In accordance to the Decree taking into account that Azerbaijan will receive extra revenues from the Production Sharing Agreements for exploitation of hydrocarbons under the circumstances of high price of crude oil and in connection with amendments to the 2012 state budget aiming at clarification of the budget revenues of the State Oil Fund of the Republic of Azerbaijan in 2012 and in accordance with the "Regulations on the State Oil Fund of the Republic of Azerbaijan" approved by Decree No. 434, dated December 29, 2000 of the President of the Republic of Azerbaijan, and paragraphs 5.4.1. and 5.4.2. of the "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, taking into consideration the application of the Executive Director of the State Oil Fund of the Republic of Azerbaijan and the opinion of the Supervision Board, article 109, paragraph 32 of the AR Constitution it is hereby decreed:

1. To make the following amendments to Decree No. 570, dated December 29, 2011, of the President of the Republic of Azerbaijan on the "Approval of the Budget of the State Oil Fund of the Republic of Azerbaijan for 2012" (Compilation of the legislation acts of the Republic of Azerbaijan, 2011, №12, article 1145; 2012, №2, article 78):

1.1. To replace the figure "10 697 030,6" with the figure "13 721 815,2" in the first part;

1.2. To edit the table in paragraph 2 of the Decree as follows:

1.2.1.To change the figure "10 365 432,0" with the figure "13 388 644,0" in the row named “Proceeds (AZN thousand)”

1.2.2.To add subtitle 2.4-1

2.4-1.Bonuses paid by the investors due to the signature or implementation of oil and gas contracts.

1.2.3.To change the figure "10 697 030,6" with the figure "13 721 815,2 " in the row named “Proceeds (AZN thousand)”

2. The State Oil Fund of the Republic of Azerbaijan shall be assigned to resolve issues arising from this Decree.

Ilham Aliyev,

The President of the Republic of Azerbaijan

Baku, July 2, 2012