Director/PDMR Shareholding

Bank of Georgia
                  

    NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PERSONS DISCHARGING MANAGERIAL
                       RESPONSIBILTY OR CONNECTED PERSONS

In connection with the operation of the Joint Stock Company Bank of Georgia (the
'Bank') Executive Equity Compensation Plan (the 'Plan'), the Bank hereby
announces in accordance with DTR3.1.2R and DTR3.1.4R(1)(a) that a total of
267,550 nil-cost options for ordinary shares of the Bank in the form of global
depositary receipts ('GDRs') have been awarded to selected executives of the
Bank in respect of the financial year ended 31 December 2006, under the rules of
the Plan.

The Plan, which was established on 6 November 2006, is implemented through a
Jersey trust administered by Abacus Corporate Trustee Limited (the 'Trustee').

The following Supervisory Board and Management Board Members, determined to be
'Persons Discharging Managerial Responsibilities' ('PDMR'), were awarded a total
of 237,000 nil-cost options for shares in the form of GDRs by the Trustee. The
Trustee recommended that the above awards vest in three tranches: (i) the first
tranche will vest on 1 January 2008; (ii) the second tranche will vest on 1
January 2009; and (iii) the third tranche will vest on 1 January 2010.

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*T
      Name                         Position                      1st     2nd Tranche    3rd Tranche    Total Number of
                                                                Tranche                                  GDRs Awarded
================= =========================================== ========== ============ =============== ==================
 Lado Gurgenidze       Chairman of the Supervisory Board        30,000      30,000        30,000            90,000
----------------- ------------------------------------------- ---------- ------------ --------------- ------------------
Nicholas Enukidze   Vice-Chairman of the Supervisory Board      16,666      16,666        16,668            50,000
----------------- ------------------------------------------- ---------- ------------ --------------- ------------------
 Irakli Gilauri             Chief Executive Officer             16,666      16,666        16,668            50,000
----------------- ------------------------------------------- ---------- ------------ --------------- ------------------
 Ramaz Kukuladze        Deputy Chief Executive Officer          6,666       6,666          6,668            20,000
----------------- ------------------------------------------- ---------- ------------ --------------- ------------------
 Sulkhan Gvalia         Deputy Chief Executive Officer          5,000       5,000          5,000            15,000
----------------- ------------------------------------------- ---------- ------------ --------------- ------------------
Irakli Burdiladze           Chief Financial Officer             4,000       4,000          4,000            12,000
----------------- ------------------------------------------- ---------- ------------ --------------- ------------------
*T

Each GDR represents one ordinary share. The vested options may be exercised at
any time during the 10-year period after the vesting date. Under the rules of
the Plan, no payment is made upon the grant, vesting or exercise of an option
award.

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 33% market share by total assets (all data according to the NBG as
of March 31 2007). The major component of the Galt & Taggart Index, the bank has
103 branches and over 500,000 retail and more than 50,000 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, BCI, as well as asset & wealth management services.

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 managements current expectations and
are subject to uncertainty and changes in circumstances.