Sample and methodology

Sample and methodology The fieldwork for this study was conducted by NMG's strategy consulting practice. Invesco chose to engage a specialist independent firm to ensure high-quality objective results. Key components of the methodology included: - A focus on the key decision makers within sovereign investors and central banks, conducting interviews using experienced consultants and offering market insights rather than financial incentives - In-depth (typically one-hour) face-to-face interviews using a structured questionnaire to ensure quantitative as well as qualitative analytics were collected - Analysis capturing investment preferences as well as actual investment allocations with a bias toward actual allocations over stated preferences - Results interpreted by NMG's strategy team with relevant consulting experience in the global asset management sector In 2017 we conducted interviews with 97 funds: 62 sovereign investors (compared to 59 in 2016) and 35 central bank reserve managers (18 in 2016). The 2017 sovereign investor sample is split into three core segmentation parameters (sovereign investor profile, region and size of assets under management) in figures 36 to 38. The 2017 central bank sample is broken down by segment in figure 39. 46 Fig 36. Sovereign investor sample ™2013 © 2015 2017 ™ 2014 2016 By profile Investment Liability Liquidity Development sovereigns sovereigns sovereigns sovereigns 2% 28 U2 fale _: B76 6 By region The West Asia Middle East Emerging markets 21 ele 19 19 13 By size of assets under management Uss 10bn 10-25bn 25-100bn >100bn 7 a 16 : 14 Sample=62. Fig 37. Central bank sample by segment DM High FME DM Low FME EM Sample=35. HOUSE_OVERSIGHT_026726