Argo Investments

Argo is a listed investment company which manages a diversified portfolio of Australian investments with the objective of maximising long-term returns to its shareholders through a balance of capital and dividend growth. Argo was established in 1946 and today has over 80,000 shareholders, no debt and an AUD 5 billion portfolio invested across over approximately 100 different equity holdings and cash. Argo is well known to Australian investors as a conservative manager which has steadily grown its portfolio over nearly 70 years of operations. Its shares offer investors a professionally managed, diversified and easily traded exposure to the Australian equity market. The Company has appointed the Manager (a wholly owned subsidiary of Argo) to be its manager and agent and has entered into the Management Agreement with respect to establishing the authorisations which the Manager has been granted to manage the Company's operations. A summary of the material terms of the Management Agreement are set out below.