<SEC-DOCUMENT>0001214659-25-008250.txt : 20250523
<SEC-HEADER>0001214659-25-008250.hdr.sgml : 20250523
<ACCEPTANCE-DATETIME>20250522214301
ACCESSION NUMBER:		0001214659-25-008250
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250523
DATE AS OF CHANGE:		20250522

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AstroNova, Inc.
		CENTRAL INDEX KEY:			0000008146
		STANDARD INDUSTRIAL CLASSIFICATION:	COMPUTER PERIPHERAL EQUIPMENT, NEC [3577]
		ORGANIZATION NAME:           	06 Technology
		EIN:				050318215
		STATE OF INCORPORATION:			RI
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13200
		FILM NUMBER:		25979044

	BUSINESS ADDRESS:	
		STREET 1:		600 E GREENWICH AVENUE
		CITY:			WEST WARWICK
		STATE:			RI
		ZIP:			02893
		BUSINESS PHONE:		4018284000

	MAIL ADDRESS:	
		STREET 1:		600 E GREENWICH AVENUE
		CITY:			WEST WARWICK
		STATE:			RI
		ZIP:			02893

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ASTRO MED INC /NEW/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ATLAN TOL INDUSTRIES INC
		DATE OF NAME CHANGE:	19850220

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASKELADDEN CAPITAL MANAGEMENT LLC
		CENTRAL INDEX KEY:			0001815572
		ORGANIZATION NAME:           	
		EIN:				810803834
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		1452 HUGHES ROAD
		STREET 2:		SUITE 200 #582
		CITY:			GRAPEVINE
		STATE:			TX
		ZIP:			76051
		BUSINESS PHONE:		682-553-8302

	MAIL ADDRESS:	
		STREET 1:		1452 HUGHES ROAD
		STREET 2:		SUITE 200 #582
		CITY:			GRAPEVINE
		STATE:			TX
		ZIP:			76051
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>z522252dfan14a.htm
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<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed by the
Registrant </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed by a
Party other than the Registrant&nbsp;</FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="width: 97%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting Material Pursuant to Section 240.14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AstroNova, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Registrant as Specified in Its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Samir Patel</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Askeladden Capital Management LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Jeff Sands</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shawn Kravetz</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ryan Oviatt</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Boyd Roberts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Person(s) Filing Proxy Statement, if other
than the Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Check all boxes that apply):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Wingdings">x</FONT></TD>
    <TD STYLE="width: 94%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">No fee required</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 94%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fee paid previously with preliminary materials</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 94%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fee computed on table in exhibit required by Item 25(b) per Exchange
Act Rules 14a-6(i)(1) and 0-11</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I></I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Samir Patel and Askeladden Capital Management
LLC issued the following news release containing an open letter to AstroNova shareholders:</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Askeladden Capital Presents Plan To Maximize
AstroNova&rsquo;s Shareholder Value</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Askeladden Capital Shares Plan to Maximize
Shareholder Value, Including Specific Operational Improvements Based on Extensive Primary Research</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Transdigm&rsquo;s May 2025 Acquisition of
Public Aerospace Component Company Servotronics At 274% Premium Highlights Potential to Unlock Value at AstroNova Through Comprehensive
Evaluation of Strategic Alternatives</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>CEO Greg Woods and Lead Independent Director
Richard Warzala Were Colleagues In the 1990s; Long-Standing Relationships May Compromise Board Independence</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>AstroNova Has Suffered Severe and Persistent
Shareholder Value Destruction Under Five Long-Tenured Board Members; Recent Statements Demonstrate Lack of Commitment to Shareholder Value</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>FORT WORTH, TX / ACCESS Newswire / May 22,
2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To AstroNova Shareholders,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I write to you as the portfolio manager of Askeladden Capital (collectively,
&ldquo;we&rdquo;), which on behalf of our clients is the largest shareholder of AstroNova, owning approximately 9.2% of the shares. We
recently filed our definitive proxy statement for the upcoming annual shareholder meeting scheduled for July 9th. You will soon receive
these materials by mail and electronically through your broker.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The company callously suggests that you &ldquo;disregard and discard&rdquo;
Askeladden&rsquo;s GOLD proxy card.<SUP>1</SUP> We make no such recommendation about the company&rsquo;s card.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Instead, we encourage you to make your own decision about who has the
better plan, motivation, and capability to deliver value for all long-suffering shareholders of AstroNova. We encourage you to compare
AstroNova&rsquo;s recent financial results and long-term track record of shareholder value destruction with Askeladden&rsquo;s rigorous
analysis, including the plan we present below. We encourage you to speak to AstroNova&rsquo;s management and Board as well as the Askeladden
nominees, and ask each of us detailed, candid questions. In fact, on June 12<SUP>th</SUP> at 11 AM ET, we plan to host a virtual town
hall meeting for AstroNova shareholders to interact directly with our nominees. More details will follow, but for now, please save the
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If and when elected, we will work tirelessly to maximize the value
of your investment. We will solicit and incorporate your feedback about how to improve AstroNova. We do not have a monopoly on good ideas,
and sincerely look forward to hearing yours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> &ldquo;AstroNova Sends Letter to Shareholders Highlighting
Growth Strategy and Strength of Board.&rdquo; May 19, 2025. https://investors.astronovainc.com/news/press-releases/press-release-details/2025/AstroNova-Sends-Letter-to-Shareholders-Highlighting-Growth-Strategy-and-Strength-of-Board/default.aspx</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This letter has two sections:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Askeladden&rsquo;s plan to maximize value at AstroNova, including a clear explanation of the research backing the plan, and how our
nominees&rsquo; specific and relevant expertise is critical to executing this plan. A very comparable transaction from earlier this week,
Servotronics, highlights the potential value at AstroNova with better leadership.<BR>
<BR>
</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Analysis of the shareholder value destruction that has occurred under the tenure of current directors Mr. Quain, Mr. Woods, Mr. Warzala,
Ms. Schlaeppi, and Mr. Michas, with emphasis on longstanding relationships among certain of these Board members that calls into question
their independence and objectivity. We also address some of the recent misleading claims made by these Board members, providing shareholders
with important context, from the company&rsquo;s own disclosures, that the company omitted.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>SECTION 1: ASKELADDEN&rsquo;S PLAN TO MAXIMIZE VALUE AT ASTRONOVA</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>1.1 Background to the Plan</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AstroNova&rsquo;s recent letter to shareholders falsely states <I>&ldquo;[Mr.
Patel] has failed to provide concrete or additive ideas to unlock value for AstroNova.&rdquo;<SUP>2</SUP></I> In fact, Askeladden has
engaged with AstroNova on numerous occasions since 2023, seeking to understand the root causes of performance challenges and suggest responses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In March, when we began to express our concerns and suggestions more
forcefully, the company eventually simply stopped responding to our emails rather than attempting to engage with us. We then reluctantly
began this proxy contest. The company&rsquo;s proxy statement discloses that it has already spent $200,000 of shareholder money and anticipates
a total expenditure of $1,000,000.<SUP>3</SUP> Not once did the company even attempt to avoid such expenditure by addressing our concerns
privately, even though we repeatedly requested them to do so. The company&rsquo;s own proxy materials disclose that on March 21, 2025,
when I submitted the nomination packet at company headquarters, <I>&ldquo;Mr.&nbsp;Patel requested to have a cup of coffee with [Chief
Financial Officer] Mr.&nbsp;DeByle, and Mr.&nbsp;DeByle declined.&rdquo; <SUP>4</SUP></I> Therefore, we humbly submit that a more accurate
version of this statement might read: &ldquo;<I>AstroNova has failed to engage with Askeladden&rsquo;s concrete and additive ideas to
unlock value.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Before publicly presenting a detailed plan, we took the time to conduct
thorough due diligence of AstroNova&rsquo;s operations and competitive position &ndash; something we believe is the fiduciary duty of
a public-company Board, and something we believe the incumbent Board failed to do prior to consummating the MTEX acquisition. AstroNova
recorded a $13.4 million impairment charge on MTEX less than a year after purchasing it for $18.7 million in cash and assuming certain
MTEX debt, and discontinued 70% of the company&rsquo;s product portfolio.<SUP>5</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> &ldquo;AstroNova Sends Letter to Shareholders Highlighting
Growth Strategy and Strength of Board.&rdquo; May 19, 2025. https://investors.astronovainc.com/news/press-releases/press-release-details/2025/AstroNova-Sends-Letter-to-Shareholders-Highlighting-Growth-Strategy-and-Strength-of-Board/default.aspx</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> AstroNova definitive proxy statement filed May 19, 2025.
Page 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> AstroNova definitive proxy statement filed May 19, 2025.
Page 10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> AstroNova Form 10-K for FY2025. Impairment discussed on
page 11; purchase price discussed on page 15.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Askeladden has researched AstroNova since 2016 and continuously been
a 5% shareholder since 2020. Recently, we have developed an even deeper and broader understanding of AstroNova&rsquo;s business by speaking
to fifteen individuals with directly relevant expertise. We sought to understand the root causes of AstroNova&rsquo;s challenges, as well
as industry best practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These interviews have been extremely informative. For example, CEO
Greg Woods frequently touts the &ldquo;AstroNova Operating System&rdquo; in conference calls and presentations, including referencing
it during the most recent quarterly call in April 2025 as the path to fixing MTEX and driving strong returns on investment.<SUP>6</SUP>
Yet a former AstroNova employee who worked for the company for over four years, who managed a key integration project and was subsequently
hired into Director / VP of Operations positions at two other companies, stated, verbatim:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;I don't remember the AstroNova Operating System per se, which
means that it didn't stick out significantly to me in my career. I&rsquo;m not going to say it was nothing, but it certainly wasn&rsquo;t
memorable.&rdquo; <SUP>7</SUP></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other individuals whom we interviewed had backgrounds including, but
not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Managers at printhead technology providers such as Memjet and Epson who directly
interacted with AstroNova (one also directly interacted with MTEX);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">C-level executives and key leaders at industrial printing peers such as Domino
and Markem-Imaje, who oversaw significant growth or transformation of those businesses;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">A former sales representative and former sales executive at AstroNova, and
a current customer whom they served;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The principal of a private equity firm which thoroughly evaluated MTEX as
a potential investment, as well as a former MTEX employee directly reporting to MTEX CEO Eloi Ferreira at the time of AstroNova&rsquo;s
acquisition</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the coming weeks, we will publish more comprehensive analysis of
AstroNova&rsquo;s performance and the best path forward based on these expert insights, with direct excerpts from transcribed interviews
available to subscribers of platforms such as <I>Tegus </I>and <I>In Practise</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our research leads us to believe that AstroNova lacks a culture of
accountability, has a dated business strategy in need of significant modernization, is overly reliant on its plan to utilize MTEX&rsquo;s
technology, and is missing key opportunities to better reach and serve its customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our plan will leverage our nominees&rsquo; specific and relevant expertise
to address the various issues that have arisen repeatedly in our research. We aim to move AstroNova&rsquo;s strategy closer to best practices
successfully utilized by peers. Unlike AstroNova&rsquo;s existing management and Board, who seem resistant to feedback, we will remain
data-driven, nimble, and open to new ideas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Below is our three-part framework.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> Examples include: Q4 FY2025 Earnings Call Transcript &ndash;
April 14, 2025. Three Part Advisors Southwest Ideas Conference &ndash; November 21, 2024. Q4 FY 2024 Earnings Call Transcript &ndash;
March 22, 2024. Sidoti Micro Cap Investor Conference &ndash; January 18, 2024. East Coast IDEAS Investor Conference &ndash; June 21, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> Transcript: &ldquo;Former Quality Manager at AstroNova
Believes Aggressive Change and Leadership are Key for Competitive Edge.&rdquo; May 6, 2025 &ndash; Tegus by AlphaSense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An important caveat: We are seeking five out of the six board seats
up for election this year. Thus, if only one or two of the Askeladden nominees should be elected, there can be no guarantee that those
directors would be able to implement the actions that Askeladden believes are necessary to unlock shareholder value. Whatever the outcome,
each of the Askeladden nominees would, in elected, act as a fiduciary for shareholders and seek to work with other members of the Board
to evaluate all opportunities to enhance shareholder value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>1.2: First 60 Days: Implement Culture of Accountability, Upgrade
Executive Talent, and Improve Margins and Cash Conversion</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Given AstroNova&rsquo;s margin degradation since FY2024, limited availability
under its revolving credit facility,<SUP>8</SUP> and the volatile macroeconomic environment, our immediate priority during the first 60
days will be driving rapid improvement in gross and EBITDA margins as well as cash conversion, to maximize free cash flow generation.
