Investor Presentaiton

Future Generations Fund (FGF): Update and Investment Strategy Highlights The strategic objective will be to significantly gain exposure to the different asset classes in accordance with the asset allocation. Commitments were made to 5 Private Equity Managers totaling $47m. This provides further exposure to Emerging Markets, Europe and US (PE) market. A $15m commitment has also been made to the RWC Emerging Market Fund, providing style diversification to the Emerging Market Long Only asset class. FGF Total Asset Allocation (US$ mn 269 331 408 Other Diversifiers Asset Class Allocation ($mn) 41 19 30 27 Hard Assets 15 15 Commodities 15 15 66 Private Equity 84 138. 20 EM Long Only 20 40 DM Long Only 40 50 Absolute Return 100 100 770 Nigeria Sovereign Investment Authority ■Cash Management Invested ■Commited ■Cash Management Invested ■Commited Allocation Guidelines Policy Target Tactical Target Allowable Ranges Benchmark Growth Assets Developed Equities Emerging & Frontier Equities Private Equity (PE) 80% 85% 70-85% MSCI All Country World Index 10% 10-55% MSCI World Index 15% 10-45% MSCI Emerging Markets Index 25% 0-35% Absolute Return 25% 10-40% Other Diversifiers 10% 0-10% TBD Hedging Assets: Inflation 15% 10% 5-20% Commodities 5% 0-5% Hard Assets 5% 0-15% Hedging Assets: Deflation 5% 5% 5-20% Cambridge Assoc. US Private Equity Index HFR Event-Driven (Total) Index Weighted Composite S&P GSCI (Equal Weighted) 50% FTSEⓇ EPRA/NAREIT Developed Real Estate Index / 50% CA Private Natural Resources Benchmark Citi World Gov. Bond Index (Hedged)-$ Cash 5% 0-10% US T-Bill Total 100% 100% 29 29

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