ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2021

Jun 10, 2021

NTA & Investment Update

AT 31 MAY 2021

NET TANGIBLE ASSET (NTA) BACKING PER SHARE

==> picture [347 x 57] intentionally omitted <==

----- Start of picture text ----- 31 May 30 AprNTA per share1 $2.30 $2.30NTA per share after unrealised tax provision2 $2.25 $2.24----- 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

==> picture [345 x 91] intentionally omitted <==

----- Start of picture text ----- 3 years Since3 mths 1 yearp.a. incept. (p.a.)+12.1% +1.1% +9.7% +7.8%PortfolioBenchmark* +11.4% +0.6% +8.1% +7.1%S&P/ASX 200** +8.5% +28.2% +9.9% +8.6%----- End of picture text -----

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

MARKET COMMENTARY

Global infrastructure stocks posted a modest gain in May (+0.3% in A$ terms) but underperformed broader equities as investors generally maintained a healthy appetite for risk, albeit amid periods of volatility in response to inflationary concerns.

Argo Infrastructure’s portfolio returned +0.9% for the month. Performance was bolstered by an overweight position in Canadian Pacific Railway which withdrew its bid to acquire Kansas City Southern, choosing not to engage in an aggressive bidding war with its main rival, Canadian National Railway.

Infrastructure subsectors exposed to the ‘reopening trade’ were among the best performers during the month. Increasing volumes boosted marine ports (+5.2%) and surging energy commodity prices saw mid-stream energy stocks return +2.1% and gas distribution companies advance +1.1%.

Reflecting optimism around the economic and activity implications of vaccine distribution globally, Argo Infrastructure’s Portfolio Manager, Cohen & Steers, is maintaining a balanced investment portfolio. We anticipate a return to more normal economic activity in the second half of this calendar. However, the path will likely be uneven due to varying virus strains and differing travel restrictions and reopening policies.

Argo Infrastructure

	ASX code	ALI
	ListedPortolio ManagerShareholders	July2015Cohen & Steers9,500
	Market cap.	$328m
	Management fee	1.2%
	Performance fee	Nil
	Hedging	Unhedged
	Dividendyield^	3.7%

^Historical yield of 5.3% (including franking) based on dividends 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 BeddowBenjamin MortonRobert BeckerTyler Rosenlicht	Managing DirectorSenior PortolioManagerPortolio ManagerPortolio Manager

Argo Global Listed Infrastructure Limited | 1

ACN 604 986 914

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

PORTFOLIO

Sector diversification*

==> picture [255 x 166] intentionally omitted <==

----- Start of picture text ----- Electric 33.4%Communications 13.0%Railways 11.1%Midstream Energy 10.8%Airports 9.3%Toll Roads 8.1%Gas Distribution 5.6%Water 5.1%Marine Ports 1.5%Cash 1.1%Environmental Services 1.0%----- End of picture text -----

• As a percentage of the investment portfolio.

Geographic diversification*

==> picture [254 x 166] intentionally omitted <==

----- Start of picture text ----- United States ^ 54.3%Canada 11.8%Europe 10.4%Asia Pacific 8.8%Australia 5.6%Latin America 4.0%Japan 2.7%United Kingdom 1.3%Cash 1.1%----- End of picture text -----

^ Many of the largest infrastructure companies are listed in the United States, although their operations and earnings are often global.

ARGO INFRASTRUCTURE SHAREHOLDER BENEFITS

==> 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

Specialist global fund manager Access to a world-leading, specialist infrastructure fund manager

Access infrastructure opportunities New opportunities offshore through government privatisations

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

==> picture [52 x 48] intentionally omitted <==

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

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