Announcement PDF Annual Report 2026 Exchange Place, Adelaide, 1954. 1 Contents About XêŚŚêŋȋÿŋĬĤȋŚąêȋąÃĉŋĤÃĥȋ Ƨ XêŚŚêŋȋÿŋĬĤȋŚąêȋ^ÃĥÃĀĉĥĀȋ#ĉŋêߌĬŋȋ ƨ ŒąÃŋêąĬĞåêŋȋŋêŚŠŋĥŒȋ Ʃ
ÞĬŠŚȋ
ŋĀĬȋFĥŶêŒŚĤêĥŚŒȋ ƪ ŒąÃŋêąĬĞåêŋȋÞêĥêƌŚŒȋ ƫ FĥŶêŒŚĤêĥŚȋÃňňŋĬÃßąȋ Ƭ ‚ĬŋŚÿĬĞĉĬȋĬŶêŋŶĉêŷȋ ƭ ”ĬňȋƓƑȋĉĥŶêŒŚĤêĥŚŒȋ Ʈ êĞêÞŋÃŚĉĥĀȋƙƑȋŽêÃŋŒȋĬÿȋ
ŋĀĬȋ Ʀƥ Directors’ Report 14 ĬÃŋåȋĤêĤÞêŋŒȋ ƦƩ fňêŋÃŚĉĥĀȋÃĥåȋ<ĉĥÃĥßĉÃĞȋ êŶĉêŷȋ ƦƮ êĤŠĥêŋÃŚĉĬĥȋ êňĬŋŚȋ ƧƩ
ŠåĉŚĬŋȄŒȋFĥåêňêĥåêĥßêȋ#êßĞÃŋÃŚĉĬĥȋ ƩƮ Financial Report 50 ŒŚÃŚêĤêĥŚȋĬÿȋ‚ŋĬƌŚȋĬŋȋXĬŒŒȋ ƪƥȋ ŒŚÃŚêĤêĥŚȋĬÿȋĬĤňŋêąêĥŒĉŶêȋFĥßĬĤêȋ ƪƥ ŒŚÃŚêĤêĥŚȋĬÿȋ<ĉĥÃĥßĉÃĞȋ‚ĬŒĉŚĉĬĥȋ ƪƦ ŒŚÃŚêĤêĥŚȋĬÿȋąÃĥĀêŒȋĉĥȋ(ŊŠĉŚŽȋ ƪƧ ŒŚÃŚêĤêĥŚȋĬÿȋÃŒąȋ<ĞĬŷŒȋ ƪƨ _ĬŚêŒȋŚĬȋŚąêȋ<ĉĥÃĥßĉÃĞȋŒŚÃŚêĤêĥŚŒȋ ƪƩ ‚ĬŋŚÿĬĞĉĬȋąĬĞåĉĥĀŒȋ Ƭƫ ĬĥŒĬĞĉåÃŚêåȋ(ĥŚĉŚŽȋ#ĉŒßĞĬŒŠŋêȋŒŚÃŚêĤêĥŚȋ ƭƥ #ĉŋêߌĬŋŒȄȋ#êßĞÃŋÃŚĉĬĥȋ ƭƥ FĥåêňêĥåêĥŚȋ
ŠåĉŚĬŋȄŒȋ êňĬŋŚȋ ƭƦ Statutory Sustainability Report 86 #ĉŋêߌĬŋŒȄȋ#êßĞÃŋÃŚĉĬĥȋ Ʈƪ FĥåêňêĥåêĥŚȋ
ŠåĉŚĬŋȄŒȋ êňĬŋŚȋ Ʈƫ Further information ȋƦƑƦ ŒąÃŋêąĬĞåêŋȋĉĥÿĬŋĤÃŚĉĬĥȋ ƦƥƦ ĬĤňÃĥŽȋåĉŋêߌĬŋŽȋȋ ƦƑƓ
ĥĥŠÃĞȋ=êĥêŋÃĞȋ^êêŚĉĥĀȋåêŚÃĉĞŒȋ ƦƑƧ 2026 overview 34.3c 34.1c per share in 2025 Earnings per share 5.0c XFȋŚÃżȋÞêĥêƌŚ 7.0c per share in 2025 LIC capital gain $10.84 $10.43 per share in 2025 NTA per share $260.2m $259.8m in 2025 ‚ŋĬƌŚ 38.5c Fully franked full year dividends 37.0c per share in 2025 Full year dividends $8.2b $8.0b in 2025 Total assets 0.14% 0.15% in 2025 Management expense ratio 5.9% 5.8% in 2025 Yield including franking 2 Dear valued shareholder, It is with great pleasure that I present Argo’s 2026 Annual Report. ”ąĉŒȋŽêÃŋǣȋŷêȋĤÃŋěȋÃȋŒĉĀĥĉƌßÃĥŚȋĤĉĞêŒŚĬĥêǤȋƙƑȋŽêÃŋŒȋŒĉĥßêȋ
ŋĀĬȋŷÃŒȋ êŒŚÃÞĞĉŒąêåǢȋfŶêŋȋŚąêŒêȋêĉĀąŚȋåêßÃåêŒǣȋŚąêȋĬĤňÃĥŽȋąÃŒȋêżňêŋĉêĥßêåȋ ĥŠĤêŋĬŠŒȋĤÃŋěêŚȋߎßĞêŒǣȋŷĉŚĥꌌêåȋŚŋêĤêĥåĬŠŒȋßąÃĥĀêŒȋŚĬȋ
ŠŒŚŋÃĞĉÃȄŒȋ êßĬĥĬĤŽȋÃĥåȋŒĬßĉêŚŽȋÃĥåȋŷêÃŚąêŋêåȋĤÃĥŽȋåĉŒŋŠňŚĉŶêȋêŶêĥŚŒǢ ”ąŋĬŠĀąĬŠŚȋŚąĉŒȋßĬĥŒĉåêŋÃÞĞêȋňêŋĉĬåǣȋ
ŋĀĬȋąÃŒȋßąÃŋŚêåȋÃȋŒŚêÃåŽȋßĬŠŋŒêǣȋ ŋêĤÃĉĥĉĥĀȋåĉŒßĉňĞĉĥêåȋÃĥåȋÿÃĉŚąÿŠĞȋŚĬȋĬŠŋȋĉĥŶêŒŚĤêĥŚȋŶÃĞŠêŒȋÃĥåȋĞĬĥĀǹ ŚêŋĤȋÃňňŋĬÃßąǣȋĥĬŚȋåĉŒŚŋÃߌêåȋÞŽȋŒąĬŋŚǹŚêŋĤȋŚŋêĥåŒȋĬŋȋȃĥĬĉŒêȄǢȋ°êȋąÃŶêȋ ĤÃĉĥŚÃĉĥêåȋĬŠŋȋßĬĤĤĉŚĤêĥŚȋŚĬȋÃȋŒĉĤňĞêǣȋĞĬŷǹßĬŒŚȋŒŚŋŠßŚŠŋêȋÃĥåǣȋÃÞĬŶêȋ ÃĞĞǣȋąÃŶêȋŋêĤÃĉĥêåȋŒĉĥĀŠĞÃŋĞŽȋÿĬߊŒêåȋĬĥȋĬŠŋȋŒąÃŋêąĬĞåêŋŒȄȋĉĥŚêŋêŒŚŒǢ
ŒȋÃȋŋêŒŠĞŚǣȋ
ŋĀĬȋąÃŒȋĀŋĬŷĥȋĬŠŋȋßÃňĉŚÃĞȋÃĥåȋĉĥßŋêÃŒêåȋĬŠŋȋŒąÃŋêąĬĞåêŋȋ ÞÃŒêǢȋ<ŋĬĤȋÃȋŒĤÃĞĞȋ
åêĞÃĉåêȋĉĥŶêŒŚĤêĥŚȋƌŋĤȋŷĉŚąȋÃȋąÃĥåÿŠĞȋĬÿȋßĞĉêĥŚŒȋ ĉĥŶêŒŚĉĥĀȋȚƒƑǣƑƑƑǣȋŷêȋąÃŶêȋĀŋĬŷĥȋĉĥŚĬȋĬĥêȋĬÿȋ
ŠŒŚŋÃĞĉÃȄŒȋĞÃŋĀêŒŚȋĞĉŒŚêåȋ ßĬĤňÃĥĉêŒǣȋĤÃĥÃĀĉĥĀȋĤĬŋêȋŚąÃĥȋȑƙȋÞĉĞĞĉĬĥȋĬĥȋÞêąÃĞÿȋĬÿȋÃňňŋĬżĉĤÃŚêĞŽȋ ƙƖǣƑƑƑȋŒąÃŋêąĬĞåêŋŒǢȋ<ĬŋȋĤĬŋêȋĬĥȋĬŠŋȋąĉŒŚĬŋŽǣȋŒêêȋňÃĀêŒȋƒƑȋŚĬ 13. FĤňĬŋŚÃĥŚĞŽǣȋ
ŋĀĬȋąÃŒȋňÃĉåȋƙƑȋßĬĥŒêߊŚĉŶêȋŽêÃŋŒȋĬÿȋåĉŶĉåêĥåŒȋÃĥåȋąÃŒȋ ÿŠĞĞŽȋÿŋÃĥěêåȋêŶêŋŽȋåĉŶĉåêĥåȋÿĬŋȋŚąêȋňÃŒŚȋƔƒȋŽêÃŋŒǢ ”ąĉŒȋŽêÃŋǣȋ
ŋĀĬȋåêĞĉŶêŋêåȋÃȋÿŠĞĞǹŽêÃŋȋňŋĬƌŚȋĬÿȋȑƓƗƑǢƓȋĤĉĞĞĉĬĥǣȋŠňȋŒĞĉĀąŚĞŽȋ ĬĥȋŚąêȋňŋĉĬŋȋŽêÃŋǢȋ”ąêȋĬÃŋåȋåêßĞÃŋêåȋÃȋƌĥÃĞȋåĉŶĉåêĥåȋĬÿȋƓƑǢƑȋßêĥŚŒȋňêŋȋ ŒąÃŋêǣȋÞŋĉĥĀĉĥĀȋÿŠĞĞǹŽêÃŋȋåĉŶĉåêĥåŒȋŚĬȋƔƙǢƖȋßêĥŚŒȋňêŋȋŒąÃŋêǣȋÿŠĞĞŽȋÿŋÃĥěêåǢȋ ”ąêȋƌĥÃĞȋåĉŶĉåêĥåȋÃĞŒĬȋĉĥßĞŠåêŒȋÃȋĞĉŒŚêåȋĉĥŶêŒŚĤêĥŚȋßĬĤňÃĥŽȋdzXFǴȋßÃňĉŚÃĞȋ ĀÃĉĥȋßĬĤňĬĥêĥŚȋĬÿȋƖǢƑȋßêĥŚŒȋňêŋȋŒąÃŋêǢȋ(ĞĉĀĉÞĞêȋŒąÃŋêąĬĞåêŋŒȋßÃĥȋŠŒêȋŚąĉŒȋ ŚĬȋßĞÃĉĤȋÃȋŚÃżȋåêåŠßŚĉĬĥǣȋĉĥȋÃååĉŚĉĬĥȋŚĬȋŚąêȋÞêĥêƌŚȋĬÿȋÿŋÃĥěĉĥĀȋßŋêåĉŚŒǢȋ<Ĭŋȋ ĤĬŋêȋĉĥÿĬŋĤÃŚĉĬĥǣȋňĞêÃŒêȋŶĉŒĉŚȋŚąêȋŒąÃŋêąĬĞåêŋȋêĥŚŋêȋĬĥȋĬŠŋȋŷêÞŒĉŚêǢ FĥȋŚąĉŒȋąĉŒŚĬŋĉßȋŽêÃŋǣȋŷêȋÃŋêȋÃĞŒĬȋňĞêÃŒêåȋŚĬȋÃĥĥĬŠĥßêȋŚąÃŚȋ
ŋĀĬȋŷĉĞĞȋ ĤĬŶêȋŚĬȋňÃŽĉĥĀȋåĉŶĉåêĥåŒȋĬĥȋÃȋŊŠÃŋŚêŋĞŽǣȋŋÃŚąêŋȋŚąÃĥȋŒêĤĉǹÃĥĥŠÃĞǣȋÞÃŒĉŒǢȋ °êȋąÃŶêȋĤÃåêȋŚąĉŒȋßąÃĥĀêȋŚĬȋňŋĬŶĉåêȋŒąÃŋêąĬĞåêŋŒȋŷĉŚąȋĤĬŋêȋŋêĀŠĞÃŋȋ ĉĥßĬĤêǣȋąêĞňȋĤêêŚȋŚąêȋêŶĬĞŶĉĥĀȋĥêêåŒȋĬÿȋĤÃĥŽȋąĬŠŒêąĬĞåŒǣȋÃĥåȋĤÃěêȋ
ŋĀĬȋĤĬŋêȋÃŚŚŋÃߌĉŶêȋŚĬȋĥêŷȋŒąÃŋêąĬĞåêŋŒǢ fĥȋÞêąÃĞÿȋĬÿȋŚąêȋĬÃŋåǣȋFȋŷÃĥŚȋŚĬȋêżňŋꌌȋĬŠŋȋåêêňȋĀŋÃŚĉŚŠåêȋŚĬȋĬŠŋȋĤÃĥŽȋ ĞĬŽÃĞȋŒąÃŋêąĬĞåêŋŒȋÿĬŋȋŚąêĉŋȋßĬĥŚĉĥŠêåȋŒŠňňĬŋŚǣȋĉĥßĞŠåĉĥĀȋŚąĬŒêȋŷąĬȋąÃŶêȋ ÞêêĥȋŷĉŚąȋ
ŋĀĬȋÿĬŋȋŒêŶêŋÃĞȋåêßÃåêŒǣȋÃĥåȋŚĬȋêżŚêĥåȋÃȋŷÃŋĤȋŷêĞßĬĤêȋŚĬȋÃĞĞȋ our new shareholders. ¶ĬŠŋŒȋÿÃĉŚąÿŠĞĞŽǣ Letter from the Chairman ‚êŚêŋȋ°Ãŋĥê ąÃĉŋĤÃĥ ƔȋŒêňŚêĤÞêŋȋƓƑƓƗ Peter Warne Chairman 3 Letter from the Managing Director Dear valued shareholder, FĥȋŽêŚȋÃĥĬŚąêŋȋŚŠĤŠĞŚŠĬŠŒȋŽêÃŋȋÿĬŋȋÞĬŚąȋ
