Announcement PDF NTA & Investment Update May 2025 Net tangible asset (NTA) backing per share 31 May 30 April NTA per share1 $10.27 $9.90 NTA per share after unrealised tax provision2 $8.83 $8.55 Market commentary Adding to April's gains, the Australian share market continued to advance in May amid signs that global trade tensions were easing. The S&P/ASX 200 Accumulation Index rose a robust +4.2%. Domestically, inflation continued to moderate, prompting the Reserve Bank of Australia to cut the official cash rate by 0.5%, noting that it expects inflation to settle within the 2-3% target band. Since month-end, global equity markets have advanced further, and Australian shares are nudging all-time highs. Investors appear increasingly inured to President Trump's tariff pronouncements and are dismissing trade risks. Remarkably, Australian shares are now up +16.8% from their post 'Liberation Day' lows in early April. Thank you to everyone who attended our recent information meetings - another record turnout! The slides and a recording of the Adelaide presentation are on our website: argoinvestments.com.au/roadshow-week. Portfolio Top 20 investments Sector diversification $m % Macquarie Group 533.7 6.8 CBA 431.7 5.5 BHP 387.6 4.9 Wesfarmers 366.0 4.7 CSL 331.3 4.2 Westpac 286.8 3.6 Technology One 268.4 3.4 Rio Tinto 256.3 3.3 ANZ 232.8 3.0 Industrials 7.3% Property 2.6% Telstra Group 231.9 2.9 LICs 1.6% Discret. 7.2% Consumer Aristocrat Leisure 231.7 2.9 NAB 221.7 2.8 QBE Insurance 215.2 2.7 Computershare 197.1 2.5 Santos 194.5 2.5 Origin Energy 150.8 1.9 Suncorp 131.6 1.7 Brambles 130.8 1.7 Transurban 130.4 1.7 Woolworths Group 123.6 1.6 Top 20 equity investments 5,053.9 64.3 Cash and cash equivalents 103.3 1.3 Banks 15.2% Banks 15.2% Other Financials 14.6% Materials 13.4% Other Financials 14.6% Telcos & I.T. 10.8% Materials 13.4% Health Care 9.3% Telcos & I.T. 10.8% Consumer Staples 8.8% Industrials 7.3% Health Care 9.3% Energy 6.6% Consumer Staples 8.8% Consumer Discret. 7.2% Utilities 1.5% Energy 6.6% Cash 1.1% Property 2.6% LICs 1.6% Utilities 1.5% Cash 1.1% 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. argoinvestments.com.au | 1 About us At a glance Shareholder benefits ASX code ARG Founded 1946 Total assets $7.9bn Shareholders 89,900 Dividend yield^ 4.0% MER 0.15% ^ Historical yield of 5.6% (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