ARGAN INC

Ticker: AGX CUSIP: 04010E109 Class: Common Stock

CAPITAL MANAGEMENT ASSOCIATES /NY/'s Holding History (CIK: 0000825293)

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

Q2 2018

Shares 25,700 Value ($000) $1,052 Avg Close $31.67 Range $28.40 - $35.69

Q1 2018

Shares 11,300 Value ($000) $485 Avg Close $34.03 Range $30.52 - $37.91

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2018	25,700	$1,052	$31.67	$28.40 - $35.69
Q1 2018	11,300	$485	$34.03	$30.52 - $37.91