A meeting of the Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was held on December 16, 2011. The meeting chaired by Mr. Artur Rasi-zadeh, Prime Minister of Azerbaijan and Chairman of the Supervisory Board discussed the SOFAZ draft budget for 2012.

The Board approved the Fund's 2012 budget revenues at10697030.6thousand manats, its expenditures at10561304.0thousand manats and the Fund's operating expenditures at73820.00 thousand manats. The Supervisory Board recommended the Fund's 2012 draft budget, including the major directions of its investment policy, and its draft annual operating expenditures for the approval by President of the Republic of Azerbaijan. Additions have been made to the Fund's accounting rules and accounts plan in accordance with the amendments to the "Rules on management of foreign currency assets of the State Oil Fund of the Republic of Azerbaijan" approved by Decree of the President of the Republic, dated October 27, 2011, and considering the inclusion of new asset classes (public equity, real estate and gold) in the Fund's investment portfolio.