Directorate Change

Bank of Georgia
                  

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 management's current expectations and
are subject to uncertainty and changes in circumstances.

JSC Bank of Georgia Announces That Lado Gurgenidze Intends to Resign As Chairman
    Of The Supervisory Board In Light Of His Nomination As Prime Minister Of
   Georgia; Nicholas Enukidze, Vice Chairman, To Act As Chairman Following Mr.
                            Gurgenidze's Resignation

JSC Bank of Georgia (the 'Bank') hereby announces that Mr. Lado Gurgenidze has
today notified the Supervisory Board of Bank of Georgia of his intent to resign
as a member and Chairman of the Supervisory Board of the Bank in light of his
nomination to the position of Prime Minister of Georgia, subject to approval of
the nomination by Parliament, which is expected to conduct the hearing next
week. Mr. Gurgenidze also intends to resign immediately upon the approval by
Parliament from all other positions he holds with subsidiaries of the Bank and
the Georgian Stock Exchange.

The Supervisory Board of the Bank congratulates Mr. Gurgenidze on his nomination
and will appoint Mr. Nicholas Enukidze, the current Vice Chairman of the
Supervisory Board, to act as Chairman of the Supervisory Board of the Bank on an
interim basis, once Mr. Gurgenidze tenders his resignation upon the
Parliamentary approval of his appointment as Prime Minister. The Bank further
intends to convene an extraordinary meeting of its shareholders to elect a new
member of the Supervisory Board of the Bank to replace Mr. Gurgenidze.

Nicholas Enukidze, Vice Chairman of the Supervisory Board, said 'the Supervisory
Board would like to thank Lado for his leadership, vision and unwavering
commitment to the shareholders, clients and employees of the Bank. As Chief
Executive Officer and subsequently executive Chairman of the Supervisory Board,
Lado has led the Bank in its transformation into a market-leading universal bank
with strong capital base, diversified revenue streams and effective and
efficient multi-channel delivery of our broad range of products in Georgia and
Ukraine. On a personal note, having worked with Lado for over seven cumulative
years at three different banks, I very much hope to be able to work with him
again, should he ever decide to come back to the private sector'.

Irakli Gilauri, Chief Executive Officer, added 'I intend to work closely with
the Supervisory Board and our executive leadership to maintain the momentum of
our businesses, enhance our formidable competitive advantages in Georgia and
preserve the uncompromising, performance- and results-oriented corporate culture
Lado has forged at the Bank. Lado will leave rather large shoes to fill, but I
am confident the leadership of the Bank will rise to the occasion'.

Ian Hague, the longest-serving member of the Supervisory Board of the Bank and
managing partner of Firebird Management LLC, commented 'with the investment of
Firebird funds in the bank practically coinciding with the arrival of Lado and
Irakli Gilauri, I am delighted to have been a part of the amazing transformation
the Bank has undergone since October 2004. I trust my fellow shareholders will
join me in wishing Lado well and thanking him for the outstanding track record
of delivering shareholder value during his three-year tenure, with the share
price rising from GEL 3.6 (US$1.95) on 15 September 2004, when Lado's
appointment as Chief Executive Officer was announced, to GEL 56.0 (US$34.5) as
of the market close on the London Stock Exchange today'.

Jyrki Talvitie, member of the Supervisory Board of the Bank and Senior Adviser
to the East Capital Financial Institutions Explorer Fund, added 'since the
inception of our fund, I have had a chance to observe up close a significant
number of financial institutions in the CIS, and am pleased to note that Bank of
Georgia stands out in terms of focus on shareholder value, transparency, and
quality of its investor relations effort. Lado and the first-rate team he has
built should be commended on this'.

Allan Hirst, member of the Supervisory Board of the Bank and Citigroup's former
head of Russia, Poland and other Eastern European markets, concluded 'since
accepting the nomination to the Supervisory Board of the Bank in November 2006,
I have enjoyed participating in three back-to-back groundbreaking transactions
the Bank has executed, as the first-ever Georgian company to list its GDRs on
the London Stock Exchange, first-ever Georgian entity to issue Eurobonds, and
first-ever Georgian bank to make a significant acquisition abroad (the purchase
of UBDP in Ukraine). I am confident that Lado's unexpected departure will not
impede our plans regarding the further disciplined expansion in the neighbouring
markets'.

Lado Gurgenidze commented 'I am privileged to have led the Bank over the last
three years on its exciting journey - from a small obscure bank with assets and
market cap of US$199 million and US$35 million, respectively, and stagnating or
declining market share across its narrow product range in October 2004, to the
unequivocal leader in Georgia with a powerful universal banking franchise and
second home market in Ukraine and consolidated assets and market cap of US$1,697
million and US$952 million, respectively. Among our many accomplishments, the
one I am proud of the most is the fact that we have been able to build a
world-class team, comprising, among others, veterans of ABN Amro, Credit Suisse,
Merrill Lynch, UBS, Royal Bank of Scotland, Goldman Sachs, Nomura, Raiffeisen,
UniCredit, JP Morgan and other leading institutions. I am certain that our
talented executive team, to be ably led by Nicholas Enukidze and Irakli Gilauri
with support of the Supervisory Board following my intended departure, will
march right on - in Georgia, Ukraine and selected neighbouring markets - with
razor-sharp focus on the shareholder value creation. Nicholas and Irakli will
split my responsibilities with respect to strategy, M&A and investor relations.
Nicholas and the other members of the Galt & Taggart Securities' Executive
Committee - Dmitry Kasatkin and Sergiy Lesyk - both seasoned investment bankers
- will continue building our regional franchise. Irakli Gilauri will take over
the oversight of the Wealth Management business, which is managed by Deborah
Fairlamb out of Kyiv and will benefit tremendously from her years of experience.
Finally, our latest high-caliber addition to the team, Bidzina Bejuashvili, who
had long been a highly-respected sell-side research analyst at several
international banks (most recently at JP Morgan in London) and joined last month
as head of Galt & Taggart Asset Management, will take over, together with the
team of young but highly talented portfolio managers comprising Eli Enoch,
Giorgi Nadareishvili and Archil Mamatelashvili, my responsibilities for managing
this business'.

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 34% market share by total assets (all data according to the NBG as
of September 30 2007). The major component of the Galt & Taggart Index, the bank
has 109 branches and over 595,000 retail and more than 60,000 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:

-0-
*T
Standard & Poor's'B+/B'                    Stable
Moody's          'B3/NP' (FC) & 'Ba1/P-3'  Stable
                  (LC)
FitchRatings     'B+/B'                    Stable
*T

For further information, please visit www.bog.ge/ir or contact:

-0-
*T
Lado Gurgenidze                    Irakli Gilauri                    Macca Ekizashvili
Chairman of the Supervisory Board  Chief Executive Officer           Head of Investor Relations
[phone]                    [phone]                   [phone]
[e-mail]                 [e-mail]                   [e-mail]
*T