![GRAPHIC](https://capedge.com/proxy/DEFA14A/0001104659-21-073649/tm2117793d2_defa14aimg012.jpg)
| 37% -20% 0% 20% 40% 60% 80% 100% 5/21/20 8/21/20 11/21/20 2/21/21 5/21/21 One Year Total Shareholder Return1 KVH Proxy Peers ISS Peers 46% KVH Has Outperformed Relevant Peers Over the Past Year Strong Shareholder Returns of 66% Over the Past Year and 29% YTD Reflect the Positive Momentum in the Business and Indicate That Our Plan is Working 66% 10 1 Source: FactSet. Data as of May 21, 2021. “Proxy Peers” refer to the peer group constructed with the assistance of Aon as described in our Proxy Statement and includes: AeroVironment, Inc., CalAmp Corp., Calix, Inc., Communications Systems, Inc., Comtech Telecommunications Corp., Digi International, Inc., DSP Group, Inc., EMCORE Corp., Frequency Electronics, Inc., IEC Electronics Corp., Intevac, Inc., Iteris, Inc., Mercury Systems, Inc., Napco Security Technologies, Inc., ORBCOMM, Inc., PCTEL, Inc., Ribbon Communications, Inc., and Ultralife Corp. “ISS Peers” include peers as listed by ISS in its 2020 Proxy Research Report: Applied Optoelectronics, Inc., Aviat Networks, Inc., CalAmp Corp., Clearfield, Inc., Communications Systems, Inc., CPI Aerostructures, Inc., DZS, Inc., Digi International, Inc., DSP Group, Inc., EMCORE Corp., Harmonic, Inc., Inseego Corp., Optical Cable Corp., PCTEL, Inc., Pixelworks, Inc., SIFCO Industries, Inc. This list excludes Arotech Corp., which is no longer publicly traded. |