Investor Presentaiton

FOCUS ON EXPORT-ORIENTED AND COMPETITIVE INDUSTRIES SHIFT IN IMPORTS AND EXPORTS TOWARDS CAPITAL GOODS AND HIGHER VALUE EXPORTS DIVERSIFIED EXPORT BASE, SHIFTING TOWARDS HIGHER VALUE EXPORTS AND REDUCING DEPENDENCY ON COMMODITIES (% Share of Goods Exports) ■Mineral products Prepared foodstuffs 4% 2% 6% 1%6% 2% 6% Base metals 26% 6% 4% Share of textile and clothing exports up by 0.4pp Precious stones and metals 37% ■Textiles/clothing 11.0% CAGR 6% Animals and animal products ■Vegetables $1.1bln $1.9bln 21% 10% Share of base metals exports down by 0.9pp ■Instruments and devices Other 21% 12% 11% 19% Source: Armstat (% Share of Goods Imports) ■Mineral products ■Machinery and equipment Prepared foodstuffs Chemical products Base metals ■ Vegetables ■Transport ■Textiles/clothing ■ Other For the eight months ended August 31 2016 For the eight months ended August 31 2021 ARMENIA'S IMPORT COMPOSITION SHIFTING FROM CONSUMPTION TOWARDS INVESTMENT 18% 24% 18% 25% $2bln 14% 11.7% CAGR 6% $3.1 bln 16% 7% 6% 5% 4% 11% 5% 8% 7% 9% 7% 11% Source: Armstat For the eight months ended August 31 2016 For the eight months ended August 31 2021 27 Share of machinery imports up by 2.6 pp Share of prepared foodstuffs down by 2.4pp

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