LEADER LEANLEAN

SUSTAINABLE

SUSTAINABLE

EXPERTEMERGING MARKETS

WATER-BASED CLEANINGSTRATEGIC ACCOUNTS

INNOVATION

12X13CUSTOMER

SUSTAINABLE

EC-H20

ORBIO

HEALTHIERSERVICE

HEALTHIERSOURCING

SAFER

5000-SC

CLEANERGROWTHQUALITYHEALTHIER

QUALITYTECHNOLOGY

TECHNOLOGY

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

In thousands, except shares and per share dataFINANCIAL HIGHLIGHTSFor the Year Reported 2011 Reported 2010 Adjusted 2011 Adjusted 2010 Adjusted % changeNet sales $753,998 $667,667 $753,998 $667,667 12.9%Profit from operations $49,645 (1) $37,134 (2) $55,162 (6) $39,175 (6) 40.8%% of net sales 6.6% 5.6% 7.3% 5.9% +140 bpsNet earnings $32,713 (1) $34,803 (2) $37,741 (6) $25,251 (6) 49.5%% of net sales 4.3% 5.2% 5.0% 3.8% +120 bpsDiluted earnings per share $1.69 (1) $1.80 (2) $1.95 (6) $1.31 (6) 48.9%Dividends per share $0.68 $0.59 $0.68 $0.59 15.3%Average shares outstanding - diluted 19,360,428 19,332,103 19,360,428 19,332,103 0.1%

(1) 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).(2) 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).(3) 2009 includes a non-cash goodwill impairment charge of $43,363 pretax ($42,289 aftertax or $2.29 per diluted share), a benefit from a revision in 2009 to the 2008 workforce reduction charge of $1,328 pretax ($1,249 aftertax or $0.07 per diluted share), a net

benefit from a United Kingdom business reorganization of $1,864 aftertax (or $0.10 per diluted share), and discrete net favorable tax items of $614 aftertax (or $0.03 per diluted share).(4) 2008 includes a restructuring charge and associated expenses of $19,755 pretax ($16,287 aftertax or $0.88 per diluted share), special legal expenses of $1,721 pretax ($1,072 aftertax or $0.06 per diluted share), a gain on sale of Centurion assets of $229 pretax

($142 aftertax or $0.01 per diluted share), an unusual net foreign currency gain of $1,709 aftertax (or $0.09 per diluted share), curtailed acquisitions expenses of $451 aftertax (or $0.02 per diluted share), and discrete net favorable tax items of $1,353 aftertax (or $0.07 per diluted share).

(5) 2007 includes a restructuring charge and associated expenses of $2,507 pretax ($1,656 aftertax or $0.09 per diluted share), a gain on the sale of the Maple Grove, Minnesota, facility of $5,972 pretax ($3,720 aftertax or $0.19 per diluted share), and a one-time tax benefit related to a reduction in valuation reserves, net of the impact of tax rate changes in foreign jurisdictions on deferred taxes of $3,644 aftertax (or $0.19 per diluted share).

(6) 2011, 2010, 2009, 2008 and 2007 Adjusted amounts exclude items (1), (2), (3), (4) and (5) above, respectively.

$754.0M

NETSALES

(millions of dollars)

07 08 09 10 11

$ 754

.0

$667

.7

$ 59

5.9$7

01.4

$664

.2

$55.2M

ADJUSTED PROFIT FROM OPERATIONS

(millions of dollars)(6)

07 08 09 10 11

$51.

4 $3

9.8

$19.

5 $3

9.2

$55.

2

07 08 09 10 11

$1.95

ADJUSTED DILUTED EPS

(dollars)(6)

$1.7

9$1

.36

$0.6

7$1

.31

$1.9

5

07 08 09 10 11

$56.9M

CASH FLOW FROM

OPERATIONS(millions of dollars)

$39.

6 $3

7.4

$75.

2 $ 4

2.5

$56.

