ARGAN, INC.

June 2010

June 2011

June 2011

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

Investment Highlights

Demonstrated track record of performance

Substantial industry growth prospects

Strong backlog and bidding pipeline

Compelling financial characteristics

Experienced management team

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

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)

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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

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

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

0%

20%

40%

60%

80%

100%

2008-2015 2016-2020 2021-2025

Coal Natural Gas Nuclear Renewables

Electricity Generation Capacity Additions by Fuel Type

Source: Energy Information Administration.

9

Renewable Energy Growth Potential

Biomass and wind lead projected growth in renewable generation

0

100

200

300

400

500

2007 2010 2020 2030

(billion

kilow

atth

ours

)

MSW Biomass Wind Solar Geothermal

Renewable Electricity Generation by Energy Source

Source: Energy Information Administration.

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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 statesand the District of Columbia.

Federal Policies and Incentives

Location of Wind Power Developments in the U.S.

> 1,000 MW

100 MW – 1,000 MW

< 100 MW

AK2

CA 2,493

OR964

WA1,367 MT

165

NVUT20

AZ

WY459

CO1,067

ND517

SD187

NE73

KS465

TX6,297

MN1,377

IA1,394

AR0.0%

WI395

IL736

IN131

OH7

KY

TN 29

MS AL0.0%

GASC

NC

VA

PA323

ME42

NM496

OK689

MO163

WV

0.7%

LA0.4%

0.3%

10.4%230

NJ8

ID75 MI

55

NY707

VT6NH1 MA

5RI1

HI63

Source: American Wind Energy Association.

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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

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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

$48.6

$134.4

$180.4$202.3$209.8

$174.9

$0.0

$100.0

$200.0

$300.0

2006 2007 2008 2009 2010 2011

($ in m

illions)

EBITDA for Years Ended January 31

$3.8 $5.4

$16.8

$31.2

$17.2$22.2

$0.0

$10.0

$20.0

$30.0

$40.0

2006 2007 2008 2009 2010 2011

($ in

mill

ions

)

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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

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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.

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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

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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

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

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.”

0

2,000

4,000

6,000

8,000

10,000

12,000

2005 2006 2007 2008 2009 2010

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

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Recent Wind Project

Henry County Illinois – design and build a wind farm

- Contract value: $51 million

- Commenced project: November 2010

- Completion: Spring 2012

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

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Competitive Landscape

Larger Projects / Traditional Fuels

Smaller Projects / Alternative Fuels

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

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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

Investment Summary

Demonstrated track record of performance

Substantial industry growth prospects

Strong backlog and bidding pipeline

Compelling financial characteristics

Experienced management team