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Letter to the Editor: Bank of Georgia

Dear Sir,

We are very pleased to have been named the best bank in Georgia by Euromoney for the third year running.

However, we would like to correct what we believe is an incorrect statement in the article Central and Eastern Europe regional awards published by Euromoney in the July issue, which states that the transparency standards of another Georgian bank "are recognized as being superior to Bank of Georgia’s".

We at Bank of Georgia believe it is clear that our bank is not only the most transparent bank but it is the most transparent company of any kind in Georgia and that this is well recognized by the market.

Bank of Georgia has a strong commitment to the highest standards of transparency. We are a publicly held company with our equities and Eurobonds listed on the London Stock Exchange. Both our IPO and Eurobond prospectuses were reviewed and approved by the UK FSA. Our charter, as well as our IFRS-audited accounts from 2000 through to 2006, are available on our website. We regularly publish detailed quarterly and semi-annual results updates. In 2006, we issued 45 press releases and to date in 2007 we have issued 12 press releases.

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