Sample and methodology Fig 36. Sovereign investor sample m™2013 © 2015 2017 The fieldwork for this study was conducted by m™ 2014 2016 NMG's strategy consulting practice. Invesco chose pS to engage a specialist independent firm to ensure By profile high-quality objective results. Key components of the methodology included: wae ow, - A focus on the key decision makers within sovereign Investment Liability Liquidity Development investors and central banks, conducting interviews eovelcig is STOMSISN GIT eovctclgns SOVETEIGIS using experienced consultants and offering market insights rather than financial incentives - In-depth (typically one-hour) face-to-face interviews 2% 28 using a structured questionnaire to ensure -_ quantitative as well as qualitative analytics were collected 15 - Analysis capturing investment preferences as well ASE qo °)CO18 ‘ ; i ‘ meyi2 12 te as actual investment allocations with a bias toward 9 actual allocations over stated preferences By’ 6 A - Results interpreted by NMG’s strategy team with relevant consulting experience in the global asset pd management sector By region In 2017 we conducted interviews with 97 funds: 62 sovereign investors (compared to 59 in 2016) . . : and 35 central bank reserve managers (18in 2016), The West Asia Middle East Emerging The 2017 sovereign investor sample is split into three markets 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. = aa Oe 19 19 13 By size of assets under management uss 10bn 10-25bn 25-100bn >100bn il 16 : 14 Sample=62. Fig 37. Central bank sample by segment DM High FME DM Low FME EM Sample=35. 46 HOUSE_OVERSIGHT_026726