ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2019

Jul 11, 2019

NTA & Investment Update

AS AT 30 JUNE 2019

NET TANGIBLE ASSET (NTA) BACKING PER SHARE

	NTAper share1 $2.53
	NTA per share afer unrealised tax provision2 $2.40
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.

The above figures are subject to audit.

PORTFOLIO PERFORMANCE

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Since
3 mths 1 year 3 years (p.a.)
incept. (p.a.)
5.6% 22.7% 12.2% 10.6%
Portfolio
Benchmark 5.6% 21.6% 11.3% 10.8%
S&P/ASX 200 8.0% 11.6% 12.9% 9.0%
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FTSE Global Core Infrastructure 50/50 Index (in A$) *Accumulation Index

Argo Global Listed Infrastructure

	ASX code	ALI
	Listed	July2015
	Portolio Manager	Cohen & Steers
	Shareholders	9,100
	Market cap. Management fee	$344m 1.2%
	Performance fee	Nil
	Hedging	Unhedged
	Dividendyield^	2.2%

^ Fully franked yield 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.

PORTFOLIO

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$80bn 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

After falling in May, global equity markets rallied sharply in June, with the MSCI World Index posting a gain of +5.2% in A$ terms. The strong market performance was attributable, in part, to the US Federal Reserve and various other central banks indicating a more accommodative approach to monetary policy. Investor sentiment was also supported by signs of progress in trade negotiations between the US and China.

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.

These factors contributed to an increased appetite for risk which saw asset classes with more defensive attributes generally lag broader equities. Global infrastructure stocks rose +2.9% for the month, a modest gain compared to the MSCI World Index’s return.

Adding to recent gains, Argo Infrastructure’s portfolio delivered another positive return, increasing +3.0% to marginally outperform its benchmark index. Toll roads jumped by +5.2% in June, led by Transurban, following the first interest rate cut in Australia for three years.

Argo Infrastructure’s share price has continued to perform well, recently reaching a record high of $2.30 per share. In our view, this reflects a combination of factors including strong portfolio performance, an increasing awareness and understanding of the Argo Infrastructure investment opportunity, and with most equity markets trading near record highs, an underlying trend towards more defensive portfolio asset allocations.

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