Investor Presentaiton

GOVERNMENT DEBT MANAGEMENT (CONT'D) ARMENIA IN INTERNATIONAL CAPITAL MARKETS Terms of Issuance Armenia 7.15% 2025 Armenia 3.95% 2029 The Republic of Armenia RegS/144A The Republic of Armenia RegS/144A Issuer Issuance Format Ratings ISIN Index Eligibility Issue Size Issue Date Ba3 (Moody's) / B+ (Fitch) US042207AB67/XS1207654853 IMBIG 500,000,000 USD Ba3 (Moody's) / B+ (Fitch) US042207AC41/XS2010043904 IMBIG 500,000,000 USD Armenia 3.60% 2031 The Republic of Armenia RegS/144A Ba3 (Moody's) / B+ (Fitch) US042207AD24/XS2010028939 IMBIG 750,000,000 USD 26 March of 2015 26 September of 2019 2 February, 2021 Maturity Date 26 March of 2025 26 September of 2029 Tenor Maturity Type Coupon Coupon Frequency First Coupon Payment Date Yield Benchmark Spread to benchmark Spread to mid-swap Listing Issue Price 10 years Bullet 7.15% Semi-annual 26 March and 26 September 26 September of 2015 7.50% UST due to 2025 - 2.0% +551.8 b.p. +543.7 b.p. 10 years Bullet 3.95% Semi-annual 26 March and 26 September 26 March of 2020 4.20% UST due to 2029 - 1.625% +242.8 b.p. +255 b.p. Irish Exchange Stock 97.568 Irish Exchange Stock 97.976 2 February, 2031 10 years Bullet 3.60% Semi-annual 2 February and 2 August 2 August, 2021 3.875% UST due to 2030 - 1.039% + 283.6 b.p. + 280.2 b.p. Irish Exchange Stock 97.738 On January 26, 2021, the Republic of Armenia returned to the international capital markets with a benchmark USD 750 mln 10-year 144a/RegS Eurobond offering that priced at a re-offer yield of 3.875% and a 3.600% coupon. KEY TRANSACTION ACHIEVEMENTS ✓ Largest transaction ever performed by Republic of Armenia in Eurobond market ✓ Lowest yield and coupon ever achieved by the Republic of Armenia ✓ Second lowest US$ coupon ever obtained by a sub-IG Sovereign issuer for a tenor over 5 years ✓ Significant price revision of ~50-62.5bps from IPTS, allowing Armenia to price inside its US$ fair value curve ✓ Peaking above US$ 3bn, the offering saw Armenia's largest orderbook ever, reflecting investors' confidence in the country's fundamentals 23 23

View entire presentation