Announcement PDF NTA & Investment Update June 2023 Net tangible asset (NTA) backing per share 30 June 31 May NTA per share1 $9.03 $8.87 NTA per share after unrealised tax provision2 $7.94 $7.82 The above figures are subject to audit. Market commentary Australian shares ended the financial year on a positive note gaining +1.8% in June. This brought the S&P/ ASX 200 Accumulation Index’s return for the financial year 2023 to +14.8% – a remarkable performance in the face of persistently high inflation, sharply increasing interest rates and general economic and geopolitical uncertainty. The unexpected decision by the Reserve Bank of Australia (RBA) to hike interest rates at their June meeting, did little to dent investor confidence. The RBA kept the official cash rate on hold at its July meeting last week, the announcement sending stocks soaring that day. Argo Investments is holding an information meeting in Canberra on Thursday 27 July 2023 at 2.30pm at the Canberra Hyatt Hotel. No RSVP is required. Light refreshments will be provided. All welcome. Portfolio Top 20 investments* % Macquarie Group 6.8 BHP 6.1 CSL 5.1 CBA 4.0 Rio Tinto 3.7 Wesfarmers 3.6 Telstra 3.0 ANZ 2.9 Santos 2.8 Westpac 2.6 NAB 2.3 Aristocrat Leisure 2.2 QBE Insurance 2.2 Woolworths 2.0 Sonic Healthcare 1.9 Transurban 1.9 Computershare 1.9 APA 1.8 Woodside Energy 1.7 Ramsay Health Care 1.7 Top 20 equity investments 60.2 Cash and cash equivalents 1.8 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. $6.6bn Shareholders 95,600 Dividend yield^ 3.8% MER 0.16% ^ Historical yield of 5.5% (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 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