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Thursday 30 November, 2006

ING Bank N.V. London

Exercise of Greenshoe

ING Bank N.V. London Branch
30 November 2006

ING Bank N.V., London Branch

30 November 2006

               Announcement of Exercise of Over-allotment Option

                                30 November 2006

ING Bank N.V., London Branch announces, in connection with the offer of Global
Depositary Receipts of JSC Bank of Georgia (the 'Company', ticker BGEO), that it
has, as stabilising manager, today given notice to exercise the Over-allotment
Option in respect of 1,158,288 existing shares in of JSC Bank of Georgia in the
form of 1,158,288 GDRs at a price of US$18.00 per GDR. JSC Bank of Georgia has
offered 858,288 new shares as part of the Over-allotment Option.

Including the exercise of the Over-allotment Option, the total size of the Offer
is US$159,843,723 (comprising  8,880,207  GDRs or approximately 36.5% of the
Company's issued share capital).

30 November 2006

END

ING Bank N.V., London Branch ('ING'), which is authorised and regulated in the
United Kingdom by the Financial Services Authority, is advising the Company and
no one else in relation to the offer of GDRs  and will not regard any other
person as their client in relation to the offer of GDRs and will not be
responsible to any person other than the Company for providing the protections
afforded to their clients or for advising any other person in relation to the
offer of GDRs or any transaction or arrangement referred to or information
contained in this announcement.

This announcement is for information purposes only and does not constitute an
invitation or offer to underwrite, subscribe for or otherwise acquire or dispose
of any securities of the Company in any jurisdiction.

This announcement is only addressed to and directed at persons outside the
United Kingdom and persons in the United Kingdom who have professional
experience in matters related to investments or who are high net worth persons
within article 12(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 and must not be acted on or relied on by other persons in
the United Kingdom.

In addition, if and to the extent that this announcement is communicated in any
EEA Member State that has implemented Directive 2003/71/EC (together with any
applicable implementing measures in any Member State, the 'Prospectus
Directive'), this announcement and the offer of GDRs are only addressed to and
directed at persons in that Member State who are qualified investors within the
meaning of the Prospectus Directive (or who are other persons to whom the offer
of GDRs may lawfully be addressed) and must not be acted on or relied on by
other persons in that Member State.

This announcement is not an offer of securities for sale in or into the United
States. The GDRs have not been, and will not be, registered under the United
States Securities Act of 1933 and may not be offered or sold in the United
States absent registration or an exemption from registration.  There will be no
public offer of securities in the United States.









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