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  • 21st Annual Needham Growth Conference Greg Woods, President and CEO

    David S. Smith, CFO

    January 16, 2019

  • Information included in this presentation may contain forward-looking statements within the meaning of

    the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of

    historical fact, but rather reflect our current expectations concerning future events and results. These

    statements may include the use of the words “believes,” “expects,” “intends,” “plans,” “anticipates,”

    “likely,” “continues,” “may,” “will” and similar expressions to identify forward-looking statements. Such

    forward-looking statements, including those concerning five-year operating model targets and growth

    through acquisitions, involve risks, uncertainties and other factors, some of which are beyond the

    Company’s control, which may cause the Company’s actual results, performance or achievements to be

    materially different from those expressed or implied by such forward-looking statements. These risks,

    uncertainties, and factors include, but are not limited to, those factors set forth in the Company’s Annual

    Report on Form 10-K for the fiscal year ended January 31, 2018 and subsequent filings AstroNova

    makes with the Securities and Exchange Commission. The Company undertakes no obligation to

    publicly update or revise any forward-looking statements, whether as a result of new information, future

    events or otherwise. Investors are cautioned not to unduly rely on such forward-looking statements when

    evaluating the information in this presentation.

    ©2019 AstroNova, Inc. all rights reserved. 2

    Forward-looking Statements

    NASDAQ: ALOT Investor Presentation – January 2019

  • 3

    Innovative, Differentiated Products

    Aerospace Product Identification Test & Measurement

    Unifying Core Technology – Data Visualization

    AstroNova products convert analog and digital data into text, graphics, digital signals

    • High recurring revenue stream

    • Proprietary consumables

    • Diverse global markets

    NASDAQ: ALOT ©2019 AstroNova, Inc. all rights reserved.Investor Presentation – January 2019

  • AstroNova Financial Snapshot

    4NASDAQ: ALOT ©2019 AstroNova, Inc. all rights reserved.Investor Presentation – January 2019

    NASDAQ: ALOT Russell Microcap® Index (Stock price and yield as of 1/9/2019)

    Recent Price $19.40

    52-Week Range $12.55 - $23.95

    Market Capitalization $134.9 million

    Common Stock Outstanding 6.9 million

    Enterprise Value $150.5 million

    Book Value per Share(1) $9.73

    Annualized Dividend $0.28 per share

    Yield 1.44%

    Q3 FY 2019 Financial Highlights

    • Revenue: $34.2 million, up 19% y/y

    • Operating income: $2.4 million, up 45% y/y

    • Operating margin: 6.9%, up 120 bps y/y

    • Diluted EPS: $0.20, down 5% y/y

    • Bookings: $34.2 million, up 10% y/y

    • Backlog: $24.5 million, up 15% (1)

    (1) As of 10/27/2018 vs. 10/28/2017

    (1)As of 11/21/18

  • 49-Year History of Innovation

    5

    1969

    Company founded

    1975 First data acquisition

    recorders

    1983

    Nasdaq listing

    1994 Grass Technology

    acquired

    1994 First color

    label printer 2001

    First Aerospace printer

    2012 First color inkjet

    label printer

    2013 Grass

    Technology divested

    2013 AOS

    launched

    2014 Miltope acquired

    2015 RITEC

    acquired

    2015 AstroNova REBRANDING

    Calendar years

    2016 5yr accelerated

    growth plan

    2017 TrojanLabel

    acquired

    2017 Honeywell

    acquired

    New Growth Strategy

    Implemented FY13

    Investor Presentation – January 2019 NASDAQ: ALOT ©2019 AstroNova, Inc. all rights reserved.

  • Strategic Transformation

    6

    -

    20,000

    40,000

    60,000

    80,000

    100,000

    120,000

    140,000

    FY 1992

    FY 2002

    FY 2012

    FY 2018

    ALOT Revenue

    New Growth Strategy Implemented

    ($ thousands)

    Fiscal Year

    FY19 Q2 TTM

    NASDAQ: ALOT ©2019 AstroNova, Inc. all rights reserved.Investor Presentation – January 2019

  • 7

    AstroNova Operating System (AOS)

    Continuous Improvement Through operational excellence

    and lean initiatives, we

    consistently strive to increase

    efficiency and enhance margins

    Innovation Stage-Gate methodology

    accelerates and streamlines

    product development process

    Building Value

    Our customer-centric philosophy

    ensures we deliver superior

    quality, delivery, cost and growth

    One Global Team

    We work as a unified organization

    in a data-driven environment that

    fosters mutual trust and respect

    NASDAQ: ALOT ©2019 AstroNova, Inc. all rights reserved.Investor Presentation – January 2019

  • Financial Highlights

    8NASDAQ: ALOT ©2019 AstroNova, Inc. all rights reserved.

