2014 ANNUAL SHAREHOLDER LETTER

FINANCIAL HIGHLIGHTS

For the Year Reported Reported Adjusted Adjusted Adjusted 2014 2013 2014 2013 % changeNet sales $821,983 $752,011 $821,983 $752,011 9.3%Profit from operations $72,097 (1) $62,403 (2) $72,097 (1) $65,420 (6) 10.2%% of net sales 8.8% 8.3% 8.8% 8.7% –Net earnings $50,651 (1) $40,231 (2) $50,651 (1) $42,587 (6) 18.9%% of net sales 6.2% 5.3% 6.2% 5.7% –Diluted earnings per share $2.70 (1) $2.14 (2) $2.70 (1) $2.26 (6) 19.5%Dividends per share $0.78 $0.72 $0.78 $0.72 8.3%Average shares outstanding - diluted 18,740,858 18,833,453 18,740,858 18,833,453 -0.5%

(1) 2014 includes no special items that required adjustment.

(2) 2013 includes restructuring charges of $3,017 pretax ($2,938 aftertax or $0.15 per diluted share), and a tax benefit of $582 (or $0.03 per diluted share) related to the retroactive reinstatement of the 2012 U.S. Federal Research and Development Tax Credit.

(3) 2012 includes a gain on sale of business of $784 pretax ($508 aftertax or $0.03 per diluted share), a restructuring charge of $760 pretax ($670 aftertax or $0.04 per diluted share) and tax benefits from an international entity restructuring of $2,043 (or $0.11 per diluted share).

(4) 2011 includes a product line obsolescence charge of $4,300 pretax ($3,811 aftertax or $0.20 per diluted share) and an international executive severance charge of $1,217 (or $0.06 per diluted share).

(5) 2010 includes a tax benefit from the international entity restructuring of $10,913 (or $0.56 per diluted share), a workforce redeployment charge of $1,671 pretax ($1,196 aftertax or $0.06 per diluted share), an inventory revaluation from change in functional currency designation due to international entity restructuring of $647 pretax ($453 aftertax or $0.02 per diluted share) and a revision of our 2008 workforce reduction reserve of $277 pretax ($173 aftertax or $0.01 per diluted share).

(6) 2013, 2012, 2011, and 2010 adjusted amounts exclude items (2), (3), (4) and (5) above, respectively.

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$822.0M

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10 11 12 13 14

$ 754

.0

$667

.7

8.8%

ADJUSTED OPERATING

PROFIT MARGIN(6)

8.8%

5.9%

7.3%

$2.70

ADJUSTED DILUTED EPS

(dollars)(6)

$1.3

1 $1

.95

$59.4M

CASH FLOW FROM

OPERATIONS(millions of dollars)

$ 42.

5 $5

6.9

SALES BY PRODUCT TYPE

(millions of dollars)

EQUIP. $500.1MSVC. & P/C $296.9MCOATINGS $25.0M

AMERICAS $569.0MEMEA $165.7MAPAC $87.3M

SALES BY GEOGRAPHY(millions of dollars)

$739

.0 8.

5%

$2.0

8 $47.

6

EQUIP.$500.1M

COATINGS$25.0M

SVC. & P/C$296.9M

AMERICAS$569.0M

APAC$87.3M

EMEA$165.7M$7

52.0

10 11 12 13 14 10 11 12 13 14 10 11 12 13 14

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10 11 12 13 14

$ 754

.0

$667

.7

8.8%

ADJUSTED OPERATING

PROFIT MARGIN(6)

8.8%

5.9%

7.3%

$2.70

ADJUSTED DILUTED EPS

(dollars)(6)

$1.3

1 $1

.95

$59.4M

CASH FLOW FROM

OPERATIONS(millions of dollars)

$ 42.

5 $5

6.9

SALES BY PRODUCT TYPE

(millions of dollars)

EQUIP. $500.1MSVC. & P/C $296.9MCOATINGS $25.0M

AMERICAS $569.0MEMEA $165.7MAPAC $87.3M

SALES BY GEOGRAPHY(millions of dollars)

$739

.0 8.

5%

$2.0

8 $47.

6

EQUIP.$500.1M

COATINGS$25.0M

SVC. & P/C$296.9M

AMERICAS$569.0M

APAC$87.3M

EMEA$165.7M$7

52.0

10 11 12 13 14 10 11 12 13 14 10 11 12 13 14

8.7%

$2.2

6

$59.

8

$822

.0 $2.7

0 $59.

4

2014 2014

T E N N A N T CO M PA N Y 701 North Lilac Drive, P.O. Box 1452, Minneapolis, MN 55440 www.tennantco.com

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$1B

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In thousands, except shares and per share data

On our sustainability journey, Tennant has established long-term, quantitative, measurable goals for four focus areas: Products, Greenhouse Gas (GHG) Emissions/Energy, Waste, and People and Communities. Read about these in our latest CSR at www.investors.tennantco.com

Forward-Looking StatementsThis annual report 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. 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.

