Investor Presentaiton

Other Large Sovereign Peer Investors Institutions Future Generations Fund (FGF) - How do Peers Allocate? Growth Assets Macroeconomic Hedges NSIA FGF: Current Allocation* 28% 14% 25% 26% 4% 4% NSIA FGF: Target SAA 25% 25% 25% 3% 10% 5% 3% 5% Norwegian Pension Fund 61% 37% Australia Future Fund 43% 9% 14% 11% 13% 10% Singapore Government Investment Company 43% 13% 28% 11% 5% Average Peer Group** 49% 13% 7% 16% 8% 1% 1% 4%1% CA Leading US Endowments (over US$ 7bn)*** Listed Equity (%) ■Fixed Income (%) 35.5% 17.3% 20.9% 7.8% 12.7% 1%1% 3.9% 0.0% 20.0% 40.0% Private Equity (%) ■Inflation Linked Bonds (%) ■Real Estate / Infrastructure (%) ■Cash (%) 60.0% Hedge Funds (%) Commodities (%) ■ Other (%) | 80.0% 100.0% ☐ Relative to NSIA, most peers have comparable asset allocations with similar risk profiles There is also considerable variety in the way peers are positioned, which is not surprising Source: Cambridge Associates Notes: Fixed income can comprise of Growth Assets (investment grade credit, high yield bonds and emerging market debt) and Macroeconomic Hedges (government bonds). We have sufficient clarity for the Proposed Long Term Growth SAA to differentiate between these two elements but cannot do so for NSIA Peers. We have included Other Diversifiers in the other category. *As at June 30th 2015 ** Based on a survey of 9 global growth-orientated sovereign wealth funds. Asset allocation data has been gathered from public sources and using our own proprietary investigation and is the latest available. *** Consists of 14 US-based endowments who are clients of Cambridge Associates. Data as of 31 March 2015. 30 Nigeria Sovereign Investment Authority

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