RAVEN INDUSTRIES 2016 ANNUAL SHAREHOLDER MEETING

We Solve Great Challenges

We S

olv

e G

reat

Challe

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es.

We embrace an integrated approach, where all operations support each other, sharing

knowledge and best practices.

TODAY, RAVEN IS REPRESENTED BY THREE BUSINESS SEGMENTSUNITED BY A COMMON PURPOSE & VISION

APPLIED TECHNOLOGY ENGINEERED FILMS AEROSTAR

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

RESULTSSUCCESSESCHALLENGES

Vista operations and

performance

Global Ag equipment

markets down

Energy market declines

Final year of contract

manufacturing comparisons

Cultural/morale impact

from actions

EFD profits

Hawkeye/Line 14/Loon

Inventory declines

Buybacks and dividends

OEM supply agreements in

ATD

Expense controls

Profitable

Cash flows

Structured for mid-future

success

R&D Investments

RAVEN FY 2016 SUMMARY

STRATEGIC EMPHASISQ1 RESULTSTONE FOR TODAY

Preserve and optimize our

core businesses

Expense control discipline

All out focus on driving

sales revenues

Increasing our

competitiveness, relevance

in our markets during

recession

Maintain core R&D

investments

All profit budgets met

ATD & Aerostar met sales

budgets

Six key growth drivers are

on budget for Q1

Aerostar performance

improvement

M&A focus for ATD

Build Raven Sales System

RAVEN FY 2017

FY 2016 SUCCESSES

Hawkeye Introduction

OEM supply agreements

SBG Performance

Inventory reductions

Quality restored

FY 2016 FINANCIAL PERFORMANCE

RAVEN APPLIED TECHNOLOGY

$0

$50

$100

$150

$200

FY12 FY13 FY14 FY15 FY16

Sales Op Income

FY 2017 STRATEGIC INITIATIVES

Drive margin expansion, income growth discipline

Meet aggressive revenue goals for Hawkeye

Acquisition Readiness

Establish direct end customer relationships

FY 2017 OUTLOOK

Continued market challenges

Continued progress on sales and operating income

performance

RAVEN’S END-TO-END TECHNOLOGY-ENABLED SOLUTIONFrom flight to field application, Raven helps farmers get the answers they need within a few hours instead of a few days or weeks.

Flight

Data Analysis

Prescription

Map

Application

AgEagle is launched and flies the field

autonomously, collecting imagery

Images transferred over cellular or Wi-Fi connection

Images are combined or stitched into one map within

30 minutes

Final map pinpoints target areas for further assessment

Raven holds a ~5% ownership in AgEagle and has

exclusive rights for the worldwide distribution of this

UAV as it pertains to Ag application

The combined image is then transmitted to

farm management software, such as SST

SST uses the image to provide a prescription map for

variable rate product application

Analysis completed within a few hours after flight

Raven holds a 22% ownership in SST and most Raven

Field computers are SST Compatible

Prescription map sent wirelessly to the Raven

field computer via Raven’s Slingshot receiver

Prescription map transferred over cellular or Wi-Fi

connection to Slingshot receiver

Data is delivered to the filed computer within a few

hours after flight

The data is received in a Raven field computer

such as the Viper® 4+

Field computer allows the machine operator to control

the machine including all of Raven’s on-machine

technology such as the Hawkeye®

Utilizing the field computer and the on-machine

technology, the machine operator can apply the

specified amount of treatment based on the

established management zones

Process increases the speed and effectiveness of

application while decreasing input costs

FY 2016 SUCCESSES

Profit Margin Expansion

Inventory Reductions

Line 14 start up

FY 2016 FINANCIAL PERFORMANCE

RAVEN ENGINEERED FILMS

FY 2017 STRATEGIC INITIATIVES

Improve capacity utilization

Expand specialty films and high value products

Expand value added finished products

Drive income growth through operational discipline

FY 2017 OUTLOOK

Continued Energy market challenges

Financial performance improvement through the

year

$0

$50

$100

$150

$200

FY12 FY13 FY14 FY15 FY16

Sales Op Income

NEW 7-LAYER EXTRUSION / COATING / LAMINATION146” WIDE COMPOSITES FOR INDUSTRIAL AND ENVIRONMENTAL APPLICATIONS

FY 2016 SUCCESSES

Project Loon line progress

Transition executed with Vista

FY 2016 FINANCIAL PERFORMANCE

RAVEN AEROSTAR

FY 2017 STRATEGIC INITIATIVES

Grow stratospheric revenues by 20%, building the

customer base

Restoring the Vista Research business

FY 2017 OUTLOOK

Stratospheric balloons and radar sensors will drive

the Division success

Several $2M to $6M contracts in process that we

expect to win

Full Year profitability

-$50

$0

$50

$100

$150

FY12 FY13 FY14 FY15 FY16

Sales Op Income

FY 2017 OUTLOOK

Very challenging ag, energy, DoD end market

conditions 2016-2017

Preserve our core businesses while investing in

R&D to drive future growth

Consider strategic acquisitions to complement

ATD, possibly other divisions

Continue the great progress made on operational

discipline

Working to exceed last year adjusted net income

INVESTING IN OUR FUTURE

RAVEN INDUSTRIES 2016 ANNUAL SHAREHOLDER MEETING

We Solve Great Challenges