ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2018

Sep 11, 2018

Argo Global Listed Infrastructure Limited ACN 604 986 914 NTA & Investment update / 31 August 2018

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About the CompanyASX code	ALI
Listing dateMarket cap.Shares on issue	3 July 2015A$272m141,882,628

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.

Net Tangible Asset backing per share (NTA)

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

NTA per share[1] $2.23 NTA after unrealised tax provision[2] $2.17

argoinfrastructure.com.au

These NTA figures are calculated after providing for the 2.5 cent s per share fully franked final dividend declared on 27 August 2018.

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

Investment strategy

AGLI invests in an actively managed portfolio of 50-100 global listed infrastructure equity securities.

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).

The geographical and infrastructure subsector splits of the portfolio at month end are illustrated on the next page.

Performance	3 mths	1 year	2 year	Sinceinception (p.a.)
NTA	5.7%	9.8%	7.4%	5.5%
Benchmark	7.3%	8.6%	8.8%	8.0%
S&P ASX 200 (accum.)	6.2%	15.4%	12.6%	8.6%

There is no debt and the portfolio is unhedged for currency.

Portfolio Manager Cohen & Steers, Inc.

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

Monthly commentary

In August, AGLI was pleased to report its third full year result, announcing a record profit of $16.2 million. The Board declared AGLI’s first fully franked dividend of 2.5 cents per share, increasing full year dividends by 7.0% on the previous year. The fully franked dividend will be paid to shareholders on 28 September 2018.

The recent strong performance of the portfolio has continued with the NTA (after all fees, expenses and tax) now up 3.2% this financial year and the share price up 6.4% since 30 June 2018. For the month, portfolio manager Cohen & Steers again delivered a positive total return and outperformed the benchmark. As a decrease in the value of the Australian dollar relative to the US dollar acts to increase the value of AGLI’s portfolio, the weaker Australian dollar has continued to provide a tailwind for AGLI.

In August, global equities markets continued to rise with US economic activity remaining strong, company profits up and consumer confidence buoyant. Europe showed modest economic growth, however confidence fell and uncertainty around Brexit persisted. China’s economy continued to decelerate, weighed down by both lower exports and domestic demand.

Global listed infrastructure stocks declined overall in local currency terms. However, the performance of sub-sectors within the asset class varied considerably, with satellites up 2.9%, while toll roads fell almost 9.0%. This was in part due to the sharp share price falls of Atlantia, the operator of the Italian bridge which tragically collapsed last month. AGLI does not own Atlantia.

Save the date We hope you can join us for our third AGM on 22 October 2018 in Adelaide or at one of the subsequent shareholder information meetings in Melbourne, Sydney, Brisbane, Canberra and Perth.

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

Argo Global Listed Infrastructure Limited

Website www.argoinfrastructure.com.au Email invest@argoinfrastructure.com.au Telephone 08 8210 9555 Postal Address GPO Box 2692 Adelaide SA 5001 Registered Address 19 Grenfell Street Adelaide SA 5000

Share Registry Computershare Investor Services Website www.investorcentre.com Telephone 1300 389 922 (in Australia) +61 3 9415 4610 (outside Australia) Postal Address GPO Box 2975 Melbourne VIC 3001

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----- Start of picture text ----- Portfolio Diversification / 31 August 2018Subsector diversification Cash 2.2%Water 5.1%Toll Roads 5.8%Electric 30.7%Gas Distribution 6.6%Airports 7.3%3Communications 11.6%Midstream Energy 17.4%Railways 13.3%Geographic diversificationby country/region of listing Cash 2.2%Australia 3.1% United Kingdom 2.1%Latin America 4.4%Japan 6.3%Asia Pacific 6.8%United States 55.9%Europe 8.5%Canada 10.7%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 -----