Investor Presentaiton

Λ Labor Productivity OVERVIEW OF SME SECTOR IN ARMENIA Labor productivity of SME groups and large enterprises per 25 20 15 10 5 0 types of activity (GVA/ number of employees, million AMD) H EN I S.95 ICT H Mining M CH B J - SME - - Large Trade --- L G El. gas supply- GVA per employee was AMD 8.2 MILLION and that of LARGE ENTERPRISES-AMD 10.7 MILLION. SMEs of TRADE SECTOR (G) are more productive. The only reason for this are NON-REGISTERED EMPLOYEES, particularly in micro group. ✰ Productivity of large enterprises is much higher in B.MINING and J.CIT SECTORS, where the number of NON- REGISTERED EMPLOYEES IS NOT SO GREAT. 10

View entire presentation