We will also seek to upgrade talent throughout the organization wherever needed, promoting or hiring individuals with a demonstrated history
of excellence in rapidly meeting or exceeding targets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will implement an incentives-driven culture of accountability to
drive operating results and shareholder value. Immediate priorities will include but not be limited to the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Directors will meet with AstroNova&rsquo;s lender to understand its concerns
and discuss plans to pay down debt and create headroom on our line of credit; </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Shorten the cash cycle and reduce working capital by negotiating substantially
better payables and receivables terms with vendors and customers and reduce inventory levels.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Develop and implement a 26-week cashflow forecast to micromanage costs and
preserve working capital.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Directors will meet with large customers and suppliers to understand their
concerns </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">A/B test price increases, aiming to determine price elasticity and maximize
margin dollars as well as return on capital employed;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Assess and reprioritize marketing expenditures. This will start with calculation
of cost per lead generated, conversion rate, return on advertising spend (ROAS), lifetime value to customer acquisition cost (LTV/CAC),
and other relevant metrics to evaluate the effectiveness of sales and marketing expenditures. Based on this analysis, we will rebalance
marketing expenditures, reducing spending on trade shows and reallocating those funds to search engine optimization (SEO), search engine
advertising (SEA), and other forms of digital marketing, shifting spending to channels with the highest quantifiable ROI.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Thoroughly review all major cost categories, reduce and defer non-essential
expenditures such as travel and executive perks,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Institute stricter controls including requiring CEO or CFO approval for all
consulting, and related expenses;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Audit customer and product-level profitability to determine and administer
minimal contribution standards for margins and returns on capital employed </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> AstroNova FY2025 Form 10-K filed April 15, 2025. Page
27 notes only $3.3 million in availability at year-end on the company&rsquo;s $25 million revolving credit facility. The financial tables
show reduction in profitability metrics such as operating income and cash provided by operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Streamline the sales organization, institute processes to avoid competing
against channel partners / distributors, and allocate sales resources to the highest-value activities, shifting low-value activities to
other channels such as e-commerce.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>1.3: Next 100 Days: Identify Highest-ROI Improvement Opportunities</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AstroNova faces many challenges after years of mismanagement. While
the company certainly needs some disruption to improve its results, it&rsquo;s impractical and unwise to immediately and simultaneously
address all potential issues we may identify. AstroNova is a small company, and we don&rsquo;t want to unnecessarily stress the organization&rsquo;s
capacity for change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Furthermore, some potential initiatives, such as consolidation of the
manufacturing footprint, would take time and require investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Therefore, we will emphasize &ldquo;low hanging fruit&rdquo; &ndash;
quick wins with limited up-front investment. We seek to maximize cash generation or margin improvement in the short term, without overwhelming
the organization&rsquo;s capacity to manage change or disrupting other initiatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Once the company is generating more substantial cash flows and has
reduced its indebtedness, we will work to address the remaining issues and focus on longer-term strategic initiatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will review:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.3pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD>Product lines and market positioning &ndash; in which product categories and customer segments do we have a right to win, and do so
profitably? Evaluate all aspects of the business through the lens of return on invested capital (ROIC) and focus investment in ROIC-maximizing
areas, prioritizing returns and profitability over absolute size.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.3pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD>Go-to-market strategy: conduct a deeper and more thorough segmentation and re-evaluation of the go-to-market strategy, including the
appropriate methods (direct, channel, e-commerce) and sales team organization and compensation for each product line and customer type.
Consider hiring a specific executive with relevant prior experience to manage and build the company&rsquo;s global channel strategy.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.3pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD>Customer strategy: center the organization around the customer to maximize the lifetime value of the installed base; deepen customer
relationships and aim to become a trusted partner rather than just a supplier. Recognizing that labels are a small component of customers&rsquo;
costs but a critical part that can prevent shipments and revenue recognition, aim to provide a superlative quality and reliability experience
and compete on value and service rather than price. Implement &ldquo;Voice of Customer&rdquo; strategies, particularly for new product
introductions, and institute and incentivize against key health metrics such as Net Promoter Score and customer retention (measured in
both units and dollars).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.3pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD>Analyze operating footprint: analyze make-vs-buy decisions for components that are currently (or could possibly be) vertically integrated
using existing manufacturing capacity, and conversely any components that could be outsourced to reliable supply partners. Evaluate facilities
and determine which products can most profitably be produced where.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.3pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD>Evaluate production equipment, particularly in areas such as electronics and printed circuit boards, to determine areas where modest
capital investments might drive tangible improvements in operating costs and product quality.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.3pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD>Identify opportunities to monetize owned real estate, including working with the lender to determine their views on a sale-leaseback
of the Chicago and West Warwick properties to reduce debt.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.3pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD>Evaluate integration plans at MTEX and determine the best path forward for maximizing the value of that asset.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>1.4: Ongoing: evaluate strategic alternatives and, when appropriate,
execute on risk-adjusted value-maximizing opportunities</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based on our research and analysis, we think that AstroNova&rsquo;s
current corporate structure is inefficient. A portion of AstroNova&rsquo;s unallocated corporate overhead attributable to public-company
costs would be significantly reduced or eliminated in a transaction with a private purchaser or a larger public company. Furthermore,
we think the Aerospace and Product Identification businesses have negligible overlap in customers and at best limited overlap in underlying
technology. Both segments are individually much smaller than many of their peers. Many aerospace and printing companies have substantially
larger revenues and thus a greater ability to leverage technology and marketing spend over a broader customer base.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Given AstroNova&rsquo;s low liquidity and current depressed market
valuation, we think a transaction or series of transactions resulting in the sale or merger of the company may represent the most efficient
way to maximize shareholder value. After years of shareholder value destruction, fiduciary duty demands that the Board &ndash; whether
the incumbents or our nominees &ndash; thoroughly investigate strategic alternatives. We will prioritize developing and implementing a
viable standalone business strategy as a public company, and pursue whichever path maximizes shareholder value. It is critical for the
company to at least be aware of the private-market value for the business as a whole, and its individual segments, and weigh that against
its valuation in the public markets to determine the appropriate path forward. (For the latter scenario, tax considerations would factor
into our assessment of the value-maximizing strategy).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We note Servotronics (SVT), a global designer and manufacturer of servo
controls and other components for aerospace and defense applications, announced a merger with large aerospace manufacturer Transdigm (TDG)
for $110 million in cash on May 19, 2025. That price is almost identical to AstroNova&rsquo;s entire enterprise value as of May 20, 2025.<SUP>9
10</SUP> This all-cash transaction represents a 274% premium to Servotronics&rsquo; share price at the prior close. For the fiscal year
2024, Servotronics generated $44.9 million in revenue with only $8.2 million in gross profit and less than $1 million in Adjusted EBITDA.<SUP>11</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Meanwhile, for its FY2025 ended a month later, AstroNova&rsquo;s Test
and Measurement segment (subsequently renamed Aerospace) generated a slightly higher $48.9 million in revenues with a much higher $11.1
million in segment operating profit. It seems reasonable to assume that a buyer evaluating these two businesses side by side would assign
a higher valuation to AstroNova Aerospace given its modestly higher revenues and substantially higher profits. In other words (and apart
from any tax considerations), that would imply that if AstroNova Aerospace was sold at a similar value, AstroNova could pay off all its
debt and return cash to shareholders equivalent to roughly the current share price. Shareholders would then still own the entire Product
Identification segment, with slightly over $100 million in annual revenues generated each of the past three fiscal years, which is clearly
worth substantially more than the zero or even negative value implied if Servotronics&rsquo; valuation is applied to AstroNova Aerospace.<SUP>12</SUP>
While the Servotronics transaction is merely one data point, it demonstrates the potential value if AstroNova focuses on rapid improvements
and evaluates strategic alternatives, rather than doubling down on a strategy promoted by the value-destroying incumbent CEO and Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> &ldquo;Transdigm to Acquire Servotronics For About $110
million.&rdquo; May 19, 2025. https://www.nasdaq.com/articles/transdigm-acquire-servotronics-about-110-mln</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> Per data sources such as Seeking Alpha, ALOT shares closed
at $9.12 on May 20, 2025. The company&rsquo;s recent definitive proxy statement, filed May 19, 2025, discloses a recent sharecount of
approximately 7.6 million shares, for a market cap of approximately $69 million as of today. AstroNova&rsquo;s Form 10-K filed April 15,
2025 discloses $20.9 million outstanding on the revolving credit facility, $6.1 million in current long-term debt, $0.6 million in short-term
debt, and $19 million in long-term debt, for a total of $46.6 million in gross debt. The same Form 10-K disclosed $5 million of cash and
equivalents, making net debt $41.6 million. The sum of $41 million and $69 million is approximately $110 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> Form 10-K for Servotronics SVT filed March 17, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> AstroNova Form 10-K for FY2025, filed April 15, 2025.