ŠŒŚŋÃĞĉÃĥȋÃĥåȋĀĞĬÞÃĞȋĤÃŋěêŚŒǣȋ
ŋĀĬȊŒȋÃߌĉŶêĞŽȋĤÃĥÃĀêåȋňĬŋŚÿĬĞĉĬȋĬÿȋ
ŠŒŚŋÃĞĉÃĥǹĞĉŒŚêåȋßĬĤňÃĥĉêŒȋ ĬŠŚňêŋÿĬŋĤêåȋŚąêȋÞŋĬÃåêŋȋĤÃŋěêŚȋĉĥåêżȋÃĥåȋĉĥßŋêÃŒêåȋåĉŶĉåêĥåȋĉĥßĬĤêǢȋ ¯ÃŋĉĬŠŒȋĀêĬňĬĞĉŚĉßÃĞȋÃĥåȋĤÃßŋĬêßĬĥĬĤĉßȋąêÃåŷĉĥåŒȋåŋĬŶêȋŒĉĀĥĉƌßÃĥŚȋ ŶĬĞÃŚĉĞĉŚŽǣȋňÃŋŚĉߊĞÃŋĞŽȋĉĥȋŚąêȋŒêßĬĥåȋąÃĞÿǢȋ”ąêȋĤĬŒŚȋĥĬŚÃÞĞêȋêŶêĥŚȋŷÃŒȋŚąêȋ ĬŠŚÞŋêÃěȋĬÿȋŷÃŋȋĉĥȋŚąêȋ^ĉååĞêȋ(ÃŒŚȋÃÿŚêŋȋšŒȋÃĥåȋFŒŋÃêĞĉȋŒŚŋĉěêŒȋĬĥȋFŋÃĥȋĉĥȋ <êÞŋŠÃŋŽǢȋ”ąĉŒȋąÃĞŚêåȋŒąĉňňĉĥĀȋŚąŋĬŠĀąȋŚąêȋŒŚŋÃĉŚȋĬÿȋBĬŋĤŠƅǣȋåĉŒŋŠňŚêåȋ ĀĞĬÞÃĞȋŒŠňňĞŽȋßąÃĉĥŒȋÃĥåȋĞêåȋŚĬȋŚąêȋĞÃŋĀêŒŚȋĬĉĞȋŒŠňňĞŽȋŒąĬßěȋĉĥȋŽêÃŋŒǢ ”ąêȋŒɈ‚ǯ
ŒµȋƓƑƑȋ
ßߊĤŠĞÃŚĉĬĥȋFĥåêżȋdzFĥåêżǴȋĀÃĉĥêåȋȫƗǢƒɄȋĬŶêŋȋŚąêȋŽêÃŋȋ êĥåĉĥĀȋƔƑȋTŠĥêȋƓƑƓƗǢȋ=ÃĉĥŒȋŷêŋêȋŒĞĉĀąŚĞŽȋŒěêŷêåȋŚĬȋŚąêȋƌŋŒŚȋąÃĞÿǣȋŷĉŚąȋ ÃȋȫƔǢƗɄȋŋĉŒêȋĉĥȋŚąêȋŒĉżȋĤĬĥŚąŒȋŚĬȋƔƒȋ#êßêĤÞêŋǣȋÿĬĞĞĬŷêåȋÞŽȋȫƓǢƕɄȋĉĥȋŚąêȋ ŒêßĬĥåȋąÃĞÿǢȋ
ŋĀĬȊŒȋňĬŋŚÿĬĞĉĬȋňêŋÿĬŋĤÃĥßêǣȋĤêÃŒŠŋêåȋÞŽȋĥêŚȋŚÃĥĀĉÞĞêȋÃŒŒêŚȋdz_”
Ǵȋ ŋêŚŠŋĥȋÃÿŚêŋȋÃĞĞȋßĬŒŚŒȋÃĥåȋÃåĘŠŒŚêåȋÿĬŋȋßĬĤňÃĥŽȋŚÃżȋňÃĉåǣȋŷÃŒȋȫƙǢƘɄǢȋ ‚êŋÿĬŋĤÃĥßêȋŷÃŒȋêŒňêßĉÃĞĞŽȋŒŚŋĬĥĀȋĉĥȋŚąêȋŒêßĬĥåȋąÃĞÿǣȋŷĉŚąȋ
ŋĀĬȊŒȋ_”
ȋ ŠňȋȫƘǢƒɄǣȋŒĉĀĥĉƌßÃĥŚĞŽȋĬŠŚňêŋÿĬŋĤĉĥĀȋŚąêȋFĥåêżǢȋ ”ąĉŒȋĬŠŚßĬĤêȋŋêƍêߌŒȋĬŠŋȋňÃŚĉêĥŚǣȋßĬĥŒêŋŶÃŚĉŶêǣȋĞĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚȋ ŒŚŋÃŚêĀŽǣȋňÃŋŚĉߊĞÃŋĞŽȋÃÿŚêŋȋÃȋňêŋĉĬåȋŷąêĥȋŒąÃŋêȋňŋĉßêŒǣȋêŒňêßĉÃĞĞŽȋĬÿȋ ĞÃŋĀêŋȋŒŚĬßěŒǣȋåĉŶêŋĀêåȋÿŋĬĤȋÿŠĥåÃĤêĥŚÃĞȋŶÃĞŠÃŚĉĬĥŒǢȋVêŽȋňĬŒĉŚĉŶêȋ ßĬĥŚŋĉÞŠŚĬŋŒȋŷêŋêȋĬŠŋȋąĬĞåĉĥĀŒȋĉĥȋ ĉĬȋ”ĉĥŚĬǣȋ^ÃßŊŠÃŋĉêȋ=ŋĬŠňȋÃĥåȋXŽĥÃŒȋ Ãŋêȋ(ÃŋŚąŒǢȋFĥȋÃȋŋêŶêŋŒÃĞȋÿŋĬĤȋ<¶ƓƑƓƖǣȋĬŠŋȋŠĥåêŋŷêĉĀąŚȋňĬŒĉŚĉĬĥȋĉĥȋ ĬĤĤĬĥŷêÃĞŚąȋÃĥěȋĬÿȋ
ŠŒŚŋÃĞĉÃȋÃĞŒĬȋÞĬĬŒŚêåȋňêŋÿĬŋĤÃĥßêȋŋêĞÃŚĉŶêȋŚĬȋ ŚąêȋFĥåêżǢȋȋ fŶêŋȋŚąêȋňÃŒŚȋƌŶêȋƌĥÃĥßĉÃĞȋŽêÃŋŒȋÿĬĞĞĬŷĉĥĀȋŚąêȋf¯F#ȋňÃĥåêĤĉßǣȋÃĤĉåŒŚȋ êżŚŋÃĬŋåĉĥÃŋŽȋßąÃĞĞêĥĀêŒȋĀĞĬÞÃĞĞŽȋÃĥåȋÃŚȋąĬĤêǣȋ
ŋĀĬȊŒȋ_”
ȋąÃŒȋåêĞĉŶêŋêåȋ ÃȋßĬĤňĬŠĥåȋÃĥĥŠÃĞȋŋêŚŠŋĥȋĬÿȋȫƙǢƔɄǣȋßĬĤÿĬŋŚÃÞĞŽȋÃąêÃåȋĬÿȋŚąêȋFĥåêżȄŒȋ ȫƘǢƙɄǢȋ<ŠŋŚąêŋĤĬŋêǣȋŷêȋąÃŶêȋßĬĥŒĉŒŚêĥŚĞŽȋĀŋĬŷĥȋĬŠŋȋßÃňĉŚÃĞȋÞÃŒêȋÃĥåȋ ĉĥßŋêÃŒêåȋÿŠĞĞŽȋÿŋÃĥěêåȋåĉŶĉåêĥåŒǢȋFĥȋÿÃߌǣȋ
ŋĀĬȊŒȋÿŠĞĞŽȋÿŋÃĥěêåȋåĉŶĉåêĥåȋ ąÃŒȋĀŋĬŷĥȋÞŽȋȫƔƘǢƖɄȋĬŶêŋȋŚąÃŚȋňêŋĉĬåǣȋĬĥêȋĬÿȋŚąêȋąĉĀąêŒŚȋĀŋĬŷŚąȋŋÃŚêŒȋĉĥȋ Śąêȋ
ŠŒŚŋÃĞĉÃĥȋĤÃŋěêŚǣȋÃĥȋÃßąĉêŶêĤêĥŚȋŷąĉßąȋÃĞĉĀĥŒȋŷĉŚąȋ
ŋĀĬȄŒȋĞĬŷǹßĬŒŚȋ ŒŚŋŠßŚŠŋêȋÃĥåȋĉŚŒȋŒąÃŋêąĬĞåêŋǹƌŋŒŚȋňąĉĞĬŒĬňąŽǢ XĬĬěĉĥĀȋÃąêÃåǣȋ
ŋĀĬȋĉŒȋŷêĞĞǹêŊŠĉňňêåȋŚĬȋĥÃŶĉĀÃŚêȋŠĥňŋêåĉߌÃÞĞêȋ ßĬĥåĉŚĉĬĥŒȋÃĥåȋĬĥĀĬĉĥĀȋĤÃŋěêŚȋŶĬĞÃŚĉĞĉŚŽǣȋŷĉŚąȋĥĬȋåêÞŚǣȋÃŶÃĉĞÃÞĞêȋßÃŒąȋÃĥåȋ ÃȋňĬŋŚÿĬĞĉĬȋŷĉŚąȋåĉŶêŋŒĉƌêåȋêżňĬŒŠŋêȋÃßŋĬŒŒȋŚąêȋêßĬĥĬĤŽǢȋȋ ¶ĬŠŋŒȋÿÃĉŚąÿŠĞĞŽǣ Jason Beddow Managing Director Jason Beddow ^ÃĥÃĀĉĥĀȋ#ĉŋêߌĬŋ ƔȋŒêňŚêĤÞêŋȋƓƑƓƗ 4 Long-term returns – $10,000 invested over 20 years Total returns (to 30 June 2026) Annual dividends paid (cents per share) A $10,000 investment in Argo shares on 1 July 2006 would have grown to a value of $29,323 (+5.5% per annum) at 30 June 2026. The tax effective value taking into account franking credits is $40,943 (+7.3% per annum). Shareholder returns NTA after management expenses is adjusted for company tax paid 5
ŋĀĬȋFĥŶêŒŚĤêĥŚŒȋĉŒȋĬĥêȋĬÿȋ
ŠŒŚŋÃĞĉÃȄŒȌĬĞåêŒŚȋÃĥåȋĞÃŋĀêŒŚȋĞĉŒŚêåȋ investment companies (LICs). We offer investors low-cost, ßĬĥŒêŋŶÃŚĉŶêȋÃĥåȋåĉŶêŋŒĉƌêåȋêżňĬŒŠŋêȋŚĬȋ
ŠŒŚŋÃĞĉÃĥȋĞĉŒŚêåȋßĬĤňÃĥĉêŒǢ ”ąŋĬŠĀąȋŶÃŋĉĬŠŒȋêßĬĥĬĤĉßȋߎßĞêŒȋÃĥåȋ åĉŒŋŠňŚĉŶêȋêŶêĥŚŒȋŒĉĥßêȋ
ŋĀĬȋŷÃŒȋÿĬŠĥåêåȋĉĥȋ ƒƚƕƗǣȋĬŠŋȋĞĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚȋÃňňŋĬÃßąȋÃĥåȋ ŒŚŋÃĉĀąŚÿĬŋŷÃŋåȋÞŠŒĉĥꌌȋĤĬåêĞȋąÃŒȋňŋĬŶêĥȋ resilient. ”ĬåÃŽǣȋ
ŋĀĬȋĉŒȋĬĥêȋĬÿȋŚąêȋ
ŒµȄŒȋŚĬňȋƒƑƑȋ ßĬĤňÃĥĉêŒǣȋĉĥŶêŒŚĉĥĀȋÃňňŋĬżĉĤÃŚêĞŽȋȑƙǢƓ ÞĉĞĞĉĬĥȋĬĥȋÞêąÃĞÿȋĬÿȋĬŶêŋȋƙƖǣƑƑƑȋŒąÃŋêąĬĞåêŋŒȋ ÿŋĬĤȋÃßŋĬŒŒȋ
ŠŒŚŋÃĞĉÃȋÃĥåȋÃŋĬŠĥåȋŚąêȋŷĬŋĞåǢ
ŋĀĬȋąÃŒȋÃȋŒŚŋĬĥĀȋŚŋÃßěȋŋêßĬŋåȋĬÿȋåêĞĉŶêŋĉĥĀȋ ßÃňĉŚÃĞȋÃňňŋêßĉÃŚĉĬĥȋÃĥåȋąÃŒȋňÃĉåȋŒąÃŋêąĬĞåêŋŒȋ åĉŶĉåêĥåŒȋêŶêŋŽȋŽêÃŋȋŒĉĥßêȋÞêĉĥĀȋêŒŚÃÞĞĉŒąêåǢ FĤňĬŋŚÃĥŚĞŽǣȋ
ŋĀĬȋąÃŒȋÿŠĞĞŽȋÿŋÃĥěêåȋêŶêŋŽȋ åĉŶĉåêĥåȋŒĉĥßêȋƒƚƚƖǢȋ Low-cost, straightforward business model
