Decision on Issuing Commemorative Silver 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 Silver Coins Article 1 The Central Bank of Montenegro (hereinafter: the Central Bank) shall issue in 2006, on the occasion of celebrating the centenary of minting the first Montenegrin State money, commemorative silver coins. Article 2 The commemorative silver coins (hereinafter: silver coin) referred to in Article 1 herein shall be issued in denominations of 5, 2 and 1 Perper and the quantity of 1,000 pieces per each denomination. Article 3 The silver coins shall be made of silver alloy with 925/1000 fineness, using special proof technique with high gloss flat surfaces and matte relief details of the motive defined herein with weights and diameters as follows: Name Weight Diameter 5 perper 24 g 36 mm 2 perper 10 g 27 mm 1 perper 5 g 23 mm The permitted deviations in the weight of each silver coin shall be 2 ‰ (per mille) over the weight referred to in paragraph 1 above. Article 4 The obverse of the 5 and 2 Perper silver coins shall be as follows: in the central part of the silver coin there is a portrait of Prince - King 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 down part of the coin, under the image of the head, there are jubilee years 1860-1910; Article 5 The reverse of 5 and 2 Perper silver coins shall be as follows: in the central part of the silver coin there is Montenegrin coat of arms (a 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 silver coin, there is Cyrillic text “Knjaževina - Kraljevina Crna Gora”. In the down part of the silver coin there are the designations of denominations 5 and 2, 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 semi-circular oak branch and on the right side of the same word stylized semi-circular laurel branch. The year of minting 2006 is in the down part of the silver coin under the word PERPERA. Article 6 The border of the silver coins in denominations of 5 and 2 Perper has a Cyrillic text “Bog čuva Crnu Goru”. The rim of silver coin in denomination of 1 Perper is milled.

Article 7 The obverse of the 1 Perper silver coins shall be as follows: in the central part of the silver coin there is a portrait of Prince - King Nikola, the image of the head profile with laurel wreath, turned right 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”. Under the portrait, there is a laurel branch that follows the silver coin’s rim in semi-circular shape. Article 8 The reverse of 1 Perper silver coins shall be as follows: in the central part of the silver coin there is Montenegrin coat of arms (a 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 silver coin, there is Cyrillic text “Knjaževina - Kraljevina Crna Gora”. In the down part of the silver coin there are the designations of denomination 1, as well as the name of the currency written in Cyrillic letters – PERPER. On the left side of the word PERPER there is a stylised semi-circular oak branch and on the right side of the same word stylized semi-circular laurel branch. The year of minting 2006 is in the down part of the silver coin under the word PERPER. Article 9 The manner of packaging (the structure of the collections) of the coins shall be determined by a special decision of the Central Bank. Article 10 This Decision shall enter into force on the eighth day following that of its publication in the Official Gazette of Montenegro. THE COUNCIL OF THE CENTRAL BANK OF MONTENEGRO Decision number: 0101-303/5-3 Podgorica, 28 April 2006 CHAIRMAN Ljubiša Krgović, m.p.