RAVEN INDUSTRIES 2017 ANNUAL SHAREHOLDER MEETING. We Solve Great Challenges

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1 RAVEN INDUSTRIES 2017 ANNUAL SHAREHOLDER MEETING We Solve Great Challenges

2 We Solve Great Challenges. APPLIED TECHNOLOGY ENGINEERED FILMS AEROSTAR TODAY, RAVEN IS REPRESENTED BY THREE BUSINESS SEGMENTS UNITED BY A COMMON PURPOSE & VISION We embrace an integrated approach, where all operations support each other, sharing knowledge and best practices.

3 RAVEN BUSINESS MODEL Serve diversified market segments Manage a pipeline of growth initiatives Compete on Quality, Service, Innovation, and Peak Performance Drive continuous improvement Maintain balance sheet strength Uphold corporate responsibility WE SOLVE GREAT CHALLENGES

4 RAVEN FY 2017 SUMMARY SUCCESSES Significant revenue growth in ATD and EFD Margin expansion in ATD and EFD Working capital improvements Success from our Core business CHALLENGES Vista operations and performance Global Ag equipment market down Internal control framework assessment and improvements RESULTS Strong shareholder returns Cash flows and earnings growth improvements Positioned well in each division

5 $ Millions SALES BRIDGE FY 2013 CM Core 2013 Oil Corn SBG Integra Core Growth FY 2017 Q1 18' TTM Q1 18'

6 RAVEN FY 2018 TONE FOR TODAY Q1 RESULTS STRATEGIC EMPHASIS Preserve and optimize our core businesses All sales and profit budgets met Expand our lead in Quality, Service, & Innovation Focus on driving sales revenues from our core Key growth drivers are on track for Q1 Expand core R&D investments in each division Further margin expansion Optimize our strong positions in our core markets Aerostar performance improvement M&A focus Build Raven Sales System Preserve our nimbleness, speed, and courageous decision-making Expense control discipline

7 RETURN ON SALES 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% RAVN ROS CURRENT PEER AVERAGE

8 RAVEN APPLIED TECHNOLOGY FY 2017 SUCCESSES Hawkeye expansion Raven Europe performance Inventory reductions Quality restored Injection product line growth Effective engagement with end user customers FY 2017 FINANCIAL PERFORMANCE $200 $150 $100 $50 $0 FY13 FY14 FY15 FY16 FY17 Sales Op Income FY 2018 STRATEGIC INITIATIVES Drive margin expansion, income growth discipline Meet aggressive revenue goals for new products Acquisition readiness Expand direct end customer relationships Maintain crisp focus on our core opportunities FY 2018 OUTLOOK Continued weak Ag market Aggressively evaluate acquisition opportunities Continue to invest in R&D to maintain a robust pipeline of new products Expand international sales, particularly in South America Full year revenue growth and profit growth over FY17

9 RAVEN APPLIED TECHNOLOGY DIRECT INJECTION SYSTEM Injection Sales $5.0 $4.5 $4.0 $3.5 $3.0 $2.5 $2.0 $1.5 $1.0 $0.5 $- FY2014 FY2015 FY2016 FY2017 FY2018 Q1

10 RAVEN ENGINEERED FILMS FY 2017 SUCCESSES Profit margin expansion Inventory reductions Revenue growth (7%) Profit growth (28%) Container liner and Permian Basin market share gains FY 2017 FINANCIAL PERFORMANCE $200 $150 $100 $50 $0 FY13 FY14 FY15 FY16 FY17 Sales Op Income FY 2018 STRATEGIC INITIATIVES Expand specialty films and high value products Expand value added finished products Drive income growth through operational discipline Expand fabrication capabilities FY 2018 OUTLOOK Strong organic revenue and income growth Maintain operational efficiency and raw material cost improvements Continue to deliver the highest quality standards in product and capabilities that hard to match

11 RAVEN AEROSTAR FY 2017 SUCCESSES Project Loon progress Enhanced focus on core within Aerostar Advancement of proprietary stratospheric balloon steering technology for commercial and U.S. government customers FY 2017 FINANCIAL PERFORMANCE $150 $100 $50 $0 -$50 FY13 FY14 FY15 FY16 FY17 Sales Op Income FY 2018 STRATEGIC INITIATIVES Grow stratospheric balloon revenues by expanding the customer base and growth with Google Defend and strengthen our number one position in our core market FY 2018 OUTLOOK Stratospheric balloons platforms will drive the Division success Several $2M to $6M contracts in process that we expect to win Full year profitability

12 FY 2018 OUTLOOK INVESTING IN OUR FUTURE Preserve and expand our core business successes, while investing in R&D to drive future growth Consider strategic acquisitions to complement ATD and EFD Continue the great progress made on operational discipline and profit margin expansion Strong revenue and earnings growth for the full year

13 RAVEN INDUSTRIES 2017 ANNUAL SHAREHOLDER MEETING We Solve Great Challenges