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JSC Bank of Georgia (BGEO)

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Wednesday 30 November, 2011

JSC Bank of Georgia

Statement re Cancellation of Notes

Statement re Cancellation of Notes

Bank of Georgia

30 November 2011



NOTICE OF CANCELLATION

relating to the

U.S.$200,000,000 9.0 per cent. Loan Participation Notes due 2012 issued by BG Finance B.V.

(ISIN: XS0283756624

Common Code: 028375662)

Reference is made to the U.S. $200,000,000 9.0 per cent. Loan Participation Notes (the "Notes") due 2012 issued by BG Finance B.V. (the “Issuer”) for the sole purpose of funding a loan (the "Loan") to Joint Stock Company Bank of Georgia ("JSC Bank of Georgia").

JSC Bank of Georgia has purchased Notes in a principal amount of US$14,607,000.00 with its excess cash and these Notes have now been cancelled. Accordingly, at the date of this notice, US$ 55,507,000.00 in aggregate principal amount of the Notes remains outstanding. In accordance with the provisions of Clause 7.6 of the Loan Agreement dated 6 February 2007 between JSC Bank of Georgia and BG Finance B.V., JSC Bank of Georgia has been credited with the prepayment of US$14,607,000.00 of the principal amount of the Loan together with accrued interest on such amount of the Loan.

For more information contact:

Thea Jokhadze

JSC Bank of Georgia

29a Gagarin Street

Tbilisi 0160

Georgia

Tel.: +995 32 444 192

Email: tjokhadze@bog.ge