Announcement PDF Annual Report 2025 Contents About XêŚŚêŋȋÿŋĬĤȋŚąêȋąÃĉŋĤÃĥȋ Ƨ XêŚŚêŋȋÿŋĬĤȋŚąêȋ^ÃĥÃĀĉĥĀȋ#ĉŋêߌĬŋȋ ƨ ŒąÃŋêąĬĞåêŋȋŋêŚŠŋĥŒȋ Ʃ
ÞĬŠŚȋ
ŋĀĬȋFĥŶêŒŚĤêĥŚŒȋ ƪ ŒąÃŋêąĬĞåêŋȋÞêĥêƌŚŒȋ ƫ FĥŶêŒŚĤêĥŚȋÃňňŋĬÃßąȋ Ƭ ‚ĬŋŚÿĬĞĉĬȋĬŶêŋŶĉêŷȋ ƭ ”ĬňȋƓƑȋĉĥŶêŒŚĤêĥŚŒȋ Ʈ Directors’ Report ĬÃŋåȋĤêĤÞêŋŒȋ Ʀƥ fňêŋÃŚĉĥĀȋÃĥåȋ<ĉĥÃĥßĉÃĞȋ êŶĉêŷȋ Ʀƪ êĤŠĥêŋÃŚĉĬĥȋ êňĬŋŚȋ Ƨƥ
ŠåĉŚĬŋȄŒȋFĥåêňêĥåêĥßêȋ#êßĞÃŋÃŚĉĬĥȋ Ʃƪ Financial Report ŒŚÃŚêĤêĥŚȋĬÿȋ‚ŋĬƌŚȋĬŋȋXĬŒŒȋ Ʃƫȋ ŒŚÃŚêĤêĥŚȋĬÿȋĬĤňŋêąêĥŒĉŶêȋFĥßĬĤêȋ Ʃƫ ŒŚÃŚêĤêĥŚȋĬÿȋ<ĉĥÃĥßĉÃĞȋ‚ĬŒĉŚĉĬĥȋ ƩƬ ŒŚÃŚêĤêĥŚȋĬÿȋąÃĥĀêŒȋĉĥȋ(ŊŠĉŚŽȋ Ʃƭ ŒŚÃŚêĤêĥŚȋĬÿȋÃŒąȋ<ĞĬŷŒȋ ƩƮ _ĬŚêŒȋŚĬȋŚąêȋ<ĉĥÃĥßĉÃĞȋŒŚÃŚêĤêĥŚŒȋ ƪƦ ‚ĬŋŚÿĬĞĉĬȋąĬĞåĉĥĀŒȋ Ƭƪ ĬĥŒĬĞĉåÃŚêåȋ(ĥŚĉŚŽȋ#ĉŒßĞĬŒŠŋêȋŒŚÃŚêĤêĥŚȋ ƬƮ #ĉŋêߌĬŋŒȄȋ#êßĞÃŋÃŚĉĬĥȋ ƬƮ FĥåêňêĥåêĥŚȋ
ŠåĉŚĬŋȄŒȋ êňĬŋŚȋ ƭƥ Further information ŒąÃŋêąĬĞåêŋȋĉĥÿĬŋĤÃŚĉĬĥȋ ƭƪ Company directory 86 Annual General Meeting details 86 1 2025 overview ‚ŋĬƌŚ Earnings per share $259.8m 34.1c $253.0m in 2024 33.3c per share in 2024 Full year dividends Yield including franking 37.0c 5.8% Fully franked full year dividends 34.5c per share in 2024 5.7% in 2024 Management expense ratio LIC capital gain 0.15% 7.0c 0.15% in 2024 XF Śaż ÞeneƌŚ 3.0c per share in 2024 Total assets NTA per share $8.0b $10.43 $7.4b in 2024 $9.61 per share in 2024 Letter from the Chairman Dear valued shareholder, It is with great pleasure that I present Argo’s 2025 Annual Report, ĤŽȋƌŋŒŚȋŒĉĥßêȋÞêĉĥĀȋÃňňĬĉĥŚêåȋąÃĉŋĤÃĥȋĬÿȋŚąêȋĬÃŋåȋÿĬĞĞĬŷĉĥĀȋŚąêȋ ŋêŚĉŋêĤêĥŚȋĬÿȋ ŠŒŒêĞĞȋBĉĀĀĉĥŒȋ
fȋĬĥȋƔƒȋ#êßêĤÞêŋȋƓƑƓƕǢȋ
ĤĉåȋßĬĥŒĉåêŋÃÞĞêȋŶĬĞÃŚĉĞĉŚŽȋÃĥåȋĀĞĬÞÃĞȋĀêĬňĬĞĉŚĉßÃĞȋŠĥßêŋŚÃĉĥŚŽǣȋFȋÃĤȋ ňĞêÃŒêåȋŚĬȋŋêňĬŋŚȋŚąÃŚȋ
ŋĀĬȋåêĞĉŶêŋêåȋŋêßĬŋåȋÿŠĞĞŽȋÿŋÃĥěêåȋÃĥĥŠÃĞȋ åĉŶĉåêĥåŒȋÿĬŋȋĬŠŋȋŒąÃŋêąĬĞåêŋŒǢȋ Peter Warne Chairman
ŋĀĬȄŒȋåĉŶêŋŒĉƌêåȋňĬŋŚÿĬĞĉĬȋĬÿȋ
ŠŒŚŋÃĞĉÃĥȋßĬĤňÃĥĉêŒȋĀêĥêŋÃŚêåȋÃȋ ňŋĬƌŚȋĬÿȋȑƓƖƚǢƙȋĤĉĞĞĉĬĥǢȋ”ąĉŒȋŋêŒŠĞŚȋŷÃŒȋÞĬĞŒŚêŋêåȋÞŽȋÃĥȋĉĥßŋêÃŒêȋĉĥȋ ŒňêßĉÃĞȋåĉŶĉåêĥåŒǣȋňÃŋŚĉÃĞĞŽȋĬÿÿŒêŚȋÞŽȋŠĥŋêÃĞĉŒêåȋĞĬŒŒêŒȋÿŋĬĤȋĬňŚĉĬĥŒȋ ĉĥŶêŒŚĤêĥŚŒȋÃĥåȋŚŋÃåĉĥĀȋÃߌĉŶĉŚĉêŒǢȋ ”ąêȋĬÃŋåȋåêßĞÃŋêåȋÃȋƌĥÃĞȋåĉŶĉåêĥåȋĬÿȋƓƑǢƑȋßêĥŚŒȋňêŋȋŒąÃŋêǣȋŠňȋƓǢƑȋ ßêĥŚŒȋĬĥȋĞÃŒŚȋŽêÃŋǢȋ”ĬĀêŚąêŋȋŷĉŚąȋŚąêȋĉĥßŋêÃŒêåȋĉĥŚêŋĉĤȋåĉŶĉåêĥåȋĬÿȋ ƒƘǢƑȋßêĥŚŒȋŚąĉŒȋÞŋĉĥĀŒȋÿŠĞĞǹŽêÃŋȋåĉŶĉåêĥåŒȋŚĬȋƔƘǢƑȋßêĥŚŒȋňêŋȋŒąÃŋêǣȋÿŠĞĞŽȋ ÿŋÃĥěêåȋǻȋÃĥȋĉĥßŋêÃŒêȋĬÿȋȫƘǢƓɄȋĬĥȋŚąêȋňŋêŶĉĬŠŒȋŽêÃŋǢȋ_ĬŚÃÞĞŽǣȋÞĬŚąȋŚąêȋ ĉĥŚêŋĉĤȋÃĥåȋŚąêȋƌĥÃĞȋåĉŶĉåêĥåȋŋêňŋêŒêĥŚȋŋêßĬŋåȋąĉĀąŒǢȋȋ ”ąĉŒȋŽêÃŋȄŒȋƌĥÃĞȋåĉŶĉåêĥåȋÃĞŒĬȋĉĥßĞŠåêŒȋÃȋĞĉŒŚêåȋĉĥŶêŒŚĤêĥŚȋßĬĤňÃĥŽȋ dzXFǴȋßÃňĉŚÃĞȋĀÃĉĥȋßĬĤňĬĥêĥŚȋĬÿȋƘǢƑȋßêĥŚŒȋňêŋȋŒąÃŋêǣȋåŠêȋŚĬȋĀÃĉĥŒȋ ÞêĉĥĀȋßŋŽŒŚÃĞĞĉŒêåȋĉĥȋŚąêȋňĬŋŚÿĬĞĉĬǢȋ°ąêĥȋ
ŋĀĬȋŋêÃĞĉŒêŒȋÃȋåĉŒßĬŠĥŚêåȋ ßÃňĉŚÃĞȋĀÃĉĥǣȋŚąêȋÃŒŒĬßĉÃŚêåȋÞêĥêƌŚȋßÃĥȋÞêȋňÃŒŒêåȋĬĥȋŚĬȋĬŠŋȋ ŒąÃŋêąĬĞåêŋŒǣȋÃĞĞĬŷĉĥĀȋêĞĉĀĉÞĞêȋŒąÃŋêąĬĞåêŋŒȋŚĬȋßĞÃĉĤȋÃȋŚÃżȋåêåŠßŚĉĬĥǢȋ ”ąĉŒȋĉŒȋÃĥȋĉĤňĬŋŚÃĥŚȋÞêĥêƌŚȋĬÿȋ
ŋĀĬǣȋĬÿÿêŋêåȋÞŽȋĬĥĞŽȋÃȋąÃĥåÿŠĞȋĬÿȋ ßĬĤňÃĥĉêŒǢȋ XĬĬěĉĥĀȋÃąêÃåǣȋ
ŋĀĬȋĉŒȋÿĬߊŒêåȋĬĥȋŒŠŒŚÃĉĥÃÞĞŽȋĀŋĬŷĉĥĀȋÿŠĞĞŽȋÿŋÃĥěêåȋ åĉŶĉåêĥåŒȋÃĥåȋÿĬŋȋŚąêȋÿĬŋêŒêêÃÞĞêȋÿŠŚŠŋêȋÃßßêĞêŋÃŚĉĥĀȋŚąêȋåĉŒŚŋĉÞŠŚĉĬĥȋ ĬÿȋÃßߊĤŠĞÃŚêåȋÿŋÃĥěĉĥĀȋßŋêåĉŚŒǢȋ
ŋĀĬȋąÃŒȋÃĥȋêĥŶĉÃÞĞêȋŚŋÃßěȋŋêßĬŋåǣȋ ąÃŶĉĥĀȋňÃĉåȋåĉŶĉåêĥåŒȋŚĬȋĬŠŋȋŒąÃŋêąĬĞåêŋŒȋÿĬŋȋƘƚȋßĬĥŒêߊŚĉŶêȋŽêÃŋŒǢȋ °êȋąÃŶêȋÃßąĉêŶêåȋŚąĉŒȋÞŽȋßĬĥŒĉŒŚêĥŚĞŽȋÃňňĞŽĉĥĀȋĬŠŋȋßĬĥŒêŋŶÃŚĉŶêǣȋ ĞĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚȋŒŚŋÃŚêĀŽȋŷĉŚąĉĥȋÃȋĞĬŷǹßĬŒŚȋÞŠŒĉĥꌌȋĤĬåêĞǢȋ°êȋ åĬȋĥĬŚȋňÃŒŒĉŶêĞŽȋŚŋÃßěȋŚąêȋÞŋĬÃåêŋȋŒąÃŋêȋĤÃŋěêŚǣȋĞĉěêȋĤÃĥŽȋêżßąÃĥĀêȋ ŚŋÃåêåȋÿŠĥåŒǢȋ ÃŚąêŋǣȋŷêȋÃߌĉŶêĞŽȋňŋĉĬŋĉŚĉŒêȋåêĞĉŶêŋĉĥĀȋÃÞĬŶêǹĤÃŋěêŚȋ ĞêŶêĞŒȋĬÿȋÿŠĞĞŽȋÿŋÃĥěêåȋåĉŶĉåêĥåȋĉĥßĬĤêǣȋÃĥåȋĞĬĥĀǹŚêŋĤȋßÃňĉŚÃĞȋĀŋĬŷŚąǢȋ
ŋĀĬȋĉŒȋŷąĬĞĞŽȋĬŷĥêåȋÞŽȋĬŠŋȋŒąÃŋêąĬĞåêŋŒȋÃĥåȋĬňêŋÃŚêŒȋÿĬŋȋŽĬŠŋȋ ÞêĥêƌŚǢȋfĥȋÞêąÃĞÿȋĬÿȋŚąêȋĬÃŋåǣȋFȋŷĬŠĞåȋĞĉěêȋŚĬȋŚąÃĥěȋŽĬŠȋÿĬŋȋŽĬŠŋȋ ßĬĥŚĉĥŠêåȋÃĥåȋĞĬŽÃĞȋŒŠňňĬŋŚǢȋ ¶ĬŠŋŒȋÿÃĉŚąÿŠĞĞŽǣ ‚êŚêŋȋ°Ãŋĥê ąÃĉŋĤÃĥ ƕȋŒêňŚêĤÞêŋȋƓƑƓƖ 2 Letter from the Managing Director Dear valued shareholder, #ŠŋĉĥĀȋŷąÃŚȋąÃŒȋÞêêĥȋÃȋňÃŋŚĉߊĞÃŋĞŽȋŚŠŋÞŠĞêĥŚȋÃĥåȋŠĥßêŋŚÃĉĥȋňêŋĉĬåǣȋ
