Audited Project Financial Statements

Project Number: 45230-001 Loan Number: 2923-ARM Period covered: 1 January 2017 to 31 December 2017

Armenia: Women’s Entrepreneurship Support Sector

Development Program

Prepared by CARD AgroCredit Universal Credit Organization

For the Asian Development Bank Date received by ADB: 4 July 2018

The audited project financial statements are documents owned by the borrower. The views expressed herein do not necessarily represent those of ADB’s Board of Directors, Management, or staff. These documents are made publicly available in accordance with ADB’s Public Communications Policy 2011 and as agreed between ADB and the Ministry of Finance of the Republic of Armenia.

Annual report and Independent Auditor's Report

Utilization of loan funds received within the frames of “Women’s ESSD” Prooject “CARD AgroCredit” universal credit organization closed joint stock company

As of and for the year ended 31 December 2017

“CARD AgroCredit” universal credit organization closed joint stock company Annual report on utilization of funds received within the frames of “Women’s ESSD” Project As of and for the year ended December 31, 2017

Contents

Page Independent auditor’s report 1 Annual report on utilization of project funds 3 Notes to the annual report on utilization of project funds 4

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To the Management of “CARD AgroCredit” universal credit organization closed joint stock company Opinion

We have audited the annual report on the utilization of loan funds disbursed to “CARD AgroCredit” universal credit organization closed joint stock company (the Company) within the frames of “Women’s ESSD” Project (the “Project”), financed by the Asian Development Bank (the “ADB”) Loan number 2922/2923-ARM (SF), which comprise the annual report on the utilization of loan funds, as well as notes to the annual report as of and for the year ended 31 December 2017.

In our opinion, the accompanying report and appended notes that were also the subject of the audit, give a true and fair view of the cash position of the loan funds received by the Company under the Project as of and for the year ended 31 December 2017 in conformity with the cash basis of accounting, as described in the note 2 to the annual report.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (“ISAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Annual Reports section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (the “IESBA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in the Republic of Armenia, and we have fulfilled our other ethical responsibilities in accordance with those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of Management for the annual report

Management of the Company is responsible for the preparation and fair presentation of the annual report in conformity with the cash basis of accounting, as described in the note 2 to the annual report, as well as in the relevant clauses of Subsection “a” of Section 3.06 of the “Project Agreement” signed as of 25.01.2013 and the Asian Development Bank guidelines, and for such

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internal control as management determines is necessary to enable the preparation of the annual report that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibilities for the audit of the annual report Our obbjectives are to obtain reasonable assurance about whether the annual report as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken based on the annual report of this project.

As part of an audit in accordance with ISAs, we exercise professional juudgment and maintain professional skepticism throughout the audit. We also:

 Identify and assess the risks of material misstatement of the annual report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.

 Evaluate the appropriateness of accounting policies and the reasonableness of accounting estimates and related disclosures made by management.

 Evaluate the overall presentation; structure and content of the annual report, including the disclosures, and whether the annual report represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate wiwith the management regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Gagik Gyulbudaghyan Marine Musheghyan

Managing Partner Audit Manager

29 June 2018

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“CARD AgroCredit” universal credit organization closed joint stock company 4 Annual report on utilization of funds received within the frames of “Women’s ESSD” Project As of and for the year ended December 31, 2017

Notes to the annual report on utilization of project funds

1 General information

The Company has received loan from the Asian Development Bank (the “ADB”) for the implementation of “Women’s ESSD” project. The Loan Agreement 2922/2923-ARM (SF) was signed between the Company and ADB on 25 January 2013 and the sub-borrowing agreement SLA- ADB-CRD was signed between the Company and RA CB on 16 October 2013.

The sum of all loans extended to the Company under the Project cannot exceed AMD 800,000 thousand.

The purpose of this Project is to support the development of female entrepreneurship and women owned, managed or employed SMEs.

