Announcement PDF NTA & Investment Update March 2024 Net tangible asset (NTA) backing per share 31 March 29 February NTA per share1 $9.66 $9.42 NTA per share after unrealised tax provision2 $8.37 $8.17 Market commentary In March, the Australian market added to recent gains and again hit a new record high amid growing evidence of a global economic 'soft landing' and expectations of interest rate cuts, albeit later than previously anticipated. Overall, the S&P/ASX 200 Accumulation Index ended the month up +3.3% marking its fifth consecutive month of gains. Nearly all sectors participated in the rally, reflecting the broad-based market strength. Real Estate Investment Trusts (REITS) were the market's best performing stocks (up+9.3%) led by Goodman Group which jumped over +13%. Energy and Utilities were the next strongest sectors enjoying gains of +5.3% and 4.8% respectively. Among Argo's portfolio holdings, shares in Superloop surged around 30% during the month after the telco provider won a major contract. The new deal saw the company upgrade its forecast profit for FY2024. Portfolio Top 20 investments* % Macquarie Group 7.0 BHP 5.5 CSL 5.2 CBA 4.5 Wesfarmers 4.4 Telcos & I.T. 8.5% Rio Tinto 3.6 Industrials 8.1% ANZ 3.3 Consumer Staples 8.7% Energy 7.1% Westpac 3.0 Consumer 6.7% Telcos Discret. & I.T. 8.5% Santos 2.9 Property 2.7% NAB 2.8 LICs 2.1% Telstra 2.5 QBE Insurance 2.4 Utilities 1.6% Discret. 6.7% Consumer Aristocrat Leisure 2.3 Property 2.7% Reece 2.1 Computershare 1.9 LICs 2.1% Suncorp 1.7 Transurban 1.6 Woolworths 1.6 APA 1.6 Technology One 1.6 Top 20 equity investments 61.5 Cash and cash equivalents 1.6 Sector diversification* Other Financials 14.7% Materials 14.5% Other Financials 14.7% Banks 13.6% Materials 14.5% Health Care 10.1% Consumer Staples 8.7% Banks 13.6% Health Care 10.1% Industrials 8.1% Energy Cash 1.6% 7.1% Cash 1.6% 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. $6.7bn Shareholders 94,100 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