Announcement PDF 12 May 2025 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 MEETINGSN MEETINGS UPCOMING INFORMATION MEETINGS MELBOURNE ADELAIDE BRISBANE Monday 12 May 10 am Tuesday 13 May 10 am Wednesday 14 May 10 am Sofitel Melbourne 25 Collins St Melbourne Convention Centre North Tce Adelaide Sofitel Brisbane 249 Turbot St Brisbane SYDNEY CANBERRA PERTH Friday 16 May 10 am Tuesday 27 May 10 am Hyatt Hotel 120 Commonwealth Ave Yarralumla Fraser’s Kings Park 60 Fraser Ave Kings Park Thursday 15 May 2 pm Marriott Circular Quay 30 Pitt St Sydney 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 AGENDA 1 Argo Investments 2 Recent share market performance 3 Current economic conditions 4 Our portfolio 5 Looking ahead 6 Argo Infrastructure 7 Q and A REPRESENTING ARGO JASON BEDDOW Managing Director ANDY FORSTER Senior Investment Officer MEREDITH HEMSLEY Communications Manager COLIN WHITEHEAD Investment Analyst LESLEY-MAY JOSEVSKI Communications Officer TIM BINKS Chief Operating Officer TYLER ROSENLICHT Portfolio Manager, Cohen & Steers 5 ARGO INVESTMENTS ASX CODE: ARG Navigating through various market cycles and conditions for over 78 years OVERVIEW Half-year earnings per share Interim dividend $125.3m in 2024 16.5c per share in 2024 Fully franked per share 16.5c per share in 2024 Total assets Dividend yield MER $7.4b 5.8% 0.15% $7.5b in 2024 Grossed up to include franking credits (Management Expense Ratio) Half-year profit $121.2m Figures are at 31 March 2025 15.9c 17.0c Independent research ratings 7 PREMIUM/DISCOUNT TO NTA Share price premium/discount to NTA Over a 30-year time horizon Figures are at 31 March 2025 8 LICs vs INDEX ETFs Listed investment companies (LICs) Index Exchange Traded Funds (ETFs) Stable, franked dividends Volatile dividends & franking Variable tax implications Internally managed Externally managed Low cost, no conflicts of interest Higher tax liabilities, fees paid to external manager 9 SHARE MARKET PERFORMANCE 10 SHARE MARKET OVER TIME SHARE MARKET OVER TIME S&P/ASX 200 & Accumulation Index Before, during and post-pandemic 180 Accumulation Index 160 140 S&P/ASX 200 Index 120 100 First vaccine released 80 US Fed starts to raise rates RBA pauses rate rises Record high US Fed starts to cut rates US ‘Liberation Day’ RBA starts to rate rises 60 Source: Factset, S&P Global 11 CURRENT ECONOMIC ENVIRONMENT 12 ELECTION OUTCOME CERTAINTY 13 GROWTH IS SLUGGISH Australian GDP growth Source: Australian Bureau of Statistics (ABS) 14 PUBLIC DEMAND PROPPING-UP GDP Contributions to GDP growth 12 months to 31 December 2024 Source: ABS, Reserve Bank of Australia (RBA) 15 HOUSEHOLD SPENDING IS WEAK Household spending Current price, seasonally adjusted Source: ABS, Monthly Household Spending Indicator March 2025 16 INFLATION IS MODERATING Consumer Price Index to the March 2025 Quarter Sources: ABS, RBA 17 Source: ABS, Reserve Bank of THE RBA HAS STARTED CUTTING RBA cash rate target Source: RBA 18 OUR PORTFOLIO 19 RECENT SECTOR PERFORMANCE S&P/ASX 200 Index sector performance 12 months to 31 March 2025 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% Banks Utilities Industrials Financials Ex Banks Consumer Discretionary Communication Services Information Technology Consumer Staples Health Care Real Estate Materials Energy Source: Factset, S&P Global 20 DIVERSIFIED EXPOSURE $xxxM $617 million $405 million $394 million $376 million $338 million $288 million $258 million $245 million $234 million $210 million $179 million $156 million $195 million $192 million Figures are at 31 March 2025 21 TOP 20 HOLDINGS $xxxM $617$504m million $387m $405 million $370m $394 million $334m $376 million $318m $338 million $278m $263m $288 million $238m $258 million $233m $245 million $204m $234 million $204m $199m $210 million $189m $147m $123m $197m $192m $179 million $195 million $123m $156 million $192 million $114m Figures are at 31 March 2025 $113m 22 RECENT MOVEMENTS Recent purchases Figures are for the quarter to 31 March 2025 Recent sales 23 US TARIFF IMPACTS Impacts by country % of GDP Argentina India $xxxM Russia UK $405 million $617 million Saudi Arabia Australia Brazil Indonesia Poland Japan $288 million $258 million Mexico Euro Area South Korea Canada Malaysia US $195 million Rest of