9

10/11 10/11 10/11

SALES BY PRODUCT TYPE

(millions of dollars)

EQUIP. $452.4MSVC. & P/C $278.6MCOATINGS $23.0M

EQUIP.SVC. &

P/C

COATINGS

$389

.1

$452

.4

$257

.9

$278

.6

$20.

7 $2

3.0

$424

.5

AMERICAS $481.4MEMEA $188.4MAPAC $84.2M

10/11 10/11 10/11

SALES BY GEOGRAPHY(millions of dollars)

AMERICAS

EMEAAPAC

$481

.4

$172

.6 $1

88.4

$7

0.6

$84.

2

$754M$668M

+13%

2010 2011

CHRIS KILLINGSTAD

President & Chief Executive Officer

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

T O O U R S H A R E H O L D E R S :

I n 2 0 1 1 , Te n n a n t re p o r te d re c o rd reve n u e s o f $ 7 5 4 m i l l i o n . Ad j u s te d d i l u te d e a r n i n g s p e r s h a re g rew to $ 1 . 9 5 , u p s i g n i f i c a n t l y f ro m 2 0 1 0 . I n l i g h t o f t h e g l o b a l e c o n o m i c u n c e r t a i n t i e s d u r i n g t h e ye a r, we a re

e s p e c i a l l y p l e a s e d w i t h o u r p ro g re s s to i m p rove p ro f i t a b i l i t y a n d a d va n c e o u r v i s i o n o f b e c o m i n g a g l o b a l l e a d e r i n

wate r - b a s e d a n d o t h e r s u s t a i n a b l e c l e a n i n g te c h n o l o g i e s. I wa n t to c o m m e n d Te n n a n t e m p l oye e s fo r t h e i r e f fo r t s to d e l i ve r t h e s e o u t s t a n d i n g re s u l t s.

Te n n a nt ’s ro b u s t f i n a n c i a l p e r fo r m a n ce wa s d r i ve n by s t ro n g d e m a n d fo r o u r s u s t a i n a b l e e c - H 2 O ™ c l e a n i n g te c h n o l o g y a n d i n d u s t r i a l e q u i p m e nt s a l e s, a s we l l a s g row t h i n s t rate g i c a cco u nt s a n d e m e rg i n g m a r ke t s. I n 2 0 1 1 , we h e l d g ro s s m a rg i n s e s s e nt i a l l y f l at, d e s p i te raw m ate r i a l co s t p re s s u re s. Ad j u s te d o p e rat i n g p ro f i t i n 2 0 1 1 ro s e to $ 5 5 . 2 m i l l i o n , o r 7 . 3 p e rce nt o f s a l e s, u p f ro m a d j u s te d o p e rat i n g p ro f i t o f

$ 3 9 . 2 m i l l i o n , o r 5 . 9 p e rce nt o f s a l e s, i n t h e p r i o r ye a r. Th e 1 4 0 b a s i s p o i nt i m p rove m e nt wa s d u e p r i m a r i l y to h i g h e r s a l e s vo l u m e, co nt i n u e d t i g ht co s t co nt ro l s a n d g re ate r o p e rat i n g e f f i c i e n c i e s.

Th e co m p a ny g e n e rate d $ 5 6 . 9 m i l l i o n i n c a s h f ro m o p e rat i o n s i n 2 0 1 1 a n d h a s a s t ro n g b a l a n ce s h e e t w i t h h i g h e r ye a r - e n d c a s h l e ve l s t h a n t h e p re v i o u s ye a r. Ad d i t i o n a l l y, re f l e c t i n g o u r fo c u s o n c re at i n g s h a re h o l d e r va l u e, Te n n a nt p a i d c a s h d i v i d e n d s i n 2 0 1 1 o f $ 1 2 . 9 m i l l i o n a n d re p u rc h a s e d 4 6 9 , 3 0 4 s h a re s o f o u r s to c k fo r $ 1 7 . 6 m i l l i o n .

