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JSC Bank of Georgia (BGEO)

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Tuesday 10 June, 2008

JSC Bank of Georgia

Issue of Debt

Bank of Georgia
                  

   JSC Bank of Georgia Announces Successful Placement of US$ 110 million Loan
                                Passthrough Notes

Bank of Georgia (LSE: BGEO GSE: GEB), the leading Georgian universal bank
announced today a successful placement of US$ 110 million two-year Loan
Passthrough Notes. The Notes were issued by Rubrika Finance Company Netherlands
B.V., under its issuance programme of which JPMorgan is arranger and dealer. The
Notes, which can be settled through Euroclear and are quoted on Bloomberg,
(BKGORG), were purchased by several prominent institutional investors based in
Europe and the US. The Noteholders have a right to exercise a put option on the
Notes after one year from the issuance. J.P.Morgan Securities Limited acted as
the sole arranger of the transaction.

'I am very pleased to have completed this important transaction, which is the
largest debt private placement from Caucasus to date. This transaction marks a
significant step towards fulfillment of Bank of Georgia's funding plans for 2008
and confirms strong interest of debt investors in Bank of Georgia', commented
Nicholas Enukidze, Chairman of the Supervisory Board.

About Bank of Georgia

Bank of Georgia, the leading universal Georgian bank with operations in Georgia
and Ukraine, is the largest bank by assets, loans, deposits and equity in
Georgia, with 33.7% market share by total assets (all data according to the NBG
as of March 31, 2008). The major component of the Galt & Taggart Index, the bank
has 131 branches and over 770,000 retail and more than 120,000 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, Aldagi BCI, as well as asset & wealth management
services.

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

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Standard &       'B+/B'                        Stable
 Poor's
FitchRatings     'B+/B'                        Stable
Moody's          'B3/NP' (FC) & 'Ba1/NP' (LC)
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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
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
*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.