ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2021

May 12, 2021

NTA & Investment Update AT 30 APRIL 2021

NET TANGIBLE ASSET (NTA) BACKING PER SHARE

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----- Start of picture text ----- 30 Apr 31 MarNTA per share1 $2.30 $2.24NTA per share after unrealised tax provision2 $2.24 $2.20----- 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 ----- 3 years Since3 mths 1 yearp.a. incept. (p.a.)+8.8% +3.3% +9.4% +7.7%PortfolioBenchmark* +9.0% +3.0% +7.6% +7.2%S&P/ASX 200** +7.5% +30.8% +9.5% +8.3%----- End of picture text -----

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

MARKET COMMENTARY

Global listed infrastructure delivered +2.0% in A$ terms in April, another solid month although lagging broader equity markets which continued to hit record highs around the world. ALI’s portfolio outperformed with +2.9%, helped by an out-of-index position in Australian data centre operator, NEXTDC. The ALI share price jumped 6.3% over the month.

Marine ports (+4.2%) and midstream energy (+4.0%) were the best subsectors in April, with midstream energy (mainly energy pipelines and storage) rising for the fourth month in a row on continued strength in commodity prices.

With long-distance air travel looking like one of the last travel segments to recover, airports servicing longer routes in the Asia-Pacific region were weaker than European airports which are seeing improved seasonal and shorter-route regional demand. Toll roads were also stronger in Europe, for similar reasons.

Utilities also moved higher, with some companies adding value through sales of subsidiary assets to large sovereign funds seeking direct infrastructure investments.

Argo Infrastructure

	ASX code	ALI
	ListedPortolio ManagerShareholders	July2015Cohen & Steers9,500
	Market cap.	$334m
	Management fee	1.2%
	Performance fee	Nil
	Hedging	Unhedged
	Dividendyield^	3.7%

^Historical yield of 5.2% (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 Beddow	Managing Director
	Benjamin MortonRobert Becker	Senior 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 36.3% United States ^ 56.0%Communications 13.0% Canada 10.5%Railways 11.3%Europe 10.5%Midstream Energy 10.6%Asia Pacific 8.8%Airports 8.9%Australia 5.8%Toll Roads 7.9%Water 5.2% Latin America 3.6%Gas Distribution 3.8% Japan 2.8%Marine Ports 1.3%United Kingdom 1.2%Transport Logistics 1.0%Cash 0.8%Cash 0.8%Diversified 0.0% ^ Many of the largest infrastructure companies are listed in the United* As a percentage of the investment portfolio. States, 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

Proven investment approach Experienced and senior investment team with a long and successful track record

Specialist global fund manager Enhance risk-adjusted returns Access to a world-leading, specialist Less volatile than broader equities providing infrastructure fund manager some relative downside protection

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Access infrastructure opportunities New opportunities offshore through government privatisations

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