Argan : Universal Registration Document 2020 ARGAN – English Version, 19 April 2021

French public limited company (Société Anonyme) with an Executive Board and Supervisory Board

with share capital of €44,618,454

Registered office: 21, rue Beffroy - 92200 Neuilly-sur-Seine, France

393 430 608 Nanterre Trade and Companies Register

(the "Company" or "Argan")

UNIVERSAL REGISTRATION DOCUMENT

• FINANCIAL REPORT 2020

This universal registration document was filed on 25 February 2021 with the Autorité des Marchés Financiers (the French Financial Markets Authority), as competent authority under Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (the "Regulation"), without prior approval in accordance with Article 9 of the said Regulation.

The universal registration document may be used for the purpose of an offer to the public of securities or admission of securities to trading on a regulated market if it is supplemented by a securities note together with, if applicable, a summary and any amendments to the universal registration document. The resulting set of documents shall be approved by the Autorité des Marchés Financiers in accordance with the Regulation.

This document is a full free translation of the original French Document d'Enregistrement Universel. It is not a binding document. In case of discrepancies, the French version shall prevail.

Pursuant to Article 9 and Article 19 of the Regulation, this universal registration document (the "Universal Registration Document") incorporates by reference the following information:

• With regard to the financial year ended 31 December 2019: the consolidated financial statements, the statutory financial statements and the corresponding statutory auditors' reports, appearing in Part III-Financial Information of the Universal Registration Document filed with the AMF on 29 April 2020, under number D.20-0388
• With regard to the financial year ended 31 December 2018: the consolidated financial statements, the statutory financial statements and the corresponding statutory auditors' reports, appearing in Part III-Financial Information of the Registration Document filed with the AMF on 24 April 2019, under number D.19-0377

Copies of the Universal Registration Document are available free of charge from the registered office of Argan at 21, rue Beffroy - 92200 Neuilly-sur-Seine, France and on Argan's website (www.argan.fr) and on the French Financial Markets Authority's (AMF) website (www.amf-france.org).

Table of Contents
PART ONE: PRESENTATION OF THE GROUP.....................................................................................	6
1.	Our strengths.............................................................................................................................	6
2.	Management and control...........................................................................................................	6
3.	Change in the share price and the NAV ......................................................................................	7
	3.1. Change in share price since 1 January 2016........................................................................................	7
	3.2. Change in the share price and the EPRA NRV NAV..............................................................................	8
	3.3. Change in the NAV per share.............................................................................................................	9
4.	Key figures of the portfolio ......................................................................................................	10
5.	Overview of the Group's activities and markets .......................................................................	11
	5.1 The Group's commercial real estate activities ...................................................................................	11
	5.2 The Group's market .........................................................................................................................	12
	5.3	Group's strategy ..............................................................................................................................	20
	5.4	Regulations applicable to activities of the Group ..............................................................................	20
6.	Portfolio ..................................................................................................................................	31
	6.1	Assets at 31 December 2020.............................................................................................................	31
	6.2	Chronological overview of buildings .................................................................................................	39
	6.3	Appraisals56
7.	Information on the "Grenelle 2" Law........................................................................................	61
	7.1	Social information:...........................................................................................................................	61
	7.2	Environmental information: .............................................................................................................	61
	7.3	Corporate responsibility information: ...............................................................................................	63
8.	Legal organisation....................................................................................................................	65
PART TWO: FINANCIAL INFORMATION - MANAGEMENT REPORT..................................................	66
1.	Highlights of the 2020 financial year.........................................................................................	66
	1.1	Change in share capital....................................................................................................................	66
	1.2 Members of the Executive Board ......................................................................................................	66
	1.3 Members of the Supervisory Board...................................................................................................	66
2.	Operating results .....................................................................................................................	66
	2.1 Consolidated results of the ARGAN Group.........................................................................................	66
	2.2	ARGAN company results ..................................................................................................................	72
3.	Corporate governance .............................................................................................................	76
	3.1	Executive Board...............................................................................................................................	76
	3.2	Supervisory Board............................................................................................................................	80
	3.3	Compensation and benefits of any kind paid to corporate officers.....................................................	89
4.	Employees and environment....................................................................................................	90

4.1	Social information ...........................................................................................................................	90
4.2	Environmental information ..............................................................................................................	91
5. Outlook and risk management .................................................................................................	91
5.1 Outlook .......................................................................................................................................	91
5.2	Risk factors and insurance................................................................................................................	92
6. Capital and ownership of the Group.......................................................................................	102
6.1	Information on the capital .............................................................................................................	102
6.2 Ownership structure of the Group ..................................................................................................	103
6.3	Dividends paid for the last three financial years..............................................................................	104
6.4	Transactions on the Company's securities.......................................................................................	105
6.5	Miscellaneous information.............................................................................................................	105
7 General Shareholders' Meeting of 25 March 2021 ..................................................................	107
7.1	Agenda .....................................................................................................................................	107

7.2 Executive Board's Report on the draft resolutions submitted to the Ordinary General Shareholders'

Meeting of 25 March 2021...................................................................................................................

109

7.3 Executive Board's Report on the draft resolutions submitted to the Extraordinary General Shareholders'

	Meeting of 25 March 2021...................................................................................................................	114
PART THREE: FINANCIAL INFORMATION .......................................................................................	124
1.	CONSOLIDATED FINANCIAL STATEMENTS 2020 ......................................................................	124
2.	FINANCIAL STATEMENTS 2020 ...............................................................................................	162
3. APPENDICES TO THE MANAGEMENT REPORT .........................................................................	196
PART FOUR: ADDITIONAL INFORMATION ...................................................................................	197
1.	General information ..............................................................................................................	197
	1.1 Company name..............................................................................................................................	197
	1.2	Location and unique identification number.....................................................................................	197
	1.3	Date of incorporation and lifetime..................................................................................................	197
	1.4	Registered office, legal form and applicable legislation...................................................................	197
	1.5 Company LEI code ..........................................................................................................................	197
	1.6 Company website ..........................................................................................................................	197
	1.7	History of the Company's capital ....................................................................................................	197
2.	Share capital and Articles of Association ................................................................................	200
	2.1. Articles of Association ...................................................................................................................	200
	2.2	Share capital..................................................................................................................................	202
3.	Allocation and distribution of profits (Article 43 of the Articles of Association) .......................	204
4.	Current delegations of authority ............................................................................................	205
5.	Pledges - Mortgages..............................................................................................................	207
6.	Shareholders' agreements .....................................................................................................	214

7.	Group organisation chart .......................................................................................................	214
8.	Related party transactions .....................................................................................................	214
9.	Legal proceedings and arbitration ..........................................................................................	214
10. Appraisals.............................................................................................................................	215
11. Persons responsible - Access to financial information...........................................................	216
	11.1	Person responsible for financial information ................................................................................	216
	11.2	Statutory auditors .....................................................................................................................	217
	11.3	Financial reporting timetable .....................................................................................................	218
	11.4	Documents available to the public ..............................................................................................	218
12. Supervisory Board ................................................................................................................	219

12.1 Report of the Supervisory Board on corporate governance (Articles L.225-100 and L.22-10-34 of the

French Commercial Code) .....................................................................................................................	219
12.2	Meetings of the Supervisory Board..............................................................................................	236
12.3	Miscellaneous provisions............................................................................................................	236
13 Cross-reference tables ...........................................................................................................	237