2 Accounting policy

2.1 Basis of preparation of annual report on Project fund utilization The annual report on Project fund utilization was prepared on the cash basis of accounting. Under this basis of accounting financing is recognized when received rather than when earned and expenses are recognized when paid rather than when incurred. The annual report of the project was prepared according to the Asian Development Bank guidelines.

2.2 Functional and presentation currency Armenian dram (“AMD”) is the national currency of the Republic of Armenia. Under this project, loans are received and repaid in Armenian drams, which is the functional currency of the Project for maintaining project records and ledgers. The annual report is presented in AMD.

3 Sub-loans to qualified sub-borrowers

Loan amount in Term, in Subloan No Name of sub-borrower AMD months

01-076-14_001 Uarda Smbatyan IE 15,000,000 36 01-001-13_003 Lusine Manukyan Hrach 1,440,489 36 01-036-13_004 Garik Simonyan IE 1,500,000 36 01-016-15_001 Aramayis Ghandilyan Alexander IE 2,000,000 24 SL-301-031-15 Narine Grigoryan Rafik 1,447,400 24 CR5553 Karine Ghazaryan Hovhannes 1,000,000 24 CR5558 Larisa Ghazaryan Luksem 500,000 24 CR5554 Epraqsia Gasparyan Aramayis 400,000 24 CR5568 Dukhik Stepanyan Varazdat 300,000 19 SL-302-028-15 Mariam Sargsyan Volodya 500,000 24 SL-0092-15 Hovhan Aleksanyan Radik 1,000,000 24

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SL-0093-15 Khazhak Ateyan Hamlet 2,000,000 19 SL-0080-15 Hovhannes Ivanyan Rubik 3,000,000 36 SL-0079-15 Karapet Grigoryan Vahag 3,000,000 24 SL-0081-15 Armine Andreasyan Vardges 1,000,000 12 SL-0094-15 Ruzanna Mikayelyan Martik 500,000 19 01-041-13_007 Ararat Araqelyan Zaven 4,500,000 36 SL-301-081-15 ARAMAT LLC 3,000,000 36 SL-301-095-15 Tatevik Ghazaryan Zohrab 962,000 24 SL-301-093-15 Haykanush Hepoyan Kamo 1,500,000 24 SL-0242-15 Evgine Katunyan Ignatios 800,000 24 SL-0261-15 Gayane Hakobyan Varujan 1,500,000 36 SL-301-099-15 Alvard Gabrielyan Suren 1,500,000 23 SL-0265-15 Aida Grigoryan Vram 1,500,000 24 SL-0275-15 Satik Torosyan IE 1,500,000 24 301-13-15_001 Ruzan Khachatryan Sirekan IE 15,000,000 60 SL-0274-15 Anahit Vardanyan Yazibek 1,500,000 24 01-076-15_001 Norik Avetisyan IE 6,000,000 47 SL-0280-15 Gevorg Tsatryan Gotvik 1,500,000 24 SL-0281-15 Hayastan Avdalyan Grigor 3,000,000 36 SL-301-108-15 Andranik Aleksanyan Macbet 2,000,000 34 SL-0293-15 Ofelya Hovhannisyan Levon 800,000 24 01-017-14_003 Samvel Hakobyan Karo 5,300,000 12 CR5652 Hakob Mkhoyan Aspatur 1,600,000 24 SL-302-104-15 Saghatel Harutyunyan Jivan IE 3,000,000 36 SL-0299-15 Harutyun Hayrapetyan Gerasim 1,000,000 12 SL-0303-15 Haykanush Papikyan Hakob 1,200,000 24 01-042-12_005 Catarine Sargsyan IE 870,296 21 SL-0313-15 Anna Tonoyan Marzpetuni 2,000,000 36 SL-0310-15 Armenuhi Aslanyan Gagik 3,000,000 36 SL-0318-15 Armenuhi Ghazaryan Yenok 3,000,000 36 SL-302-118-15 Ashot Hovakimyan Karlen 427,209 22 SL-301-118-15 Haykaz Nazaryan Gurgen 1,300,000 24 01-080-15_001 Shahen Grigoryan Jora 7,000,000 60 SL-0350-15 Samvel Hakobyan Hakob 1,863,500 36 01-070-15_002 Varujan Simonyan Karlen 6,000,000 60 01-080-15_002 Shahen Grigoryan Jora 3,000,000 60 SL-0372-15 Naira Hakobyan Nshan 700,000 24 SL-301-116-15 Mariam Margaryan Hovsep 1,021,190 24 CR5671 Roza Vardanyan Yenok 2,500,000 23 SL-0341-15 Varvara Voskanyan Suren 1,500,000 36 01-051-15_002 A Group LLC 4,693,050 60 CR5692 Jirayr Araqelyan Vladimir 1,210,000 24 SL-0364-15 Aram Iskandaryan Gagik 2,000,000 24 SL-301-126-15 Lyova Hakobyan Hakob 1,200,000 23

