wealth
management Issue 3/2009

Bank of Georgia Wealth Management
Issue Highlights: Issue 3 MARCH 2009
P4-5
BANK OF GEORGIA NEWS CAPITAL MARKETS DAY
Capturing Global market Opportunities
JSC Bank of Georgia receives the Global Finance
Award as Best Bank in Georgia, 2009. P3
JSC Bank of Georgia reports full year 2008 net
income of GEL 0.7 million. P6-7
GEORGIAN ECONOMY
The National Bank of Georgia launched a new
monetary policy instrument - the currency auction P8
The National Bank of Georgia lowers its policy rate
(refinancing rate) by 50 basis points, to 6.5
percent P8
International Monetary Fund Completes Second
Review under Stand-By Arrangement for Georgia
and Approves US$186.6 Million Disbursement P9
Special o
BANK OF GEORGIA NEW WEBSITE LAUNCHED
www.wealthmanagement.ge P11
special Discounts for OneCard
Holders P12
www.wealthmanagement.ge Issue 3 March 2009 2

Bank of Georgia Wealth Management
JSC BANK OF GEORGIA RECEIVES THE GLOBAL FINANCE AWARD AS
BEST BANK IN GEORGIA 2009
Bank of Georgia received the Global Finance Award “I am very pleased that Global Finance has selected
as the Best Bank in Georgia 2009. Global Finance, a Bank of Georgia as the Best Bank in Georgia for the
leading global capital markets magazine publishes second consecutive year. I would like to congratulate my
annually its awards for Best Emerging Market Banks in colleagues with this prestigious award, which serves as a
20 countries in Asia. Criteria for selecting winners recognition of their good work in this challenging
includes growth in assets, profitability, strategic environment\", commented Nicholas Enukidze,
relationships, customer service, competitive pricing Chairman of the Supervisory Board.
and innovative products.
www.wealthmanagement.ge Issue 3 March 2009 3

Bank of Georgia Wealth Management
CAPITAL MARKETS DAY
experts of Galt & Taggart Securities during the session:
Bank of Georgia Wealth Management and Galt &
stimulus investing, defensive investing and investing in
Taggart Securities hosted Capital Markets Day at
market leaders with large upside potential.
Club24 on March 20, 2009. The event brought
together leading experts on capital markets and
At a time when governments are launching stimulus
investors looking for investment opportunities in
economy recovery plans, there is a possibility to benefit
Georgia as well as on global capital markets.
from investing in the government spending package. US
companies working in construction, environment,
Nick Piazza, Chief Executive Officer of Galt & Taggart
healthcare, education, and energy sectors, as well as low
Securities, and Vasil Revishvili, Global Head of Wealth
cost retailers, will be among the beneficiaries of the US$
Management, opened the event presenting a variety
787 billion US government spending package, the largest
of opportunities in Georgia and global capital markets.
in the history of the States.
Nick Gilauri, Prime Minister of Georgia, presented
Vladimir Nesterenko, Head of Research at Galt & Taggart
prospects and challenges of Georgia's economy in
Securities, presented the approach and ways to do
2009 as well as policy changes that will make
defensive investing for investors who prefer lower risks to
investments into Georgia more profitable and feasible.
potential high returns.
Crisis and Investments: Strategies and Approaches
“The defensive investor is an investor who is risk averse,
he is not going to pursue a higher rate of return in
One of the core issues and the main part of the Capital
exchange for lower risk on his investments and basically
Markets Day was dedicated to strategies investors
he longs to minimize risk,” said Nesterenko.
may choose while targeting global capital markets.
Three investment strategies were presented by the
www.wealthmanagement.ge Issue 3 March 2009 4

