ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2021

Apr 12, 2021

NTA & Investment Update AT 31 MARCH 2021

NET TANGIBLE ASSET (NTA) BACKING PER SHARE

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----- Start of picture text ----- 31 Mar 28 FebNTA per share1 $2.24 $2.08NTA per share after unrealised tax provision2 $2.20 $2.09----- 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.)+4.7% +0.4% +9.5% +7.3%PortfolioBenchmark* +5.4% +2.1% +8.2% +6.9%S&P/ASX 200** +4.2% +37.5% +9.6% +7.8%----- End of picture text -----

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

MARKET COMMENTARY

Global infrastructure stocks rallied sharply in March posting a total return of +8.8% (in A$ terms). This strong performance saw global listed infrastructure decisively outperform both broader global and Australian equities.

All infrastructure subsectors advanced. Several subsectors that had underperformed in recent months rebounded in March to be among the best performers in the asset class. Shrugging off concerns about rising interest rates, gas distribution companies (+10.6%), electric utilities (+10.2%) and communications (towers and data centres) companies (+9.7%) posted the strongest gains.

Argo Infrastructure’s portfolio returned +8.0% for the month. Performance was bolstered by a position in railway company Kansas City Southern. Shares in the company surged on news of its acquisition by Canadian Pacific Railway in a deal valued at approximately US$29 billion to create the first US-MexicoCanada rail network.

Another positive development was US President Joe Biden announcing a sweeping US$2.4 trillion infrastructure and jobs package on 31 March. Renewable energy developers, electric utilities and communications companies would be direct beneficiaries of the significant funding earmarked for infrastructure investment as part of the plan.

Argo Infrastructure

	ASX code	ALI
	ListedPortolio ManagerShareholders	July2015Cohen & Steers9,500
	Market cap.	$314m
	Management fee	1.2%
	Performance fee	Nil
	Hedging	Unhedged
	Dividendyield^	3.9%

^Historical yield of 5.6% (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 Morton	Managing DirectorSenior PortolioManager
	Robert Becker	Portolio Manager
	Tyler Rosenlicht	Portolio Manager

Argo Global Listed Infrastructure Limited | 1

ACN 604 986 914

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PORTFOLIO

Sector diversification*

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----- Start of picture text ----- Electric 37.0%Railways 12.4%Communications 12.1%Midstream Energy 11.1%Airports 9.1%Toll Roads 7.5%Water 5.4%Gas Distribution 3.6%Cash 0.9%Marine Ports 0.9%Diversified 0.0%----- End of picture text -----

• As a percentage of the investment portfolio.

Geographic diversification*

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----- Start of picture text ----- United States ^ 55.2%Canada 10.7%Europe 10.2%Asia Pacific 9.3%Australia 5.6%Latin America 3.9%Japan 3.0%United Kingdom 1.2%Cash 0.9%----- 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

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----- Start of picture text ----- Global diversificationExposure across various geographies and bothemerging and developed economies----- End of picture text -----

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 Access infrastructure opportunities Administratively simple global investing New opportunities offshore through Exposure to a large and complex asset class government privatisations 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