ARGAN INC

Ticker: AGX CUSIP: 04010E109 Class: Common Stock

DELPHI MANAGEMENT INC /MA/'s Holding History (CIK: 0000767684)

Note: Option positions (PUT/CALL) are excluded.

Q1 2018

Shares 6,127 Value ($000) $263 Avg Close $34.03 Range $30.52 - $37.91

Q4 2017

Shares 5,801 Value ($000) $261 Avg Close $47.97 Range $33.78 - $56.55

Q3 2017

Shares 14,894 Value ($000) $1,002 Avg Close $49.99 Range $46.39 - $53.79

Q2 2017

Shares 9,729 Value ($000) $584 Avg Close $51.44 Range $45.31 - $57.90

Q1 2017

Shares 10,746 Value ($000) $711 Avg Close $55.74 Range $49.85 - $61.08

Q4 2016

Shares 15,303 Value ($000) $1,080 Avg Close $49.57 Range $43.00 - $60.01

Q3 2016

Shares 18,545 Value ($000) $1,098 Avg Close $38.37 Range $31.84 - $46.49

Q2 2016

Shares 33,285 Value ($000) $1,389 Avg Close $28.09 Range $23.96 - $34.46

Q1 2016

Shares 33,255 Value ($000) $1,169 Avg Close $24.56 Range $21.93 - $27.70

Q4 2015

Shares 12,325 Value ($000) $399 Avg Close $28.09 Range $23.29 - $31.38

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2018	6,127	$263	$34.03	$30.52 - $37.91
Q4 2017	5,801	$261	$47.97	$33.78 - $56.55
Q3 2017	14,894	$1,002	$49.99	$46.39 - $53.79
Q2 2017	9,729	$584	$51.44	$45.31 - $57.90
Q1 2017	10,746	$711	$55.74	$49.85 - $61.08
Q4 2016	15,303	$1,080	$49.57	$43.00 - $60.01
Q3 2016	18,545	$1,098	$38.37	$31.84 - $46.49
Q2 2016	33,285	$1,389	$28.09	$23.96 - $34.46
Q1 2016	33,255	$1,169	$24.56	$21.93 - $27.70
Q4 2015	12,325	$399	$28.09	$23.29 - $31.38