ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2019

Dec 11, 2019

NTA & Investment Update

AS AT 30 NOVEMBER 2019

NET TANGIBLE ASSET (NTA) BACKING PER SHARE

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----- Start of picture text ----- 30 Nov 31 OctNTA per share1 $2.57 $2.58NTA per share after unrealised tax provision2 $2.46 $2.45----- End of picture text -----

• 1 After all costs, including any tax payable.

• 2 As required under the ASX Listing Rules, theoretical NTA per share after providing for estimated tax on unrealised gains/losses in the portfolio. That is, after tax that may arise if the entire portfolio was sold.

PORTFOLIO PERFORMANCE

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----- Start of picture text ----- Since3 mths 1 year 3 years (p.a.)incept. (p.a.)-0.5% 25.9% 16.7% 11.1%PortfolioBenchmark* 0.9% 24.9% 15.0% 11.1%S&P/ASX 200** 4.8% 26.0% 12.7% 9.4%----- End of picture text -----

*FTSE Global Core Infrastructure 50/50 Index (in A$) **Accumulation Index

PORTFOLIO

Geographic diversification

Sector diversification

Argo Global Listed Infrastructure

ASX code	ALI
Listed	July2015
Portolio Manager	Cohen & Steers
Shareholders	9,500
Market cap.	$329m
Management fee	1.2%
Performance fee	Nil
Hedging	Unhedged
Dividendyield^	2.8%

^Yield of 4.0% (including franking) based on dividends paid to shareholders over the last 12 months

Company overview

Provides exposure to a diverse portfolio of 50-60 global listed infrastructure companies. Argo Infrastructure has no debt.

Company objective

Provide a total return for long-term investors consisting of capital growth and dividend income, from a global listed infrastructure portfolio which provides diversification benefits for Australian investors.

About the Portfolio Manager

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----- Start of picture text ----- United States 57.5%^Europe 8.3%----- End of picture text -----

Electric 36.5% Midstream Energy 13.5% Communications 13.3% Railways 8.1% Airports 7.3% Gas Distribution 6.9% Toll Roads 6.8% Water 5.5% Cash 1.0% Diversified 0.8% Marine Ports 0.3%

Canada 7.9% Asia Pacific 6.8% Australia 6.5% Japan 5.1% Latin America 4.9% United Kingdom 2.0% Cash 1.0%

^Many large infrastructure companies are listed in the United States, although their operations and earnings are often global.

A leading specialist global real assets fund manager listed on the New York Stock Exchange, Cohen & Steers manages funds of approximately US$60 billion from offices around the world on behalf of institutional clients and sovereign wealth funds.

Key personnel

	Jason Beddow	Managing Director
	Benjamin Morton	Senior PortolioManager
	Robert Becker	Portolio Manager
	Tyler Rosenlicht	Portolio Manager

Argo Global Listed Infrastructure Limited | 1

ACN 604 986 914

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HOW TO INVEST

MARKET COMMENTARY

In November, global listed infrastructure companies advanced modestly (+0.5%), trailing broader global (+4.7% in A$) and domestic (+3.3%) equity markets, as investors favoured riskier assets amid signs the global economy was stabilising and concerns about the growth outlook continued to ease.

Positive data included an increase in the global manufacturing Purchasing Managers Index (PMI) for the fourth consecutive month. Sentiment was also buoyed by the more constructive tone of US/China trade talks and signs a hard Brexit could be avoided. Expectations of continued accommodative monetary policy further bolstered the positive outlook.

Argo Infrastructure is listed on the Australian Securities Exchange (ASX) under the ASX code ‘ALI’.

To become an Argo Infrastructure shareholder, simply buy shares through your stockbroker, online broker, financial adviser or platform.

During the month, satellite companies experienced sharp falls after the US Federal Communications Commission indicated that the government is likely to sell off the C-band spectrum (to be repurposed in part for 5G communications) through a public auction. It was previously expected that the satellite companies, which were granted the spectrum many decades ago, would be permitted to sell the bandwidth in a private auction. As a result, the outcomes for satellite companies are uncertain at present.

In November, portfolio performance was bolstered by stock selection among electric utilities, including Duke Energy which raised equity to bolster its balance sheet. Another contributor to performance was an out-of-index position in Norwegian company Ørsted Energy, the world’s leading independent offshore wind farm developer and operator.

ARGO INFRASTRUCTURE SHAREHOLDER BENEFITS

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Global diversification Exposure across various geographies and both emerging and developed economies

Specialist global fund manager Access to a world-leading, specialist infrastructure fund manager

Access infrastructure opportunities New opportunities offshore through government privatisations

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Proven investment approach Experienced and senior investment team with a long and successful track record

Enhance risk-adjusted returns Less volatile than broader equities providing some relative downside protection

Administratively simple global investing Exposure to a large and complex asset class through one simple ASX trade

CONTACT US SHARE REGISTRY ENQUIRIES W argoinfrastructure.com.au Boardroom Pty Limited T 08 8210 9555 W investorserve.com.au E invest@argoinfrastructure.com.au T 1300 350 716 A Level 25, 91 King William St. Adelaide SA 5000

This report has been prepared 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. This announcement is authorised by Tim Binks, Company Secretary.

Argo Global Listed Infrastructure Limited | 2

ACN 604 986 914