This document is an appendix to a Master's diploma awarded to Tigran Kroyan by Yerevan State University on July 11, 2007. It certifies that Tigran Kroyan received a Master's degree in Economics, specializing in Finances, Money Circulation and Credit. During his two years of study, Tigran Kroyan passed exams in 20 required disciplines, including Bank Management and Financial Analysis which he received marks of excellent in, and defended his Master's thesis on "Peculiarities of financial analysis and formation of reports in credit organizations," receiving an excellent mark. This appendix, along with the diploma, qualifies Tigran Kroyan for professional activity according to