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JSC Bank of Georgia (BGEO)

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Friday 18 April, 2008

JSC Bank of Georgia

Issue of Debt

Bank of Georgia
                  

1.45 GEL/US$ as at 18 April 2008

 JSC Bank Of Georgia Introduces A New Local Currency Denominated Wholesale Debt
                                   Instrument

JSC Bank of Georgia (LSE: BGEO, GSE: GEB), the leading Georgian universal bank,
announces the introduction of a short-term local currency denominated promissory
note program, which allows international institutional investors to gain
exposure to Georgian Lari (GEL) and other regional currencies.

The first promissory notes under this program in the amount of GEL 30 million
(US$21 million) carrying 7.5% interest rate were purchased by a prominent US
institutional investor.

'I would like to compliment our fixed income team for developing this flexible
instrument that enables international investors easy access to exposure to
Georgian Lari, as well as number of other exciting currencies in our region',
commented Nicholas Enukidze, Chairman of the Supervisory Board.

For further information on Bank of Georgia's promissory note program please
contact

Thea Jokhadze,

Head of Debt Capital Markets, Bank of Georgia

tjokhadze@bog.ge

Tel: +995 99 396 556

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 127 branches and over 740,000 retail and more than 65,000 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.

Bank of Georgia has, as of the date hereof, the following credit ratings:

-0-
*T
Standard & Poor's   'B+/B'                         Stable
Moody's             'B3/NP' (FC) & 'Ba1/NP' (LC)   Stable
Fitch Ratings       'B/B'                          Stable
*T

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

-0-
*T
Nicholas Enukidze                   Irakli Gilauri               Macca Ekizashvili
Chairman of the Supervisory Board   Chief Executive Officer      Head of Investor
                                                                  Relations
+995 32 444 105                     +995 32 444 102              +995 32 444 256
nenukidze@bog.ge                    igilauri@bog.ge              ir@bog.ge
*T

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 management's current expectations and
are subject to uncertainty and changes in circumstances.