Bank of Georgia - Investor Relations

Composition of Shareholders

Bank of Georgia Shareholders as at 30 June 2009

31-Dec-09	Total	%
GDR Holders*	26,745	85.4%
Local Shares Held by Institutional Shareholders	1,831	5.8%
Management & Employees**	1,957	6.2%
Local Shares Held by Domestic and Foreign Retail Shareholders	773	2.5%
Total Shares Outstanding	31,306	100.0%

Adjusted for Galt & Taggart Securities' Proprietary Book^{(1 )}	(5.3)
Adjusted Total Shares Outstanding	31,301


⁽¹⁾ Treated as treasury shares as per IFRS
*through BNY Nominees Limited
** includes GDRs held by Employee Benefit Trust