World China $192 million Vietnam 0.0 0.5 Direct 1.0 $394 million $376 million $338 million $245 million $234 million $210 million $179 million $156 million 1.5 Domestic tariff tax Australia is among the least affected by US tariffs 2.0 2.5 3.0 Global trade uncertainty 3.5 4.0 4.5 5.0 Indirect Source: IMF Dots, US Federal Reserve, White House, Bloomberg, US Census Bureau, World Bank, Country national accounts, Barrenjoey Research Estimates 24 TARIFFS AND OUR PORTFOLIO Domestic-only business Not impacted by tariffs $xxxM Some US-exposed business Unlikely to be impacted by tariffs $617 million $405 million $394 million $376 million $288 million $258 million $245 million $234 million $179 million $156 million $195 million 54% $192 million of portfolio revenue Source: Factset 12% of portfolio revenue China-exposed business Could be impacted if Chinese economy weakens $338 million $210 million 7% of portfolio revenue 25 LYNAS’ GEOPOLITICAL SIGNIFICANCE Rare earths elements supply chain % share by country $xxxM $617 million $405 million $394 million $376 million $338 million $288 million $258 million $245 million $234 million $210 million $179 million $156 million $195 million $192 million Source: Global X ETFs with information derived from various sources. 26 STRATEGIC USES OF RARE EARTHS $xxxM $617 million $405 million RARE EARTHS $394 million $376 million $288 million $258 million $245 million $234 million $179 million $156 million $195 million $338 million Magnets $210 million $192 million Electronics Catalysts Defense Wind turbines EVs 27 LOOKING AHEAD 28 TRUMP-FUELLED VOLATILITY TO CONTINUE 29 30 ARGO INFRASTRUCTURE ASX CODE: ALI Access a large and complex global asset class through a single ASX trade OVERVIEW Consecutive fully franked dividends ASX code Dividend yield ALI 5.3% Total assets Manager Portfolio Manager $485m Argo Investments Cohen & Steers $432m in 2024 Grossed up to include franking credits 14 Independent research ratings Dividends paid every year since inception Figures at 31 March 2025 32 DIVERSIFICATION BENEFITS Global listed infrastructure vs Australian share market Total returns to 31 March 2025 At March 31, 2025. 33 KEY CONSIDERATIONS FOR INVESTORS 34 WHY LISTED INFRASTRUCTURE NOW? 35 INVESTMENT CASE FOR LISTED INFRASTRUCTURE 36 INFRASTRUCTURE…IT’S WHERE THE CAPITAL IS GOING At December 31, 2024. Source: Oxford Economics, World Economic Forum, Cohen & Steers. 37 INFRASTRUCTURE VALUATIONS ARE ATTRACTIVE At March 31, 2025. Source: MSCI, FTSE, FactSet and Cohen & Steers 38 KEY THEMES WITHIN LISTED INFRASTRUCTURE TODAY At March 31, 2025. 39 MARINE PORTS ARE BENEFITING FROM INCREASED VOLUMES AND REROUTING OF GLOBAL TRADE FLOWS At December 31, 2024. Source: BCG, UN Comtrade, Oxford Economics, IHS, WTO, Cohen & Steers. 40 HIGHER POWER DEMAND SHOULD BENEFIT UTILITIES At March 31, 2025. Source: U.S. Energy Information Administration, Cohen & Steers. 41 POTENTIAL IMPACT OF A SECOND TRUMP PRESIDENCY ON LISTED INFRASTRUCTURE At March 31, 2025. Source: Cohen & Steers. 42 TARIFF IMPLICATIONS FOR GLOBAL LISTED INFRASTRUCTURE At March 31, 2025. Source: Cohen & Steers. 43 PORTFOLIO IN ACTION At March 31, 2025. Source: Morningstar, Cohen & Steers. 44 TOP HOLDINGS At March 31, 2025. 45 COHEN & STEERS’ COMPETITIVE ADVANTAGES 46 COHEN & STEERS TEAM At March 31, 2025. 47 SUMMARY At March 31, 2025. Source: Cohen & Steers. 48 PORTFOLIO MANAGER Tyler Rosenlicht Senior Vice President, Cohen & Steers Tyler Rosenlicht, Senior Vice President, is a portfolio manager for Global Listed Infrastructure. Prior to joining the firm in 2012, Mr. Rosenlicht was an investment banking associate with Keefe, Bruyette & Woods and an investment banking analyst with Wachovia Securities. Mr. Rosenlicht has a BA from the University of Richmond and an MBA from Georgetown University. He is based in New York. 49 LEGAL NOTES 50 QUESTIONS & ANSWERS FIND OUT MORE argoinvestments.com.au argoinfrastructure.com.au 52 APPENDIX ARGO INFRASTRUCTURE PREMIUM/DISCOUNT TO NTA 8.0% Share price premium/discount to NTA Since inception (July 2015) 4.0% 0.0% -4.0% -8.0% -12.0% -16.0% -20.0% Jul-15 Feb-16 Sep-16 Apr-17 Nov-17 Jun-18 Jan-19 Aug-19 Mar-20 Oct-20 May-21 Dec-21 Jul-22 Feb-23 Sep-23 Apr-24 Nov-24 Jun-25 Figures are at 31 March 2025 54