half-yearly result to 31.12.08, page-3

Reply received today, shown below:

Messrs Harris and Patterson have requested that I reply to your enquiry.

Unfortunately, we do not publicly disclose the information that you have requested, although all of our investments are held at their current market values and this is reflected in our net tangible asset backing per share which is disclosed monthly and is reported on our website.

Argo is very much run on a portfolio basis and our results for any period represent the collective outcome of numerous individual transactions and events. The Directors regularly inform shareholders of the major investment transactions which have occurred and list all of our investments, together with their individual market values, in the Annual Report each year.

Due to the judgemental nature of considering impairment of a particular investments and the fact that holdings are regularly changing, historical cost values of the investments within the Company's portfolio are not made available to the market.

We thank you for your interest and trust that this information is of assistance.

Yours sincerely,
ARGO INVESTMENTS LIMITED


Brenton Aird
Company Secretary