Eduard Murad Marutyan was born on September 8, 1973, in Yerevan. He graduated from the ASUE in 1995. Eduard Marutyan worked in the "Ararat" Joint-Stock Bank as a chief economist, then as a head of the foreign exchange operations department from 1994 to 1995. He worked as deputy executive director in the "Sipanbank" CJSC from 1995 to 1998. Then Eduard Marutyan worked in "Armeconombank" OJSC as the head of the foreign exchange department and then the dealing center director. From 1999-to 2005, he was the Deputy Chairman of the Board of Armeconombank OJSC. Since 2005 he has been a shareholder of Renesa CJSC, and since 2011 he has also been the Board's Chairman. Since 2010 he has been a shareholder and a Chairman of the Board of the GLOBAL CREDIT Universal Credit Organization CJSC.

Arayik Razmik Karapetyan was born on January 22, 1965. He graduated from the ASUE in 1988. Arayik Karapetyan worked in the agricultural administration of the Aragatsotn region from 1988 to 1991. Then, he worked in the "K.A.R." from 1992 to 1996. Arayik Karapetyan was the Chief Economist of the Ministry of Energy and Fuel of the Republic of Armenia from 1997 to 1998. From 1998-2006 he was a Deputy Chairman of the Board at "Arminvestbank" CJSC. Since 2006, he has been a participant and a Chairman of the Board of "Renshin" L.L.C. Since 2009, he has been a shareholder and board member of Global Credit Universal Credit Organization CJSC. Since 2011 he has been a shareholder and board member of "RENESA" CJSC.

The shareholders of RENESA CJSC unanimously decided to replenish the authorized capital by 150,000,000 AMD by issuing 3,000 ordinary registered shares with a nominal value of 50,000 AMD during the Annual General Meeting of Shareholders on April 7, 2014. On 14.04.2014, the shareholders replenished the statutory capital of the Company by the shareholders. After which, on 15.04.2014, shareholders approved the actual general replenishment of the Company's authorized capital at the Extraordinary General Meeting of Shareholders, as well as the revised Company Charter related to the replenishment of the Company's authorized capital was sent to the Central Bank of Armenia for registration. By decision No. 1 / 381A of the Chairman of the Central Bank of the R.A., the Charter of "RENESA" CJSC was registered in connection with the new edition connected with replenishing the Company's statutory capital on 30.04.2014.

On April 30, 2013, at the Annual General Meeting of Shareholders of "RENESA" CJSC, the shareholders unanimously decided to replenish the authorized capital by 150,000,000 AMD by issuing 3,000 ordinary registered shares with a nominal value of 50,000 AMD. On 29.05.2013, the shareholders filled the statutory capital of the Company. On 30.05.2013, the actual general replenishment of the Company's statutory capital was approved at the Extraordinary General Meeting of Shareholders. The revised Company Charter related to replenishing the Company's authorized capital was sent to the Central Bank of Armenia for registration. On 17.06.2013, by decision No. 1 / 500A of the Chairman of the Central Bank of the R.A., the Charter of "RENESA" CJSC was registered in connection with the new edition connected with the replenishment of the statutory capital of the Company.

On April 26, 2012, at the Annual General Meeting of Shareholders of RENESA CJSC, the shareholders unanimously decided to increase the authorized capital by AMD 250,000,000 by issuing 5,000 ordinary registered shares with a nominal value of AMD 50,000. On 11.05.2012, the shareholders replenished the statutory capital of the Company by the shareholders. On 14.05.2012, the actual general replenishment of the Company's authorized capital was approved at the Extraordinary General Meeting of Shareholders. The revised Company Charter related to replenishing the Company's authorized capital was sent to the Central Bank of Armenia for registration. On 13.06.2012, by decision No. 1 / 552A of the Chairman of the Central Bank of the Republic of Armenia, the Charter of "RENESA" CJSC was registered in connection with the new edition in connection with the replenishment of the authorized capital of the Company.

On April 28, 2011, at the Annual General Meeting of Shareholders of "RENESA" CJSC, the shareholders unanimously decided to replenish the authorized capital by 150,000,000 AMD through the issue and placement of 3,000 ordinary registered shares with a nominal value of AMD 50,000. The shareholders filled the statutory capital of the Company by the shareholders. On 04.05.2011, the actual general replenishment of the Company's authorized capital was approved at the Extraordinary General Meeting of Shareholders. The revised Company Charter related to replenishing the Company's authorized capital was sent to the Central Bank of Armenia for registration. On 25.05.2011, by decision No. 1 / 532A of the Chairman of the Central Bank of the Republic of Armenia, the Charter of "RENESA" CJSC was registered in connection with the new edition connected with the replenishment of the statutory capital of the Company.

Because "RENESA" CJSC does not carry out the public placement of its securities and has no small shareholders, the Company does not publish the information noted in the Central Banks of the RA June 2, 2009 decision. It states, "Banks, credit organizations, insurance companies, insurance Brokers, investment companies, Central Depository Payment and Settlement Organizations carrying out money transfers to approve the information mentioned in Regulation No. 8/03". 

Principles of corporate governance

"INCOR" CJSC has adopted the following principles for corporate governance to develop perspective programs, good risk management, and increased work efficiency:

• ■Clearly defined strategic plan
• ■ Deep understanding of powers and responsibilities
• ■ Exclusion of conflict of interest
• ■ Information transparency of the Company's activities
• ■ Continuing professional training
• ■ Objective evaluation of the work

According to the perspective business development program of "INCOR" CJSC, the Company's Corporate governance is carried out by the requirements set by the Company's Charter, the RA Law on Securities Market, the RA Law on Joint Stock Companies, and the CBA.

Evaluation of the work of the executive body of the Company

The basis for the assessment of the Company's administrative body is the quarterly reports submitted by the latter to the Company's General Meeting, as well as the reports published by the Company on a monthly or quarterly basis, the Company's internal audit reports, the Central Bank's audit reports, and the external audit results.

The administrative body evaluates the work of the executive body

• ■ From the introduction of corporate governance principles
• ■ From the results of the implementation of the strategic plan of the Company
• ■Proper implementation of the rules, regulations, and other decisions adopted by the Assembly
• ■ Compliance with legislative standards
• ■ From the effective management of the current activities of the Company
• ■ From the realization of the problem of keeping the Company competitive in the financial market
• ■From the implementation of risk management policy
• ■ From budget planning to implementation
• ■From the constant expansion of the circle of customers
• ■ A proper review of complaints
• ■ From the current personnel policy

The average quarterly number of employees of the Company is 9.