ARGENT INDUSTRIAL LIMITED - CAUTIONARY ANNOUNCEMENT AND TRADING UPDATE

ARGENT INDUSTRIAL LIMITED - CAUTIONARY ANNOUNCEMENT AND TRADING UPDATE          
ARGENT INDUSTRIAL LIMITED                                                       
(Incorporated in the Republic of South Africa)                                  
(Registration number 1993/002054/06)                                            
(Share code: ART  ISIN:  ZAE000019188)                                          
("Argent" or "the Company")                                                     
CAUTIONARY ANNOUNCEMENT AND TRADING UPDATE                                      
The directors of Argent are pleased to announce that the interim headline       
earnings per share in respect of the six months ended 30 September 2002, which  
will be published on or about 6 November 2002, will be significantly higher than
the headline earnings per share in respect of six month period ended 30         
September 2001.                                                                 
Notwithstanding the above, Argent is in addition required to announce that      
following a review of the company`s annual report in respect of the year ended  
31 March 2002, by the GAAP Monitoring Panel of the JSE Securities Exchange South
Africa, that the company has in contravention of GAAP Statement AC 112, (The    
Effect of Changes in Foreign Exchange Rates), reflected an exchange translation 
of non monetary assets in respect of a foreign operation amounting to R1.757    
million in profit before and after taxation in respect of the year ended 31     
March 2002 and R1.445 million before and after taxation in respect of the year  
ended 31 March 2001 respectively. This has had the effect of reducing earnings  
and headline earnings per share for the year ended 31 March 2002, from the      
reported 55.1 cents and 55.8 cents respectively to 51.1 cents (a decrease of    
7.2%) and 51.9 cents (a decrease of 7.1%) respectively. The retained income in  
respect of the prior year will be adjusted for the R1.445 million overstatement.
The adjustments will have the effect of reducing net asset value per share at 31
March 2002 from 303.2 to 296 cents per share, a decrease of 2.4%                
This information is given for the benefit of the company`s shareholders and the 
public, and in compliance with section 3.4 (b) of the Listings Requirements of  
the JSE Securities Exchange SA, which states that an announcement must be made  
without delay in circumstances where there may be developments in the financial 
position of the company that are not public knowledge and which may lead to     
material movements in the ruling price of its securities.                       
Accordingly, shareholders are advised to exercise caution when dealing in their 
Argent shares, until Argent`s interim results are published .                   
Germiston                                                                       
22 October 2002                                                                 
Sponsor                                                                         
LPC MANHATTAN SPONSORS                                                          
Date: 22/10/2002 08:32:36 AM Supplied by www.sharenet.co.za                     
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