Statement of TBC Bank Group

The TBC Bank Group (TBC PLC) confirms that after the statement made by the Prosecutor's Office of Georgia on July 24, the chairman of the group Mamuka Khazaradze and his deputy Badri Japaridze decided to resign their positions. They have come to this decision so that the charges against them do not have any effect on the group's activities, and they are free to continue the dispute.

The Group Supervisory Board and Management in turn thank Mamuka Khazaradze and Badri Japaridze for their unique role in establishing the TBC Bank in the difficult 90s. Also, for their highly significant contribution to the successful development of the bank and one of the largest and most respectable companies in the South Caucasus.

Mamuka Khazaradze and Badri Japaridze will try to joun the TBC Bank Group Supervisory Board again after the accusations against them were eradicated. The supervisory board is deeply convinced of Mamuka Khazaradze and Badri Japaridze's truth and waits when all disputes against them will settle, including disputes about money laundering.

It should also be noted that the Supervisory Board immediately appointed the independent director of the TBC Bank Group of the Supervisory Board Nikoloz Enukidze. The choice was made from the deep knowledge of his banking activities and international experience.