Tennant Company, a Minnesota corporation that was 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 their environmental footprint and help create a cleaner, safer, healthier world. The Company’s floor maintenance and outdoor cleaning equipment, chemical-free and other sustainable cleaning technologies, coatings and related products are used to clean and coat surfaces in factories, transportation facilities, public venues, warehouses, retail, education, healthcare, office buildings, parking lots and streets, and other environments. Customers include building service contract cleaners to whom organizations outsource facilities maintenance, as well as end-user businesses, healthcare facilities, schools and local, state and federal governments that handle facilities maintenance themselves. The Company reaches these customers through the industry’s largest direct sales and service organization and through a strong and well-supported network of authorized distributors worldwide. Tennant has manufacturing operations in Minneapolis, Minn.; Holland, Mich.; Louisville, Ky.; Uden, The Netherlands; the United Kingdom; São Paulo, Brazil; and Shanghai, China. It sells products directly in 15 countries and through distributors in more than 80 countries.

DELIVERING ON OUR $1 Billion

GROWTH BLUEPRINT

COMPANY PROFILE

In 2014, I introduced you to our growth agenda and ambitious goals to reach $1.0 Billion in organic sales and 12 percent operating profit margin by 2017. We laid out a “billion dollar blueprint” outlining the three core pillars upon which our growth strategies are based:

• Reach new markets and new customers• Deliver a strong product and technology pipeline• Don’t lose sight of the discipline we’ve established around improving

margins and controlling expenses

Rounding out the first year of our growth blueprint, I’m pleased to report that these strategies are working and this performance is reflected in our 2014 annual results. For 2014 we reported full year consolidated net sales of $822.0 million, up 10.3 percent organically over the previous year. Looking at 2014 results geographically, organic sales were up across all of our geographies – Americas at 11.6 percent, EMEA at 4.4 percent and APAC at 12.8 percent. From a channel perspective, we saw robust increases in sales to strategic accounts and through distribution.

We attribute this significant growth to the investments we’ve made in marketing analytics, market coverage and new product development.

NEW MARKETS, NEW CUSTOMERSDuring 2014, we have grown our North America workforce by nearly 10 percent, primarily in our sales and service organizations to enhance market coverage and in manufacturing to support the increased machine order volume. We continue to believe that our greatest opportunity is to acquire new customers.

We’ve made system investments, including implementation of a Customer Relationship Management system to improve sales efficiency and enhance our ability to use robust market data in our sales targeting efforts. In 2015, we will continue to leverage our best-in-class sales organization, coupled with ongoing strategic investments, to find the biggest opportunities where the Tennant value proposition is the strongest.

STRONG NEW PRODUCTSFor the full year Tennant introduced 18 new products and is on track to introduce twice that many in 2015. New products gained momentum throughout 2014 and contributed significantly to sales. Introduced in the 2014 second quarter, the T17 mid-size rider scrubber was the second new product in our redesigned modular large equipment portfolio and first year sales exceeded our high expectations. Also introduced in second quarter, the Orbio™ os3

On-Site Generation system that generates an effective multi-surface cleaner and an anti-microbial cleaning solution that meets U.S. EPA regulatory guidelines for disinfection and sanitization, earned headlines in the fourth quarter when it received an Innovation Award from our industry’s leading professional association, ISSA. Also in the fourth quarter, we were thrilled to preview our next generation ec-H2O technology, known as ec-H2O NanoClean™ technology, which was officially launched in April 2015. The ec-H2O NanoClean will first be available on the Tennant T300 and will soon be available on our full line of commercial scrubbers.

With our investments and demonstrated ability to execute, we anticipate that we can continue our trend of growing sales per employee as an indicator of leveraged performance. For example, from 2009 to 2014 we saw a 25 percent improvement in sales per Tennant employee. We remain confident that we are on track to achieve our goal of $1.0 Billion by 2017, and we remain committed to our goal of 12 percent operating profit margin.

DISCIPLINED FOCUS ON MARGINS AND COSTS TO DRIVE PROFITABILITYAlthough our topline performance clearly shows our strategies are working, in 2014 we experienced “growing pains” in our supply

chain, stemming from increased production volume and new product launches. As a result, full year profit growth was below expectations; however, we were encouraged by the higher profitability levels achieved in the fourth quarter.

As we look back on the year, we recognize our growth investments in sales, marketing and distribution were front-end loaded but are paying off and driving growth. We believe we will resolve the short-term supply chain challenges in early 2015 and improve our profitability.