ŋĀĬȄŒȋňĬŋŚÿĬĞĉĬȋĬÿȋ
ŠŒŚŋÃĞĉÃĥȋĞĉŒŚêåȋßĬĤňÃĥĉêŒȋåĉŒňĞÃŽêåȋŋêŒĉĞĉêĥßêȋ ÃĥåȋĀêĥêŋÃŚêåȋŋêßĬŋåȋåĉŶĉåêĥåȋĉĥßĬĤêȋĉĥȋƌĥÃĥßĉÃĞȋŽêÃŋȋƓƑƓƖǢ Jason Beddow Managing Director ”ąêȋŒɈ‚ǯ
ŒµȋƓƑƑȋ
ßߊĤŠĞÃŚĉĬĥȋFĥåêżȋdzFĥåêżǴȋĀÃĉĥêåȋȫƒƔǢƙɄȋĬŶêŋȋŚąêȋ ƒƓȋĤĬĥŚąŒȋŚĬȋƔƑȋTŠĥêȋƓƑƓƖǣȋÃĞŚąĬŠĀąȋŚąĉŒȋňêŋÿĬŋĤÃĥßêȋÞêĞĉêŒȋňêŋĉĬåŒȋ ĬÿȋßĬĥŒĉåêŋÃÞĞêȋŶĬĞÃŚĉĞĉŚŽȋǻȋĤĬŒŚȋĥĬŚÃÞĞŽȋÿĬĞĞĬŷĉĥĀȋšŒȋ‚ŋêŒĉåêĥŚȋ ”ŋŠĤňȄŒȋŒĬǹßÃĞĞêåȋȃXĉÞêŋÃŚĉĬĥȋ#ÃŽȄǢȋFĥŶêŒŚĬŋŒȋŋêňêÃŚêåĞŽȋŒąŋŠĀĀêåȋĬÿÿȋ ÃȋąĬŒŚȋĬÿȋĤÃĘĬŋȋĤÃßŋĬêßĬĥĬĤĉßȋąêÃåŷĉĥåŒȋÃĥåȋĀêĬňĬĞĉŚĉßÃĞȋŋĉŒěŒǣȋ ňÃŋŚĉߊĞÃŋĞŽȋĉĥȋŚąêȋŒêßĬĥåȋąÃĞÿȋĬÿȋŚąêȋŽêÃŋǣȋÃĥåȋŒÃŷȋŚąêȋ
ŠŒŚŋÃĞĉÃĥȋ ŒąÃŋêȋĤÃŋěêŚȋĥŠåĀêȋÃĞĞǹŚĉĤêȋąĉĀąŒǢȋȋȋ fĥêȋĬÿȋŚąêȋĤĬŒŚȋĥĬŚÃÞĞêȋǻȋÃĥåȋňêŋąÃňŒȋňêŋňĞêżĉĥĀȋǻȋÿêÃŚŠŋêŒȋĬÿȋ Śąêȋ
ŠŒŚŋÃĞĉÃĥȋŒąÃŋêȋĤÃŋěêŚȋĉĥȋ<¶ƓƑƓƖȋŷÃŒȋŚąêȋŋêĤÃŋěÃÞĞŽȋŒŚŋĬĥĀȋ ňêŋÿĬŋĤÃĥßêȋĬÿȋŚąêȋ
ŠŒŚŋÃĞĉÃĥȋŒêߊŋĉŚĉêŒȋ(żßąÃĥĀêȄŒȋĞÃŋĀêŒŚȋŒŚĬßěǣȋ ĬĤĤĬĥŷêÃĞŚąȋÃĥěȋĬÿȋ
ŠŒŚŋÃĞĉÃȋdz
ǴǢȋFĥȋåêƌÃĥßêȋĬÿȋŚŋÃåĉŚĉĬĥÃĞȋ ŶÃĞŠÃŚĉĬĥȋĤêŚŋĉߌǣȋŚąêȋÞÃĥěȄŒȋŒąÃŋêȋňŋĉßêȋŋêÃßąêåȋĥŠĤêŋĬŠŒȋŋêßĬŋåȋ ąĉĀąŒǢȋ
ŋĀĬȄŒȋňĬŋŚÿĬĞĉĬȋňêŋÿĬŋĤÃĥßêȋÿĬŋȋŚąêȋňêŋĉĬåǣȋÃŒȋĤêÃŒŠŋêåȋÞŽȋĥêŚȋ ŚÃĥĀĉÞĞêȋÃŒŒêŚȋdz_”
ǴȋŋêŚŠŋĥȋÃÿŚêŋȋÃĞĞȋßĬŒŚŒȋÃĥåȋÃåĘŠŒŚêåȋÿĬŋȋßĬĤňÃĥŽȋ ŚÃżȋňÃĉåǣȋŷÃŒȋȫƒƔǢƔɄǢȋ”ąĉŒȋŷÃŒȋŒĞĉĀąŚĞŽȋÞêąĉĥåȋŚąêȋFĥåêżȋŋêŚŠŋĥǣȋŷąĉßąȋ ĤÃěêŒȋĥĬȋÃĞĞĬŷÃĥßêȋÿĬŋȋßĬŒŚŒǢȋ”ąêȋÞĉĀĀêŒŚȋĥêĀÃŚĉŶêȋßĬĥŚŋĉÞŠŚĬŋȋŚĬȋ
ŋĀĬȄŒȋŋêĞÃŚĉŶêȋňêŋÿĬŋĤÃĥßêȋŷÃŒȋĬŠŋȋŠĥåêŋŷêĉĀąŚȋêżňĬŒŠŋêȋŚĬȋ
ǣȋ ŷĉŚąȋƖǢƕɄȋĬÿȋŚąêȋňĬŋŚÿĬĞĉĬȋŶêŋŒŠŒȋƒƓǢƑɄȋĬÿȋŚąêȋFĥåêżǢȋ#ŠŋĉĥĀȋŚąêȋŽêÃŋǣȋ ŷêȋÿŠŋŚąêŋȋŒĬĞåȋåĬŷĥȋŒĬĤêȋĬÿȋĬŠŋȋ
ȋąĬĞåĉĥĀǢȋȋ fŶêŋȋŚąêȋĞÃŒŚȋƌŶêȋƌĥÃĥßĉÃĞȋŽêÃŋŒȋŒĉĥßêȋŚąêȋŒŚÃŋŚȋĬÿȋŚąêȋf¯F#ȋßŋĉŒĉŒǣȋÃȋ ŚŠĤŠĞŚŠĬŠŒȋňêŋĉĬåȋÿĬŋȋŒąÃŋêŒǣȋ
ŋĀĬȋąÃŒȋŋêŚŠŋĥêåȋȫƒƓǢƒɄȋňêŋȋÃĥĥŠĤǣȋ ĬŠŚňêŋÿĬŋĤĉĥĀȋŚąêȋFĥåêżȋŋêŚŠŋĥȋĬÿȋȫƒƒǢƙɄȋňêŋȋÃĥĥŠĤǢȋ°êȋąÃŶêȋ ÃßąĉêŶêåȋŚąĉŒȋÞŽȋŋêĤÃĉĥĉĥĀȋÿÃĉŚąÿŠĞȋŚĬȋĬŠŋȋßĬĥŒêŋŶÃŚĉŶêȋÃĥåȋĞĬĥĀǹ ŚêŋĤȋÃňňŋĬÃßąȋŷąêĥȋĉĥŶêŒŚĉĥĀȋĬŠŋȋŒąÃŋêąĬĞåêŋŒȄȋßÃňĉŚÃĞǣȋÿÃŶĬŠŋĉĥĀȋ ÞŠŒĉĥꌌêŒȋŚąÃŚȋßÃĥȋĤÃĉĥŚÃĉĥȋÃĥåȋĀŋĬŷȋŚąêĉŋȋåĉŶĉåêĥåŒȋŒĬȋŷêȋßÃĥȋ ßĬĥŚĉĥŠêȋåêĞĉŶêŋĉĥĀȋŒŠŒŚÃĉĥÃÞĞêȋåĉŶĉåêĥåȋĉĥßĬĤêȋŚĬȋĬŠŋȋŒąÃŋêąĬĞåêŋŒǢȋȋȋȋ
ŒȋŷêȋĞĬĬěȋÃąêÃåǣȋ
ŋĀĬȋĉŒȋŷêĞĞǹňĬŒĉŚĉĬĥêåȋŚĬȋĥÃŶĉĀÃŚêȋŶÃŋŽĉĥĀȋĤÃŋěêŚȋ ßĬĥåĉŚĉĬĥŒȋǻȋŷĉŚąȋĥĬȋåêÞŚǣȋßÃŒąȋÃŶÃĉĞÃÞĞêȋÃĥåȋÃȋåĉŶêŋŒĉƌêåȋňĬŋŚÿĬĞĉĬǢ ¶ĬŠŋŒȋÿÃĉŚąÿŠĞĞŽǣ TÃŒĬĥȋêååĬŷ ^ÃĥÃĀĉĥĀȋ#ĉŋêߌĬŋ ƕȋŒêňŚêĤÞêŋȋƓƑƓƖ 3 Shareholder returns Long-term returns – $10,000 invested over 20 years $51,149 $36,736 $16,784 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Share price 2015 2016 2017 Plus dividends 2018 2019 2020 2021 2022 2023 2024 2025 Plus franking A $10,000 investment in Argo shares on 1 July 2005 would have grown to a value of $36,736 (+6.7% per annum) at 30 June 2025. The tax effective value taking into account franking credits is $51,149 (+8.5% per annum). Annual dividends paid (cents per share) 33 31.5 30.5 31 2016 2017 2018 33 30 2019 34.5 2023 2024 37 28 2020 Interim dividend 34.5 2021 2022 2025 Final dividend Total returns (to 30 June 2025) 13.3% 13.8% 13.6% 12.1% 11.9% 11.8% 10.1% 8.8% 7.9% 5.2% 1 year Total Shareholder Return (TSR) 8.9% 5.3% 3 years (pa) 5 years (pa) NTA after management expenses NTA after management expenses is adjusted for company tax paid 4 10 years (pa) S&P/ASX 200 Accum. Index About Argo Investments Argo Fnvestments is one of AustraliaȄsȌoldest and largest listed investment companies (LICs). We offer investors low-cost, conservative and diversiƌed exposure to Australian listed companies. ”ąŋĬŠĀąȋŶÃŋĉĬŠŒȋêßĬĥĬĤĉßȋߎßĞêŒȋÃĥåȋ åĉŒŋŠňŚĉŶêȋêŶêĥŚŒȋŒĉĥßêȋ
ŋĀĬȋŷÃŒȋÿĬŠĥåêåȋĉĥȋ ƒƚƕƗǣȋĬŠŋȋĞĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚȋÃňňŋĬÃßąȋÃĥåȋ ŒŚŋÃĉĀąŚÿĬŋŷÃŋåȋÞŠŒĉĥꌌȋĤĬåêĞȋąÃŒȋňŋĬŶêĥȋ ŋêŒĉĞĉêĥŚǢ Argo's history
åêĞÃĉåêǹÞÃŒêåȋßąÃŋŚêŋêåȋÃßßĬŠĥŚÃĥŚȋ
Ğÿȋ
åÃĤŒĬĥȋÃĥåȋĞÃŷŽêŋȋVêŶĉĥȋ°Ãŋåȋ„ȋÿĬŠĥåêåȋ
ŋĀĬȋĉĥȋƒƚƕƗȋŷĉŚąȋȚƒƑǣƑƑƑȋĬÿȋßÃňĉŚÃĞȋĉĥŶêŒŚêåȋ ĬĥȋÞêąÃĞÿȋĬÿȋÃȋŒĤÃĞĞȋĀŋĬŠňȋĬÿȋŒĬŠŚąȋ
