November 2015Investor Presentation

This presentation contains certain statements that are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “project,” or “continue” or similar words or the negative thereof. These statements do not relate to strictly historical or current facts and provide current expectations of forecasts of future events. Any such expectations or forecasts of future events are subject to a variety of factors. We caution that forward-looking statements must be considered carefully and that actual results may differ in material ways due to risks and uncertainties both known and unknown. Information about factors that could materially affect our results can be found in Part I, Item 1A, Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2014, and in Part II, Item 1A Risk Factors in our most recent quarterly report on Form 10-Q. Shareholders and potential investors are urged to consider these factors in evaluating forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements.

We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Investors are advised to consult any further disclosures by us in our filings with the Securities and Exchange Commission and in other written statements on related subjects. It is not possible to anticipate or foresee all risk factors, and investors should not consider any list of such factors to be an exhaustive or complete list of all risks or uncertainties.

SAFE HARBOR STATEMENT

2

KEY FACTS• 69 consecutive years of cash dividends• 43 consecutive years of increase in annual cash dividend payout• Strong balance sheet

AWARDS• 2014 IDEA Award – B5 Battery Burnisher

International Design Excellence Awards

• 2013 GOOD DESIGN Award – T12 Rider ScrubberIndustrial Design Excellence

• 2012 Australian Business Awards – Orbio 5000-Sc Top Honours

• 2011 R&D 100 Award Winner – 500zeR&D Magazine

• 2009 Manufacturer of the Year AwardABM Industries, Inc.

• 2009 Business Innovation of the Year – ec-H2OEuropean Business Awards

• 2008 R&D 100 Award Winner – ec-H2OR&D Magazine

• 2007, 2008 & 2014 America’s 200 Best Small CompaniesForbes

• 2007, 2014 & 2015 America’s Most Trustworthy CompaniesForbes

TENNANT COMPANY AT-A-GLANCEFounded:18702014 Revenues:$822M2014 Employees:3,087Manufacturing Sites:7NYSE Symbol:TNC

3

OUR VISIONWe will lead our global industry

in sustainable cleaning innovation that empowers our customers to create a cleaner,

safer and healthier world.

4

COMPETITIVE LANDSCAPEWorldwide Market Share 2011 Estimate – $4.6 Billion*

5

QUALITY PRODUCTS

6

STRONG DIRECT SALES& SERVICE ORGANIZATIONS

7

0

100

200

300

400

500

600

2010 2011 2012 2013 2014

Americas EMEA APAC

0

100

200

300

400

500

600

700

800

900

2010 2011 2012 2013 2014

Americas EMEA APAC

8

BROAD RANGE OF GLOBAL CUSTOMERS

8

2014 REVENUE OF $822M

9

Organic Growth Objective:Achieve $1 Billion in revenue by 2017.

Remain committed to 12% operating profit margin goal.

10

$1B

$752M

GDP Growth$60M (2%)

Go-To-Market$70M (up to 3%)

New Products$80M (up to 3%)

Emerging Markets$40M (up to 2%)

HOW WE WILL REACH $1B

11

Reach new customers & new markets

Continue delivering what we know works

Don’t lose sight of the discipline we’ve established

1

2

312

Reachnew customers& new markets

13

Product Presence Hit Rate Market Share

Frank Lynn & Associates Process

×× =40% 19%

PPHSM Analysis

75% 67%

REACH NEW CUSTOMERS& NEW MARKETSIncreasing Presence

14

Industrial Education Healthcare Retail

REACH NEW CUSTOMERS& NEW MARKETSFocus on Key Verticals

15

Your text here

• Empower our customers

• Anticipate their needs • Enhance their 

experience

• New customers

• New geographies

• Expand products

• Repurpose staff

• Self‐service

• Reduce manualinterventions

• Cost avoidance 

Good Experience Increase Revenue Lower Cost of Sale

REACH NEW CUSTOMERS& NEW MARKETSNew Channels – E-commerce

16

Continue delivering what we know works

17

RESEARCH AND DEVELOPMENT

18

NEW PRODUCT GROWTH

18in 2014

36in 2015

Strongest product pipeline ever!

