Announcement PDF 20 May 2024 Company Announcements ASX Limited 20 Bridge Street SYDNEY NSW 2000 Shareholder information meetings Please find attached the presentation slides for the upcoming Shareholder Information Meetings of Argo Investments Limited (ASX: ARG) and Argo Global Listed Infrastructure Limited (ASX: ALI), being held in Melbourne, Adelaide, Brisbane, Sydney, Canberra and Perth. Yours faithfully, Tim Binks Company Secretary Argo Investments Limited ACN 007 519 520 invest@argoinvesments.com.au argoinvestments.com.au Head Office Level 25, 91 King William St Adelaide SA 5000 08 8210 9500 Sydney Office Level 37, 259 George St Sydney NSW 2000 02 8274 4700 Information Meetings 2024 UPCOMING MEETING DATES ADELAIDE Mon 20 May 10 am Grand Hyatt Hotel 123 Collins St Melbourne Tues 21 May 10 am Adelaide Convention Centre North Terrace Adelaide Wed 22 May 10 am Pullman King George Square Cnr Ann St & Roma St Brisbane SYDNEY CANBERRA PERTH Thurs 23 May 2 pm Marriott Hotel at Circular Quay 30 Pitt St Sydney 2 BRISBANE MELBOURNE Wed 5 June 10 am Hyatt Hotel Canberra 120 Commonwealth Ave Yarralumla Wed 26 June 10 am Parmelia Hilton 14 Mill St Perth DISCLAIMER This presentation has been prepared by Argo Service Company Pty Ltd (ASCO) (ACN 603 367 479) (Australian Financial Services Licence 470477), on behalf of Argo Investments Limited (ACN 007 519 520) and Argo Global Listed Infrastructure Limited (ACN 604 986 914). ASCO’s Financial Services Guide is available on request or at argoinvestments.com.au or argoinfrastructure.com.au. This presentation contains unsolicited general information only, which does not take into account the particular objectives, financial situation or needs of any individual investor. It is not intended to be passed on or relied upon as a recommendation by any person. Before making any decision about the information provided, an investor should consult their independent adviser and consider the appropriateness of the information, having regard to their objectives, financial situation and needs. Past performance may not be indicative of future performance and no guarantee of future returns is implied or given. While all reasonable care has been taken when preparing this presentation, no responsibility is accepted for any loss, damage, cost or expense resulting directly or indirectly from any error, omission or misrepresentation in the information presented. 3 OUR AGENDA 1. Meet the team 2. Share market over time 3. About Argo Investments 4. Banking sector 5. Healthcare sector 6. Outlook 7. About Argo Infrastructure 8. Cohen & Steers 4 REPRESENTING ARGO JASON BEDDOW Managing Director ANDY FORSTER Senior Investment Officer MEREDITH HEMSLEY Communications Manager 5 COLIN WHITEHEAD Investment Analyst LESLEY-MAY JOSEVSKI Communications Officer PAUL FROST Investment Analyst TYLER ROSENLICHT Portfolio Manager, Cohen & Steers SHARE MARKET OVER TIME S&P/ASX 200 & Accumulation Index Before, during and post-pandemic Accumulation Index premium discount chart First vaccine released 6 S ource : Fa ct s e t , S &P. US Fed starts to raise rates S&P/ASX 200 Index RBA pauses raise rates RBA starts to raise rates Share market reaches record high ARGO INVESTMENTS OVERVIEW OVERVIEW Half-year profit Half-year earnings per share Interim dividend, fully franked per share $125.3 million 16.5 cents 16.5 cents $137.0m in 2023 18.2c per share in 2023 16.5c per share in 2023 Dividend yield MER Total assets 5.7% 0.15% $7.1 billion Grossed up to include franking credits (Management Expense Ratio) $6.6 billion in 2023 8 Figure s a re a s a t 3 0 April 2024 PREMIUM/DISCOUNT TO NTA Share price premium/discount to NTA Over a 30-year time horizon 20.0% 15.0% premium discount chart 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% -20.0% 9 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 INVESTMENT PORTFOLIO Sector diversification 10 Figure s a re a s a t 3 0 April 2024 Top 10 holdings Macquarie Group 6.8% BHP 5.7% CSL 5.1% CBA 4.4% Wesfarmers 