Issue of Debt

Bank of Georgia 1.45 GEL/US$ as at 18 April 2008 JSC Bank Of Georgia Introduces A New Local Currency Denominated Wholesale Debt Instrument JSC Bank of Georgia (LSE: BGEO, GSE: GEB), the leading Georgian universal bank, announces the introduction of a short-term local currency denominated promissory note program, which allows international institutional investors to gain exposure to Georgian Lari (GEL) and other regional currencies. The first promissory notes under this program in the amount of GEL 30 million (US$21 million) carrying 7.5% interest rate were purchased by a prominent US institutional investor. 'I would like to compliment our fixed income team for developing this flexible instrument that enables international investors easy access to exposure to Georgian Lari, as well as number of other exciting currencies in our region', commented Nicholas Enukidze, Chairman of the Supervisory Board. For further information on Bank of Georgia's promissory note program please contact Thea Jokhadze, Head of Debt Capital Markets, Bank of Georgia tjokhadze@bog.ge Tel: +995 99 396 556 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 35% market share by total assets (all data according to the NBG as of 31 December 2007). The major component of the Galt & Taggart Index, the bank has 127 branches and over 740,000 retail and more than 65,000 corporate current accounts. The bank offers a full range of retail banking, corporate and investment banking and asset & wealth management services. The bank also provides a wide range of corporate and retail insurance products through its wholly-owned subsidiary Aldagi BCI. 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/NP' (LC) Stable Fitch Ratings 'B/B' Stable *T For further information, please visit www.bog.ge/ir or contact: -0- *T Nicholas Enukidze Irakli Gilauri Macca Ekizashvili Chairman of the Supervisory Board Chief Executive Officer Head of Investor Relations +995 32 444 105 +995 32 444 102 +995 32 444 256 nenukidze@bog.ge igilauri@bog.ge ir@bog.ge *T 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.
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