ŠŒŚŋÃĞĉÃĥȋ ŒąÃŋêąĬĞåêŋŒǢȋ<ŋĬĤȋÃȋÞĬŠŚĉŊŠêȋĉĥŶêŒŚĤêĥŚȋ ƌŋĤǣȋ
ŋĀĬȋŒŚêÃåĉĞŽȋĀŋêŷȋŚąŋĬŠĀąȋÃßŊŠĉŒĉŚĉĬĥŒȋ ĬÿȋĞĉŒŚêåȋÃĥåȋŠĥĞĉŒŚêåȋßĬĤňÃĥĉêŒǣȋĥêŷȋŒąÃŋêȋ ĉŒŒŠêŒȋÃĥåȋßÃňĉŚÃĞȋÃňňŋêßĉÃŚĉĬĥǢȋ ”ĬåÃŽǣȋ
ŋĀĬȋĉŒȋĬĥêȋĬÿȋŚąêȋ
ŒµȄŒȋŚĬňȋƒƑƑȋ ßĬĤňÃĥĉêŒǣȋĉĥŶêŒŚĉĥĀȋĬŶêŋȋȑƙǢƑ ÞĉĞĞĉĬĥȋĬĥȋ ÞêąÃĞÿȋĬÿȋÃňňŋĬżĉĤÃŚêĞŽȋƚƑǣƑƑƑȋŒąÃŋêąĬĞåêŋŒȋ ÿŋĬĤȋÃßŋĬŒŒȋ
ŠŒŚŋÃĞĉÃȋÃĥåȋÃŋĬŠĥåȋŚąêȋŷĬŋĞåǢ
ŋĀĬȋąÃŒȋÃȋŒŚŋĬĥĀȋŚŋÃßěȋŋêßĬŋåȋĬÿȋåêĞĉŶêŋĉĥĀȋ ßÃňĉŚÃĞȋÃňňŋêßĉÃŚĉĬĥȋÃĥåȋąÃŒȋňÃĉåȋŒąÃŋêąĬĞåêŋŒȋ åĉŶĉåêĥåŒȋêŶêŋŽȋŽêÃŋȋŒĉĥßêȋÞêĉĥĀȋêŒŚÃÞĞĉŒąêåǢȋ fŶêŋȋƘƚȋŽêÃŋŒȋĬÿȋĉĥŶêŒŚĉĥĀǣȋ
ŋĀĬȋąÃŒȋ ŷêÃŚąêŋêåȋŶÃŋĉĬŠŒȋĤÃŋěêŚȋߎßĞêŒȋÃĥåȋ åĉŒŋŠňŚĉŶêȋêŶêĥŚŒȋĉĥßĞŠåĉĥĀȋŚąêȋĬĉĞȋßŋĉŒêŒȋĬÿȋŚąêȋ ƒƚƘƑŒǣȋŚąêȋƒƚƙƘȋŒąÃŋêȋĤÃŋěêŚȋßŋÃŒąǣȋŚąêȋ”êßąȋ °ŋêßěǣȋŚąêȋ
ŒĉÃĥȋ(ßĬĥĬĤĉßȋŋĉŒĉŒǣȋŚąêȋ=ĞĬÞÃĞȋ <ĉĥÃĥßĉÃĞȋŋĉŒĉŒȋÃĥåȋŚąêȋf¯F#ǹƒƚȋňÃĥåêĤĉßǢ Low-cost, straightforward business model
ŋĀĬȋĀêĥêŋÃŚêŒȋŋêŶêĥŠêȋňŋĉĤÃŋĉĞŽȋÿŋĬĤȋ åĉŶĉåêĥåŒȋÃĥåȋåĉŒŚŋĉÞŠŚĉĬĥŒȋŋêßêĉŶêåȋÿŋĬĤȋ ŚąêȋßĬĤňÃĥĉêŒȋĉĥȋĬŠŋȋĉĥŶêŒŚĤêĥŚȋňĬŋŚÿĬĞĉĬǢȋ ”ąêȋĤÃĘĬŋĉŚŽȋĬÿȋŚąÃŚȋĉĥßĬĤêȋĉŒȋňÃĉåȋĬŠŚȋŚĬȋĬŠŋȋ ŒąÃŋêąĬĞåêŋŒȋÃŒȋÿŠĞĞŽȋÿŋÃĥěêåȋåĉŶĉåêĥåŒǢ Our name ”ąêȋĥÃĤêȋ
ŋĀĬȋßĬĤêŒȋÿŋĬĤȋŚĬȋŚąêȋ=ŋêêěȋĤŽŚąȋ ĬÿȋJason and the Argonauts who sailed in their ŒąĉňȋŚąêȋ
ŋĀĬȋĉĥȋŒêÃŋßąȋĬÿȋŚąêȋĀĬĞåêĥȋƍêêßêǢȋ ”ąêȋÃĥßĉêĥŚȋŒąĉňȋąÃŒȋĞĬĥĀȋÞêêĥȋĉĥßĬŋňĬŋÃŚêåȋ ĉĥŚĬȋĬŠŋȋŶĉŒŠÃĞȋÞŋÃĥåȋÃĥåȋąÃŒȋßĬĤêȋŚĬȋ ŋêňŋêŒêĥŚȋ
ŋĀĬȄŒȋĘĬŠŋĥêŽȋĬŶêŋȋŚĉĤêǣȋŒÃÿêĞŽȋ ĥÃŶĉĀÃŚĉĥĀȋŚąŋĬŠĀąȋŶÃŋĉĬŠŒȋßĬĥåĉŚĉĬĥŒǢȋ fŠŋȋĬňêŋÃŚĉĥĀȋßĬŒŚŒȋÃŋêȋŋêĞÃŚĉŶêĞŽȋŒŚÃÞĞêȋ ÃĥåȋÃŋêȋŒĉĀĥĉƌßÃĥŚĞŽȋĞĬŷêŋȋŚąÃĥȋĤĬŒŚȋĬŚąêŋȋ ĤÃĥÃĀêåȋĉĥŶêŒŚĤêĥŚȋňŋĬåŠßŚŒǢȋ
ŋĀĬȋąÃŒȋ ÿêŷȋêĤňĞĬŽêêŒȋÃĥåȋĉŒȋĉĥŚêŋĥÃĞĞŽȋĤÃĥÃĀêåǣȋ ĤêÃĥĉĥĀȋĥĬȋÿêêŒȋÃŋêȋňÃĉåȋŚĬȋêżŚêŋĥÃĞȋ ĤÃĥÃĀêŋŒǢ fŠŋȋêÿƌßĉêĥŚȋÞŠŒĉĥꌌȋĤĬåêĞȋÃĞŒĬȋÞêĥêƌŚŒȋ ÿŋĬĤȋêßĬĥĬĤĉêŒȋĬÿȋŒßÃĞêȋŷĉŚąȋßĬŒŚŒȋŋêĤÃĉĥĉĥĀȋ ŋêĞÃŚĉŶêĞŽȋŒŚÃÞĞêǣȋêŶêĥȋÃŒȋ
ŋĀĬȄŒȋÃŒŒêŚŒȋ ĉĥßŋêÃŒêǢ Our objective Simple to invest ^ÃżĉĤĉŒêȋĞĬĥĀǹŚêŋĤȋŒąÃŋêąĬĞåêŋȋ ŋêŚŠŋĥŒȋŚąŋĬŠĀąȋŋêĞĉÃÞĞêȋÿŠĞĞŽȋÿŋÃĥěêåȋ åĉŶĉåêĥåȋĉĥßĬĤêȋÃĥåȋßÃňĉŚÃĞȋĀŋĬŷŚąǢȋ
ŋĀĬȋŒąÃŋêŒȋÃŋêȋÞĬŠĀąŚȋÃĥåȋŒĬĞåȋĬĥȋŚąêȋ
ŒµǢȋ ”ąêŋêȋÃŋêȋĥĬȋŠňÿŋĬĥŚǣȋĬĥĀĬĉĥĀȋĬŋȋêżĉŚȋÿêêŒȋŚĬȋ ĉĥŶêŒŚȋĉĥȋ
ŋĀĬǢȋ”ąêȋĬĥĞŽȋßĬŒŚŒȋŚĬȋĉĥŶêŒŚȋÃŋêȋ ŒŚĬßěÞŋĬěĉĥĀȋßąÃŋĀêŒȋŚĬȋÞŠŽȋĬŋȋŒêĞĞȋŒąÃŋêŒǢȋ
ߌĉŶêĞŽȋĤÃĥÃĀĉĥĀȋÃȋåĉŶêŋŒĉƌêåȋ ňĬŋŚÿĬĞĉĬȋĬÿȋ
ŠŒŚŋÃĞĉÃĥȋŒąÃŋêŒȋŷĉŚąȋÃȋ ĞĬŷǹßĬŒŚǣȋĉĥŚêŋĥÃĞĞŽȋĤÃĥÃĀêåȋÞŠŒĉĥꌌȋ ĤĬåêĞǣȋŷêȋÃňňĞŽȋÃȋßĬĥŒêŋŶÃŚĉŶêǣȋĞĬĥĀǹ ŚêŋĤȋĉĥŶêŒŚĤêĥŚȋÃňňŋĬÃßąȋŷąĉßąȋąÃŒȋ ňŋĬŶêĥȋŋêŒĉĞĉêĥŚȋŒĉĥßêȋƒƚƕƗǢ 5 ŒąÃŋêąĬĞåêŋȋÞêĥêƌŚŒ Low-cost, internally managed FĥŚêŋĥÃĞȋĤÃĥÃĀêĤêĥŚȋŒŚŋŠßŚŠŋêȋêĥŒŠŋêŒȋĞĬŷȋĬňêŋÃŚĉĥĀȋßĬŒŚŒȋ ÃĥåȋĥĬȋêżŚêŋĥÃĞȋÿêêŒǢȋ<ĬŋȋŚąêȋŽêÃŋȋêĥåêåȋƔƑȋTŠĥêȋƓƑƓƖǣȋŚĬŚÃĞȋ ĬňêŋÃŚĉĥĀȋßĬŒŚŒȋŷêŋêȋƑǢƒƖɄȋĬÿȋÃŶêŋÃĀêȋÃŒŒêŚŒȋÃŚȋĤÃŋěêŚȋ ŶÃĞŠêǢ Fully-franked, sustainable dividends #ĉŶĉåêĥåŒȋňÃĉåȋêŶêŋŽȋŽêÃŋȋŒĉĥßêȋĉĥßêňŚĉĬĥȋĉĥȋƒƚƕƗȋÃĥåȋÿŠĞĞŽȋ ÿŋÃĥěêåȋŒĉĥßêȋƒƚƚƖǢȋFĥȋÃååĉŚĉĬĥǣȋåĉŶĉåêĥåŒȋŒĬĤêŚĉĤêŒȋĉĥßĞŠåêȋ ÃȋXFȋßÃňĉŚÃĞȋĀÃĉĥȋßĬĤňĬĥêĥŚȋŷąĉßąȋňŋĬŶĉåêŒȋÃȋŚÃżȋåêåŠßŚĉĬĥȋ ÿĬŋȋêĞĉĀĉÞĞêȋŒąÃŋêąĬĞåêŋŒǢ #ĉŶêŋŒĉƌêåȋÃĥåȋÃåĤĉĥĉŒŚŋÃŚĉŶêĞŽȋŒĉĤňĞê (żňĬŒŠŋêȋŚĬȋÃȋąĉĀąĞŽȋåĉŶêŋŒĉƌêåȋňĬŋŚÿĬĞĉĬȋĬÿȋ
ŠŒŚŋÃĞĉÃĥȋ êŊŠĉŚĉêŒȋŚąŋĬŠĀąȋÃȋŒĉĥĀĞêȋ
ŒµȋŚŋÃåêǢ Long-term, proven investment approach êŒĉĞĉêĥßêȋÃĥåȋĀŋĬŷŚąȋŚąŋĬŠĀąȋŶÃŋĉĬŠŒȋĤÃŋěêŚȋߎßĞêŒȋÃĥåȋ ßĬĥåĉŚĉĬĥŒȋĬŶêŋȋƘƚȋŽêÃŋŒȋĬÿȋĉĥŶêŒŚĉĥĀȋĉĥȋ
ŠŒŚŋÃĞĉÃǢ Experienced board and management team BĉĀąĞŽȋêżňêŋĉêĥßêåȋÞĬÃŋåȋÃĥåȋĤÃĥÃĀêĤêĥŚȋŚêÃĤȋŷĉŚąȋ ŒŚŋĬĥĀȋĀĬŶêŋĥÃĥßêȋÃĥåȋßĬĥŒêŋŶÃŚĉŶêȋßŠĞŚŠŋêǢ Strong balance sheet with no debt ĬĥŒêŋŶÃŚĉŶêĞŽȋĤÃĥÃĀêåȋßĬĤňÃĥŽȋŷĉŚąȋÃȋŒŚŋĬĥĀȋÞÃĞÃĥßêȋ ŒąêêŚȋÃĥåȋĥĬȋåêÞŚǢ Build your shareholding