²áõ¹Çï, гñÏ»ñ, ÊáñÑñ¹³ïíáõÃÛáõÝ Audit, Tax, Advisory ¶ñ³Ýà ÂáñÝÃáÝ ÆÝûñÝ»ßÝÉÇ ³Ý¹³Ù Member of Grant Thornton International Ltd “CARD AgroCredit” universal credit organization closed joint stock company 6 Annual report on utilization of funds received within the frames of “Women’s ESSD” Project As of and for the year ended December 31, 2017

SL-0373-15 Garik Ohanyan Davit 1,440,000 23 SL-0381-15 I LIKE IT LLC 2,731,500 36 SL-0007-16 Khoren Hunoyan Hakob 900,000 24 SL-302-008-16 Rita Harutyunyan Vladimir 2,674,718 24 01-004-16 Armen Vagharshakyan Gagik IE 6,540,372 60 CR5939 Ruzanna Sargsyan Varag 706,500 24 CR5937 Anahit Badalyan Rafik 532,301 24 CR5946 Bagrat Arsenyan Vilkem 2,400,000 24 302-005-16_001 Artak Kocharyan IE 21,000,000 58 SL-0041-16 Veronika Geghamyan Vachagan 1,480,000 28 01-005-16_001 Hakob Darbinyan IE 5,721,500 52 SL-0049-16 Gayane Ghaytanjyan Artashes 921,186 24 301-03-16_001 Gohar Asatryan Marzpet 2,864,884 35 01-007-16_001 Armine Khachatryan Khachik IE 3,899,116 48 SL-0153-16 Angela Atoyan Gagik 1,000,000 36 01-043-13_006 Irina Gziryan IE 2,447,000 36 301-15-16_001 Arshaluys Manukyan Ruben IE 5,866,206 36 SL-301-081-16 Ruzanna Manukyan Lyova 1,160,000 24 303-04-16_001 Goharik Khachatryan Harutyun 4,000,000 36 SL-0166-16 Hasmik Tadevosyan Stepan 672,000 24 SL-302-071-16 Nina Gharagyozyan Sergey 1,500,000 34 SL-301-096-16 Jemma Ghevondyan Edvard 1,300,000 24 301-06-14_003 Linda Hanna Piter 5,500,000 36 SL-0201-16 Tehmine Manukyan IE 2,000,000 24 01-053-15_002 Sargis Hovnanyan IE 3,500,000 36 SL-0203-16 Irina Torosyan Shavarsh 2,500,000 36 01-036-13_008 Garik Simonyan IE 6,000,000 37 01-043-16_001 Shushanik Hovhannisyan IE 2,000,000 24 01-036-14_003 Abraham Yeghiazaryan Gevorg 1,000,000 24 01-076-15_003 Norik Avetisyan IE 5,000,000 47 SL-303-047-16 Dimik Mamikonyan Karmen 1,910,000 24 SL-302-088-16 Geghecik Hovhannisyan Samvel 2,000,000 23 01-016-16_002 Winter Flower LLC 2,000,000 53 SL-301-103-16 Qnarik Svagyan Andranik 800,000 24 SL-0218-16 Zaruhi Petrosyan Gevorg 1,000,000 24 01-051-16_001 Ervand Hovsepyan Aram 15,000,000 36 01-010-14_002 Hrant Gevorgyan Vardan 2,500,000 36 01-050-16_001 Heghnar Melqonyan Hayk 3,000,000 36 01-065-12_007 Areni wine factory CJSC 4,444,444 18 302-036-16_001 Anahit Minasyan Vagharshak 8,000,000 60 01-052-16_001 Aida Balbabyan IE 7,816,000 60 CR6090 Karine Sirekanyan Henzel 554,000 24 CR6089 Susanna Gevorgyan Rafik 741,000 24

