RARE INFRASTRUCTURE

1 RARE INFRASTRUCTUREMONTHLY FACTSHEET - OCTOBER 2018 RARE INFRASTRUCTURE Value Fund - HedgedARSN: 121 027 709 Important information While the information contained in this document has been prepared with all reasonable care, RARE INFRASTRUCTURE Limited (ABN 84 119 339 052) (AFSL No. 307727) ( RARE ) and its related companies accept no responsibility or liability for any errors, omissions or misstatements however information is not personal advice. This information has been prepared without taking account of your objectives, financial situation or needs. Potential investors should seek independent advice as tothe suitability of the Fund to their investment needs. Investors should be aware that past performanceis not indicative of future fact that shares in a particular company may have been mentioned should not be interpreted as a recommendation to buy, sell or hold that Mason Asset Management Australia Limited (ABN 76 004 835 849, AFSL 240857) is the responsible entity for this to invest can only be made on the application form accompanying the Fund Product Disclosure Statement (PDS) dated 30 September should consider the PDS and the Additional Information Booklet (AIB)before deciding whether to invest, or continue to invest in the PDS and AIB can be obtained: on our website at ; by contacting RARE on (02) 9397 7300.

2 By writing to Level 13, 35 Clarence Street, Sydney, NSW 2000 or by email Legg Mason can be contacted by writing to PO Box 24011, Melbourne VIC3001 or by telephone at 1800 679 541. Note1. Sources: RARE internal calculations for RARE INFRASTRUCTURE Value index data sourced from over one year Fund Performance is net of fees, assuming all distributions are reinvested and before All values on a AUD hedged basis and net of withholding taxes for benchmarks if AUD values converted into AUD using Factset Forex Performance inception date for RARE INFRASTRUCTURE Value Fund-Hedged is 13/11 Avg Market Capitalisation is in Australian Equity (S&P/ASX 200 TR,Local), Global Property (FTSE EPRA/NAREIT Developed TR,AUD Hedged), Global Equity (MSCI AC World Net,Local).

3 All index data sourced from USFor further information please:Call us on+61 2 9397 7350 Email us our website INFRASTRUCTURE is a specialist manager of global listed INFRASTRUCTURE securities. The RARE INFRASTRUCTURE Value Fund - Hedged invests in listedcompanies whose business is the ownership, operation and maintenance of INFRASTRUCTURE assets. The investment objective of the Fund is to provide regular and stable income plus capital growth with a specific focus on minimising the volatility of returns. RARE's investment process is supported bya highly experienced investment team of 14 people located in month3 months1 year3 years5 yearsInceptionRARE INFRASTRUCTURE Value Fund - :OECD G7 Inflation Index + / under AC World Index (local) BREAKDOWNUSA & Canada48%Western Europe29%Asia Pac Dev9%Latin America8%Asia Pac EM5%Middle BREAKDOWNE lectric30%Gas21%Water11%Toll Roads14%Airports6%Rail11%Ports3%Comms4%C ash1%PORTFOLIO CHARACTERISTICSP ortfolio Weighted AverageOct 2018 Avg Market Div Yield (Fwd) Yr DPS Growth (PA) (Current) Cover (Historic) (Forward) based on RARE dataTOP 10 POSITIONSEND WEIGHT %Enbridge 10 ,00012,00016,00020,00024,000 GROWTH OF AUD 10,000 INVESTMENTRARE INFRASTRUCTURE Value Fund - HedgedBENCH:OECD G7 Inflation Index + ,00012,00016,00020,00024,000 RARE INFRASTRUCTURE Value Fund - HedgedBENCH.

4 OECD G7 Inflation Index + RETURN (%PA SINCE INCEPTION)1012141618 Annualised Standard ReturnRAREG lobal PropertyAustralian EquityGlobal EquityJan-07 Jan-09 Jan-11 Jan-13 Jan-15 Jan-178,00012,00016,00020,00024,000 GROWTH OF AUD 10,000 INVESTMENTRARE INFRASTRUCTURE Value Fund - HedgedBENCH:OECD G7 Inflation Index + ,00012,00016,00020,00024,000 RARE INFRASTRUCTURE Value Fund - HedgedBENCH:OECD G7 Inflation Index + Standard ReturnRAREG lobal PropertyAustralian EquityGlobal EquityFUND DETAILSFund Size (AUDm) # of Securities38 APIR CodeTGP0008 AUApplication Price (AUD) Price (AUD) FrequencyQuarterlyLatest Distribution (CPU) AND TRANSACTION COSTSBase Management incl. the net effect of GSTP erformance Fee10% + net effect of GST of investment returns made in excess of the Benchmark, but not exceeding of the net average daily asset values of the fund in any financial year.

5 Buy / Sell / Investment (AUD)20,000