Economics

1. November 2015
Baird Conf. Presentation
Tennant Company
Tom Paulson
Senior Vice President and Chief Financial Officer

2. 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
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3. 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 Scrubber
Industrial Design Excellence
• 2012 Australian Business Awards – Orbio 5000-Sc
Top Honours
• 2011 R&D 100 Award Winner – 500ze
R&D Magazine
• 2009 Manufacturer of the Year Award
ABM Industries, Inc.
• 2009 Business Innovation of the Year – ec-H2O
European Business Awards
• 2008 R&D 100 Award Winner – ec-H2O
R&D Magazine
• 2007, 2008 & 2014 America’s 200 Best Small Companies
Forbes
• 2007, 2014 & 2015 America’s Most Trustworthy Companies
Forbes
TENNANT COMPANY AT-A-GLANCE
Founded:
1870
2014 Revenues:
$822M
2014 Employees:
3,087
Manufacturing Sites:
7
NYSE Symbol:
TNC
3

4. OUR VISION
We will lead our global industry
in sustainable cleaning
innovation that empowers our
customers to create a cleaner,
safer and healthier world.
4

5. COMPETITIVE LANDSCAPE
Worldwide Market Share 2011 Estimate – $4.6 Billion*
5

6. QUALITY PRODUCTS
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7. 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. 8
BROAD RANGE OF
GLOBAL CUSTOMERS
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9. 2014 REVENUE OF $822M
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10. Organic Growth Objective:
Achieve $1 Billion in revenue by 2017.
Remain committed to 12% operating
profit margin goal.
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11. $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
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12. Product Presence Hit Rate Market Share
Frank Lynn & Associates Process
×× =40% 19%
PPHSM Analysis
75% 67%
REACH NEW CUSTOMERS
& NEW MARKETS
Increasing Presence
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13. Industrial Education Healthcare Retail
REACH NEW CUSTOMERS
& NEW MARKETS
Focus on Key Verticals
13

14. Your text
here
• Empower our
customers
• Anticipate their needs
• Enhance their
experience
• New customers
• New geographies
• Expand products
• Repurpose staff
• Self‐service
• Reduce manual
interventions
• Cost avoidance
Good Experience Increase Revenue Lower Cost of Sale
REACH NEW CUSTOMERS
& NEW MARKETS
New Channels – E-commerce
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15. RESEARCH AND DEVELOPMENT
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16. NEW PRODUCT GROWTH
18in 2014
36in 2015
Strongest product pipeline ever!
20in 2013
17in 2012
16
20+
In 2016

17. T12 Rider
Scrubber
NEW MODULAR PLATFORM
T17 Rider Scrubber
Faster Speed to Market
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18. ec-H2O NanoClean™
Launched April 2015
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
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19. MORE FLEXIBILITY | EASE OF USE | IMPROVED PRODUCTIVITY
TENNANT COMPANY
T300 SCRUBBER
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20. 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
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21. Collections
Invoicing
Pricing
Machine
Configuration
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 & SIMPLIFIED
GLOBAL PROCESSES
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22. FINANCIAL SUMMARY
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23. 23
SALES
GROSS MARGIN
R&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 M
42.9%
3.6%
30.5%
$72.1 M
8.8%
$2.70
$752.0 M
43.3%
4.1%
30.6%
$65.4 M
8.7%
$2.26
+9.3%
(40 bps)
(50 bps)
(10 bps)
+10.2%
+10 bps
+19.5%
TENNANT COMPANY
2014 FULL YEAR
Organic 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.

24. 9 MOS ’15
SALES
GROSS MARGIN
R&D EXPENSE (% of sales)
Adjusted*
S&A EXPENSE (% of sales)
Adjusted*
OPERATING PROFIT
Adjusted*
OPERATING PROFIT MARGIN
Adjusted*
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).
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25. SALES
GROSS MARGIN
Adjusted*
OPERATING PROFIT
Adjusted*
OPERATING PROFIT MARGIN
Adjusted*
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 M
44.0%
$57.9 M
9.0%
$2.06
$605.7 M
42.8%
$49.5 M
8.2%
$1.77
+6.0%
+120 bps
+17.0%
+80 bps
+16.4%
$605.9 M
43.2%
$48.4 M
8.0%
$1.71
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26. Experienced negative quarter-over-quarter sales
growth 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
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27. IMPROVED PROFITABILITY &
BALANCE SHEET LEVERAGE
Return on Invested Capital Improvement & Cash Generation ’09-’14
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28. TENNANT COMPANY
NARROWED 2015 ADJUSTED EPS
GUIDANCE; LOWERED SALES GUIDANCE
2014
ACTUAL
$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.
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