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JSC Bank of Georgia (BGEO)

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Wednesday 13 February, 2008

JSC Bank of Georgia

Issue of Equity

Bank of Georgia
                  

JSC Bank of Georgia Announces The Results Of The Offering Of New Ordinary Shares
                               In The Form Of GDRs

JSC Bank of Georgia (LSE: BGEO, GSE: GEB, 'Bank of Georgia' or the 'Bank') today
announces the results of the offering (the 'Offering') of four million new
ordinary shares of the Bank in the form of global depositary receipts ('GDRs'),
each GDR representing one ordinary share of the Bank.

The Bank has sold four million new ordinary shares in the form of GDRs at a
price of US$25 per GDR (the 'Offer Price'). The Offering raised gross proceeds
of US$100 million. The proceeds (after fees and expenses) will provide required
capital for the Bank's planned domestic growth and for international expansion.
The Bank has agreed to a lock-up of three months with respect to the issuance of
new equity, subject to standard exceptions.

The Offering represents approximately 14.7% of the issued share capital before
the Offering. The Offer Price is equal to a 1.6 % discount to the prevailing
closing market price on the date of the Offering.

ING Bank acted as Sole Bookrunner for the Offering. Unicredit Group was Joint
Lead Manager and Galt and Taggart Securities, the Bank's brokerage subsidiary,
acted as Selling Agent.

Speaking on the Offering, Acting Chairman of the Supervisory Board of the Bank
of Georgia, Nicholas Enukidze, said 'We are pleased to announce the successful
offering of our shares. The funds raised enable us to work for the consolidation
of our position in the Georgian market and provides funding for international
expansion. On behalf of the Bank, we thank our existing shareholders for their
continued support and take this opportunity to welcome our new investors.'

                                      * * *

This announcement (and the information contained herein) shall not constitute or
form any part of any offer or invitation to subscribe for, underwrite or
otherwise acquire, or any solicitation of any offer to purchase or subscribe for
securities in any jurisdiction where such activity is unlawful. In particular,
this announcement is not for release, directly or indirectly, in or into the
United States of America, Australia, Canada or Japan.

The securities referred to herein have not been and will not be registered under
the U.S. Securities Act of 1933, as amended, and may not be offered or sold in
the United States or to U.S. persons unless they are registered under the
Securities Act or pursuant to an available exemption therefrom. This
announcement (and the information contained herein) does not contain or
constitute an offer of securities for sale in the United States or to US persons
and no public offering of securities is being made in the United States or to US
persons. This announcement may not be distributed or published, directly or
indirectly, in or into the United States. Any action contrary to these
restrictions may constitute a violation of US securities law.

This communication is being distributed only to and is directed only at (a)
persons outside the United Kingdom, (b) persons who have professional experience
in matters relating to investments, i.e., investment professionals within the
meaning of Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (the 'Order'), and (c) high net worth
companies, unincorporated associations and other bodies to whom it may otherwise
lawfully be communicated in accordance with Article 49(2)(a) to (d) of the Order
(all such persons together being referred to as 'relevant persons'). The
securities are available only to, and any invitation, offer or agreement to
subscribe, purchase or otherwise acquire such securities will be available only
to or will be engaged in only with, relevant persons. Any person who is not a
relevant person should not act or rely on this communication or any of its
contents.

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 35% market share by total assets (all data according to the NBG as
of 31 December 2007). The major component of the Galt & Taggart Index, the bank
has 117 branches and over 705,000 retail and more than 64,000 corporate current
accounts. The bank offers a full range of retail banking, corporate and
investment banking and asset & wealth management services. The bank also
provides a wide range of corporate and retail insurance products through its
wholly-owned subsidiary Aldagi BCI.

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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/NP (LC), Stable
Fitch Ratings:           'B+/B', Stable
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For further information, please visit www.bog.ge/ir or contact:

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Nicholas Enukidze                            Irakli Gilauri                Macca Ekizashvili
Acting Chairman of the Supervisory Board     Chief Executive Officer       Head of Investor Relations
+995 32 444 800                              +995 32 444 109               +995 32 444 256
nenukidze@bog.ge                             igilauri@bog.ge               ir@bog.ge
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