MULTILATERAL INVESTMENT GUARANTEE AGENCY

                                  COUNCIL OF GOVERNORS



                                        Resolution No. 78

                          Membership of the Republic of Montenegro


    WHEREAS, the Government of the Republic of Montenegro has applied for admission to
membership in the Multilateral Investment Guarantee Agency in accordance with Article 4(a) of
the Convention Establishing the Agency;

    WHEREAS, pursuant to Section 17(c) of the By-Laws of the Agency, the Board of Directors,
after consultation with representatives of the Government of the Republic of Montenegro, has
made recommendations to the Council of Governors regarding this application;

    WHEREAS, pursuant to its national legislation, the Republic of Montenegro does not issue a
currency of its own but uses the euro as legal means of payment, which for the purposes of the
Articles of Agreement of the Agency is deemed to be the currency of the Republic of Montenegro;

    NOW, THEREFORE, the Council of Governors hereby

    RESOLVES:

   THAT the terms and conditions upon which the Republic of Montenegro shall be admitted to
membership in the Agency shall be as follows:

1. Definitions: As used in this resolution:
   (a) “Agency” means Multilateral Investment Guarantee Agency
   (b) “Convention” means Convention Establishing the Multilateral Investment Guarantee
       Agency.

2. Before becoming a party to the Convention, the Republic of Montenegro shall accept
membership in and become a member of the International Bank for Reconstruction and
Development.

3. Upon deposit of its instrument of ratification, acceptance or approval of the Convention, the
Republic of Montenegro shall be obligated to:
   (i) subscribe at par to 61 shares of the capital stock of the Agency; and
   (ii) pay in full to the Agency the paid-in portions of the subscription price of such shares in
        accordance with Articles 7 and 8 of the Convention.

4. With effect from the date of the fulfillment of the conditions set forth in paragraphs 2 and 3
above, the Republic of Montenegro shall be admitted to membership and shall be classified as a
Category Two (developing country) member for the purposes of the Convention.


                                                                   (Adopted on January 12, 2007)