Regarding Changes in the Company’s Board Composition

By the resolution of the General Meeting of Shareholders, the powers of Mr. Garegin Gevorgyan as a member of the Board have been terminated. Mr. Karen Babayan has been appointed as a new member of the Board. He currently serves as the Director of the Financial Stability and Regulation Department of the Central Bank of the Republic of Armenia.

Mr. Karen Babayan will assume his responsibilities as a member of the Board upon registration with the Central Bank of the Republic of Armenia.