B U I L D I N G A T H R I V I N G B U S I N E S S H i s to r y s h ow s u s t h at co n s t a nt l y a d a p t i n g, e vo l v i n g a n d i n n ovat i n g a re ke y to w i n n i n g i n t h e m a r ke t p l a ce. Wi t h t h i s i n m i n d, we h ave p o s i t i o n e d Te n n a nt fo r co nt i n u e d g row t h i n o u r co re e q u i p m e nt, s e r v i ce, a n d p a r t s a n d co n s u m a b l e s b u s i n e s s, w h i l e s i m u l t a n e o u s l y ex p a n d i n g i nto n e w wate r - b a s e d a n d o t h e r s u s t a i n a b l e c l e a n i n g te c h n o l o g i e s.

I n 2 0 1 1 , we co nt i n u e d to wo r k h a rd to i n n ovate a n d b e s u cce s s f u l o n b o t h f ro nt s. We d e s c r i b e o u r s t rate g y a s p l ay i n g t h e c u r re nt g a m e b e t te r, w h i l e s i m u l t a n e o u s l y p l ay i n g n e w g a m e s e a c h ye a r.

T H E C U R R E N T G A M E : G R O W I N G T E N N A N T ’ S T R A D I T I O N A L CO R E B U S I N E S S

K E E P I N G S CO R E : 1 2 BY 1 3 G OA LTe n n a nt h a s e s t a b l i s h e d a n ove ra rc h i n g f i n a n c i a l g o a l o f re a c h i n g a 1 2 p e rce nt o p e rat i n g p ro f i t m a rg i n i n t h e 2 0 1 3 fo u r t h q u a r te r to s e r ve a s a s co re c a rd fo r m e a s u r i n g o u r s u cce s s i n g row i n g o u r t ra d i t i o n a l co re b u s i n e s s. We b e l i e ve t h at Te n n a nt i s c a p a b l e o f at t a i n i n g t h i s a m b i t i o u s l o n g - te r m g o a l by s u cce s s f u l l y fo c u s i n g o n p ro d u c t i n n ovat i o n a n d g row t h , m a r ke t ex p a n s i o n a n d m a rg i n a n d o p e rat i n g l e ve ra g e.

P R O D U C T I N N O VAT I O N A N D G R O W T HI n o rd e r to a c h i e ve o u r g row t h g o a l s, we a re co m m i t te d to b e i n g t h e i n d u s t r y ’s i n n ovat i o n l e a d e r. I n 2 0 1 1 , we u p d ate d t h e s t y l i n g, re d u ce d n o i s e l e ve l s a n d i m p rove d d u s t co nt ro l o n m a ny l a rg e s we e p e r s. We a l s o i nt ro d u ce d Te n n a nt ’s l a rg e T 1 6 r i d e r s c ru b b e r, w h i c h c a n b e e q u i p p e d w i t h e c - H 2 O te c h n o l o g y. I t s a l l - n e w d e s i g n fe at u re s a s o f t o u te r s h e l l s u i t a b l e fo r co m m e rc i a l c l e a n i n g a p p l i c at i o n s, s u c h a s

T16

RECORD SALES

STRATEGIC FOCUS PAYS OFF

s h o p p i n g m a l l s a n d h o s p i t a l s, o r a n o p t i o n a l h a rd -s h e l l p a c k a g e fo r u s e i n i n d u s t r i a l s e t t i n g s. Th e s e n e w p ro d u c t s h ave b e e n ex t re m e l y we l l - re ce i ve d by o u r c u s to m e r s.

We o f fe r o u r p ro p r i e t a r y e c - H 2 O te c h n o l o g y o n a l l a p p ro p r i ate wa l k- b e h i n d a n d n ow a l s o l a rg e s c ru b b e r s, w h i c h f u e l e d i n d u s t r i a l e q u i p m e nt s a l e s d u r i n g 2 0 1 1 . e c - H 2 O te c h n o l o g y e l e c t r i c a l l y co nve r t s wate r i nto a n i n n ovat i ve c l e a n i n g s o l u t i o n t h at c l e a n s e f fe c t i ve l y, s ave s m o n e y, i m p rove s s a fe t y, a n d re d u ce s e nv i ro n m e nt a l i m p a c t co m p a re d to d a i l y c l e a n i n g f l o o r c h e m i c a l s.