ŋĀĬȋĀêĥêŋÃŚêŒȋŋêŶêĥŠêȋňŋĉĤÃŋĉĞŽȋÿŋĬĤȋ åĉŶĉåêĥåŒȋÃĥåȋåĉŒŚŋĉÞŠŚĉĬĥŒȋŋêßêĉŶêåȋÿŋĬĤȋ ŚąêȋßĬĤňÃĥĉêŒȋĉĥȋĬŠŋȋĉĥŶêŒŚĤêĥŚȋňĬŋŚÿĬĞĉĬǢȋ ”ąêȋĤÃĘĬŋĉŚŽȋĬÿȋŚąÃŚȋĉĥßĬĤêȋĉŒȋňÃĉåȋĬŠŚȋŚĬȋĬŠŋȋ ŒąÃŋêąĬĞåêŋŒȋÃŒȋÿŠĞĞŽȋÿŋÃĥěêåȋåĉŶĉåêĥåŒǢ fŠŋȋĬňêŋÃŚĉĥĀȋßĬŒŚŒȋÃŋêȋŋêĞÃŚĉŶêĞŽȋŒŚÃÞĞêȋ ÃĥåȋÃŋêȋŒĉĀĥĉƌßÃĥŚĞŽȋĞĬŷêŋȋŚąÃĥȋĤĬŒŚȋĬŚąêŋȋ ÃߌĉŶêĞŽȋĤÃĥÃĀêåȋĉĥŶêŒŚĤêĥŚȋňŋĬåŠßŚŒǢȋ
ŋĀĬȋ ąÃŒȋÿêŷȋêĤňĞĬŽêêŒȋÃĥåȋĉŒȋĉĥŚêŋĥÃĞĞŽȋĤÃĥÃĀêåǣȋ ĤêÃĥĉĥĀȋĥĬȋÿêêŒȋÃŋêȋňÃĉåȋŚĬȋÃĥȋêżŚêŋĥÃĞȋ manager. fŠŋȋêÿƌßĉêĥŚȋÞŠŒĉĥꌌȋĤĬåêĞȋÃĞŒĬȋÞêĥêƌŚŒȋ ÿŋĬĤȋêßĬĥĬĤĉêŒȋĬÿȋŒßÃĞêȋŷĉŚąȋßĬŒŚŒȋŋêĤÃĉĥĉĥĀȋ ŋêÃŒĬĥÃÞĞŽȋßĬĥŒŚÃĥŚǣȋêŶêĥȋÃŒȋ
ŋĀĬȄŒȋÃŒŒêŚŒȋ ĉĥßŋêÃŒêǢ Simple to invest
ŋĀĬȋŒąÃŋêŒȋÃŋêȋÞĬŠĀąŚȋÃĥåȋŒĬĞåȋĬĥȋŚąêȋ
ŒµǢȋ ”ąêŋêȋÃŋêȋĥĬȋŠňÿŋĬĥŚǣȋĬĥĀĬĉĥĀȋĬŋȋêżĉŚȋÿêêŒȋŚĬȋ ĉĥŶêŒŚȋĉĥȋ
ŋĀĬǢȋ”ąêȋĬĥĞŽȋßĬŒŚŒȋŚĬȋĉĥŶêŒŚȋÃŋêȋ ŒŚĬßěÞŋĬěĉĥĀȋßąÃŋĀêŒȋŚĬȋÞŠŽȋĬŋȋŒêĞĞȋŒąÃŋêŒǢȋ Argo's history
åêĞÃĉåêǹÞÃŒêåȋßąÃŋŚêŋêåȋÃßßĬŠĥŚÃĥŚȋ
Ğÿȋ
åÃĤŒĬĥȋÃĥåȋĞÃŷŽêŋȋVêŶĉĥȋ°Ãŋåȋ„ȋÿĬŠĥåêåȋ
ŋĀĬȋĉĥȋƒƚƕƗȋŷĉŚąȋȚƒƑǣƑƑƑȋĬÿȋßÃňĉŚÃĞȋĉĥŶêŒŚêåȋ ĬĥȋÞêąÃĞÿȋĬÿȋÃȋŒĤÃĞĞȋĀŋĬŠňȋĬÿȋŒĬŠŚąȋ
ŠŒŚŋÃĞĉÃĥȋ shareholders. From a boutique investment ƌŋĤǣȋ
ŋĀĬȋŒŚêÃåĉĞŽȋĀŋêŷȋŚąŋĬŠĀąȋÃßŊŠĉŒĉŚĉĬĥŒȋ ĬÿȋĞĉŒŚêåȋÃĥåȋŠĥĞĉŒŚêåȋßĬĤňÃĥĉêŒǣȋĥêŷȋŒąÃŋêȋ ĉŒŒŠêŒȋÃĥåȋßÃňĉŚÃĞȋÃňňŋêßĉÃŚĉĬĥǢȋ fŶêŋȋĤĬŋêȋŚąÃĥȋƙƑȋŽêÃŋŒȋĬÿȋĉĥŶêŒŚĉĥĀǣȋ
ŋĀĬȋ ąÃŒȋŷêÃŚąêŋêåȋŶÃŋĉĬŠŒȋĤÃŋěêŚȋߎßĞêŒȋÃĥåȋ åĉŒŋŠňŚĉŶêȋêŶêĥŚŒȋĉĥßĞŠåĉĥĀȋŚąêȋĬĉĞȋßŋĉŒêŒȋĬÿȋŚąêȋ ƒƚƘƑŒǣȋŚąêȋƒƚƙƘȋŒąÃŋêȋĤÃŋěêŚȋßŋÃŒąǣȋŚąêȋ”êßąȋ °ŋêßěǣȋŚąêȋ
ŒĉÃĥȋ(ßĬĥĬĤĉßȋŋĉŒĉŒǣȋŚąêȋ=ĞĬÞÃĞȋ <ĉĥÃĥßĉÃĞȋŋĉŒĉŒȋÃĥåȋŚąêȋf¯F#ǹƒƚȋňÃĥåêĤĉßǢ Our name ”ąêȋĥÃĤêȋ
ŋĀĬȋßĬĤêŒȋÿŋĬĤȋŚąêȋ=ŋêêěȋĤŽŚąȋĬÿȋ Jason and the Argonauts who sailed in their ship Śąêȋ
ŋĀĬȋĉĥȋŒêÃŋßąȋĬÿȋŚąêȋĀĬĞåêĥȋƍêêßêǢȋ”ąêȋ ÃĥßĉêĥŚȋŒąĉňȋąÃŒȋĞĬĥĀȋÞêêĥȋĉĥßĬŋňĬŋÃŚêåȋĉĥŚĬȋ ĬŠŋȋŶĉŒŠÃĞȋÞŋÃĥåȋÃĥåȋąÃŒȋßĬĤêȋŚĬȋŋêňŋêŒêĥŚȋ
ŋĀĬȄŒȋĘĬŠŋĥêŽȋĬŶêŋȋŚĉĤêǣȋŒÃÿêĞŽȋÃĥåȋŒŚêÃåĉĞŽȋ ĥÃŶĉĀÃŚĉĥĀȋŚąŋĬŠĀąȋŶÃŋĉĬŠŒȋßĬĥåĉŚĉĬĥŒǢȋ About Argo Investments Our objective ^ÃżĉĤĉŒêȋĞĬĥĀǹŚêŋĤȋŒąÃŋêąĬĞåêŋȋ ŋêŚŠŋĥŒȋŚąŋĬŠĀąȋŋêĞĉÃÞĞêȋÿŠĞĞŽȋÿŋÃĥěêåȋ åĉŶĉåêĥåȋĉĥßĬĤêȋÃĥåȋßÃňĉŚÃĞȋĀŋĬŷŚąǢȋ
ߌĉŶêĞŽȋĤÃĥÃĀĉĥĀȋÃȋåĉŶêŋŒĉƌêåȋ ňĬŋŚÿĬĞĉĬȋĬÿȋ
ŠŒŚŋÃĞĉÃĥȋŒąÃŋêŒȋŷĉŚąȋÃȋ ĞĬŷǹßĬŒŚǣȋĉĥŚêŋĥÃĞĞŽȋĤÃĥÃĀêåȋÞŠŒĉĥꌌȋ ĤĬåêĞǣȋŷêȋÃňňĞŽȋÃȋßĬĥŒêŋŶÃŚĉŶêǣȋĞĬĥĀǹ ŚêŋĤȋĉĥŶêŒŚĤêĥŚȋÃňňŋĬÃßąȋŷąĉßąȋąÃŒȋ ňŋĬŶêĥȋŋêŒĉĞĉêĥŚȋŒĉĥßêȋƒƚƕƗǢ 6 ŒąÃŋêąĬĞåêŋȋÞêĥêƌŚŒ Low-cost, internally managed FĥŚêŋĥÃĞȋĤÃĥÃĀêĤêĥŚȋŒŚŋŠßŚŠŋêȋêĥŒŠŋêŒȋĞĬŷȋĬňêŋÃŚĉĥĀȋßĬŒŚŒȋ ÃĥåȋĥĬȋêżŚêŋĥÃĞȋÿêêŒǢȋ<ĬŋȋŚąêȋŽêÃŋȋêĥåêåȋƔƑȋTŠĥêȋƓƑƓƗǣȋŚĬŚÃĞȋ ĬňêŋÃŚĉĥĀȋßĬŒŚŒȋŷêŋêȋƑǢƒƕɄȋĬÿȋÃŶêŋÃĀêȋÃŒŒêŚŒȋÃŚȋĤÃŋěêŚȋ value. Long-term, proven investment approach êŒĉĞĉêĥßêȋÃĥåȋĀŋĬŷŚąȋŚąŋĬŠĀąȋŶÃŋĉĬŠŒȋĤÃŋěêŚȋߎßĞêŒȋÃĥåȋ ßĬĥåĉŚĉĬĥŒȋĬŶêŋȋƙƑȋŽêÃŋŒȋĬÿȋĉĥŶêŒŚĉĥĀȋĉĥȋ
ŠŒŚŋÃĞĉÃǢ Experienced board and management team BĉĀąĞŽȋêżňêŋĉêĥßêåȋÞĬÃŋåȋÃĥåȋĤÃĥÃĀêĤêĥŚȋŚêÃĤȋŷĉŚąȋ ŒŚŋĬĥĀȋĀĬŶêŋĥÃĥßêȋÃĥåȋßĬĥŒêŋŶÃŚĉŶêȋßŠĞŚŠŋêǢ Fully-franked, sustainable dividends #ĉŶĉåêĥåŒȋňÃĉåȋêŶêŋŽȋŽêÃŋȋŒĉĥßêȋĉĥßêňŚĉĬĥȋĉĥȋƒƚƕƗȋÃĥåȋÿŠĞĞŽȋ ÿŋÃĥěêåȋŒĉĥßêȋƒƚƚƖǢȋFĥȋÃååĉŚĉĬĥǣȋåĉŶĉåêĥåŒȋŒĬĤêŚĉĤêŒȋĉĥßĞŠåêȋ ÃȋXFȋßÃňĉŚÃĞȋĀÃĉĥȋßĬĤňĬĥêĥŚȋŷąĉßąȋňŋĬŶĉåêŒȋÃȋŚÃżȋåêåŠßŚĉĬĥȋ ÿĬŋȋêĞĉĀĉÞĞêȋŒąÃŋêąĬĞåêŋŒǢ Strong balance sheet with no debt ĬĥŒêŋŶÃŚĉŶêĞŽȋĤÃĥÃĀêåȋßĬĤňÃĥŽȋŷĉŚąȋÃȋŒŚŋĬĥĀȋÞÃĞÃĥßêȋ sheet and no debt. #ĉŶêŋŒĉƌêåȋÃĥåȋÃåĤĉĥĉŒŚŋÃŚĉŶêĞŽȋŒĉĤňĞê (żňĬŒŠŋêȋŚĬȋÃȋąĉĀąĞŽȋåĉŶêŋŒĉƌêåȋňĬŋŚÿĬĞĉĬȋĬÿȋ
ŠŒŚŋÃĞĉÃĥȋ êŊŠĉŚĉêŒȋŚąŋĬŠĀąȋÃȋŒĉĥĀĞêȋ
ŒµȋŚŋÃåêǢ Build your shareholding
ŋĀĬȊŒȋ#ĉŶĉåêĥåȋ êĉĥŶêŒŚĤêĥŚȋ‚ĞÃĥȋdz# ‚ǴȋÃĥåȋ#ĉŶĉåêĥåȋ ŒŠÞŒŚĉŚŠŚĉĬĥȋŒąÃŋêȋ‚ĞÃĥȋdz#ŒŒ‚ǴȋĀĉŶêȋŒąÃŋêąĬĞåêŋŒȋŚąêȋ opportunity to utilise their entitlement to dividends to ÃßŊŠĉŋêȋĤĬŋêȋŒąÃŋêŒǢ 7 Since 1946, Argo has invested in Australian listed companies, applying a patient and conservative approach navigating through various market cycles, events and conditions. Investment philosophy °êȋŒŚŋĬĥĀĞŽȋÞêĞĉêŶêȋĉĥȋŚąêȋߊĤŠĞÃŚĉŶêȋêÿÿêߌȋ ĬÿȋĉĥŶêŒŚĉĥĀȋĉĥȋŊŠÃĞĉŚŽȋßĬĤňÃĥĉêŒȋÿĬŋȋŚąêȋĞĬĥĀǹ term, while avoiding the temptation to seek ŒąĬŋŚǹŚêŋĤȋĀÃĉĥŒȋĉĥȋąĉĀąêŋǹŋĉŒěȋŒĉŚŠÃŚĉĬĥŒǢ Investment process fŠŋȋĉĥŶêŒŚĤêĥŚȋňŋĬßꌌȋąêĞňŒȋŠŒȋĉåêĥŚĉÿŽȋ ßĬĤňÃĥĉêŒȋŷĉŚąȋÃȋŒŚŋĬĥĀȋĤÃŋěêŚȋňĬŒĉŚĉĬĥǣȋ åĉŒßĉňĞĉĥêåȋÞŠŒĉĥꌌȋŒŚŋÃŚêĀŽǣȋÃȋŒŚŋĬĥĀȋÞĬÃŋåȋ and management team and an established ŚŋÃßěȋŋêßĬŋåȋĬÿȋåêĞĉŶêŋĉĥĀȋêÃŋĥĉĥĀŒȋÃĥåȋ dividend growth. °êȋŠĥåêŋŚÃěêȋêżŚêĥŒĉŶêȋŊŠÃĞĉŚÃŚĉŶêȋÃĥåȋ ŊŠÃĥŚĉŚÃŚĉŶêȋŋêŒêÃŋßąȋÞêÿĬŋêȋŷêȋĉĥŶêŒŚȋÃĥŽȋĬÿȋ ĬŠŋȋŒąÃŋêąĬĞåêŋŒȄȋßÃňĉŚÃĞȋĉĥȋÃȋßĬĤňÃĥŽǢȋ °êȋŋêŶĉêŷȋêżŚêŋĥÃĞȋĉĥÿĬŋĤÃŚĉĬĥǣȋÃĞŚąĬŠĀąȋ ňŋĉĤÃŋĉĞŽȋßĬĥåŠßŚȋĬŠŋȋĬŷĥȋŋêŒêÃŋßąȋŚĬȋêĥŒŠŋêȋ ĉĥåêňêĥåêĥßêǢȋ ÃŒêåȋĬĥȋÃȋåêŚÃĉĞêåȋÃĥÃĞŽŒĉŒȋĬÿȋÃȋßĬĤňÃĥŽȊŒȋ ƌĥÃĥßĉÃĞȋĤêŚŋĉߌǣȋŷêȋßĬĥŒŚŋŠßŚȋÃȋŶÃĞŠÃŚĉĬĥǢȋ êĉĥĀȋĞĬĥĀǹŚêŋĤȋÃĥåȋňÃŚĉêĥŚȋĉĥŶêŒŚĬŋŒǣȋŷêȋ ĬĥĞŽȋÞŠŽȋÃȋŒŚĬßěȋŷąêĥȋĉŚȋĉŒȋŚŋÃåĉĥĀȋÞêĞĬŷȋĬŠŋȋ valuation. ”ąêȋĉĥŶêŒŚĤêĥŚȋŚêÃĤȋßĬĥŚĉĥŠÃĞĞŽȋĤĬĥĉŚĬŋŒȋÃĥåȋ ŋêŶĉêŷŒȋÃĞĞȋĉĥŶêŒŚĤêĥŚŒȋŚĬȋêĥŒŠŋêȋĬŠŋȋňĬŋŚÿĬĞĉĬȋ ĤêêŚŒȋĬŠŋȋĉĥŶêŒŚĤêĥŚȋĬÞĘêߌĉŶêǢȋ ESG integration and statutory reporting
ĥÃĞŽŒĉŒȋĬÿȋêĥŶĉŋĬĥĤêĥŚÃĞǣȋŒĬßĉÃĞȋÃĥåȋ ĀĬŶêŋĥÃĥßêȋdz(Œ=ǴȋÿÃߌĬŋŒȋÃŋêȋĉĥąêŋêĥŚȋŚĬȋ ĬŠŋȋÃŒŒêŒŒĤêĥŚȋĬÿȋÃȋßĬĤňÃĥŽȊŒȋŋĉŒěȋňŋĬƌĞêȋ ÃĥåȋĉĤňÃߌȋĬĥȋĉŚŒȋĞĬĥĀǹŚêŋĤȋŶÃĞŠêǢȋ
ŋĀĬȋÃĞŒĬȋ ňŋĬŶĉåêŒȋßĞĉĤÃŚêǹŋêĞÃŚêåȋåĉŒßĞĬŒŠŋêŒǢȋ<Ĭŋȋ ĤĬŋêǣȋŒêêȋĬŠŋȋ(Œ=ȋFĥŶêŒŚĤêĥŚȋŒŚÃŚêĤêĥŚȋĬĥȋ ĬŠŋȋŷêÞŒĉŚêȋÃĥåȋŚąêȋŒŚÃŚŠŚĬŋŽȋŒŠŒŚÃĉĥÃÞĉĞĉŚŽȋ êňĬŋŚȋĬĥȋňÃĀêȋƙƗǢ Investment approach åêňêĥåêĥßêǢȋ 8 Portfolio overview ŒêߌĬŋȋåĉŶêŋŒĉƌßÃŚĉĬĥ Figures above are at 30 June 2026. fŠŋȋĉĥŶêŒŚĤêĥŚȋňĬŋŚÿĬĞĉĬȋĉŒȋÿĬߊŒêåȋĬĥȋŊŠÃĞĉŚŽȋÃĥåȋåĉŶêŋŒĉƌßÃŚĉĬĥǣȋ comprising Australian companies across a range of industries, offering both capital growth and consistent and growing dividends. BĉĀąĞŽȋåĉŶêŋŒĉƌêå ^ÃĥŽȋĬÿȋĬŠŋȋŒąÃŋêąĬĞåêŋŒȋĉĥŶêŒŚȋĉĥȋ
ŋĀĬȋ ÞêßÊŒêȋŷêȋĬÿÿêŋȋÃĥȋêÃŒŽȋÃĥåȋêÿÿêߌĉŶêȋŷÃŽȋ ŚĬȋĀÃĉĥȋêżňĬŒŠŋêȋŚĬȋÃȋåĉŶêŋŒêȋňĬŋŚÿĬĞĉĬȋĬÿȋ
ŠŒŚŋÃĞĉÃĥȋĞĉŒŚêåȋßĬĤňÃĥĉêŒǢ fŠŋȋňĬŋŚÿĬĞĉĬȋĉŒȋĥĬŚȋĬŶêŋĞŽȋêżňĬŒêåȋŚĬȋÃĥŽȋ ĬĥêȋŒêߌĬŋȋĬÿȋŚąêȋêßĬĥĬĤŽǢȋFĤňĬŋŚÃĥŚĞŽǣȋĉŚȋ ĉĥßĞŠåêŒȋêżňĬŒŠŋêȋŚĬȋ
ŠŒŚŋÃĞĉÃĥȋßĬĤňÃĥĉêŒȋ ŷĉŚąȋĬŶêŋŒêÃŒȋĬňêŋÃŚĉĬĥŒȋňŋĬŶĉåĉĥĀȋÿŠŋŚąêŋȋ åĉŶêŋŒĉƌßÃŚĉĬĥǢ ”ąĉŒȋåĉŶêŋŒĉƌßÃŚĉĬĥȋąêĞňŒȋŋêåŠßêȋŶĬĞÃŚĉĞĉŚŽǢȋ Quality companies fŠŋȋňĬŋŚÿĬĞĉĬȋĉŒȋŷêĉĀąŚêåȋŚĬŷÃŋåŒȋêŒŚÃÞĞĉŒąêåȋ ßĬĤňÃĥĉêŒȋŷĉŚąȋŋêĞĉÃÞĞêȋßÃŒąƍĬŷŒȋÃĥåȋ ŒŠŒŚÃĉĥÃÞĞêȋåĉŶĉåêĥåŒȋŷąĉßąȋŷêȋňÃŒŒȋŚąŋĬŠĀąȋ ŚĬȋĬŠŋȋŒąÃŋêąĬĞåêŋŒȋÃŒȋÿŠĞĞŽȋÿŋÃĥěêåȋåĉŶĉåêĥåŒǢȋ FĤňĬŋŚÃĥŚĞŽǣȋ
ŋĀĬȊŒȋňĬŋŚÿĬĞĉĬȋĉŒȋĤÃåêȋŠňȋĬÿȋ ßĬĤňÃĥĉêŒȋŚąÃŚȋąÃŶêȋŒĬŠĥåȋĞĬĥĀǹŚêŋĤȋĀŋĬŷŚąȋ ňŋĬŒňêߌŒǢȋ”ąêŒêȋŚêĥåȋŚĬȋÞêȋÃŚȋŚąêȋĞÃŋĀêŋȋ êĥåȋĬÿȋŚąêȋŒąÃŋêȋĤÃŋěêŚȋÃĥåȋĉĥßĞŠåêȋĤÃĥŽȋ household names. In addition, we own some ŒĤÃĞĞêŋǣȋĀŋĬŷĉĥĀȋßĬĤňÃĥĉêŒȋŷĉŚąȋÃŚŚŋÃߌĉŶêȋ ĞĬĥĀǹŚêŋĤȋňŋĬŒňêߌŒȋÃĥåȋŚąêȋňĬŚêĥŚĉÃĞȋŚĬȋ ÞêßĬĤêȋÿŠŚŠŋêȋĞêÃåĉĥĀȋ
ŠŒŚŋÃĞĉÃĥȋĞĉŒŚêåȋ ßĬĤňÃĥĉêŒǢȋ Superior structure
ŋĀĬȊŒȋßĞĬŒêǹêĥåêåǣȋĞĉŒŚêåȋĉĥŶêŒŚĤêĥŚȋ ßĬĤňÃĥŽȋŒŚŋŠßŚŠŋêȋĉĥŒŠĞÃŚêŒȋĬŠŋȋňĬŋŚÿĬĞĉĬȋ ÿŋĬĤȋĉĥƍĬŷŒȋÃĥåȋĬŠŚƍĬŷŒȋĬÿȋßÃňĉŚÃĞǢȋšĥĞĉěêȋ ĤÃĥÃĀêåȋĉĥŶêŒŚĤêĥŚȋÿŠĥåŒȋŷĉŚąȋÃĥȋĬňêĥǹ êĥåêåȋŒŚŋŠßŚŠŋêǣȋŚąĉŒȋĤêÃĥŒȋŚąÃŚȋ
ŋĀĬȋĉŒȋĥĬŚȋ ÿĬŋßêåȋŚĬȋŒêĞĞȋÃĥŽȋĬÿȋĬŠŋȋĉĥŶêŒŚĤêĥŚŒȋŚĬȋÿŠĥåȋ ŋêåêĤňŚĉĬĥŒȋŷąêĥȋĉĥŶêŒŚĬŋŒȋŷÃĥŚȋŚĬȋêżĉŚǢ BÃŶĉĥĀȋÃȋŒŚÃÞĞêȋňĬĬĞȋĬÿȋĤĬĥêŽȋŚĬȋĉĥŶêŒŚȋĤêÃĥŒȋ ĬŠŋȋĉĥŶêŒŚĤêĥŚȋŚêÃĤȋßÃĥȋŚÃěêȋÃȋĞĬĥĀǹŚêŋĤȋ ÃňňŋĬÃßąȋŚĬȋĉĥŶêŒŚĤêĥŚȋåêßĉŒĉĬĥŒǢȋ °êȋßÃĥȋÃĞŒĬȋŚÃěêȋÃåŶÃĥŚÃĀêȋĬÿȋĤÃŋěêŚȋ ŶĬĞÃŚĉĞĉŚŽȋŚĬȋÞŠŽȋŒŚĬßěŒȋŷąêĥȋŚąêĉŋȋŒąÃŋêȋňŋĉßêŒȋ trade below their valuations. 9 Top 20 investments ȟĤ % of portfolio B‚ ƫƨƩDZƪ ƬDZƬ ^ÃßŊŠÃŋĉêȋ=ŋĬŠň ƪƮƪDZƥ ƬDZƧ Rio Tinto ƨƭƪDZƧ ƩDZƬ ĬĤĤĬĥŷêÃĞŚąȋÃĥěȋĬÿȋ
ŠŒŚŋÃĞĉà ƨƭƩDZƫ ƩDZƬ °êŒÿÃŋĤêŋŒ ƨƪƩDZƭ ƩDZƨ °êŒŚňÃßȋÃĥěĉĥĀȋĬŋňĬŋÃŚĉĬĥ ƧƮƪDZƭ ƨDZƫ
_¾ȋ=ŋĬŠňȋBĬĞåĉĥĀŒ ƧƭƧDZƭ ƨDZƩ Telstra Group ƧƩƥDZƩ ƧDZƮ
ŋĉŒŚĬßŋÃŚȋXêĉŒŠŋê ƧƧƬDZƪ ƧDZƭ _ÃŚĉĬĥÃĞȋ
ŠŒŚŋÃĞĉÃȋÃĥě ƧƦƮDZƫ ƧDZƬ ŒÃĥŚĬŒ ƧƦƧDZƭ ƧDZƫ „(ȋFĥŒŠŋÃĥßêȋ=ŋĬŠň ƧƥƦDZƨ ƧDZƩ ”êßąĥĬĞĬĀŽȋfĥê ƦƮƦDZƫ ƧDZƨ ŒX ƦƬƭDZƪ ƧDZƧ ĬĤňŠŚêŋŒąÃŋê ƦƬƥDZƨ ƧDZƦ fŋĉĀĉĥȋ(ĥêŋĀŽ ƦƪƧDZƬ ƦDZƮ °ĬĬĞŷĬŋŚąŒȋ=ŋĬŠň ƦƨƪDZƨ ƦDZƫ APA Group ƦƧƬDZƬ ƦDZƫ ŒŠĥßĬŋňȋ=ŋĬŠň ƦƧƨDZƦ ƦDZƪ Transurban Group ƦƧƧDZƧ ƦDZƪ Top 20 equity investments ƪDzƧƨƪDZƬ ƫƨDZƬ Cash ƦƦƦDZƥ ƦDZƨ Portfolio holdings
ŋĀĬȊŒȋňĬŋŚÿĬĞĉĬȋĬÿȋĞĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚŒǣȋĉĥßĞŠåĉĥĀȋŚąêȋŶÃĞŠêȋĬÿȋêÃßąȋąĬĞåĉĥĀȋÃĥåȋŚĬŚÃĞȋĥŠĤÞêŋȋ ĬÿȋŒąÃŋêŒȋąêĞåǣȋßÃĥȋÞêȋÿĬŠĥåȋĬĥȋňÃĀêȋƘƗȋĬÿȋŚąĉŒȋ
