In accordance with the "Rules on holding, placement and management of assets of the State Oil Fund of the Republic of Azerbaijan" approved by Decree No.511, dated June 19, 2001 of the President of the Republic of Azerbaijan, "Rules on the preparation and execution of the annual program of revenues and expenditures (budget) of the State Oil Fund of the Republic of Azerbaijan" approved by Decree No. 579, dated September 12, 2001, of the President of the Republic of Azerbaijan, and the Budget of the State Oil Fund of the Republic of Azerbaijan for 2011 , it is hereby decreed:

1. To approve "The framework (program) of the main directions of utilization of Oil Fund's assets for 2011"

2.To approve estimate of expenditures related to the management of the State Oil Fund of the Republic of Azerbaijan for 2011

3. To be assigned to the State Oil Fund of the Republic of Azerbaijan:

3.1. in the frame of 2 month to prepare and submit to the President of the Republic of Azerbaijan the improved proposal of the annual budget of the State Oil Fund and the framework (program) of the main directions of utilization of Oil Fund's assets

3.2.To resolve issues arising from this Decree.

Ilham Aliyev,

The President of the Republic of Azerbaijan

Baku, December 28, 2010