Argo Global Listed Infrastructure is focused on ensuring the Company’s current share price better reflects the underlying value of its shares. We have implemented a range of initiatives aimed at narrowing the share price discount relative to net tangible assets (NTA) per share.

CURRENT INITIATIVES

• On-market buy-back

The Company has an on-market buy-back facility in place. Since April 2018, Argo Infrastructure has bought and cancelled just over 2.0 million of its own shares. This improves the NTA value and earnings per share of the remaining shares.

• Buying DRP shares on-market

Shares required for the Company’s Dividend Reinvestment Plan (DRP) are currently purchased ‘on-market’, rather than issuing new shares at a discount to the NTA backing. This ensures the value of the shares already issued is not diluted.

• Increased marketing and communications

Through increased marketing and communications activities, we are promoting awareness and understanding of Argo Infrastructure’s benefits to encourage new shareholders and engage existing shareholders. We have recently hired a marketing and communications executive as a dedicated resource to coordinate communications and investor relations efforts, as well as liaise with brokers, ratings agencies, media and other research groups.

Recent activities include: presenting at the Australian Shareholders’ Association ‘LIC Showcase’, publishing informative videos on the website and contributing articles to publications such as the Australian Investors Association's Investors Voice magazine. A summary of our ongoing marketing and communications activities is provided below.

Argo Global Listed Infrastructure Limited | ACN: 604 986 914 | 1

Narrowing the share price discount to NTA

SHARE PRICE OUTPERFORMANCE

Argo Infrastructure has performed particularly well when compared with other listed investment companies (LICs) with an international focus. Bell Potter’s quarterly LIC investment report identified Argo Infrastructure as the best performing international strategy LIC from a share price perspective for the December 2018 quarter.

Argo Infrastructure's share price performance over the last 12 months has been very strong, rising +32.4% to $2.17 at 31 March 2019.

POSITIVE PROGRESS

Over recent months, considerable progress has been made towards narrowing the share price discount to NTA. Over the 12 months to 31 March 2019, Argo Infrastructure’s share price to pre-tax NTA discount has narrowed from -17.6% to -10.3%.

“ Increased marketing and communications activities are

promoting Argo Infrastructure's benefits to encourage new

shareholders and engage existing shareholders. �

Argo Global Listed Infrastructure Limited | ACN: 604 986 914 | 2

STRONG PORTFOLIO PERFORMANCE

In recent years, defensive sectors such as infrastructure have been less popular with investors in the growth-oriented ‘risk on’ investment climate. This environment has generated strong returns for broader equity markets, while more defensive asset classes such as infrastructure have lagged. However, sharp falls across broader global equity markets late last year demonstrated infrastructure’s defensive nature, with the asset class posting only modest falls.

Similarly, Argo Infrastructure’s portfolio performance proved resilient during the period. Over the December quarter, Argo Infrastructure’s portfolio fell just -0.9%, while broader global equity markets, fell -11.0%.*

The portfolio has continued its strong performance this calendar year, increasing +12.9% in the March quarter to outperform Australian and global equity markets for the second consecutive quarter. This brings the portfolio performance for the 12 months to 31 March 2019 to +24.3%, well ahead of the MSCI World Index at +12.3% and the S&P/ASX 200 Index return of +12.1%.*

*in A$ terms

DOWNSIDE PROTECTION AND

UPSIDE CAPTURE

The recent strong performance of global listed infrastructure shares in both falling and rising markets

demonstrates that the asset class can provide both downside protection and upside capture.

This means, in a falling market, global listed infrastructure shares tend to fall by less than broader equities

(downside protection) and, in a rising market, they can increase together with broader equity

markets (upside capture).

ONGOING INVESTOR ENGAGEMENT

Independent research

Email distributions

Research papers and videos

Website

Keep in touch...08 8210 9555

invest@argoinfrastructure.com.au

argoinfrastructure.com.au

Weekly NTA and investment updates

Quarterly investment report

Shareholder presentations

Results announcements