Slides
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ARGO INVESTMENTS Annual General Meeting 2026
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PETER WARNE CHAIRMAN 2
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3 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). ASCO’s Financial Services Guide is available on request or at argoinvestments.com.au. This presentation contains unsolicited general information only, which does not take into account the particular objectives, financial situation or needs of any individual investor. It is not intended to be passed on or relied upon as a recommendation by any person. 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.
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Jason Beddow Managing Director Lianne Buck Non-executive Director Peter Warne Chairman Melissa Holzberger Non-executive Director 4 Symon Parish Non-executive Director BOARD OF DIRECTORS Elizabeth Lewin Non-executive Director
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To maximise long-term shareholder returns through reliable fully franked dividend income and capital growth. 55 OUR OBJECTIVE
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$260.2m 38.5c34.3c 5.0c $8.2b $10.84 0.14% 6.0% $259.8m in 2025 Profit Fully franked per share 37.0c per share in 2025 Full year dividends 34.1c per share in 2025 Earnings per share LIC capital gain LIC tax benefit 7.0c in 2025 $8.0b in 2025 Total assets Net tangible assets $10.43 per share in 2025 NTA per share MER 5.8% in 2025 Yield, incl. franking Management Expense Ratio 0.15% in 2025 6 2026 OVERVIEW All figures as at 30 June 2026
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Increase 5 ANNUAL DIVIDENDS Up +37.5% Since COVID market lows TRACK RECORD 80 years Continuous dividends FULLY FRANKED SINCE 1995 Paid twice each year Fully franked full-year dividends cents per share 25.0 26.0 26.0 26.5 28.0 29.5 30.5 31.0 31.5 33.0 30.0 28.0 33.0 34.5 34.5 37.0 38.5 10.7 11.1 11.1 11.4 12.0 12.6 13.1 13.3 13.5 14.1 12.9 12.0 14.1 14.8 14.8 15.9 16.5 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Full-year dividend Franking credits All figures as at 30 September 2026 OUR DIVIDEND TRACK RECORD
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8 For more information argoinvestments.com.au/dividends LIC CAPITAL GAIN TAX BENEFIT
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10 Proposed quarterly dividend schedule PAYMENT DATE DIVIDEND AMOUNT January 2027 10 cents per share, fully franked April 2027 10 cents per share, fully franked July 2027 10 cents per share, fully franked October 2027 10 cents per share, fully franked “Argo’s Board continues to focus on ensuring the Company sustainably grows fully franked dividends over time.” Argo ASX Announcement 5 August 2026 40 cents FORECAST ANNUAL DIVIDEND January 2027 PROPOSED START DATE FOR QUARTERLY DIVIDENDS 10 cents FOR EACH OF FIRST FOUR QUARTERLY DIVIDENDS MOVE TO QUARTERLY DIVIDENDS
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10 All figures as at 30 September 2026 TOTAL RETURNS
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11 All figures as at 30 September 2026 SHAREHOLDER RETURNS $10,000 INVESTED $10,000 invested in Argo Investments Over 20 years to September 2026
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'Tech wreck' SHARE PRICE RELATIVE TO NTA 9 Argo Investments share price premium/discount to NTA 30 years to September 2026 -0.7% 30-year average discount to NTA Asian economic crisis ‘Tech wreck’ Post-GFC ‘hangover’ Tech bubble China mining boom Aggressive monetary tightening AI boom Low interest rates Ultra-low interest rates COVID All figures as at 30 September 2026
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3,424 91%1st 71%74% 63% Shareholders responded Response rate Willing to recommend Argo to other investors Would recommend Diversified exposure to Australia’s share market Engagement Rate comms & engagement as excellent or very good Access information about Argo by email Communications Have held Argo for 10 or more years. Long-term holders 13 SHAREHOLDER SURVEY Top priority
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14 SHAREHOLDER SURVEY reliable safe conservative solid steady consistent stable diversified low cost dependable dividends managed trustworthy secure excellent franked sound returns income australian long-term quality trusted honest easy boring balanced set and forget blue chip established value old fashioned growth reasonable unexciting cautious vanilla WHAT W ORDS WOULD YOU USE TO DESCRIBE ARGO?
