Exercise of Options by Directors in terms of the Company Share Incentive Scheme ARGENT INDUSTRIAL LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1993/002054/06) Share code: ART ISIN: ZAE000019188 (“Argent” or “the Company”) EXERCISE OF OPTIONS BY DIRECTORS IN TERMS OF THE COMPANY SHARE INCENTIVE SCHEME In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, the following information regarding the dealing in securities is disclosed: NAME OF DIRECTOR T R Hendry COMPANY OF WHICH A DIRECTOR Argent STATUS: EXECUTIVE/NON-EXECUTIVE Executive director TYPE AND CLASS OF SECURITIES Ordinary shares NATURE OF TRANSACTION Acquisition of ordinary shares through the exercise of options in terms of the Company Share Incentive Scheme (off- market transaction) VESTING DATE OF OPTIONS EXERCISED 19 November 2019 DATE OF EXERCISE OF OPTIONS 19 November 2019 OPTION STRIKE PRICE (1) R4.15 (2) R4.62 NUMBER OF OPTIONS EXERCISED (1) 284 996 (2) 141 198 TOTAL RAND VALUE OF OPTIONS (1) R1 182 733.40 EXERCISED (2) R652 334.76 PERIOD OF EXERCISE Participants have a 3 days period from the vesting date during which options can be exercised. NATURE AND EXTENT OF INTEREST IN Direct beneficial THE TRANSACTION NAME OF DIRECTOR A F Litschka COMPANY OF WHICH A DIRECTOR Argent STATUS: EXECUTIVE/NON-EXECUTIVE Executive director TYPE AND CLASS OF SECURITIES Ordinary shares NATURE OF TRANSACTION Acquisition of ordinary shares through the exercise of options in terms of the Company Share Incentive Scheme (off- market transaction) VESTING DATE OF OPTIONS EXERCISED 19 November 2019 DATE OF EXERCISE OF OPTIONS 19 November 2019 OPTION STRIKE PRICE R4.15 NUMBER OF OPTIONS EXERCISED 284 996 TOTAL RAND VALUE OF OPTIONS R1 182 733.40 EXERCISED PERIOD OF EXERCISE Participants have a 3 days period from the vesting date during which options can be exercised. NATURE AND EXTENT OF INTEREST IN Direct beneficial THE TRANSACTION NAME OF DIRECTOR S J Cox COMPANY OF WHICH A DIRECTOR Argent STATUS: EXECUTIVE/NON-EXECUTIVE Executive director TYPE AND CLASS OF SECURITIES Ordinary shares NATURE OF TRANSACTION Acquisition of ordinary shares through the exercise of options in terms of the Company Share Incentive Scheme (off- market transaction) VESTING DATE OF OPTIONS EXERCISED 19 November 2019 DATE OF EXERCISE OF OPTIONS 19 November 2019 OPTION STRIKE PRICE (1) R4.15 (2) R4.62 NUMBER OF OPTIONS EXERCISED (1) 284 996 (2) 141 198 TOTAL RAND VALUE OF OPTIONS (1) R1 182 733.40 EXERCISED (2) R652 334.76 PERIOD OF EXERCISE Participants have a 3 days period from the vesting date during which options can be exercised. NATURE AND EXTENT OF INTEREST IN Direct beneficial THE TRANSACTION Umhlanga 20 November 2019 Sponsor PSG Capital Date: 20/11/2019 11:04:00 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.