Announcement PDF 11 May 2026 Company Announcements ASX Limited Information meetings Please find attached the presentation slides for the upcoming Investor 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 May 2026 MELBOURNE Monday 11 May 10 am Sofitel Hotel 25 Collins St Melbourne ADELAIDE Tuesday 12 May 10 am Adelaide Town Hall 128 King William St Adelaide BRISBANE Wednesday 13 May 10 am The Westin 111 Mary St Brisbane SYDNEY Thursday 14 May 10 am Amora Hotel 11 Jamison St Sydney CANBERRA Friday 15 May 10 am Hyatt Hotel 120 Commonwealth Ave Yarralumla PERTH Tuesday 26 May 10 am Fraser's Kings Park 60 Fraser Ave Perth UPCOMING INFORMATION MEETINGS 2 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. 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 1. Argo Investments (ASX: ARG) 2. Argo vs. index ETFs 3. Economic & share market performance 4. Our portfolio 5. Looking ahead 6. Argo Infrastructure (ASX: ALI) 7. Q & A AGENDA 4 YOUR PRESENTERS JASON BEDDOW Managing Director COLIN WHITEHEAD Investment Analyst ANDY FORSTER Senior Investment Officer TIM BINKS Chief Operating Officer MEREDITH HEMSLEY Communications Manager TYLER ROSENLICHT Portfolio Manager, Cohen & Steers JAMES SEWELL Investment Analyst 5 ARGO INVESTMENTS ASX CODE: ARG Navigating through various market cycles and conditions for 80 years 6 $130.8m 18.5c 17.2c $7.9b 6.5% 0.14% $121.2m in 2025 Half-year profit Fully franked per share 17.0c per share in 2025 Interim dividend 15.9c per share in 2025 Half-year earnings per share $7.7b in 2025 Total assets Grossed up to include franking credits Dividend yield MER (Management Expense Ratio) OVERVIEW Figures are at 31 March 2026. 7 OUR DIVIDEND TRACK RECORD Argo Investments annual cash dividends Cents per share So far this financial year only the interim dividend has been declared. “Argo remains committed to sustainably growing fully franked dividends and, for the foreseeable future, accelerating the distribution of accumulated franking credits.” Peter Warne, Chairman (2025 AGM) 8 LONG-TERM CYCLICALITY Figures to 31 March 2026. Argo share price premium/discount to NTA 30 years to March 2026 30-year average discount-0.5% Tech bubble 'Tech wreck' Post- GFC ‘hangover’ Covid Low interest rates AI boom Asian economic crises Ultra-low interest rates China mining boom Aggressive monetary tightening 9 WHAT DRIVES PREMIUMS/DISCOUNTS? LIC-specific factors • Size and liquidity of LIC • Portfolio performance • Fully franked dividend track record • Dividend policy / frequency • Shareholder engagement / communication • Marketing and awareness • Fee structure External factors • Official interest rates (returns on cash investments) • Investment trends / preferences (ie income strategies) Addressing discounts Proactive actions Capital management –share buy backs Fully franked dividend track record. Dividend policy Capital management –neutralise Dividend Reinvestment Plan Increase marketing to grow awareness and demand Adjust fee structure Enhance shareholder engagement 10 ARGO VS. INDEX- TRACKING ETFS FOR EXPOSURE TO THE AUSTRALIAN SHARE MARKET 11 KEY COMPARISONS Argo Index-tracking ETFs Structure Close-ended, ASX-listed company with 80-year track record Open-ended, trust structure Income Retains earnings to ‘smooth’ dividends through market cycles Must pass through all income each year, meaning distributions can be volatile Franked dividends Greater capacity to fully frank dividends through active management and by generating own franking credits Can only distribute franking received from stocks held. Typically, partially franked Trading price Shares can trade at a premium or discount to NTA depending on supply/demand Units trade close to NAV (asset backing) Tax treatment Fully franked dividends, plus potential LIC capital gains tax benefit Distributions are pre-tax Investment style Active Passive–replicates index Costs 0.14% 0.03% to 0.10% 12 HOW DOES ARGO STACK UP? Argo Investments (ASX: ARG) iShares Core S&P/ASX 200 ETF (ASX: IOZ) Large Australian Active ETF Investment style Active Passive Active Inception date 1946 2010 2018 1 yr portfolio returns 11.5% 11.7% 2.2% 3 yr p.a. total portfolio returns 9.5% 9.5% 5.5% 5 yr p.a. total portfolio returns 8.7% 8.6% 7.3% Figures are at 31 March 2026. 