ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2016

Apr 11, 2016

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Argo Global Listed Infrastructure Limited ACN 604 986 914 NTA & Investment update / 31 March 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 listedinfrastructure sector, contained within the simple and easily tradeable structure of an ASX-listedinvestment company. The investment objective is to provide shareholders with a mix of long-term capitalgrowth and dividend income.	About the CompanyASX code (shares)ASX code (options)Listing dateMarket cap.	ALIALIO3 July 2015A$258m
	Shares on issue	143,090,638
Net Tangible Asset backing per share (NTA)	Options outstandingOption exercise price (1:1)	143,044,214$2.00
The NTA as at 31 March 2016 was$1.92per share.	Options expiry	March 2017

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 $1.92 per share.

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%).

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

The global listed infrastructure sector advanced in March amid steady economic data from China and the United States. Accommodative monetary policies, including the European Central Bank’s decision to increase the size of its quantitative easing program and the US Federal Reserve signalling that further interest rate increases would be gradual, also aided stocks.

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

The US Federal Reserve guidance resulted in significant downward pressure on the US$, with the A$ surging, compounding support that had emerged following the increase in iron ore prices earlier in the year. The A$ appreciated 7.6% against the US$ in March, and is up 12% since its mid-January low of US$0.68. The weaker US$ also helped the Emerging Market economies, as their currencies strengthened against the US$.

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.

Electric utilities and gas distribution companies, two of the more defensive subsectors, were among the top performers during the month, as investors continue to be drawn to the predictable cash flows and attractive yields.

Marine ports advanced on improved economic outlooks, with India and China-focused companies such as Adani Ports and Dalian Port the top performers. The economically sensitive toll roads and airports subsectors likewise gained primarily on the strength of improved emerging market outlooks, as did towers and satellites, with the gains greatest for companies with operations centered in emerging markets.

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.

Firmer crude oil prices helped the midstream energy subsector, with Columbia Pipeline Group a notable outperformer, as TransCanada made a bid to acquire the company at a substantial premium.

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

Passenger railways were essentially flat due to modest declines in several Japanese companies, which were hurt by concerns about passenger volume growth in the face of sluggish economic growth in that country.

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 19 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 March 2016Subsector diversificationas at 31 March 2016Cash 1.5%Water 2.7% Diversified 0.4%Airports 4.8%Railways 6.2%Electric 33.6%Global Infrastructure Fixed-Income 8.0%Midstream Energy 10.2%Communications 10.4%Gas Distribution 11.0%Toll Roads 11.2%Geographic diversificationby country of listing 34as at 31 March 2016Hong Kong 1.5%China 1.5%New Zealand 1.5% Brazil 0.8%Chile 0.5%Cash 1.5%Mexico 3.1%Switzerland 1.9%France 2.8%Spain 3.4%U.K. 4.5%U.S. 53.6%Japan 5.0%Australia 5.6%Italy 5.9%5Canada 6.9%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 -----