Publication of Prospectus

JSC Georgian Railway

28 June 2012

Publication of Prospectus

The following prospectus (the "Prospectus") has been approved by the UK Listing Authority and is available for viewing:

Prospectus dated 27 June 2012

JSC Georgian Railway - U.S.$500,000,000 7.75 per cent. Notes due 2022

For details of how the full document can be viewed, please consult the following URL:

http://www.rns-pdf.londonstockexchange.com/rns/4056G_-2012-6-28.pdf

The Prospectus is available for viewing at the offices of JSC Georgian Railway (JSC Georgian Railway, 15, Tamar Mepe Avenue, Tbilisi, 0112 Georgia).

In addition, a copy of the above document has been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.Hemscott.com/nsm.do.

DISCLAIMER - INTENDED ADDRESSEES

Please note that the information contained in the Prospectus may be addressed to or targeted at persons who are residents of particular countries (specified in the Prospectus) only and is not intended for use and should not be relied upon by any person outside these countries or to whom the offer contained in the Prospectus is not addressed. Prior to relying on the information contained in the Prospectus you must ascertain from the Prospectus whether or not you are part of the intended addressees of the information contained therein.

Your right to access this service is conditional upon complying with the above requirement.