Bank of Georgia Wealth Management
CAPITAL MARKETS DAY - CONTINUED
Wealth Management, assessed Oil and Gold price
These investors tend to diversify their portfolio across
dynamics. According to research data, the oil price may
the regions but such diversification may not really
increase in the next six months, whereas the price of gold
work, said Nesterenko. “It comes out that it is better to
historically recovers long before the end of an economic
diversify not across the regions but across industry
crisis. No matter how markets respond, the person
sectors,” he said, backing up his conclusion with
opening the deposits on gold, oil or currency will not bear
research conducted by Galt & Taggart Securities and
any loss.
showing that there are no significant geographical
differences in risk return distribution.
Investors who choose the Investment Deposit on gold will
receive a guaranteed 10% annual interest rate and an
Companies focusing on people's essential needs,
additional 50% of the percentage increase in the Gold
such as consumer, food, healthcare, and
price over the next year. If the Gold price decreases or
communication will suffer the least from the economic
stays the same, the investor will still get the 10% annual
downturn, and should be targets for defensive
interest rate.
investors.
The Investment deposit on oil carries a guaranteed
Nesterenko also presented some indicators showing
annual 9% interest rate plus a potential additional 9%. In
that the current crisis is closing in on the bottom.
total, the investor can earn up to 18% annually on the
investment. The additional interest rate is linked to the oil
For investors willing to take bigger risks and looking for
price. If the oil price increases over the next six months, a
a big rebound, the experts presented ways and
depositor receives an annualized 30% of the percentage
strategies of investing in pro-cyclical stocks that have
increase from the price. If the price of oil decreases or
large upside potential. Investing in a bear market, as it
stays the same, the investor gets the guaranteed 9%
falls, offers the possibility of higher returns for those
annual return.
investors with a long-term strategy.
The USD/EUR Investment Deposit is designed for those
“If you need money in three months this is not a
concerned with USD depreciation against the Euro. For
strategy for you, but in the longer term, invariably you
investors who invest or earn in USD, the USD/EUR
get higher returns by investing in bear markets,” said
Investment Deposit is a good tool to insure investments
Jathan Tucker, Head of Global Trading at Galt &
from losses from USD depreciation. If the USD
Taggart Securities.
depreciates against the EUR, the investor will get full
compensation in the form of an additional interest rate on
“As the market fell you saw a huge upturn in risk
their investments.
aversion so we are talking about investors' risk
tolerance here. You have to ask yourself whether a
further 20% fall will impair your future investment
“The Investment Deposit merges two features: it has a
goals,” said Galt & Taggart Securities Analyst Danylo
guaranteed return, plus you may get upside from
Spolsky
commodity prices. This was our response to what is
going on global markets,” said Revishvili.
To keep investors informed on developments and
trends on global markets, Galt & Taggart Securities
At the end of the session David Vakhtangishvili, Chief
offers a monthly report, including a snapshot of the
Financial Officer of Bank of Georgia, presented the
market, global news and various issues about
bank's 2008 results. Vakhtangishvili identified key
investment possibilities on globally listed stocks.
challenges that impacted on the bank's profitability in
2008, were provision expenses, GEL devaluation, real
Three Novelties from Bank of Georgia
estate and investment property losses as well as
severance payments due to personnel cuts. As explained
In turn, Bank of Georgia responded to market
by David Vakhtangishvili, these 4 challenges are non-
developments by offering three new variations of
recurring by nature and were caused by extraordinary
Investment Deposits that guarantee investors an
events that occurred in 2008 (Conflict with Russia and the
annual return with the potential to earn an additional
global crisis). Effect of these challenges have been fully
yield on top of the guaranteed return.
recorded in 2008 already, are now left behind and,
respectively, management of Bank of Georgia, does not
Investors can choose which instrument they prefer for
expect any material impact of these events in 2009 or
their deposit; Oil, Gold or USD/EUR currency
going forward. Bank of Georgia closed out the year with a
exchange rate. In all three cases the investor gets
net income of GEL 700,000.
guaranteed compensation or additional return
depending on further developments on the markets.
Capital Markets day was followed by a cocktail reception
where investors had a chance to network and consult
Vasil Revishvili, Global Head of Bank of Georgia
with the experts.
www.wealthmanagement.ge Issue 3 March 2009 5

