Welcome to the 2017 Annual General Meeting

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Summary of financial results

2017 2016 change

Profit $211.5 million $216.3 million -2.2%

Earnings per share 30.7 cents 32.0 cents -4.1%

Total dividends per share for the full year

31.0 cents 30.5 cents +1.6%

Net tangible asset backing (NTA) per share

$7.71 $7.11 +8.4%

Management expense ratio (MER) 0.16% 0.17% -0.01%

Number of shareholders 81,445 80,477 +968

for the year ended 30 June 2017

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Cash rate v Argo dividends 15 year history (excluding franking credits)

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source: FactSet

1.50%

0

5

10

15

20

25

30

35

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Interim Dividend (cps) Final Dividend (cps) Cash Rate % (LHS)

31.0

18.0 18.0

21.0 24.0

27.0 30.0

27.0 25.0 26.0 26.0

26.5 28.0 29.5

30.5

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Total Returns to 30 September 2017: % per annum

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12.0%

4.9%

11.6%

3.9%

7.7%

5.8%

9.8%

3.3%

9.1%

7.0%

10.1%

3.1%

1 Year 3 Years 5 Years 10 Years

Share Price NTA S&P/ASX 200 acc.

Argo attributes

A truly long-term, conservative investment philosophy

An internally managed, low-cost business model with no performance fees

A strong balance sheet with no debt

Diversification of risk and administrative simplicity

Active portfolio management offered by an experienced team in a strong and transparent corporate governance environment

Fully franked, sustainably growing dividends

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“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 low

cost structure in a tax-aware manner.”

Outlook

Underlying global macroeconomics have improved despite political uncertainty

Australian economy continues to grow despite some conflicting signals

Market valuations look somewhat stretched

Cautious approach with cash available

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S&P/ASX 200 performance

source: FactSet

2000

2500

3000

3500

4000

4500

5000

5500

6000

6500

7000

ASX 200

excluding dividends

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S&P/ASX 200 v Accumulation Index

source: FactSet

0

20

40

60

80

100

120

140

160

180

200

Accumulation Index

Price Index

including dividends

S&P/ASX 20 dividend growth last three financial years (FY)

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source: FactSet

-100%

-50%

0%

50%

100%

150%

200%

FY15 FY16 FY17

Dividend payers within the portfolio 12

58%

35%

5% 2% Grower

Maintainer

Cutter

Non-payer

Major investment purchases during the year to 30 June 2017

13

Major investment sales during the year to 30 June 2017

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Investment purchases since year end to 30 September 2017

Total purchases of approximately $50m, with larger purchases including:

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Event Hospitality & Entertainment (EVT) 16

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Top 20 equity investments as at 30 September 2017

$M $M

Westpac Banking Corporation 354.8 Australian United Investment Co. 123.8

ANZ Banking Group 289.0 Milton Corporation 107.4

Commonwealth Bank of Australia 241.1 Woolworths 104.2

Wesfarmers 224.8 Sydney Airport 102.8

Macquarie Group 223.5 Ramsay Health Care 89.5

BHP Billiton 217.3 APA Group 85.8

National Australia Bank 190.7 AGL Energy 85.1

Telstra Corporation 160.6 Origin Energy 82.0

Rio Tinto 157.1 Amcor 74.8

CSL 149.1 Computershare 70.9

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Portfolio sector allocation as at 30 September 2017

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5.5% 4.5%

3.5%

5.6%

4.0%

13.4%

6.0%

7.6% 10.8%

20.3%

4.3%

7.4%

7.1% Listed Investment Companies

Cash

Utilities

Telecommunication Services & I.T.

Property

Materials

Industrials

Health Care

Other Financials

Banks

Energy

Consumer Staples

Consumer Discretionary

Rural Funds Group (RFF) product & climatic diversification

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Quality agricultural exposure is hard to find in ASX-listed environment

source: RFF

Rural Funds Group business strategy

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Invest across full spectrum of assets, whilst ensuring asset mix continues to fund distributions

source: RFF

Rural Funds Group total shareholder return

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source: RFF & IRESS. Assumes $10,000 invested July 2014 and all distributions are reinvested at the DRP price. Total return of indices as provided by S&P. Data current to 10 August 2017

$9,000

$14,000

$19,000

$24,000

$29,000

Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17

S&P/ASX300 A-REIT RFF All ordinaries

June 2017: $79m Entitlement Offer

July 2016: $61m Entitlement Offer

March 2016: S&P/ ASX300 inclusion

Oct 2015: $35m Entitlement Offer

March 2015: $15m Entitlement Offer

Outlook

US markets at all time highs; cautious on higher interest rates

Ongoing economic growth in China is vital

Banks face well-publicised head winds; increasingly stretched consumers

Domestic economy will continue to grow

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Outlook 24

Technology change and disruption continues…

Executive team

Jason Beddow Managing Director

Brydie Lloyd-Roberts

Investment Analyst

Colin Whitehead

Investment Analyst

Andrew Moller Investment Analyst

Paul Frost

Investment Analyst

Stephen Mortimer

Operations Officer

Jo Chipperfield

Legal Officer

Andy Forster

Senior Investment Officer

Tim Binks

Chief Operating Officer

Andrew Hill

Chief Financial Officer

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