ĥĥŠÃĞȋ êňĬŋŚǢȋ Argo's 20 largest investments at 30 June 2026 are listed below. We announce our top 20 investments every month via the ASX and on our website. 10 Celebrating80years:1946–2026 A chance conversation Argo’s story began with a chance conversation. In the mid-1940s, Adelaide accountant Alf Adamson and lawyer Kevin Ward QC ran their own practices on the same floor of a Pirie Street building. Both were regularly being asked by their respective clients how best to invest their money. At the time, suitable options were scarce, so, drawing on his knowledge of the investment company movement in Scotland, Adamson proposed a solution. In May 1946, Argo Investments Limited was registered, with paid-up capital of £10,000 and a small group of shareholders that included war widows, pastoralists and South Australian families. Kevin Ward became Argo’s first Chairman, while Alf Adamson took on the role of Manager. Steady growth Within two years, Argo listed on the Adelaide Stock Exchange (later to become part of the ASX), raising further capital and attracting more shareholders. Over the following decades, Argo grew steadily through acquisitions, mergers and capital appreciation, including a merger with Sydney’s Stoddarts Holdings in 1992 that gave Argo an east coast presence. Consistent leadership, constant philosophy Alf Adamson set Argo’s investment approach: undervalued companies with growing profits and reliable income, with capital safety first. That discipline carried through Argo’s only two other Managing Directors. Rob Patterson, who led the Company for over 40 years (Managing Director from 1982) through the 1987 crash, the early-1990s recession, the Tech Wreck and the GFC, growing assets from $70 million to $3.6 billion. Jason Beddow, Managing Director from 2014, navigated Argo through the COVID crisis, ensuing inflation and more recent market disruptions, including the Iran War and ensuing oil shock. In Jason’s time at the helm, Argo has grown into an $8 billion company and with more than 85,000 shareholders. Despite the vastly different economic conditions each has navigated, Argo’s investment philosophy has remained constant: a conservative, long-term approach focused on undervalued companies capable of sustainably growing profits and income. Argo’s investment philosophy has remained constant: a conservative, long-term approach focused on undervalued companies capable of sustainably growing profits and income. 11 A dividend record built on discipline That consistency underpins Argo’s dividend record. Argo has paid a dividend every year since being founded in 1946, and every dividend has been fully franked since 1995 – a run of 31 consecutive years. Investingforour shareholders since1946 Alignedwithourshareholders Argo has been aligned with its shareholders’ interests from the very beginning. As an internally managed listed investment company, Argo is owned and run solely for shareholders. There is no external manager collecting fees and incentivised to meet their own objectives. As a result, Argo’s management expense ratio (MER) is around 0.14%, well below that of most actively managed funds. Argo’s MER is kept low by utilising economies of scale and keeping our overheads modest. For example, we have just 14 employees. Because Argo’s operating costs stay relatively stable as assets grow, a larger portfolio costs little more to manage than a smaller one. This is a benefit that flows to shareholders, rather than to an outside manager. As an ASX-listed company, our costs and operations are fully transparent and open to public scrutiny, unlike unlisted fund managers. As we mark our 80th anniversary in 2026, we remain as committed as ever to the values that have carried us this far: a simple, low-cost structure, no debt, and an unwavering focus on the interests of our shareholders. Argo is owned and run solely for shareholders. There is no external manager collecting fees and incentivised to meet their own objectives. 