Te n n a nt ’s s a l e s o f s c ru b b e r s e q u i p p e d w i t h e c -H 2 O ro s e a p p rox i m ate l y 4 6 p e rce nt to $ 1 4 0

m i l l i o n i n 2 0 1 1 , u p f ro m $ 9 6 m i l l i o n i n 2 0 1 0 . Th i s h i t t h e to p e n d o f o u r

a nt i c i p ate d e c - H 2 O re ve n u e ra n g e fo r t h e ye a r, d e m o n s t rat i n g t h at c u s to m e r s wo r l d w i d e co nt i n u e to a d o p t t h i s te c h n o l o g y. A s a re s u l t, e c - H 2 O s a l e s we re a ke y f a c to r i n

Te n n a nt ’s d o u b l e - d i g i t re ve n u e i n c re a s e i n 2 0 1 1 . We ex p e c t co nt i n u e d

ro b u s t g a i n s i n e c - H 2 O s a l e s i n 2 0 1 2 , i n t h e ra n g e o f 1 5 to 2 0 p e rce nt.

In addit ion, ec-H2O continued to drive our percentage of sales from new produc ts introduced in the past three years. New produc ts accounted for approximately 35 percent of our equipment sales in 2011, surpassing our ongoing goal of 30 percent of sales.

G o i n g fo r wa rd, we h ave d e ve l o p e d a d e t a i l e d p ro d u c t a n d te c h n o l o g y ro a d m a p, a n d we a re m a ki n g t re m e n d o u s s t r i d e s i n re s e a rc h a n d

d e ve l o p m e nt to s e c u re o u r f u t u re. A s a re s u l t, we h ave o n e o f t h e s t ro n g e s t n e w p ro d u c t a n d te c h n o l o g y p i p e l i n e s i n Te n n a nt ’s h i s to r y. I t i s a p p ro p r i ate l y b a l a n ce d b e t we e n o u r i n d u s t r i a l a n d co m m e rc i a l p ro d u c t l i n e s, a s we l l a s i nte re s t i n g n e w te c h n o l o g i e s. I n 2 0 1 1 , o u r re s e a rc h a n d d e ve l o p m e nt i nve s t m e nt wa s a p p rox i m ate l y 4 p e rce nt o f s a l e s, a s p l a n n e d. We ex p e c t i t to re m a i n at t h at l e ve l i n 2 0 1 2 .

M A R K E T E X PA N S I O N Co nt r i b u t i n g to o u r re co rd 2 0 1 1 f i n a n c i a l re s u l t s wa s d e e p e r p e n e t rat i o n o f n at i o n a l a n d g l o b a l s t rate g i c a cco u nt s. Th i s wa s a cco m p l i s h e d by s t re n g t h e n i n g o u r s a l e s e f fo r t s w i t h 1 5 l a rg e, g l o b a l c u s to m e r s t h at o f fe r t h e l a rg e s t g row t h p o te nt i a l fo r Te n n a nt. We a l s o fo c u s e d o n b u i l d i n g s a l e s t h ro u g h n e w c h a n n e l p a r t n e r s, s u c h a s n at i o n a l i n d u s t r i a l a n d b u s i n e s s - to - b u s i n e s s p ro d u c t a n d s e r v i ce s u p p l i e r s, re a c h i n g u n d e r s e r ve d m a r ke t s e g m e nt s.

