Decision on Issuing Commemorative Gold Coins

Pursuant to Article 17 paragraph 1 point 2 of the Central Bank of Montenegro Law (OGRM 52/00, 53/00, 47/01), the Central Bank of Montenegro Council, at its meeting held on 28 April 2006, passed the following DECISION ON ISSUING COMMEMORATIVE GOLD COINS (OGRM 31/06 of 12 May 2006) Article 1 The Central Bank of Montenegro (hereinafter: the Central Bank) on the on the occasion of celebrating the centenary of minting the first Montenegrin State money, shall issue commemorative gold coins in 2006. Article 2 The commemorative gold coins (hereinafter: the gold coins) referred to in Article 1 herein shall be issued in denominations of 100, 20, and 10 perpers (the Principality) and in the quantity: 300 pieces in denomination of 100 perpers 1000 pieces in denomination of 20 perpers 1000 pieces in denomination of 10 perpers Article 3 The gold coins shall be made of gold alloy with the fineness of 900/1000, by special proof technique with high gloss flat surfaces and matt relief details with weights and diameters as follows: Name Weight Diameter 100 perpers 33.88 g 37 mm 20 perpers 6.78 g 21 mm 10 perpers 3.3 g 19 mm Deviations in the weight of each golden coin are permitted in 2 ‰ (per thousand) above the weight referred to under paragraph 1 above. Article 4 The obverse of the golden coin shall be as follows: in the central part of the gold coin there is a portrait of Prince Nikola, the image of the head profile with laurel wreath, turned left against the vertical axis of the coin, on its border there is a Cyrillic text “Nikola I B.M. knjaz / kralj i gospodar Crne Gore”, and in the bottom part of the coin, below the image of the head, the jubilee years 1886-1910. Article 5 The reverse of the gold coin shall be as follows: in the centre there is Montenegrin coat of arms (two-headed eagle with spread wings with the sceptre in its right and the globe with a cross in

its left claw, Montenegrin crown is above the eagle’s head and the lion in motion is on the shield on the eagle's breast) with the drapery and the crown on top. In the upper part of the golden coin, there is Cyrillic text “Knjaževina / Kraljevina Crna Gora”. In the lower part of the gold coin there is a designation of denomination: 100, 20 and 10, as well as the name of the currency written in Cyrillic letters - PERPERA. On the left side of the word PERPERA, there is a stylised semicircular form of an oak branch, and to the right of the word there is a stylised semicircular laurel branch. The year of the minting – 2006 shall be engraved under the word PERPERA, in the bottom part of the gold coin. Article 6 On the rim of commemorative gold coins in denominations of 100 and 20 Perpers there is a Cyrillic text “Bog čuva Crnu Goru”, while stars are embossed along the rim of the 10 Perpers golden coin. Article 7 The manner of packaging (the structure of the collections) of the coins shall be determined by a special decision of the Central Bank. Article 8 This decision shall enter into force on the day following that of its publication in the Official Gazette of Montenegro. Decision number: 0101-303/5-2 Podgorica, 28 April 2006 THE COUNCIL OF THE CENTRAL BANK OF MONTENEGRO CHAIRMAN Ljubiša Krgović, m.p.