ŋĀĬȊŒȋ#ĉŶĉåêĥåȋ êĉĥŶêŒŚĤêĥŚȋ‚ĞÃĥȋdz# ‚ǴȋÃĥåȋ#ĉŶĉåêĥåȋ ŒŠÞŒŚĉŚŠŚĉĬĥȋŒąÃŋêȋ‚ĞÃĥȋdz#ŒŒ‚ǴȋĀĉŶêȋŒąÃŋêąĬĞåêŋŒȋŚąêȋ opportunity to utilise their entitlement to dividends to ÃßŊŠĉŋêȋĤĬŋêȋŒąÃŋêŒǢ 6 Investment approach Since 1946, Argo has invested in Australian listed companies, applying a patient and conservative approach navigating through various market cycles, events and conditions. °êȋŋêŶĉêŷȋêżŚêŋĥÃĞȋĉĥÿĬŋĤÃŚĉĬĥǣȋÃĞŚąĬŠĀąȋ ňŋĉĤÃŋĉĞŽȋßĬĥåŠßŚȋĬŠŋȋĬŷĥȋŋêŒêÃŋßąȋŚĬȋêĥŒŠŋêȋ ĉĥåêňêĥåêĥßêǢȋÃŒêåȋĬĥȋÃȋåêŚÃĉĞêåȋÃĥÃĞŽŒĉŒȋĬÿȋ ÃȋßĬĤňÃĥŽȊŒȋƌĥÃĥßĉÃĞȋĤêŚŋĉߌǣȋŷêȋßĬĥŒŚŋŠßŚȋ ÃȋŶÃĞŠÃŚĉĬĥǢȋêĉĥĀȋĞĬĥĀǹŚêŋĤȋÃĥåȋňÃŚĉêĥŚȋ ĉĥŶêŒŚĬŋŒǣȋŷêȋĬĥĞŽȋÞŠŽȋÃȋŒŚĬßěȋŷąêĥȋĉŚȋĉŒȋ ŚŋÃåĉĥĀȋÞêĞĬŷȋĬŠŋȋŶÃĞŠÃŚĉĬĥǢȋȋ Investment philosophy °êȋŒŚŋĬĥĀĞŽȋÞêĞĉêŶêȋĉĥȋŚąêȋߊĤŠĞÃŚĉŶêȋêÿÿêߌȋ ĬÿȋĉĥŶêŒŚĉĥĀȋĉĥȋŊŠÃĞĉŚŽȋßĬĤňÃĥĉêŒȋÿĬŋȋŚąêȋĞĬĥĀǹ ŚêŋĤǣȋŷąĉĞêȋÃŶĬĉåĉĥĀȋŚąêȋŚêĤňŚÃŚĉĬĥȋŚĬȋŒêêěȋ ŒąĬŋŚǹŚêŋĤȋĀÃĉĥŒȋĉĥȋąĉĀąêŋǹŋĉŒěȋŒĉŚŠÃŚĉĬĥŒǢ Investment process fŠŋȋĉĥŶêŒŚĤêĥŚȋňŋĬßꌌȋąêĞňŒȋŠŒȋĉåêĥŚĉÿŽȋ ßĬĤňÃĥĉêŒȋŷĉŚąȋÃȋŒŚŋĬĥĀȋĤÃŋěêŚȋňĬŒĉŚĉĬĥǣȋ åĉŒßĉňĞĉĥêåȋÞŠŒĉĥꌌȋŒŚŋÃŚêĀŽǣȋÃȋŒŚŋĬĥĀȋÞĬÃŋåȋ ÃĥåȋĤÃĥÃĀêĤêĥŚȋŚêÃĤȋÃĥåȋÃĥȋêŒŚÃÞĞĉŒąêåȋ ŚŋÃßěȋŋêßĬŋåȋĬÿȋåêĞĉŶêŋĉĥĀȋêÃŋĥĉĥĀŒȋÃĥåȋ åĉŶĉåêĥåȋĀŋĬŷŚąǢ ”ąêȋĉĥŶêŒŚĤêĥŚȋŚêÃĤȋßĬĥŚĉĥŠÃĞĞŽȋĤĬĥĉŚĬŋŒȋÃĥåȋ ŋêŶĉêŷŒȋÃĞĞȋĉĥŶêŒŚĤêĥŚŒȋŚĬȋêĥŒŠŋêȋĬŠŋȋňĬŋŚÿĬĞĉĬȋ ĤêêŚŒȋĬŠŋȋĉĥŶêŒŚĤêĥŚȋĬÞĘêߌĉŶêǢȋ ESG integration
ĥÃĞŽŒĉŒȋĬÿȋêĥŶĉŋĬĥĤêĥŚÃĞǣȋŒĬßĉÃĞȋÃĥåȋ ĀĬŶêŋĥÃĥßêȋdz(Œ=ǴȋÿÃߌĬŋŒȋÃŋêȋĉĥąêŋêĥŚȋŚĬȋĬŠŋȋ ÃŒŒêŒŒĤêĥŚȋĬÿȋÃȋßĬĤňÃĥŽȊŒȋŋĉŒěȋňŋĬƌĞêȋÃĥåȋ ĉĤňÃߌŒȋĬĥȋĉŚŒȋĞĬĥĀǹŚêŋĤȋŶÃĞŠêǢȋ<ĬŋȋĤĬŋêȋåêŚÃĉĞȋ ŒêêȋĬŠŋȋ(Œ=ȋFĥŶêŒŚĤêĥŚȋŒŚÃŚêĤêĥŚȋĬĥȋĬŠŋȋ ŷêÞŒĉŚêǢȋ °êȋŠĥåêŋŚÃěêȋêżŚêĥŒĉŶêȋŊŠÃĞĉŚÃŚĉŶêȋÃĥåȋ ŊŠÃĥŚĉŚÃŚĉŶêȋŋêŒêÃŋßąȋÞêÿĬŋêȋŷêȋĉĥŶêŒŚȋÃĥŽȋĬÿȋ ĬŠŋȋŒąÃŋêąĬĞåêŋŒȄȋßÃňĉŚÃĞȋĉĥȋÃȋßĬĤňÃĥŽǢȋ 7 Portfolio overview fur investment portfolio is focused on Ŋuality and diversiƌcation, comprising Australian companies across a range of industries, offering both capital growth and consistent and growing dividends. ĞĬĥĀǹŚêŋĤȋňŋĬŒňêߌŒȋÃĥåȋŚąêȋňĬŚêĥŚĉÃĞȋŚĬȋ ÞêßĬĤêȋÿŠŚŠŋêȋĞêÃåĉĥĀȋ
ŠŒŚŋÃĞĉÃĥȋĞĉŒŚêåȋ ßĬĤňÃĥĉêŒǢȋ BĉĀąĞŽȋåĉŶêŋŒĉƌêå ^ÃĥŽȋĬÿȋĬŠŋȋŒąÃŋêąĬĞåêŋŒȋĉĥŶêŒŚȋĉĥȋ
ŋĀĬȋ ÞêßÊŒêȋŷêȋĬÿÿêŋȋÃĥȋêÃŒŽȋÃĥåȋêÿÿêߌĉŶêȋŷÃŽȋ ŚĬȋĀÃĉĥȋêżňĬŒŠŋêȋŚĬȋÃȋåĉŶêŋŒêȋňĬŋŚÿĬĞĉĬȋĬÿȋ
ŠŒŚŋÃĞĉÃĥȋĞĉŒŚêåȋßĬĤňÃĥĉêŒǢ Superior structure
ŋĀĬȊŒȋßĞĬŒêǹêĥåêåǣȋĞĉŒŚêåȋĉĥŶêŒŚĤêĥŚȋ ßĬĤňÃĥŽȋŒŚŋŠßŚŠŋêȋĉĥŒŠĞÃŚêŒȋĬŠŋȋňĬŋŚÿĬĞĉĬȋ ÿŋĬĤȋĉĥƍĬŷŒȋÃĥåȋĬŠŚƍĬŷŒȋĬÿȋßÃňĉŚÃĞǢȋšĥĞĉěêȋ ĤÃĥÃĀêåȋĉĥŶêŒŚĤêĥŚȋÿŠĥåŒȋŷĉŚąȋÃĥȋĬňêĥǹ êĥåêåȋŒŚŋŠßŚŠŋêǣȋŚąĉŒȋĤêÃĥŒȋŚąÃŚȋ
ŋĀĬȋĉŒȋĥĬŚȋ ÿĬŋßêåȋŚĬȋŒêĞĞȋÃĥŽȋĬÿȋĬŠŋȋĉĥŶêŒŚĤêĥŚŒȋŚĬȋÿŠĥåȋ ŋêåêĤňŚĉĬĥŒȋŷąêĥȋĉĥŶêŒŚĬŋŒȋŷÃĥŚȋŚĬȋêżĉŚǢ fŠŋȋňĬŋŚÿĬĞĉĬȋĉŒȋĥĬŚȋĬŶêŋĞŽȋêżňĬŒêåȋŚĬȋÃĥŽȋ ĬĥêȋŒêߌĬŋȋĬÿȋŚąêȋêßĬĥĬĤŽǢȋFĤňĬŋŚÃĥŚĞŽǣȋĉŚȋ ĉĥßĞŠåêŒȋêżňĬŒŠŋêȋŚĬȋ
ŠŒŚŋÃĞĉÃĥȋßĬĤňÃĥĉêŒȋ ŷĉŚąȋĬŶêŋŒêÃŒȋĬňêŋÃŚĉĬĥŒȋňŋĬŶĉåĉĥĀȋÿŠŋŚąêŋȋ åĉŶêŋŒĉƌßÃŚĉĬĥǢ ”ąĉŒȋåĉŶêŋŒĉƌßÃŚĉĬĥȋąêĞňŒȋŋêåŠßêȋŶĬĞÃŚĉĞĉŚŽǢȋ BÃŶĉĥĀȋÃȋŒŚÃÞĞêȋňĬĬĞȋĬÿȋĤĬĥêŽȋŚĬȋĉĥŶêŒŚȋĤêÃĥŒȋ ĬŠŋȋĉĥŶêŒŚĤêĥŚȋŚêÃĤȋßÃĥȋŚÃěêȋÃȋĞĬĥĀǹŚêŋĤȋ ÃňňŋĬÃßąȋŚĬȋĉĥŶêŒŚĤêĥŚȋåêßĉŒĉĬĥŒǢȋ Quality companies fŠŋȋňĬŋŚÿĬĞĉĬȋĉŒȋŷêĉĀąŚêåȋŚĬŷÃŋåŒȋêŒŚÃÞĞĉŒąêåȋ ßĬĤňÃĥĉêŒȋŷĉŚąȋŋêĞĉÃÞĞêȋßÃŒąƍĬŷŒȋÃĥåȋ ŒŠŒŚÃĉĥÃÞĞêȋåĉŶĉåêĥåŒȋŷąĉßąȋŷêȋňÃŒŒȋŚąŋĬŠĀąȋ ŚĬȋĬŠŋȋŒąÃŋêąĬĞåêŋŒȋÃŒȋÿŠĞĞŽȋÿŋÃĥěêåȋåĉŶĉåêĥåŒǢȋ FĤňĬŋŚÃĥŚĞŽǣȋ
ŋĀĬȊŒȋňĬŋŚÿĬĞĉĬȋĉŒȋĤÃåêȋŠňȋĬÿȋ ßĬĤňÃĥĉêŒȋŚąÃŚȋąÃŶêȋŒĬŠĥåȋĞĬĥĀǹŚêŋĤȋĀŋĬŷŚąȋ ňŋĬŒňêߌŒǢȋ”ąêŒêȋŚêĥåȋŚĬȋÞêȋÃŚȋŚąêȋĞÃŋĀêŋȋ êĥåȋĬÿȋŚąêȋŒąÃŋêȋĤÃŋěêŚȋÃĥåȋĉĥßĞŠåêȋĤÃĥŽȋ ąĬŠŒêąĬĞåȋĥÃĤêŒǢȋFĥȋÃååĉŚĉĬĥǣȋŷêȋĬŷĥȋŒĬĤêȋ ŒĤÃĞĞêŋǣȋĀŋĬŷĉĥĀȋßĬĤňÃĥĉêŒȋŷĉŚąȋÃŚŚŋÃߌĉŶêȋ °êȋßÃĥȋÃĞŒĬȋŚÃěêȋÃåŶÃĥŚÃĀêȋĬÿȋĤÃŋěêŚȋ ŶĬĞÃŚĉĞĉŚŽȋŚĬȋÞŠŽȋŒŚĬßěŒȋŷąêĥȋŚąêĉŋȋŒąÃŋêȋňŋĉßêŒȋ ŚŋÃåêȋÞêĞĬŷȋŚąêĉŋȋŶÃĞŠÃŚĉĬĥŒǢȋ ŒêߌĬŋȋåĉŶêŋŒĉƌßÃŚĉĬĥ Other Financials 15% Industrials 7% Banks 15% Consumer Discret. 7% Materials 13% Property 3% Telcos & I.T. 12% LICs 2% Health Care 9% Utilities 1% Consumer Staples 8% Cash 1% Energy 7% Figures above are at 30 June 2025. 8 Top 20 investments Argo's 20 largest investments at 30 June 2025 are listed below. We announce our top 20 investments every month via the ASX and on our website. ȟĤ % of portfolio ^ÃßŊŠÃŋĉêȋ=ŋĬŠň ƪƫƮDZƨ ƬDZƦ ĬĤĤĬĥŷêÃĞŚąȋÃĥěȋĬÿȋ
ŠŒŚŋÃĞĉà ƩƨƩDZƭ ƪDZƩ B‚ȋ=ŋĬŠň ƨƭƨDZƩ ƩDZƭ °êŒÿÃŋĤêŋŒ ƨƪƫDZƬ ƩDZƪ ŒX ƨƧƦDZƨ ƩDZƥ °êŒŚňÃßȋÃĥěĉĥĀȋĬŋňĬŋŚÃŚĉĬĥ ƧƮƭDZƧ ƨDZƬ ”êßąĥĬĞĬĀŽȋfĥê ƧƫƧDZƪ ƨDZƨ ĉĬȋ”ĉĥŚĬ ƧƩƨDZƬ ƨDZƦ
ŋĉŒŚĬßŋÃŚȋXêĉŒŠŋê ƧƩƧDZƥ ƨDZƥ ”êĞŒŚŋÃȋ=ŋĬŠň ƧƨƩDZƭ ƧDZƮ
