Investor presentation november_2016

1. TENNANTCO.COM
REINVENTING
the future of cleaning.
INVESTOR PRESENTATION
November 2016

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, 2015, 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

3. About
Tennant Company
Tennant Company, a Minnesota
corporation founded in 1870 and
incorporated in 1909, is a world leader
in designing, manufacturing and
marketing solutions that empower
customers to achieve quality cleaning
performance, significantly reduce
environmental impact and help create
a cleaner, safer, healthier world.
71consecutive years
of cash dividends
44consecutive years of
increase in annual
cash dividend payout
Balance sheet
NYSE Symbol:
TNC
2015 Revenues:
$812M
3
2015 Employees:
3,164

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
2015 $5B Global Cleaning Equipment Market*
18%Tennant | Nobles |
Alfa | Orbio
Nilfisk | Advance |
Clarke | Viper
Hako | Minuteman |
PowerBoss
Karcher | Windsor |
TecServ | ProChem
Taski
of the market
consists of
others with a
market share
of 3% or less.
17%
11%
9% 3%
42%
* Estimated market size in
“constant currency” U.S. dollars
for Tennant-like equipment
categories and aftermarket.
5

6. Broad Portfolio of Quality Products
COMMERCIAL
INDUSTRIAL
AFTERMARKET
ESSENTIALS
ORBIO®
TECHNOLOGIES
COATINGS
6

7. STRONG DIRECT SALES
& SERVICE ORGANIZATIONS
Strong Direct Sales & Service Organizations
Global Sales Employees Global Direct Service EmployeesGlobal Revenue by Sales Channel
25%
75%
Distribution
Direct
Distribution Partners
More than 80 countries
around the world
Global Strategic Accounts
Cross-functional teams &
market specialists
Factory-Service Direct
Locally based & factory-trained
service technicians
0
100
200
300
400
500
600
2012 2013 2014 2015
Americas EMEA APAC
0
100
200
300
400
500
600
700
800
900
2012 2013 2014 2015
Americas EMEA APAC
7

8. 8
Broad Range of Global Customers
MARKETS
8

9. 9
2015 Revenue of $812M
73%
17%
10%
Americas
EMEA
APACNet Sales by
Geography
22%
14%
61%
3%
Service &
Other
Equipment*
Coatings
Net Sales by
Product Group
Parts &
Consumables
*Equipment Mix
Commercial | 52%
Industrial | 44%
Outdoor | 4%
9

10. We remain committed to organic
Sales goal of $1 Billion and 12% or
above Operating Profit Margin
Growth Strategy
10
• Reach new markets and new customers
• Deliver a strong product & technology pipeline
• Build Tennant’s e-Business capabilities
• Be disciplined about improving margins &
controlling expenses

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%)
11
Our Journey to $1 Billion
11

12. Our Progress toward $1 Billion
12
Growth from over-
delivery on new
products & go-to-
market initiatives
partially offset by
major foreign
currency headwinds

13. Strategic
Priorities
13
.

14. Sales & Service Coverage
Increasing our Presence
×Education Healthcare
Industrial Retail
ENHANCED
GO-TO-MARKET STRATEGY3 COMPONENTS OF
MARKET SHARE
Product
Portfolio
Market
Coverage
(Presence)
Hit
Rate
VERTICAL MARKETS & MARKETING ANALYTICS
14

15. Emerging Markets
China
Brazil
• Focused approach
• Long-term growth potential
despite economic headwinds
Organic Sales Growth
15
2014
3.5%
2015
3.5%
2014
15%
2015
5.5%
Organic Sales Growth

16. Operations Efficiency
Strategy Deployment to Drive Four Key Initiatives
VELOCITY & LEAN
Be the absolute leader for
serving the customer!
SERVICE LEVELS
SUPPLY CHAIN
OPTIMIZATION
QUALITY
FOCUS
16

17. CRM & Marketing Automation
Perpetual Lead Generation
Speed-to-Lead
• Better lead visibility and new
processes mean we can
convert leads faster
• Keep the lead pipeline full
with automated marketing
capabilities embedded
inside CRM
Prospecting
• Leverage deep history to
prioritize the known
• Visualize the potential to
discover the new
17

18. e-Commerce
Cleaning solutions made easy online
• Empower our customers
• Anticipate their needs
• Enhance their experience
Good Experience Increase Revenue
• New customers
• New geographies
• Expand products
Lower Cost of Sale
• Self-service
• Reduce manual interventions
• Cost avoidance
18