Page 24.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>1.5: Our Directors Have Specific and Relevant Experience To Execute
the Plan</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Shawn Kravetz. </B>Mr. Kravetz has relevant experience as a change
agent under similar circumstances. He joined the Board of Nevada Gold &amp; Casinos, Inc. as a large shareholder frustrated by performance,
including a recent acquisition. He served from 2016 until Nevada Gold was sold in 2019, including Chairman of the Corporate Governance
and Nominating Committee. Mr. Kravetz was recently nominated for election to the Board of publicly-traded Spruce Power Holding Corporation
by the company&rsquo;s Nominating and Governance Committee.<SUP>13</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Jeff Sands. </B>As Mr. Sands discusses in his book, <I>&ldquo;Corporate
Turnaround Artistry: Fix Any Business in 100 Days,&rdquo;</I> he has successfully used techniques included in our plan to restore profitability
at numerous businesses, including some merely weeks away from lender-forced liquidation. He has won the Turnaround Management Association
&ldquo;Turnaround of the Year&rdquo; award three times. Mr. Sands has successfully worked with businesses such as a $100M supplier of
aerospace components to Boeing (~2x the size of AstroNova&rsquo;s Aerospace segment), as well as complex and capital-intensive businesses
such as steel and pharmaceuticals. Given AstroNova&rsquo;s significant recent decline in profitability and elevated inventory balances,
Mr. Sands&rsquo; experience in driving rapid cash flow improvement is extremely relevant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Ryan Oviatt. </B>Mr. Oviatt has extensive experience &ndash; as
CFO, CEO, and Board Member of Profire &ndash; of managing an industrial products business for margin and cash flow in the highly cyclical
energy market. AstroNova&rsquo;s relatively more advantaged capital-light business model, with substantial recurring revenues driven by
a large installed base, provide a solid foundation to build on. Mr. Oviatt managed a team that used techniques such as automation of manual
processes and key administrative functions, customer outreach, and performance-based incentive compensation programs designed to instill
a sense of ownership throughout the company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Boyd Roberts. </B>Mr. Roberts was the youngest member of the executive
team at Franklin Covey (FC) and has integrated and substantially grown an acquired division, with ownership of full P&amp;Ls and high
employee net promoter scores. Mr. Roberts has extensive experience with Franklin Covey&rsquo;s customer-focused recurring-revenue business
model. Mr. Roberts is fluent in Portuguese. His linguistic and cultural strengths uniquely qualify him to address the challenging MTEX
acquisition, which we believe has suffered due to a cultural mismatch between the labor force at its facility in Porto in northern Portugal,
and AstroNova&rsquo;s American business culture.<SUP>14</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> Spruce Power Holding Corp Definitive Proxy, page 10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> <I>&ldquo;The American work culture focuses on ambition&hellip;
in Portugal, there is a more collective approach to work and less pressure&hellip; [people] tend to place greater importance on personal
well-being, family time, and life outside of work.&rdquo;</I> LXUS (Corporate Relocation service provider.) https://www.lxusportugal.com/blog-lxusportugal/cultural-comparison-between-the-usa-and-portugal</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Samir Patel.</B> As AstroNova&rsquo;s largest shareholder, who has
researched the business since 2016, I am deeply familiar with the company&rsquo;s ongoing (flawed) strategy, contrary to the company&rsquo;s
misleading assertion that the company will be damaged by a new Board <I>&ldquo;unacquainted with recent decision-making</I>.&rdquo; <SUP>15</SUP>
I will ensure that AstroNova&rsquo;s operational and capital allocation decisions consistently maximize shareholder value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>1.6: Strategic Alternatives Qualifications</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our nominees, are, collectively, extremely qualified to evaluate whether
AstroNova can generate more shareholder value through a standalone strategy, or through the sale of the company in whole or part. They
have participated in the consummation of successful transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Mr. Sands has been involved in the sale of numerous private companies</FONT>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">As CEO and Board Member at public company Profire Energy, Mr. Oviatt helped
lead the acquisition of two small private companies and the successful sale of Profire to a strategic public-company buyer, CECO Environmental.
After multiple rounds of negotiation, Profire successfully achieved a final offer price 27.5% higher than CECO&rsquo;s original offer,
and an all-cash deal rather than the original offer of 75% cash and 25% stock. This final offer represented a 60.3% premium to Profire&rsquo;s
volume-weighted average share price over the 30 days prior to the Board approving the merger.<SUP>16</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Mr. Kravetz was involved in the sale of Nevada Gold &amp; Casino to a strategic
buyer, Maverick Casinos.<SUP>17</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Mr. Roberts has extensive experience with mergers and acquisitions from deal
sourcing and negotiating through integration in his various roles at Franklin Covey, including Vice President of Corporate Development.
</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>SECTION 2: THE CASE FOR CHANGE: WHY ASTRONOVA&rsquo;S EXISTING
BOARD SIMPLY ISN&rsquo;T GOOD ENOUGH</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>2.1: Track Record of Poor Performance</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe that AstroNova&rsquo;s recent shareholder letter demonstrates
that the existing Board is not serious about addressing shareholder value. To start, their letter claims that the election of new directors
<I>&ldquo;presents a significant danger of damaging&hellip; employees&rsquo; morale</I>.&rdquo;<SUP>18</SUP> That statement is difficult
to take seriously when on March 20, 2025, the company announced <I>&ldquo;the reduction of approximately 10% of the Company&rsquo;s global
workforce, primarily in the PI [Product Identification] segment.&rdquo;</I> Poor management and governance has necessitated downsizing
&ndash; hardly a boon for employee morale. A more profitable and growing AstroNova would benefit employees as well as shareholders by
providing opportunities for bonuses and career growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s most recent shareholder letter, similarly, states
that <I>&ldquo;our stock price has recovered from its low of $6.15 during the global pandemic, to its recent price of $9.00.&rdquo;</I>
It is misleading and disingenuous for the Board and executives to compare today&rsquo;s price to the depths reached during the pandemic
&ndash; when travel, and life as we know it, was shut down on a global basis. In our view, focusing on the pandemic-low stock price, while
ignoring a decade-plus track record of shareholder value destruction, highlights incumbents&rsquo; callous attitude towards owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> Letter accompanying AstroNova&rsquo;s definitive proxy
statement, filed May 19, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> Profire Energy (PFIE) SC14D9 dated December 3, 2024.
