Tennant Company reported first quarter 2015 results. Key points include: - Consolidated net sales grew 6% organically to $185.7 million, a record first quarter. - Growth was led by strong strategic account sales in Americas and new product demand. - Operating profit was $8.3 million, down from $9.2 million in prior year due to foreign exchange impacts. - The company reaffirmed its 2015 EPS guidance range of $2.40 to $2.70.

1. TENNANT COMPANY
Earnings Release Conference Call
First Quarter 2015
Monday, April 27, 2015
1

2. Chris Killingstad
President and CEO
Tom Paulson
Senior VP, CFO
2
TENNANT COMPANY
ON THE CALL TODAY

3. Our remarks this morning and our answers to questions may contain forward-
looking statements regarding the company’s expectations of future performance.
Such statements are subject to risks and uncertainties, and our actual results may
differ materially from those contained in the statements. These risks and
uncertainties are described in today’s news release and the documents we file with
the Securities and Exchange Commission. We encourage you to review those
documents, particularly our Safe Harbor statement, for a description of the risks
and uncertainties that may affect our results.
3
TENNANT COMPANY
FORWARD LOOKING
STATEMENTS

4. • Consolidated net sales of $185.7M
– 6% organic sales growth over prior year quarter
– Record sales for a first quarter
• Growth led by
– Robust strategic account sales in Americas
– Continued demand for new products
– Increased global sales of outdoor equipment
4
TENNANT COMPANY
FIRST QUARTER 2015 SALES

5. On track to reach
organic growth
goal of $1 Billion
and remain
committed to
12% or above
OP margin
5
TENNANT COMPANY
STRATEGIC OVERVIEW

6. • Americas
– Sales up 11.5% organically
– Robust sales to two leading big box retailers
in U.S.
– LatAm declined due to challenging economy
– Brazil positioned for growth with strong
market share
6
TENNANT COMPANY
2015 FIRST QUARTER BY REGION

7. 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
7

8. • EMEA
– Sales down 5% organically
– Strong outdoor equipment sales
– Order patterns improved throughout the quarter
• APAC
– Sales down 1.3% organically
– Weak economy in Australia
– Slower sales in China
8
TENNANT COMPANY
2015 FIRST QUARTER BY REGION

9. 18in 2014
362015
Strongest product pipeline ever!
20in 2013
17in 2012
NEW PRODUCT GROWTH
Sales of equipment launched in past three years
totaled 14% of equipment revenue for 1Q 20159

10. Available NOW
ec-H2O NanoClean™
FIRST GENERATION
EC-H2O™: 2008-2014
$740 million+
cumulative revenue
7,500+ customers
29,000+ sites
65,000+ machines
• Next generation ec-H2O
• Cleans more soils in
more applications
• Nano-scale bubbles
drive cleaning
performance
10

11. 11
MORE FLEXIBILITY | EASE OF USE | IMPROVED PRODUCTIVITY
TENNANT COMPANY
T300 SCRUBBER

12. Jeffrey Moorefield
Senior VP, Global Operations
12
TENNANT COMPANY
WELCOME

13. • New products in core and Orbio
• Sales gains in emerging markets
• Growth in Europe
• Focus on Strategic Accounts
• Expand global market coverage and
customer base
13
TENNANT COMPANY
GROWTH DRIVERS

14. 14
14
SALES
GROSS MARGIN
R&D EXPENSE (% of sales)
S&A EXPENSE (% of sales)
OPERATING PROFIT
OPERATING PROFIT MARGIN
DILUTED EPS
Q1’15 Q1’14 CHANGE
$185.7 M
42.0%
4.2%
33.4%
$8.3 M
4.4%
$0.27
$184.0 M
41.8%
4.1%
32.7%
$9.2 M
5.0%
$0.31
+1.0%
+20 bps
+10 bps
+70 bps
(10.6%)
(60 bps)
(12.9%)
TENNANT COMPANY
2015 FIRST QUARTER
Organic Sales Growth 6.0% | Strong Growth in North America

