ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2016

Jan 11, 2016

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Argo Global Listed Infrastructure Limited ACN 604 986 914 NTA & Investment update / 31 December 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 December, 2015 was $1.87 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 $1.89 per share.

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.

Monthly commentary

The US Federal Reserve raised interest rates for the first time since 2006, but the decision had minimal impact on global equity markets with the S&P500 index ending the month down 1.8%. Crude oil prices continued to fall, down 10% for the month as supply continues to trend above expectations and warmer northern hemisphere weather depresses demand. The Australian dollar appreciated 0.8% against the US$, outperforming most other commodity currencies and continuing its divergence from commodity prices.

The global infrastructure sector generally matched the performance of broader equity markets in December. Pipelines declined with expectations that crude prices will remain low for an extended period. Lower growth outlooks and the prospect of dividend cuts also pressured the sector. Teekay Corporation (TK-US), which provides international crude oil and gas marine transportation services and offshore oil storage, announced in mid-December, a 90% cut to its quarterly dividend, which caused a 65% fall in the share price as yield focussed investors sold out. AGLI held a position in TK.

North American rail operators were another notable laggard, with freight operators experiencing weaker traffic volumes across every segment of the business, including oil, coal and grain shipments. Regulated utilities were strong as investors sought defensive positions. A 5-year extension of the US Federal Tax Credit for wind and solar was a modest positive for companies with renewables. Airports were mixed, with European companies largely advancing while many Asia Pacific companies experienced profit taking. Toll Roads were also mixed, with Asia Pacific toll road operators generally posting modest positive returns.

About the Company ASX code (shares) ALI ASX code (options) ALIO Listing date 3 July, 2015 Market cap. A$250m Shares on issue 143,082,314 Options outstanding 143,044,214 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.

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

AGLI continues to believe that the fundamentals for long term opportunities in global listed infrastructure remain attractive, with the sector continuing to generate robust cash flows.

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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Portfolio Diversification / 31 December 2015

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----- Start of picture text ----- Sub-sector diversificationas at 31 December, 2015Marine Ports 0.5%Diversified 0.8%Cash 2.3% Shipping 0.4%Water 3.0%Airports 5.8%Electric 33.0%Railways 6.9%Global Infrastructure Fixed-Income 7.5%3Pipelines 7.9%Toll Roads 10.8%Communication 10.4%Gas Distribution 10.7%Geographic diversificationby country of listingas at 31 December, 2015Hong Kong 0.7%New Zealand 1.7% Chile 0.4%Switzerland 2.0% Brazil 0.3%Mexico 2.2%Cash 2.3%China 2.4%France 3.8%Spain 4.2%U.K. 5.2%U.S. 50.5%Australia 5.6%Canada 6.0%Italy 6.2%5Japan 6.5%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 -----