╡╤А╤Л, ╨┐╤А╨╡╨╕╨╝╤Г╤Й╨╡╤Б╤В╨▓╨░ ╨╕ ╨╜╨╡╨┤╨╛╤Б╤В╨░╤В╨║╨╕. ╨Т╤Л ╨╝╨╛╨╢╨╡╤В╨╡ ╤Г╨╖╨╜╨░╤В╤М ╨▒╨╛╨╗╤М╤И╨╡ ╨╛╨▒ ╤Н╨║╨╛╨╜╨╛╨╝╨╕╨║╨╡ ╨╕╨╖ ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╤Е ╤Б╤В╨░╤В╨╡╨╣ тАУ

• ╨Ш╨╜╤Д╨╗╤П╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╤А╨░╨╖╤А╤Л╨▓
• ╨Ш╨╜╤Д╨╗╤П╤Ж╨╕╤П ╨╕╨╖╨┤╨╡╤А╨╢╨╡╨║
• ╨Ф╨╡╤Д╨╗╤П╤Ж╨╕╤П ╨┐╤А╨╛╤В╨╕╨▓ ╨┤╨╡╨╖╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╕
• ╨Я╤А╨╕╨╝╨╡╤А╤Л ╨│╨╕╨┐╨╡╤А╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╕