Bank of Georgia announces changes to its Board of Directors

Bank of Georgia Holdings PLC (“BGH”), the holding company of JSC Bank of Georgia (“the Bank”), Georgia’s leading bank announces changes to its Board of Directors of BGH (the “Board”), effective immediately.

These changes ensure that all non-executive directors are fully independent reflecting the Board’s commitment to promoting high standards of corporate governance. Two non-independent non-executive directors, Ian Hague (a managing director of the Firebird funds) and Hanna Loikkanen (Senior Advisor and Head of the Private Equity Russia at East Capital) as well as Allan Hirst, an independent non-executive director, are stepping down from the Board of BGH and the Supervisory Board of the Bank.

Mr Hague, Ms Loikkanen and Mr Hirst have been replaced with three new independent non-executive directors: Bozidar Djelic, Tamaz Georgadze and Kim Bradley. The new independent non-executive directors will also join the Supervisory Board of the Bank. All three new Board members will join the Nomination Committee of BGH and Mr Bradley will also join the Audit Committee of BGH and the Bank. Mr David Morrison will replace Mr Hirst as a Chairman of the Audit Committee of BGH and the Bank. The Board has also resolved to establish effective 1 January 2014 a Risk Committee with the following directors: Kim Bradley (chairman of the committee), Bozidar Djelic, Al Breach and Kaha Kiknavelidze. A Risk Committee with the same members has also been established at the Bank Supervisory Board level as well. Please see below brief biographies of new appointments.

It is the Board’s policy that each Director and member of the Supervisory Board of the Bank will serve a tenure of six years, subject at all times to re-election by the shareholders of BGH at each AGM.

“I am excited to welcome Bozidar, Tamaz and Kim to the Board, who all bring tremendous financial and leadership experience to the Board. I am confident they will make a great contribution to the group, building value for shareholders. On behalf of the entire Board, I would like to thank Ian, Hanna and Allan for their service. They have been instrumental to BGH and Bank of Georgia’s transformation and success and have made significant contributions to the group’s strategic direction and governance for years.” commented Neil Janin, Chairman.