National Mortgage Company - Armenia

1	Founding Instrument(s) (with links if possible)	NMC is a private company established, registered and licensed by the Central Bank of Armenia, in accordance with the law of the Republic of Armenia "On Credit Organizations" and in compliance with CBA Regulation 14 "On Regulation of the Activities of Credit Organizations and their Prudential Standards". Useful Links: https://www.arlis.am/hy/acts/182327 https://old.cba.am/EN/laregulations/Regulation_14.pdf https://nmc.am/en/regulation/rules-regulations
2	Any additional or subsequent mandate or governance statements (not included in the above).	Company mission is to provide liquidity, stability and affordability to the mortgage market in Armenia, prioritizing resources that generate a positive environmental and social impact.E10
3	Ownership	Central Bank of Armenia (100%)
4	Legal status	Refinancing Credit Organization Closed Joint Stock Company
5	Government accounting for stake	NMC remains a 100% subsidiary of the Central Bank of Armenia, fully controlled by the CBA (all NMC Board members are simultaneously members of the CBA Board). IFRS accounts are fully consolidated with CBA.
6	Member bank accounting for stake	N/A
7	Government guarantee	No state guarantee. Excerpt from Moody's statement: NMC's ratings incorporate our assumption of a "very high" probability of support from the Government of Armenia, although the latter does not lead to any rating uplift as NMC's standalone assessment is already positioned on par with the government rating. Moody's "very high" government support assumption is based on the current full ownership of NMC by CBA, its public policy role supporting the development of Armenia's housing finance market, and track record of government support in terms of capital increases and the extension of funding lines.
8	Other Comments	Rated by Moody's at par with Armenia's sovereign (Sep 2026: Ba3 Positive Outlook). NMC's Green Bond Framework assigned SQS3 Sustainability Quality Score since 2024.