_¾ȋ=ŋĬŠňȋBĬĞåĉĥĀŒ ƧƨƨDZƬ ƧDZƮ _ÃŚĉĬĥÃĞȋ
ŠŒŚŋÃĞĉÃȋÃĥě ƧƧƮDZƬ ƧDZƮ ŒÃĥŚĬŒ ƧƧƫDZƦ ƧDZƭ „(ȋFĥŒŠŋÃĥßêȋ=ŋĬŠň ƧƥƪDZƫ ƧDZƫ ĬĤňŠŚêŋŒąÃŋê ƦƮƪDZƪ ƧDZƩ fŋĉĀĉĥȋ(ĥêŋĀŽ ƦƪƥDZƩ ƦDZƮ ŒŠĥßĬŋňȋ=ŋĬŠň ƦƨƬDZƮ ƦDZƬ ”ŋÃĥŒŠŋÞÃĥȋ=ŋĬŠň ƦƧƭDZƪ ƦDZƫ °ĬĬĞŷĬŋŚąŒȋ=ŋĬŠň ƦƧƥDZƬ ƦDZƪ
‚
ȋ=ŋĬŠň ƦƦƫDZƮ ƦDZƪ Top 20 equity investments ƪDzƥƮƦDZƬ ƫƨDZƫ Cash and cash equivalents ƦƦƮDZƨ ƦDZƪ Portfolio holdings
ŋĀĬȊŒȋňĬŋŚÿĬĞĉĬȋĬÿȋĞĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚŒǣȋĉĥßĞŠåĉĥĀȋŚąêȋŶÃĞŠêȋĬÿȋêÃßąȋąĬĞåĉĥĀȋÃĥåȋŚĬŚÃĞȋĥŠĤÞêŋȋ ĬÿȋŒąÃŋêŒȋąêĞåǣȋßÃĥȋÞêȋÿĬŠĥåȋĬĥȋňÃĀêȋƘƖȋĬÿȋŚąĉŒȋ
ĥĥŠÃĞȋ êňĬŋŚǢȋ 9 Directors’ Report The Directors present their 79th Annual Report together with the ƌnancial report of the consolidated entity, consisting of Argo Investments Limited and its controlled entities (Argo or Company), for the ƌnancial year ended 30 June 2025 including the Independent Auditor’s Report. Directors
ŚȋŚąêȋåÃŚêȋĬÿȋŚąĉŒȋŋêňĬŋŚǣȋŚąêȋĬÃŋåȋßĬĤňŋĉŒêåȋƌŶêȋ_ĬĥǹêżêߊŚĉŶêȋ#ĉŋêߌĬŋŒȋÃĥåȋŚąêȋ ^ÃĥÃĀĉĥĀȌ#ĉŋêߌĬŋǢȋ”ąêȋ#ĉŋêߌĬŋŒȋĉĥȋĬÿƌßêȋåŠŋĉĥĀȋĬŋȋŒĉĥßêȋŚąêȋêĥåȋĬÿȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋȋÃŋêȋÃŒȋ ÿĬĞĞĬŷŒǤ Experience (żňêŋĉêĥßêåȋßĬĤňÃĥŽȋåĉŋêߌĬŋȋŷĉŚąȋêżŚêĥŒĉŶêȋ ěĥĬŷĞêåĀêȋĬÿȋŚąêȋƌĥÃĥßĉÃĞȋŒêŋŶĉßêŒȋÃĥåȋ ĉĥŶêŒŚĤêĥŚȋÞÃĥěĉĥĀȋŒêߌĬŋŒǢȋ<ĬŋĤêŋȋąÃĉŋȋĬÿȋ ^ÃßŊŠÃŋĉêȋ=ŋĬŠňǢ ASX directorships, current F‚BȋdzŒĉĥßêȋƓƑƓƒǣȋąÃĉŋǴǣȋ¯ĉŋĀĉĥȋ
ŠŒŚŋÃĞĉÃȋ BĬĞåĉĥĀŒȋdzŒĉĥßêȋTŠĥêȋƓƑƓƖǣȋąÃĉŋǴǣȋ
ŋĀĬȋ=ĞĬÞÃĞȋ XĉŒŚêåȋFĥÿŋÃŒŚŋŠßŚŠŋêȋdzŒĉĥßêȋTÃĥŠÃŋŽȋƓƑƓƖǣȋ ąÃĉŋǴ Peter Warne Independent Non-executive Director and Chairman BA(Actuarial Studies), FAICD Joined the Board in 2022 Appointed Chairman on 1 January 2025 Audit & Risk Committee member Remuneration Committee member ASX directorships, last 3 years ǹ Other directorships šĥĉŒŠňêŋǣȋ
ĞĞêĥŒǣȋ<ĉĥÃĥßĉÃĞȋ^ÃŋěêŚŒȋ ŒŚÃĥåÃŋåŒȋĬÃŋåȋdzšVǴǣȋ
ŋĀĬȋŒêŋŶĉßêȋ ĬĤňÃĥŽȋdząÃĉŋǴ Experience
ŠŒŚŋÃĞĉÃĥȋÃĥåȋĉĥŚêŋĥÃŚĉĬĥÃĞȋêżňêŋĉêĥßêȋĉĥȋ ĀĞĬÞÃĞȋĉĥŶêŒŚĤêĥŚȋĤÃŋěêŚŒȋÃŒȋÃȋ_ĬĥǹêżêߊŚĉŶêȋ #ĉŋêߌĬŋȋÃĥåȋêżêߊŚĉŶêǢ ASX directorships, current XêĥåĞêÃŒêȋ=ŋĬŠňȋdzŒĉĥßêȋTŠĞŽȋƓƑƓƖǴ ASX directorships, last 3 years ąÃŋŚêŋȋBÃĞĞȋ êŚÃĉĞȋ (F”ȋdzƓƑƓƖǴ Lianne Buck Independent Non-executive Director BCom, MAcc, GAICD Joined the Board in 2022 Audit & Risk Committee member (Chair) Other directorships
ŋĀĬȋŒêŋŶĉßêȋĬĤňÃĥŽǣȋ
ŠŒ_êŚȋŒêŋŶĉßêŒǣȋŒŚȋ =êĬŋĀêȋĬĤĤŠĥĉŚŽȋBĬŠŒĉĥĀ 10 Experience (żŚêĥŒĉŶêȋêżňêŋĉêĥßêȋĉĥȋŚąêȋŷêÃĞŚąȋ ĤÃĥÃĀêĤêĥŚȋÃĥåȋňąĉĞÃĥŚąŋĬňĉßȋŒêߌĬŋŒǣȋ ĉĥßĞŠåĉĥĀȋÃŒȋ(fȋĬÿȋĬĞĬĥĉÃĞȋ<ĉŋŒŚȋŒŚÃŚêȋÃĥåȋ ąÃĞĞêĥĀêŋȋ<ĉĥÃĥßĉÃĞȋŒêŋŶĉßêŒǣȋÃĥåȋąÃĉŋĤÃĥȋ ĬÿȋšĥĉŒŠňêŋǢ ASX directorships, current BêÃŋŚŒȋÃĥåȋ^ĉĥåŒȋFĥŶêŒŚĤêĥŚŒȋdzŒĉĥßêȋƓƑƒƙǣȋ ąÃĉŋǴǣȋ=ĞĬÞÃĞȋ¯ÃĞŠêȋ<ŠĥåȋdzŒĉĥßêȋƓƑƒƕǴ Christopher Cuffe AO Independent Non-executive Director BCom, FCA Joined the Board in 2016 Audit & Risk Committee member ASX directorships, last 3 years ǹ Other directorships
ŠŒŚŋÃĞĉÃĥȋ‚ąĉĞÃĥŚąŋĬňĉßȋŒêŋŶĉßêŒȋdząÃĉŋǴǣȋ VêŽŶĉêŷȋ‚ÃŋŚĥêŋŒȋ=ŋĬŠňǣȋ”ąĉŋåȋXĉĥěȋ FĥŶêŒŚĤêĥŚȋ^ÃĥÃĀêŋŒǣȋ”ąêȋTÃĤêŒȋ<ÃĉŋÿÃżȋ <ĬŠĥåÃŚĉĬĥ Experience (żňêŋĉêĥßêåȋåĉŋêߌĬŋȋÃĥåȋĞÃŷŽêŋǣȋŒêŋŶĉĥĀȋĬĥȋ
ŒµǹĞĉŒŚêåǣȋĀĬŶêŋĥĤêĥŚȋÃĥåȋĥĬŚǹÿĬŋǹňŋĬƌŚȋ ÞĬÃŋåŒǣȋňÃŋŚĉߊĞÃŋĞŽȋĉĥȋŚąêȋŋêŒĬŠŋßêŒȋÃĥåȋ êĥêŋĀŽȋŒêߌĬŋŒǢ ASX directorships, current VÃŋĬĬĥȋ(ĥêŋĀŽȋdzŒĉĥßêȋƓƑƓƕǴ ASX directorships, last 3 years ‚ÃĞÃåĉĥȋ(ĥêŋĀŽȋdzƓƑƓƒǹƓƑƓƕǴǣȋ
ĥåŋĬĤêåÃȋ ^êŚÃĞŒȋdzƓƑƓƒǹƓƑƓƕǴ Melissa Holzberger Independent Non-executive Director BA, LLB, LLM(Resources Law), Dip International Nuclear Law, GDLP, FGIA, GAICD Joined the Board in 2023 Remuneration Committee member Other directorships FĥŚêŋĤĬåÃĞȋ”êŋĤĉĥÃĞȋĬĤňÃĥŽ 11 #ĉŋêߌĬŋŒȄȋ êňĬŋŚ Experience (żŚêĥŒĉŶêȋÞÃßěĀŋĬŠĥåȋĉĥȋŚąêȋƌĥÃĥßĉÃĞȋŒêŋŶĉßêŒȋ ŒêߌĬŋǣȋĉĥßĞŠåĉĥĀȋŷêÃĞŚąȋĤÃĥÃĀêĤêĥŚǣȋ ĉĥŶêŒŚĤêĥŚȋÞÃĥěĉĥĀȋÃĥåȋŒŠňêŋÃĥĥŠÃŚĉĬĥǣȋĉĥȋ