19. Reconditioned Equipment
Attracting a New Set of Customers
19
New Commercial Recon Facility New e-Commerce Website
19

20. Attract & Retain Talent
Tennant Employee Value Proposition
1
2
3
Build a world-class talent acquisition function
Develop leadership & key talent capabilities
Align high-performance culture with
business strategy
Talent Management Focus
A Focus on
Stewardship
Strong
Legacy
Rewarding work
with opportunity
for career growth
4 Reward performance that creates value
Commitment
to Innovation
20

21. Sustainable Enterprise
21
Score 2012 CY
(‘13 Report)
2013 CY
(‘14 Report)
2014 CY
(‘15 Report)
Disclosure 68 80 95
Performance Band D C C
Industry Average 49/C 53/C 60/D
Tennant Corporate
Sustainability Report

22. 552012-2014
362015
New Product Development
Strongest Product Pipeline Ever!
102016
22

23. – Launched M20 & M30
Sweeper-Scrubbers
and T20 Heavy-Duty
Industrial Rider
Scrubber with high-
tech features
• Touch-n-GoTM Steering-
wheel-mounted control
module
• Pro-PanelTM intuitive
touch-screen interface
23
Tennant Company
New Products

24. M17
Battery-Rider Sweeper-Scrubber
VERTICAL MARKETS
Logistics & Manufacturing
VALUE PROPOSITION
• Full single-pass cleaning capability
(sweeping/scrubbing) & fume-free operation
• ProPanel™ provides a high-visibility, operator-centric
interface with PerformanceView camera, operator
security log-in, safety checklists & onboard training
• Improved shrinkwrap recovery answers significant
market need
24

25. ec-H2O NanoClean®
The Responsible Way to Clean
Next generation ec-H2O | Cleans more soils in more applications
HOW IT WORKS:ec-H2O™ SCRUBBERS | 2008 thru 3Q 2016
$1.0 billion+
cumulative revenue
8,000+
customers
30,000+
sites
85,000+
machines
25
Record Sales of $157M in 2015

26. ORBIO® Technologies
On-Site Generation Technology
FOCUS ON “3Cs”
CAMPUS | CHAINS | CONTRACTORS
Improving health and safety for the environment, employees
and people in their care while reducing costs.
GENERATES
cleaner & disinfectant/sanitizer on-site
26

27. Customer Insights
Reinventing the Way the World Cleans
EMOTIONAL
BENEFITS
FUNCTIONAL
BENEFITS
FEATURES &
BENEFITS
PRODUCTS SOLUTIONS
Traditional Approach
Voice of customer & needs
identification to shape new
product development
NEW Thinking
• Acknowledge the reality of our customer’s business
• Deploy new tools for better insights
• Think solutions, not just products
• Objective research from innovation experts
• Challenge status quo – new lens for opportunities
• Embrace a holistic view of our customers
27

28. • Lithium-Ion, Fuel Cell, etc.
• Improving cost & availability
• ROI for customer
• Reduced weight & footprint size
• Sustainability
• Productivity
• Game-changing solution
– +
Water RecyclingBattery Technologies Robotics (AGV)Asset Management
• Manage cleaning
programs better
• Fleet management
• Lower cost-to-clean
• Addresses labor costs
• Largest potential growth
opportunity
Advanced Product Development
Future Technologies
28

29. IRIS® Asset Management System
ON-BOARD MACHINE
DIAGNOSTICS
CUSTOMERS
• Manage cleaning
programs better
• Fleet management
• Lower cost-to-clean
• Increased Market
Differentiation
• Service Efficiency
• Customer Intimacy
29

30. Acquisitions
Strategic Filters
Sales & Service
Coverage
Technology
Platforms
Complementary
Products
Underserved
Markets
30

31. FINANCIAL
Summary
Reinventing the future of cleaning.
31

32. 2015
SALES
GROSS MARGIN
R&D EXPENSE (% of sales)
Adjusted*
S&A EXPENSE (% of sales)
Adjusted*
OPERATING PROFIT
Adjusted*
OPERATING PROFIT MARGIN
Adjusted*
DILUTED EPS
2014 CHANGE
$811.8 M
43.0%
4.0%
30.6%
$68.1 M
8.4%
$2.49
$822.0 M
42.9%
3.6%
30.5%
$72.1 M
8.8%
$2.70
(1.2%)
+10 bps
+40 bps
+10 bps
(5.5%)
(40 bps)
(7.8%)
*2015 results are adjusted to exclude restructuring charge in S&A of $3.7M pre-tax ($0.17 per diluted
share) and non-cash long-lived asset impairment of $11.2M pre-tax ($0.58 per diluted share).
2015 Full Year
Organic Sales Growth 4.3% | Americas Sales up 6.4% Organically
32