We continue to pursue operational efficiencies through systems and process enhancements. A major milestone in 2014 was the full conversion of all configurable machines into our product configuration system. With that implementation, Tennant Company’s new global product hierarchy is in full effect and will enable greater efficiencies in order processing and setting up new products in our systems. In addition, this global system enhancement is a critical enabler to future online product configuration and e-commerce offerings.

FUTURE IS BRIGHTAs I continue to say, the future is bright at Tennant Company. We’re excited when external influencers take note of our company and its bright future. For example, in 2014, Forbes named Tennant Company one of its 100 Most Trustworthy Companies and as one of the 100 Best Small Companies. This is a reflection of the approximately 3,000 Tennant employees who give their best to Tennant and our customers every day.

We look forward to a successful 2015, with a watchful eye on economic volatility and the unfavorable impact of foreign exchange on our business. We will remain focused on those things within our control including:

• Strong, sustained new product growth in our core business and in Orbio Technologies Group;

• Continued significant sales gains in emerging markets;• Growth in Europe;• Ongoing focus on strategic accounts; and• An enhanced go-to-market strategy designed to meaningfully

expand Tennant’s global market coverage and customer base.

Thank you for your support and confidence in Tennant Company. As we close 2014 and move into 2015, we mark our 145th year since the company’s founding by our patriarch George H. Tennant. I wonder, sometimes, what Mr. Tennant would think of his company and how it’s grown from a North Minneapolis lumber mill into a leading innovator of environmental cleaning solutions used to enhance cleanliness, safety and health in facilities around the globe. I believe he would be well pleased.

Sincerely,

H. Chris KillingstadPresident and Chief Executive Officer

March 2015

2 0 1 4 T E N N A N T A N N U A L R E P O R T

TO OURSHAREHOLDERS

CHRIS KILLINGSTADPresident & Chief Executive Officer

+11.6% +4.4% +12.8%AMERICAS EMEA

2014 ORGANIC SALES GROWTH

APAC

Like the original ec-H2O, ec-H2O NanoClean technology electrically converts water into an innovative cleaning solution that cleans effectively, saves money and reduces environmental impact compared to daily floor cleaning chemicals. This converted water is created by an on-board e-cell that generates millions of microscopic bubbles—nanobubbles—per milliliter of solution. These nanobubbles then promote the cleaning efficacy of the solution. Bulk nanobubbles may be defined as nanoscopic gaseous domains less than 1000 nanometers in diameter. Tennant Company has worked with leaders in nanobubble research to be the first company to correlate the presence of nanobubbles with floor cleaning performance.

SALES PER TENNANT EMPLOYEE +25%

2009-2014

2014

Tennant Company’s founding patriarch, George H. Tennant

In 2014, I introduced you to our growth agenda and ambitious goals to reach $1.0 Billion in organic sales and 12 percent operating profit margin by 2017. We laid out a “billion dollar blueprint” outlining the three core pillars upon which our growth strategies are based:

• Reach new markets and new customers• Deliver a strong product and technology pipeline• Don’t lose sight of the discipline we’ve established around improving

margins and controlling expenses

Rounding out the first year of our growth blueprint, I’m pleased to report that these strategies are working and this performance is reflected in our 2014 annual results. For 2014 we reported full year consolidated net sales of $822.0 million, up 10.3 percent organically over the previous year. Looking at 2014 results geographically, organic sales were up across all of our geographies – Americas at 11.6 percent, EMEA at 4.4 percent and APAC at 12.8 percent. From a channel perspective, we saw robust increases in sales to strategic accounts and through distribution.

We attribute this significant growth to the investments we’ve made in marketing analytics, market coverage and new product development.

NEW MARKETS, NEW CUSTOMERSDuring 2014, we have grown our North America workforce by nearly 10 percent, primarily in our sales and service organizations to enhance market coverage and in manufacturing to support the increased machine order volume. We continue to believe that our greatest opportunity is to acquire new customers.

We’ve made system investments, including implementation of a Customer Relationship Management system to improve sales efficiency and enhance our ability to use robust market data in our sales targeting efforts. In 2015, we will continue to leverage our best-in-class sales organization, coupled with ongoing strategic investments, to find the biggest opportunities where the Tennant value proposition is the strongest.

STRONG NEW PRODUCTSFor the full year Tennant introduced 18 new products and is on track to introduce twice that many in 2015. New products gained momentum throughout 2014 and contributed significantly to sales. Introduced in the 2014 second quarter, the T17 mid-size rider scrubber was the second new product in our redesigned modular large equipment portfolio and first year sales exceeded our high expectations. Also introduced in second quarter, the Orbio™ os3

On-Site Generation system that generates an effective multi-surface cleaner and an anti-microbial cleaning solution that meets U.S. EPA regulatory guidelines for disinfection and sanitization, earned headlines in the fourth quarter when it received an Innovation Award from our industry’s leading professional association, ISSA. Also in the fourth quarter, we were thrilled to preview our next generation ec-H2O technology, known as ec-H2O NanoClean™ technology, which was officially launched in April 2015. The ec-H2O NanoClean will first be available on the Tennant T300 and will soon be available on our full line of commercial scrubbers.