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SL-302-117-16 Zaruhi Hayrapetyan Saribek 920,000 35 01-029-12_011 SHAKHTA TSRER LLC 12,000,000 60 SL-0237-16 Vera Hayrapetyan Volodya IE 2,150,000 36 CR6149 Lusine Martirosyan Hamlet 500,000 24 SL-301-124-16 DAV-ARS LLC 2,904,000 36 302-037-16_001 Marine Movsisyan Negus 4,914,619 48 01-055-16_001 Hovhannes Mktrchyan Henrik 4,000,000 34 CR6208 Gayane Mkhitaryan Albert 400,000 24 CR6207 Qristine Avagyan Sergo 277,500 24 CR6206 Varinka Yericyan Razmik 277,500 24 302-031-15_002 Zepyur Movsisyan Harutyun 500,000 24 SL-0249-16 Lusine Baratyan IE 1,000,000 24 SL-0250-16 KArine Hayrapetyan Shahen 500,000 12 SL-0001-17 Hovhan Aleksanyan Radik 1,466,000 36 SL-301-006-17 Rustam Sargsyan Martin 1,000,000 20 SL-0008-17 Aghun Antonyan Zaqar 2,000,000 24 SL-0005-17 Karine Hovhannisyan Robert 1,500,000 24 SL-0004-17 Gayane Hovsepyan sergo 1,500,000 36 01-004-17 Vera Hayrapetyan Volodya IE 2,900,000 60 01-003-17_001 Ara Karapetyan Aram IE 4,000,000 48 SL-301-012-17 Gayane Petrosyan Vachagan 600,000 24 SL-0031-17 Evelina Ghazaryan Margar 3,000,000 36 01-005-17_001 Gayane Stepanyan Gevorg IE 5,000,000 24 01-007-17 SOLAS LLC 2,924,194 36 SL-302-011-17 Areg Mkhoyan Vachagan 1,916,000 24 01-042-14_002 Atom Hakobyan Mkrtich 2,638,000 60 01-008-17_001 Garri Harutyunyan IE 10,000,000 84 SL-301-020-17 Anna Suqiasyan Arayik 1,000,000 11 CR6275 Lusine Piltakyan Samvel 1,500,000 24 CR6274 Mariyan Khachatryan Husik 1,500,000 24 01-009-17_001 Qnarik Avetyan Levon IE 8,000,000 60 SL-302-016-17 Mariam Sahakyan Gurgen IE 3,000,000 36 301-03-17_001 Qnqush Tunyan IE 5,000,000 36 SL-301-025-17 Poghos Poghosyan Zaven 1,000,000 20 SL-0048-17 Liana Avetisyan Surik 1,700,000 36 01-011-17_001 Davit Davtyan Lendrush IE 10,000,000 72 SL-302-022-17 Hovhannes Khachatryan Hayreniq IE 3,000,000 36 01-021-13_003 Samvel Markosyan Tariel 2,949,161 48 SL-302-020-17 Karine Babagulyan Slaviki 1,171,900 36 SL-0050-17 Shoghik Yepremyan Nver IE 2,000,000 36 SL-0052-17 Haykush Harutyunyan Hakob 3,000,000 36 SL-302-028-17 Anahit Hakobyan Seryoja 1,000,000 24 SL-302-029-17 Gevorg Manjoyan Rubik 975,000 36 303-05-17 Susanna Sharyan IE 1,149,167 23