20in 2013

17in 2012

19

20+In 2016

T12 Rider Scrubber

NEW MODULAR PLATFORM

T17 Rider Scrubber

Faster Speed to Market

20

ec-H2O NanoClean™ Launched April 2015

FIRST GENERATIONEC‐H2O™:  2008‐2014

$740 million+ cumulative revenue7,500+ customers

29,000+ sites

65,000+machines

• Next generation ec‐H2O• Cleans more soils in more applications

• Nano‐scale bubbles drive cleaning performance

21

MORE FLEXIBILITY | EASE OF USE | IMPROVED PRODUCTIVITY

TENNANT COMPANYT300 SCRUBBER

22

Small, simple, affordable On-Site Generation (OSG) technology • Generates both cleaning and

antimicrobial solutions • Fits into most janitorial closets • Flexibility to dispense in remote locations

23

EMERGING MARKETSAnticipating Solid Organic Growth

LATINAMERICA

PROJECTEDGROWTH RATE

+15%next 5 years

CHINAINCREASE 

MANUFACTURING EXPERTISE & 

EXPAND MARKET COVERAGEPROJECTED

GROWTH RATE

+20%next 5 years

24

STRATEGIC ACCOUNTSDuplicate Successful Framework

N.A. Europe

Brazil

China

25

Don’t lose sight of the discipline we’ve established

26

PROFITABILITY FRAMEWORK12%+ Operating Profit Margin Goal

27

Collections

Invoicing

Pricing

MachineConfiguration

Installed a global invoicing structure tailored to the needs of our customers

Implemented a global standardized process to manage payment & invoice disputes

Standardized discount & rebate policies globally, while maintaining ability to compete regionally

Standardized global product structure to simplify quoting, ordering and product data maintenance

STANDARDIZED & SIMPLIFIEDGLOBAL PROCESSES

28

FINANCIAL SUMMARY

29

30

SALESGROSS MARGINR&D EXPENSE (% of sales)S&A EXPENSE (% of sales) (adjusted*)OPERATING PROFIT (adjusted*)OPERATING PROFIT MARGIN (adjusted*)DILUTED EPS (adjusted*)

2014 2013 CHANGE$822.0 M42.9%3.6%30.5%$72.1 M8.8%$2.70

$752.0 M43.3%4.1%30.6%$65.4 M8.7%$2.26

+9.3%(40 bps)(50 bps)(10 bps)+10.2%+10 bps+19.5%

TENNANT COMPANY

2014 FULL YEAROrganic Sales Grew 10.3%

* 2013 results are adjusted to exclude restructuring charges of $3,017K pre-tax ($2,938K after-tax or $0.15 per diluted share), and a tax benefit related to 2012 R&D tax credit of $582K (or $0.03 per diluted share). February 24, 2015, Earnings Release.

Q3’15SALESGROSS MARGINR&D EXPENSE (% of sales)Adjusted*S&A EXPENSE (% of sales)Adjusted*OPERATING PROFITAdjusted*OPERATING PROFIT MARGINAdjusted*DILUTED EPS

Q3’14 CHANGE

TENNANT COMPANY

2015 THIRD QUARTER

$204.8 M

43.3%4.0%

30.7%

$17.5 M

8.6%

$0.68

$202.6 M

43.0%3.4%

31.2%

$17.1 M

8.4%

$0.63

+1.1%

+30 bps+60 bps

(50 bps)

+2.6%

+20 bps

+7.9% 

Organic Sales Growth 7.6% | Strong Growth in North America

*Q3’15 results are adjusted to exclude restructuring charge in S&A of $1.8M pre‐tax ($0.09 per diluted share) and non‐cash long‐lived asset impairment of $11.2M pre‐tax ($0.64 per diluted share).

31

SALESGROSS MARGINAdjusted*OPERATING PROFITAdjusted*OPERATING PROFIT MARGINAdjusted*DILUTED EPS

Q3’15 Q3’14 CHANGE

TENNANT COMPANY

2015 THIRD QUARTER“CONSTANT CURRENCY” VIEW (excludes estimated foreign exchange impact)

CONSTANT(1) CURRENCY

Q3’15

AS REPORTED

(1)“Constant Currency”:  estimated income statement which assumes no change in exchange rates from prior year.*Q3’15 results are adjusted to exclude restructuring charge in S&A of $1.8M pre‐tax ($0.09 per diluted share) and non‐cash long‐lived asset impairment of $11.2M pre‐tax ($0.64 per diluted share).

