Ann: Share Purchase Plan, page-11

Historically, Argo has seen periods of trading above and below asset backing. Obviously it is advantageous to buy below rather than above but this opportunity doesn't come along often and usually in a market different to what we are experiencing now. Also there is a lag in reporting current assert backing - usually in the first few days of the month. The market has risen significantly since the end of February so the gap has closed markedly. Each to his own but having owned holdings for about 30 years it's proved advantageous to participate in the SPP from time to time,