Section &ldquo;Background of the Offer and the Merger&rdquo; on pages 9 &ndash; 16. <A HREF="https://www.sec.gov/Archives/edgar/data/1289636/000110465924124898/tm2429518-1_sc14d9.htm">https://www.sec.gov/Archives/edgar/data/1289636/000110465924124898/tm2429518-1_sc14d9.htm</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> Maverick Casinos Announces Sales/Merger Agreement with
Nevada Gold. September 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">https://www.maverickgaming.com/uncategorized/maverick-casinos-announces-sales-merger-agreement-with-nevada-gold/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> AstroNova Sends Letter to Shareholders Highlighting Growth
Strategy and Strength of Board.&rdquo; May 19, 2025. https://investors.astronovainc.com/news/press-releases/press-release-details/2025/AstroNova-Sends-Letter-to-Shareholders-Highlighting-Growth-Strategy-and-Strength-of-Board/default.aspx</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We think much more relevant comparison points are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1)</TD><TD>AstroNova&rsquo;s total shareholder return under the tenure of CEO Greg Woods and each of the other directors serving prior to 2025;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2)</TD><TD>Shareholder returns since the disastrous MTEX acquisition in May 2024.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We further think it is important to compare AstroNova&rsquo;s performance
to relevant peers. Given AstroNova&rsquo;s two distinct segments (Aerospace and Product Identification) and the absence of direct publicly-traded
competitors, identifying an exact like-for-like peer group is challenging. As benchmarks for comparison, we have selected:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the iShares Micro-Cap ETF (IWC) and iShares Small-Cap ETF (IWM) to reflect
AstroNova&rsquo;s market capitalization,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the iShares US Aerospace &amp; Defense ETF (ITA) to reflect AstroNova&rsquo;s
Aerospace segment,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">two U.S. companies offering industrial and label printing solutions (Brady
Corporation, BRC and Zebra Technologies, ZBRA) to reflect AstroNova&rsquo;s Product Identification segment.<SUP>19</SUP> (We note that
AstroNova&rsquo;s Chief Technology Officer, Michael Natalizia, joined AstroNova in 1986, but worked as a Senior Engineer for Zebra Technologies
from 2000 &ndash; 2005. We have identified two other AstroNova employees whose LinkedIn profiles cite prior roles at Brady Corporation
or Zebra Technologies. <SUP>20 21</SUP>) </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None of these benchmarks is individually perfect. However, they collectively
demonstrate that companies of similar size, producing similar products, or serving similar end markets, have delivered substantially greater
returns over relevant time periods. We believe AstroNova&rsquo;s incumbent Board is touting their resumes and their previous accomplishments
<I>elsewhere</I> because their track record of total shareholder return at AstroNova is horrific.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Measured through the record date for the annual meeting (May 15, 2025),
AstroNova&rsquo;s total shareholder return (TSR) has severely underperformed each of these peers since each of the following milestones:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1)</TD><TD>Mitch Quain joins Board &ndash; August 24, 2011</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2)</TD><TD>Greg Woods becomes CEO &ndash; February 1, 2014</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3)</TD><TD>Richard Warzala joins Board &ndash; December 6, 2017<BR>
<BR>
</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4)</TD><TD>Yvonne Schlaeppi joins Board &ndash; April 3, 2018<BR>
<BR>
</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5)</TD><TD>Alexis P. Michas joins Board &ndash; June 17, 2022<BR>
<BR>
</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6)</TD><TD>MTEX Acquisition announced &ndash; May 9, 2024</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> Brady Corp&rsquo;s form 10-K filed September 6, 2024
discusses &ldquo;product identification&rdquo; as one of its primary product categories, including labeling for applications such as work
in process, brand protection, finished product and asset tracking, and healthcare identification. Zebra Technologies&rsquo; Form 10-K,
filed February 13, 2025, discusses on page 4 that key products under its &ldquo;Automatic Identification and Data Capture&rdquo; market
include <I>&ldquo;specialty printers for barcode labeling and personal identification&hellip; and supplies, such as labels and other consumables.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> AstroNova &ldquo;About Us&rdquo; page as of April 22,
2025. https://www.astronovainc.com/about-us/leadership/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> Michael Natalizia&rsquo;s LinkedIn page as of April 22,
2025. https://www.linkedin.com/in/mike-natalizia-9571353/ The LinkedIn profile of Andy Ellis, a Regional Sales Manager for AstroNova from
2022 &ndash; present and a Field Sales Engineer for AstroNova from 2013 &ndash; 2021, cites a prior role as Internal Account Manager at
Zebra Technologies from May 2000 &ndash; November 2002. https://www.linkedin.com/in/andy-ellis-1135a535/details/experience/ A LinkedIn
profile for Jerry Lim, an Asia Sales Leader for AstroNova from October 2014 &ndash; Present, cites a prior role as Business Development
Manager for Brady Corpration from January 2011 &ndash; August 2013. https://www.linkedin.com/in/jerry-lim-71908714/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; border: #CCCCCC 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSR Since <BR>
Mitchell <BR>
Quain joins <BR>
Board <BR>
(August 24, <BR>
2011)</FONT></TD>
    <TD STYLE="width: 13%; border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSR since <BR>
Greg Woods <BR>
Named CEO <BR>
(February 1, <BR>
2014)</FONT></TD>
    <TD STYLE="width: 14%; border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSR since <BR>
Richard <BR>
Warzala Joins <BR>
Board <BR>
(December 6, <BR>
2017)</FONT></TD>
    <TD STYLE="width: 13%; border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSR since <BR>
Yvonne <BR>
Schlaeppi <BR>
Joins Board <BR>
(April 3, <BR>
2018)</FONT></TD>
    <TD STYLE="width: 10%; border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSR since <BR>
Alexis <BR>
Michas <BR>
Joins <BR>
Board <BR>
(June 17, <BR>
2022)</FONT></TD>
    <TD STYLE="width: 14%; border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSR Since <BR>
AstroNova <BR>
Announces <BR>
MTEX (May <BR>
9, 2024)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AstroNova (ALOT)</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40.1%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-28.3%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-37.0%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.5%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-24.1%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iShares Micro-Cap ETF (IWC)</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">228.8%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81.6%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37.8%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.8%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.2%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iShares Small-Cap ETF (IWM)</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">264.2%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115.3%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.5%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.6%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.0%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iShares US Aerospace &amp; Defense ETF (ITA)</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">629.0%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">266.4%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.7%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">86.4%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">86.5%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brady Corporation (BRC)</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">294.0%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">254.6%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">125.1%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">132.7%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82.8%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zebra Technologies (ZBRA)</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">772.6%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">442.80%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">183.3%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">113.4%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peer Median Performance</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">294.0%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">254.6%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.7%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">86.4%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.0%</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ALOT Underperformance vs. Peer Median</B></FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><B><U>-253.9%</U></B></FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><B><U>-282.9%</U></B></FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><B><U>-138.7%</U></B></FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><B><U>-129.9%</U></B></FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><B><U>-55.1%</U></B></FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><B><U>-53.3%</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ALOT Underperformance vs. Worst Peer</B></FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><B><U>-188.7%</U></B></FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><B><U>-109.9%</U></B></FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><B><U>-74.8%</U></B></FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><B><U>-79.3%</U></B></FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><B><U>-27.6%</U></B></FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><B><U>-45.3%</U></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This analysis demonstrates that AstroNova has dramatically underperformed
its peers during the tenure of CEO Greg Woods and each of the directors who have enabled him.<SUP>22</SUP> Excluding Mr. Michas and Mr.
