Announcement PDF NTA & Investment Update February 2025 Net tangible asset (NTA) backing per share 28 February^ 31 January NTA per share1 $9.94 $10.37 NTA per share after unrealised tax provision2 $8.56 $8.89 These figures are after provision for the interim dividend of 17.0 cents per share. ^ Market commentary After reaching a new record high early in February, Australian shares declined through the month finishing -3.8% lower, with geopolitical uncertainty weighing on sentiment. As widely expected, the Reserve Bank of Australia cut official interest rates for the first time in more than four years marking the start of what we anticipate will be a shallow easing cycle. The February corporate reporting season provided a mixed picture. Earnings were solid and dividends exceeded expectations across Argo’s portfolio of stocks. However, uncertainties have led some businesses to postpone capital expenditure, and many companies reported increased regulatory and political headwinds. Overall, companies remained cautiously optimistic about the outlook. A notable feature of this reporting season was the dramatic share price movements – both up and down – when results did not meet investor expectations. Portfolio Top 20 investments* % Macquarie Group 7.5 Other Financials 15.2% Banks 14.7% BHP 5.1 Materials 13.1% Banks 14.7% CBA 5.0 Telcos & I.T. 10.4% CSL 4.5 Health Care 9.4% Wesfarmers 4.2 Consumer Staples 8.4% Westpac 3.6 Consumer 7.5% Health Discret. Care 9.4% Aristocrat Leisure 3.5 Industrials 7.3% Rio Tinto 3.2 Energy 7.1% ANZ 3.1 Property 2.7% NAB 2.7 LICs 1.9% Industrials 7.3% Computershare 2.6 Utilities 1.3% Telstra Group 2.6 Cash 1.0% Technology One 2.6 Property 2.7% QBE Insurance 2.6 LICs 1.9% Santos 2.5 Origin Energy 2.0 Suncorp 1.7 Transurban 1.6 Brambles 1.5 Woolworths Group 1.5 Top 20 equity investments 63.6 Cash and cash equivalents 1.0 Sector diversification* Other Financials 15.2% Materials 13.1% Telcos & I.T. 10.4% Consumer Staples 8.4% Consumer Discret. 7.5% Energy 7.1% Utilities 1.3% Cash 1.0% 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 Total assets $7.8bn Shareholders 90,900 Dividend yield^ 3.9% 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