Raven Industries, Inc.

RAVEN TODAY

Raven is a diversified technology company that embraces an integrated approach, where all operations support each other, sharing knowledge and best practices. Our diversity works because it was not imposed by management or created through acquisitions. It developed internally through innovation and cooperation. Raven is a company of diverse businesses whose sum is truly greater than the parts.

Raven was founded in Sioux Falls, SD, in 1956 as a manufacturer of high-altitude research balloons for NASA and the American space program. From that single product line, we evolved into a successful publicly traded corporation (RAVN:NASDAQ). Our business portfolio has changed over the last few years in line with our strategy, but one thing has never changed: our commitment to providing high-quality, high-value products. Today Raven is represented by four businesses.

Applied Technology provides electronic Global Positioning System (GPS) products and information management tools designed to reduce operating costs and improve yields for the global agriculture market.

Engineered Films manufactures high-performance reinforced plastic sheeting for custom applications in industrial, construction, energy and agricultural markets.

Electronic Systems provides custom electronic manufacturing services, primarily printed circuit boards and sub-assemblies for North American original equipment manufacturers.

Aerostar International, Inc. designs and builds highly engineered aerostats for government and commercial applications including research, communications surveillance and intelligence gathering. Other products include military parachutes and specialty garments.

Each business operates independently for maximum focus. At the corporate level resources and support are provided for strategic planning and capital allocation, as well as staff support in the form of accounting and financial controls, information technology, credit and human resources. The goal is to maintain an efficient organizational structure that supports entrepreneurial leadership.

OUR FINANCIAL GOALS

We can't grow profitably unless we are providing real value to our customers. If our costs are too high, we can't be competitive and profitable over the long haul. That's why we are committed to the continuous improvement of quality, cost and speed through process improvement. We have set forth the following financial goals:

• Grow sales in the 10 - 15% range on average;
• Grow earnings per share, on average, in the same range as our sales growth;
• Achieve a minimum return on equity of 20%; return on assets of 18%; and return on sales of 10%;
• Pay a dividend of approximately 30% of earnings, and grow the dividend every year.

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Effective 1 July 2012, Raven Industries will be a Tobacco-Free Campus.