With our investments and demonstrated ability to execute, we anticipate that we can continue our trend of growing sales per employee as an indicator of leveraged performance. For example, from 2009 to 2014 we saw a 25 percent improvement in sales per Tennant employee. We remain confident that we are on track to achieve our goal of $1.0 Billion by 2017, and we remain committed to our goal of 12 percent operating profit margin.

DISCIPLINED FOCUS ON MARGINS AND COSTS TO DRIVE PROFITABILITYAlthough our topline performance clearly shows our strategies are working, in 2014 we experienced “growing pains” in our supply

chain, stemming from increased production volume and new product launches. As a result, full year profit growth was below expectations; however, we were encouraged by the higher profitability levels achieved in the fourth quarter.

As we look back on the year, we recognize our growth investments in sales, marketing and distribution were front-end loaded but are paying off and driving growth. We believe we will resolve the short-term supply chain challenges in early 2015 and improve our profitability.

We continue to pursue operational efficiencies through systems and process enhancements. A major milestone in 2014 was the full conversion of all configurable machines into our product configuration system. With that implementation, Tennant Company’s new global product hierarchy is in full effect and will enable greater efficiencies in order processing and setting up new products in our systems. In addition, this global system enhancement is a critical enabler to future online product configuration and e-commerce offerings.

FUTURE IS BRIGHTAs I continue to say, the future is bright at Tennant Company. We’re excited when external influencers take note of our company and its bright future. For example, in 2014, Forbes named Tennant Company one of its 100 Most Trustworthy Companies and as one of the 100 Best Small Companies. This is a reflection of the approximately 3,000 Tennant employees who give their best to Tennant and our customers every day.

We look forward to a successful 2015, with a watchful eye on economic volatility and the unfavorable impact of foreign exchange on our business. We will remain focused on those things within our control including:

• Strong, sustained new product growth in our core business and in Orbio Technologies Group;

• Continued significant sales gains in emerging markets;• Growth in Europe;• Ongoing focus on strategic accounts; and• An enhanced go-to-market strategy designed to meaningfully

expand Tennant’s global market coverage and customer base.

Thank you for your support and confidence in Tennant Company. As we close 2014 and move into 2015, we mark our 145th year since the company’s founding by our patriarch George H. Tennant. I wonder, sometimes, what Mr. Tennant would think of his company and how it’s grown from a North Minneapolis lumber mill into a leading innovator of environmental cleaning solutions used to enhance cleanliness, safety and health in facilities around the globe. I believe he would be well pleased.

Sincerely,

H. Chris KillingstadPresident and Chief Executive Officer

March 2015

2 0 1 4 T E N N A N T A N N U A L R E P O R T

TO OURSHAREHOLDERS

CHRIS KILLINGSTADPresident & Chief Executive Officer

+11.6% +4.4% +12.8%AMERICAS EMEA

2014 ORGANIC SALES GROWTH

APAC

Like the original ec-H2O, ec-H2O NanoClean technology electrically converts water into an innovative cleaning solution that cleans effectively, saves money and reduces environmental impact compared to daily floor cleaning chemicals. This converted water is created by an on-board e-cell that generates millions of microscopic bubbles—nanobubbles—per milliliter of solution. These nanobubbles then promote the cleaning efficacy of the solution. Bulk nanobubbles may be defined as nanoscopic gaseous domains less than 1000 nanometers in diameter. Tennant Company has worked with leaders in nanobubble research to be the first company to correlate the presence of nanobubbles with floor cleaning performance.

SALES PER TENNANT EMPLOYEE +25%

2009-2014

2014

Tennant Company’s founding patriarch, George H. Tennant

In 2014, I introduced you to our growth agenda and ambitious goals to reach $1.0 Billion in organic sales and 12 percent operating profit margin by 2017. We laid out a “billion dollar blueprint” outlining the three core pillars upon which our growth strategies are based:

• Reach new markets and new customers• Deliver a strong product and technology pipeline• Don’t lose sight of the discipline we’ve established around improving

margins and controlling expenses

Rounding out the first year of our growth blueprint, I’m pleased to report that these strategies are working and this performance is reflected in our 2014 annual results. For 2014 we reported full year consolidated net sales of $822.0 million, up 10.3 percent organically over the previous year. Looking at 2014 results geographically, organic sales were up across all of our geographies – Americas at 11.6 percent, EMEA at 4.4 percent and APAC at 12.8 percent. From a channel perspective, we saw robust increases in sales to strategic accounts and through distribution.

