ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2021

Mar 11, 2021

NTA & Investment Update

AT 28 FEBRUARY 2021

NET TANGIBLE ASSET (NTA) BACKING PER SHARE

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----- Start of picture text ----- 28 Feb [3] 31 JanNTA per share1 $2.08 $2.16NTA per share after unrealised tax provision2 $2.09 $2.15----- 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.

3 These figures are after provision for the interim dividend of 3.5 cents per share.

PORTFOLIO PERFORMANCE

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----- Start of picture text ----- 3 years Since3 mths 1 yearp.a. incept. (p.a.)-5.9% -14.9% +7.7% +6.0%PortfolioBenchmark* -6.2% -16.5% +6.0% +5.4%S&P/ASX 200** +3.0% +6.5% +7.4% +7.4%----- End of picture text -----

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

MARKET COMMENTARY

Performance across the various infrastructure subsectors was mixed during February. Accelerating vaccine distribution and positive coronavirus trends triggered investor confidence and drove demand for economically-sensitive subsectors, such as marine ports which surged +13.9%. Despite travel restrictions remaining across much of the world, particularly in Europe, airports (+7.6%) and railways (+5.3%) rallied amid expectations of improving travel and freight volumes.

In contrast, signs of rising bond yields saw more defensive infrastructure subsectors retreat, such as water (-7.1%) and electric (-5.2%) utilities. Communications (towers and data centres) also underperformed (-4.5%) giving back some of the subsector’s strong gains in 2020. Overall, global listed infrastructure fell -1.8% in February.

While Argo Infrastructure’s Portfolio Manager, Cohen & Steers, sees reasons for optimism, the road to economic recovery may be uneven due to new virus strains, vaccine distribution challenges and lags in travel resumption as the world seeks ‘herd immunity’. The large and highly liquid nature of global listed infrastructure ensures our actively managed portfolio can be rapidly repositioned in response to changing economic conditions, including rising inflation and interest rates.

Argo Infrastructure

	ASX code	ALI
	ListedPortolio ManagerShareholders	July2015Cohen & Steers9,600
	Market cap.	$322m
	Management fee	1.2%
	Performance fee	Nil
	Hedging	Unhedged
	Dividendyield^	3.8%

^Historical yield of 5.4% (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 36.3%Railways 12.2%Communications 11.9%Midstream Energy 11.0%Airports 8.9%Toll Roads 8.1%Water 5.6%Gas Distribution 3.6%Cash 2.1%Marine Ports 0.3%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 ^ 54.3%Canada 10.5%Europe 10.0%Asia Pacific 9.5%Australia 5.8%Latin America 3.9%Japan 2.7%Cash 2.1%United Kingdom 1.2%----- 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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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