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SL-303-030-17 Anush Abgaryan Gevorg 900,000 25 CR6293 Greta Harutyunyan Henrik 1,500,000 21 SL-0058-17 Vanik Dilanyan Lyudvig 900,000 23 SL-0062-17 Qristine Grigoryan Aristakes 2,500,000 30 SL-0060-17 Erazuhi Abgaryan Aram 2,000,000 23 SL-0059-17 Nelli Asoyan Avet 1,500,000 23 SL-302-032-17 Ruzanna Yolchyan Garik 1,000,000 35 CR6309 Gagik Ghahramanyan Hamlet 1,000,000 24 CR6308 Lilik Vardanyan Razmik 1,000,000 24 CR6307 Susan Grigoryan Gegham 1,500,000 24 SL-303-035-17 Gayane Melqonyan Janibek 900,000 21 SL-303-039-17 Hasmik Papikyan Jorjik 1,500,000 23 SL-303-040-17 Iskuhi Azatyan Aristakes 1,000,000 36 SL-303-038-17 Hovik Sayadyan Razmik 437,499 23 303-08-17_001 Ashkhen Harutyunyan Ishkhan 3,000,000 60 303-009-17 Silvard Yepremyan Suren 1,000,000 19 SL-303-043-17 Arsen Mkhitaryan Zaven 1,500,000 36 SL-303-044-17 Marine Yepremyan Rafik 1,500,000 34 SL-304-016-17 Murad Harutyunyan Manuk 3,000,000 36 SL-0068-17 Edgar Harutyunyan IE 1,528,108 36 SL-304-018-17 Nina Peteyan Babken 1,000,000 24 SL-303-047-17 Roza Ajabyan Grigor 1,300,000 20 01-035-16_002 Smbat Yeghinyan IE 2,000,000 53 SL-301-043-17 Jora Sargsyan Jivan 3,000,000 35 301-009-17_001 Karen Sirekanyan Benyamin IE 10,000,000 60 CR6314 Artur Avetisyan Rafik 1,200,000 24 304-006-17_001 Samvel Ishon Sergey IE 10,000,000 60 304-007-17_001 KAMARIS LLC 19,000,000 48 302-009-17 Grigor Hovhannisyan Andranik 3,000,000 36 01-077-14_003 Ashot Ashotyan IE 1,000,000 36 SL-303-059-17 Ashkhen Margaryan Armen 1,000,000 24 SL-303-061-17 Aregnaz Harutyunyan Ashot 2,000,000 36 01-018-17_001 Vrej Avetisyan Razmik IE 10,000,000 60 SL-301-050-17 Anahit Petrosyan Hakob 1,200,000 23 SL-303-069-17 Gurgen Nersisyan Edik 868,700 24 SL-0083-17 Emma Torosyan Kolla 1,500,000 36 SL-303-070-17 Armine Muradyan Vachik 2,000,000 26 SL-303-071-17 Susanna Azatyan Khachik 612,708 23 SL-303-072-17 Shoghakat Mirzoyan Azat 480,450 24 SL-303-077-17 Alvard Petrosyan Hayk 1,500,000 24 CR6334 Zvart Movsisyan Ashot 800,000 36 SL-303-084-17 Ghukas Avdalyan Rafik 400,000 12 SL-303-087-17 Armine Safaryan Azat 300,000 24 SL-0096-17 Ulpianos LLC 2,500,000 36

