Value Base Announces that Leading Independent Proxy Advisory Firm Glass Lewis Recommends Cognyte Shareholders Vote "AGAINST" Chairman Earl Shanks

Leading proxy advisory firm Glass Lewis recommends that Cognyte Software Ltd.'s (NASDAQ:CGNT) shareholders vote "AGAINST" the election of Chairman Earl Shanks ahead of the Company's 2024 Annual Meeting of Shareholders, to be held on September 4, 2024.

Tal Yaacobi, Managing Partner of Value Base, was quoted as saying "we welcome the decision of Glass Lewis to recommend voting against Chairman Earl Shanks. Change is needed to due to the 75% decline in the share price that has occurred during Chairman Shanks' tenure on the Board."

Glass Lewis highlighted:

• The Company's growth and TSR performance since the Verint spin-off has materially lagged its peers. TSR has ranked near the bottom quartile of the range of TSRs observed among a subset of publicly traded peers.
• In calendar year 2023, the average EV/NTM revenue multiple of the Company ranked in the bottom 3rd percentile of the range observed in the Proxy Peer Group. For the year-to-date period ended August 5, 2024, the average EV/NTM revenue multiple of the Company was in the 17th percentile of the range observed in the Proxy Peer Group.

Glass Lewis believes Chairman Shanks should be held accountable for these issues, particularly the share price performance, given his lengthy tenure with the Company and its predecessor.

Glass Lewis reiterated the urgent need for removal of Chairman Shanks by noting that "[s]hareholders should also consider that the Company maintains a classified board structure and, consequently, shareholders may not have an opportunity to formally register their discontent against Mr. Shanks for another three years if they do not do so this year."

Value Base Ltd. and its affiliates (collectively, "Value Base), which own approximately 9.33% of the ordinary shares and are the largest shareholders of Cognyte, urge shareholders to vote:

• FOR the election of Tal Yaacobi to the Company's board.
• FOR the approval of indemnification, liability insurance and compensation to Tal Yaacobi as provided to all other directors.
• AGAINST reelection of Earl Shanks.
• AGAINST the approval of the CEO compensation plan.

Change is urgently needed, so vote today!

About Value Base: Value Base, managed by Victor Shamrich and Ido Neuberger, is a leading investment banking group in Israel. It offers a wide range of financial services and strategic financial consulting under one roof. The group has special expertise in capital markets with extensive experience in initiating and managing complex transactions across various industries. Value Base initiates and manages complex investment transactions for its clients, oversees public and private offerings, supports mergers and acquisitions transactions, and represents leading international investment entities in Israel. Additionally, the group owns an economic research company that provides economic analyses to all institutional investors in Israel.

Value Base Fund is a private investment fund established by the Value Base group. The fund has already raised approximately $200 million and is expected to make equity investments in companies amounting to over $250 million. The fund primarily targets significant positions in publicly traded and private Israeli companies with proven business models, working alongside their management to enhance their value and achieve capital appreciation.

Among the fund's investors are leading Israeli institutional investors, including Clal Insurance and Discount Capital, as well as Value Base shareholders who have committed over $25 million of their own capital into the fund.

Tal Yaacobi, the Managing Partner of Value Base Fund, has over twenty years of experience in investment management and strategic consulting. Tal previously served as a partner at Shamrock Israel Growth Fund, an affiliate of the private investment company of the Roy E. Disney family, where he led investments and value creation in a range of Israeli companies, guiding them to successful exits for the fund. Prior to that, he worked as a strategic consultant at McKinsey in New York. Tal is a certified public accountant and holds an MBA with distinction from Cornell University.

If shareholders have any questions, please contact our Proxy Solicitor, Alliance Advisors at:

Alliance Advisors

200 Broadacres Drive, 3rd Floor

Bloomfield, NJ 07003

Email: [email protected]

Special note regarding this communication:

This communication is for informational purposes only and is not a recommendation, an offer to purchase or a solicitation of an offer to sell shares. This communication contains our current views on the value of the Company's shares and certain actions that the Board may take to enhance the value of its shares. Our views are based on our own analysis of publicly available information and assumptions we believe to be reasonable. There can be no assurance that the information we considered and analyzed is accurate or complete. Similarly, there can be no assurance that our assumptions are correct. The Company's performance and results may differ materially from our assumptions and analysis. Our views and our holdings could change at any time. We may sell any or all of our holdings or increase our holdings by purchasing additional shares. We may take any of these or other actions regarding the company without updating this communication or providing any notice whatsoever of any such changes (except as otherwise required by law).

Forward-looking Statements:

Certain statements contained in this communication are forward-looking statements including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties. Forward-looking statements are not guarantees of future performance or activities and are subject to many risks and uncertainties. Due to such risks and uncertainties, actual events or results or actual performance may differ materially from those reflected or contemplated in such forward-looking statements. Forward-looking statements can be identified by the use of the future tense or other forward-looking words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "should," "may," "will," "objective," "projection," "forecast," "continue," "strategy," "position" or the negative of those terms or other variations of them or by comparable terminology. Important factors that could cause actual results to differ materially from the expectations set forth in this communication include, among other things, the factors identified in the Company's public filings. Such forward-looking statements should therefore be construed in light of such factors, and we are under no obligation, and expressly disclaim any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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