Investor Presentaiton

NSIA Fund: Three Separate & Ring-fenced Investment Funds Nigeria Sovereign Investment Authority Nigeria Sovereign Investment Authority % of Assets Under Management as at December 2017 Objective Stabilization Fund 20% allocation: US$ 315.8mn Provide the stabilisation support to Federation's revenue in times of economic stress. Future Generations Fund 40% allocation: US$ 676.4mn Invest in a diversified portfolio of growth investments to provide future generations of Nigerians a savings base for such time as the hydrocarbon reserves are exhausted. Infrastructure Fund 40% allocation: US$ 637.7mn Enhance the development of infrastructure, primarily through investment in domestic infrastructure projects that meet targeted financial returns. Focus Sectors - Power Asset Class Strategic Asset Allocation / Focus Sectors Investment Grade Corporate Fixed Income US Treasuries Allocation AUM $m 60% Asset Class Public Equity Allocation 25% AUM $m 137.30 - Agriculture 234.2 Private Equity 25% 71.10 Healthcare - Real-Estate 40% 81.6 Absolute Return Other Diversifiers* 25% 106.80 - Motorways 25% 361.0 Mandate / Recent Investments Capital preservation and liquidity. The Stabilisation Fund thus has a short-term investment horizon and invests in conservative fixed income mandates. ■ Public Equity: Split 1/3 Developed markets and 2/3 Emerging Markets ■ Private Equity: Split roughly 45% secondary and 55% primary interest. ■ Absolute returns: Four Hedge fund strategies such as global macro, credit, long/short equity etc. ■ Others include: Leasing, Healthcare Royalties, commodities etc. ■ Presidential Fertiliser Initiative " Real Estate Fund Healthcare Fund Commodity Exchange Ogun State Land Reforestation and Waste to Energy Project. Agriculture Fund " Family Home Fund Limited Expected Average Annualized Returns Investment Horizon US CPI Short Term US CPI + 400 BPS Long Term US CPI +300 BPS Long Term Other diversifiers include cash and cash equivalent, hard assets and commodities. The large volume of other diversifiers is due to J-curve effect in the private equity component CPI Consumer Price Index 9

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