Announcement PDF NTA & Investment Update July 2023 Net tangible asset (NTA) backing per share 31 July 30 June NTA per share1 $9.25 $9.03 NTA per share after unrealised tax provision2 $8.09 $7.94 Market commentary Although the share market fell sharply early in July, it soon recovered as investors shrugged off recession concerns and grew increasingly confident that rising inflation and interest rates were nearing their peak. Confidence was also buoyed by the release of better-than-expected labour force figures revealing unemployment remained at a record low. The S&P/ASX 200 Accumulation Index finished July up +2.9%. Reflecting the ‘risk-on' sentiment and the continuing enthusiasm for generative artificial intelligence applications, technology stocks performed well (up +4.5%). Shares in Argo holding Megaport (ASX code: MP1), a network services business, surged +40.5% after upgrading its profit guidance ahead of its result. With the corporate reporting season getting underway, we expect companies will offer valuable insights into the state of the economy and, as the full impact of interest rates are felt, particularly consumer demand. Portfolio Top 20 investments* % Macquarie Group 6.5 BHP 6.0 CSL 5.0 CBA 4.1 Rio Tinto 3.7 Wesfarmers 3.6 ANZ 3.0 Telstra 2.9 Santos 2.9 Westpac 2.7 NAB 2.4 Aristocrat Leisure 2.2 QBE Insurance 2.1 Computershare 1.9 Woolworths 1.9 Transurban 1.9 Sonic Healthcare 1.9 Woodside Energy 1.8 APA 1.8 Ramsay Health Care 1.7 Top 20 equity investments 60.0 Cash and cash equivalents 2.0 Sector diversification* 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. $6.7bn Shareholders 95,400 Dividend yield^ 3.8% MER 0.155% ^ Historical yield of 5.4% (including franking) based on dividends paid 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 over 77 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