ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2020

Jul 13, 2020

NTA & Investment Update

AT 30 JUNE 2020

NET TANGIBLE ASSET (NTA) BACKING PER SHARE

==> picture [346 x 60] intentionally omitted <==

----- Start of picture text -----

30 June 31 May
NTA per share1 $2.26 $2.40
NTA per share after unrealised tax provision2 $2.26 $2.35
----- 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.

The above figures are subject to audit.

PORTFOLIO PERFORMANCE

==> picture [346 x 91] intentionally omitted <==

----- Start of picture text -----

Since
3 mths 1 year 3 years (p.a.)
incept. (p.a.)
-2.5% -2.9% 9.2% 7.8%
Portfolio
Benchmark -2.0% -6.2% 6.7% 7.1%
S&P/ASX 200 16.5% -7.7% 5.2% 5.4%
----- End of picture text -----*

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

MARKET COMMENTARY

Global equities rose sharply at the start of June, however dour outlook comments by US Federal Reserve Chairman Jerome Powell, coupled with a surge in coronavirus cases, rattled investors and sparked a sell-off midmonth. The correction proved short-lived with optimism buoyed by the continued commitment to aggressive monetary policy and fiscal offsets by governments and central banks worldwide.

The generally ‘risk on’ sentiment during the month saw investments offering more defensive attributes, such as infrastructure stocks, relatively out of favour with investors. Global listed infrastructure companies delivered negative returns in June, underperforming broader equities which rose amid encouraging economic data and ample liquidity. Of note, toll roads outperformed airport stocks, reflecting ongoing international travel restrictions and our view that personal transport will benefit from a resumption of economic activity ahead of mass transport options.

As Argo Infrastructure is unhedged, currency movements can impact the portfolio, both positively and negatively. In recent months, the Australian dollar’s sharp rebound from its March lows has weighed on the portfolio’s short-term performance. With the currency remaining strong in June, the portfolio fell -5.5% for the month, roughly in-line with the benchmark, although underperforming broader equities. However, over the 12 months to 30 June 2020, Argo Infrastructure’s portfolio has outperformed both the benchmark (by +3.3%) and the S&P/ASX 200 Accumulation Index (by +4.8%).

Argo Infrastructure

	ASX code	ALI
	Listed Portolio Manager	July2015 Cohen & Steers
	Shareholders	9,500
	Market cap.	$294m
	Management fee	1.2%
	Performance fee	Nil
	Hedging	Unhedged
	Dividendyield^	3.4%

^Historical yield of 4.8% (including franking) based on dividends paid to shareholders over the last 12 months.

Weekly NTA announcement

For the latest weekly NTA estimate, please see argoinfrastructure.com.au.

Company overview

Provides exposure to an actively managed portfolio of 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

A leading specialist global real assets fund manager listed on NYSE, Cohen & Steers manages funds of more than A$90 billion from offices worldwide on behalf of institutional clients and sovereign wealth funds.

Key personnel

	Jason Beddow Benjamin Morton Robert Becker Tyler Rosenlicht	Managing Director Senior Portolio Manager Portolio Manager Portolio Manager

Argo Global Listed Infrastructure Limited | 1

ACN 604 986 914

==> picture [596 x 143] intentionally omitted <==

PORTFOLIO

Sector diversification

Geographic diversification

==> picture [261 x 178] intentionally omitted <==

----- Start of picture text -----

Electric 36.9%
Communications 14.8%
Toll Roads 10.6%
Railways 9.1%
Midstream Energy 8.4%
Airports 7.4%
Water 5.4%
Gas Distribution 4.0%
Cash 1.8%
Marine Ports 0.8%
Diversified 0.8%
----- End of picture text -----

==> picture [265 x 180] intentionally omitted <==

----- Start of picture text -----

United States ^ 56.0%
Europe 10.7%
Asia Pacific 9.1%
Canada 7.8%
Australia 6.0%
Latin America 3.6%
Japan 3.3%
Cash 1.8%
United Kingdom 1.7%
^ Many of the largest infrastructure companies are listed in the United
States, although their operations and earnings are often global.
----- End of picture text -----

ARGO INFRASTRUCTURE SHAREHOLDER BENEFITS

==> picture [52 x 52] intentionally omitted <==

==> picture [52 x 52] intentionally omitted <==

==> picture [52 x 52] intentionally omitted <==

==> picture [52 x 52] intentionally omitted <==

Global diversification Exposure across various geographies and both emerging and developed economies

Proven investment approach Experienced and senior investment team with a long and successful track record

Specialist global fund manager Enhance risk-adjusted returns Access to a world-leading, specialist Less volatile than broader equities providing infrastructure fund manager some relative downside protection Access infrastructure opportunities Administratively simple global investing New opportunities offshore through Exposure to a large and complex asset class government privatisations through one simple ASX trade

HOW TO INVEST

To become a Argo Infrastructure is listed on the Australian Securities Exchange (ASX) under the ASX code ‘ALI’. shareholder, simply buy shares through your stockbroker, online broker, financial adviser or platform.

CONTACT US W argoinfrastructure.com.au Boardroom Pty Limited T 08 8210 9555 W investorserve.com.au E invest@argoinfrastructure.com.au T 1300 389 922 A Level 25, 91 King William St. Adelaide SA 5000

SHARE REGISTRY ENQUIRIES

This report has been prepared 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. This announcement is authorised by Tim Binks, Company Secretary.

Argo Global Listed Infrastructure Limited | 2

ACN 604 986 914