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Bank of Georgia (BGEO)

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Friday 22 December, 2006

Bank of Georgia

Bank of Georgia Receives The Bank Of The Year A...

Bank of Georgia
                  NOT FOR RELEASE, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF AMERICA,
AUSTRALIA, CANADA OR JAPAN

Bank of Georgia (LSE: BGEO) (GSE: GEB), a leading universal bank in Georgia,
today announced that it has received the 'Bank of the Year 2006' award for
Georgia by The Banker, the publication of Financial Times Business Ltd, a member
of the Financial Times group of companies. The award, introduced in 2000, is
given to leading commercial and investment banks world-wide in recognition of
their achievements.

Lado Gurgenidze, Chairman of the Supervisory Board, commented: 'I am very proud
of what our talented team has been able to achieve in the last two years. Bank
of Georgia has been at the forefront of the banking sector developments in
Georgia and I am delighted that The Banker's prestigious Bank of the Year award
for Georgia serves as recognition of the Bank's accomplishments in 2006. This
award complements the other prestigious award we received for the second
consecutive year - The Best Bank in Georgia 2006 Award for Excellence by
Euromoney.'

About Bank of Georgia

Bank of Georgia, a leading universal Georgian bank, is the largest bank by total
assets, gross loans and total equity in the country. The bank has 98 branches
and over 380,000 retail clients. The bank offers a full range of retail banking
and corporate and investment banking services to its customers across Georgia.
The bank also provides a wide range of corporate and retail insurance products
through its wholly-owned subsidiary, BCI, as well as asset & wealth management
services.

Bank of Georgia has 'B+/B' rating with a stable outlook from Standard & Poor's;
'B3/NP' (FC) and 'Baa3/P-3' (LC) ratings with a stable outlook from Moody's; and
a 'B-/B' credit rating with a positive outlook from FitchRatings.

For further information, please visit www.bog.ge/ir or contact:

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Bank of Georgia                   Bank of Georgia            Bank of Georgia               Shared Value Limited
Lado Gurgenidze                   Irakli Gilauri             Macca Ekizashvili             Larisa Kogut-Millings
Chairman of the Supervisory Board Chief Executive Officer    Head of Investor Relations
+995 32 444 103                   +995 32 444 109            +995 32 444 256               +44 (0) 20 7321 5037
mailto:lgurgenidze@bog.ge         mailto:igilauri@bog.ge     mailto:ir@bog.ge              mailto:bog@sharedvalue.net
*T

This press release is not an offer of securities for sale in the United States.
The securities referred to herein have not been and will not be registered under
the US Securities Act of 1933, as amended (the 'Securities Act'), and may not be
offered or sold in the United States or to US persons unless the securities are
registered under the Securities Act or an exemption from the registration
requirements of the Securities Act is available. No public offering of the
securities will be made in the United States. Other selling restrictions are
applicable.