Investor Presentaiton

34 Investment guide Armenia Country Rating In January 22, 2016 Fitch Ratings has affirmed Armenia's long-term foreign and local currency Issuer Default Ratings at 'B+' with a Stable Outlook. As at 15 January 2015 Armenia's government bond rating according to Moody's rating agency is Ba3 (negative outlook). Based on the Doing Business 2016 prepared by IFC (the WB Group) Armenia was ranked 35 out of 189 economies improving its position by 3 places compared with 2015 ranking³. 3 http://www.doingbusiness.org/data/ exploreeconomies/armenia KPMG ©2016 KPMG Armenia cjsc,. All rights reserved.

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