We attribute this significant growth to the investments we’ve made in marketing analytics, market coverage and new product development.

NEW MARKETS, NEW CUSTOMERSDuring 2014, we have grown our North America workforce by nearly 10 percent, primarily in our sales and service organizations to enhance market coverage and in manufacturing to support the increased machine order volume. We continue to believe that our greatest opportunity is to acquire new customers.

We’ve made system investments, including implementation of a Customer Relationship Management system to improve sales efficiency and enhance our ability to use robust market data in our sales targeting efforts. In 2015, we will continue to leverage our best-in-class sales organization, coupled with ongoing strategic investments, to find the biggest opportunities where the Tennant value proposition is the strongest.

STRONG NEW PRODUCTSFor the full year Tennant introduced 18 new products and is on track to introduce twice that many in 2015. New products gained momentum throughout 2014 and contributed significantly to sales. Introduced in the 2014 second quarter, the T17 mid-size rider scrubber was the second new product in our redesigned modular large equipment portfolio and first year sales exceeded our high expectations. Also introduced in second quarter, the Orbio™ os3

On-Site Generation system that generates an effective multi-surface cleaner and an anti-microbial cleaning solution that meets U.S. EPA regulatory guidelines for disinfection and sanitization, earned headlines in the fourth quarter when it received an Innovation Award from our industry’s leading professional association, ISSA. Also in the fourth quarter, we were thrilled to preview our next generation ec-H2O technology, known as ec-H2O NanoClean™ technology, which was officially launched in April 2015. The ec-H2O NanoClean will first be available on the Tennant T300 and will soon be available on our full line of commercial scrubbers.

With our investments and demonstrated ability to execute, we anticipate that we can continue our trend of growing sales per employee as an indicator of leveraged performance. For example, from 2009 to 2014 we saw a 25 percent improvement in sales per Tennant employee. We remain confident that we are on track to achieve our goal of $1.0 Billion by 2017, and we remain committed to our goal of 12 percent operating profit margin.

DISCIPLINED FOCUS ON MARGINS AND COSTS TO DRIVE PROFITABILITYAlthough our topline performance clearly shows our strategies are working, in 2014 we experienced “growing pains” in our supply

chain, stemming from increased production volume and new product launches. As a result, full year profit growth was below expectations; however, we were encouraged by the higher profitability levels achieved in the fourth quarter.

As we look back on the year, we recognize our growth investments in sales, marketing and distribution were front-end loaded but are paying off and driving growth. We believe we will resolve the short-term supply chain challenges in early 2015 and improve our profitability.

We continue to pursue operational efficiencies through systems and process enhancements. A major milestone in 2014 was the full conversion of all configurable machines into our product configuration system. With that implementation, Tennant Company’s new global product hierarchy is in full effect and will enable greater efficiencies in order processing and setting up new products in our systems. In addition, this global system enhancement is a critical enabler to future online product configuration and e-commerce offerings.

FUTURE IS BRIGHTAs I continue to say, the future is bright at Tennant Company. We’re excited when external influencers take note of our company and its bright future. For example, in 2014, Forbes named Tennant Company one of its 100 Most Trustworthy Companies and as one of the 100 Best Small Companies. This is a reflection of the approximately 3,000 Tennant employees who give their best to Tennant and our customers every day.

We look forward to a successful 2015, with a watchful eye on economic volatility and the unfavorable impact of foreign exchange on our business. We will remain focused on those things within our control including:

• Strong, sustained new product growth in our core business and in Orbio Technologies Group;

• Continued significant sales gains in emerging markets;• Growth in Europe;• Ongoing focus on strategic accounts; and• An enhanced go-to-market strategy designed to meaningfully

expand Tennant’s global market coverage and customer base.

Thank you for your support and confidence in Tennant Company. As we close 2014 and move into 2015, we mark our 145th year since the company’s founding by our patriarch George H. Tennant. I wonder, sometimes, what Mr. Tennant would think of his company and how it’s grown from a North Minneapolis lumber mill into a leading innovator of environmental cleaning solutions used to enhance cleanliness, safety and health in facilities around the globe. I believe he would be well pleased.

