ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2019

Oct 10, 2019

NTA & Investment Update

AS AT 30 SEPTEMBER 2019

NET TANGIBLE ASSET (NTA) BACKING PER SHARE

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----- Start of picture text ----- 30 Sept 31 AugNTA per share1 $2.62 $2.61NTA per share after unrealised tax provision2 $2.49 $2.47----- 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.)7.7% 27.2% 15.7% 11.9%PortfolioBenchmark* 6.5% 26.1% 14.3% 11.7%S&P/ASX 200** 2.4% 12.5% 11.9% 9.0%----- 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	9,300
Market cap.	$331m
Management fee	1.2%
Performance fee	Nil
Hedging	Unhedged
Dividendyield^	2.8%

^ Fully franked yield 3.9% based on dividends 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

The listed infrastructure sector rose in September but underperformed broader global equity markets. The underlying fundamentals driving the broader market remain challenged, and in a reversal from much of the calendar year so far, investors favored value stocks over momentum/growth during September. Within infrastructure, electric utilities (+3.9%) were the top performers, while communication towers (-3.8%) lagged despite those businesses generally growing at a faster rate.

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.

Midstream energy companies such as pipeline operators (+2.6%) benefited after the drone attack on Saudi oil facilities, which reinforced the strategic importance of US shale reserves in diversifying global energy supply.

Our view is that concerns over US/China tariffs will have a bigger economic impact than many realise, with uncertainty likely to continue even if some sort of stop-gap truce can be reached. Uncertainty delays investment decisions by businesses and consumers, and the potential long-term impact of this may be underestimated.

Accordingly, we continue to position the portfolio more defensively, allocating more to resilient areas like utilities and less to cyclical businesses such as transport infrastructure.

However this type of macroeconomic environment generally suits infrastructure in a relative sense, as it tends to outperform broader equities in periods of weakening economic growth and in higher-risk market environments.

Argo Infrastructure’s share price has risen over 30% this calendar year and recently achieved a new high of $2.42.

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

Argo Global Listed Infrastructure Limited Computershare Investor Services W argoinfrastructure.com.au W investorcentre.com T 08 8210 9555 T 1300 389 922 E invest@argoinfrastructure.com.au

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.

Argo Global Listed Infrastructure Limited | 2

ACN: 604 986 914