Shareholders Description

ArmPower CJSC (“ArmPower” or the “Company”), developer, owner and operator of the Project. The Project is owned 60% by Renco Power CJSC and Siemens Project Ventures GmbH (“SPV”) is a 40% shareholder. Renco Power CJSC is owned 75% by Renco S.P.A. (“Renco”), an Italian company with presence in the Armenia construction sector since 16 years, and 25% by Simest S.P.A. (“Simest”), an Italian DFI. Siemens Project Ventures GmbH is a subsidiary of Siemens Financial Services (“SFS”) which is wholly owned by Siemens AG. Visit Website

Renco S.P.A. is a privately-held, medium-sized Italian construction group and the main shareholder of
ArmPower CJSC. The company has presence across Europe, Africa, Asia, and the Middle East, and
focuses on construction, real estate development (commercial & residential buildings), services (workforce
mobilization, HR management), and energy (EPC and O&M contractor), with around 4,000 employees.

Renco S.P.A. started operations in Armenia in 1999 as an EPC service provider for infrastructure projects. Thereafter, it expanded into real estate development, turnkey civil works contracting, and power plant operations and maintenance. The Company has a strong track record of implementing and managing complex civil and infrastructure projects in Armenia (including one hydro power project).
Visit Website

Simest S.P.A. is an Italian development finance institution (established in 1991), to
promote the international development of Italian companies by providing technical and
financial support (i.e. soft loan, export credit and equity contributions). Visit Website

Siemens Project Ventures GmbH (SPV) – Based in Germany, SPV is a subsidiary of Siemens Financial
Services, and operates as its investment arm. It typically invests in industry, technology, greenfield infrastructure projects in a variety of sectors including power generation, telecommunication, energy, healthcare, and transport sectors.

Siemens Financial Services is a wholly owned subsidiary of Siemens AG (rated A1/A – stable by Moody’s
& Fitch), it is an international business-to-business provider of financial solutions. The division finances
infrastructure, equipment as well as working capital investments, and acts as a manager of financial risks
within Siemens. Visit Website