RAVEN INDUSTRIESUPDATE ON STRATEGIC PLATFORMS FOR GROWTH

Investor Day 2020

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Safe Harbor Statement

Certain matters discussed may include 'forward looking statements' as that term is defined under the Private Securities Litigation

Reform Act of 1995. Since such statements reflect our current expectations, actual results may differ based on risks and uncertainties

including, but are not limited to, those relating to weather conditions, which could affect sales and profitability in some of the

Company's primary markets, such as agriculture and construction and oil and gas drilling; or changes in raw material availability,

commodity prices, competition, technology or relationships with the Company's largest customers, risks and uncertainties relating to

development of new technologies to satisfy customer requirements, possible development of competitive technologies, ability to scale

production of new products without negatively impacting quality and cost, risks of operating in foreign markets, risks relating to

acquisitions, including risks of integration or unanticipated liabilities or contingencies, and ability to finance investment and net working

capital needs for new development projects, any of which could adversely impact any of the Company's product lines, risks of litigation,

as well as other risks described in Item 1A., Risk Factors, of the Company's Annual Report on Form 10-K for the fiscal year ended

January 31, 2020, and the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2020. The foregoing list is not

exhaustive, and the Company disclaims any obligation to subsequently revise any forward-looking statements to reflect events or

circumstances after the date of such statements. Past financial performance may not be a reliable indicator of future performance and

historical trends should not be used to anticipate results or trends in future periods.

FORWARD LOOKING STATEMENTSRAVEN INDUSTRIES, INC.

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DAN RYKHUSPRESIDENT & CHIEF EXECUTIVE OFFICER

Investor Day 2020

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KEY MESSAGESRAVEN INDUSTRIES

▪ We are in a unique position to capitalize on the

tremendous opportunities in front of us

▪ Applied Technology is in the leadership position to

deliver autonomous agriculture solutions

▪ Raven Autonomy™ is going to change the way

agriculture is done

▪ Investment in Raven Composites™ is restarting in the

third quarter

▪ Raven Aerostar is the clear leader in stratospheric

balloon technologies

▪ The COVID-19 pandemic has presented challenges, but

the long-term strategy remains intact

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THUNDERHEAD BALLOON SYSTEMS

Scott Wickersham, Vice President, Raven Aerostar

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THUNDERHEAD BALLOON SYSTEMSNAVIGATING THE STRATOSPHERE

PROVIDING SOLUTIONS

▪ Intelligence, Surveillance, and

Reconnaissance (ISR)

▪ Communications Relay

▪ Reconstitute Airborne or Satellite Assets

▪ Position/Navigation/Time

▪ High Altitude Research, Development, and Testing

▪ Communications Extension in Civil or Defense

Applications

▪ Scientific Earth Observation

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THUNDERHEAD BALLOON SYSTEMSNEW EMERGING THREATS

THUNDERHEAD BALLOON SYSTEMSOUTLOOK

▪ Strong momentum towards game-changing capability

▪ Active engagement with industry partners for new mission

possibilities

▪ Multiple demonstrations of Thunderhead navigation and

mission success

▪ Two-year JCTD in process

▪ Future transition to Program of Record

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2019 FLIGHT HOURS

95002019 LAUNCHES

149CONNECT, PROTECT & SAVE LIVESOUR MISSION

-

50

100

150

200

250

300

Hig

h A

ltit

ud

e B

all

oo

n L

au

nch

es

(Cu

mu

lati

ve)

RAVEN COMPOSITES™

Lon Stroschein, Executive Director of Corporate Development

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THINNER. LIGHTER. STRONGER.

RAVEN COMPOSITES™WHAT HAS CHANGED

▪ Strategic platform for growth launched in

November 2019

▪ Built pipeline of potential M&A opportunities

▪ Created plans for substantial greenfield investments

▪ Investments temporarily placed on hold due to the

impact of the COVID-19 pandemic

▪ Deepened relationships with current partners in

composites

▪ Investment restarting in fiscal 2021 Q3

▪ Expect to deliver initial revenues this fiscal year

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STRATEGIC

INVESTMENTS

• High-value laminating

• Multi-layer reinforcement

capabilities

• CAPEX

• Greenfield

• M&A

EXPANSION

• Natural adjacency

• Builds upon endowment

• Manufacturing flexible

composites for years

• Greatly expanded high-

value offerings

GLOBAL MARKET

• Expands addressable market

by 5X

• Thousands of different end

applications

• Strong demand in the

market

WHY COMPOSITES & WHY INVEST NOWRAVEN ENGINEERED FILMS

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RAVEN AUTONOMY™

Wade Robey, Executive Director of Raven Autonomy™

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The future is already here.Raven will lead adoption in agriculture.

▪ All the core elements of ag are connected, coordinated and optimized

▪ Labor requirements are reduced, and safety is increased

▪ Farmers realize greater efficiency, productivity, and value per acre

IMAGINE A WORLD WHERE…

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To be the global leader for the development and commercialization of the enabling technologies and vehicles necessary to accelerate the adoption and use of autonomous operations in precision agriculture to improve productivity and efficiency and mitigate labor constraints.