$217.9 M44.3%

$21.7 M

10.0%

$0.84

$202.6 M43.0%

$17.1 M

8.4%

$0.63

+7.6%+130 bps

+27.1%

+160 bps

+33.3%

$204.8 M43.3%

$17.5 M

8.6%

$0.68

32

9 MOS ’15

SALESGROSS MARGINR&D EXPENSE (% of sales)Adjusted*S&A EXPENSE (% of sales)Adjusted*OPERATING PROFITAdjusted*OPERATING PROFIT MARGINAdjusted*DILUTED EPS

9 MOS ’14 CHANGE

TENNANT COMPANY

2015 FIRST NINE MONTHS

$605.9 M

43.2%4.0%

31.2%

$48.4 M

8.0%

$1.71

$605.7 M

42.8%3.6%

31.0%

$49.5 M

8.2%

$1.77

+0.0%

+40 bps+40 bps

+20 bps

(2.2%)

(20 bps)

(3.4%) 

Organic Sales Growth 6.0% | Strong Growth in North America

*9 mos’15 results are adjusted to exclude restructuring charge in S&A of $1.8M pre‐tax ($0.09 per diluted share) and non‐cash long‐lived asset impairment of $11.2M pre‐tax ($0.64 per diluted share).

33

SALESGROSS MARGINAdjusted*OPERATING PROFITAdjusted*OPERATING PROFIT MARGINAdjusted*DILUTED EPS

9 MOS’15 9 MOS’14 CHANGE

TENNANT COMPANY

2015 FIRST NINE MONTHS“CONSTANT CURRENCY” VIEW (excludes estimated foreign exchange impact)

CONSTANT(1) CURRENCY

9 MOS’15

AS REPORTED

(1)“Constant Currency”:  estimated income statement which assumes no change in exchange rates from prior year.*9 mos’15 results are adjusted to exclude restructuring charge in S&A of $1.8M pre‐tax ($0.09 per diluted share) and non‐cash long‐lived asset impairment of $11.2M pre‐tax ($0.64 per diluted share).

$641.8 M44.0%

$57.9 M

9.0%

$2.06

$605.7 M42.8%

$49.5 M

8.2%

$1.77

+6.0%+120 bps

+17.0%

+80 bps

+16.4%

$605.9 M43.2%

$48.4 M

8.0%

$1.71

34

Experienced negative quarter-over-quarter salesgrowth from 4Q’08 through 3Q’09 due to recession.

2011 returned to – and surpassed – prerecession sales levels.2012 and 2013 impacted from economic headwinds in Europe.2014 – Renewed focus on accelerating organic sales growth.

HISTORY OF SALES GROWTH

35

IMPROVED PROFITABILITY &BALANCE SHEET LEVERAGEReturn on Invested Capital Improvement & Cash Generation ’09-’14

36

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

FY14 9 Months '14 9 Months '15Net Receivables 152.4 141.8 137.2

Net Inventory 80.5 84.0 83.3

Cash from Operations 59.4 36.8 30.9

Capital Expenditures 19.6 13.5 14.6

Dividends 14.5 10.9 11.0

Share Repurchases 14.1 13.6 39.1

Cash 93.0 79.8 56.8

Debt 28.1 28.2 24.6

$ Millions

TENNANT COMPANY

STRONG BALANCE SHEET

COMMITMENT TO SHAREHOLDER RETURN

9 Months ’159 Months ’14FY’14

37

TENNANT COMPANYNARROWED 2015 ADJUSTED EPS GUIDANCE; LOWERED SALES GUIDANCE

2014ACTUAL

$2.70 EPS $822M SALES

2015 OUTLOOK$2.45 to $2.65, as adjusted /$815M to $825M

KEY EXPECTATIONS FOR 2015• Net sales in the range of $815M to $825M versus $822M in ‘14.• Economic strength in North America and modest improvement in Europe,

and growth in emerging markets.• Foreign currency impact on sales in the range of an unfavorable 5% to 6%.• Organic sales growth, excluding foreign currency exchange impact, in the

range of 4% to 6%.• Foreign currency exchange headwinds estimated to negatively impact

operating profit in the range of $12M to $14M, or approximately $0.44 to $0.52 EPS.

• Minimal inflation net of cost-saving initiatives and selling price increases.• Gross margin of approximately 43%. • R&D expense of approximately 4% of sales.• Effective tax rate of approximately 31% vs. 27.2% in 2014 (negatively

impacting 2015 by approximately $0.14) including re-enactment of R&D tax credit.

• Capital expenditures in the range of $25M to $28M.

38

39