Bank of Georgia Wealth Management
JSC BANK OF GEORGIA REPORTS FULL YEAR 2008 NET INCOME OF
GEL 0.7 MILLION.
JSC Bank of Georgia Q4 2008 & Full-Year 2008 Consolidated Results
Assets amounted to GEL 3.3 billion, up 11.5 % y-o-y.
Bank of Georgia its Q4 2008 and full year 2008
Gross Loans stood at GEL 2.2 billion, 25.0 % increase y-
consolidated results (IFRS-based, derived from
o-y. The increase was mainly attributed to the loan book
management accounts), reporting a Q4 2008 Net Loss
growth in the 1H 2008 and the Lari devaluation against
of GEL 0.5 million and full year 2008 Net Income of
US$ in November 2008. Corporate Gross Loans to
GEL 0.7 million. For the full-year 2008 the Bank
Clients in Georgia stood at GEL 918.8 million (up 5.1 % y-
reported Normalized Net Operating Income (“NNOI”)
o-y). Retail Gross Loans to Clients in Georgia reached
of GEL 152.6 million, net provision expense of GEL
GEL 995.0 million (up 51.6 % y-o-y). Wealth Management
132.8 million, which increased 679.1% compared to
Gross Loans to Clients in Georgia amounted to GEL 55.5
2007 mainly due to the conflict between Georgia and
million (up 25.6 % y-o-y). In Ukraine BG Bank`s Gross
Russia in August 2008 (the “Conflict”) and
Loans to Clients stood at GEL 201.3 million, 12.4 % y-o-y
deterioration of the market environment caused by
decrease, and accounted for 9.2 % of the Bank`s Total
global economic downturn, and Net Income of GEL 0.7
Gross Loans. BNB`s Gross Loans to Clients amounted to
million.
GEL 36.6 million, accounting for 1.7 % of the Bank`s Total
Gross Loans. As of 31 December 2008 the Bank`s
During 2008 the Bank`s Total Operating Income
consolidated Total Liabilities stood at GEL 2.6 billion (up
(Revenue) increased by 55.2 % y-o-y to GEL 340.7
7.8 % y-o-y and up 6.9 % q-o-q). The Bank`s
million, driven by a 67.9 % y-o-y increase in Net
Consolidated Client Deposits stood at GEL 1.2 billion, a
Interest Income and a 36.7 % y-o-y increase in Net
decrease of 8.7% y-o-y. Despite the increase in Client
Non-Interest Income. Total Recurring Operating Costs
Deposits in Q4 2008, the y-o-y decrease was mostly
increased by 60.1 % y-o-y to GEL 188.0 million. NNOI
related to the effect of the Conflict and its immediate
grew 49.6 % y-o-y to GEL 152.6 million. The Bank
aftermath and the appreciation of Georgian Lari (31.4% in
reported Net Income of GEL 0.7 million for 2008,
2008) against Ukrainian Hryvna.
reflecting the negative impact of the extraordinary
increase in the full-year Net Provision Expense of GEL
As of 31 December 2008 Bank of Georgia on standalone
132.8 million (mostly caused by the Conflict-related
basis held market share of 32.9 %, 32.9 % and 28.8 % by
Net Provision Expense) and extraordinary increase in
total assets, gross loans, and deposits, respectively in
Net Non-Recurring Cost of GEL 20.7 million.
Georgia.
On 31 December 2008 the Bank`s consolidated Total
Millions, unless otherwise noted Growth y-o-y1
2008 (YTD)
US$ GEL
Bank of Georgia (Consolidated, Unaudited, IFRS-based)
Total Operating Income (Revenue)2 55%
340.7
204.4
60%
112.8
Recurring Operating Costs 188.0
Normalised Net Operating Income 3 50%
91.6 152.6
NMF
12.4 20.7
Net Non-Recurring Operating cost
679%
132.8
79.7
Net Provision Expenses
-99%
Net Income/(Loss) 0.4 0.7
1,976.4 3,294.6
Total Assets 12%
2,083.7
Net Loans 21%
1,249.9
-5%
1,318.3
790.8
Total Deposits
Tier I Capital Adequacy Ratio (BIS)4 22.5%
Total Capital Adequacy Ratio (BIS)5 27.3%
16.6%
Tier I Capital Adequacy Ratio (NBG)
Total Capital Adequacy Ratio (NBG) 13.5%
15.8%
Tier I Capital Adequacy Ratio (NBG), as of 31 January 2009
16.0%
Total Capital Adequacy Ratio (NBG), as of 31 January 2009
1
Compared to the same period in 2007; growth calculations based on GEL values.
2
Revenue includes Net Interest Income and Net Non-Interest Income.
3
Normalised for Net Non-Recurring Costs.
4
BIS Tier I Capital Adequacy Ratio equals Tier I Capital as of the period end divided by Total Risk Weighted Assets as of the same date, both calculated in accordance with the
requirements of Basel Accord I.
5
BIS Total Capital Adequacy Ratio equals Total Capital as of the period end divided by Total Risk Weighted Assets as of the same date, both calculated in accordance with the
www.wealthmanagement.ge Issue 3 March 2009 6

