Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

Bank of Georgia Holdings plc

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

Tender Offer

x

3. Full name of person(s) subject to thenotification obligation: iii

East Capital AB on behalf of East Capital Holding AB, Sakaropel Ltd, East Capital Russian Fund, East Capital Eastern European Fund, East Capital (Lux) Russian Fund, East Capital (Lux) Eastern European Fund and East Capital (Lux) Convergence Eastern European Fund

4. Full name of shareholder(s)  (if different from 3.):iv

As per the above

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

Acceptance notice was given on 2 February 2012. The offering was made unconditional and the BGH shares admitted to trading on 28 February, 2012

6. Date on which issuer notified:

28 February 2012

7. Threshold(s) that is/are crossed orreached: vi, vii

7,16%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

0

0

2 571 056

2 616

2 568 440

0.007%

7.153%

GB00B759CR16

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

2 571 056

7.16%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

East Capital Holdings AB owns all BGH shares directly (2616 votes).

East Capital AB manages shares held by the funds below indirectly.

Sakaropel Ltd (888,733 votes)

East Capital Russian Fund (1,280,571 votes)

East Capital Eastern European Fund (171,035 votes)

East Capital (Lux) Russian Fund (195,731 votes)

East Capital (Lux) Eastern European Fund (27,682 votes)

East Capital (Lux) Convergence Eastern European Fund (4,688 votes)

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will ceaseto hold:

12. Date on which proxy holder will cease to holdvoting rights:

13. Additional information:

No change in actual holding, the notification is triggered by the listing and the offering from the issuer (BGH) to all shareholders in Bank of Georgia.

14. Contact name:

Nina Jonsson

15. Contact telephone number:

+46 8 505 88657