ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2019

May 13, 2019

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Argo Global Listed Infrastructure Limited ACN 604 986 914 NTA & Investment update / 30 April 2019

Argo Global Listed Infrastructure Limited (Argo Infrastructure) is a listed investment company which was established in 2015 to provide investors with exposure to a diversified portfolio of securities in the global listed infrastructure sector, contained within the simple and easily tradeable structure of an ASX-listed investment company. The investment objectives are to provide a total return for long-term investors, consisting of capital growth and dividend income, and to provide important diversification benefits for Australian investors.

About the Company ASX code ALI Listing date 3 July 2015 Market cap. A$306m Shares on issue 141,539,639

Net Tangible Asset backing per share (NTA)

NTA per share[1] $2.44

NTA after unrealised tax provision[2] $2.33

1. This figure allows for all costs incurred, including company tax and any tax payable on gains realised from portfolio sales.

2. Under ASX Listing Rules, the Company is also required to calculate the NTA per share after providing for estimated tax on unrealised gains/losses in the portfolio (tax that may arise should the entire portfolio be disposed of on the above date).

Performance	3 mths	1 year	2 year (p.a.)	Since inception (p.a.)
NTA	7.4%	18.0%	10.8%	7.6%
Benchmark	9.4%	20.5%	11.9%	10.2%
S&P/ASX 200 (accum.)	9.3%	10.4%	7.9%%	7.9%

Benchmark = FTSE Global Core Infrastructure 50/50 Index (in A$)

Please see the ompany website for the latest weekly NTA announcement.

argoinfrastructure.com.au

Investment strategy

Argo Infrastructure invests in an actively managed portfolio of around 60 global listed infrastructure companies.

The geographical and infrastructure subsector splits of the portfolio at month end are illustrated on the next page.

There is no debt and the portfolio is unhedged for currency.

Portfolio Manager Cohen & Steers, Inc.

Monthly commentary

Equity markets worldwide again pushed higher in April amid easing concerns about the global growth outlook. Sentiment was further supported by better than expected US first quarter GDP figures (although inflation remained muted) and waning macro concerns in European markets. Adding to strong gains this calendar year, the MSCI World Index increased +4.5% in A$ terms and the S&P/ASX 200 Index was up +2.4% for the month.

With investors generally maintaining a solid risk appetite, the performance of asset classes with more defensive characteristics, such as global listed infrastructure, tended to lag broader equity markets. In the ‘risk on’ environment, global infrastructure securities delivered modest gains (up +1.6%) after posting strong absolute and relative performance over the first quarter of the calendar year.

The more upbeat global outlook tended to favour infrastructure companies with assets that are sensitive to economic conditions, such as airports and railways. Apparent progress towards a resolution of the US/China trade dispute improved the outlook for global trade and drove shares in marine ports companies higher in April.

Argo Infrastructure’s portfolio again delivered a positive return, increasing +1.1%, although below the benchmark return. Performance was hindered by stock selection among midstream energy and communications companies, however positions in listed airport and electric utilities companies contributed to the portfolio’s positive performance.

A key benefit of investing in listed infrastructure, relative to unlisted (or direct) infrastructure, is liquidity. The large and highly liquid nature of the listed infrastructure universe provides active investors with the flexibility to make daily adjustments to portfolio positions in response to changing economic conditions.

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Argo Global Listed Infrastructure Limited	Argo Global Listed Infrastructure Limited
Website	www.argoinfrastructure.com.au	Share Registry	Computershare Investor Services
Email	invest@argoinfrastructure.com.au	Website	www.investorcentre.com
Telephone	08 8210 9555	Telephone	1300 389 922 (in Australia)
Address	Level 25, 91 King William Street		+61 3 9415 4610 (outside Australia)
	Adelaide SA 5000	Postal Address	GPO Box 2975 Melbourne VIC 3001

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Portfolio Diversification / 30 April 2019
Subsector diversification Cash 3.5%
Water 5.8%
Gas Distribution 5.9%
Electric 34.1%
Toll Roads 6.4%
Airports 7.9%
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Railways 10.2%
Midstream Energy 14.9%
Communications 11.3%
Geographic diversification
by country/region of listing United Kingdom 2.5%
Cash 3.5%
Latin America 5.1%
Japan 5.4%
Australia 5.5%
United States 54.4%
Asia Pacific 7.4%
Europe 7.8%
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Canada 8.4%
About the Portfolio Manager About the Manager
The day to day active management of the portfolio is outsourced to the New York Argo Infrastructure is managed by Argo Service Company Pty Ltd (ASCO), which is a
based specialist fund manager, Cohen & Steers. wholly owned subsidiary of Argo Investments Limited. ASCO provides management,
Cohen & Steers is listed on the New York Stock Exchange and manages funds of administrational and financial services to AGLI under AFSL no. 470477.
approximately US$80 billion from offices around the world.
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.
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