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Elizabeth Lewin Non-executive Director 15 DIRECTORATE
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Argo Investments key milestones, 1946–2027 1946 Founded in Adelaide by Alf Adamson and Kevin Ward 1948 Lists on the Adelaide Stock Exchange 1961 Argonauts ship logo first appears 1969 Rob Patterson appointed Company Secretary 1987 First fully franked dividend paid 1992 Merges with Stoddarts; Sydney office opens 1996 50th anniversary: 25,000+ shareholders 1998 Assets exceed $1 billion 1999 Dividend Reinvestment Plan introduced c.2000 Mergers with Wakefield and Bounty 2010 Jason Beddow becomes CEO 2014 Jason Beddow appointed Managing Director 2021 75th anniversary; refreshed visual identity 2026 Argo celebrates 80th anniversary 80 YEARS 2027 Move to quarterly dividends 80 YEARS INVESTING FOR OUR SHAREHOLDERS
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17 LOOKING AHEAD
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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 18 SHAREHOLDER BENEFITS
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JASON BEDDOW 19 MANAGING DIRECTOR
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SHARE MARKET 8 S&P/ASX 200 & Accumulation Indices 2026 Calendar Year Source: Factset. S&P Global 90 95 100 105 110 Accumulation Index S&P/ASX 200 Index
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OFFICIAL CASH RATE 8 RBA Cash Rate Target January 2000 – September 2026 Source: Reserve Bank of Australia (RBA)
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NTA MOVEMENTS 8 Net Tangible Asset (NTA) movements per share for the 2026 financial year
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23 $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 All figures as at 30 September 2026 DIVERSIFIED EXPOSURE
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24 Comparing Argo’s portfolio to the S&P/ASX 200 Index Sector exposure Top 10 holdings Top 3 holdings = 20% Argo’s portfolio has more balanced exposure across sectors Argo’s top 3 holdings are less concentrated Top 3 holdings = 26% BHP BHP CBA MQG NAB RIO WBC CBA ANZ ANZ CSL WES WES WBC MQG CSL RIO STO WDS TLS 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% ASX200 Argo Portfolio Weight INDEX CONCENTRATION RISK All figures as at 30 September 2026 0% 5% 10% 15% 20% 25% 30% Argo ASX200
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OUR PORTFOLIO TOP 20 HOLDINGS # Company Value Weight 1 BHP $650m 7.9% 2 Macquarie $576m 7.0% 3 Rio Tinto $373m 4.5% 4 CBA $353m 4.3% 5 ANZ $306m 3.7% 6 Wesfarmers $299m 3.6% 7 Westpac $295m 3.6% 8 CSL $287m 3.5% 9 Santos $254m 3.1% 10 Telstra $229m 2.8% # Company Value Weight 11 NAB $227m 2.8% 12 Aristocrat Leisure $221m 2.7% 13 Technology One $187m 2.3% 14 QBE Insurance $187m 2.3% 15 Computershare $179m 2.2% 16 Origin Energy $153m 1.9% 17 Woodside Energy $136m 1.7% 18 APA $134m 1.6% 19 Woolworths $133m 1.6% 20 Suncorp $127m 1.6% 28 All figures as at 30 September 2026
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PURCHASES SALES 26 RECENT PORTFOLIO MOVEMENTS For the three months to 30 September 2026
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27 Figures for financial years to the end of FY26 and Argo Investments’ FY27 dividend guidance. *Using iShares Core S&P/ASX 200 ETF (ASX: IOZ) as a proxy for the Australian share market. Annual cash dividends (including franking) Argo versus Index ETF* Argo grossed-up dividend iShares Core S&P/ASX 200 ETF 50% 60% 70% 80% 90% 100% 110% 120% 130% 2019 2020 2021 2022 2023 2024 2025 2026 2027E Relative to FY2019 LOWER DIVIDEND VOLATILITY
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28 HOW DO THEY STACK UP? Argo Investments (ASX: ARG) Figures based on share price iShares Core S&P/ASX 200 ETF (ASX: IOZ) Figures based on unit price Investment style Active Passive 1 yr portfolio returns 6.4% 2.7% Yield 4.2% 3.4% Franking 100% 68% Grossed-up dividend yield 6.0% 4.4% MER 0.14% 0.05% Annual cost on $10,000 invested $14 $5 Annual income on $10,000* invested $600 $440 LIC capital gains tax discount $38.82 deduction^ $0 deduction * Grossed up to include the benefit of franking credits. ^ For taxpayers, excl. companies and SMSFs. $25.88 deduction for SMSFs. Based on Argo’s FY26 LIC capital gain component of 5 cps. All figures as at 30 September 2026
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29 AN ENDURING APPROACH Adelaide Stock Exchange trading floor, early 1900s Argo’s portfolio in 1947
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30 $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 INVESTING OVER 80 YEARS $0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 1946 1956 1966 1976 1986 1996 2006 2016 2026 $ per share Argo Investments NTA/share 1946 to 2026 Korean War 1973 oil shock 1987 crash Tech wreck 9/11 China resources boom GFC Covid Ukraine war Liberation Day Credit squeeze Decimal currency introduced Poseidon boom 1982 recession A$ Dollar floated 1990 recession 1994 bond crash Asian Economic Crisis Euro crisis Iran War
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LOOKING AHEAD 31
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32 OUTLOOK US midterm elections Higher inflation Oil price volatility Image to come Geopolitical uncertainty
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43 GET IN TOUCH invest@argoinvestments.com.au (08) 8210 9500 argoinvestments.com.au
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44 Investing for our shareholders since 1946