General Repurchase of Ordinary Shares Argent Industrial Limited (Registration number 1993/002054/06) (Incorporated in the Republic of South Africa) Share Code: ART ISIN: ZAE000019188 (“Argent” or “the company” or “the group”) GENERAL REPURCHASE OF ORDINARY SHARES In the notice of the Argent annual general meeting held 30 August 2017 (“the AGM”), shareholders approved the repurchase of ordinary shares by way of a special resolution. Shareholders were further advised that any repurchases under the general authority would be at market value in accordance with the provisions set out under the relevant special resolution. At the AGM, shareholders granted a general authority to the board of Argent to repurchase up to 20% of the issued ordinary share capital of Argent. Shareholders are hereby advised that Argent has repurchased 202 068 ordinary shares, representing 0.21% of the issued ordinary share capital as at the date of the authority to repurchase the ordinary shares was granted, out of the Company’s available cash resources. The ordinary shares were repurchased for an aggregate value of R868 265.61. Date of Number of Highest Lowest Aggregate repurchase ordinary price per price per value shares ordinary ordinary repurchase share shares 31 July 202 068 R4.94 R4.03 R868 265.61 2017 to 22 September 2017 The repurchases were made in terms of the general authority granted by shareholders at the AGM, and were effected through the order book operated by the JSE trading system without any prior understanding or arrangement between the Company and the counterparties. The general repurchase of ordinary shares has been complied with in terms of paragraph 5.72(a) of the JSE Listings Requirements. The ordinary shares repurchased will be de-listed and cancelled upon registration of the ordinary shares in the name of Argent. Argent is entitled to repurchase a further 18 822 892 ordinary shares (19.79% of the ordinary shares in issue as at the date of the authority), in terms of the current general authority, which is valid until Argent’s next annual general meeting. As at the date of this announcement, the Company held 4 682 941 ordinary shares in treasury. The impact of the repurchase of the ordinary shares on the financial information of the Company is immaterial. The ordinary shares were repurchased from excess cash resources of the Company. OPINION OF THE BOARD OF THE COMPANY The board of Argent has considered the effect of the repurchases and is of the opinion that, for a period of 12 months following the date of this announcement: - the Company and the Group will be able, in the ordinary course of business, to repay their debts for a period of 12 months after the date of this announcement; - the consolidated assets of the Company and the Group will be in excess of the consolidated liabilities of the Company and the Group for a period of 12 months after the date of this announcement; - the Company’s and the Group’s share capital and reserves will be adequate for the purposes of the business of the Company and the Group for a period of 12 months after the date of this announcement; and - the Company and the Group will have sufficient working capital for ordinary business purposes. Umhlanga 29 September 2017 Sponsor: PSG Capital Proprietary Limited Date: 29/09/2017 10:59:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.