ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2016

Jun 9, 2016

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Argo Global Listed Infrastructure Limited ACN 604 986 914 NTA & Investment update / 31 May 2016

Argo Global Listed Infrastructure Limited (AGLI) is a listed investment company which was establishedin 2015 to provide investors with exposure to a diversifed portfolio of securities in the global listed	About the CompanyASX code (shares)	ALI
infrastructure sector, contained within the simple and easily tradeable structure of an ASX-listed	ASX code (options)	ALIO
investment company. The investment objective is to provide shareholders with a mix of long-term capital	Listing date	3 July 2015
growth and dividend income.	Market cap.	A$275m
	Shares on issue	143,091,638
	Options outstanding	143,043,214
Net Tangible Asset backing per share (NTA)	Option exercise price (1:1)Options expiry	$2.00March 2017

Pre-tax NTA per share $2.03 Post-tax NTA per share $2.00

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%).

These NTA figures are not adjusted for any dilution due to the outstanding options which are exercisable at $2.00. After adjusting for outstanding options, the diluted pre-tax NTA would be $2.02 and the diluted post-tax NTA would be $2.00.

The post-tax figures take into account the provision for deferred tax on set-up costs and estimates of net tax provisions that may arise should the entire portfolio be disposed of on the above date.

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

Monthly commentary

Contrary to the ‘sell in May and go away’ adage, the past month proved a fruitful one for most major equity markets. Economic data, especially in the United States, supported the view that the US Federal Reserve would potentially raise interest rates in the near term, although this view has softened somewhat in the past week following weaker US payroll numbers.

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. 470477.

The global listed infrastructure sector also performed well, and was significantly boosted in A$ terms, as the A$ fell 4.9% against the US$ and was weaker against most of Australia’s trading partners. AGLI is unhedged and its NTA backing benefits from a lower $A.

The lead up to the ‘Brexit’ vote on June 23 is likely to see an increase in news headlines and potential market volatility. However, we believe that infrastructure stocks generally will be little impacted by a vote either way.

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.

Within the infrastructure universe, North American pipelines continue to rally in line with the rising oil price and improving investor sentiment toward the Midstream Energy subsector. Water utilities also improved, following some better than expected results from several UK companies.

Cohen & Steers is listed on the New York Stock Exchange and manages funds of approximately US$50 billion from offices around the world.

Marine Ports declined, as companies servicing emerging markets were again affected by slowing global trade. Satellite operators were also weaker, highlighted by a profit warning from Eutelsat, on expectations of increasing competition for data, which is a key growth area for the subsector. Toll Roads were mixed, although OHL Mexico was impacted by temporary driving restrictions to combat smog in the Mexico City area.

Argo Global Listed Infrastructure Limited

Website www.argoinfrastructure.com.au Share Registry Computershare Investor Services Email invest@argoinfrastructure.com.au Website www.investorcentre.com Telephone 08 8210 9555 Telephone 1300 389 922 (in Australia) Postal Address GPO Box 2692 Adelaide SA 5001 +61 3 9415 4610 (outside Australia) Registered Address 19 Grenfell Street Adelaide SA 5000 Postal Address GPO Box 2975 Melbourne VIC 3001

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----- Start of picture text ----- Portfolio Diversification / 31 May 2016Subsector diversificationas at 31 May 2016Cash 1.5% Diversified 0.4%Marine Ports 0.4%Water 2.6%Airports 4.8%Railways 7.0% Electric 29.1%Communications 9.4%2Global Infrastructure Fixed-Income 9.6%Midstream Energy 12.7%Gas Distribution 10.6%Toll Roads 11.9%Geographic diversificationby country of listingas at 31 May 2016New Zealand 1.4% Hong Kong 1.4%China 1.5% Brazil 0.9%Cash 1.5% Chile 0.5%France 1.8%Switzerland 1.9%Mexico 2.8%Spain 3.5%U.K. 4.1%Japan 4.1%U.S. 54.3%Australia 5.5%Italy 6.5%5Canada 8.3%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 -----