Argo Investments Limited ABN 35 007 519 520

LISTED INVESTMENT LISTED INVESTMENT NTA & Top 20 Investments SELF MANAGEDSELFCOMPANY MANAGED COMPANY SUPER FUND SUPERSMSF ADVISE FUNDR SMSF MEMBER WINNER WINNER 31 March 2018 AWARDS 2017 AWARDS 2017

Argo Investments Limited (ARG) is an Australian listed investment company. Argo’s Company profile: objective is to maximise long-term returns to shareholders through a balance of Argo was established in 1946 and is a long- capital and dividend growth. It does this by investing in a diversified Australian equities term investment company listed on the portfolio which is actively managed in a low cost structure in a tax-aware manner. Australian Securities Exchange (ASX code: ARG).

Net Tangible Asset backing per share (NTA) Argo shares offer investors a professionally managed, diversified and easily traded $7.59 exposure to the Australian share market, The NTA as at 31 March 2018 was per share. without the need to pay fees to an This figure allows for all costs incurred, including company tax and any tax payable investment manager. on gains realised from portfolio sales. The Company has over 83,000 shareholders Under ASX Listing Rules, the Company is also required to provide for tax that may and a market capitalisation of $5.5 billion, which places it within Australia’s top 100 arise should the entire portfolio be disposed of on the above date. After deducting listed companies. this theoretical provision, the above figure would be $6.72 per share.

Top 20 investments Investment process: Percentage of total assets as at 31.3.18 Argo uses extensive research and direct % company visits to identify well managed, listed Australian businesses that operate in Banking Corporation 6.1 sound industries, have good cash flow and Australia and New Zealand Banking Group 4.9 the potential to grow dividends. 4.7 The Company seeks to buy or add to its long- BHP Billiton 4.4 term holdings in those businesses at times of Australia 4.3 when share prices compare favourably to long-term valuations. 4.2 CSL 3.2

National Australia Bank 3.2 Low management costs: 3.2 Argo is internally managed and does not 2.7 charge fees to shareholders. Australian United Investment Company 2.3 This internal management structure helps Woolworths 1.9 to maintain low operating costs. For the year ended 30 June 2017, total operating costs 1.8 were 0.16% of average assets at market Sydney Airport 1.8 value. Milton Corporation 1.8 1.8 APA Group 1.6 Dividends: 1.6 Argo has paid dividends every year since Twenty-First Century Fox 1.5 its inception. In the past 12 months Argo has paid two fully franked dividends to AGL Energy 1.5 shareholders - 58.5 Top 20 equity investments 2017 final 16.0 cents per share Cash and term deposits 3.2 2018 interim 15.5 cents per share

Argo Investments Limited Website www.argoinvestments.com.au Share Registry Computershare Investor Services Email [email protected] Website www.investorcentre.com Telephone 08 8210 9500 Telephone 1300 350 716 (in Australia) Postal Address GPO Box 2692 Adelaide SA 5001 +61 3 9415 4296 (outside Australia) Registered Address 19 Grenfell Street Adelaide SA 5000 Postal Address GPO Box 2975 VIC 3001