Bank of Georgia Wealth Management
JSC BANK OF GEORGIA REPORTS FULL YEAR 2008 NET INCOME OF
GEL 0.7 MILLION - Continued
As of 31 December 2008 the Bank`s Shareholders` increased by 38.0% y-o-y to GEL 96.7 million, up 37.3%
Equity amounted to GEL 712.9 million, (up GEL 154.9 q-o-q. Growth in WM deposits in Q4 is mainly attributable
million y-o-y). The YTD growth of the Bank`s to WM`s non-resident clients, in particular Israeli citizens,
Shareholders` Equity was mostly attributed to the who account for about 30% of total WM deposits.
capital increase through the placement of the new
ordinary shares in the form of GDRs on 13 February Further developing WM client base in Israel is a strategic
2008, raising US$100 million. The Bank`s equity book priority for the Bank. In 2008 the Bank established a
value per share stood at GEL 22.81 (US$ 13.68 ) as at subsidiary in Israel: Georgi Financial Investments (GFI)
31 December 2008, up 11.0 % y-o-y. Capital with the view to attract high-yield short term deposits from
Adequacy, Liquidity and Leverage As of 31 December Israeli high net worth individual clients, corporate and
according to the requirement of the NBG, the Bank`s institutional investors. Michael Abramovitch, who joined
Tier I Capital Adequacy Ratio was 16.6 % and Total the Bank in Tel Aviv in 2008 from Excellence Provident
Capital Adequacy Ratio was 13.5 %. At the same time Fund, has been appointed as Head of GFI. The Bank
by BIS standards, the Bank`s Tier I Capital Adequacy views WM as a strategically important funding tool for the
Ratio was 22.5 % and Total Capital Adequacy Ratio Bank. Recently WM launched several new attractive
was 27.3%. Following the drawdown of subordinated products, including Investment deposits, the return on
and convertible subordinated facilities from the which is linked to the movement of oil and gold price, as
IFC/EBRD package on 27 February the Bank`s Total well as deposits linked to currency hedging.
Capital Adequacy Ratio according to NBG reached Management Change Structured Products Department
16.02%. The Bank`s NBG Average Liquidity Ratio of was merged with Wealth Management Business Unit and
27.3% as of December 2008 increased modestly from Vasil Revishvili, formerly Head of the Structure Products
27.2 % as of 30 September 2008, still well above the Department, was appointed as the Head of the merged
NBG requirement of 20%. The Bank`s leverage ratio entity. Before joining Bank of Georgia in August 2008, Mr.
(Total Liabilities to Shareholders Equity) stood at solid Revishvili worked for four years at Pictet Asset
3.62x as of 31 December 2008, up from 3.27x as of 30 Management in London and Geneva as Senior
September 2008. Investment Manager.
In Q4 2008, the Bank`s deposits in Georgia increased “We are very pleased that despite the global financial
by GEL 95.7 million to GEL 1.1 billion, up 9.8 % q-o-q. crisis and economic slowdown our Georgian banking
The growth in deposits was largely driven by business, which accounts for a large majority of our
increased spending of the Georgian government in assets and net income, is holding up well. Being the
December 2008, which resulted in a strong system- largest bank in Georgia, we are, of course, highly
wide inflow in Georgian banks and the resumed flow of dependent on the macroeconomic environment in the
funds of the Bank’s international private banking country. Fortunately, despite a slowdown, Georgian
clients economy has performed well compared to other
countries in our region. National currency has devalued
Wealth Management (WM) by 17% in November without causing too much
excitement amongst general population, public finances
In 2008 Allocated Revenues for WM was GEL 5.8 remain sound and banking system remains stable.
million, an increase of 22.9% y-o-y. Net Income
equaled GEL 788 thousand as compared to Net In Q4 the Bank successfully completed several projects
which strengthened its position vis-à-vis difficult market
Breakdown of Total Deposits by currency
environment. In December we secured US$239 million in
wholesale funding from IFC, EBRD and OPIC, which
31-Dec-08
Bank of Georgia, Stand-alone 30-Sep-08
allows the Bank to comfortably meet all our obligations on
Total
GEL
GEL million FC Total FC
GEL
repayment of international debt through 2011”-
282.8 89.1 418.5
RB+WM 113.6 396.4 329.4
commented Nicholas Enukidze, Chairman of the
269.0
376.3 199.9 576.2 649
380.8
CB
Supervisory Board.
489.9 397.0 358.1
Total 482.6 710.2 1,068.3
Income of GEL 1.9 million for 2007. On a quarterly I
Market share data are derived from the information published by the National
basis, Allocated Revenues was GEL 1.4 million, up Bank of Georgia (www.nbg.gov.ge) and represent an aggregation of standalone
14.8% y-o-y and down 4.3% q-o-q. Net Income financial information (non-IFRS, based on National Bank of Georgia
requirements) filed by Georgian banks. Deposit market share is calculated based
amounted to GEL 209 thousand in Q4 2008. WM on the amount of total deposits, including client and interbank deposits
Gross Loans stood at GEL 55.5 million an increase of
25.6 % y-o-y and up 22.9% q-o-q. WM Client Deposits
www.wealthmanagement.ge Issue 3 March 2009 7