13 HOW DOES ARGO STACK UP? CONTINUED Argo Investments (ASX: ARG) Figures based on share price iShares Core S&P/ASX 200 ETF (ASX: IOZ) Figures based on unit price Large Australian Active ETF Figures based on unit price Yield 4.5% 3.1% 4.0%* Franking 100% ~67% ~60%* Grossed-up dividend yield 6.5% ~4.5% ~4.9% Management expense ratio 0.14% 0.05% 0.78% Cost on $10,000 invested $14 $5 $78 Income on $10,000 invested (grossed up) $650 $450 $490 Figures are at 31 March 2026. *Approximate figures based on cash distributions including, dividends, (unfranked) capital gains and tax discounts. Source: Annual Fund Distributions sheet and Annual Report. 14 LOWER DIVIDEND VOLATILITY *Figures for dividends paid in financial years to the end of FY26, and fourth ETF dividend estimated based on dividends declared by the ETF’s constituent companies. Annual cash dividends (including franking) Argo versus Index-tracking ETF* Argo grossed-up dividend iShares Core S&P/ASX 200 ETF 15 50% 60% 70% 80% 90% 100% 110% 120% 130% 2019 2020 2021 2022 2023 2024 2025 2026 LICs vs INDEX-TRACKING ETFs  Actively managed portfolio To prioritise stocks based on valuation and dividend profile, can manage concentration risk  More consistent income across market cycles The ability to effectively smooth dividend income over the cycle  Fully franked dividends Through active portfolio management and generating franking credits through corporate tax paid  Simple, tax-effective income Straightforward, fully franked dividend. Shareholders recognise capital gains only when they choose to sell  Passively managed portfolio ETFs blindly track the index, increasing concentration risk. Cannot prioritise franked dividends  Volatile dividends Rising and falling with the market  Variable tax implications Tax liabilities, including capital gains tax, passed through to investor each year  Missed opportunities ETFs cannot participate in new company IPOs, until a company enters the relevant index Listed Investment Companies Index-Tracking ETF 16 ECONOMIC & SHARE MARKET PERFORMANCE AUSTRALIA’S WINNERS & LOSERS 17 SHARE MARKET RESILIENCE Source: Factset, S&P Global 60 80 100 120 140 160 180 200 Accumulation Index S&P/ASX 200 Index S&P/ASX 200 & Accumulation Index Before, during and post-pandemic MIDDLE EASTERN CONFLICT Source: UBS Evidence Lab, S&P Global Market Intelligence Tanker & container ships departing Eastbound from Hormuz 19 RECENT SECTOR PERFORMANCE S&P/ASX 200 Index sector performance 12 months to 31 March 2026 Source: Factset, S&P Global -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% Energy Materials Utilities Banks Financials Consumer Staples Communication Services Financial Services Industrials Real Estate Insurance Consumer Discretionary Health Care Information Technology 20 ASX TECH SECTOR SLUMP Source: Factset, S&P Global 0% 50% 100% 150% 200% 250% 300% 350% 400% 450% 500% 550% May-16 May-17 May-18 May-19 May-20 May-21 May-22 May-23 May-24 May-25 May-26 ASX Tech Sector Valuation Premium vs Broader Market 21 Source:ABS THE ECONOMY IS GROWING GDP Growth 22 Source: ABS, March 2026. Australian unemployment rate AND UNEMPLOYMENT REMAINS LOW, BUT… 23 SENTIMENT HAS PLUNGED Sources: ANZ-Roy Morgan, RBA, Westpac and Melbourne Institute Consumer Sentiment Average since 1996 = 100 Business Sentiment Confidence and conditions 24 INFLATION HAS RE-EMERGED Consumer Price Inflation* year ended Source: ABS, RBA 25 …SO THE RBA IS RAISING RATES Source: RBA RBA cash rate target 26 ARGO’S INVESTMENT PORTFOLIO TOP HOLDINGS & POSITIONING 27 OUR PORTFOLIO TOP 20 HOLDINGS Figures are at 31 March 2026 # Company Value Weight 1 BHP $538m 6.9% 2 Macquarie $488m 6.2% 3 CBA $392m 5.0% 4 Rio Tinto $379m 4.8% 5 Westpac $345m 4.4% 6 Wesfarmers $292m 3.7% 7 ANZ $288m 3.7% 8 Telstra $255m 3.2% 9 NAB $240m 3.1% 10 Santos $235m 3.0% # Company Value Weight 11 CSL $212m 2.7% 12 QBE Insurance $187m 2.4% 13 Technology One $175m 2.2% 14 Origin Energy $172m 2.2% 15 Aristocrat $168m 2.1% 16 Woodside $153m 1.9% 