Investor Presentaiton

ECONOMIC INDICATORS IN 2020 ARMENIA EXPERIENCED TWO UNPRECEDENTED SHOCKS (COVID-19 AND NAGORNO-KARABAKH WAR), HOWEVER UNDER PRUDEN MACROECONOMIC (FISCAL AND MONETARY) MANAGEMENT THE MACROECONOMIC STABILITY WAS PRESERVED. THE ECONOMY HAS ENTERED A PHASE OF BROAD-BASED RECOVERY IN 2021 AND IN THE FIRST HALF OF THE YEAR IT WAS MAINLY DRIVEN BY SERVICES AND DOMESTIC DEMAND. REAL GDP: CONTRIBUTION OF SUPPLY COMPONENTS REAL GDP: CONTRIBUTION OF EXPENDITURE COMPONENTS (Real growth (%) and contribution to growth (percentage point)) 10.0 8.0 (Real growth (%) and contribution to growth (percentage point)) 7.5 7.6 5.2 6.0 4.0 3.2 2.0 0.0 -2.0 2015 2016 2017 2018 2019 -4.0 -6.0 -8.0 -10.0 Industry Agriculture 10.0 7.5 6 5.0 5.0 5.0 0.0 2015 2016 2017 2018 2019 2020 2021-H1 -5.0 2021 H-1 7.4 -10.0 -7.4 -15.0 Construction Services Net taxes GDP Source: Armstat, Calculations of the Ministry of Finance Consumption *Gross fixed capital formation Source: Armstat, Calculations of the Ministry of Finance Investement* Net Export GDP ECONOMIC ACTIVITY INDICATOR (Real growth (%) and contributions to growth (percentage point)) GROSS FIXED CAPITAL FORMATION 6.0 4.0 2.0 0.0 -2.0 -4.0 -6.0 ooooooo 5.0 5.2 4.3 4.7 12 (Real growth (%)) 9.7 14.4 10 9.5 8 6 4 2.5 4.4 4.8 January January February March3.5 January January January - January - April May June January - January - January - July August September 2 0 -2 2015 2016 2017 2018 2019 2020 2021 - H1 -4 -8.0 .3 -6 -8.5 -10.0 -8 -8.6 Industry Services Economic activity indicator *Gross output of agriculture is published quarterly. Source: Armstat, Calculations of the Ministry of Finance Agriculture* Trade Construction Other -10 -12 -11.4 -14 Source: Armstat 10

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