12 12 Keymilestones Argo founded Argo was founded by chartered accountant, Alf Adamson, and lawyer Kevin Ward QC in Adelaide in 1946 with paid up capital of 10,000 pounds. Kevin Ward was appointed Chairman and Alf Adamson became Argo’s Manager. Exchange listing A little over two years after Argo was founded, the Company was listed on the Adelaide Stock Exchange. Sir Donald Bradman AC appointed to the Board Australian cricketing legend Sir Donald Bradman was appointed as a Director. He would go on to serve on the Board until 1984, including as Chairman from 1982 to 1984. First acquisition Argo acquired Austral Plaster Co. Ltd, an Adelaide investment company which was the first of many acquisitions to build Argo’s size and become increasingly cost-efficient. Steady asset growth By 1959, the Company’s total assets had increased to $2 million (in today’s currency) through numerous acquisitions of other Australian investment companies, share placements and capital appreciation. Rob Patterson Rob Patterson was appointed as Argo’s Company Secretary in 1969. He would go on to become the Managing Director and serve the Company for over 40 years through varying economic and market conditions, overseeing the remarkable growth of Argo’s assets, its operations and shareholder numbers. 25th anniversary Argo marked its first major milestone in 1971, celebrating 25 years since it was founded. In 1976, Argo’s net operating profit exceeded $1 million for the first time. First fully franked dividend With the introduction of Australia’s imputation system in 1987, Argo paid its first fully franked dividend to shareholders. 1948 1946 1959 1954 1969 1971 1987 Ship logo adopted For the first time, the 1961 Annual Report included the image of the Argonauts’ ship the Argo, from Greek mythology. 1961 13 13 Sydney office opened After merging with Sydney-based listed investment company, Stoddarts Holdings Limited in 1992, Argo opened its second office. The east coast presence gave Argo increased access to Australia’s capital markets and the many companies headquartered in Sydney. $1 billion of assets Doubling in less than five years from $500 million, by 1998, Argo’s assets exceeded $1 billion for the first time. Jason Beddow Jason Beddow (CEO since 2010), was appointed Managing Director– only the third in Argo’s long history. Rob Patterson retired After serving Argo for a remarkable 41 years, including 28 years at the helm, Rob Patterson retired. He was succeeded by Jason Beddow. Global LIC launched Argo launched a new listed investment company, Argo Global Listed Infrastructure (ASX code: ALI). Celebrating 80 years Argo celebrates 80 years of investing on behalf of its shareholders. Quarterly dividends introduced Argo announces it will go from paying dividends twice to four times annually. Major mergers The turn of the new millennium saw Argo successfully merge with both Wakefield Investments (Australia) Limited and Bounty Investments Limited to significantly increase assets and reduce management costs to the benefit of all shareholders. DRP introduced Argo’s Dividend Reinvestment Plan was introduced in 1999 giving shareholders the opportunity to automatically reinvest their dividends to acquire additional shares in the Company. 1992 1998 1999 2000 2010 2014 2015 2026 50th anniversary 1996 marked Argo’s Golden Anniversary. Assets totalled $744 million and there were more than 25,000 shareholders on the register. New visual identity Argo marked 75 years and updated its visual identity, including enhancing the logo for digital applications. 2021 1996 14 The Directors present their 80th Annual Report together with ŚąêȋƌĥÃĥßĉÃĞȋŋêňĬŋŚȋĬÿȋŚąêȋßĬĥŒĬĞĉåÃŚêåȋêĥŚĉŚŽǣȋßĬĥŒĉŒŚĉĥĀȋĬÿȋ