Fu r t h e r, we h ave ex p a n d e d o u r p re s e n ce i n e m e rg i n g m a r ke t s, s u c h a s M ex i co, Ch i n a a n d B ra z i l . A s a re s u l t, Te n n a nt a c h i e ve d 2 0 1 1 o rg a n i c s a l e s g row t h o f a p p rox i m ate l y 3 0 p e rce nt i n t h o s e co u nt r i e s. R e l o c at i n g f ro m o u r fo r m e r Ch i n a f a c i l i t y, we o p e n e d a n e w p l a nt n e a r S h a n g h a i at t h e e n d o f 2 0 1 1 . Th i s l e a s e d

f a c i l i t y m o re t h a n d o u b l e s o u r fo o t p r i nt i n Ch i n a , a s we ex p a n d o u r b u s i n e s s i n t h i s f a s t -g row i n g m a r ke t p l a ce. Th e n e w p l a nt i s Te n n a nt ’s m a n u f a c t u r i n g ce nte r fo r Ch i n a a n d t h e A s i a Pa c i f i c re g i o n , p ro d u c i n g s m a l l wa l k- b e h i n d s c ru b b e r s a n d s we e p e r s. Th e f a c i l i t y a l s o s e r ve s a s a l ow-co s t, g l o b a l s o u rce fo r Te n n a nt s u b a s s e m b l i e s. I n a d d i t i o n , o u r g re ate r m a r ke t p re s e n ce i n B ra z i l l e d to i n c re a s e d s a l e s o f l a rg e i n d u s t r i a l e q u i p m e nt i n t h at h i g h - p o te nt i a l re g i o n .

MARGIN ENHANCEMENT AND OPERATING LEVERAGEWe co nt i n u e d to i m p rove o u r p ro f i t a b i l i t y a s a re s u l t o f a n u m b e r o f i n i t i at i ve s to f u r t h e r l e ve ra g e o u r o p e rat i n g e f f i c i e n c i e s. We m e t o u r g o a l to h o l d 2 0 1 1 g ro s s m a rg i n s i n t h e ra n g e o f 4 2 to 4 3 p e rce nt, d e s p i te raw m ate r i a l co s t i n f l at i o n , d u e to s e l l i n g p r i ce i n c re a s e s, g l o b a l s o u rc i n g, a n d

i m p rove d e f f i c i e n c i e s f ro m h i g h e r p ro d u c t i o n vo l u m e a n d l e a n m a n u f a c t u r i n g a c t i v i t i e s.

I n 2 0 1 2 , we a re co nt i n u i n g to wo r k o n co nt ro l l i n g co s t s a c ro s s t h e o rg a n i z at i o n , m o s t n o t a b l y i n o u r i n d i re c t s p e n d i n g,

i n o rd e r to l e ve ra g e o p e rat i n g e f f i c i e n c y a n d i n c re a s e p ro f i t a b i l i t y. Fu r t h e r, we a re exe c u t i n g o n a n u m b e r o f i n i t i at i ve s d e s i g n e d to s t a n d a rd i ze a n d s i m p l i f y o u r g l o b a l p ro ce s s e s i n t h e a re a s o f p r i c i n g, i nvo i c i n g a n d co l l e c t i o n s, a n d m a c h i n e co n f i g u rat i o n a n d c u s to m i z at i o n . Th e s e e f fo r t s w i l l h e l p u s b u i l d a s c a l a b l e b u s i n e s s m o d e l, re d u ce co s t s a n d

m a ke i t e a s i e r fo r o u r c u s to m e r s wo r l d w i d e to d o b u s i n e s s w i t h Te n n a nt.

NEWCHINA PLANT$140M

2011 SALES

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

T H E N E W G A M E : G R O W I N G O U R WAT E R- B A S E D C L E A N I N G P O RT F O L I OO u r s t rate g i c v i s i o n i s to b e co m e a g l o b a l l e a d e r i n wate r - b a s e d a n d o t h e r s u s t a i n a b l e c l e a n i n g te c h n o l o g i e s to h e l p o u r c u s to m e r s c re ate a c l e a n e r, s a fe r, h e a l t h i e r wo r l d. To d r i ve t h i s v i s i o n , a n d b u i l d o f f o u r s u cce s s w i t h e c - H 2 O, Te n n a nt i s i nve s t i n g to c re ate a s u i te o f s u s t a i n a b l e c l e a n i n g