33. SALES
GROSS MARGIN
Adjusted*
OPERATING PROFIT
Adjusted*
OPERATING PROFIT MARGIN
Adjusted*
DILUTED EPS
2015 2014 CHANGE
CONSTANT(1)
CURRENCY
2015
AS
REPORTED
(1)“Constant Currency”: estimated income statement which assumes no change in exchange rates from prior year.
*2015 results are adjusted to exclude restructuring charge in S&A of $3.7M pre-tax ($0.17 per diluted share) and non-cash
long-lived asset impairment of $11.2M pre-tax ($0.58 per diluted share).
$857.1 M
43.8%
$81.4 M
9.5%
$3.00
$822.0 M
42.9%
$72.1 M
8.8%
$2.70
+4.3%
+90 bps
+12.9%
+70 bps
+11.1%
$811.8 M
43.0%
$68.1 M
8.4%
$2.49
2015 Full Year “Constant Currency” View
(excludes estimated foreign exchange impact)
33

34. 4.3% Organic Sales Growth in 2015 Full Year
APACEMEAAmericas
2015 Organic Sales
6.4%
2015 Organic Sales
(2.1%)
2015 Organic Sales
1.3%
34

35. 35
Q3’16
SALES
GROSS MARGIN
R&D EXPENSE (% of sales)
Adjusted*
S&A EXPENSE (% of sales)
Adjusted*
OPERATING PROFIT
Adjusted*
OPERATING PROFIT MARGIN
Adjusted*
DILUTED EPS
Q3’15 CHANGE
$200.1 M
42.6%
4.2%
30.3%
$16.3 M
8.1%
$0.64
$204.8 M
43.3%
4.0%
30.7%
$17.5 M
8.6%
$0.68
(2.3%)
(70 bps)
+20 bps
(40 bps)
(7.4%)
(50 bps)
(5.9%)
*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).
2016 Third Quarter
Organic Sales Growth (2.2%) | Americas Sales up 1.2% Organically

36. 36
SALES
GROSS MARGIN
Adjusted*
OPERATING PROFIT
Adjusted*
OPERATING PROFIT MARGIN
Adjusted*
DILUTED EPS
Q3’16 Q3’15 CHANGE
CONSTANT(1)
CURRENCY
Q3’16
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).
$200.1 M
42.4%
$15.8 M
7.9%
$0.62
$204.8 M
43.3%
$17.5 M
8.6%
$0.68
(2.3%)
(90 bps)
(10.2%)
(70 bps)
(8.8%)
$200.1 M
42.6%
$16.3 M
8.1%
$0.64
2016 Third Quarter
“Constant Currency” View (excludes estimated foreign exchange impact)
Organic Sales Growth was approximately (2.2%), foreign currency exchange impact was
neutral and excluded the net unfavorable impact from the divestiture of Green Machines and
the acquisition of Florock of 0.1%.

37. 37
YTD’16
SALES
GROSS MARGIN
R&D EXPENSE (% of sales)
Adjusted*
S&A EXPENSE (% of sales)
Adjusted*
OPERATING PROFIT
Adjusted*
OPERATING PROFIT MARGIN
Adjusted*
DILUTED EPS
YTD’15 CHANGE
$596.8 M
43.2%
4.1%
31.4%
$45.9 M
7.7%
$1.74
$605.9 M
43.2%
4.0%
31.2%
$48.4 M
8.0%
$1.71
(1.5%)
+0 bps
+10 bps
+20 bps
(5.1%)
(30 bps)
+1.8%
*YTD‘15 results are adjusted to exclude Q3’15 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).
2016 First Nine Months
Organic Sales Growth 0.1% | Americas Sales up 1.9% Organically

