Argo Global Listed Infrastructure Limited | 1

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 onunrealisedgains/lossesintheportfolio.Thatis,aftertaxthatmayariseiftheentireportfoliowas sold.

3 These figures are after provision for the interim dividend of 3.0 cents per share.

ASX code ALI

Listed July 2015

Portfolio Manager Cohen & Steers

Shareholders 9,700

Market cap. $311m

Management fee 1.2%

Performance fee Nil

Hedging Unhedged

Dividend yield^ 3.0%

Argo Infrastructure29 Feb3 31 Jan

NTA per share1 $2.56 $2.74NTA per share after unrealised tax provision2 $2.46 $2.60

NET TANGIBLE ASSET (NTA) BACKING PER SHARE

Jason Beddow Managing Director

Benjamin Morton SeniorPortfolioManager

Robert Becker PortfolioManager

Tyler Rosenlicht PortfolioManager

Key personnel

Company objective Provide a total return for long-term investors consisting of capital growthand dividend income, from a global listed infrastructure portfolio which providesdiversification benefits for Australianinvestors.

Company overviewProvidesexposuretoanactivelymanagedportfolio of global listed infrastructurecompanies. Argo Infrastructure has no debt.

NTA & Investment UpdateAT 29 FEBRUARY 2020

PORTFOLIO PERFORMANCE

3 mths 1 year 3 years (p.a.)Since

incept. (p.a.)

Portfolio 2.5% 18.0% 16.0% 11.0%

Benchmark* 1.8% 16.5% 14.2% 10.9%

S&P/ASX 200** -5.2% 8.6% 8.6% 7.6%

*FTSEGlobalCoreInfrastructure50/50Index(inA$)**AccumulationIndex

About the Portfolio ManagerA leading specialist global real assets fund manager listed on the New York Stock Exchange, Cohen & Steers manages funds of approximately US$70 billion fromofficesaroundtheworldonbehalfof institutional clients and sovereignwealth funds.

^Yield of 4.3% (including franking) based on dividends paid to shareholders over the last 12 months.

MARKET COMMENTARYAfterrallyingbrieflyinearlyFebruary,equitymarketsgloballydeclinedsharplyasmountingconcernsofaglobalcoronaviruspandemicdrovewidespreadselling.Infrastructurestocksalsofell,albeitlessthanbroaderequities.Theportfolio returned -4.7% for the month, ahead of the benchmark indexand outperforming broader equities globally by +0.3% in A$ terms anddomesticallyby+3.0%.

Since the end of February, markets have weakened further and in the short-term, we believe the risks to economic growth have increased and markets will remainhighlyvolatileas theeffectsof thecoronaviruson theglobaleconomy unfold.

Inspiteofmarketvolatility,weremainconfidentthatinthelong-termtheunderlying assets held by global listed infrastructure companies will prove relatively resilient by generating stable, long-term cash flows throughchallengingeconomicconditions.

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

ENTITLEMENT OFFER UPDATEInlightoftherapidlyescalatingcoronavirussituation,theBoardhasresolvedtowithdrawArgoInfrastructure’sEntitlementOffer.ShareholderswhohavealreadyacceptedtheEntitlementOfferwillhavetheirmoniesreturnedinfullassoonaspracticable.Weconsiderthisdecisiontobeinthebestinterestsof shareholders as the short-term outlook is so uncertain.

TheBoardmayconsideranotheroffertoshareholdersinthefuturewhenconditionsaremorestable.ACN 604 986 914

Argo Global Listed Infrastructure Limited | 2

ARGO INFRASTRUCTURE SHAREHOLDER BENEFITS

Global diversificationExposure across various geographies and both emerging and developed economies

Access infrastructure opportunitiesNewopportunitiesoffshorethroughgovernmentprivatisations

Enhance risk-adjusted returnsLessvolatilethanbroaderequitiesprovidingsomerelativedownsideprotection

Proven investment approachExperienced and senior investment team with a long and successful track record

Administratively simple global investingExposure to a large and complex asset class through one simple ASX trade

Specialist global fund managerAccess to a world-leading, specialist infrastructure fund manager

ACN 604 986 914

CONTACT USBoardroom Pty LimitedWinvestorserve.com.auT 1300 389 922

SHARE REGISTRY ENQUIRIES

Thisreporthasbeenpreparedasgeneralinformationonlyandisnotintendedtoprovidefinancialadviceortakeintoaccountyourobjectives,financialsituationorneeds.Youshouldconsider,withafinancialadviser,whethertheinformationissuitableforyourcircumstancesbeforemakingany investment decisions. Past performance is no guarantee of future results. This announcement is authorised by Tim Binks, Company Secretary.

W argoinfrastructure.com.auT 08 8210 9555E invest@argoinfrastructure.com.auA Level25,91KingWilliamSt.AdelaideSA5000

PORTFOLIOSector diversification

HOW TO INVESTArgoInfrastructureislistedontheAustralianSecuritiesExchange(ASX)undertheASXcode‘ALI’. To become a

shareholder,simplybuysharesthroughyourstockbroker,onlinebroker,financialadviserorplatform.

Geographic diversification

^Many large infrastructure companies are listed in the United States, althoughtheiroperationsandearningsareoftenglobal.

0.4%

0.7%

1.8%

3.1%

5.7%

6.9%

8.3%

10.8%

11.3%

14.2%

36.8%

Diversified

Marine Ports

Cash

Gas Distribution

Water

Toll Roads

Airports

Midstream Energy

Railways

Communications

Electric

1.9%

1.8%

3.4%

5.6%

5.7%

6.5%

7.3%

11.1%

56.7%

United Kingdom

Cash

Japan

Latin America

Australia

Asia Pacific

Canada

Europe

United States ^