Announcement PDF NTA & Investment Update November 2023 Net tangible asset (NTA) backing per share 30 November 31 October NTA per share1 $8.79 $8.49 NTA per share after unrealised tax provision2 $7.77 $7.54 Market commentary After falling for three consecutive months, Australian shares rallied in November with the S&P/ASX 200 Accumulation Index gaining +5.0%. Investor sentiment was largely driven by a sharp drop in bond yields due to softer inflation data giving rise to expectations that the US Federal Reserve may start cutting interest rates in calendar year 2024. Falling bond yields saw Health Care gain +11.8% to be the best performing sector for the month. Fading concerns about the impact of new generation obesity-fighting drugs (GLP-1s) on health stocks may have also supported performance. Argo holdings CSL and ResMed gained +13.7% and +11.9% respectively. The Big Four banks and the major miners, which dominate the Index, delivered solid returns contributing to the positive overall performance of the Australian share market. Portfolio Top 20 investments* % Macquarie Group 6.6 BHP 6.4 CSL 5.2 CBA 4.3 Rio Tinto 4.1 Wesfarmers 4.0 ANZ 3.0 Santos 2.8 Telstra 2.8 Property 2.8% Westpac 2.7 Energy LICs 2.2% 7.1% NAB 2.5 Aristocrat Leisure 2.4 QBE Insurance 2.2 Computershare 1.9 Woolworths 1.8 Cash 2.0% Transurban 1.8 Utilities 1.7% APA 1.7 Woodside Energy 1.7 Reece 1.6 Sonic Healthcare 1.6 Top 20 equity investments 61.1 Cash and cash equivalents 2.0 Sector diversification* Materials 16.3% Other Financials 14.1% Materials 16.4% Banks 12.8% Other Financials 14.1% Health Care 10.1% Banks 12.8% Telcos & I.T. 8.3% Consumer 8.2% Health Staples Care 10.1% Industrials 7.6% Telcos & I.T. 8.3% Energy 7.1% Consumer Staples 8.2% Consumer Discret. 6.7% Industrials 7.6% Cash 2.0% Consumer Discret. 6.7% Utilities 1.7% Property 2.8% LICs 2.2% 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. $6.5bn Shareholders 94,800 Dividend yield^ 4.0% MER 0.155% ^ Historical yield of 5.7% (including franking) based on dividends paid/declared 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 77 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