The shareholders of CJSC Bank "Arvand" are:

Shareholders

Share in authorized capital

Microcredit company Frontiers LLC.

33,832%

Rural Impulse Fund II S. A. SICAV-SIF

16,268%

Access Microfinance Holding AG

20,000%

Triodos Sicav II

9,950%

Legal Owner Triodos Funds B.V.

9,950%