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

X

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):

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

Harvey Sawikin and Ian Hague as principals of Firebird Advisors, LDC, Firebird Management, LLC, and

Firebird Avrora Advisors, LLC

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

Firebird Fund, L.P.

Firebird New Russia Fund, Ltd.

Firebird Republics Fund, Ltd.

Firebird Avrora Fund, Ltd.

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

February 28, 2012

6. Date on which issuer notified:

February 29, 2012 filed with FSA; 26 April 2012 received by the issuer

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

8%

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

Ordinary

Nil

Nil

2,897,661

2,897,661

8.07%

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

2,897,661

8.07%

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

The voting rights associated with the shares described in Question 8 are held directly by Firebird Fund, L.P., which holds the voting rights associated with 313,004 ordinary shares of the issuer, representing 0.87% of the total voting rights of the issuer, Firebird New Russia Fund, Ltd., which holds the voting rights associated with 450,638 ordinary shares of the issuer, representing 1.25% of the total voting rights of the issuer, Firebird Avrora Fund, Ltd., which holds the voting rights associated with 974,600 ordinary shares of the issuer, representing 2.71% of the total voting rights of the issuer, and Firebird Republics Fund, Ltd., which holds the voting rights associated with 1,159,379 ordinary shares of the issuer, representing 3.23% of the total voting rights of the issuer. Firebird Advisors, LDC serves as the general partner of Firebird Fund, L.P. and is controlled by Harvey Sawikin and Ian Hague, who control the exercise of these voting rights. Firebird Management, LLC serves as the investment manager of Firebird New Russia Fund, Ltd. and Firebird Republics Fund, Ltd. and is controlled by Harvey Sawikin and Ian Hague, who control the exercise of these voting rights. Firebird Avrora Advisors, LLC serves as the investment manager of Firebird Avrora Fund, Ltd. and is controlled by Harvey Sawikin and Ian Hague, who control the exercise of these voting rights.

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:

14. Contact name:

Harvey Sawikin

15. Contact telephone number:

001-212-698-9260