ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2020

Feb 13, 2020

NTA & Investment Update

AT 31 JANUARY 2020

NET TANGIBLE ASSET (NTA) BACKING PER SHARE

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----- Start of picture text ----- 31 Jan 31 DecNTA per share1 $2.74 $2.57NTA per share after unrealised tax provision2 $2.60 $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.

PORTFOLIO PERFORMANCE

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----- Start of picture text ----- Since3 mths 1 year 3 years (p.a.)incept. (p.a.)8.0% 29.7% 18.9% 12.4%PortfolioBenchmark* 8.2% 29.2% 17.2% 12.4%S&P/ASX 200** 6.1% 24.7% 12.4% 9.7%----- End of picture text -----

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

MARKET COMMENTARY

Equity markets globally started the 2020 calendar year with a bang, rising sharply in the first two weeks of January on continued optimism around progress towards a US/China trade deal. However, toward month-end bullish investor sentiment was eclipsed by rapidly mounting concerns about the impact of the coronavirus.

In a relative sense, this benefitted global infrastructure securities which rose a remarkable +7.3% in January outperforming broader global and Australian equities. As investors reweighted to investments with defensive characteristics, water and electric utilities were the top performing infrastructure sectors. Further, growing investor interest in environmentally sustainable stocks provided a tailwind for those utilities with a tilt towards renewable power generation.

A key contributor to portfolio performance in January was our position in US-listed NextEra Energy (Argo Infrastructure’s largest holding) which has experienced strong growth fuelled by renewable energy production. NextEra has strong and reliable cashflows from its utility operations which help fund its investment in renewables and it is now the largest operator of solar and wind generation assets in the US.

Argo Infrastructure’s share price has continued to perform strongly. Over the 12 months to 31 January 2020, the Company’s share price rose +34.3% and recently reached a record high of $2.64 per share.

Argo Infrastructure

ASX code	ALI
Listed	July2015
Portolio Manager	Cohen & Steers
Shareholders	9,600
Market cap.	$355m
Management fee	1.2%
Performance fee	Nil
Hedging	Unhedged
Dividendyield^	2.6%

^Yield of 3.7% (including franking) based on dividends paid to shareholders over the last 12 months.

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 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 BeddowBenjamin MortonRobert Becker	Managing DirectorSenior PortolioManagerPortolio 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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----- Start of picture text ----- Electric 36.4% United States^ 57.6%Communications 12.0% Europe 10.5%Asia Pacific 7.0%Railways 11.2%Canada 6.2%Midstream Energy 11.0%Australia 5.6%Airports 8.3%Latin America 5.5%Toll Roads 8.1%Japan 4.0%Water 5.5%Cash 1.7%Gas Distribution 3.8%United Kingdom 1.9%Cash 1.7%Diversified 1.3%^Many large infrastructure companies are listed in the United States,Marine Ports 0.7% although their operations and earnings are often global.----- End of picture text -----

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

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