ŠŒŚŋÃĞĉÃȋÃĥåȋŚąêȋšVǢ ASX directorships, current ǹ Elizabeth Lewin Independent Non-executive Director GAICD Joined the Board in 2018 Remuneration Committee member (Chair) ASX directorships, last 3 years ǹ Other directorships
ŠŒŚŋÃĞĉÃĥȋąÃĤÞêŋȋfŋßąêŒŚŋÃǣȋVÃĞåĬŋȋ‚ŠÞĞĉßȋ
ŋŚȋ‚ŋĬĘêߌŒ Experience ŒŚÃŋŚêåȋąĉŒȋßÃŋêêŋȋĉĥȋĤĉĥĉĥĀȋêĥĀĉĥêêŋĉĥĀȋ ÞêÿĬŋêȋĤĬŶĉĥĀȋĉĥŚĬȋŚąêȋĉĥŶêŒŚĤêĥŚȋĉĥ劌ŚŋŽǣȋ ŷĬŋěĉĥĀȋĉĥȋÞŋĬěĉĥĀǣȋŋêŒêÃŋßąȋÃĥåȋÿŠĥåŒȋ ĤÃĥÃĀêĤêĥŚǢȋTĬĉĥêåȋ
ŋĀĬȋĉĥȋƓƑƑƒȋÃŒȋÃĥȋ FĥŶêŒŚĤêĥŚȋ
ĥÃĞŽŒŚǣȋÞêßÃĤêȋąĉêÿȋFĥŶêŒŚĤêĥŚȋ fÿƌßêŋȋĉĥȋƓƑƑƙȋÃĥåȋąĉêÿȌ(żêߊŚĉŶêȋfÿƌßêŋȋ ĉĥȋƓƑƒƑǢ Jason Beddow Non-Independent Managing Director BEng, GdipAppFin (SecInst), GAICD Joined the Board in 2014 ASX directorships, current
ŋĀĬȋ=ĞĬÞÃĞȋXĉŒŚêåȋFĥÿŋÃŒŚŋŠßŚŠŋêȋdzŒĉĥßêȋƓƑƒƖǣȋ ^ÃĥÃĀĉĥĀȌ#ĉŋêߌĬŋǴ ASX directorships, last 3 years ǹ Other directorships
ŋĀĬȋŒêŋŶĉßêȋĬĤňÃĥŽȋdz^ÃĥÃĀĉĥĀȋ#ĉŋêߌĬŋǴ 12 Retired director Experience (żňêŋĉêĥßêåȋßĬĤňÃĥŽȋåĉŋêߌĬŋȋŷąĬȋąÃŒȋÃĞŒĬȋ held several senior government positions in ĉĥ劌ŚŋŽǣȋŒßĉêĥßêȋÃĥåȋêĥêŋĀŽǣȋÃĥåȋĉĥȋêßĬĥĬĤĉßȋ ÃĥåȋƌŒßÃĞȋňĬĞĉߎǣȋĉĥȋ
ŠŒŚŋÃĞĉÃȋÃĥåȋĬŶêŋŒêÃŒǢ ASX directorships, current Russell Higgins AO Independent Non-executive Director ÃĥåȌąÃĉŋĤÃĥ BEc, FAICD Joined the Board in 2011 Appointed Chairman in 2018 Audit & Risk Committee member Retired on 31 December 2024 ASX directorships, last 3 years
ŋĀĬȋ=ĞĬÞÃĞȋXĉŒŚêåȋFĥÿŋÃŒŚŋŠßŚŠŋêȋdzƓƑƒƙǹƓƑƓƕǣȋ ąÃĉŋĤÃĥǴ Other directorships ǹ Directors’ relevant interests ”ąêȋ#ĉŋêߌĬŋŒȄȋŋêĞêŶÃĥŚȋĉĥŚêŋêŒŚŒȋĉĥȋŒąÃŋêŒȋÃĥåȋêżêߊŚĉŶêȋňêŋÿĬŋĤÃĥßêȋŋĉĀąŚŒǣȋÃŒȋĥĬŚĉƌêåȋŚĬȋŚąêȋ
ŒµȋĉĥȋÃßßĬŋåÃĥßêȋŷĉŚąȋŚąêȋCorporations Act 2001ǣȋÃŚȋŚąêȋåÃŚêȋĬÿȋŚąĉŒȋŋêňĬŋŚȋÃŋêȋÃŒȋÿĬĞĞĬŷŒǤ Shares Performance Rights ‚ǢBǢȋ°Ãŋĥê - - XǢ^ǢȋŠßě 16,011 - Ǣ(ǢȋŠÿÿêȋ
f 15,598 - ^ǢVǢȋBĬĞƅÞêŋĀêŋ 5,572 - (Ǣ
ǢȋXêŷĉĥ 15,015 - TǢȋêååĬŷ 556,851 373,981 13 Board and Committee meetings
ŚȋŚąêȋåÃŚêȋĬÿȋŚąĉŒȋŋêňĬŋŚǣȋŚąêȋĬÃŋåȋąÃŒȋÃĥȋ
ŠåĉŚȋɈȋ ĉŒěȋĬĤĤĉŚŚêêȋÃĥåȋÃȋ êĤŠĥêŋÃŚĉĬĥȋ ĬĤĤĉŚŚêêǢ ”ąêŋêȋŷêŋêȋêĉĀąŚȋĬÃŋåȋĤêêŚĉĥĀŒǣȋÿĬŠŋȋ
ŠåĉŚȋɈȋ ĉŒěȋĬĤĤĉŚŚêêȋĤêêŚĉĥĀŒȋÃĥåȋŚąŋêêȋ êĤŠĥêŋÃŚĉĬĥȋĬĤĤĉŚŚêêȋĤêêŚĉĥĀŒȋąêĞåȋåŠŋĉĥĀȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋǢȋ”ąêȋĥŠĤÞêŋȋĬÿȋĤêêŚĉĥĀŒȋ ÃŚŚêĥåêåȋåŠŋĉĥĀȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋȋÞŽȋêÃßąȋĬÿȋŚąêȋ#ĉŋêߌĬŋŒȋŷąĉĞêȋĉĥȋĬÿƌßêȋŷêŋêǤ Audit & Risk Committee Board _ĬDZȋĬÿ meetings held while Ãȋ#ĉŋêߌĬŋ _ĬDZȋĬÿ _ĬDZȋĬÿ meetings meetings held while attended ÃȋĤêĤÞêŋ Remuneration Committee _ĬDZȋĬÿ meetings attended _ĬDZȋĬÿ meetings held while ÃȋĤêĤÞêŋ _ĬDZȋĬÿ meetings attended ‚ǢBǢȋ°Ãŋĥê 8 8 1 4* 3 3 Ǣ
ǢȋBĉĀĀĉĥŒȋ
fȋdzÃǴ 4 4 2 2 - 1* XǢ^ǢȋŠßě 8 8 4 4 - 1* Ǣ(ǢȋŠÿÿêȋ
f 8 7 4 4 - 1* ^ǢVǢȋBĬĞƅÞêŋĀêŋ 8 8 - 4* 3 3 (Ǣ
ǢȋXêŷĉĥ 8 8 - 3* 3 3 TǢȋêååĬŷ 8 8 - 4* - 3* ǭȋȋ FĥßĞŠåêŒȋĤêêŚĉĥĀŒȋÃŚŚêĥåêåȋÃŒȋĥĬĥǹĤêĤÞêŋŒ dzÃǴȋ ^ŋǢȋBĉĀĀĉĥŒȋŋêŚĉŋêåȋĬĥȋƔƒȋ#êßêĤÞêŋȋƓƑƓƕ Company Secretary ”ĉĤȋĉĥěŒȋBEc, 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 14 #ĉŋêߌĬŋŒȄȋ êňĬŋŚ fňêŋÃŚĉĥĀȋÃĥåȋƌĥÃĥßĉÃĞȋŋêŶĉêŷ åĉŶĉåêĥåŒȋêŶêŋŽȋŽêÃŋȋŒĉĥßêȋĉŚȋŷÃŒȋêŒŚÃÞĞĉŒąêåǢȋ Summary of business model
ŋĀĬȋŒąÃŋêŒȋĬÿÿêŋȋĉĥŶêŒŚĬŋŒȋÃȋňŋĬÿꌌĉĬĥÃĞĞŽȋ ĤÃĥÃĀêåǣȋåĉŶêŋŒĉƌêåȋÃĥåȋêÃŒĉĞŽȋŚŋÃåêåȋ êżňĬŒŠŋêȋŚĬȋŚąêȋ
ŠŒŚŋÃĞĉÃĥȋêŊŠĉŚŽȋĤÃŋěêŚǣȋ ŷĉŚąĬŠŚȋŚąêȋĥêêåȋŚĬȋňÃŽȋÿêêŒȋŚĬȋÃĥȋêżŚêŋĥÃĞȋ ĉĥŶêŒŚĤêĥŚȋĤÃĥÃĀêŋǢȋ
ŋĀĬȋĉŒȋÃȋĞĉŒŚêåȋĉĥŶêŒŚĤêĥŚȋßĬĤňÃĥŽȋŷąĉßąȋ ŒêêěŒȋŚĬȋĤÃżĉĤĉŒêȋŒąÃŋêąĬĞåêŋȋŋêŚŠŋĥŒȋ ŚąŋĬŠĀąȋŋêĞĉÃÞĞêȋÿŠĞĞŽȋÿŋÃĥěêåȋåĉŶĉåêĥåȋĉĥßĬĤêȋ ÃĥåȋßÃňĉŚÃĞȋĀŋĬŷŚąǢȋ <ĬŋȋŚąêȋĞÃŒŚȋƒƑȋŽêÃŋŒǣȋŚąêȋĬĤňÃĥŽȋąÃŒȋ ňŋĬåŠßêåȋÃȋßĬĤňĬŠĥåȋĉĥŶêŒŚĤêĥŚȋŋêŚŠŋĥȋ ĬÿȋȫƘǢƚɄȋňêŋȋÃĥĥŠĤǣȋÃŒȋĤêÃŒŠŋêåȋÞŽȋŚąêȋ ĤĬŶêĤêĥŚȋĉĥȋĥêŚȋŚÃĥĀĉÞĞêȋÃŒŒêŚȋdz_”
ǴȋÞÃßěĉĥĀȋ per share, assuming dividends paid are ŋêĉĥŶêŒŚêåǢȋ”ąĉŒȋŋêŚŠŋĥȋĉŒȋÃÿŚêŋȋĤÃĥÃĀêĤêĥŚȋ êżňêĥŒêŒȋÃĥåȋÃåĘŠŒŚêåȋÿĬŋȋßĬĤňÃĥŽȋŚÃżȋňÃĉåǣȋ ÃĥåȋßĬĤňÃŋêŒȋŚĬȋÃȋŋêŚŠŋĥȋĬÿȋȫƙǢƚɄȋňêŋȋÃĥĥŠĤȋ ÿŋĬĤȋŚąêȋŒɈ‚ǯ
ŒµȋƓƑƑȋ
ßߊĤŠĞÃŚĉĬĥȋFĥåêżǣȋ ÃĞŚąĬŠĀąȋŚąêȋĉĥåêżȋåĬêŒȋĥĬŚȋŚÃěêȋĉĥŚĬȋÃßßĬŠĥŚȋ ÃĥŽȋßĬŒŚŒǢȋ
