1. ARGAN, INC. June 2010 June 2011

2. 2 Disclaimer All statements in this presentation that are not historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by words such as “believe,” “intend,” “expect,” “may,” “could,” “would,” “will,” “should,” “plan,” “project,” “contemplate,” “anticipate,” or similar statements. Because these statements reflect the current views of Argan, Inc. (“Argan” or the “Company”) concerning future events, these forward-looking statements are subject to risks and uncertainties. Argan’s actual results could differ materially from those anticipated in these forward-looking statements as a result of many factors, which are described under the caption “Risk Factors” in Argan’s most recent Forms 10-K and 10-Q filed with the Securities and Exchange Commission. Argan undertakes no obligation to update publicly any forward- looking statements contained in this presentation.

3. 3 Investment Highlights Demonstrated track record of performance Substantial industry growth prospects Strong backlog and bidding pipeline Compelling financial characteristics Experienced management team

4. 4 Company Overview Year founded – 1961 Headquarters – Rockville, MD Ticker – NYSE AMEX:AGX Market cap (6/27/11) – $138 million 2011 revenue – $183 million 2011 EBITDA – $20 million Employees – 400

5. 5 Senior Management Team Rainer Bosselmann – Chairman and CEO Arthur Trudel – Chief Financial Officer Richard Deily – Corporate Controller Management has an established track record of creating value for the shareholders of Jupiter National, Inc. (AMEX:JPI), Arguss Communications, Inc. (NYSE:ACX) and Argan, Inc. (NYSE AMEX:AGX)

6. 6 Business Overview Gemma Power Systems, LLC (“GPS”) – provides engineering, procurement and construction (“EPC”) services to power generation and renewable energy markets – GPS accounted for 96% of total revenues during the twelve months ended January 31, 2011 Southern Maryland Cable, Inc. (“SMC”) – provides telecommunications data infrastructure services FYE 2011 Revenue by Subsidiary 96% 4%

7. 7 Industry Growth Drivers Substantial capacity additions will be required to meet rising electricity demand The retirement of older, inefficient plants will further drive investment in new generation capacity Federal and state government legislation is expected to lead to a greater percentage of energy produced by renewable sources Wind is expected to play a key role in the development of alternative energy, supported by a number of state and Federal policies and incentives

8. 8 Expected Generation Capacity Additions Natural gas and renewables are expected to represent the majority of new capacity additions during the next 20 years, as coal fired plants are replaced Electricity Generation Capacity Additions by Fuel Type Source: Energy Information Administration.

9. 9 Renewable Energy Growth Potential Biomass and wind lead projected growth in renewable generation Renewable Electricity Generation by Energy Source Source: Energy Information Administration.

10. 10 Approximately $70 billion in tax and spending provisions is set aside for energy-related programs in President Obama’s stimulus package Renewable Electricity Standards have now been enacted in 30 states and the District of Columbia. Federal Policies and Incentives Location of Wind Power Developments in the U.S. Source: American Wind Energy Association.

11. 11 Overview of GPS Acquired by Argan – December 2006 – Purchase price – $33.1 million – $12.9 million in cash – $20.2 million from issuance of 3.7 million shares – Funded in part by $8.0 million secured four year amortizing term loan, which has been paid-in-full. Services – engineering, procurement and construction of natural gas fired and alternative power energy facilities Customers – utilities and independent power producers FY 2011 revenue: $175 million FY 2011 EBITDA: $22 million

12. 12 Revenue and EBITDA Growth GPS’s revenue and EBITDA have remained strong since the acquisition by Argan in December 2006 Revenue for Years Ended January 31 EBITDA for Years Ended January 31

13. 13 GPS Track Record More than 12,000 megawatts of installed power plant capacity More than 850 megawatts of power facility development More than 350 million gallons per year of installed renewable fuels capacity 35 projects completed on an EPC basis 51 major turnkey construction projects Power experience includes combined cycle, combustion turbines, coal/wood fueled projects, wind plants and waste recovery facilities Renewable fuels experience includes bio-diesel and ethanol facilities

14. 14 National Footprint GPS has the ability to provide EPC services to customers throughout the United States Historical Project Locations States in which GPS has completed projects.

15. 15 Extensive Project Portfolio Power facilities – simple cycle solution – CPV Sentinel Energy Project – A.L. Pierce Re-powering Project – Vandolah Power Project – DeSoto County Power Project – Indigo Energy Facility – Larkspur Energy Facility – Richmond County Phase I Power – Monroe Power Project – Richland Peaking Project – Rocky Road Unit 4 Project – Broad River Energy Center – Middletown, CT Project Pollution solution – Brayton Point Power Station – La Rosita SCR Project Power facilities – combined cycle solution – Colusa Generating Station – Roseville Energy Park – Hines PB-2 Power Project – Rowan County Power Project – Effingham County Power Project – Richmond County Phase II Power Project Process facilities – biodiesel – Renewable BioFuels Port Neches – Galena Park – Green Earth Fuels Houston LLC Process facilities – ethanol – Carleton Ethanol Facility Wind Facilities – LaSalle County, Illinois – Vantage, Washington – Henry County, Illinois

16. 16 Current Projects CPV Sentinel Peaking Facility – Southern California Edison - design and construction of a natural gas fired power plant near Palm Springs, California – 800 megawatt single cycle facility – Contract value: $266 million – Commenced project: Spring 2011 – Expected completion: Summer 2013

17. 17 Current Projects Middletown, CT Generating Station construction of simple cycle gas fired peaking plant - 200 megawatts - Contract value: $55 million - Commenced project: June 2010 - Expected completion: July 2011

18. 18 U.S. Natural Gas Development U.S. natural gas development by construction kickoff year displayed in Mega Watts. Nearly 9,000 MW of new gas-fired generation capacity is scheduled to begin construction in 2010. That’s about even with 2009 levels and less than 2008, but significantly ahead of 2005 and 2006 levels. Source: Industrial Info Resources and “Power.”

19. 19 Wind Power Focus June 2008 - Formed business partnership with Invenergy Wind Management, LLC – Leveraged GPS’ historical expertise in wind power Argan was the primary contractor for Invenergy sponsored construction of wind farms in the United States and Canada – During 3Q09 GPS substantially completed the expansion of a wind farm in LaSalle County, IL December 2009 – Gemma acquired remaining ownership of the wind power venture – Vantage Wind Energy awarded Gemma $33 million wind project in Washington State. November 2010 – Gemma awarded construction contract for a 200 MW project in Henry County, Illinois

20. 20 Recent Wind Project Henry County Illinois – design and build a wind farm -Contract value: $51 million -Commenced project: November 2010 -Completion: Spring 2012

21. 21 Recent Wind Project LaSalle County, Illinois – design and build the expansion of existing wind farm – Contract value: $46 million – Commenced project: August 2008 – Completion: October 2009 Vantage, Washington - Contract value: $32 million - Commenced project: December 2009 - Completion: September 2010

22. 22 Competitive Landscape Larger Projects / Traditional FuelsSmaller Projects / Alternative Fuels

23. 23 Growth Strategy Establish additional strategic alliances in the EPC space Make additional strategic acquisitions that complement our unique market position Partner with well capitalized investment entities to create larger service opportunities in renewable energy projects Exploit long-term relationships throughout the industry to aggressively build backlog of traditional and renewable energy projects

24. 24 Backlog Argan has significant contract backlog Historical Contract Backlog as of January 31 * Represents contract backlog associated with 50%-owned wind energy construction company. *

25. 25 Investment Summary Demonstrated track record of performance Substantial industry growth prospects Strong backlog and bidding pipeline Compelling financial characteristics Experienced management team