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JSC Bank of Georgia (BGEO)

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Friday 19 January, 2007

JSC Bank of Georgia

Director/PDMR Shareholding

JSC Bank of Georgia
                  

    Notification of Transactions of Directors/Persons Discharging Managerial
                       Responsibilty or Connected Persons

In connection with the operation of the Joint Stock Company Bank of Georgia (the
'Bank') Executive Equity Compensation Plan (the 'Plan'), the Bank hereby
announces in accordance with DR3.1.2R and DR3.1.4R(1)(a) that a total of 206,000
nil-cost options for ordinary shares of the Bank in the form of global
depositary receipts ('GDRs') have been granted to selected executives of the
Bank in respect of the financial year ended 31 December 2005, under the rules of
the Plan.

The Plan, which was established on 6 November 2006, is implemented through a
Jersey trust administered by Abacus Corporate Trustee Limited (the 'Trustee').

The following 'Persons Discharging Managerial Responsibilities' ('PDMR') were
granted nil-cost options for shares in the form of GDRs by the Trustee. The
Trustee recommended that the above awards vest in three tranches: (i) the first
tranche vested on 31 December 2006; (ii) the second tranche will vest on 31
December 2007; and (iii) the third tranche will vest on 31 December 2008.

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*T
      Name                Position             1st        2nd        3rd       Total
                                              Tranche    Tranche    Tranche   Number of
                                                                                GDRs
                                                                               Awarded
----------------- ------------------------- ---------- ---------- ---------- -----------
 Lado Gurgenidze      Chairman of the
                      Supervisory Board        30,000     30,000     30,000      90,000
 Irakli Gilauri    Chief Executive Officer     16,666     16,666     16,668      50,000
 Sulkhan Gvalia    Deputy Chief Executive
                           Officer             13,333     13,333     13,334      40,000
Macca Ekizashvili     Head of Investor
                          Relations             2,000      2,000      2,000       6,000
Eka Kvantrishvili  Head of Retail Banking       2,000      2,000      2,000       6,000
 Ramaz Kukuladze   Deputy Chief Executive
                           Officer              1,666      1,666      1,668       5,000
     Giorgi        Head of Asset & Wealth
   Paresishvili           Management            1,666      1,666      1,668       5,000
  Thea Jokhadze        Head of Funding            166        166        168         500
Gvantsa Shengelia   Head of Compliance,
                    Reporting and Analysis        166        166        168         500
*T

A total number of 206,000 nil-cost options for shares in the form of GDRs were
granted on 29 December 2006. Each GDR represents one ordinary share. The
executives to whom the options were granted received notification of such grants
on 18 January 2007. The vested options may be exercised at any time during
the10-year period after the award date. Under the rules of the Plan, no payment
is made upon the grant, vesting or exercise of an option award.

About Bank of Georgia

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 99 branches and approximately 405,000 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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*T
Macca Ekizashvili, Head of Investor Relations   +995 32 444 256  mekizashvili@bog.ge
Lado Gurgenidze, Chairman of the Supervisory                     lgurgenidze@bog.ge
 Board                                          +995 32 444 103
Irakli Gilauri, Chief Executive Officer         +995 32 444 109  igilauri@bog.ge
*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.