Investor Presentaiton

■ Executive Summary Nigeria Sovereign Investment Authority NSIA reported 5th straight year of profitability in all its funds with core profits (excluding FX translation gains) of N26.28 billion ($88 million) for the year. Note that the NSIA operated most of the year with asset under management of mainly $1.25 billion as the additional contribution of $250 million was not received until the third quarter of 2017. Even though total assets under management was about $1.25 billion for the mots part, return on asset was up 6.60% in dollar terms. As the Authority is shifting focus to infrastructure and direct investments in Nigeria, returns will incubate longer and as a consequence, cash available for market driven investments have declined. This is largely the reason for the decline in profit total profits from N46.24 billion in 2016 to N26.28 billion in 2017. Breakdown of returns in 2017 by funds is as follows: Stabilisation Fund (3.05%); Future Generations Fund (8.60%); Nigeria Infrastructure Fund (6.20%). Key Highlights of 2017 for Nigeria Infrastructure Fund are as follows: - The Nigeria Infrastructure Fund (NIF) is implemented through three key pillars; direct investment, co-investments and investment/creation of enabling financial institutions; with the focus being Agriculture, Roads, Power and Healthcare: Direct Investment: Implemented the Presidential Fertilizer Initiative (PFI) in 2017; commenced construction of our first three healthcare projects in Lagos, Kano and Umuahia respectively; continued work on Second Niger Bridge (2NB) project; and, invested in and own 13% of Bridge International Academies Ltd, a network of schools which delivers affordable high-quality primary education to lower-income families; and invested in Babban Gona, an agricultural franchise that empowers smallholder farmers. NSIA also Invested in the Chapel Hill Denham Nigeria Infrastructure Debt Fund ("NIDF"), the first and only domestic currency, listed infrastructure debt fund across Africa. Co-Investments Funds: NSIA/UFF-Old Mutual $200 million agriculture co-investment fund made its first investment in Nasarawa State with the acquisition and expansion of Novum Farms (~$25 million investment). Plans have reached advanced stages for a second investment in citrus farm in Gurara. Two other projects are at planning stages in Edo and Abia States respectively. Enabling Financial Institutions: NSIA in conjunction with GuarantCo (UK) created the Infrastructure Credit Guarantee Company Limited (InfraCredit). This entity enables Pension Funds to invest in Infrastructure. The InfraCredit's first investment in a captive power company (Viathan) resulted in the replacement of short term bank loans with a N10bn 10-year bond subscribed to by pension funds and insurance companies which reduced the interest paid by the investors by over 900bps saving more than N900 million in annual interest. 3

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