Nevin, the other four directors have had tenures of 7 to 14 years &ndash; and what have they accomplished for shareholders during this
time? No matter when they joined the board, AstroNova&rsquo;s share price today shows that the Company has substantially underperformed
the <I>worst-performing peer</I>, let alone the median or the best-performing peer. ALOT has a <I>negative absolute return</I> under the
tenure of Mr. Woods, Mr. Warzala, Ms. Schlaeppi, and Mr. Michas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>_____________________________</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> All data in table above sourced from YCharts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>2.2 Long-Standing Relationships May Compromise Board Independence
and Objectivity</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We think an intertwined web of long-term relationships among four of
the five longer-serving Board members may explain their reluctance to hold Mr. Woods accountable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Mitchell Quain has been a director since 2011 and was thus part of the Board
that appointed Mr. Woods CEO.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Lead Independent Director Richard Warzala and Mr. Woods both worked at Buffalo,
NY based American Precision Industries (API) in the mid to late 1990s, through its subsequent acquisition by Danaher. Mr. Woods&rsquo;
final role was President, API Controls while Mr. Warzala&rsquo;s was President, API Motion.<SUP>23 24</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">From 2015 &ndash; 2017, Alexis P. Michas served on the Board of Allied Motion
Technologies (the former name of Allient, Inc), where according to AstroNova&rsquo;s proxy statement, Mr. Warzala has served as CEO since
2009 and Chairman since 2014.<SUP>25</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AstroNova has been at the bottom of the selected benchmarks during
the tenure of each of these directors. Shareholders have suffered for long enough. The time for substantial Board refreshment is now.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>2.3 Lack of Organic Growth</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The company&rsquo;s own recent words demonstrate its lack of commitment
to shareholder value. The company trumpets its growth in revenues and operating income but omits important facts, thereby misleading shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>&ldquo;The strategic repositioning of our Company in the
last eleven years has translated into a much-improved financial profile.&nbsp;Since fiscal 2014, AstroNova has delivered a 7.5% compound
annual growth rate (&ldquo;CAGR&rdquo;) in revenue.&nbsp;While operating income was a loss of $8.6&nbsp;million in fiscal 2025, adjusted
operating income<SUP>1</SUP>&nbsp;over the eleven-year period grew at a 12.2% CAGR.&rdquo;<SUP>26</SUP></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>_____________________________</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> 2012 Definitive Proxy Statement for Allied Motion Technologies
(the former name of Allient). Page 10. <I>&ldquo;In 1993, he [Mr. Warzala] was named President of API Motion, a subsidiary of American
Precision Industries&nbsp;Inc., and continued as President until 1999, when it was acquired by Danaher Corporation where he served as
President of the Motion Components Group until 2001.&rdquo; </I>Additionally, see AstroNova&rsquo;s FY2025 Definitive Proxy Statement
filed May 19, 2025 &ndash; page 14. <I>&ldquo;[Warzala] formerly was &hellip; President, API Motion, a division of then publicly traded
American Precision Industries until it was acquired.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> AstroNova&rsquo;s FY2025 Definitive Proxy Statement
filed May 19, 2025 notes: <I>&ldquo;Prior to Performance Motion Devices, Mr. Woods served as chief executive officer of Control Technology
Corp., a manufacturer of industrial computer and software products; and President of API Controls, a division of Danaher.&rdquo;</I>
Page 14. As of April 18, 2025, Woods&rsquo; LinkedIn page cited a five-year stint from 1996 &ndash; 2001 as &ldquo;President, API Controls&rdquo;
at Danaher (&ldquo;Multi-Billion Dollar manufacturer of Industrial, Medical, and Scientific equipment (NYSE: DHR). Acquired by Danaher
in 1999&rdquo;). https://www.linkedin.com/in/gregwoods1234/details/experience/ A copy of Mr. Woods&rsquo; LinkedIn page as it appeared
on 2025-04-17 has been saved. American Precision Industries&rsquo; Form 10-K for the Fiscal Year ended December 31, 2008, notes that
API Controls is a division of API Motion; the document makes three references to Richard S. Warzala <A HREF="https://www.sec.gov/Archives/edgar/data/5657/0000950152-99-002859.txt">https://www.sec.gov/Archives/edgar/data/5657/0000950152-99-002859.txt</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> For Mr. Michas, reference 2015 &ndash; 2017 proxy statements
from Allied Motion Technologies. For Mr. Warzala, see page 14 of AstroNova&rsquo;s FY2025 Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> &ldquo;AstroNova Sends Letter to Shareholders Highlighting
Growth Strategy and Strength of Board.&rdquo; May 19, 2025. https://investors.astronovainc.com/news/press-releases/press-release-details/2025/AstroNova-Sends-Letter-to-Shareholders-Highlighting-Growth-Strategy-and-Strength-of-Board/default.aspx</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FY2014 is a particularly favorable starting point: GAAP operating income
nearly halved from $2.9 million in FY2013 to $1.5 million in FY2014. <FONT STYLE="font-size: 10pt"><SUP>27</SUP></FONT> The company sold
its medical division, Grass Technologies, on January 31, 2013, for $18.6 million in cash, depressing operating income the following year.<FONT STYLE="font-size: 10pt"><SUP>28</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Further, its Form 10-K for FY2014 notes <I>&ldquo;at the end of fiscal
2014, we had approximately $27 million of cash, cash equivalents and investments held for sale.&rdquo;</I> The balance sheet listed no
debt and only $11.4 million in total liabilities, primarily comprised of working capital items such as accounts payable, accrued compensation,
and other accrued expenses. Additionally, the company discloses that it spent $6.7 million to purchase the ruggedized printer product
line from Miltope on January 22, 2014 &ndash; so this acquisition contributed virtually nothing to FY2014 results given it was only owned
for a week, but would have benefited FY2015 results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11 years later, for FY2025, AstroNova reports $5.1 million of cash
and equivalents<SUP>29</SUP>, with $46.6 million of total indebtedness, and $69.8 million of total liabilities. In other words, AstroNova
today has over $41 million in net debt, whereas it had over $27 million in net cash when Mr. Woods became CEO, along with nearly $7 million
spent on an acquisition merely a week prior. That balance sheet swing of approximately $75 million is <I>essentially equivalent to AstroNova&rsquo;s
entire market capitalization today</I>. We further note that according to Form 10-K disclosures over the past 11 years, AstroNova has
spent roughly $92 million on acquisitions since the start of January 2014.<SUP>30</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">What did the company get in return for spending this shareholder capital?