4.3% Rio Tinto 4.0% ANZ 3.2% Westpac 3.0% Santos 2.9% NAB 2.8% THE SHRINKING SHARE MARKET Change in market capitalisation of Australian share market On a net basis over 18 years 11 S ource : Ma rque e Re s e a rch AUSTRALIAN BANKING SECTOR BANKS REMAIN WELL POSITIONED Half year profit $3.3 billion down 16% Half year profit $3.5 billion down 13% Half year profit $5.0 billion down 3% Half year profit $3.6 billion down 7% Full year profit $3.5 billion down 32% Interim dividend $0.75 per share up 7% Interim dividend $0.84 per share up 1% Interim dividend $2.15 per share up 2% Interim dividend $0.83 per share up 2% Full year dividend $6.40 per share down 15% Plus special dividend $0.15c 13 BANKS OUTPERFORM MARKET S&P/ASX 200 &ASX-listed banks Financial year to date Nab Westpac ANZ Commonwealth Bank Macquarie Group S&P/ASX 200 Index 14 S ource : Fa ct s e t , S &P. PORTFOLIO MOVEMENTS Recent purchases 15 S ince t he end of t he 2023 fina ncia l yea r. Recent sales HEALTHCARE PERFORMANCE S&P/ASX 200 Index & Healthcare Sector 20-year performance Healthcare sector S&P/ASX 200 Index 16 S ource : Fa ct s e t , S &P. b SHORT-TERM PERFORMANCE ASX-listed healthcare companies 1-year performance S&P/ASX 200 Index Resmed CSL Ramsay Health Care Sonic Healthcare 17 S ource : Fa ct s e t , S &P. b HEALTHCARE SECTOR DEMOGRAPHIC TAILWINDS US % share of total population by age 75+ years 50-74 years 20-49 years 0-19 years 19 S ource : World Ba nk, Ma cqua rie Re s e a rch 2024 b HEALTHCARE SPEND: % OF GDP Healthcare expenditure as % of GDP Historical and forecast United States OECD average Australia 20 S ource : World Ba nk, Ma cqua rie Re s e a rch, 2024. b HEALTHCARE SECTOR PROFILE 21 Services Infrastructure Devices & Consumables Product Manufacture & Distribution SECTOR TAILWINDS & HEADWINDS 22 COVID DISRUPTION Industry winners 23 Industry losers POST-COVID DYNAMICS Industry winners 24 Industry losers OPPORTUNITIES & CHALLENGES Long-term tailwinds 25 Short-term challenges LOOKING AHEAD FROM RATE CUTS TO HIKES? Forecast number of cuts To be made by the US Federal Reserve 27 S ource : Bloombe rg Fina nce , J.P. Morga n fore ca s t s . b US ELECTION Election betting averages Trump and Biden neck-and-neck Donald Trump Joe Biden 28 S ource : Bloombe rg Fina nce , J.P. Morga n S t ra t e gic Re s e a rch, Re a lCle a r, Ga llup b US OUTLOOK HEALTHY Consensus forecast earnings per share (EPS) growth 29 S ource : Bloombe rg Fina nce b DOMESTIC OUTLOOK SOFTER Consensus forecast earnings per share (EPS) growth 2026 30 S ource : Bloombe rg Fina nce , J.P. Morga n fore ca s t s . b AUSTRALIAN CONSUMERS GLOOMY Consumer confidence UK consumers US consumers Australian consumers 31 S ource : Bloombe rg Fina nce , J.P. Morga n S t ra t e gic Re s e a rch, Re a lCle a r. b ARGO INFRASTRUCTURE OVERVIEW OVERVIEW Consecutive fully franked dividends ASX code Dividend yield ALI 5.9% 12 Grossed up to include franking credits Dividends paid every year since inception Total assets Manager Portfolio Manager $410 million Argo Investments Cohen & Steers $434m in 2023 33 Figure s a re a s a t 3 0 April 2024 KEY CONSIDERATIONS FOR INVESTORS 34 THE INVESTMENT CASE FOR GLOBAL LISTED INFRASTRUCTURE 35 INFRASTRUCTURE IS ESSENTIAL FOR ECONOMIC GROWTH Characteristics of Global Listed Infrastructure • Long-lived real assets • Often regulated or concession-based • High barriers to entry • Inflation-linked pricing Communications Midstream Energy Wireless towers, satellites, data centers Transportation Energy transportation, gathering & processing, storage Toll roads, marine ports, railways, airports Utilities Electric, gas, water, renewables 36 36 WHY INFRASTRUCTURE NOW 37 RELATIVE PERFORMANCE OF INFRASTRUCTURE IN VARIOUS GROWTH, INFLATION AND RATES REGIMES 38 38 At March 31, 2024. Source Cohen and Steers proprietary analysis. Surprise compared to expectations 12 months prior, based on the Philadelphia Fed Survey of Professional Forecasters (SPF) median RGDP forecast and University