ŋĀĬȄŒȋŚĬŚÃĞȋŒąÃŋêąĬĞåêŋȋŋêŚŠŋĥȋ dz”Œ ǴȋÞÃŒêåȋĬĥȋŚąêȋŒąÃŋêȋňŋĉßêȋĬŶêŋȋŚąêȋŒÃĤêȋ ƒƑǹŽêÃŋȋňêŋĉĬåȋŷÃŒȋȫƖǢƔɄȋňêŋȋÃĥĥŠĤǣȋÃĥåȋ ȫƘǢƑɄȋĉĥßĞŠåĉĥĀȋŚąêȋÿŋÃĥěĉĥĀȋßŋêåĉŚŒȋÃŚŚÃßąêåȋ ŚĬȋŚąêȋåĉŶĉåêĥåȋňÃŽĤêĥŚŒǢȋ
ߌĉŶêĞŽȋĤÃĥÃĀĉĥĀȋÃȋåĉŶêŋŒĉƌêåȋňĬŋŚÿĬĞĉĬȋĬÿȋ
ŠŒŚŋÃĞĉÃĥȋŒąÃŋêŒȋŷĉŚąĉĥȋÃȋĞĬŷǹßĬŒŚǣȋĉĥŚêŋĥÃĞĞŽȋ ĤÃĥÃĀêåȋÞŠŒĉĥꌌȋĤĬåêĞǣȋŷêȋÃňňĞŽȋÃȋ ßĬĥŒêŋŶÃŚĉŶêǣȋĞĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚȋÃňňŋĬÃßąȋ ŷąĉßąȋąÃŒȋňŋĬŶêĥȋŋêŒĉĞĉêĥŚȋŒĉĥßêȋƒƚƕƗǢȋ
ŋĀĬȋĀêĥêŋÃŚêŒȋŚąêȋĤÃĘĬŋĉŚŽȋĬÿȋĉŚŒȋĉĥßĬĤêȋ ÞŽȋȃąÃŋŶêŒŚĉĥĀȄȋŚąêȋåĉŶĉåêĥåŒȋŋêßêĉŶêåȋÿŋĬĤȋ ŚąêȋßĬĤňÃĥĉêŒȋĉĥȋĬŠŋȋĉĥŶêŒŚĤêĥŚȋňĬŋŚÿĬĞĉĬǢȋ
ååĉŚĉĬĥÃĞȋĉĥßĬĤêȋĉŒȋåêŋĉŶêåȋÿŋĬĤȋĉĥŚêŋêŒŚȋ êÃŋĥêåȋĬĥȋßÃŒąȋåêňĬŒĉŚŒǣȋňŋêĤĉŠĤȋĉĥßĬĤêȋ ÿŋĬĤȋŒêĞĞĉĥĀȋêżßąÃĥĀêǹŚŋÃåêåȋĬňŚĉĬĥŒǣȋÃȋ ŒĤÃĞĞȋÃĤĬŠĥŚȋĬÿȋŒąÃŋêȋŚŋÃåĉĥĀȋÃߌĉŶĉŚŽȋÃĥåȋ ÿêêȋĉĥßĬĤêȋÿŋĬĤȋĤÃĥÃĀĉĥĀȋÃĥȋêżŚêŋĥÃĞȋĞĉŒŚêåȋ ĉĥŶêŒŚĤêĥŚȋßĬĤňÃĥŽǢȋ
ŋĀĬȄŒȋĬňêŋÃŚĉĬĥÃĞȋßĬŒŚŒȋÃŋêȋŋêĞÃŚĉŶêĞŽȋŒŚÃÞĞêȋ ÃĥåȋÃŋêȋĞĬŷêŋȋŚąÃĥȋŚąĬŒêȋĬÿȋĤĬŒŚȋĬŚąêŋȋ ĤÃĥÃĀêåȋĉĥŶêŒŚĤêĥŚȋňŋĬåŠßŚŒȋåŠêȋŚĬȋĬŠŋȋ ĉĥŚêŋĥÃĞĞŽȋĤÃĥÃĀêåȋßĬŋňĬŋÃŚêȋŒŚŋŠßŚŠŋêǢȋFĥȋ ŚąêȋƓƑƓƖȋƌĥÃĥßĉÃĞȋŽêÃŋǣȋŚąêȋĬĤňÃĥŽȄŒȋŚĬŚÃĞȋ ĬňêŋÃŚĉĥĀȋßĬŒŚŒȋŷêŋêȋêŊŠĉŶÃĞêĥŚȋŚĬȋƑǢƒƖɄȋ ĬÿȋÃŶêŋÃĀêȋÃŒŒêŚŒǣȋŷąĉßąȋĉŒȋĞĬŷȋÞŽȋĉĥ劌ŚŋŽȋ ŒŚÃĥåÃŋåŒǢȋ
ŋĀĬȄŒȋĤÃĉĥȋêżňêĥŒêȋĉŚêĤŒȋÃŋêȋ ŋêĤŠĥêŋÃŚĉĬĥǣȋŒąÃŋêȋŋêĀĉŒŚŋŽȋÿêêŒǣȋĉĥŒŠŋÃĥßêǣȋ ĉĥÿĬŋĤÃŚĉĬĥȋŚêßąĥĬĞĬĀŽȋÃĥåȋĬÿƌßêȋŋêĥŚǢȋ FĥȋÃååĉŚĉĬĥȋŚĬȋĤÃĥÃĀĉĥĀȋ
ŋĀĬȄŒȋňĬŋŚÿĬĞĉĬȋÃĥåȋ ĬňêŋÃŚĉĬĥŒǣȋŚąêȋĬĤňÃĥŽȄŒȋŷąĬĞĞŽȋĬŷĥêåȋ ŒŠÞŒĉåĉÃŋŽǣȋ
ŋĀĬȋŒêŋŶĉßêȋĬĤňÃĥŽȋ‚ŚŽȋXŚåǣȋ ĤÃĥÃĀêŒȋÃĥȋêżŚêŋĥÃĞȋĞĉŒŚêåȋĉĥŶêŒŚĤêĥŚȋ ßĬĤňÃĥŽǣȋ
ŋĀĬȋ=ĞĬÞÃĞȋXĉŒŚêåȋFĥÿŋÃŒŚŋŠßŚŠŋêȋ XĉĤĉŚêåȋdz
XFǴǢȋ”ąêȋĤÃĥÃĀêĤêĥŚȋÃߌĉŶĉŚĉêŒȋ ĉĥßĞŠåêȋÃåĤĉĥĉŒŚŋÃŚĉĬĥǣȋƌĥÃĥßĉÃĞȋŋêňĬŋŚĉĥĀǣȋ ßĬĤňÃĥŽȋŒêßŋêŚÃŋĉÃĞȋåŠŚĉêŒȋÃĥåȋŒŠňêŋŶĉŒĉĬĥȋ Ĭÿȋ
XFȄŒȋŒąÃŋêȋŋêĀĉŒŚŋŽǣȋÃŒŒêŚȋߊŒŚĬåĉÃĥȋÃĥåȋĉŚŒȋ šŒǹÞÃŒêåȋňĬŋŚÿĬĞĉĬȋĤÃĥÃĀêŋǢ ”ąêȋÃÞĬŶêȋßąÃŋÃߌêŋĉŒŚĉߌȋĤÃěêȋÿĬŋȋÃĥȋ êÿƌßĉêĥŚȋÞŠŒĉĥꌌȋĤĬåêĞȋŷąĉßąȋÞêĥêƌŚŒȋÿŋĬĤȋ êßĬĥĬĤĉêŒȋĬÿȋŒßÃĞêǢȋ”ąêȋĞĬŷȋňŋĬňĬŋŚĉĬĥȋĬÿȋ ŶÃŋĉÃÞĞêȋßĬŒŚŒȋĉĤňĞĉêŒȋŚąÃŚȋĉĥȋĀêĥêŋÃĞǣȋňŋĬƌŚȋ ŷĉĞĞȋƍŠßŚŠÃŚêȋÃßßĬŋåĉĥĀȋŚĬȋŚąêȋňêŋÿĬŋĤÃĥßêǣȋ ÃĥåȋĉĥȋňÃŋŚĉߊĞÃŋȋŚąêȋåĉŶĉåêĥåȋňÃŽĬŠŚȋňĬĞĉßĉêŒǣȋ ĬÿȋêÃßąȋĬÿȋŚąêȋßĬĤňÃĥĉêŒȋĉĥȋŚąêȋĉĥŶêŒŚĤêĥŚȋ ňĬŋŚÿĬĞĉĬǢȋ Investment process ”ąêȋĉĥŶêŒŚĤêĥŚȋŚêÃĤǣȋĞêåȋÞŽȋŚąêȋ^ÃĥÃĀĉĥĀȋ #ĉŋêߌĬŋǣȋĉŒȋŋêŒňĬĥŒĉÞĞêȋÿĬŋȋßĬĥŒŚŋŠßŚĉĥĀȋÃĥåȋ ĤÃĉĥŚÃĉĥĉĥĀȋÃĥȋÃňňŋĬňŋĉÃŚêĞŽȋåĉŶêŋŒĉƌêåȋ ňĬŋŚÿĬĞĉĬȋŷąĉßąȋĀêĥêŋÃŚêŒȋŋêĞĉÃÞĞêȋåĉŶĉåêĥåȋ ĉĥßĬĤêȋÃĥåȋĞĬĥĀǹŚêŋĤȋßÃňĉŚÃĞȋĀŋĬŷŚąǢ ”ąêȋĉĥŶêŒŚĤêĥŚȋňŋĬßꌌǣȋŷąĉßąȋĉĥŶĬĞŶêŒȋ ŚąêȋĤĬĥĉŚĬŋĉĥĀȋÃĥåȋŋêŶĉêŷȋĬÿȋêżĉŒŚĉĥĀȋ investments as well as analysing potential ĥêŷȋĉĥŶêŒŚĤêĥŚŒǣȋĉĥßĞŠåêŒȋêżŚêĥŒĉŶêȋ ŋêŒêÃŋßąǣȋßĬĤňÃĥŽȋŶĉŒĉŚŒȋÃĥåȋĉĥ劌ŚŋŽȋ ŒŚŠåĉêŒǣȋÃŒȋŷêĞĞȋÃŒȋêßĬĥĬĤĉßȋÃĥÃĞŽŒĉŒȋ ŚĬȋąêĞňȋĉåêĥŚĉÿŽȋêĤêŋĀĉĥĀȋŚŋêĥåŒȋÃĥåȋ ÃŒŒĉŒŚȋŷĉŚąȋŚąêȋŚĉĤĉĥĀȋĬÿȋŚŋÃĥŒÃߌĉĬĥŒǢȋ
ŚȋÞÃĞÃĥßêȋåÃŚêȋŚąêŋêȋŷêŋêȋƙƖȋåĉÿÿêŋêĥŚȋ ŒŚĬßěŒȋĉĥȋŚąêȋĉĥŶêŒŚĤêĥŚȋňĬŋŚÿĬĞĉĬǣȋňŋĬŶĉåĉĥĀȋ ŚąêȋĬĤňÃĥŽȋŷĉŚąȋåĉŶĉåêĥåȋĉĥßĬĤêȋÿŋĬĤȋÃȋ åĉŶêŋŒêȋŋÃĥĀêȋĬÿȋĉĥ劌ŚŋĉêŒǢȋ ”ąêȋĤÃĘĬŋĉŚŽȋĬÿȋ
ŋĀĬȄŒȋňŋĬƌŚȋĉŒȋňÃĉåȋĬŠŚȋÃŒȋ åĉŶĉåêĥåŒȋŚĬȋĬŠŋȋŒąÃŋêąĬĞåêŋŒǣȋŷĉŚąȋÿŠĞĞŽȋ ÿŋÃĥěêåȋåĉŶĉåêĥåŒȋÃȋňŋĉĬŋĉŚŽǢȋ
ŋĀĬȋąÃŒȋňÃĉåȋ 15 #ĉŋêߌĬŋŒȄȋ êňĬŋŚ ”ąêȋßĞĬŒêåǹêĥåȋŒŚŋŠßŚŠŋêȋĬÿȋÃȋĞĉŒŚêåȋ ĉĥŶêŒŚĤêĥŚȋßĬĤňÃĥŽȋĉŒȋĉåêÃĞĞŽȋŒŠĉŚêåȋŚĬȋ ÞŠĉĞåĉĥĀȋÃȋĞĬĥĀǹŚêŋĤȋňĬŋŚÿĬĞĉĬǣȋÃŒȋ
ŋĀĬȋåĬêŒȋ ĥĬŚȋêżňêŋĉêĥßêȋĉĥŶêŒŚĬŋȋŋêåêĤňŚĉĬĥŒȋŷąĉßąȋ ĤĉĀąŚȋĬŚąêŋŷĉŒêȋÿĬŋßêȋåêŒĉŋÃÞĞêȋĞĬĥĀǹŚêŋĤȋ ąĬĞåĉĥĀŒȋŚĬȋÞêȋŒĬĞåǢȋFĥŒŚêÃåǣȋŒąÃŋêąĬĞåêŋŒȋ ŷĉŒąĉĥĀȋŚĬȋĞĉŊŠĉåÃŚêȋŚąêĉŋȋąĬĞåĉĥĀȋĉĥȋ
ŋĀĬȋ ŒĉĤňĞŽȋŒêĞĞȋŚąêĉŋȋŒąÃŋêŒȋĬĥȋŚąêȋŒąÃŋêȋĤÃŋěêŚǢȋ ”ąĉŒȋŒŚÃÞĉĞĉŚŽȋÃĞĞĬŷŒȋ
ŋĀĬȋŚĬȋŚÃěêȋÃåŶÃĥŚÃĀêȋ ĬÿȋŒąĬŋŚǹŚêŋĤȋĤÃŋěêŚȋƍŠßŚŠÃŚĉĬĥŒȋĉĥȋĬŋåêŋȋ ŚĬȋÞŠŽȋĬŋȋÃååȋŚĬȋąĬĞåĉĥĀŒȋŷąêĥȋňŋĉßêŒȋ ŚŋÃåêȋÞêĞĬŷȋŚąêȋĞĬĥĀǹŚêŋĤȋŶÃĞŠÃŚĉĬĥŒȋ ßÃĞߊĞÃŚêåȋÞŽȋŚąêȋĉĥŶêŒŚĤêĥŚȋŚêÃĤǢȋȋ ŚąêȋŒňŋêÃåȋŊŠĉŚêȋŒĉĤĉĞÃŋȋŚĬȋĞÃŒŚȋŽêÃŋǢ Review of activities and events during the year _êĀÃŚĉŶêȋŋêŚŠŋĥŒȋßÃĤêȋĉĥȋ(ĥêŋĀŽȋdzǹƙɄǴǣȋ BêÃĞŚąßÃŋêȋdzǹƖɄǴȋÃĥåȋ^ÃŚêŋĉÃĞŒȋdzǹƔɄǴǣȋ ŷĉŚąȋąĉĥÃȄŒȋŒĞŠĀĀĉŒąȋêßĬĥĬĤŽȋßĬĥŚĉĥŠĉĥĀȋ ŚĬȋŷêĉĀąȋĬĥȋŋêŒĬŠŋßêȋŒŚĬßěŒǢ <ĉĥÃĥßĉÃĞŒǣȋĞêåȋÞŽȋĬĤĤĬĥŷêÃĞŚąȋÃĥěȋĉĥȋ ňÃŋŚĉߊĞÃŋǣȋŷÃŒȋÃĀÃĉĥȋŚąêȋÞêŒŚȋňêŋÿĬŋĤĉĥĀȋ ŒêߌĬŋȋŷĉŚąȋÃȋŚĬŚÃĞȋŋêŚŠŋĥȋĬÿȋȫƓƚɄǢȋŽȋ ŚąêȋêĥåȋĬÿȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋǣȋŚąêȋĤÃŋěêŚȋ ßÃňĉŚÃĞĉŒÃŚĉĬĥȋĬÿȋŚąêȋ<ĉĥÃĥßĉÃĞŒȋŒêߌĬŋȋąÃåȋ ĀŋĬŷĥȋŚĬȋĤÃěêȋŠňȋĬĥêȋŚąĉŋåȋĬÿȋŚąêȋ