  • 9

    Revenue Per Employee

    ($ in thousands)

    NASDAQ: ALOT

    AOS Drives Productivity Improvements

    ©2019 AstroNova, Inc. all rights reserved.Investor Presentation – January 2019

    $216

    $267 $286

    $310 $326

    $368

    $0

    $50

    $100

    $150

    $200

    $250

    $300

    $350

    $400

    $450

    FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 TTM Q3 FY19

  • Five-Year Revenue History

    $68

    $88 $95

    $98

    $113

    $132

    $0

    $20

    $40

    $60

    $80

    $100

    $120

    $140

    FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 TTM Q3 FY19

    Annual Revenue

    Investor Presentation – January 2019 NASDAQ: ALOT ©2019 AstroNova, Inc. all rights reserved. 10

    ($ in millions)

  • Annual

    $98.4 $113.4

    132.2

    FY 2017 FY 2018 TTM Q3 FY 19

    $25.7 $24.5

    $27.5 $28.8

    $32.7 $31.5

    $33.8 $34.2

    Q4 Q1 Q2 Q3

    FY'17 FY'18 FY'19

    Recent Revenue Growth

    11©2019 AstroNova, Inc. all rights reserved.

    +27% +29% +23% +19%

    Quarterly ($ in millions) ($ in millions)

    Investor Presentation – January 2019 NASDAQ: ALOT

  • 12

    63%

    37%

    53%38%

    9%

    Revenue by Product Type

    Supplies

    $18.1M Hardware

    $13.1M

    Service/Other

    $3.0M

    Revenue by Channel

    Domestic

    $21.5M

    International

    $12.7M

    ($ in millions) ($ in millions)

    Q3 FY 2019 Revenue Profile

    NASDAQ: ALOT

    Large Recurring Revenue International Revenue +19% y/y

    ©2019 AstroNova, Inc. all rights reserved.Investor Presentation – January 2019

  • 13

    Worldwide Reach

    165 Dealers, Customers in 154 Countries

    ©2019 AstroNova, Inc. all rights reserved.NASDAQ: ALOT Investor Presentation – January 2019

  • 14

    Worldwide Installed Base

    NASDAQ: ALOT ©2019 AstroNova, Inc. all rights reserved.Investor Presentation – January 2019

  • 15

    Business Overview

    Reporting

    Segments

    Business

    Units

    NASDAQ: ALOT ©2019 AstroNova, Inc. all rights reserved.Investor Presentation – January 2019

  • 16

    Product Identification Segment

    Tabletop and Light Production Label Printers, Specialty Printers,

    Software, Consumables, and Service

    $43.6 $49.1

    $59.8

    $67.1 $69.9

    $81.7

    10.0% 10.5% 12.1% 13.9% 14.1% 13.0%

    $0

    $20

    $40

    $60

    $80

    $100

    FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018

    FY 2013-18 Revenue CAGR: 13.4%

    ($ in millions)

    Segment Revenue and

    Operating Profit Margin

    NASDAQ: ALOT ©2019 AstroNova, Inc. all rights reserved.Investor Presentation – January 2019

  • 17

    Digital Package Printing: Large, Attractive and Growing Market

    Advantages of Digital Package Printing

    • Short-run

    • On-demand

    • Ease of data variability

    • Personalization

    • Lower cost

    NASDAQ: ALOT ©2019 AstroNova, Inc. all rights reserved.Investor Presentation – January 2019

  • 18

    New Product - Kiaro!® QL-120 Launched Worldwide in January 2019

    NASDAQ: ALOT ©2019 AstroNova, Inc. all rights reserved.Investor Presentation – January 2019

    • Professional tabletop digital label printer

    • Compact design

    • Highest throughput available in a desktop color label printer

    • Exceptional color accuracy

    • Wide range of capabilities

    • Proprietary CQL Pro advanced labeling software

    • Low total cost of ownership

    User Friendly. Flexible and Productive. Cost Effective.

  • $13.2

    $23.2

    $0.0

    $5.0

    $10.0

    $15.0