ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2015

Aug 11, 2015

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Argo Global Listed Infrastructure Limited ACN 604 986 914 NTA & Investment update / 31 July 2015

Argo Global Listed Infrastructure Limited (AGLI) is a listed investment company which was established in 2015 to provide investors with exposure to a diversified portfolio of securities in the global listed infrastructure sector, contained within the simple and easily tradeable structure of an ASX-listed investment company. The investment objective is to provide shareholders with a mix of long-term capital growth and dividend income.

Net Tangible Asset backing per share (NTA)

The NTA as at 31 July, 2015 was $2.00 per share.

Under current Accounting Standards the Company is also required to provide an NTA figure which provides for tax that may arise should the entire portfolio be disposed of on the above date. After this theoretical provision, the above figure would be $2.00 per share.

NB: These NTA figures are not adjusted for any dilution due to the outstanding options which are exercisable at $2.00.

Monthly commentary

AGLI listed on the ASX on 3 July, 2015. The offer was well received, with almost 11,000 shareholders participating in the IPO.

Cohen and Steers, our portfolio manager, began investing the funds on July 1 and we are pleased to announce that the portfolio has been fully invested as at 31 July. A breakdown of the sub-sector and geographic exposures is shown on the following page.

It was an interesting time to begin life as an investment company, as the Greek debt crisis came to a head just as we began investing in early July. Volatility in markets increased, with equities particularly weak. However, as events unfolded it transpired that Greece, at least for the time being, would remain in the Eurozone and the risk of financial contagion was minimal. Consequently, global equity markets rallied throughout the rest of July. The initial investment of the portfolio was spread over the month and benefited from this recovery.

One of the key moves over the month was the strength of the US dollar against most global currencies. The Australian dollar fell 4.8% against the US dollar over the month, and was also weaker against the Euro and Japanese Yen, increasing the portfolio’s value in A$.

AGLI’s inaugural NTA announcement is a solid one, with the month-end NTA figure equivalent to the original IPO price. In addition, IPO participants who received shares and options have seen both securities trade positively on the ASX.

About the Company ASX code (shares) ALI ASX code (options) ALIO Listing date 3 July, 2015 Market cap. A$285m Shares on issue 143,063,314 Options outstanding 143,063,214 Option exercise price (1:1) $2.00 Options expiry March, 2017

Investment strategy

AGLI invests in an actively managed global infrastructure portfolio of 50-100 stocks, including global listed infrastructure securities (80-100%); global infrastructure fixed income securities (0-20%) and cash in A$ (0-5%).

The geographical and infrastructure subsector splits of the portfolio at month end are illustrated on the next page.

There is no debt and the portfolio is unhedged for currency.

About the Manager

AGLI is managed by Argo Service Company Pty Ltd (ASCO), which is a wholly owned subsidiary of Argo Investments Limited. ASCO provides management, administrational and financial services to AGLI under AFSL no. 470 477.

About the Portfolio Manager

The day to day active management of the portfolio is outsourced to the New York based specialist fund manager, Cohen & Steers Inc.

Cohen & Steers is listed on the New York Stock Exchange and manages funds of approx. A$70bn, including approx. A$5.7bn in global listed infrastructure, from offices around the world.

Argo Global Listed Infrastructure Limited

Website www.argoinfrastructure.com.au Share Registry Email invest@argoinfrastructure.com.au Website Telephone 08 8210 9555 Telephone Postal Address GPO Box 2692 Adelaide SA 5001 Registered Address Level 12, Grenfell Street Adelaide SA 5000 Postal Address

Computershare Investor Services www.investorcentre.com 1300 389 922 (in Australia) +61 3 9415 4610 (outside Australia) GPO Box 2975 Melbourne VIC 3001

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----- Start of picture text ----- Portfolio Diversification / 31 July 2015Sub-sector diversificationas at 31 July, 2015 Shipping 1.3%Water 2.1% Diversified 0.8%Marine Ports 2.3%Cash 4.6%Electric 27.1%Airports 4.7%Global InfrastructureFixed-Income 7.4%2Toll Roads 8.8%Pipelines 13.1%Railways 8.9%Communications 9.3% Gas Distribution 9.6%Geographic diversificationby country of listing New Zealand 1.5%as at 31 July, 2015 Switzerland 1.9% Germany 0.7%Mexico 2.5%Spain 3.3%China 3.3%France 4.0%U.K. 4.1%U.S. 49.9%Cash 4.6%Australia 4.7%Italy 5.6%Canada 6.7%4Japan 7.2%This report has been prepared by Argo Service Company Pty Ltd (ACN 603 367 479; AFSL 470477), as general information only and is notintended to provide financial advice or take into account your objectives, financial situation or needs. You should consider, with a financialadviser, whether the information is suitable for your circumstances before making any investment decisions.----- End of picture text -----