38. SALES
GROSS MARGIN
Adjusted*
OPERATING PROFIT
Adjusted*
OPERATING PROFIT MARGIN
Adjusted*
DILUTED EPS
YTD‘16 YTD‘15 CHANGE
CONSTANT(1)
CURRENCY
YTD‘16
AS
REPORTED
(1)“Constant Currency”: estimated income statement which assumes no change in exchange rates from prior year.
*YTD‘15 results are adjusted to exclude Q3‘15 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).
$602.7 M
43.4%
$47.5 M
7.9%
$1.80
$605.9 M
43.2%
$48.4 M
8.0%
$1.71
(0.5%)
+20 bps
(1.8%)
(10 bps)
+5.3%
$596.8 M
43.2%
$45.9 M
7.7%
$1.74
2016 First Nine Months
“Constant Currency” View (excludes estimated foreign exchange impact)
Organic Sales Growth was approximately 0.1%, excluding approximately 1.0% unfavorable
foreign currency exchange impact and the net unfavorable impact from the divestiture of
Green Machines and the acquisition of Florock of 0.6%.
38

39. 39
History of Sales Growth
2010-2015 Average Organic Sales Growth of 7%
39
$553
$599
$664
$701
$596
$668
$754 $739 $752
$822 $812
$0
$100
$200
$300
$400
$500
$600
$700
$800
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
‘16 Guidance
$805M
to
$815M
NETSALES(inmillions)
Organic Growth
8% 7% 6% 0.2%-1.4%<1.5%> <13%> 12% 10.5% 0% 3% 10.3% 4.3%
Anticipated
Organic Growth

40. 40
TENNANT COMPANY
Strong Balance Sheet
Commitment To Shareholder Return
FY ‘15 YTD Sept ‘15 YTD Sept ‘16

41. $223,102
$194,299
$214,423
$206,954
$212,016
$227,543
$223,940
8.8%
20.2%
25.7%
30.3% 30.9% 31.7%
30.3%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
$170,000
$180,000
$190,000
$200,000
$210,000
$220,000
$230,000
$240,000
$000s
41
Improved Profitability & Balance Sheet Leverage
Return on Invested Capital Improvement 2009 – 2015*
*On a “Constant Currency” basis, 2015 ROIC would have been 33.7%.
‘09 ‘10 ‘15‘11 ‘12 ‘13 ‘14
AverageInvestedCapital
Adj OP
$19.5M
Adj OP
$39.2M
Adj OP
$55.2M
Adj OP
$62.7M
Adj OP
$65.4M
OP
$72.1M
Adj OP
$68.1M
41

42. Operating Profit Margin Goal
Drive organic revenue
growth in mid- to high-
single digits
42
Remain committed to at least 12% OP Margin
Hold fixed costs essentially flat in
manufacturing as volume rises
Strive for zero net inflation
at gross profit line
Standardize & simplify
processes to improve
scalability of business model
Continue to invest in
innovative new products
& technologies
S, G & A
Expense
27-28%
R&D
3-4%
Gross
Margins
43-44%
Sales
Growth
5-9%

43. 2016 EPS & Sales Guidance
43
2015
ACTUAL
As Reported
$1.74 EPS
$811.8M SALES
As Adjusted
$2.49 EPS
$811.8M SALES
2016 Financial Outlook
$2.40 to $2.60/$805M to $815M
KEY EXPECTATIONS FOR 2016
• Net sales in the range of $805M to $815M versus $811.8M in 2015.
• Continued slow economic growth in North America, modest improvement in
Europe, and growth in emerging markets.
• Unfavorable foreign currency impact on sales of approximately 1%.
• Sales decline from Green Machines divestiture of approximately 1%.
• Sales increase from Florock acquisition of approximately 1%.
• Organic sales growth, excluding foreign currency exchange impact, divestiture and
acquisition in the range of 0.2% to 1.4%.
• Foreign currency exchange headwinds estimated to negatively impact operating
profit in the range of $2M to $3M, or approximately $0.08 to $0.12 EPS.
• Gross margin performance in the range of 43% to 44%.
• R&D expense of approximately 4% of sales.
• Effective tax rate of approximately 31% (negatively impacting 2016 by
approximately $0.05).
• Capital expenditures in the range of $25M to $30M.

44. Summary
44
Anticipate foreign
currency & global
economic volatility
remain challenging
Tennant has never been
positioned better in the
market with its innovative
product and technology
portfolio and go-to-
market strategy
We remain committed to
our goals of $1 Billion in
organic sales & a 12%
or above operating profit
margin
$1B