Notification 17.02.2012

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) announces Request for Service Proposal (RFP) for passive equity management in accordance with Chapter 5 of the Law of the Republic of Azerbaijan "On Public Procurements". The benchmark for the proposed equity portfolio is the MSCI World Index.

Investment management firms (“managers”) have to meet the following requirements:

• As of December 31, 2011 the manager must have at least five years continuous experience in the passive equity management
• As of December 31, 2011 the manager must have at least $50 billion in the passive equity management
• The proposing manager must be a registered investment advisor under the Investment Advisers Act of 1940, or the regulations of the other state under which the manager operates
• Manager must have, at a minimum, a five-year track record managing the proposed product for the period ending December 31, 2011. Composite performance record should exhibit not more than 0.30% of annualized tracking error versus the MSCI World Index over the trailing five-year period.

Contact Person: Arif Zeynalov, Risk analyst

Contact number: +994 12 498 77 53 (ext. 120)

Email address: equityRFP@oilfund.az

The proposals have to be sent to the following address not later than 14:00 GMT, March 15, 2012:

24 Neftchilar Avenue, Dalga Plaza, Baku, Republic of Azerbaijan, AZ1004

For more information about SOFAZ please refer towww.oilfund.az.