Annual General Meeting presentation Please find attached the - PDF document

26 October 2020 The Manager Company Announcements ASX Limited 20 Bridge Street SYDNEY NSW 2000 Annual General Meeting presentation Please find attached the presentation slides which accompany the Chairman’s and Managing Director’s Addresses at today’s Annual General Meeting of Argo Global Listed Infrastructure Limited. Yours faithfully, T.C.A. Binks Company Secretary

2020 ANNUAL GENERAL MEETING 26 OCTOBER 2020

“Argo Infrastructure's objective is to provide a total return for long-term investors consisting of capital growth and dividend income, from a global listed infrastructure portfolio which can provide diversification benefits for Australian investors.”

2020 Overview Full year dividends, Portfolio NTA per share* fully franked outperformance^ $2.27 +3.3% 7.5c Total assets Shareholders Profit/loss $330m 9,500 -$9.3m * at 30 June 2020 ^ compared to the Company’s benchmark – FTSE Global Core Infrastructure 50/50 Index (A$) Argo Infrastructure 13

Annual Dividends cents per share 1.9 1. 1.7 1. 1. 1.3 0. 0.9 0.9 0. 4.5 4. 4.0 4. 3. 3.0 2. 2.5 2.5 2. 2. 2.5 2.5 2. 1.25 1. 25 1.0 1. 0. 0.5 FY16 16 FY17 17 FY18 18 FY19 19 FY20 20 franking credits interim final Argo Infrastructure 14

Investment Performance to 30 September 2020 8.6% 8.3% 7.4% 7.3% 7.0% 6.4% 6.2% 5.8% 5.1% 4.8% 3.3% 2.8% 1 y yea ear 3 years (p (pa) 5 years (p (pa) since inception ( (pa) -8.9% -10.2% -11.5% -13.7% Share price Portfolio Benchmark S&P/ASX 200 acc. Argo Infrastructure 15

Total Returns since inception based on $10,000 invested + franking credits + dividends paid Share price $11,928 $11,560 $10,250 20 2015 15 20 2016 16 2017 20 17 20 2018 18 20 2019 19 20 2020 20 Argo Infrastructure 16

MARKET OUTLOOK

Argo Infrastructure Opportunity Global di diversific icatio ion Access i inf nfrastruc uctur ure Specia ialist g global f l fund oppo pportunit nities manage ger Prove ven i inve vestment Adm dministrativ ively ly simple Enha nhance r risk-adj djusted d appr pproach global l in investing retur urns ns

Infrastructure assets Communicati tions Utili ilitie ies Electricity Wireless towers Gas Satellites Water Renewables Transport Midstr tream En Ener ergy Energy Toll roads Marine ports Transportation Railways Processing Airports Storage Argo Infrastructure 20

Infrastructure characteristics Lon ong-life fe Infla latio ion-link nked ed High ba Hi barrier ers s Stabl ble c e cash asse ssets co contracts to e entry flows Argo Infrastructure 21

Cohen & Steers 1986 NYSE (CNS) New York Exchanged listed Founded Headquarters 300+ A$80b A$10b Employees Funds managed GLI funds managed Global network of investment professionals in New Y York, T Tokyo, H Hong K Kong, D Dublin and L London Argo Infrastructure 23

Market review for infrastructure investors Imp mpact act o of C COVID Imp mpact act o of U U.S. E Elect ection Ou Outl tlook Argo Infrastructure 24

What impact did COVID have on infrastructure fundamentals? / Suspensions (1) U.S Utilit litie ies Ha Have L Lowest A Amount o of Gu Guidance C Cuts / European T Toll Roads Recoverin ing Q Quicker T Than Airports B Based on Y-o-Y Y Passenger Gr Growth 69% 62% 60% 70% 57% European Toll 0% 52% 45% Road Average 50% -25% 32% 22% 30% -50% European 9% 10% -75% Airport Average -100% -10% Cons. Disc. Industrials Cons. Health Mats. Info Tech Comm. Financials Utilities Mar Apr May Jun Jul Aug Sep Stap. Care Services Freig ight R Rail V il Volumes ( (Carloads) R Recoverin ing g as Economic ic Domestic ic T Travel R l Recoverin ing Quic icker t than I Internatio ional T Travel i l in Asian A Airports Based o on Actual a l and P Projected Passenger V Volumes Activity R Resumes es 700,000 2019 3,750,000 650,000 3,000,000 Domestic 600,000 2,250,000 550,000 32% 1,500,000 500,000 750,000 2020 International 0 450,000 Mar May Jul Sep Nov Jan Mar May Jul Sep At 30 September 2020 in A$. (1) Based on companies within the S&P 500 Index. Argo Infrastructure 25

COVID had varied impacts on infrastructure subsectors Infrastru ructure S Subsector P r Perform rmance ce 130 Index Level (Rebased to 100) 120 110 Communications 100 Freight Rails Utilities 90 Marine Ports 80 Toll Roads Midstream 70 Passenger Rails Airports 60 Dec-19 Mar-20 Jun-20 Sep-20 COVI OVID-Rel elated ed I Impa pact Subsectors Impact Benchmark Weight Communications Long Term Beneficiary 11% Freight Rails, Marine Ports, Toll Roads, Utilities Cyclically Impacted, Economic Driven Recovery 71% Passenger Rails Cyclically Impacted, Vaccine Driven Recovery 1% Airports, Midstream Structural Challenges 17% At 30 September 2020 in A$. Argo Infrastructure 26

What are potential effects of the U.S. election? U.S. E Elec ection At 30 September 2020 Argo Infrastructure 27

What is the outlook for infrastructure? Utili lities Telecommunic nicatio ions Mids dstream E Ene nergy Trans nspo portation At 30 September 2020 Argo Infrastructure 28

“Argo Infrastructure's objective is to provide a total return for long-term investors consisting of capital growth and dividend income, from a global listed infrastructure portfolio which can provide diversification benefits for Australian investors.”