17 Computershare $139m 1.8% 18 Woolworths $136m 1.7% 19 Eagers Automotive $127m 1.6% 20 APA $126m 1.6% 28 $xxxM $192 million $617 million $405 million $394 million $376 million $338 million $288 million $258 million $245 million $234 million $210 million $195 million $179 million $156 million DIVERSIFIED EXPOSURE Figures are at 31 March 2026 29 INDEX CONCENTRATION RISK Comparing Argo’s portfolio to the S&P/ASX 200 Index Sector exposure Top 10 holdings Argo’s portfolio has more balanced exposure across sectors Argo’s top 3 holdings are less concentrated Figures are at 31 March 2026. Top 3 holdings = 26% 0% 5% 10% 15% 20% 25% Argo ASX200 CBA BHP BHP MQG WBC CBA NAB RIO ANZ WBC WES WES MQG ANZ CSL TLS WDS NAB RIO STO 0% 10% 20% 30% 40% 50% 60% ASX200 Argo Top 3 holdings = 18% Portfolio weight 30 BANKS REMAIN WELL POSITIONED $3.5 billion up 1% $0.77 up 1% $3.6 billion flat $0.85 per share flat $5.4 billion up 5% $2.35 per share up 4% $3.8 billion up 6% $0.83 per share flat $4.8* billion Up 30% $7.00** per share up 8% * Macquarie’s latest results are for the full year ending 31 March 2026. **Full year dividend. LATEST RESULTS: HALF-YEAR PROFITS AND INTERIM DIVIDENDS DECLARED 31 RECENT MOVEMENTS Figures are for 2026 calendar year to 31 March 2026. Recent sales Recent purchases 32 ARGO'S AI EXPOSURE ENABLERS & PICKS-AND-SHOVELS Power & energy infrastructure Connectivity & digital infrastructure Materials & resources for build-out Engineering & industrial support 33 OUTLOOK LOOKING AHEAD: KEY THEMES FOR AUSTRALIA & THE WORLD 34 Economy remains robust Stubbornly high inflation Energy price pressures Ongoing market volatility KEY THEMES SHORT-TERM OUTLOOK Interest rate uncertainty 35 Budget outcomes & impacts Energy infrastructure expenditure Higher defence spending Acceleration of economy’s digitisation/ electrification Geopolitical risks & realignment KEY THEMES LONGER-TERM OUTLOOK Energy independence & resource nationalism Supply chain resilience 36 Low-cost, internally managed Experienced board and management team Long-term, proven investment approach Fully-franked, sustainable dividends Strong balance sheet with no debt Diversified and administratively simple Shareholder benefits 37 ARGO INFRASTRUCTURE ASX CODE: ALI Access a large and complex global asset class through a single ASX trade 38 ALI 16 6.0% $483m Argo Investments Cohen & Steers ASX code Dividends paid every year since inception Consecutive fully franked dividends Grossed up to include franking credits Dividend yield $481m in 2025 Total assets Manager Portfolio Manager OVERVIEW Figures at 31 March 2026. 39 DIVERSIFICATION BENEFITS At March 31, 2026 Global listed infrastructure vs Australian share market Total returns to 31 March 2026 6.7% 9.4% 12.0% 11.7% 9.3% 5.5% 7.4% 10.4% 10.1% 8.4% -2.6% 11.7% 9.5% 8.6% 8.2% 6 months 1 year 3 years (pa) 5 years (pa) since inception (pa) Portfolio (before fees) Benchmark S&P/ASX 200 Accumulation Index 40 KEY CONSIDERATIONS FOR INVESTORS Global listed infrastructure vs Australian share market Total returns to 31 March 2026 41 INFRASTRUCTURE POWERS THE GLOBAL ECONOMY 42 LISTED INFRASTRUCTURE OFFERS A DIFFERENTIATED PERFORMANCE PROFILE 43 2025 & 2026: KEY DRIVERS & WHAT’S NEXT 44 GENERATIONAL OPPORTUNITY IN INFRASTRUCTURE CAPITAL FORMATION 45 ATTRACTIVE ENTRY POINT FOR INFRASTRUCTURE 46 SECULAR THEMES ARE DRIVING OPPORTUNITIES IN INFRASTRUCTURE 47 POWER DEMAND ACCELERATING AT UNPRECEDENTED LEVELS 48 BOTH THE NUMBER OF CONNECTED DEVICES & AMOUNT OF DATA WILL CONTINUE TO GROW 49 DEGLOBALISATION & SUPPLY-SIDE SHOCKS 50 WAR IN IRAN 51 WAR IN IRAN (CONT.) VOLATILE ENERGY PRICES CREATE UNCERTAINTY, BUT REAL ASSETS SHOULD BE RESILIENT 52 PORTFOLIO IN ACTION: MIDSTREAM SUBSECTOR 53 PORTFOLIO IN ACTION TRANSPORTATION SUBSECTOR 54 PORTFOLIO IN ACTION COMMUNICATIONS SUBSECTOR 55 PORTFOLIO IN ACTION UTILITIES SUBSECTOR 56 ARGO INFRASTRUCTURE PORTFOLIO TOP 10 HOLDINGS 57 COHEN & STEERS’ COMPETITIVE ADVANTAGES 58 DEDICATED TEAM OF GLOBAL LISTED INFRASTRUCTURE SPECIALISTS 59 SUMMARY 60 PORTFOLIO MANAGER 61 LEGAL NOTES 62 argoinvestments.com.au FIND OUT MORE argoinfrastructure.com.au 64