ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2020

Jun 11, 2020

NTA & Investment Update

AT 31 MAY 2020

NET TANGIBLE ASSET (NTA) BACKING PER SHARE

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31 May 30 Apr
NTA per share1 $2.40 $2.36
NTA per share after unrealised tax provision2 $2.35 $2.32
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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.

PORTFOLIO PERFORMANCE

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Since
3 mths 1 year 3 years (p.a.)
incept. (p.a.)
-5.6% 5.9% 10.1% 9.2%
Portfolio
Benchmark -7.6% 2.1% 7.6% 8.5%
S&P/ASX 200 -9.9% -6.7% 4.3% 5.0%
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FTSE Global Core Infrastructure 50/50 Index (in A$) *Accumulation Index

MARKET COMMENTARY

Global equity markets continued their recovery in May, posting another month of gains (up +3.4% in A$ terms) on optimism around the easing of coronavirus containment measures and expectations of continued fiscal and monetary policy support worldwide in response to the extraordinary pandemic-related economic challenges.

Global listed infrastructure stocks also rose, although modestly underperforming broader equities. Some of the infrastructure sectors most heavily impacted by social distancing shutdowns, including railways and other transportation sectors, benefited from government plans to begin relaxing movement restrictions and travel bans.

Argo Infrastructure’s portfolio increased +3.2%, outpacing the benchmark with returns bolstered by overweight holdings in communications towers and data centres. These companies continued their resilient performance, buoyed by remote work and education activity online, a trend we anticipate will persist into the future.

Argo Infrastructure

	ASX code	ALI
	Listed Portolio Manager Shareholders	July2015 Cohen & Steers 9,500
	Market cap.	$319m
	Management fee	1.2%
	Performance fee	Nil
	Hedging	Unhedged
	Dividendyield^	3.1%

^Historical yield of 4.4% (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

In May, Argo Infrastructure’s share price increased +5.1% and over the 12 months to 31 May 2020 has outperformed the S&P/ASX 200 Accumulation Index by +12.6%.

	Jason Beddow Benjamin Morton	Managing Director 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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PORTFOLIO

Sector diversification

Geographic diversification

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United States ^ 58.0%
Europe 10.9%
Asia Pacific 9.0%
Canada 7.3%
Australia 5.8%
Japan 3.4%
Latin America 3.3%
United Kingdom 1.6%
Cash 0.7%
^ Many of the largest infrastructure companies are listed in the United
States, although their operations and earnings are often global.
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Electric 38.6%
Communications 15.6%
Toll Roads 10.1%
Midstream Energy 8.6%
Railways 8.6%
Airports 6.6%
Water 5.5%
Gas Distribution 4.2%
Marine Ports 0.8%
Cash 0.7%
Diversified 0.7%
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ARGO INFRASTRUCTURE SHAREHOLDER BENEFITS

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Global diversification
Exposure across various geographies and both
emerging and developed economies
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Specialist global fund manager
Access to a world-leading, specialist
infrastructure fund manager
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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

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

SHARE REGISTRY ENQUIRIES

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

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