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JSC Bank of Georgia (BGEO)

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Tuesday 07 October, 2008

JSC Bank of Georgia

JSC Bank of Georgia Announces New Senior Appoin...

Bank of Georgia
                  

JSC Bank of Georgia (LSE: BGEO) (GSE: GEB) (the 'Bank'), the leading universal
Georgian bank by assets, loans, deposits and equity (all data according to the
National Bank of Georgia as of 30 June 2008) and with operations in Georgia,
Ukraine and Belarus, announced today the following new senior appointments:

Avto Namicheishvili has been appointed Deputy Chief Executive Officer for Legal
Affairs. Prior to this appointment, Mr. Namicheishvili served as the Bank's
General Counsel, a position he had held since March 2007. Before joining the
Bank, Mr. Namicheishvili was a partner at Begiashvili & Co. Limited, a leading
Georgian law firm, where he acted as the Bank's external legal advisor for three
years. Mr. Namicheishvili continues to serve as an arbitrator at the European
International Arbitration Court in Georgia. Mr. Namicheishvili received a
graduate degree (LLM) in international business law from Central European
University, Hungary and undergraduate degrees in law and international economic
relations from Tbilisi State University.

Murtaz Kikoria has been appointed as Deputy Chief Executive Officer for
Compliance. Prior to joining the Bank, Mr. Kikoria served as the General
Director of Zarapkhana Limited, Georgia's leading jewelry retailer. From 2005 to
2007, Mr. Kikoria served as a Senior Banker at the European Bank for
Reconstruction and Development ('EBRD'). Before joining the EBRD, Mr. Kikoria
served as Head of Banking Supervision and Regulation at the National Bank of
Georgia from 2001 to 2005. Prior to joining the National Bank of Georgia, Mr.
Kikoria held various senior positions at United Georgian Bank and SilkRoad Bank
(now JSC BTA Bank (Georgia)). Murtaz Kikoria has also served as the Chairman of
the Bank's Audit Committee since February 2008. Mr. Kikoria received an
undergraduate degree from Tbilisi State University in economics, specializing in
finance and credit.

George Chiladze has been appointed Deputy Chief Executive Officer for Finance.
Prior to joining the Bank, Mr. Chiladze served as General Director of JSC BTA
Bank (Georgia) since August 2005. Prior to joining JSC BTA Bank (Georgia), he
was an executive member of the supervisory board of JSC Europace Insurance
Company (2004-2005) and a founding partner of the management consulting firm,
'Altergroup' Ltd. Prior to returning to Georgia in 2003, Mr. Chiladze worked at
the Program Trading Desk at Bear Stearns in New York, New York. Mr. Chiladze
received a Ph.D. in physics from Johns Hopkins University in Baltimore, Maryland
and an undergraduate degree in physics from Tbilisi State University.

Vasil Revishvili has been appointed Head of Structured Products. Prior to
joining the Bank, Mr. Revishvili worked for four years at Pictet Asset
Management in London and Geneva as Head of the Investment Risk Unit and later as
a Senior Investment Manager in the Balanced and Quantitative Investment Team.
From 1995 to 2003, Mr. Revishvili held various positions at EU-TACIS
Counterparty Fund, Georgian Investment Centre and World Bank Tbilisi Water
Project. Mr. Revishvili received a masters degree in finance with distinction
from the London Business School and an undergradutate degree in applied
mathematics and computer sciences from Tbilisi State University. Mr. Revishvili
is also a designated Financial Risk Manager by the Global Association of Risk
Professionals.

The appointments of Mr. Namicheishvili, Mr. Kikoria and Mr. Chiladze to the
Management Board increase the number of the Management Board members to seven.

'I would like to congratulate Avto with this promotion and welcome Murtaz,
George and Vasil to Bank of Georgia's senior management team. With these new
high caliber appointments, we continue to take important steps in advancing
several of our strategic priorities. In his new capacity, Avto play even more
important role in Banks day-to-day management, Murtaz will be responsible for
further developing our group-wide compliance systems, George will strengthen our
finance team, which is critical in these challenging market conditions, and
Vasil will lead our efforts to develop more sophisticated and attractive deposit
products to be offered to our retail and wealth management clients', commented
Nicholas Enukidze, Chairman of the Supervisory Board of Bank of Georgia.

About Bank of Georgia

Bank of Georgia, the leading universal Georgian bank with operations in Georgia,
Ukraine and Belarus, is the largest bank by assets, loans, deposits and equity
in Georgia, with 34% market share by total assets (all data according to the NBG
as of 31 July, 2008). The bank has 142 branches and over 880,000 retail and more
than 128,000 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'
 Poor's
FitchRatings     'B/B'
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
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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.