Bank of Georgia Wealth Management
THE NATIONAL BANK OF GEORGIA LAUNCHED A NEW MONETARY
POLICY INSTRUMENT - THE CURRENCY AUCTION
Press Release
17. 03. 2009
The National Bank of Georgia launched a new directly on the interbank market 24 hours per day.
monetary policy instrument – the Currency Action. This
instrument is widely used in monetary interventions of The official exchange rate is still determined by the trade
developed economies and serves as a tool for results in the interbank currency exchange.
increasing liquidity of US dollars circulating in the
economy. By using this modern and flexible The National Bank of Georgia continues to work on
instrument, trading will occur twice a week, and it will introducing and implementing new monetary instruments
partially replace the Interbank Currency Exchange. that will facilitate the development of the money and
Additionally, by introducing this new system, currency markets in Georgia.
commercial banks will be able to trade currency
THE NATIONAL BANK OF GEORGIA LOWERS ITS POLICY RATE
(REFINANCING RATE) BY 50 BASIS POINTS, TO 6.5 PERCENT
Press Release
18.03.2009
negative, which is likely an indicator of the slowdown in
The Monetary Policy Committee (MPC) of the National
overall economic activity. The rate of lending to the
Bank of Georgia (NBG) met on March 18, 2009 and
economy remains conservative. According to forecasts,
decided to lower its main policy rate (the refinancing
the volume of imports has decreased considerably, a
rate), by 50 basis points, to 6.5 percent.
factor which has reduced pressure on the exchange rate.
The annual rate of inflation decreased to 2.1 percent in
The National Bank of Georgia introduced a new
February. As a result, average annual inflation stands
instrument, the foreign exchange auction which should
at 8.7 percent. Since the Committee's last meeting,
add increased flexibility to the exchange rate.
existing forecasts point towards the increasing
influence of factors which should lead to a reduction in
The NBG will closely monitor current developments in the
inflation. An increase in prices has been particularly
economy and financial markets and will in due course act
sluggish for short-term consumer goods, which
accordingly.
reduces the public's inflation expectations. Core
inflation has diminished significantly as well.
The next meeting of the Monetary Policy Committee will
take place on April 15, 2009.
The growth rate in monetary aggregates remains
www.wealthmanagement.ge Issue 3 March 2009 8

