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JSC Bank of Georgia (BGEO)

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Friday 18 July, 2008

JSC Bank of Georgia

Issue of Debt

Bank of Georgia

 JSC Bank of Georgia announces a US$30 million increase of its Loan Passthrough

Bank of Georgia (LSE:BGEO)(GSE:GEB), the Georgia's leading universal bank,
announced today a successful US$30 million tap (the 'Tap') of its existing
two-year Loan Passthrough Notes (the 'Original Tranche'), raising the aggregate
issue size to US$140 million (the 'Notes'). The terms and conditions of the Tap
mirrored those of the Original Tranche, which was placed in June 2008, which
then already marked the largest single-tranche private placement from the
Caucasus region to date. The Tap was also issued by Rubrika Finance Company
Netherlands B.V., under its issuance programme of which JPMorgan is arranger and
dealer. The Notes (Bloomberg:BKGORG) can be settled through Euroclear and 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 date of issuance. J.P.Morgan Securities Limited acted as the sole
arranger of the transaction.

'I am very pleased that we have successfully built on the initial transaction
with JPMorgan by increasing the issue of our debut Loan Passthrough Notes
completed only a month ago. This transaction demonstrates the continuous
interest of debt investors in Bank of Georgia. I would like to thank JPMorgan
and our funding team for successfully completing this deal in a short time
frame,' 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

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

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

For further information, please visit or contact:

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                  

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