Announcement PDF NTA & Investment Update August 2024 Net tangible asset (NTA) backing per share 31 August^ 31 July NTA per share1 $9.91 $10.06 NTA per share after unrealised tax provision2 $8.52 $8.66 These figures are after provision for the final dividend of 18.0 cents per share. ^ Market commentary Like most equity markets globally, Australia’s share market fell sharply at the start of August (down around -6%) as meaningful global macro volatility spooked investors. This triggered the Nikkei's precipitous plunge, down -12.4% in one session, after Japan’s central bank raised interest rates. However, the bearish sentiment was short-lived, and markets regained ground amid growing expectations that the US Federal Reserve would start easing monetary policy as soon as mid-September. The S&P/ASX 200 Accumulation Index ended the month in positive territory, albeit marginally, up +0.5%. The August corporate reporting season reflected generally buoyant economic conditions and strong company balance sheets, with higher-than-expected dividends declared and around $3 billion in share buy-backs announced. Despite predictions of softer earnings ahead, Australia’s share market continues to grind higher. Portfolio Top 20 investments* % Macquarie Group 7.3 Banks 14.3% CSL 5.3 Materials 13.8% BHP 5.3 CBA 4.9 BanksCare 14.3% Health 10.6% Wesfarmers 4.2 Westpac 3.4 Rio Tinto 3.2 ANZ 3.2 Aristocrat Leisure 2.8 Consumer Discret. 6.9% Santos 2.7 Property 2.8% NAB 2.7 LICs 1.9% Telstra 2.5 Consumer Cash 1.5% Discret. 6.9% Technology One 2.0 Property 2.8% Utilities 1.4% Computershare 2.0 LICs 1.9% QBE Insurance 2.0 Woolworths 1.8 Reece 1.8 Origin Energy 1.7 Suncorp 1.7 Transurban 1.6 Top 20 equity investments 62.1 Cash and cash equivalents 1.5 Sector diversification* Other Financials 14.6% Other Financials 14.6% Materials Telcos & I.T.13.8% 8.7% Consumer Staples 8.6% Health Care 10.6% Industrials 7.8% Telcos & I.T. 8.7% Energy 7.1% Consumer Staples 8.6% Industrials 7.8% Energy 7.1% Cash 1.5% Utilities 1.4% 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 92,600 Dividend yield^ 3.9% 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