Bank of Georgia Wealth Management
INTERNATIONAL MONETARY FUND COMPLETES SECOND REVIEW UNDER
STAND-BY ARRANGEMENT FOR GEORGIA AND APPROVES US$186.6
MILLION DISBURSEMENT
The Executive Board of the International Monetary essential productivity-enhancing infrastructure
Fund (IMF) on March 23 completed the second review investment and targeted social support measures. A
of Georgia's performance under an 18-month Stand- reform of expenditure management is also being
By Arrangement totaling SDR 477.1 million (about planned.
US$705.3 million). The completion of the review
allows for the immediate disbursement of an amount “The authorities are encouraged to use all the
equivalent to SDR 126.2 million (about US$186.6 instruments of monetary policy, including the interest rate
million). and reserve requirements, as part of their adjustment
strategy. In this regard, the planned improvements in the
The Arrangement was approved in September 2008 to central bank's liquidity framework are timely, and should
support the Georgian authorities' macroeconomic help enhance the effectiveness of interest rate policy.
policies, rebuild gross international reserves, and
bolster investor confidence. “Foreign exchange auctions have been introduced, an
The Executive Board also concluded the 2009 Article important step toward exchange rate flexibility and the
IV consultation with Georgia. Details of the findings will preservation of external stability. This will also help the
be published in a Public Information Notice in due authorities to protect, and ultimately to rebuild,
course. international reserves.
After the Executive Board's discussion on March 23, “Against the background of a deterioration in banks' loan
2009, Mr. Takatoshi Kato, Deputy Managing Director portfolios and the impact of a sharp contraction in credit
and Acting Chair, said: on bank profitability, strong supervisory vigilance over the
banking system will be crucial. In that vein, the Financial
“Economic and financial conditions have become Supervisory Agency is strengthening provisioning based
more challenging since the last program review, as on bank-by-bank assessments, and will stress-test
Georgia feels the effects of the global crisis. Sharp banks with technical assistance from the Fund. The
declines in trade and workers' remittances, weak authorities are encouraged to consider measures to
commodity prices, and recessions and currency bolster depositor confidence and deal with possible
depreciations in major trading partners are systemic risks.
threatening domestic confidence and adversely
affecting foreign direct investment inflows, and growth “Georgia's economic policies are being crafted not only in
prospects. The authorities plan to mitigate the impact response to the immediate crisis, but also with a view to
of the economic slowdown through a donor-financed supporting sustained economic growth over the medium
fiscal stimulus and a reorientation of expenditures. term. The authorities are encouraged to build on their
strong track record of reforms and their commitment to
“With the aim of aligning public spending with available fiscal prudence and low inflation. Special focus should be
official external financing, the authorities have placed on improving Georgia's competitiveness, notably
reduced the 2009 fiscal deficit target. To ensure that by enhancing the environment for private investment in
public spending has the maximum impact on the the tradable sector, and thus helping to reduce the
population at large and to alleviate pressures on the current account deficit and raise employment,” Mr. Kato
poorest, expenditures will be reoriented in favor of said.
www.wealthmanagement.ge Issue 3 March 2009 9

Bank of Georgia Wealth Management
www.wealthmanagement.ge Issue 2 February 2009 5

Bank of Georgia Wealth Management
www.wealthmanagement.ge
New website of Bank of Georgia Wealth Management launched
Bank of Georgia Wealth Management has launched a
new website, where you can find information about all
of our services as well as new products available.
In addition, the new website gives live updated
information about selected indices, commodity prices
and currency exchange rates.
You can receive detailed information about new
products available at Wealth Management. You can
always reach Private Banker who will help you choose
appropriate product based on your needs and
objectives.
You will find up-to date information about OneCard
discounts and special offers available at selected shops,
airlines, fitness clubs and restaurants.
You can find information about existing and new
additional services that are designed exclusively for
you to meet your financial and lifestyle needs.
www.wealthmanagement.ge Issue 3 march 2009 11

Bank of Georgia Wealth Management
Special Discounts for OneCard Holders
10%
Discount
On Air Tickets of Tbilisi-Tel Aviv flights
Address: 63 Kostava Str. Tbilisi, 0171 Georgia
Tel: 995 (32) 251 110
995 (32) 333 844
E-mail:info@fresh-travel.ge
Web: www.fresh-travel.ge
10%
Discount
On a full service of the Vake Swimming Pool
Address: 49b, Chavchavadze Ave.Tbilisi, 0162 Georgia
Tel: 995 (32) 252 575
E-mail: vakefitness.ge
Web: www.vakefitness.ge
10%
Discount
On premium brand clothes and accessories.
OneCard discount is available during seasonal sales
as well
Address: 31, Abashidze Str.
Tel: 995 (32) 182 505
NEW
COLLECTION
E-mail: info@pierrotlefou.com
www.wealthmanagement.ge Issue 3 march 2009 12

Bank of Georgia Wealth Management
www.wealthmanagement.ge
9 Jorbenadze St. Tbilisi, 0103 Georgia
23 Chavchavadze Ave. Tbilisi, 0179 Georgia
Tel: 995 32 444 333
E-mail: wm@bog.ge
Please, send your comments/enquiries regarding the newsletter to wmnewsletter@bog.ge