The Manager

Overview

The Manager of the Company is Argo Service Company Pty Ltd (ASCO) a wholly owned subsidiary of Argo.

WWW.ARGOINVESTMENTS.COM.AU

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.

Fees

Pursuant to the Management Agreement, the Manager is entitled to a management fee equal to:

• 1.20% (plus GST) on the Portfolio Value up to and including AUD500 million;

• 1.10% (plus GST) on the Portfolio Value above AUD500 million and up to and including AUD1 billion; and

• 1.00% (plus GST) on the Portfolio Value above AUD1 billion.

There will be no performance fee payable to the Manager.

The Manager is responsible for paying 50% of its Management Fee to the Portfolio Manager pursuant to the Portfolio Management Agreement.