AstroNova (ALOT) investor relations material

Executive summary

• Shareholders are asked to approve a merger where each outstanding share will be converted into $29.00 in cash, resulting in the company becoming a wholly owned subsidiary of Orion Merger Parent, Inc., an affiliate of Arcline Investment Management LP.

• The Board unanimously recommends voting in favor of the merger, citing a 208.5% premium over the unaffected share price and the certainty of all-cash consideration.

• Rockefeller Financial LLC provided a fairness opinion, concluding the $29.00 per share consideration is fair from a financial point of view.

• The merger follows a comprehensive strategic review, including outreach to 61 potential acquirors and multiple rounds of competitive bidding.

• If approved, the company’s shares will be delisted from Nasdaq and deregistered with the SEC, and the company will become private.

Voting matters and shareholder proposals

• Shareholders will vote on: (1) approval of the merger agreement, (2) a non-binding advisory vote on merger-related executive compensation, and (3) adjournment of the meeting if more time is needed to solicit proxies.

• Approval of the merger requires a majority of outstanding shares; abstentions and broker non-votes count as votes against the merger.

• The Board recommends voting FOR all proposals.

Board of directors and corporate governance

• The Board conducted a thorough review of strategic alternatives and engaged Rockefeller as financial advisor.

• The Board considered multiple bids and selected the highest and most certain offer.

• Directors and executive officers are expected to vote their shares in favor of the merger.