ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2017

Mar 9, 2017

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Argo Global Listed Infrastructure Limited ACN 604 986 914 NTA & Investment update / 28 February 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)

Pre-tax NTA per share $1.95 Post-tax NTA per share $1.96

These NTA figures are after allowing for the interim dividend for the year ending 30 June 2017 of 1 cent per share, and are not adjusted for any dilution due to the outstanding options which are exercisable at $2.00.

The post-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.

Performance

Performance
	1 mth	3 mths	1year	Since inception
Pre-tax NTA	2.7%	4.3%	3.0%	1.8%
Benchmark	2.2%	3.8%	7.1%	8.5%
MSCI World (A$)	1.5%	3.6%	12.7%	7.1%

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.

About the Company ASX code (shares) ALI ASX code (options) ALIO Listing date 3 July 2015 Market cap. A$241m Shares on issue 143,230,344 Options outstanding 142,983,614 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.

Monthly commentary

Global listed infrastructure stocks advanced in February, and in general markets added to their post US election gains, supported by continued expectations of growth-friendly initiatives, along with a decline in bond yields.

Toll roads were aided by a strong gain from Australia’s Transurban, the largest company in the subsector. A number of toll road operators

in emerging markets also outperformed, including CCR in Brazil, following its equity raising to fund new projects over the next 12 to 18 months.

Utilities also performed well, particularly electric companies which improved after a flat January. Solid performers included Edison International and PG&E, two California-based utilities which are relatively large holdings in AGLI’s portfolio, after benefiting from a clarifying regulatory settlement with key consumer groups. Water companies also performed well, and in the gas distribution subsector, Sempra Energy outperformed after the company announced a 9% increase in its dividend and raised its 2017 earnings guidance.

Satellite stocks rebounded after their sharp falls in January on increased competition concerns. Midstream energy was the only subsector in the index to decline in local currency terms, underperforming for the second consecutive month as the oil price remained in a tight range of $50 to $55 per barrel. Enbridge and Spectra Energy completed their merger, creating North America’s largest network of oil and natural gas pipelines.

The portfolio had a positive total return for the month and outperformed its benchmark. Cohen & Steers has had a constructive view on the US economy for some time and this exposure has led to the recent outperformance. Stock selection in the gas distribution, electric utilities and airports subsectors has also been a positive contributor.

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 / 28 February 2017Subsector diversificationCash 1.2%Diversified 0.9%Marine Ports 0.5%Water 4.6%Airports 5.4%Electric 26.9%Gas Distribution 7.1%Toll Roads 8.6%Midstream Energy 14.6%Communications 8.9%Global Infrastructure Fixed-Income 9.7% Railways 11.6%Geographic diversification by country of listing France 1.3%26 Switzerland 1.4% Cash 1.2%Hong Kong 1.5% Germany 0.6%New Zealand 1.7% India 0.5%Brazil 1.7%Spain 1.7%Mexico 2.0%China 2.0%UK 2.5%Australia 4.7%US 57.1%Italy 5.4%Japan 6.1%Canada 8.6% 5About the Portfolio Manager About the ManagerThe 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 whollybased 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 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. Past performance is no guaranteeof future results.----- End of picture text -----