Announcement PDF NTA & Investment Update January 2024 Net tangible asset (NTA) backing per share 31 January^ 31 December NTA per share1 $9.48 $9.33 NTA per share after unrealised tax provision2 $8.25 $8.15 These figures are before provision for the interim dividend of 16.5 cents per share. ^ Market commentary Shares globally had a solid start to the calendar year extending recent gains as investors continued to anticipate interest rate cuts and shrugged-off recession concerns. Despite a sluggish start, Australian shares gathered momentum towards the end of the month reaching a new high on 31 January. Overall, the S&P/ASX 200 Accumulation Index ended the month up +1.2% and up over +12.0% from its October 2023 low. With the February corporate reporting season getting underway, we will be particularly focused on how companies are managing input costs, as well as the impact of higher mortgage repayments and price rises on consumer spending. On Monday, Argo reported half-year profit of $125.3 million and maintained a record interim dividend of 16.5 cents per share, fully franked. To see the full announcement, click here or visit argoinvestments.com.au. Portfolio Top 20 investments* % Macquarie Group 6.9 Materials 15.7% BHP 6.0 Other Financials 14.1% CSL 5.6 Banks 13.3% CBA 4.5 Health Care 10.5% Wesfarmers 4.0 Rio Tinto 4.0 ANZ 3.1 Santos 3.0 Westpac 2.8 Telstra 2.7 NAB 2.7 Aristocrat Leisure 2.4 QBE Insurance 2.1 Computershare 1.9 Reece 1.8 Woolworths 1.7 Transurban 1.7 Sonic Healthcare 1.6 Woodside Energy 1.6 APA 1.6 Top 20 equity investments 61.7 Cash and cash equivalents 2.0 Sector diversification* Materials 15.7% Other Financials 14.1% Banks 13.3% Consumer Staples 8.1% Health Care 10.5% Telcos & I.T. 8.1% Industrials 7.6% Consumer Staples 8.1% Energy 7.2% Telcos & I.T. 8.1% Consumer Discret. 6.8% Industrials 7.6% Property 2.8% Energy 7.2% LICs 2.2% Consumer Discret. 6.8% Cash 2.0% Property Utilities 1.6%2.8% LICs 2.2% Cash 2.0% Utilities 1.6% 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. $6.9bn Shareholders 94,400 Dividend yield^ 3.8% MER 0.15% ^ Historical yield of 5.4% (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 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