Announcement PDF NTA & Investment Update December 2024 Net tangible asset (NTA) backing per share 31 December^ 30 November NTA per share1 $10.01 $10.27 NTA per share after unrealised tax provision2 $8.63 $8.80 These figures are subject to external review by the Company's auditor. ^ Market commentary The S&P/ASX 200 Accumulation Index declined -3.2% in December as the anticipated 'Santa Rally' failed to materialise. Market sentiment was largely influenced by the US Federal Reserve’s more hawkish stance at its December meeting, signalling fewer rate cuts than previously expected. In addition, China’s weak economic data and further disappointing stimulus measures further weighed on shares, particularly mining stocks. Despite ending 2024 on a negative note, Australian shares posted a positive overall return for the calendar year, rising +11.4%. Gains were predominantly driven by an expansion in price-to-earnings (P/E) multiples. However, as P/E multiples approach record highs, continued market momentum will likely rely on stronger earnings growth from companies. Argo will report its half-year result on 3 February 2025. For details, see Key Dates in our Shareholder Centre. Portfolio Top 20 investments* % Macquarie Group 7.4 Banks 14.6% BHP 5.2 Materials 13.3% CSL 4.9 Materials Telcos & I.T. 13.3% 9.9% CBA 4.9 Wesfarmers 4.1 Westpac 3.7 Aristocrat Leisure 3.4 Rio Tinto 3.4 ANZ 3.0 NAB 2.8 Technology One 2.8 Santos 2.6 Telstra 2.5 QBE Insurance 2.3 Computershare 2.3 Utilities 1.3% Origin Energy 1.9 Cash 1.0% Suncorp 1.9 Transurban 1.6 Woolworths 1.5 Reece 1.5 Top 20 equity investments 63.7 Cash and cash equivalents 1.0 Sector diversification* Other Financials 15.1% Other Financials 15.1% Banks 14.6% Health 9.8% TelcosCare & I.T. 9.9% Consumer Staples 8.3% Health Care 9.8% Consumer Discret. 7.5% Consumer Staples 8.3% Industrials 7.4% Consumer Energy 7.3% Discret. 7.5% Property 2.6%7.4% Industrials LICs 1.9% Energy 7.3% Utilities 1.3% Property 2.6% Cash 1.0% LICs 1.9% 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. $6.9bn Shareholders 91,400 Dividend yield^ 3.8% MER 0.15% ^ Historical yield of 5.5% (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 for 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