ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2016

Feb 9, 2016

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Argo Global Listed Infrastructure Limited ACN 604 986 914 NTA & Investment update / 31 January 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$245m
	Shares on issue	143,082,314
Net Tangible Asset backing per share (NTA)	Options outstandingOption exercise price (1:1)	143,044,214$2.00
The NTA as at 31 January 2016 was$1.93per 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 $1.93 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 New Year has started in dramatic fashion, due to investor concerns about slowing global economic growth, and the MSCI World Index finished the month down 6.1%. Escalating concerns surrounding the health of the Chinese economy and their reactionary efforts to stabilise the currency, a collapsing oil price and a disappointing US corporate earnings season, further undermined global confidence. The Bank of Japan however, surprised the market with the introduction of negative interest rates.

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.

Not surprisingly, defensive sectors outperformed both domestically and globally, led by utilities as investors sought out safe havens. Water utilities are among the least cyclical of the infrastructure subsectors, and enjoyed the strongest performance. Electric utilities were another solid performer, particularly regulated electric utilities.

The pipelines subsector showed signs of stabilization, despite continued volatility in the crude oil market, suggesting that investors may be beginning to factor well-known industry negatives into these companies’ current valuations.

About the Portfolio Manager

Airports and passenger railways declined modestly on weaker economic momentum, while the performance of toll road companies varied by region, with companies in emerging markets performing poorly for macroeconomic reasons and developed market companies proving more resilient.

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

Freight railways were weak, with concerns of slowing freight volumes spreading beyond weak energy related shipments to now include the intermodal segment, potentially a reflection of declining consumer activity and global trade. Marine ports felt the brunt of slowing Asian growth and global trade concerns, with the subsector’s largest components, Adani Ports, China Merchants Holdings and Hutchison Port Holdings, all declining materially.

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

The Australian dollar depreciated 2.8% against the US dollar, and fell against most of its trading partners. Pleasingly, despite the increased turmoil, AGLI’s NTA increased by 3.6% during January.

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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Portfolio Diversification / 31 January 2016

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----- Start of picture text ----- Subsector diversificationas at 31 January 2016Cash 1.0%Diversified 0.7%Marine Ports 0.5%Water 3.1%Airports 5.2%Railways 6.1%Electric 35.1%Global Infrastructure Fixed-Income 7.7%Pipelines 8.6%3Communications 10.2%Gas Distribution 11.2%Toll Roads 10.6%Geographic diversificationby country of listingas at 31 January 2016Cash 1.0% Hong Kong 1.0%New Zealand 1.6% Chile 0.4%China 1.7% Brazil 0.3%Mexico 1.8%Switzerland 2.0%France 3.2%Spain 4.7%U.K. 5.2%U.S. 53.0%Australia 5.6%Canada 5.7%Japan 6.4%5Italy 6.4%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 financial----- End of picture text -----

This report has been prepared by Argo Service Company Pty Ltd (ACN 603 367 479; AFSL 470477), as general information only and is not intended to provide financial advice or take into account your objectives, financial situation or needs. You should consider, with a financial adviser, whether the information is suitable for your circumstances before making any investment decisions.