ŒµȋƓƑƑǢ ”ąêȋĥêżŚȋÞêŒŚȋŒêߌĬŋŒȋŷêŋêȋ ”êĞêßĬĤĤŠĥĉßÃŚĉĬĥŒǣȋŋêÞĬŠĥåĉĥĀȋÿŋĬĤȋ ĥêĀÃŚĉŶêȋŋêŚŠŋĥŒȋĞÃŒŚȋŽêÃŋȋŚĬȋŋĉŒêȋȫƓƙɄǣȋ Fĥ劌ŚŋĉÃĞŒȋŠňȋȫƓƗɄǣȋÃĥåȋFĥÿĬŋĤÃŚĉĬĥȋ ”êßąĥĬĞĬĀŽȋÃĀÃĉĥȋŒŚŋĬĥĀȋŷĉŚąȋÃȋȫƓƕɄȋŋêŚŠŋĥǢȋ ”ąêȋƓƑƓƖȋƌĥÃĥßĉÃĞȋŽêÃŋȋŷÃŒȋÃĥĬŚąêŋȋĀĬĬåȋ ĬĥêȋÿĬŋȋŚąêȋ
ŠŒŚŋÃĞĉÃĥȋêŊŠĉŚŽȋĤÃŋěêŚǣȋŷĉŚąȋŚąêȋ ŒɈ‚ǯ
ŒµȋƓƑƑȋ
ßߊĤŠĞÃŚĉĬĥȋFĥåêżȋŋêŚŠŋĥĉĥĀȋ ȫƒƔǢƙɄǣȋÞÃßěĉĥĀȋŠňȋŋêŚŠŋĥŒȋĬÿȋȫƒƓǢƒɄȋÃĥåȋ ȫƒƕǢƙɄȋĉĥȋƓƑƓƕȋÃĥåȋƓƑƓƔȋŋêŒňêߌĉŶêĞŽǢ ”ąêȋĞÃŋĀêŋȋßąÃĥĀêŒȋŚĬȋ
ŋĀĬȄŒȋňĬŋŚÿĬĞĉĬȋ åŠŋĉĥĀȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋȋĉĥßĞŠåêåǤȋ ‚ŠŋßąÃŒêŒ Amotiv B‚ȋ=ŋĬŠň #êżŠŒȋǭ TÃĤêŒȋBÃŋåĉêȋFĥ劌ŚŋĉêŒ _ÃŚĉĬĥÃĞȋ
ŠŒŚŋÃĞĉÃȋÃĥě fŋĉĀĉĥȋ(ĥêŋĀŽ ŒŚêÃåÿÃŒŚȋ=ŋĬŠň ”ŋêÃŒŠŋŽȋ°ĉĥêȋ(ŒŚÃŚêŒ °êŒŚňÃßȋÃĥěĉĥĀȋĬŋňĬŋÃŚĉĬĥ °ĉŒêŚêßąȋ=ĞĬÞÃĞȋǭ °ĬŋĞêŽ µêŋĬȋǭ ǭȋĥêŷȋňĬŋŚÿĬĞĉĬȋňĬŒĉŚĉĬĥȋ BĬŷêŶêŋǣȋŚąêŋêȋŷÃŒȋŒĉĀĥĉƌßÃĥŚȋŶĬĞÃŚĉĞĉŚŽȋ ŷĉŚąĉĥȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋǣȋŷĉŚąȋĤÃŋěêŚŒȋ ĉĤňÃߌêåȋĥêĀÃŚĉŶêĞŽȋÃŚȋŚĉĤêŒȋÞŽȋĀêĬňĬĞĉŚĉßÃĞȋ ßĬĥƍĉߌŒȋÃĥåȋŚŋÃåêȋŚêĥŒĉĬĥŒǢȋ#êŒňĉŚêȋŚąĉŒǣȋ ĤÃŋěêŚŒȋĀêĥêŋÃĞĞŽȋĀÃĉĥêåȋĀŋĬŠĥåȋåŠêȋŚĬȋ ÃÞÃŚĉĥĀȋÿêÃŋŒȋĬÿȋŋêßꌌĉĬĥǣȋåêßĞĉĥĉĥĀȋĉĥƍÃŚĉĬĥȋ ÃĥåȋĉĥŚêŋêŒŚȋŋÃŚêȋߊŚŒȋĀĞĬÞÃĞĞŽǣȋÃŒȋŷêĞĞȋÃŒȋ ĉĥŶêŒŚĬŋȋÃňňêŚĉŚêȋÿĬŋȋ
FǹŋêĞÃŚêåȋêÿƌßĉêĥߎȋ ĀÃĉĥŒȋÃĥåȋŚêßąĥĬĞĬĀŽȋŒŚĬßěŒȋĉĥȋĀêĥêŋÃĞǢ #ĬĥÃĞåȋ”ŋŠĤňȄŒȋŋêŚŠŋĥȋÃŒȋšŒȋ‚ŋêŒĉåêĥŚǣȋ ŷąĉĞêȋĉĥĉŚĉÃĞĞŽȋŋêßêĉŶêåȋňĬŒĉŚĉŶêĞŽǣȋĞêåȋŚĬȋŚąêȋ ŒąÃŋňêŒŚȋĤÃŋěêŚȋÿÃĞĞŒȋŒĉĥßêȋf¯F#ȋŷąêĥȋ ąĉŒȋÃåĤĉĥĉŒŚŋÃŚĉĬĥȋÃĥĥĬŠĥßêåȋŒĉĀĥĉƌßÃĥŚȋ ŚÃŋĉÿÿŒȋŚĬȋÞêȋÃňňĞĉêåȋŚĬȋšŒȋĉĤňĬŋŚŒȋÿŋĬĤȋ ĤĬŒŚȋßĬŠĥŚŋĉêŒȋĬĥȋȃXĉÞêŋÃŚĉĬĥȋ#ÃŽȄȋĉĥȋ
ňŋĉĞȋ ƓƑƓƖǢȋBĬŷêŶêŋǣȋÃȋŒŠÞŒêŊŠêĥŚȋňÊŒêȋ ĉĥȋŚąêȋŚÃŋĉÿÿŒȋŚŋĉĀĀêŋêåȋÃȋŚŠŋĥÃŋĬŠĥåȋĉĥȋ ŒêĥŚĉĤêĥŚǣȋŷĉŚąȋĤÃŋěêŚŒȋŋêŚŠŋĥĉĥĀȋŚĬȋ ŋêßĬŋåȋąĉĀąŒȋÞŽȋŚąêȋêĥåȋĬÿȋŚąêȋƌĥÃĥßĉÃĞȋ ŽêÃŋȋÃŒȋŚąêȋFŋÃĥǹFŒŋÃêĞȋŷÃŋȋåêǹêŒßÃĞÃŚêåǢ ŒÃĞêŒ
ŋĉŒŚĬßŋÃŚȋXêĉŒŠŋê ŋÃĤÞĞêŒ ĬĤĤĬĥŷêÃĞŚąȋÃĥě #ĉŶêŋŒĉƌêåȋšĥĉŚêåȋFĥŶêŒŚĤêĥŚȋǭǭ ^
ȋĬňňêŋȋǭǭȋ ^ÃßŊŠÃŋĉêȋ=ŋĬŠň „(ȋFĥŒŠŋÃĥßêȋ=ŋĬŠň ”êßąĥĬĞĬĀŽȋfĥêȋ ǭǭȋÿŠĞĞŽȋêżĉŚêåȋňĬŒĉŚĉĬĥȋȋ
ŠŒŚŋÃĞĉÃȄŒȋŒąÃŋêȋĤÃŋěêŚȋŷÃŒȋŒĉĀĥĉƌßÃĥŚĞŽȋ ĉĥƍŠêĥßêåȋÞŽȋĀĞĬÞÃĞȋêŶêĥŚŒǣȋÃĞŚąĬŠĀąȋĤĬŒŚȋ ŒêߌĬŋŒȋĉĥȋŚąêȋŒɈ‚ǯ
ŒµƓƑƑȋ
ßߊĤŠĞÃŚĉĬĥȋ FĥåêżȋňŋĬŶĉåêåȋňĬŒĉŚĉŶêȋŋêŚŠŋĥŒǣȋŷĉŚąȋ 16 #ĉŋêߌĬŋŒȄȋ êňĬŋŚ fŶêŋÃĞĞǣȋȑƔƔƖȋĤĉĞĞĉĬĥȋĬÿȋĉĥŶêŒŚĤêĥŚȋ ňŠŋßąÃŒêŒȋŷêŋêȋĤÃåêȋåŠŋĉĥĀȋŚąêȋŽêÃŋȋÃĥåȋ ȑƔƘƑȋĤĉĞĞĉĬĥȋŷÃŒȋŋÃĉŒêåȋÿŋĬĤȋĉĥŶêŒŚĤêĥŚȋ ŒÃĞêŒǢȋ”ąêȋŚĬŚÃĞȋĥŠĤÞêŋȋĬÿȋąĬĞåĉĥĀŒȋĉĥȋ ŚąêȋňĬŋŚÿĬĞĉĬȋŋêåŠßêåȋŒĞĉĀąŚĞŽȋŚĬȋƙƖǢ #ĉŒßŠŒŒĉĬĥȋĬÿȋŋêŒŠĞŚŒȋÃĥåȋƌĥÃĥßĉÃĞȋňĬŒĉŚĉĬĥ
ŋĀĬȄŒȋÿŠĞĞȋŽêÃŋȋňŋĬƌŚȋĉĥßŋêÃŒêåȋÞŽȋ ȫƓǢƘɄȋŚĬȋȑƓƖƚǢƙȋĤĉĞĞĉĬĥȋÃĥåȋêÃŋĥĉĥĀŒȋ ňêŋȋŒąÃŋêȋĉĥßŋêÃŒêåȋÞŽȋƓǢƕɄǢ ”ĬŚÃĞȋåĉŶĉåêĥåȋĉĥßĬĤêȋĀêĥêŋÃŚêåȋÞŽȋ
ŋĀĬȄŒȋňĬŋŚÿĬĞĉĬȋĉĥßŋêÃŒêåȋÞŽȋȫƘǢƘɄǣȋ ÃĉåêåȋÞŽȋȑƒƖǢƗȋĤĉĞĞĉĬĥȋĉĥȋŒňêßĉÃĞȋåĉŶĉåêĥåŒȋ ÃĥåȋȑƘǢƑȋĤĉĞĞĉĬĥȋĉĥȋåêĤêŋĀêŋȋåĉŶĉåêĥåŒǢȋ #ĉŶĉåêĥåȋĉĥßĬĤêȋêżßĞŠåĉĥĀȋŒňêßĉÃĞȋÃĥåȋ åêĤêŋĀêŋȋåĉŶĉåêĥåŒȋŋĬŒêȋȫƔǢƑɄǢ
ŋĀĬȄŒȋƌĥÃĥßĉÃĞȋŽêÃŋȋňĬŋŚÿĬĞĉĬȋŋêŚŠŋĥǣȋ ÃÿŚêŋȋåêåŠßŚĉĥĀȋĤÃĥÃĀêĤêĥŚȋßĬŒŚŒȋÃĥåȋ ÃåĘŠŒŚĉĥĀȋÿĬŋȋßĬĤňÃĥŽȋŚÃżȋňÃĉåǣȋŷÃŒȋ ȫƒƔǢƔɄǣȋŒĞĉĀąŚĞŽȋÞêĞĬŷȋŚąêȋŒɈ‚ǯ
ŒµȋƓƑƑȋ
ßߊĤŠĞÃŚĉĬĥȋFĥåêżȋŋêŚŠŋĥȋĬÿȋȫƒƔǢƙɄǣȋ ÃĞŚąĬŠĀąȋŚąêȋĉĥåêżȋåĬêŒȋĥĬŚȋŚÃěêȋÃßßĬŠĥŚȋ ĬÿȋÃĥŽȋßĬŒŚŒǢȋ”ąĉŒȋŋêƍêߌêåȋĬŠŋȋŠĥåêŋŷêĉĀąŚȋ ňĬŒĉŚĉĬĥŒȋĉĥȋŚąêȋ<ĉĥÃĥßĉÃĞŒȋŒêߌĬŋȋdzêŒňêßĉÃĞĞŽȋ ĬĤĤĬĥŷêÃĞŚąȋÃĥěǴǣȋĬÿÿŒêŚȋŚĬȋŒĬĤêȋêżŚêĥŚȋ ÞŽȋÃĥȋĬŶêŋŷêĉĀąŚȋňĬŒĉŚĉĬĥȋĉĥȋFĥÿĬŋĤÃŚĉĬĥȋ ”êßąĥĬĞĬĀŽȋdzňŋĉĤÃŋĉĞŽȋ”êßąĥĬĞĬĀŽȋfĥêǴǢ FĥŚêŋêŒŚȋŋêßêĉŶêåȋĬĥȋßÃŒąȋåêňĬŒĉŚŒȋŷÃŒȋ ĞĬŷêŋȋåŠêȋŚĬȋĀêĥêŋÃĞĞŽȋÞêĉĥĀȋÿŠĞĞŽȋĉĥŶêŒŚêåȋ ÃĥåȋĞĬŷêŋȋĉĥŚêŋêŒŚȋŋÃŚêŒȋÃŶÃĉĞÃÞĞêǢȋFĥßĬĤêȋ ÿŋĬĤȋŚŋÃåĉĥĀȋÃĥåȋŷŋĉŚĉĥĀȋêżßąÃĥĀêǹ ŚŋÃåêåȋĬňŚĉĬĥŒȋÃĞŒĬȋåêßĞĉĥêåǢ
ŋĀĬȄŒȋŒąÃŋêȋňŋĉßêȋŋêŚŠŋĥȋdz”Œ ǴȋĬÿȋȫƒƑǢƒɄȋ ŷÃŒȋĞĬŷêŋǣȋÃŒȋŚąêȋŒąÃŋêȋňŋĉßêȋåĉŒßĬŠĥŚȋŚĬȋ _”
ȋŷĉåêĥêåȋÿŋĬĤȋǹƒƑǢƒɄȋŚĬȋǹƒƓǢƔɄȋĬŶêŋȋŚąêȋ ŽêÃŋǢȋ”ąĉŒȋĤĬŶêĤêĥŚȋŷÃŒȋßĬĥŒĉŒŚêĥŚȋŷĉŚąȋ ĤĬŒŚȋ
ŒµǹĞĉŒŚêåȋĉĥŶêŒŚĤêĥŚȋßĬĤňÃĥĉêŒǢȋ FĥȋŋêŒňĬĥŒêǣ