Sincerely,

H. Chris KillingstadPresident and Chief Executive Officer

March 2015

2 0 1 4 T E N N A N T A N N U A L R E P O R T

TO OURSHAREHOLDERS

CHRIS KILLINGSTADPresident & Chief Executive Officer

+11.6% +4.4% +12.8%AMERICAS EMEA

2014 ORGANIC SALES GROWTH

APAC

Like the original ec-H2O, ec-H2O NanoClean technology electrically converts water into an innovative cleaning solution that cleans effectively, saves money and reduces environmental impact compared to daily floor cleaning chemicals. This converted water is created by an on-board e-cell that generates millions of microscopic bubbles—nanobubbles—per milliliter of solution. These nanobubbles then promote the cleaning efficacy of the solution. Bulk nanobubbles may be defined as nanoscopic gaseous domains less than 1000 nanometers in diameter. Tennant Company has worked with leaders in nanobubble research to be the first company to correlate the presence of nanobubbles with floor cleaning performance.

SALES PER TENNANT EMPLOYEE +25%

2009-2014

2014

Tennant Company’s founding patriarch, George H. Tennant

2014 ANNUAL SHAREHOLDER LETTER

FINANCIAL HIGHLIGHTS

For the Year Reported Reported Adjusted Adjusted Adjusted 2014 2013 2014 2013 % changeNet sales $821,983 $752,011 $821,983 $752,011 9.3%Profit from operations $72,097 (1) $62,403 (2) $72,097 (1) $65,420 (6) 10.2%% of net sales 8.8% 8.3% 8.8% 8.7% –Net earnings $50,651 (1) $40,231 (2) $50,651 (1) $42,587 (6) 18.9%% of net sales 6.2% 5.3% 6.2% 5.7% –Diluted earnings per share $2.70 (1) $2.14 (2) $2.70 (1) $2.26 (6) 19.5%Dividends per share $0.78 $0.72 $0.78 $0.72 8.3%Average shares outstanding - diluted 18,740,858 18,833,453 18,740,858 18,833,453 -0.5%

(1) 2014 includes no special items that required adjustment.

(2) 2013 includes restructuring charges of $3,017 pretax ($2,938 aftertax or $0.15 per diluted share), and a tax benefit of $582 (or $0.03 per diluted share) related to the retroactive reinstatement of the 2012 U.S. Federal Research and Development Tax Credit.

(3) 2012 includes a gain on sale of business of $784 pretax ($508 aftertax or $0.03 per diluted share), a restructuring charge of $760 pretax ($670 aftertax or $0.04 per diluted share) and tax benefits from an international entity restructuring of $2,043 (or $0.11 per diluted share).

(4) 2011 includes a product line obsolescence charge of $4,300 pretax ($3,811 aftertax or $0.20 per diluted share) and an international executive severance charge of $1,217 (or $0.06 per diluted share).

(5) 2010 includes a tax benefit from the international entity restructuring of $10,913 (or $0.56 per diluted share), a workforce redeployment charge of $1,671 pretax ($1,196 aftertax or $0.06 per diluted share), an inventory revaluation from change in functional currency designation due to international entity restructuring of $647 pretax ($453 aftertax or $0.02 per diluted share) and a revision of our 2008 workforce reduction reserve of $277 pretax ($173 aftertax or $0.01 per diluted share).

(6) 2013, 2012, 2011, and 2010 adjusted amounts exclude items (2), (3), (4) and (5) above, respectively.

0

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0.0

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8

10

$822.0M

NETSALES

(millions of dollars)

10 11 12 13 14

$ 754

.0

$667

.7

8.8%

ADJUSTED OPERATING

PROFIT MARGIN(6)

8.8%

5.9%

7.3%

$2.70

ADJUSTED DILUTED EPS

(dollars)(6)

$1.3

1 $1

.95

$59.4M

CASH FLOW FROM

OPERATIONS(millions of dollars)

$ 42.

5 $5

6.9

SALES BY PRODUCT TYPE

(millions of dollars)

EQUIP. $500.1MSVC. & P/C $296.9MCOATINGS $25.0M

AMERICAS $569.0MEMEA $165.7MAPAC $87.3M

SALES BY GEOGRAPHY(millions of dollars)

$739

.0 8.

5%

$2.0

8 $47.

6

EQUIP.$500.1M

COATINGS$25.0M

SVC. & P/C$296.9M

AMERICAS$569.0M

APAC$87.3M

EMEA$165.7M$7

52.0

10 11 12 13 14 10 11 12 13 14 10 11 12 13 14

8.7%

$2.2

6

$59.

8

$822

.0 $2.7

0 $59.

4

0

200

400

600

800

1000

0

10

20

30

40

50

60

0.0

0.5

1.0

1.5

2.0

2.5

3.0

0

2

4

6

8

10

$822.0M

NETSALES

(millions of dollars)

10 11 12 13 14

$ 754

.0

$667

.7

8.8%

ADJUSTED OPERATING

PROFIT MARGIN(6)

8.8%

5.9%

7.3%

$2.70

ADJUSTED DILUTED EPS

(dollars)(6)

$1.3

1 $1

.95

$59.4M

CASH FLOW FROM

OPERATIONS(millions of dollars)

$ 42.