While the company does not always disclose financials for individual transactions, the company disclosed that it purchased Astro-Machine
for $17.1 million in cash in August 2022; the business generated $22 million in revenue with &ldquo;mid-teens&rdquo; operating margins
&ndash; implying over $3 million in operating income or a purchase value of less than 6x operating income.<SUP>31</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If AstroNova had spent the remaining $75 million at <I>double</I> the
valuation paid for Astro-Machine, the company would have been able to add over $6 million of operating income, in addition to the $3 million
delivered by Astro-Machine, for a total of $9+ million in additional operating income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> AstroNova Form 10-K for FY2014 filed April 7, 2014. Page
18.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>28</SUP> See above. Page 57.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>29</SUP> Form 10-K for FY 2025, filed April 15, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>30</SUP> Miltope: see FY2014 Form 10-K filed April 7, 2014 &ndash;
page 19. RITEC: see FY2016 Form 10-K filed April 8, 2016 &ndash; page 20. TrojanLabel: see FY2018 Form 10-K Filed April 10, 2018 &ndash;
page 54. Honeywell: see FY2018 Form 10-K filed April 10, 2018 &ndash; page 52. Astro-Machine: see FY2023 Form 10-K, filed April 17, 2023
&ndash; page 25. MTEX: see FY2025 Form 10-K, filed April 15, 2025 &ndash; pages 13 and 15.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>31</SUP> Astro-Machine Acquisition Presentation, August 9, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 14%; border: #CCCCCC 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date</FONT></TD>
    <TD STYLE="width: 15%; border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase Price <BR>
(Millions)</FONT></TD>
    <TD STYLE="width: 57%; border-top: #CCCCCC 1pt solid; border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Miltope</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 22, 2014</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$6.7</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RITEC</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 18, 2015</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$7.4</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TrojanLabel</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 1, 2017</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$9.1</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Honeywell</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 28, 2017</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$29.6</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$14.6 million in up-front cash, $15.0 million in minimum royalty obligations, and additional excess royalty obligations - we are only including the minimum obligations and the cash payment</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Astro Machine</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 4, 2022</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$17.0</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MTEX</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 9, 2024</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$22.1</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$18.7 million cash purchase price and $3.4 million of MTEX debt assumed.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid; border-left: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$91.9</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: #CCCCCC 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yet the company&rsquo;s own table discloses that non-GAAP operating
income grew from $1.86 million as of FY2014 to $6.6 million in FY2025.<SUP>32</SUP> Total operating income is thus less than what the
company should have been able to acquire for $92 million. Operating income has grown less than $5 million in 11 years, compared to the
over $9 million that they should have generated by deploying over $90 million in shareholder capital, to say nothing of organic growth
they should have generated along the way.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Even if we exclude the ongoing MTEX losses, this suggests that AstroNova
has not generated organic growth or profitability improvement from the many acquisitions it has consummated, and in fact has likely seen
deteriorating results in the businesses that it has purchased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So Mr. Woods has indeed grown revenues and income by spending the cash
he inherited, then borrowing more &ndash; <B><U>but he has not created shareholder value in the process</U></B>. Most recently, the disastrous
MTEX acquisition &ndash; which added significant debt while <I>reducing </I>earnings and cash flow due to ongoing losses at MTEX &ndash;
resulted in breached debt covenants, forcing AstroNova to seek a waiver and deferred debt payment schedule from the lender, which was
subsequently granted.<SUP>33</SUP> AstroNova&rsquo;s letter to shareholders fails to mention this precarious financial situation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>32</SUP> See footnote 18.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>33</SUP></FONT>
F<FONT STYLE="font-family: Times New Roman, Times, Serif">orm 10-K for FY 2025, filed April 15, 2025, 2025-04-14 8-K Result of Operations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>2.4 Guidance for FY 2026 Still Below FY2024 Actual Results</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Meanwhile, although the company is pointing to its expected growth
in FY2026, it neglects to mention that it still expects to be behind where it was in FY2024, even with the costly addition of MTEX.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In FY2025, <I>excluding </I>MTEX (i.e., organically), revenue declined
to $147.1 million from $148.1 million in FY2024, and operating income declined to $8.2 million from $8.8 million in FY2024.<SUP>34</SUP>
<I>Including</I> MTEX but excluding the associated goodwill impairment of $13.4 million less than a year(!) after purchase, AstroNova&rsquo;s
revenue increased from $148.1 million in FY2024 to $151.3 million in FY2025, but operating income <I>decreased </I>from $8.8 million in
FY2024 to $4.8 million in FY2025, with MTEX losing over $3 million even without the goodwill impairment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The company boasts of its guidance of $160 to $165 million in revenue
with 8.5% to 9.5% Adjusted EBITDA margins, but even if the company achieves the high end of this guidance, it would only generate $15.7
million in Adjusted EBITDA. For FY 2024, it had $17.6 million of Adjusted EBITDA excluding restructuring and retrofit-related items.<SUP>35</SUP>
So despite the costly MTEX acquisition, FY2026 results &ndash; even at the high end of guidance &ndash; would still fall below FY2024
results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>2.5 MTEX Strategy Faces Many Pitfalls</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Finally, the company&rsquo;s strategy to fix the ailing Product Identification
segment appears primarily based on the roll-out of new MTEX technology. We have multiple reasons to believe this is an unsound approach.
