Investor Presentaiton

30 Objectives INSTITUTIONAL FRAMEWORK CREDIBLE INSTITUTIONAL FRAMEWORK FOR MANAGING MONETARY POLICY AND THE FINANCIAL SECTOR INSTITUTIONAL FRAMEWORK - CENTRAL BANK STRUCTURE (% of GDP) KEY CENTRAL BANK RATES AND INFLATION (%) Structure 10.0% Maintains prices and financial stability • Supervision of the banking sector and regulation of other financial services 8.0% 6.0% Holds foreign reserves and acts as the financial agent and banker for the Government 4.0% 2.0% 0.0% " The CBA is governed by a board composed of a chairman, two deputies and five members Constituted, inter alia, of a Monetary Policy Department, focused on monetary and FX policies, and a Financial Stability and Special Resolution Committee responsible for financial stability (2.0)% Oct- Dec- Feb-17 Apr-17- Jun-17- Aug-17- Oct-17- III $ Price Stability Inflation targeting policy with an annual inflation target of 4% (tolerance band of plus/minus 1.5%) Key inflation targeting instrument is the interest rate on short-term loans from the CBA to the domestic banking system (the "Refinancing Rate") EXCHANGE RATES (DRAM/EUR, DRAM/USD, end of period) NQ Financial Stability Assessed by the Financial Stability and Special Resolution Committee Oversight includes various stress-testing models, to identify potential risks and consider appropriate measures to ensure financial stability Source: CBA Refinancing Rates Dec-17- Feb-18- Apr-18- Jun-18- 8.9% 8.75% 7.25% 5.75% Aug-18- Oct-18- Dec-18 Feb-19- Apr-19- Jun-19- Aug-19- Oct-19- Dec-19- Feb-20 Apr-20- Jun-20- Aug-20- Oct-20- Dec-20- Feb-21- Apr-21- Jun-21- Aug-21- One Day Deposit Facility Rate Lombard Repo Rolling 12m Inflation Rate 580.1 553.7 537.3 528.7 512.2 641.1 522.6 484.2 483.8 483.9 484.1 483.8 479.7 2015 2016 2017 2018 2019 2020 Sep-21 --AMD/EUR AMD/USD 561.43

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