ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2021

Feb 11, 2021

NTA & Investment Update

AT 31 JANUARY 2021

NET TANGIBLE ASSET (NTA) BACKING PER SHARE

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----- Start of picture text ----- 31 Jan 31 DecNTA per share1 $2.16 $2.16NTA per share after unrealised tax provision2 $2.15 $2.17----- 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.)-2.5% -17.2% +7.8% +6.4%PortfolioBenchmark* -1.9% -19.6% +6.0% +5.9%S&P/ASX 200** +11.9% -3.1% +7.0% +7.2%----- End of picture text -----

Argo Infrastructure

	ASX code	ALI
	ListedPortolio Manager	July2015Cohen & Steers
	Shareholders	9,600
	Market cap.	$323m
	Management fee	1.2%
	Performance fee	Nil
	Hedging	Unhedged
	Dividendyield^	3.6%

^Historical yield of 5.1% (including franking) based on dividends over the last 12 months.

Weekly NTA announcement

For the latest weekly NTA estimate, please see argoinfrastructure.com.au.

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

Company overview

MARKET COMMENTARY

Global equity markets pulled back in January with new coronavirus strains, vaccine rollout challenges and rising case numbers triggering periods of risk aversion during the month.

Global infrastructure stocks also generated a negative overall return, although performance across the asset class was mixed. Renewed and/ or extended COVID-19 travel restrictions across the world, particularly in Europe, negatively impacted travel-related stocks, including airports, toll roads and railways.

During the month, major institutional investors allocated capital to infrastructure assets with several notable corporate deals in the utilities subsector – three in the US and one in Europe. In our view, this recent M&A activity underscores the attractive valuations currently on offer in parts of the global listed infrastructure universe.

Renewable energy-focused infrastructure experienced tailwinds in the US with the new Biden administration extending tax credits and subsidies for technologies to transition from carbon-based to clean energy generation.

Argo Infrastructure’s portfolio returned -1.0%, ahead of the benchmark infrastructure sector return of -1.3%. Argo Infrastructure’s share price increased +1.4% over the month to outperform both international and local shares which returned -0.4% and +0.3% respectively.

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 37.6%Communications 12.1%Railways 10.9%Midstream Energy 10.4%Toll Roads 8.2%Airports 7.9%Water 6.0%Gas Distribution 3.6%Cash 2.6%Marine Ports 0.7%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 ^ 54.8%Canada 10.2%Europe 9.8%Asia Pacific 9.3%Australia 5.7%Latin America 3.9%Cash 2.6%Japan 2.5%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

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

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