2020 Annual General Meeting presentation Please find attached the - PDF document

26 October 2020 The Manager Company Announcements ASX Limited 20 Bridge Street SYDNEY NSW 2000 2020 Annual General Meeting presentation Please find attached the presentation slides which accompany the Chairman’s and Managing Director’s Addresses at today’s Annual General Meeting of Argo Investments Limited. Yours faithfully, T.C.A. Binks Chief Operating Officer & Company Secretary

2020 ANNUAL GENERAL MEETING 26 OCTOBER 2020

“Argo’s objective is to maximise long-term returns to shareholders through a balance of capital and dividend growth. It does this by investing in a diversified Australian equities portfolio which is actively managed in a tax-aware manner within a low-cost structure.”

2020 Overview NTA per share* Management expense Shareholders ratio $7.27 92,342 0.16% Earnings per share Profit Full year dividends, fully franked 30.0c 27.8c $199.5m * at 30 June 2020 Argo 14

Annual Dividends cents per share 35 33 33 31.5 31. 31 31 30.5 30. 30 30 29. 29.5 30 28 28 26.5 26. 26 26 26 26 25 20 15 10 5 0 2011 20 11 20 2012 12 20 2013 13 20 2014 14 2015 20 15 20 2016 16 20 2017 17 20 2018 18 20 2019 19 20 2020 20 interim final Argo 15

Total Returns to 30 September 2020 8.8% 8.1% 7.3% 7.3% 6.9% 6.7% 5.9% 5.0% 4.9% 3.6% 0.2% 3 m months 1 y yea ear 5 years (p (pa) 10 y year ars (pa) a) 20 y year ars (pa) a) -0.4% -6.0% -10.2% -12.0% Share price NTA S&P/ASX 200 acc. Argo 16

Total Returns 20 year return based on $10,000 invested $76,270 + franking credits + dividends paid Share price $53,808 $23,561 2000 2000 2001 2001 2002 2002 2003 2003 2004 2004 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 As at 30 September 2020 Argo 17

MARKET OUTLOOK

Low-cost, Long-term, proven Experienced board and internally manage d investment approach management team Fully-franked, Strong balance Administratively sheet, no debt sustainable dividends simple

Household cash flow A$bn A$bn Employment earnings (ex. Job Keeper/ tax cuts) 250 250 Dividend earnings Job Keeper (net worker benefit) Bonus payments to welfare recipients Job Seeker supplement (GSe post 2020) Mortgage payment deferrals 225 225 Superannuation access Accelerated stage 2 tax cuts 200 200 175 175 150 150 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Source: Goldman Sachs Global Investment Research, ABS, Australian Treasury Argo 21

Major purchases during the year 30 June 2020 New position Added to position Argo 22

Major sales during the year 30 June 2020 Reduced position Exited position Argo 23

Capital raisings Argo 24

Capital raisings since 30 June 2020 Argo 25

Tech sector performance FAAN AANG ASX S S&P &P200 200 - IT IT NASDA DAQ S&P &P50 500 e ex-FA FAANG ASX S S&P &P200 200 Source: Factset Argo 26

MARKET OUTLOOK

INVESTING FOR OUR SHAREHOLDERS SINCE 1946