15. AMERICAS
1Q’15 – 11.5%
2014 FY – 11.6%
TENNANT COMPANY
ORGANIC SALES GROWTH
2015 First Quarter 6.0% | 2014 Full Year 10.3%
APAC
1Q’15 – <1.3%>
2014 FY – 12.8%
EMEA
1Q’15 – <5.0%>
2014 FY – 4.4%
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16. 16
16
SALES
GROSS MARGIN
R&D EXPENSE (% of sales)
S&A EXPENSE (% of sales)
OPERATING PROFIT
OPERATING PROFIT MARGIN
DILUTED EPS
Q1’15 Q1’14 CHANGE
$185.7 M
42.0%
4.2%
33.4%
$8.3 M
4.4%
$0.27
$184.0 M
41.8%
4.1%
32.7%
$9.2 M
5.0%
$0.31
+1.0%
+20 bps
+10 bps
+70 bps
(10.6%)
(60 bps)
(12.9%)
TENNANT COMPANY
2015 FIRST QUARTER
Organic Sales Growth 6.0% | Strong Growth in North America

17. 17
17
SALES
GROSS MARGIN
OPERATING PROFIT
OPERATING PROFIT MARGIN
DILUTED EPS
Q1’15 Q1’14 CHANGE
$195.0 M
42.6%
$10.2 M
5.2%
$0.34
$184.0 M
41.8%
$9.2 M
5.0%
$0.31
+6%
+80 bps
+10%
+20 bps
+10%
TENNANT COMPANY
2015 FIRST QUARTER
“CONSTANT CURRENCY” VIEW (excludes estimated foreign exchange impact)
CONSTANT(1)
CURRENCY
Q1’15
AS
REPORTED
$185.7 M
42.0%
$8.3 M
4.4%
$0.27
(1) “Constant Currency”: estimated income statement which assumes
no change in exchange rates from prior year.

18. • Remain committed to at least 12% OP margin
– Drive organic revenue growth in mid- to high-single digits
– Hold fixed costs essentially flat in manufacturing as
volume rises
– Strive for zero net inflation at gross profit line
– Standardize and simplify processes to improve scalability
of business model
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TENNANT COMPANY
OPERATING PROFIT
MARGIN GOAL

19. • Overall effective tax rate for 2015 first
quarter of 32.4%
• Base tax rate of 31.8 % (excl. routine discrete items)
• No benefit in 1Q for Federal R&D tax credit –
not yet re-enacted
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TENNANT COMPANY
SUCCESSFUL TAX STRATEGIES

20. 20
TENNANT COMPANY
STRONG BALANCE SHEET
COMMITMENT TO SHAREHOLDER RETURN
FY’14 1Q’14 1Q’15
(20.0)
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
FY14 1Q14 1Q15
Net Receivables 152.4 144.0 134.0
Net Inventory 80.5 73.8 85.6
Cash from Operations 59.4 (3.9) (2.1)
Capital Expenditures 19.6 3.5 4.1
Dividends 14.5 3.5 3.7
Share Repurchases 14.1 3.6 4.1
Cash 93.0 63.4 76.8
Debt 28.1 28.2 26.1
$ Millions

21. 21
TENNANT COMPANY
REAFFIRMS 2015 EPS GUIDANCE
2014
ACTUAL
$2.70
2015 OUTLOOK
$2.40 to $2.70
KEY EXPECTATIONS FOR 2015
• Net sales in the range of $825M to $850M 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 4% to 6%.
• Organic sales growth, excluding foreign currency exchange impact, in the
range of 5% to 9%.
• Foreign currency exchange headwinds estimated to negatively impact
operating profit in the range of $10M to $12M, or approximately $0.37 to
$0.44 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).
• Capital expenditures in the range of $25M to $28M.

22. • Ongoing focus on accelerating organic sales growth
• Investments in direct sales, distribution, marketing
• Assumption it will take us into second quarter to
further improve “growing pains” in supply chain
• Estimated significant unfavorable impact from
foreign exchange rates
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TENNANT COMPANY
OUR GUIDANCE REFLECTS

23. • Increase selling prices in affected markets
• Evaluate potential to expand the scope of
hedging strategies
• Explore feasibility of producing and shipping
products from locations with more favorable
Fx pairing
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TENNANT COMPANY
LOOKING AT MITIGATION OF Fx

24. QUESTIONS?
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25. • Organic sales grew 6% in 2015 first quarter
• We remain on track to reach our organic growth
goal of $1 Billion in sales by 2017
• We remain committed to the goal of a 12% or above
operating profit margin
• Will update you in July with second quarter results
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TENNANT COMPANY
SUMMARY
THANK YOU