ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2019

Sep 12, 2019

NTA & Investment Update

AS AT 31 AUGUST 2019

NET TANGIBLE ASSET (NTA) BACKING PER SHARE

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----- Start of picture text ----- 31 August 31 JulyNTA per share1 $2.61 $2.56NTA per share after unrealised tax provision2 $2.47 $2.44----- End of picture text -----

The August 2019 figures above are after providing for the 4.0 cents per share final dividend, while the July 2019 figures are before providing for this dividend.

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.)9.9% 26.3% 15.2% 11.9%PortfolioBenchmark* 7.6% 23.3% 13.5% 11.5%S&P/ASX 200** 4.2% 9.0% 11.4% 8.7%----- End of picture text -----

Argo Global Listed Infrastructure

	ASX code	ALI
	ListedPortolio ManagerShareholders	July2015Cohen & Steers9,200
	Market cap.Management fee	$334m1.2%
	Performance feeHedging	NilUnhedged
	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.

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

PORTFOLIO AS AT 30 JUNE 2019 Geographic diversification

Sector diversification

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

Electric 35.4% Midstream Energy 15.1% Communications 12.1% Railways 9.7% Airports 8.1% Toll Roads 6.8% Gas Distribution 5.7% Water 5.5% Cash 1.3% Marine Ports 0.3%

United States 53.7%^ Canada 9.6% Europe 9.1% Asia Pacific 7.2% Australia 6.7% Latin America 5.3% Japan 5.1% United Kingdom 2.0% Cash 1.3%

^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 a volatile month for global markets, ALI’s portfolio returned +4.5%, comfortably outperforming both broader equities (MSCI World Index +0.2% in A$) and the infrastructure benchmark (+3.2%).

Weak economic data, trade tariff concerns, falling bond yields and a tense escalation in the long-running protests in Hong Kong all steered investors away from riskier assets and toward less economically sensitive pockets of the market, such as infrastructure. This dual theme of slowing growth and heightened uncertainty also played out at the subsector level within infrastructure, with essential utilities like electricity (+3.4%) and water (+5.9%) defending better than groups more reactive to economic cycles, like marine

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.

ports (-4.5%) and railways (-4.3%). Communications towers continue to perform very well on growing wireless data demand and anticipation of 5G network roll-outs.

US-listed names were strong and our overweight positions in Wisconsin Energy Corporation and Alliant Energy Corporation contributed to outperformance, as the defensive characteristics of electric utilities attracted investors.

We expect trade tensions to persist, with this uncertainty adversely impacting consumer confidence and the capital spending plans of businesses. Accordingly, we continue to position our infrastructure portfolio quite defensively, remaining overweight in utilities and underweight cyclical subsectors, like transport infrastructure.

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