RAVEN AUTONOMY™

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Development &

Commercialization

• We will be in the market with our

solutions

Enabling Technologies &

Vehicles

• We are a machine platform OEM

Delivering Sustained Value

• We will increase productivity and

efficiency and reduce labor

constraints

RAVEN AUTONOMY™BOLDLY GROW

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FEEDING A

HUNGRY WORLD

THE CHALLENGE OF THE FUTURE

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POPULATION INCREASES & DEMOGRAPHICS SHIFTTHE REALITY: PRODUCTIVITY MUST IMPROVE

Source: European Environment Agency

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▪ Current precision agriculture technologies have produced very beneficial impacts, yet

much more is possible through new technologies such as autonomy:

▪ Productivity per acre will increase

▪ Costs will go down, and efficiency will go up

EXTENDING THE GAINS OF PRECISION AGRAVEN AUTONOMY™

PRODUCTIVITY FERTILIZER

USE

HERBICIDE

USE

FOSSIL FUEL

USE

WATER

USE

PRECISION AG TECH +4% >6% >9% >5% >2%

AUTONOMY

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>10%

Various Sources

FULL OPERATIONAL CONTROL. GREATER EFFICIENCIES.RAVEN AUTONOMY™

Every aspect of

the application

(tilling, seeding,

spreading,

spraying, and

harvest) will be

connected,

coordinated,

and optimized.

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REAL VALUE WILL BE CAPTUREDSIGNIFICANT VALUE PER ACRE

▪ Fewer trips across the farm field

▪ Reduced fuel consumption

▪ Limited soil compaction

▪ More accurate and precise seed, fertilizer, and chemical

treatment applications

▪ Less crop damage

▪ Improved yield

▪ Improved regulatory compliance

▪ Reduction in labor requirements

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We S

olv

e G

reat

Challe

ng

es.

▪ Raven has decades of experience in precision agriculture

▪ Raven knows the market

▪ Raven has a long history of class-leading innovation

WHY RAVEN?WE SOLVE GREAT CHALLENGES

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BUILT ON OUR ENDOWMENTRAVEN AUTONOMY™

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CURRENT RAVEN TECHNOLOGIES ESTABLISH THE FOUNDATIONFOR MACHINE & APPLICATION CONTROL

RAVEN IS WELL-POSITIONED WITH OUR CORE TECHNOLOGIESAND READY TO DELIVER FOR THE FUTURE

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LEVERAGING OUR RECENT INVESTMENTS

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STEPS IN EXECUTING AN AG OPERATION

•Agronomic Need

•Field Definition

Field

Operation

•Field Operation

•Fleet Optimization

Machine

Selection •Field Definition

•Machine Selection

•Field Operation

Mission Plan

•Mission Plan

Machine

Operation •Notifications during op

•Telematics during op

•Engineering Data

•Mission Report

Reports

•Reports

Optimization

Field Operations

Equipment Selection

Mission Planning

Mission Execution

Report Generation

Optimization

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CLASS-LEADING RAVEN CORE TECHNOLOGYRAVEN AUTONOMY™

Raven

Core AgSync

Smart

AgDOT

Field Operations

Equipment Selection

Mission Planning

Mission Execution

Report Generation

Optimization

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NEW SYNERGIESRAVEN AUTONOMY™

Raven

CoreAgSync

Smart

AgDOT

Field Operations

Equipment Selection

Mission Planning

Mission Execution

Report Generation

Optimization

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FILLING THE GAPSRAVEN AUTONOMY™

Raven

CoreAgSync

Smart

AgDOT

Field Operations

Equipment Selection

Mission Planning

Mission Execution

Report Generation

Optimization

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GAINING A MACHINE PLATFORMRAVEN AUTONOMY™

Raven

CoreAgSync

Smart

AgDOT

Field Operations

Equipment Selection

Mission Planning

Mission Execution

Report Generation

Optimization

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THE FULL PACKAGERAVEN AUTONOMY™

Raven Core

AgSync

Smart Ag

DOT

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VALUE CREATIONRAVEN AUTOCART™

▪ Allows for near continuous harvesting

▪ More uptime; less downtime when narrow harvest windows are critical

▪ Eliminates product loss during transfer

▪ Reduces the risk of accidents during unloading from the harvester

▪ Will allow for coordination of multiple harvesters with multiple grain carts - creates machine leverage

▪ Makes the entire operation more efficient

▪ More money in the farmer’s pocket

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VALUE CREATIONRAVEN DOT APU™

▪ Improves operational consistency for seeding, spraying and spreading

▪ Reducing input costs

▪ Improving crop quality and yield

▪ Decreases fuel requirements

▪ Reduces labor

▪ Reduces the potential for accidents

▪ Creates the potential for 24/7 operations

▪ Opportunities for multi-Dot coordination

▪ Makes the entire operation more efficient

▪ More money in the farmer’s pocket

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MARKET INTEREST IS HIGH

CY2020

• Commercialize

AutoCart™

• Validate Dot™

with Customers

CY 2021

• Establish Raven

Autonomy

Manufacturing

• Launch Raven

Dot™ in Western

Canada

CY 2022

• Commercialize

Raven Tech Stack

• Launch Additional

Prime-Mover

Platforms

CY 2023+

• International

Expansion

Expanding Our OEM Partnerships

Leveraging New Channels to Market

Growing an Already Strong IP Portfolio

KEY MILESTONES FOR GROWTHRAVEN AUTONOMY™

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REALIZING TREMENDOUS GROWTH

RAVEN AUTONOMY™ SALES

$-

$50M

$100M

$150M

$200M

$250M

$300M

FY2021E FY2022E FY2023E FY2024E FY2025E

AN

NU

AL R

EV

EN

UE

Platforms Tech Stack Subscription

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SUMMARY & KEY TAKEAWAYSRAVEN AUTONOMY™

▪ Autonomy in agriculture is here today

▪ Our investments allow Raven to leverage and extend

our current portfolio

▪ The value proposition for the farmer and for Raven is

large

▪ We will develop machine platforms and technologies

for all major crop-types and use-cases

▪ Autonomy creates new opportunities for international

expansion

▪ We have captured the pole position and are

committed, urgent, and ready to drive the future of Ag

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RAVEN INDUSTRIESUPDATE ON STRATEGIC PLATFORMS FOR GROWTH

Investor Day 2020

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