ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2020

Feb 24, 2020

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25 February 2020

The Manager Company Announcements ASX Limited 20 Bridge Street SYDNEY NSW 2000

Weekly NTA estimate - updated for Entitlement Offer dilution

Dear Sir or Madam,

Following the release of the Weekly Net Tangible Asset backing per share (NTA) estimate for Argo Global Listed Infrastructure Limited (ASX: ALI) this morning, the attached updated estimate provides additional information to disclose the potential dilutionary effect of the current Entitlement Offer should the Offer be fully subscribed.

Yours faithfully,

ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED

T.C.A. Binks Company Secretary

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25 February 2020

The Manager Company Announcements ASX Limited 20 Bridge Street SYDNEY NSW 2000

Estimated Weekly NTA

Friday 21 February 2020

Argo Global Listed Infrastructure Limited (ASX code: ALI) advises the following end of week estimate of its net tangible asset backing (NTA) per share:

Weekly estimate of NTA per share at the close of business on Friday 21 February 2020:

**NTAper share1 **	$2.80
NTA after unrealised taxprovision2	$2.63

If the 1 for 6 Entitlement Offer at $2.25 per New Share announced on 17 February 2020 is fully subscribed[3] the diluted NTA figures would be:

y subscribed3the diluted NTA figures would be:
**NTAper share1 **	$2.72
NTA after unrealised taxprovision2	$2.58

• 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).

• 3 Assumes the maximum issue of approximately 23,658,631 New Shares, raising $53.2 million, under the current Entitlement Offer.

Please note that these figures are unaudited and approximate and are calculated after providing for the interim dividend of 3.0 cents per share fully franked, declared on 17 February 2020.

Yours faithfully,

ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED

T.C.A. Binks Company Secretary

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