ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2018

Dec 13, 2018

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Argo Global Listed Infrastructure Limited ACN 604 986 914 NTA & Investment update / 30 November 2018

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, and to provide important diversification benefits to Australian investors.

About the Company ASX code ALI Listing date 3 July 2015 Market cap. A$264m Shares on issue 141,696,819

Net Tangible Asset backing per share (NTA)

NTA per share[1] $2.19

NTA after unrealised tax provision[2] $2.15

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 unrealised gains/losses in the portfolio (tax that may arise should the entire portfolio be disposed of on the above date).

Performance	3 mths	1 year	2 year	Sinceinception (p.a.)
NTA	-0.4%	1.5%	9.9%	4.9%
Benchmark	-0.4%	2.2%	10.3%	7.3%
S&P ASX 200 (accum.)	-9.3%	-1.0%	6.5%	4.9%

Benchmark = FTSE Global Core Infrastructure 50/50 Index (in A$)

Please see the company website for the latest weekly NTA announcement.

argoinfrastructure.com.au

Investment strategy

AGLI invests in an actively managed portfolio of around 60 global listed infrastructure companies.

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

November was another volatile month for global equity markets in response to both positive and negative developments. Ongoing US/China trade tensions, plunging oil prices and Brexit uncertainties weighed on investor sentiment, however markets rallied late in the month following comments by US Federal Reserve Chair Jerome Powell suggesting a pause in monetary policy tightening. The expected pace of interest rate rises is now slower than previously expected with just three more rate rises predicted between now and the end of 2019. Overall, the MSCI World Index fell -1.8% in A$ terms for the month. The Australian market closed in negative territory, with the S&P/ASX 200 Accumulation Index down -2.2% in November.

Australian equities are now down -9.3% for the three months to 30 November. Over the same period, AGLI’s portfolio is down just -0.2%, demonstrating the defensive attributes of the asset class and underscoring the importance of portfolio diversification.

During November, AGLI’s portfolio outperformed the Australian share market by +2.0%, following outperformance of +6.0% in the previous month. Over the six months to 30 November, AGLI’s portfolio has delivered a positive performance, up +7.2% as compared to the S&P/ASX 200 Accumulation Index which is down -3.7% over the same period.

We believe the recent volatility in markets highlights that global listed infrastructure continues to represent an attractive investment proposition. The asset class offers defensive qualities and stable, long-term returns through exposure to a diversified portfolio of securities, in terms of both geography and asset type. Global infrastructure has a strong growth outlook as powerful demographic forces and significant government funding shortfalls drive demand for private sector investment. With a strong balance sheet and no debt, AGLI is well positioned to take advantage of these secular growth trends in the global infrastructure sector.

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	91 King William Street Adelaide SA 5000	Postal Address	GPO Box 2975 Melbourne VIC 3001

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----- Start of picture text ----- Portfolio Diversification / 30 November 2018Subsector diversification Cash 2.1%Water 4.6%Gas Distribution 6.9%Electric 32.1%Airports 7.3%Toll Roads 8.4%3Communications 11.1%Midstream Energy 15.9%Railways 11.6%Geographic diversificationby country/region of listing United Kingdom 2.3%Latin America 4.6% Cash 2.1%Australia 5.0%Japan 6.0%Europe 8.4%United States 53.3%Asia Pacific 8.6%5Canada 9.7%About 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 -----