ŋĀĬȋ Investments Limited and its controlled entities (Argo or Company), ÿĬŋȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋȋêĥåêåȋƔƑȋTŠĥêȋƓƑƓƗȋĉĥßĞŠåĉĥĀȋŚąêȋFĥåêňêĥåêĥŚȋ Auditor’s Report. Directors
ŚȋŚąêȋåÃŚêȋĬÿȋŚąĉŒȋŋêňĬŋŚǣȋŚąêȋĬÃŋåȋßĬĤňŋĉŒêåȋƌŶêȋ_ĬĥǹêżêߊŚĉŶêȋ#ĉŋêߌĬŋŒȋÃĥåȋŚąêȋ ^ÃĥÃĀĉĥĀȌ#ĉŋêߌĬŋǢȋ”ąêȋ#ĉŋêߌĬŋŒȋĉĥȋĬÿƌßêȋåŠŋĉĥĀȋĬŋȋŒĉĥßêȋŚąêȋêĥåȋĬÿȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋȋÃŋêȋÃŒȋ ÿĬĞĞĬŷŒǤ Peter Warne Independent Non-executive Director and Chairman BA(Actuarial Studies), FAICD Joined the Board in 2022 Appointed Chairman in 2025 Audit & Risk Committee member Remuneration Committee member Experience (żňêŋĉêĥßêåȋßĬĤňÃĥŽȋåĉŋêߌĬŋȋŷĉŚąȋêżŚêĥŒĉŶêȋ ěĥĬŷĞêåĀêȋĬÿȋŚąêȋƌĥÃĥßĉÃĞȋŒêŋŶĉßêŒȋÃĥåȋ ĉĥŶêŒŚĤêĥŚȋÞÃĥěĉĥĀȋŒêߌĬŋŒǢȋ<ĬŋĤêŋȋąÃĉŋȋĬÿȋ ^ÃßŊŠÃŋĉêȋ=ŋĬŠňǢ ASX directorships, current F‚BȋdzŒĉĥßêȋƓƑƓƒǣȋąÃĉŋǴ ¯ĉŋĀĉĥȋ
ŠŒŚŋÃĞĉÃȋBĬĞåĉĥĀŒȋdzŒĉĥßêȋƓƑƓƖǣȋąÃĉŋǴ
ŋĀĬȋ=ĞĬÞÃĞȋXĉŒŚêåȋFĥÿŋÃŒŚŋŠßŚŠŋêȋdzŒĉĥßêȋƓƑƓƖǣȋ ąÃĉŋǴ ASX directorships, last 3 years ǹ Other directorships šĥĉŒŠňêŋ Allens <ĉĥÃĥßĉÃĞȋ^ÃŋěêŚŒȋŒŚÃĥåÃŋåŒȋĬÃŋåȋdzšVǴ
ŋĀĬȋŒêŋŶĉßêȋĬĤňÃĥŽȋdząÃĉŋǴ Lianne Buck Independent Non-executive Director BCom, MAcc, GAICD Joined the Board in 2022 Audit & Risk Committee member (Chair) Experience
ŠŒŚŋÃĞĉÃĥȋÃĥåȋĉĥŚêŋĥÃŚĉĬĥÃĞȋêżňêŋĉêĥßêȋĉĥȋ ĀĞĬÞÃĞȋĉĥŶêŒŚĤêĥŚȋĤÃŋěêŚŒȋÃŒȋÃȋ_ĬĥǹêżêߊŚĉŶêȋ #ĉŋêߌĬŋȋÃĥåȋêżêߊŚĉŶêǢ ASX directorships, current XêĥåĞêÃŒêȋ=ŋĬŠňȋdzŒĉĥßêȋƓƑƓƖǴ ASX directorships, last 3 years ąÃŋŚêŋȋBÃĞĞȋ êŚÃĉĞȋ (F”ȋdzƓƑƓƖǴ Other directorships
ŋĀĬȋŒêŋŶĉßêȋĬĤňÃĥŽ
ŠŒ_êŚȋŒêŋŶĉßêŒ ŒŚȋ=êĬŋĀêȋĬĤĤŠĥĉŚŽȋBĬŠŒĉĥĀ ŒŽåĥêŽȋ°ÃŚêŋ Directors’ Report 15 Melissa Holzberger Independent Non-executive Director BA, LLB, LLM(Resources Law), Dip International Nuclear Law, GDLP, FGIA, GAICD Joined the Board in 2023 Audit & Risk Committee member Experience (żňêŋĉêĥßêåȋåĉŋêߌĬŋȋÃĥåȋĞÃŷŽêŋǣȋŒêŋŶĉĥĀȋĬĥȋ
ŒµǹĞĉŒŚêåǣȋĀĬŶêŋĥĤêĥŚȋÃĥåȋĥĬŚǹÿĬŋǹňŋĬƌŚȋ ÞĬÃŋåŒǣȋňÃŋŚĉߊĞÃŋĞŽȋĉĥȋŚąêȋŋêŒĬŠŋßêŒȋÃĥåȋ êĥêŋĀŽȋŒêߌĬŋŒǢ ASX directorships, current VÃŋĬĬĥȋ(ĥêŋĀŽȋdzŒĉĥßêȋƓƑƓƕǴ ASX directorships, last 3 years ‚ÃĞÃåĉĥȋ(ĥêŋĀŽȋdzƓƑƓƒǹƓƑƓƕǴ
ĥåŋĬĤêåÃȋ^êŚÃĞŒȋdzƓƑƓƒǹƓƑƓƕǴ Other directorships ǹ Elizabeth Lewin Independent Non-executive Director GAICD Joined the Board in 2018 Remuneration Committee member (Chair) Experience (żŚêĥŒĉŶêȋÞÃßěĀŋĬŠĥåȋĉĥȋŚąêȋƌĥÃĥßĉÃĞȋŒêŋŶĉßêŒȋ ŒêߌĬŋǣȋĉĥßĞŠåĉĥĀȋŷêÃĞŚąȋĤÃĥÃĀêĤêĥŚǣȋ investment banking and superannuation, in
ŠŒŚŋÃĞĉÃȋÃĥåȋŚąêȋšVǢ ASX directorships, current ǹ ASX directorships, last 3 years ǹ Other directorships
ŠŒŚŋÃĞĉÃĥȋąÃĤÞêŋȋfŋßąêŒŚŋà VÃĞåĬŋȋ‚ŠÞĞĉßȋ
ŋŚȋ‚ŋĬĘêߌŒ 16 #ĉŋêߌĬŋŒȄȋ êňĬŋŚ Symon Parish Independent Non-executive Director BE (Hons)(Civil),MBA Joined the Board on 3 October 2025 Remuneration Committee member Experience (żŚêĥŒĉŶêȋêżňêŋĉêĥßêȋĉĥȋÃŒŒêŚȋßĬĥŒŠĞŚĉĥĀȋÃĥåȋ ÿŠĥåŒȋĤÃĥÃĀêĤêĥŚǣȋĉĥßĞŠåĉĥĀȋĬŶêŋȋƔƑȋŽêÃŋŒȋ ŷĉŚąȋ ŠŒŒêĞĞȋFĥŶêŒŚĤêĥŚȋ^ÃĥÃĀêĤêĥŚȋĉĥȋ
ŠŒŚŋÃĞĉÃǣȋ_êŷȋ¾êÃĞÃĥåȋÃĥåȋŚąêȋšVǢ ASX directorships, current - ASX directorships, last 3 years ǹ Other directorships ǹ Jason Beddow Non-Independent Managing Director BEng, GdipAppFin (SecInst), GAICD Joined the Board in 2014 Experience ŒŚÃŋŚêåȋąĉŒȋßÃŋêêŋȋĉĥȋĤĉĥĉĥĀȋêĥĀĉĥêêŋĉĥĀȋ ÞêÿĬŋêȋĤĬŶĉĥĀȋĉĥŚĬȋŚąêȋĉĥŶêŒŚĤêĥŚȋĉĥ劌ŚŋŽǣȋ ŷĬŋěĉĥĀȋĉĥȋÞŋĬěĉĥĀǣȋŋêŒêÃŋßąȋÃĥåȋÿŠĥåŒȋ management. Joined Argo in 2001 as an FĥŶêŒŚĤêĥŚȋ
ĥÃĞŽŒŚǣȋÞêßÃĤêȋąĉêÿȋFĥŶêŒŚĤêĥŚȋ fÿƌßêŋȋĉĥȋƓƑƑƙȋÃĥåȋąĉêÿȌ(żêߊŚĉŶêȋfÿƌßêŋȋ in 2010. ASX directorships, current
ŋĀĬȋ=ĞĬÞÃĞȋXĉŒŚêåȋFĥÿŋÃŒŚŋŠßŚŠŋêȋdzŒĉĥßêȋƓƑƒƖǣȋ ^ÃĥÃĀĉĥĀȌ#ĉŋêߌĬŋǴ ASX directorships, last 3 years ǹ Other directorships
ŋĀĬȋŒêŋŶĉßêȋĬĤňÃĥŽȋdz^ÃĥÃĀĉĥĀȋ#ĉŋêߌĬŋǴ 17 Christopher Cuffe AO Independent Non-executive Director BCom, FCA Joined the Board in 2016 Audit & Risk Committee member Retired on 22 October 2025 Experience (żŚêĥŒĉŶêȋêżňêŋĉêĥßêȋĉĥȋŚąêȋŷêÃĞŚąȋ ĤÃĥÃĀêĤêĥŚȋÃĥåȋňąĉĞÃĥŚąŋĬňĉßȋŒêߌĬŋŒǣȋ ĉĥßĞŠåĉĥĀȋÃŒȋ(fȋĬÿȋĬĞĬĥĉÃĞȋ<ĉŋŒŚȋŒŚÃŚêȋÃĥåȋ ąÃĞĞêĥĀêŋȋ<ĉĥÃĥßĉÃĞȋŒêŋŶĉßêŒǣȋÃĥåȋąÃĉŋĤÃĥȋ ĬÿȋšĥĉŒŠňêŋǢ ASX directorships, current BêÃŋŚŒȋÃĥåȋ^ĉĥåŒȋFĥŶêŒŚĤêĥŚŒȋdzŒĉĥßêȋƓƑƒƙǣȋ ąÃĉŋǴ =ĞĬÞÃĞȋ¯ÃĞŠêȋ<ŠĥåȋdzŒĉĥßêȋƓƑƒƕǴ ASX directorships, last 3 years ǹ Other directorships
