ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2020

Jan 13, 2020

NTA & Investment Update

AS AT 31 DECEMBER 2019

NET TANGIBLE ASSET (NTA) BACKING PER SHARE

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----- Start of picture text ----- 31 Dec 30 NovNTA per share1 $2.57 $2.57NTA per share after unrealised tax provision2 $2.46 $2.46----- 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.

These figures are subject to external review by the Company’s auditor.

PORTFOLIO PERFORMANCE

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----- Start of picture text ----- Since3 mths 1 year 3 years (p.a.)incept. (p.a.)-1.1% 27.0% 15.2% 10.9%PortfolioBenchmark* -0.5% 25.3% 13.4% 10.9%S&P/ASX 200** 0.7% 23.4% 10.3% 8.7%----- End of picture text -----

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

PORTFOLIO

Geographic diversification

Sector diversification

Argo Global Listed Infrastructure

ASX code	ALI
Listed	July2015
Portolio Manager	Cohen & Steers
Shareholders	9,500
Market cap.	$336m
Management fee	1.2%
Performance fee	Nil
Hedging	Unhedged
Dividendyield^	2.7%

^Yield of 3.9% (including franking) based on dividends paid to shareholders over the last 12 months.

Company overview

Provides exposure to a diverse portfolio of 50-60 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

Communications 12.6% Midstream Energy 10.9% Railways 10.9% Airports 8.0% Toll Roads 7.4% Water 5.2% Gas Distribution 5.1% Cash 2.0% Diversified 1.1% Marine Ports 0.1%

United States 57.4%^ Europe 8.7% Asia Pacific 7.1% Canada 6.1% Australia 5.9% Latin America 5.8% Japan 5.2% Cash 2.0% United Kingdom 1.8%

^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$70 billion from offices around the world on behalf of institutional clients and sovereign wealth funds.

Key personnel

	Jason Beddow	Managing Director
	Benjamin Morton	Senior PortolioManager
	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

In December, global infrastructure stocks posted a healthy total return of +0.3%, outpacing broader global and domestic equities which fell -0.9% (in A$ terms) and -2.2% respectively. During the month, economic news was sparse, although generally positive, and indicated global growth was stabilising. This provided a supportive backdrop for infrastructure, together with a continued commitment by central banks to maintain an easing bias and the announcement of a ‘Phase I’ US/China trade deal.

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.

In our view, the global growth outlook is set to improve modestly in 2020 and we believe continued low interest rates will ultimately support economic activity. As such, we have increased our exposure to more cyclical infrastructure sectors in anticipation of a short-term uptick in global growth from the lag-effect of accommodative monetary policy.

During the month, a key contributor to portfolio performance was our position in Brazilian integrated energy company Neoenergia. The company was floated in June 2019 at approximately R$16 per share and is currently trading above R$24 per share. Neoenergia is a salient example of how Argo Infrastructure provides Australian investors with access to offshore listed infrastructure IPO opportunities and exposure to this expanding asset class.

During December, Argo Infrastructure’s share price increased +2.2%. Over the 2019 calendar year, the Company’s share price rose a stunning +32.5%, well ahead of the S&P/ASX 200 Accumulation Index return of +23.4%.

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 W argoinfrastructure.com.au Boardroom Pty Limited T 08 8210 9555 W investorserve.com.au E invest@argoinfrastructure.com.au T 1300 350 716 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