5 $5

6.9

SALES BY PRODUCT TYPE

(millions of dollars)

EQUIP. $500.1MSVC. & P/C $296.9MCOATINGS $25.0M

AMERICAS $569.0MEMEA $165.7MAPAC $87.3M

SALES BY GEOGRAPHY(millions of dollars)

$739

.0 8.

5%

$2.0

8 $47.

6

EQUIP.$500.1M

COATINGS$25.0M

SVC. & P/C$296.9M

AMERICAS$569.0M

APAC$87.3M

EMEA$165.7M$7

52.0

10 11 12 13 14 10 11 12 13 14 10 11 12 13 14

8.7%

$2.2

6

$59.

8

$822

.0 $2.7

0 $59.

4

2014 2014

T E N N A N T CO M PA N Y 701 North Lilac Drive, P.O. Box 1452, Minneapolis, MN 55440 www.tennantco.com

NE

W P

RO

DU

CTS

OPERATIONAL EFFICIENCY

EMERGING MARKETS

NEW CUSTOMERS

SC

ALA

BIL

ITY

INNOVA

TION

TNC

$1B

BLU

EP

RIN

T: Y

EA

R 1

In thousands, except shares and per share data

On our sustainability journey, Tennant has established long-term, quantitative, measurable goals for four focus areas: Products, Greenhouse Gas (GHG) Emissions/Energy, Waste, and People and Communities. Read about these in our latest CSR at www.investors.tennantco.com

Forward-Looking StatementsThis annual report 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. 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.

Tennant Company, a Minnesota corporation that was 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 their environmental footprint and help create a cleaner, safer, healthier world. The Company’s floor maintenance and outdoor cleaning equipment, chemical-free and other sustainable cleaning technologies, coatings and related products are used to clean and coat surfaces in factories, transportation facilities, public venues, warehouses, retail, education, healthcare, office buildings, parking lots and streets, and other environments. Customers include building service contract cleaners to whom organizations outsource facilities maintenance, as well as end-user businesses, healthcare facilities, schools and local, state and federal governments that handle facilities maintenance themselves. The Company reaches these customers through the industry’s largest direct sales and service organization and through a strong and well-supported network of authorized distributors worldwide. Tennant has manufacturing operations in Minneapolis, Minn.; Holland, Mich.; Louisville, Ky.; Uden, The Netherlands; the United Kingdom; São Paulo, Brazil; and Shanghai, China. It sells products directly in 15 countries and through distributors in more than 80 countries.

DELIVERING ON OUR $1 Billion

GROWTH BLUEPRINT

COMPANY PROFILE

2014 ANNUAL SHAREHOLDER LETTER

FINANCIAL HIGHLIGHTS

For the Year Reported Reported Adjusted Adjusted Adjusted 2014 2013 2014 2013 % changeNet sales $821,983 $752,011 $821,983 $752,011 9.3%Profit from operations $72,097 (1) $62,403 (2) $72,097 (1) $65,420 (6) 10.2%% of net sales 8.8% 8.3% 8.8% 8.7% –Net earnings $50,651 (1) $40,231 (2) $50,651 (1) $42,587 (6) 18.9%% of net sales 6.2% 5.3% 6.2% 5.7% –Diluted earnings per share $2.70 (1) $2.14 (2) $2.70 (1) $2.26 (6) 19.5%Dividends per share $0.78 $0.72 $0.78 $0.72 8.3%Average shares outstanding - diluted 18,740,858 18,833,453 18,740,858 18,833,453 -0.5%

(1) 2014 includes no special items that required adjustment.

(2) 2013 includes restructuring charges of $3,017 pretax ($2,938 aftertax or $0.15 per diluted share), and a tax benefit of $582 (or $0.03 per diluted share) related to the retroactive reinstatement of the 2012 U.S. Federal Research and Development Tax Credit.

(3) 2012 includes a gain on sale of business of $784 pretax ($508 aftertax or $0.03 per diluted share), a restructuring charge of $760 pretax ($670 aftertax or $0.04 per diluted share) and tax benefits from an international entity restructuring of $2,043 (or $0.11 per diluted share).

(4) 2011 includes a product line obsolescence charge of $4,300 pretax ($3,811 aftertax or $0.20 per diluted share) and an international executive severance charge of $1,217 (or $0.06 per diluted share).

(5) 2010 includes a tax benefit from the international entity restructuring of $10,913 (or $0.56 per diluted share), a workforce redeployment charge of $1,671 pretax ($1,196 aftertax or $0.06 per diluted share), an inventory revaluation from change in functional currency designation due to international entity restructuring of $647 pretax ($453 aftertax or $0.02 per diluted share) and a revision of our 2008 workforce reduction reserve of $277 pretax ($173 aftertax or $0.01 per diluted share).

