ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2021

Jan 12, 2021

NTA & Investment Update

AT 31 DECEMBER 2020

NET TANGIBLE ASSET (NTA) BACKING PER SHARE

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----- Start of picture text ----- 31 Dec 30 NovNTA per share1 $2.16 $2.25NTA per share after unrealised tax provision2 $2.17 $2.23----- 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.

The above figures are subject to external review by the Company’s auditor.

PORTFOLIO PERFORMANCE

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----- Start of picture text ----- Since3 mths 1 year 3 years (p.a.)incept. (p.a.)+0.2% -10.4% +7.2% +6.7%PortfolioBenchmark* +0.8% -12.6% +5.3% +6.2%S&P/ASX 200** +13.7% +1.4% +6.7% +7.3%----- End of picture text -----

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

MARKET COMMENTARY

In December, the listed infrastructure sector lagged broader global equity markets amid continued vaccine-driven recovery optimism. For ALI, this was accentuated by another very strong month for the A$, up 4% to US$0.77, following a gain of 6% in November. ALI’s portfolio manager, Cohen & Steers, again outperformed our benchmark, but in the short-term the infrastructure sector remains relatively out of favour, compared to technology stocks in particular.

Within infrastructure, it was the more economically sensitive subsectors which performed best, such as marine ports (+7.4%), railways (+2.8%) and airports (+1.8%). Electric and gas utilities were generally flat over the month, although we note that US renewables are expected to benefit from Democrat policies.

The communications subsector pulled back -2.9%, as investors favoured recovery stocks over pandemic beneficiaries. This area of infrastructure includes data centres and satellites, but in terms of market capitalisation is dominated by large global telecommunications tower companies. Excellent long-term structural fundamentals, including ever-increasing wireless data demand and data storage requirements, were already providing these companies with strong growth prior to COVID-19, and these trends have been accelerated by social distancing requirements and working and learning from home. ALI retains an overweight exposure to this dynamic.

Argo Infrastructure

	ASX code	ALI
	ListedPortolio Manager	July2015Cohen & Steers
	Shareholders	9,600
	Market cap.	$295m
	Management fee	1.2%
	Performance fee	Nil
	Hedging	Unhedged
	Dividendyield^	3.6%

^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 Morton	Senior 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 37.8%Communications 12.1%Railways 10.4%Toll Roads 9.6%Midstream Energy 9.1%Airports 8.4%Water 6.5%Gas Distribution 3.5%Cash 1.5%Marine Ports 1.1%Diversified 0.0%----- End of picture text -----

Geographic diversification

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----- Start of picture text ----- United States ^ 53.6%Europe 12.3%Canada 9.3%Asia Pacific 9.2%Australia 5.8%Latin America 4.1%Japan 2.9%United Kingdom 1.4%Cash 1.4%----- 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