of Michigan Consumer. CURRENT INFRASTRUCTURE VALUATIONS ARE ATTRACTIVE RELATIVE TO GLOBAL EQUITIES 39 39 At March 31, 2024. Source: MSCI, FTSE, FactSet and Cohen & Steers Data quoted represents past performance, which is no guarantee of future results. RECORD DRY POWDER CREATING A VALUATION FLOOR 40 40 At March 31, 2024. Source: Preqin, Goldman Sachs and Cohen & Steers. KEY THEMES WITHIN LISTED INFRASTRUCTURE TODAY 41 41 At March 31, 2024. HIGHER POWER DEMAND CAN BENEFIT REGULATED UTILITIES 42 42 At March 31, 2024. Source: McKinsey Energy Solutions Global Energy Perspective, Cohen & Steers, EIA. MARINE PORTS ARE BENEFITING FROM INCREASED VOLUMES AND THE REROUTING OF GLOBAL TRADE FLOWS 43 43 At March 31, 2024. Source: Cohen & Steers. PORTFOLIO IN ACTION 44 44 At March 31, 2024. Source: Morningstar, Cohen & Steers. COHEN & STEERS’ COMPETITIVE ADVANTAGES 45 TOP HOLDINGS 46 46 At April 30, 2024. COHEN & STEERS TEAM 47 47 At March 31, 2024. Years with CNS/Years of experience. SUMMARY 48 48 LEGAL NOTES This material is provided to qualified institutional and professional investors or their advisors only for informational purposes and reflects prevailing conditions and our judgment as of this date, which are subject to change. It does not constitute investment advice or a recommendation or offer. We consider the information in this presentation to be accurate, but we do not represent that it is complete or should be relied upon as the sole source of suitability for investment. Past results are not indicative of future results. Risks involved with investment, including potential loss of capital, should be carefully considered. An investor cannot invest directly in an index and index performance does not reflect the deduction of any fees, expenses or taxes. Index comparisons have limitations as volatility and other characteristics may differ from a particular investment. The views and opinions are as of the date of publication and are subject to change without notice. No representation or warranty is made as to the efficacy of any particular strategy or fund or the actual returns that may be achieved. Prospective investors in any Cohen & Steers fund should read its prospectus carefully for additional information including important risk considerations and details about fees and expenses. This is general information, it does not take into account your financial situation, needs, goals or risk tolerance and is not a financial advice service under the Financial Markets Conduct Act 2013. Cohen & Steers Capital Management, Inc. (Cohen & Steers) is a U.S. registered investment advisory firm that provides investment management services to corporate retirement, public and union retirement plans, U.S. endowments, foundations and mutual funds. Cohen & Steers Asia Limited is authorized and regulated by the Securities and Futures Commission of Hong Kong(ALZ367). Cohen & Steers Japan Limited is a registered financial instruments 50 operator (investment advisory and agency business and discretionary investment management business with the Financial Services Agency of Japan and the Kanto Local Finance Bureau No. 3157) and is a member of the Japan Investment Advisers Association. Cohen & Steers Ireland Limited is regulated by the Central Bank of Ireland (No.C188319). Cohen & Steers UK Limited is authorized and regulated by the Financial Conduct Authority(FRN458459). Cohen & Steers Singapore Private Limited is a private company limited by shares in the Republic of Singapore. Cohen&SteersclaimscompliancewiththeGlobalInvestmentPerformanceStandards(GIPS®.Theinformationprovidedissupplementaltothefulldisclosurepres entationavailablefromCohen&Steers.ToreceiveacompletelistanddescriptionofCohen&Steers'compositesorafullGIPS®disclosurepresentation,pleasecont actCohen&Steers'MarketingGroupat2128221620,forcallsoutsidetheU.S.+12128221620. Copyright © 2023 Cohen & Steers, Inc. All rights reserved. 50 Find out more argoinvestments.com.au argoinfrastructure.com.au 52