(6) 2013, 2012, 2011, and 2010 adjusted amounts exclude items (2), (3), (4) and (5) above, respectively.

0

200

400

600

800

1000

0

10

20

30

40

50

60

0.0

0.5

1.0

1.5

2.0

2.5

3.0

0

2

4

6

8

10

$822.0M

NETSALES

(millions of dollars)

10 11 12 13 14

$ 754

.0

$667

.7

8.8%

ADJUSTED OPERATING

PROFIT MARGIN(6)

8.8%

5.9%

7.3%

$2.70

ADJUSTED DILUTED EPS

(dollars)(6)

$1.3

1 $1

.95

$59.4M

CASH FLOW FROM

OPERATIONS(millions of dollars)

$ 42.

5 $5

6.9

SALES BY PRODUCT TYPE

(millions of dollars)

EQUIP. $500.1MSVC. & P/C $296.9MCOATINGS $25.0M

AMERICAS $569.0MEMEA $165.7MAPAC $87.3M

SALES BY GEOGRAPHY(millions of dollars)

$739

.0 8.

5%

$2.0

8 $47.

6

EQUIP.$500.1M

COATINGS$25.0M

SVC. & P/C$296.9M

AMERICAS$569.0M

APAC$87.3M

EMEA$165.7M$7

52.0

10 11 12 13 14 10 11 12 13 14 10 11 12 13 14

8.7%

$2.2

6

$59.

8

$822

.0 $2.7

0 $59.

4

0

200

400

600

800

1000

0

10

20

30

40

50

60

0.0

0.5

1.0

1.5

2.0

2.5

3.0

0

2

4

6

8

10

$822.0M

NETSALES

(millions of dollars)

10 11 12 13 14

$ 754

.0

$667

.7

8.8%

ADJUSTED OPERATING

PROFIT MARGIN(6)

8.8%

5.9%

7.3%

$2.70

ADJUSTED DILUTED EPS

(dollars)(6)

$1.3

1 $1

.95

$59.4M

CASH FLOW FROM

OPERATIONS(millions of dollars)

$ 42.

5 $5

6.9

SALES BY PRODUCT TYPE

(millions of dollars)

EQUIP. $500.1MSVC. & P/C $296.9MCOATINGS $25.0M

AMERICAS $569.0MEMEA $165.7MAPAC $87.3M

SALES BY GEOGRAPHY(millions of dollars)

$739

.0 8.

5%

$2.0

8 $47.

6

EQUIP.$500.1M

COATINGS$25.0M

SVC. & P/C$296.9M

AMERICAS$569.0M

APAC$87.3M

EMEA$165.7M$7

52.0

10 11 12 13 14 10 11 12 13 14 10 11 12 13 14

8.7%

$2.2

6

$59.

8

$822

.0 $2.7

0 $59.

4

2014 2014

T E N N A N T CO M PA N Y 701 North Lilac Drive, P.O. Box 1452, Minneapolis, MN 55440 www.tennantco.com

NE

W P

RO

DU

CTS

OPERATIONAL EFFICIENCY

EMERGING MARKETS

NEW CUSTOMERS

SC

ALA

BIL

ITY

INNOVA

TION

TNC

$1B

BLU

EP

RIN

T: Y

EA

R 1

In thousands, except shares and per share data

On our sustainability journey, Tennant has established long-term, quantitative, measurable goals for four focus areas: Products, Greenhouse Gas (GHG) Emissions/Energy, Waste, and People and Communities. Read about these in our latest CSR at www.investors.tennantco.com

Forward-Looking StatementsThis annual report 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. 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.

Tennant Company, a Minnesota corporation that was 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 their environmental footprint and help create a cleaner, safer, healthier world. The Company’s floor maintenance and outdoor cleaning equipment, chemical-free and other sustainable cleaning technologies, coatings and related products are used to clean and coat surfaces in factories, transportation facilities, public venues, warehouses, retail, education, healthcare, office buildings, parking lots and streets, and other environments. Customers include building service contract cleaners to whom organizations outsource facilities maintenance, as well as end-user businesses, healthcare facilities, schools and local, state and federal governments that handle facilities maintenance themselves. The Company reaches these customers through the industry’s largest direct sales and service organization and through a strong and well-supported network of authorized distributors worldwide. Tennant has manufacturing operations in Minneapolis, Minn.; Holland, Mich.; Louisville, Ky.; Uden, The Netherlands; the United Kingdom; São Paulo, Brazil; and Shanghai, China. It sells products directly in 15 countries and through distributors in more than 80 countries.

DELIVERING ON OUR $1 Billion

GROWTH BLUEPRINT

COMPANY PROFILE