First, it is worth asking: if this technology is so revolutionary, why has MTEX been unable to sell it profitably so far as part of AstroNova,
and why was it necessary to discontinue 70% of the MTEX product portfolio and write off 70% of the purchase price less than a year after
consummation of the acquisition? <SUP>36</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe MTEX was an immature business for which AstroNova vastly
overpaid, with newly-developed products which may have reliability issues. A former Senior Vice President at Memjet &ndash; who worked
closely with both AstroNova and MTEX &ndash; observed the following (note that &ldquo;Trojan&rdquo; refers to AstroNova&rsquo;s TrojanLabel
product line, specifically the T2-C):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>The purchase price paid by AstroNova for MTEX,&nbsp;I
compare that with the solidity of the Astro Machine business, which was a similar order of magnitude purchase price [&hellip;] when I
compare that to MTEX and the fact that the business was significantly less mature, the fact that one minute, MTEX is making an ATOM, Trojan
two Compact competitor, then moves into an overprinter, then starts selling UV cabinets for clothing during COVID, to then switch back
to trying to extend into more expensive, higher markets in terms of the packaging segment, it seemed like a very rich price, given that
less maturity and with a very fluid product portfolio. [&hellip;]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Just one last thing to mention about MTEX.&nbsp;I think
there was also a lot of disquiet in the marketplace in terms of their ability, that they grew very fast and then to support products.&nbsp;There
were a number of situations where I heard from OEMs and resellers&nbsp;who would struggle to get post-sales support when there were issues
with the technology.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>34</SUP> See footnote 26; all data in this section sourced from
these disclosures by AstroNova.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>35</SUP> Ibid &ndash; see footnotes 32 and 33.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>36</SUP> Form 10-K for FY 2025, filed April 15, 2025: &ldquo;MTEX
had an operating loss of $16.9 million on revenue of $42. million. MTEX&rsquo;s operating loss includes a $13.4 million charge related
to goodwill impairment.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>When it's one or two, that can be very much a customer-specific
scenario.&nbsp;When you get a little bit more of a regular point of feedback around that, then it raises some more questions.&nbsp;I think
I've read some online comments about the support experience.&nbsp;I think that was another area&nbsp;that was questionable for me around
their potential ability. <FONT STYLE="color: #0F4761"><SUP>37</SUP></FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We note that AstroNova is no stranger to quality issues, with ink quality
issues that were not resolved until the end of FY2024 after originally surfacing at the end of FY2022<SUP>38</SUP>, despite assurances
that it would be a short term fix.<SUP>39</SUP> We question why AstroNova&rsquo;s Board agreed to pay such a robust price for MTEX &ndash;
a price they had to write down by 70% relative to cash outlay less than a year later &ndash; despite MTEX&rsquo;s history and seemingly
foreseeable potential issues. What kind of due diligence did the Board conduct prior to this acquisition? If they missed these issues,
what might they still be missing about the technology upon which AstroNova&rsquo;s future products apparently rely?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Second, even if AstroNova can work through these reliability concerns,
the company&rsquo;s claim that it is at an <I>&ldquo;inflection point&hellip; positioned to drive meaningful growth and profitability&rdquo;<SUP>40</SUP></I>
needs additional context. The Company&rsquo;s own earnings presentation discloses that the company&rsquo;s Product Identification segment
has an installed base of 10,000+ printers with 82% recurring revenue, and only 18% of FY25 revenue attributable to hardware / the sales
of new printers. <FONT STYLE="color: #0F4761"><SUP>41</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="askeladden_chart.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While exact lifespans vary depending on the model, maintenance, and
usage, we believe inkjet printers and label printers have a lifespan of 3 &ndash; 7 years, with well-maintained models potentially lasting
longer.<SUP>42</SUP> AstroNova&rsquo;s large installed base and recurring revenue base is clearly one of the company&rsquo;s greatest
strengths, but it also means that a new technology rollout cannot be accomplished quickly. Even if this new technology proves to be reliable
and achieves product-market fit &ndash; as of yet unproven &ndash; and even if it benefits margins &ndash; <I>also </I>as-of-yet unproven,
given that MTEX has reported substantial operating losses even excluding its goodwill impairment &ndash; it could be 2030 or beyond before
the existing installed base is fully replaced by this new technology. We believe that a more balanced focus including other levers to
improve performance would be much more advantageous.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>37</SUP> &ldquo;Former SVP at Memjet Believes AstroNova Needs
Clear Marketing Strategy for Growth and Profitability.&rdquo; Tegus &ndash; May 15, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>38</SUP> Form 10-K filed April 12, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>39</SUP> Q4 FY2022 Earnings Call Transcript &ndash; April 22,
2014. CEO Greg Woods: &ldquo;the solution has been put in place and kind of putting that behind us.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>40</SUP> AstroNova Sends Letter to Shareholders Highlighting Growth
Strategy and Strength of Board.&rdquo; May 19, 2025. https://investors.astronovainc.com/news/press-releases/press-release-details/2025/AstroNova-Sends-Letter-to-Shareholders-Highlighting-Growth-Strategy-and-Strength-of-Board/default.aspx</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>41</SUP> Q4 Earnings Presentation, Page 8. April 14, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>42</SUP> TCS Digital Solutions, a distributor of products from
Afinia, TrojanLabel, Quicklabel, Epson, and others, notes. <I>&ldquo;The lifespan varies but typically ranges from 3&ndash;7 years depending
on usage and maintenance. Maintaining your printer is essential to its longevity.&rdquo;</I> https://tcsdigitalsolutions.com/color-label-printers/
While exact lifespans depend heavily on the specific product, its usage, and its maintenance, our research leads us to believe that this
is a reasonable estimate to use at a high level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Conclusion</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the 11-year tenure of CEO Greg Woods and the tenure of each of
the four Board members nominated prior to 2025, AstroNova shareholders have suffered substantial value destruction, including a loss of
almost 50% of the value of their investment over the year following the MTEX acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The incumbent Board has stood idly by. The current CEO and Board fail
to take advantage of AstroNova&rsquo;s inherently attractive qualities, such as its large base of recurring revenue. AstroNova needs more
talented management, a better strategy aligned with industry best practices, and a stronger governance framework focused on accountability
to results and shareholder returns. Finally, the company&rsquo;s Board owes shareholders a comprehensive strategic alternatives process,
to determine whether a transaction, or series of transactions, would provide a superior risk-adjusted outcome for shareholders relative
to remaining public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our slate of nominees has the skills, experience, and motivation to
effectively address each of these challenges. We look forward to rolling up our sleeves and working to maximize the value of your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I encourage all shareholders, large or small, to reach out to me directly
if they wish to share their perspectives on AstroNova and discuss how our nominees can set the company on a path to a brighter future.
I have committed to not accepting any cash or stock compensation for serving as a director (only customary reimbursement of expenses.)
My sole motivation is the restoration of shareholder value on behalf of my clients and all long-suffering AstroNova shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I look forward to speaking with you individually and earning your vote.
As a reminder, on June 12<SUP>th</SUP> at 11 AM ET, we plan to host a virtual town hall meeting for AstroNova shareholders to interact
directly with our nominees. More details will follow, but please save the date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This filing, and future filings, will also be made available to shareholders
after dissemination on EDGAR via our website: https://www.askeladdencapital.com/astronova/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These documents will also be available at no cost at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Samir Patel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">samir@askeladdencapital.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(682) 553-8302</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Samir Patel, Askeladden Capital Management LLC, Jeff Sands, Shawn Kravetz,
Ryan Oviatt and Boyd Roberts (collectively the &ldquo;Participants&rdquo;) filed a definitive proxy statement and accompanying proxy card
with the SEC on May 20, 2025, as amended on May 21, 2025, to be used in soliciting proxies in connection with the 2025 annual meeting
of shareholders (the &ldquo;Annual Meeting&rdquo;) of AstroNova, Inc. (the &ldquo;Company&rdquo;). All shareholders of the Company are
advised to read the Proxy Statement and other documents related to the solicitation of proxies, each in connection with the Annual Meeting,
by the Participants, as they contain important information, including additional information related to the Participants, including a
description of their direct or indirect interests by security holdings or otherwise. The Proxy Statement and an accompanying <B><U>GOLD</U></B>
proxy card will be furnished to some or all of the Company&rsquo;s stockholders and is, along with other relevant documents, available
at no charge on the SEC website at http://www.sec.gov, or by contacting Samir Patel at 1452 Hughes Road, Suite 200 #582, Grapevine, TX,
76051<FONT STYLE="color: red">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">19</P>

<P STYLE="margin: 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
