ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2017

Oct 10, 2017

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Argo Global Listed Infrastructure Limited ACN 604 986 914 NTA & Investment update / 30 September 2017

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)

NTA per share[1] $2.05 NTA after unrealised tax provision[2] $2.03

1. This figure allows for all costs incurred, including company tax and any tax payable on gains realised from portfolio sales.

2. Under ASX Listing Rules, the Company is also required to calculate the NTA per share after providing for estimated tax on unealised gains/losses in the portfolio (tax that may arise should the entire portfolio be disposed of on the above date).

About the CompanyASX code	ALI
Listing date	3 July 2015
Market cap.	A$250m
Shares on issue	143,583,305

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%).

Performance

Performance
				Since
	3 mths	6 mths	1 year	inception (p.a.)
NTA	0.6%	3.9%	6.5%	3.7%
Benchmark	0.5%	4.4%	8.7%	7.1%
MSCI World (A$)	2.5%	6.0%	15.3%	6.7%

Returns of the company are net of fees, expenses and tax. Benchmark - the A$ blend of 90% of the FTSE Global Core Infrastructure 50/50 Index and 10% of the Merrill Lynch Fixed Rate Preferred Securities Index. Inception date is 3 July 2015.

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.

Portfolio Manager Cohen & Steers, Inc.

Monthly commentary

Listed infrastructure in general declined during September, although volatility provided a wide dispersion of subsector returns.

The more economically sensitive subsectors, such as railways and toll roads, advanced as global economic data remained healthy and geopolitical concerns with North Korea retreated from elevated levels. The US Federal Reserve signaled that another rate hike is likely this year due to strength in the job market. The Bank of England also raised expectations for a near-term rate rise, causing the more interest rate sensitive subsectors to come under pressure.

The freight railways subsector rose on the improving outlook for the global economy, as investors looked beyond challenging year-on-year volume comparisons for US freight operators. Midstream energy rebounded as crude oil prices climbed to a twoyear high, aided by strong demand from industrialized countries and emerging markets alike.

Airport stocks pulled back following strong gains earlier in the year, despite continued healthy year-on-year passenger volume growth. Our stock selection in the subsector was a positive contributor to relative performance, including a position in Airports of Thailand which saw continued strong passenger volume gains. However, Auckland International Airport fell on concerns that the outcome of the recent national election in New Zealand could result in a more challenging regulatory environment.

AGLI will hold its 2nd Annual General Meeting in Adelaide on Monday 23 October 2017. For the benefit of those unable to attend, we will be streaming the meeting live on our website at www.argoinfrastructure.com.au. There will also be shareholder information meetings held in Melbourne, Sydney, Brisbane, Perth and Canberra following the AGM. Non-shareholders are also welcome. Please see our website for details.

Please see our	website for details.
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 / 30 September 2017 Subsector diversification Cash 1.1% Diversified 1.6% Water 5.2% Airports 7.2% Electric 30.8% Gas Distribution 7.5% Toll Roads 10.6% 3 Midstream Energy 14.0% Railways 10.7% Communications 11.3% Geographic diversification by country/region of listing China 1.5% United Kingdom 2.1% Cash 1.1% Latin America 4.7% Australia 4.7% Asia Pacific 6.1% Japan 6.2% United States 53.9% Canada 6.3% 5 Europe 13.4% About the Portfolio Manager About the Manager The day to day active management of the portfolio is outsourced to the New York AGLI is managed by Argo Service Company Pty Ltd (ASCO), which is a wholly based specialist fund manager, Cohen & Steers. owned subsidiary of Argo Investments Limited. ASCO provides management, Cohen & Steers is listed on the New York Stock Exchange and manages funds of administrational and financial services to AGLI under AFSL no. 470477. approximately US$50 billion from offices around the world. 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. Past performance is no guarantee of future results.