²áõ¹Çï, гñÏ»ñ, ÊáñÑñ¹³ïíáõÃÛáõÝ Audit, Tax, Advisory ¶ñ³Ýà ÂáñÝÃáÝ ÆÝûñÝ»ßÝÉÇ ³Ý¹³Ù Member of Grant Thornton International Ltd “CARD AgroCredit” universal credit organization closed joint stock company 9 Annual report on utilization of funds received within the frames of “Women’s ESSD” Project As of and for the year ended December 31, 2017

01-051-15_004 A group LLC 8,000,000 48 CR6339 Artsruni Hovhannisyan Yervand 2,300,000 36 CR6338 Gulizar Harutyunyan Arshak 2,000,000 36 Leyli Torosyan Mayis CR6337 1,300,000 36 01-023-17_002 Parandzem Mkrtchyan Jalal IE 5,000,000 60 SL-304-030-17 Siranush Hayrapetyan Spartak 554,853 24 01-008-13_002 Armen Yenoqyan Albert 9,666,500 60 SL-303-091-17 Ruzan Hovhannisyan Grisha 1,880,776 30 01-005-17_002 Gayane Stepaqnyan Gevorg IE 2,886,069 24 SL-0104-17 Karapet Karapetyan Henrik 2,770,000 24 SL-304-032-17 Tanima Ghazanchyan Hrant 1,500,000 23 01-025-17 Anik Atoyan Sergey 1,901,488 36 SL-303-096-17 Khachik Petrosyan Albert 274,900 11 301-06-14_004 Linda Hanna Piter 3,885,919 35 SL-303-098-17 Lusine Stepanyan Vaghinak 2,000,000 36 01-030-17_001 Armine Khachatryan Khachik IE 5,000,000 48 SL-302-062-17 Ashkhen Mirzoyan Hrach 3,000,000 36 SL-0111-17 Armenuhi Gasparyan Merujan 462,650 24 SL-303-109-17 Lusine Gevorgyan Edvard 380,985 20 SL-303-111-17 Emma Harutyunyan Vardan 500,000 18 SL-303-115-17 Alvard Petrosyan Hayk 1,109,000 27 SL-303-114-17 Irina Harutyunyan Arayik 1,000,000 22 SL-301-069-17 Samvel Sargsyan Razmik 1,396,000 36 SL-0121-17 Ani Harutyunyan Gevorg 2,000,000 20 SL-303-120-17 Lusine Grigoryan Robert 1,500,000 36 SL-0125-17 Armen Hambardzumyan Jorjik IE 1,300,000 24 304-011-17_001 Gohar Barseghyan Norik IE 10,000,000 60 302-014-16_003 Mareta Hayrapetyan Senik 2,300,000 24 SL-303-130-17 Lala grigoryan Ruben 1,200,000 24 SL-303-131-17 Tagush Sargsyan Henrik 1,400,000 24 SL-303-132-17 Khatun Hovsepyan Rzgo 1,300,000 24 01-033-17_001 Anjela Melqonyan Mnacakan IE 12,000,000 60 SL-303-133-17 Susanna Mkhitaryan Rrazmik 1,000,000 36 301-023-17_001 Tagush Abrahamyan Blukher IE 15,000,000 59 SL-303-136-17 Zinaida Melqonyan Anatolevna 1,000,000 36 SL-303-143-17 Suzanna Arshakyan Samvel 1,500,000 30 SL-0134-17 Satik Torosyan Volodya IE 3,000,000 36 303-029-17 Margarit Grigoryan Volodya 2,500,000 36 SL-303-148-17 Rodzina Ghazaryan Hayk 1,460,000 36 SL-303-151-17 Marine Manasyan Ivan 1,500,000 36 SL-303-152-17 Ruzanna Bozoyan Mayis 2,000,000 36 01-003-15_002 Narine Khachatryan IE 10,000,000 24 SL-303-153-17 Gayane Kasparova Arut 300,000 9