te c h n o l o g i e s a n d p ro d u c t s u n d e r o u r O r b i o ™ Te c h n o l o g i e s b ra n d. Us i n g a t h re e -

p h a s e d a p p ro a c h , O r b i o’s g o a l i s to ex p a n d t h e e c - H 2 O p l at fo r m to a l l re l e va nt c u r re nt p ro d u c t s, c l e a n m o re s p a ce s i n c u s to m e r e nv i ro n m e nt s b e yo n d j u s t f l o o r s a n d to d e ve l o p n e w m a r ke t s a n d a p p l i c at i o n s t h at h o l d s i g n i f i c a nt re ve n u e p o te nt i a l . Co n c u r re nt l y, we a i m to s e t t h e s t a n d a rd fo r s u s t a i n a b l e c l e a n i n g fo r o u r c u s to m e r s a ro u n d t h e wo r l d.

Te n n a nt ’s c u s to m e r s i n c re a s i n g l y wa nt to c l e a n t h e i r f a c i l i t i e s w i t h co s t - e f fe c t i ve o p t i o n s t h at u s e fe we r c h e m i c a l s. To f u r t h e r m e e t t h i s n e e d, we l a u n c h e d t h e O r b i o 5 0 0 0 - S c a s o u r f i r s t O r b i o - b ra n d e d p ro d u c t i n t h e s p r i n g o f 2 0 1 1 . Th ro u g h o u t t h e ye a r, we

ex p a n d e d o u r ro l l o u t i n No r t h Am e r i c a a n d, i n 2 0 1 2 , a re i nt ro d u c i n g t h e 5 0 0 0 - S c i n Eu ro p e a n d s e l e c t a re a s i n t h e A s i a Pa c i f i c re g i o n .

Th e O r b i o 5 0 0 0 - S c s y s te m u s e s s p l i t - s t re a m te c h n o l o g y t h at co m b i n e s t a p wate r, a s m a l l a m o u nt o f s a l t a n d e l e c t r i c i t y to g e n e rate a re a d y- to - u s e m u l t i -

s u r f a ce c l e a n i n g s o l u t i o n t h at c a n re p l a ce a va r i e t y o f co nve nt i o n a l d a i l y- u s e c l e a n i n g c h e m i c a l s, a l l ow i n g c u s to m e r s to re d u ce t h e i r u s e o f m o re t ra d i t i o n a l p a c k a g e d c h e m i c a l s. We o f fe r t h e O r b i o 5 0 0 0 - S c fo r re nt a l o n a 2 4 - m o nt h te r m , w i t h p r i c i n g b a s e d o n l e ve l o f u s e. Th e l a u n c h i s o n t ra c k a n d m e e t i n g o u r ex p e c t at i o n s.

We re m a i n exc i te d a b o u t t h e p ro g re s s o u r O r b i o Te c h n o l o g i e s G ro u p i s m a ki n g to e n h a n ce a n d ex p a n d o u r e l e c t r i c a l l y co nve r te d wate r te c h n o l o g y p l at fo r m . Th e g row i n g p o r t fo l i o o f wate r - b a s e d c l e a n i n g te c h n o l o g i e s i n c l u d e s : O r b i o B l e n d e d St re a m , w h i c h i s o f fe re d a s e c - H 2 O o n Te n n a nt s c ru b b e r s ; O r b i o S p l i t St re a m , i n co r p o rate d i n t h e O r b i o 5 0 0 0 - S c ; a n d O r b i o El e c t ro p o rat i o n te c h n o l o g y. O r b i o El e c t ro p o rat i o n te c h n o l o g y h a s t h e c a p a b i l i t y to i n a c t i vate t h e H 1 N 1 v i ru s a n d k i l l m o re t h a n 9 9 . 9 p e rce nt o f h a r m f u l b a c te r i a . Te n n a nt re m a i n s i n t h e d e ve l o p m e nt s t a g e w i t h t h i s te c h n o l o g y a n d i s exc i te d a b o u t t h e p o s s i b i l i t i e s i t o f fe r s.

