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Ceragon rejects Aviat's latest offer

Rosh Ha'ain, ISREAL – Ceragon Networks Ltd. (NASDAQ: CRNT) (the "Company", "Ceragon", "we", "us", or "our") today issued the following letter to shareholders concerning the response of Ceragon's Board of Directors (the "Board") to the revised unsolicited, highly conditional, non-binding indication of interest from Aviat Networks, Inc. (NASDAQ: AVNW), a competitor of Ceragon.

The letter to shareholders and other supplemental information will be posted to Ceragon's investor relations website at www.ceragon.com/investors/maximizing-shareholder-value.

The full text of the letter to shareholders follows:

8 August 2022

Dear Fellow Shareholder,

A few days ago, Ceragon received a revised indication of interest ("Revised IOI") from its competitor, Aviat Networks, Inc. ("Aviat"), to acquire Ceragon at a price of $3.08 per share. After a careful and thorough review, conducted in consultation with our independent financial and legal advisors, the Board unanimously concluded that Aviat's Revised IOI continues to significantly undervalue the Company and is not in the best interests of Ceragon shareholders.

To be clear, Ceragon is focused on maximizing value for all shareholders and we remain open to exploring a transaction with Aviat or anyone else, but only if such combination delivers full, fair and certain value to Ceragon shareholders. We have met with Aviat multiple times (including with directors from our respective boards) to explore a transaction. However, Aviat's Revised IOI continues to fall far short.

Ceragon

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