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JSC Bank of Georgia (BGEO)

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Tuesday 17 July, 2007

JSC Bank of Georgia

Result of AGM

Bank of Georgia

                        JSC Bank of Georgia Result of AGM

JSC Bank of Georgia (LSE: BGEO, GSE: GEB), the leading Georgian universal bank,
announced today that all resolutions put to shareholders at the Annual Meeting
of Shareholders ('AGM') held on 22 June 2007 were passed by the required
majority. These resolutions are contained in the Notice of AGM dated 1 June
2007, a copy of which as well as other documents pertaining to the AGM is
available on the Company's website ( or upon request from the
Company at its registered office: 3 Pushkin Street, Tbilisi, Georgia 0105

The total number of voting shares in issue was 25,003,819 and 16,478,882 votes,
or 65.9% of total voting shares, were present at the AGM. The following
resolutions were adopted at the AGM:

1. Approval of the audit report by 'Ernst & Young Audit LLC' and the bank's
consolidated financial statements for 2006

2. Approval of the management's report on the performance of the bank in 2006
and the bank's future plans and strategy.

3. Approval of the increase of the authorized capital in the amount of 7,500,000
new Bank of Georgia common shares and the cancellation of the preemptive rights
to the newly issued shares. The issuance of the 7,500,000 common shares shall be
possible in compliance with applicable laws during the five-year period
beginning on the date of the AGM.

4. Approval of the compensation of the members of the Supervisory Board of the

5. Approval of the changes in the Charter of the bank to reflect the increase in
the declared capital by GEL 7,500,000 and to bring the Charter in compliance
with the latest amendments effected in the laws of Georgia.

6. Approval of the proposal of the compensation committee of the Supervisory
Board of Georgia under Any Other Business Item. The AGM granted the compensation
committee appropriate authority to negotiate and conclude a new service contract
with Mr. Gurgenidze, Chairman of the Supervisory Board, due to the expiration of
the existing contract on 30 September 2007, provided that the terms and
conditions thereof shall be no worse for the bank than those existing currently.
The AGM also granted the compensation committee authority to conclude service
contract with Nicholas Enukidze, Vice Chairman of the Supervisory Board, as it
intends to obtain the advice and recommendations of independent international

The following table includes the results of the votes:

                          % of total                   % of total
                           attending        Against/    attending  Total Voting
 Resolution      For         shares        Abstained      shares       Shares
     1        16,478,882      100%             -                     16,478,882
     2        16,478,882      100%             -                     16,478,882
     3        14,694,920      89%          1,783,962       11%       16,478,882
     4        16,478,882      100%             -                     16,478,882
     5        14,587,920      89%          1,890,962       11%       16,478,882
     6        14,479,435      88%          1,999,447       12%       16,478,882

About Bank of Georgia

Bank of Georgia, a leading universal Georgian bank with operations in Georgia
and Ukraine, is the largest bank by assets, loans, deposits and equity in
Georgia, with 33% market share by total assets (all data according to the NBG as
of March 31 2007). The major component of the Galt & Taggart Index, the bank has
103 branches and over 500,000 retail and more than 50,000 corporate current
accounts. 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, as of the date hereof, the following credit ratings:

  Standard & Poor's     'B+/B'                                  Stable
  Moody's               'B3/NP' (FC) & 'Ba1/P-3' (LC)           Stable
  Fitch Ratings         'B/B'                                   Stable

For further information, please visit or contact:

 Lado Gurgenidze                    Irakli Gilauri               Macca Ekizashvili
Chairman of the Supervisory Board   Chief Executive Officer      Head of Investor
+995 32 444 103                     +995 32 444 109              +995 32 444 256            

This news report is presented for general informational purposes only and should
not be construed as an offer to sell or the solicitation of an offer to buy any
securities. Certain statements in this news report are forward-looking
statements and, as such, are based on the managements current expectations and
are subject to uncertainty and changes in circumstances.

a d v e r t i s e m e n t