ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2019

Aug 13, 2019

NTA & Investment Update

AS AT 31 JULY 2019

NET TANGIBLE ASSET (NTA) BACKING PER SHARE

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31 July 30 June
NTA per share1 $2.56 $2.50 []
NTA per share after unrealised tax provision2 $2.44 $2.39 []
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• 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.

• After financial year tax reconciliation, the audited 30 June 2019 NTA before unrealised tax provision was restated from $2.53 to $2.50 and the NTA after unrealised tax provision from $2.40 to $2.39.

PORTFOLIO PERFORMANCE

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Since
3 mths 1 year 3 years (p.a.)
incept. (p.a.)
6.7% 23.4% 13.1% 11.0%
Portfolio
Benchmark 5.3% 21.3% 11.8% 10.9%
S&P/ASX 200 8.6% 13.3% 11.7% 9.6%
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Argo Global Listed Infrastructure

	ASX code	ALI
	Listed Portolio Manager Shareholders	July2015 Cohen & Steers 9,100
	Market cap. Management fee	$326m 1.2%
	Performance fee Hedging Dividendyield^	Nil Unhedged 2.2%

^ Fully franked yield 3.1% based on dividends paid in 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

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United States 53.7%^ Electric 35.4% Canada 9.6% Midstream Energy 15.1% Communications 12.1% Europe 9.1% Railways 9.7% Asia Pacific 7.2% Airports 8.1% Australia 6.7% Toll Roads 6.8% Latin America 5.3% Gas Distribution 5.7% Japan 5.1% Water 5.5% United Kingdom 2.0% Cash 1.3% Cash 1.3% Marine Ports 0.3%

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

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

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 Portolio Manager
	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

Global share markets continued to climb in July spurred on by the prospect of lower interest rates and the possibility of a US/China trade deal. Over the month, the MSCI World Index rose +2.3% (in A$ terms), while local shares posted a gain of +2.9%.

In the ‘risk on’ environment, investments offering more defensive attributes, such as infrastructure stocks, were less favoured by investors. Global listed infrastructure companies posted a modest gain (+1.4%) for the month, although the asset class has strongly outperformed both broader global and domestic equities over the last 12 months.

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.

Pleasingly, Argo Infrastructure’s portfolio exceeded the benchmark return rising +2.1% in July. Relative performance was attributable to stock selection across various subsectors, including communications companies which account for around 12% of Argo Infrastructure’s portfolio.

Among the communications stocks, wireless tower companies performed particularly well last month with the imminent merger between Sprint and T-Mobile in the US a further positive for the sector. Regulatory approval for the deal is contingent on the sale of some assets to Dish Network to create a fourth US wireless carrier. Communication tower companies lease space to wireless carriers and broadband providers and are leveraged to both the worldwide trend of increasing data usage and the massive investment in wireless technology.

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