Announcement PDF NTA & Investment Update May 2023 Net tangible asset (NTA) backing per share 31 May 30 April NTA per share1 $8.87 $9.07 NTA per share after unrealised tax provision2 $7.82 $7.95 Market commentary Resurgent concerns about further interest rate increases, following the surprise decision by the Reserve Bank of Australia to hike rates at its May meeting, contributed to a decline in Australian shares in May. The S&P/ASX 200 Accumulation Index ended the month down -2.5%. The materials sector, including mining companies, declined due to widespread commodity price falls. However, there were notable exceptions among companies with exposure to battery minerals as investors continue to favour the decarbonisation investment trend. For example, lithium producer Allkem (ASX code: AKE) saw its shares surge +21.1%. During Argo’s recent shareholder presentations, we discussed Allkem and other lithium stocks in our portfolio, along with various topics including macro-economic influences and the outlook. Watch a recording of our presentation and view the slides at argoinvestments.com.au/roadshow-week. Portfolio Top 20 investments* % Macquarie Group 6.6 BHP 5.8 CSL 5.4 CBA 4.0 Wesfarmers 3.6 Rio Tinto 3.5 Telstra 3.1 ANZ 2.8 Santos 2.8 Westpac 2.6 NAB 2.3 Aristocrat Leisure 2.2 QBE Insurance 2.1 Transurban 2.0 Sonic Healthcare 1.9 Woolworths 1.9 APA 1.8 Computershare 1.8 Ramsay Health Care 1.7 Woodside Energy 1.7 Top 20 equity investments 59.6 Cash and cash equivalents 1.9 Sector diversification* ƺ Ʊ * After all costs, including any tax payable. As required under the ASX Listing Rules, theoretical NTA per share after providing for estimated tax on unrealised gains/losses in the portfolio. That is, after tax that may arise if the entire portfolio was sold. As a percentage of investment portfolio. argoinvestments.com.au | 1 About us At a glance Shareholder benefits ASX code ARG Founded 1946 Market cap. $6.6bn Shareholders 95,800 Dividend yield^ 3.9% MER 0.16% ^ Historical yield of 5.5% (including franking) based on dividends paid over the last 12 months. Fully-franked, sustainable dividends Dividends paid every year since inception in 1946 and fully franked since 1995 Experienced board and management Highly experienced board and management team with strong governance and conservative culture Company overview One of Australia’s oldest and largest listed investment companies (LICs), Argo actively manages a diversified portfolio of Australian shares with a low-cost, internally managed business model. Argo applies a conservative, long-term investment approach which has proven resilient since 1946. Strong balance sheet with no debt A strong balance sheet and no debt allows a long-term approach to investing Company objective Maximise long-term shareholder returns through reliable fully franked dividend income and capital growth. Low-cost, internally managed Internal management structure ensures low operating costs and no external fees How to invest We are listed on the Australian Securities Exchange (ASX) under the ASX code ‘ARG’. To become a shareholder, simply buy shares through your stockbroker, online broker, financial adviser or platform. Diversified and administratively simple Exposure to a diversified portfolio of Australian equities through a single ASX trade Share registry enquiries BoardRoom Pty Ltd 1300 350 716 investorserve.com.au argo@boardroomlimited.com.au Long-term and proven investment approach Resilience and growth through various market cycles and conditions over 75 years This report has been prepared as general information only and is not intended to provide financial advice or take into account your objectives, financial situation or needs. You should consider, with a financial adviser, whether the information is suitable for your circumstances before making any investment decisions. Past performance is no guarantee of future results. This announcement is authorised by Tim Binks, Company Secretary. Argo Investments Limited ACN 007 519 520 argoinvestments.com.au | 2