To f u r t h e r s u p p o r t O r b i o’s t e c h n o l o g y i n n o v a t i o n , we a c q u i re d Wa t e r S t a r, I n c . , i n M a y 2 0 1 1 , a d d i n g e x p e r t i s e i n e l e c t ro c h e m i c a l s y s t e m s t o a c c e l e r a t e o u r p u r s u i t o f p ro v i d i n g s u s t a i n a b l e c l e a n i n g, s a n i t i z i n g a n d d i s i n f e c t i n g s y s t e m s t o a v a r i e t y o f i n d u s t r i e s .

P R I O R I T I E S F O R 2 0 1 2Th ro u g h o u t 2 0 1 1 , we re m a i n e d c l e a r l y fo c u s e d o n o u r s t rate g i c p r i o r i t i e s to e n h a n ce re ve n u e g e n e rat i o n a n d o p e rat i n g e f f i c i e n c y. O u r s t rate g i e s a re s u cce e d i n g, a n d o u r 2 0 1 2 p r i o r i t i e s a re a co nt i n u at i o n o f t h e i n i t i at i ve s t h at we’ ve o u t l i n e d h e re.

A s we s t r i ve to re a c h o u r a m b i t i o u s o p e rat i n g p ro f i t m a rg i n g o a l o f 1 2 p e rce nt i n t h e 2 0 1 3 fo u r t h q u a r te r, we a re co m m i t te d to s a l e s g row t h t h ro u g h : i n n ovat i n g i n o u r co re e q u i p m e nt b u s i n e s s a n d w i t h n e w wate r - b a s e d te c h n o l o g i e s u n d e r o u r O r b i o b ra n d ; b u i l d i n g a s c a l a b l e b u s i n e s s m o d e l w i t h i m p rove d g l o b a l p ro ce s s e s ; a n d a c h i e v i n g g re ate r o p e rat i n g l e ve ra g e to f u r t h e r i m p rove p ro f i t a b i l i t y.

Fo r m o re t h a n 1 4 0 ye a r s, Te n n a nt h a s b u i l t a l e g a c y o n a d va n c i n g t h e c l e a n i n g i n d u s t r y. Wi t h a co m p e l l i n g v i s i o n , we a re co n f i d e nt t h at Te n n a nt i s we l l - p o s i t i o n e d to c a r r y fo r wa rd t h i s l e g a c y. O u r s t rate g i e s a re wo r ki n g a n d h ave a l re a d y y i e l d e d s t ro n g re s u l t s. We h ave c re at i ve a n d d e d i c ate d p e o p l e a ro u n d t h e wo r l d w h o a re d r i ve n to w i n i n t h e m a r ke t p l a ce. I b e l i e ve o u r f u t u re i s b r i g ht a n d f u l l o f p o te nt i a l . Te n n a nt ’s v i s i o n i s to b e co m e t h e g l o b a l l e a d e r o f s u s t a i n a b l e c l e a n i n g te c h n o l o g i e s. We h ave a n d w i l l co nt i n u e to c h a n g e t h e way t h e wo r l d c l e a n s.

S i n c e r e l y,

C h r i s K i l l i n g s t a dP r e s i d e n t a n d C h i e f E x e c u t i v e O f f i c e r

M a r c h 1 5 , 2 0 1 2

ORBIO® 5000-Sc

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

COMPANY PROFILETennant Company is a world leader in designing, manufacturing and marketing solutions that help create a cleaner, safer, healthier world. Its products include equipment for maintaining surfaces in industrial, commercial and outdoor environments; chemical-free and other sustainable cleaning technologies; and coatings for protecting, repairing and upgrading floors. Tennant’s global field service network is the most extensive in the industry. 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.

Forward-Looking StatementsThis 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, 2011. 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.