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.

ASX code ALI

Listed July 2015

Portfolio Manager Cohen & Steers

Shareholders 9,500

Market cap. $304m

Management fee 1.2%

Performance fee Nil

Hedging Unhedged

Dividend yield^ 3.3%

Argo Infrastructure

30 Apr 31 Mar

NTA per share1 $2.36 $2.35NTA per share after unrealised tax provision2 $2.32 $2.31

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 30 APRIL 2020

PORTFOLIO PERFORMANCE

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

incept. (p.a.)

Portfolio -12.8% 4.1% 10.2% 8.6%

Benchmark* -15.0% 0.4% 7.9% 8.1%

S&P/ASX 200** -20.3% -9.1% 1.9% 4.1%

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

About the Portfolio ManagerA leading specialist global real assets fund manager listed on NYSE, Cohen & Steers manages funds of approximately US$70 billion from offices worldwideon behalf of institutional clients andsovereign wealth funds.

^Historical yield of 4.7% (including franking) based on dividends paid to shareholders over the last 12 months.

MARKET COMMENTARYAfterpostingsomeof the steepest fallson record,globalequities ralliedstrongly inAprilbolsteredbythe implementationofsignificantandrapidfiscalandmonetarypolicymeasuresinresponsetotheCOVID-19pandemic.Confidencewasfurtherbuttressedbythe‘whateverittakes’approachofgovernments across the world and tentative steps by various countriestowards reopening their economies.

Infrastructure stocks also moved higher, although there was a wide dispersion inperformanceacrosstheassetclass.Optimismaroundthereturnofglobaleconomic activity saw companiesmost vulnerable to the impactsof thepandemic, such as airports and toll roads, outperform those infrastructure businesseslesseconomicallysensitive,suchaselectricandwaterutilities.

The performance of Argo Infrastructure’s portfolio over various timehorizonsrelativetobroaderdomesticequitiesdemonstratesthebenefitsof diversifying overseas (unhedged) for Australian investors. It also highlights the resilience of global listed infrastructure companies and their ability to generate stable returns through various market cycles.

Argo Infrastructure’s share price increased +15.1% over the month tooutperforminternationalsharesbyanimpressive+11.4%(inA$terms)andlocalsharesby+6.3%.

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

ACN 604 986 914

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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 LimitedW investorserve.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 Level 25, 91 King William St. Adelaide SA 5000

PORTFOLIOSector diversification

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

shareholder,simplybuysharesthroughyourstockbroker,onlinebroker,financialadviserorplatform.

Geographic diversification

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

1.7%

1.9%

3.4%

3.5%

6.1%

6.5%

9.6%

10.5%

56.8%

United Kingdom

Cash

Latin America

Japan

Australia

Canada

Asia Pacific

Europe

United States ^

0.7%

0.9%

1.9%

4.3%

6.0%

7.0%

7.8%

8.5%

9.3%

16.0%

37.6%

Diversified

Marine Ports

Cash

Gas Distribution

Water

Airports

Railways

Midstream Energy

Toll Roads

Communications

Electric

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