ŠŒŚŋÃĞĉÃĥȋ‚ąĉĞÃĥŚąŋĬňĉßȋŒêŋŶĉßêŒȋdząÃĉŋǴ VêŽŶĉêŷȋ‚ÃŋŚĥêŋŒȋ=ŋĬŠň ”ąĉŋåȋXĉĥěȋFĥŶêŒŚĤêĥŚȋ^ÃĥÃĀêŋŒ ”ąêȋTÃĤêŒȋ<ÃĉŋÿÃżȋ<ĬŠĥåÃŚĉĬĥ Directors’ relevant interests ”ąêȋ#ĉŋêߌĬŋŒȄȋŋêĞêŶÃĥŚȋĉĥŚêŋêŒŚŒȋĉĥȋŒąÃŋêŒȋÃĥåȋêżêߊŚĉŶêȋňêŋÿĬŋĤÃĥßêȋŋĉĀąŚŒǣȋÃŒȋĥĬŚĉƌêåȋŚĬȋŚąêȋ
ŒµȋĉĥȋÃßßĬŋåÃĥßêȋŷĉŚąȋŚąêȋCorporations Act 2001ǣȋÃŚȋŚąêȋåÃŚêȋĬÿȋŚąĉŒȋŋêňĬŋŚȋÃŋêȋÃŒȋÿĬĞĞĬŷŒǤ Shares Performance Rights ‚ǢBǢȋ°Ãŋĥê 40,000 - XǢ^ǢȋŠßě 18,187 - ^ǢVǢȋBĬĞƅÞêŋĀêŋ 15,295 - (Ǣ
ǢȋXêŷĉĥ 15,015 - ŒǢTǢȋ‚ÃŋĉŒą - - J. Beddow 589,452 397,318 Retired director 18 Board and Committee meetings
ŚȋŚąêȋåÃŚêȋĬÿȋŚąĉŒȋŋêňĬŋŚǣȋŚąêȋĬÃŋåȋąÃŒȋÃĥȋ
ŠåĉŚȋɈȋ ĉŒěȋĬĤĤĉŚŚêêȋÃĥåȋÃȋ êĤŠĥêŋÃŚĉĬĥȋ ĬĤĤĉŚŚêêǢ ”ąêŋêȋŷêŋêȋêĉĀąŚȋĬÃŋåȋĤêêŚĉĥĀŒǣȋÿĬŠŋȋ
ŠåĉŚȋɈȋ ĉŒěȋĬĤĤĉŚŚêêȋĤêêŚĉĥĀŒȋÃĥåȋÿĬŠŋȋ êĤŠĥêŋÃŚĉĬĥȋ ĬĤĤĉŚŚêêȋĤêêŚĉĥĀŒȋąêĞåȋåŠŋĉĥĀȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋǢȋ”ąêȋĥŠĤÞêŋȋĬÿȋĤêêŚĉĥĀŒȋÃŚŚêĥåêåȋåŠŋĉĥĀȋŚąêȋ ƌĥÃĥßĉÃĞȋŽêÃŋȋÞŽȋêÃßąȋĬÿȋŚąêȋ#ĉŋêߌĬŋŒȋŷąĉĞêȋĉĥȋĬÿƌßêȋŷêŋêǤ Board Audit & Risk Committee Remuneration Committee _ĬDZȋĬÿ meetings held while Ãȋ#ĉŋêߌĬŋ _ĬDZȋĬÿ meetings attended _ĬDZȋĬÿ meetings held while a member _ĬDZȋĬÿ meetings attended _ĬDZȋĬÿ meetings held while a member _ĬDZȋĬÿ meetings attended ‚ǢBǢȋ°Ãŋĥê 8 8 4 4 4 4 XǢ^ǢȋŠßě 8 8 4 4 - 2* Ǣ(ǢȋŠÿÿêȋ
fdzÃǴ 3 3 1 1 - - ^ǢVǢȋBĬĞƅÞêŋĀêŋdzÞǴ 8 8 1 4* 3 4* (Ǣ
ǢȋXêŷĉĥ 8 7 - 3* 4 4 ŒǢTǢȋ‚ÃŋĉŒądzßǴ 5 5 - 3* 1 3* J. Beddow 8 8 - 4* - 4* ǭȋȋ FĥßĞŠåêŒȋĤêêŚĉĥĀŒȋÃŚŚêĥåêåȋÃŒȋĥĬĥǹĤêĤÞêŋŒ dzÃǴȋ ^ŋǢȋŠÿÿêȋ
fȋŋêŚĉŋêåȋĬĥȋƓƓȋfߌĬÞêŋȋƓƑƓƖ dzÞǴȋ ^ŒǢȋBĬĞƅÞêŋĀêŋȋŷÃŒȋÃȋĤêĤÞêŋȋĬÿȋŚąêȋ êĤŠĥêŋÃŚĉĬĥȋĬĤĤĉŚŚêêȋŠĥŚĉĞȋƒƙȋ^ÃŋßąȋƓƑƓƗȋÃĥåȋ ĘĬĉĥêåȋŚąêȋ
ŠåĉŚȋɈȋ ĉŒěȋĬĤĤĉŚŚêêȋÿŋĬĤȋƒƙȋ^ÃŋßąȋƓƑƓƗ dzßǴȋ ^ŋǢȋ‚ÃŋĉŒąȋŷÃŒȋÃňňĬĉĥŚêåȋŚĬȋŚąêȋĬÃŋåȋĬĥȋƔȋfߌĬÞêŋȋƓƑƓƖȋÃĥåȋŚąêȋ êĤŠĥêŋÃŚĉĬĥȋĬĤĤĉŚŚêêȋ Ĭĥȋƒƙȋ^ÃŋßąȋƓƑƓƗ Company Secretary Tim Binks BEc, CA, FGIA, GAICDȋąêĞåȋŚąêȋŋĬĞêȋĬÿȋĬĤňÃĥŽȋŒêßŋêŚÃŋŽȋåŠŋĉĥĀȋŚąêȋŽêÃŋȋÃĥåȋÃŚȋŚąêȋ åÃŚêȋĬÿȋŚąĉŒȋŋêňĬŋŚǢ ^ŋǢȋĉĥěŒȋĘĬĉĥêåȋŚąêȋĬĤňÃĥŽȋĉĥȋƓƑƑƘȋÃĥåȋĉŒȋÃĥȋêżňêŋĉêĥßêåȋĀĬŶêŋĥÃĥßêȋêżêߊŚĉŶêȋŷĉŚąȋÃȋ ÞÃßěĀŋĬŠĥåȋĉĥȋÃßßĬŠĥŚĉĥĀǣȋÿŠĥåŒȋĤÃĥÃĀêĤêĥŚȋÃĥåȋŒŚĬßěÞŋĬěĉĥĀǢȋBêȋŷÃŒȋÃňňĬĉĥŚêåȋĬĤňÃĥŽȋ ŒêßŋêŚÃŋŽȋĉĥȋƓƑƒƑȋÃĥåȋąĉêÿȋfňêŋÃŚĉĥĀȋfÿƌßêŋȋĉĥȋƓƑƒƖǣȋŷąĉĞêȋŒŚĉĞĞȋĤÃĉĥŚÃĉĥĉĥĀȋŚąêȋßĬĤňÃĥŽȋ ŒêßŋêŚÃŋĉÃĞȋåŠŚĉêŒǢ Principal activities and state of affairs ”ąêȋňŋĉĥßĉňÃĞȋÃߌĉŶĉŚĉêŒȋĬÿȋŚąêȋĬĤňÃĥŽȋåŠŋĉĥĀȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋȋŷêŋêȋŚąêȋĉĥŶêŒŚĤêĥŚȋĬÿȋÿŠĥåŒȋ ĉĥȋ
ŠŒŚŋÃĞĉÃĥȋĞĉŒŚêåȋŒêߊŋĉŚĉêŒȋÃĥåȋŒąĬŋŚǹŚêŋĤȋĉĥŚêŋêŒŚȋÞêÃŋĉĥĀȋŒêߊŋĉŚĉêŒǢȋ”ąêȋĬĤňÃĥŽȄŒȋŷąĬĞĞŽȋ ĬŷĥêåȋŒŠÞŒĉåĉÃŋŽȋÃĞŒĬȋňŋĬŶĉåêŒȋĤÃĥÃĀêĤêĥŚȋŒêŋŶĉßêŒȋŚĬȋÃĥȋêżŚêŋĥÃĞȋĞĉŒŚêåȋĉĥŶêŒŚĤêĥŚȋßĬĤňÃĥŽȋ ŠĥåêŋȋÃĥȋ
ŠŒŚŋÃĞĉÃĥȋ<ĉĥÃĥßĉÃĞȋŒêŋŶĉßêŒȋXĉßêĥßêǢȋ^ĬŋêȋåêŚÃĉĞŒȋÃŋêȋňŋĬŶĉåêåȋĉĥȋŚąêȋfňêŋÃŚĉĥĀȋÃĥåȋ <ĉĥÃĥßĉÃĞȋ êŶĉêŷȋÞêĞĬŷǢ 19 #ĉŋêߌĬŋŒȄȋ êňĬŋŚ fňêŋÃŚĉĥĀȋÃĥåȋƌĥÃĥßĉÃĞȋŋêŶĉêŷ Summary of business model
ŋĀĬȋĉŒȋÃȋĞĉŒŚêåȋĉĥŶêŒŚĤêĥŚȋßĬĤňÃĥŽȋŷąĉßąȋ ŒêêěŒȋŚĬȋĤÃżĉĤĉŒêȋŒąÃŋêąĬĞåêŋȋŋêŚŠŋĥŒȋ ŚąŋĬŠĀąȋŋêĞĉÃÞĞêȋÿŠĞĞŽȋÿŋÃĥěêåȋåĉŶĉåêĥåȋĉĥßĬĤêȋ ÃĥåȋßÃňĉŚÃĞȋĀŋĬŷŚąǢȋ
ߌĉŶêĞŽȋĤÃĥÃĀĉĥĀȋÃȋåĉŶêŋŒĉƌêåȋňĬŋŚÿĬĞĉĬȋĬÿȋ
ŠŒŚŋÃĞĉÃĥȋŒąÃŋêŒȋŷĉŚąĉĥȋÃȋĞĬŷǹßĬŒŚǣȋĉĥŚêŋĥÃĞĞŽȋ managed business model, we apply a ßĬĥŒêŋŶÃŚĉŶêǣȋĞĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚȋÃňňŋĬÃßąȋ ŷąĉßąȋąÃŒȋňŋĬŶêĥȋŋêŒĉĞĉêĥŚȋŒĉĥßêȋƒƚƕƗǢȋ
ŋĀĬȋĀêĥêŋÃŚêŒȋŚąêȋĤÃĘĬŋĉŚŽȋĬÿȋĉŚŒȋĉĥßĬĤêȋ ÞŽȋȃąÃŋŶêŒŚĉĥĀȄȋŚąêȋåĉŶĉåêĥåŒȋŋêßêĉŶêåȋÿŋĬĤȋ ŚąêȋßĬĤňÃĥĉêŒȋĉĥȋĬŠŋȋĉĥŶêŒŚĤêĥŚȋňĬŋŚÿĬĞĉĬǢȋ
ååĉŚĉĬĥÃĞȋĉĥßĬĤêȋĉŒȋåêŋĉŶêåȋÿŋĬĤȋĉĥŚêŋêŒŚȋ êÃŋĥêåȋĬĥȋßÃŒąȋåêňĬŒĉŚŒǣȋňŋêĤĉŠĤȋĉĥßĬĤêȋ ÿŋĬĤȋŒêĞĞĉĥĀȋêżßąÃĥĀêǹŚŋÃåêåȋĬňŚĉĬĥŒǣȋÃȋ ŒĤÃĞĞȋÃĤĬŠĥŚȋĬÿȋŒąÃŋêȋŚŋÃåĉĥĀȋÃߌĉŶĉŚŽȋÃĥåȋ ÿêêȋĉĥßĬĤêȋÿŋĬĤȋĤÃĥÃĀĉĥĀȋÃĥȋêżŚêŋĥÃĞȋĞĉŒŚêåȋ ĉĥŶêŒŚĤêĥŚȋßĬĤňÃĥŽǢȋ
ŋĀĬȄŒȋĬňêŋÃŚĉĬĥÃĞȋßĬŒŚŒȋÃŋêȋŋêĞÃŚĉŶêĞŽȋŒŚÃÞĞêȋ ÃĥåȋÃŋêȋĞĬŷêŋȋŚąÃĥȋŚąĬŒêȋĬÿȋĤĬŒŚȋĬŚąêŋȋ ĤÃĥÃĀêåȋĉĥŶêŒŚĤêĥŚȋňŋĬåŠßŚŒȋåŠêȋŚĬȋĬŠŋȋ ĉĥŚêŋĥÃĞĞŽȋĤÃĥÃĀêåȋßĬŋňĬŋÃŚêȋŒŚŋŠßŚŠŋêǢȋFĥȋ ŚąêȋƓƑƓƗȋƌĥÃĥßĉÃĞȋŽêÃŋǣȋŚąêȋĬĤňÃĥŽ