ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2018

Oct 9, 2018

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Argo Global Listed Infrastructure Limited ACN 604 986 914 NTA & Investment update / 30 September 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$273m Shares on issue 141,882,628

Net Tangible Asset backing per share (NTA)

NTA per share[1] $2.21

NTA after unrealised tax provision[2] $2.16

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	3.4%	9.6%	8.0%	5.4%
Benchmark	2.6%	8.7%	8.8%	7.6%
S&P ASX 200 (accum.)	1.5%	14.0%	11.6%	8.0%

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 50-100 global listed infrastructure equity securities.

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

Global infrastructure stocks declined in September, underperforming broader equity markets, although AGLI’s NTA per share rose slightly following recent weakness in the Australian dollar.

Economic growth in the US remained robust and the Federal Reserve raised interest rates by another 0.25% as it continues to move toward normalised interest rate levels. Momentum in Europe stalled a little after manufacturing growth fell to a two-year low.

Within infrastructure, Railways were a highlight. Passenger railways rose by +7.0%, led by West Japan Railway which rebounded after several down months. Freight railways moved up +3.4%, bolstered by Union Pacific’s positive earnings guidance.

Marine Ports fell -6.3% on concerns that a global trade war could impact shipping volumes. AGLI does not currently hold any marine port stocks due to this issue. Electric Utilities and Communications Towers declined slightly following the US interest rate rise.

The six months to 30 September has been a strong period for AGLI. The share price returned +16.1% and NTA was up +9.6%, both including the recently paid fully franked final dividend of 2.5 cents per share.

Our marketing efforts continue apace, and we are currently presenting the AGLI story to investors attending the Australian Shareholders’ Association’s listed investment company showcases in Brisbane, Sydney and Melbourne.

The 2018 Annual General Meeting will be held in Adelaide on Monday 22 October at 1.00pm. This event will be live-streamed on our website. In addition, we will conduct Investor Information Meetings in Melbourne, Sydney, Brisbane, Canberra and Perth in the days following the AGM. The meetings will include a presentation from our US-based portfolio manager, Cohen & Steers. Please see our website for details. There is no need to rsvp and your guests are welcome too.

For more details, visit www.argoinfrastructure.com.au

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 2018 Subsector diversification Cash 1.8% Water 5.1% Gas Distribution 6.5% Electric 29.7% Toll Roads 8.2% Airports 8.5% Communications 11.0% Midstream Energy 16.0% Railways 13.2% Geographic diversification by country/region of listing 30 United Kingdom 2.1% Australia 3.9% Cash 1.8% Latin America 5.3% Japan 6.2% Asia Pacific 8.6% United States 52.5% Europe 9.1% 5 Canada 10.5% 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.