²áõ¹Çï, гñÏ»ñ, ÊáñÑñ¹³ïíáõÃÛáõÝ Audit, Tax, Advisory ¶ñ³Ýà ÂáñÝÃáÝ ÆÝûñÝ»ßÝÉÇ ³Ý¹³Ù Member of Grant Thornton International Ltd “CARD AgroCredit” universal credit organization closed joint stock company 10 Annual report on utilization of funds received within the frames of “Women’s ESSD” Project As of and for the year ended December 31, 2017

SL-301-093-17 Gayane Davtyan Andranik 479,120 23 SL-302-104-17 Gohar Khachatryan Karen IE 2,000,000 36 SL-303-162-17 Anush Baghdasaryan Lendrush 1,000,000 35 01-019-17_002 Azniv Asryan IE 4,000,000 47 01-033-17_002 Anjela Melqonyan Mnacakan IE 10,000,000 60 SL-303-169-17 Margarit Torosyan Zorik 1,600,000 36 SL-303-172-17 Naira Mejlumyan Seyran 1,000,000 24 SL-303-176-17 Karine Reyan Anatoli 700,000 24 SL-303-177-17 Almast Margaryan Levik 500,000 24 SL-303-179-17 Lala Mkrtchyan Serjik 500,000 24 SL-304-045-17 Khajak Baghdasaryan Haykaz 3,000,000 36 SL-304-044-17 Sayad Hovsepyan Artash 3,000,000 36 SL-302-118-17 Lusine Simonyan Gagik IE 2,000,000 36 SL-303-183-17 Silva Ayvazyan Hrayr 600,000 24 SL-303-185-17 Armenuhi Nanyan Harutyun 700,000 24 SL-303-184-17 Suzanna Tonoyan Ashot 957,650 23 SL-302-121-17 Heghnar Kostanyan Gagik 1,500,000 24 302-029-17_001 Tsaghik Serobyan Levon IE 14,237,217 59 302-015-16_002 Ara Aghjoyan Vazgen IE 3,000,000 36 SL-303-197-17 Gayane Gasparyan Misak 1,700,000 35 01-033-17_003 Anjela Melqonyan Mnacakan IE 13,000,000 60 SL-303-199-17 Taguhi Muradyan Manuk 300,000 18 304-015-17_001 Arshavir Aharonyan Meliq 10,000,000 59 302-031-17_001 Garik Simonyan Andranik IE 10,000,000 55 01-051-16_002 Yervand Hovsepyan Aram 10,000,000 24 01-041-17_001 Gurgen Khachatryan Garegin 5,000,000 60 01-042-17_001 Lyubov Araqelyan Viktor 10,000,000 60 302-028-17_001 Khachatur Karapetyan Petka 10,000,000 60 SL-0207-17 Natela Papikyan Khachatur 800,000 24 01-082-15_002 Nvard Avetisyan IE 6,000,000 48 01-088-14_004 Edgar Aghajanyan Zohrap 7,000,000 56 SL-303-218-17 Susanna Davtyan Begjan 3,000,000 36 01-011-17_002 Davit Davtyan Lendrush IE 5,000,000 60 01-117-14_006 Poghos Ladoyan Hovhannes 10,000,000 60 SL-0222-17 Aida Grigoryan Vram 2,000,000 24 302-027-17_002 Yurik Melqonyan Vardges 6,000,000 36 SL-0227-17 Lusine Piltakyan Samvel 2,000,000 36 302-024-16_002 Mushegh Khodedanyan Asatur 7,000,000 60 SL-303-230-17 Lazifa Qerobyan Volod 1,000,000 24 SL-303-231-17 Galina Baghdasaryan Aleqsandr 3,000,000 36 SL-303-232-17 Naira Ghazaryan Araqel 1,500,000 24

Total 816,221,494

²áõ¹Çï, гñÏ»ñ, ÊáñÑñ¹³ïíáõÃÛáõÝ Audit, Tax, Advisory ¶ñ³Ýà ÂáñÝÃáÝ ÆÝûñÝ»ßÝÉÇ ³Ý¹³Ù Member of Grant Thornton International Ltd