1. The Middleby Corporation
4/17/2017 7:15 PM
The Middleby Corporation
Baird Industrial Conference
November 6, 2007

2. Forward Looking Statements
4/17/2017 7:15 PM
Forward Looking Statements
Statements made in this presentation or otherwise attributable to the company regarding the company's business which are not historical fact are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of The company cautions investors that such statements are estimates of future performance and are highly dependent upon a variety of important factors that could cause actual results to differ materially from such statements. Such factors include, but are not limited to variability in financing costs; quarterly variations in operating results; dependence on key customers; international exposure; foreign exchange and political risks affecting international sales; changing market conditions; the impact of competitive products and pricing; the timely development and market acceptance of the company's products; the availability and cost of raw materials; and other risks detailed herein and from time-to-time in the company's SEC filings.

3. Middleby Corporation Executive Summary
The Middleby Corporation is the worldwide leader in the manufacture and distribution of a broad line of Cooking, Warming and Preparation Equipment for the commercial restaurant industry and food processors
Headquartered in United States (Chicago, Illinois)
Publicly traded on US stock exchange (symbol: MIDD)
$500 million in annual revenue
1,600 employees
12 Worldwide Manufacturing Facilities
9 US Facilities
1 European Facility
2 Asian Facilities

4. Key Company Highlights
Market Leader of Foodservice Equipment
#1 or #2 market position in U.S. across most product lines
Established Well-Respected Brands
Premium brands recognized for innovative technology, efficiency and quality
Premier Customer Base
Aligned with leading U.S. and international restaurant chains and food processors
Positioned for Growth
Strong pipeline of new differentiated products
Focus on higher growth segments across diverse end markets
Unique Global Footprint
International sales and service infrastructure provides attractive opportunities in emerging markets
Strong Profitability And Commitment to Operational Excellence
Ongoing success in process improvements
Successful Track Record of Growth through Acquisitions

5. Record Sales and Earnings Growth
($ in millions)
Middleby Financial Performance
Sales Growth through Product Innovation and
Acquisition of Industry Leading Brands

6. Strong Relationships with Premier Customers
Blue-chip, customer base
Long standing relationships
Limited customer concentration
Large installed base
Serve all food segments

7. Commercial Foodservice and Food Processing Expanding Business Segments
Revenue Breakdown
Commercial Foodservice and Food Processing
Expanding Business Segments

8. Commercial Foodservice Market Leader
Middleby has leading brands and technology in the the foodservice equipment industry
U.S. Hot-side Foodservice Equipment Market by Product (1)
The commercial cooking equipment market is in excess of $3.0 Billion.
Highly fragmented
Middleby focus on Brands and Technology
Equipment in the restaurant and critical the success of the restaurant.
Equipment specification and purchasing decisions driven by chef / operator
Product pricing driven by differentiated technology
___________________________
Source: North American Association of Food Equipment Manufacturers and management estimates.

9. Representative Customers
Market Leading Brands – Foodservice
Brand
Product
U.S. Market Position
Representative Customers
Conveyor Ovens #1
Papa John’s, Pizza Hut, Domino’s, Costco, Red Lobster, Olive Garden
Fryers
Rethermalizers #2
KFC, Dunkin’ Donuts, McDonald’s, Taco Bell
Convection Ovens
Combi-ovens
Deck Ovens
KFC, Burger King, Cracker Barrel, Cheesecake Factory
Ranges
Upright Boilers
Morton’s, Wendy’s, Bob Evans
Charbroilers
Griddles
Outback Steakhouse, Applebee’s, Culver’s
Baking Ovens
Proofers
Subway, Bob Evans
We succeed due to strong brands, product innovation, service and support and our continuous commitment to quality

10. Representative Customers
Market Leading Brands - Foodservice (con’t)
Brand
Product
U.S. Market Position
Representative Customers
Warming Cabinets
Cook and Hold
Banquet Carts #1 #2
McDonalds, Dunkin Donuts
Infrared Ovens
Hearth Bake Conveyors
Telepizza
Cooking Suites
Ranges
Custom Cooking #3
Cheesecake Factory, PF Changs
Ventless Cooking
Warming Equipment
Pressure Fryers
KFC, McDonalds, Waffle House
Combi-ovens #5
Tesco, Morrisons
We succeed due to strong brands, product innovation, service and support and our continuous commitment to quality

11. Middleby Brand Products
We offer a comprehensive line of innovative foodservice equipment
Conveyor Oven
Combi Oven
Convection Oven
Fryer
Automated oven with energy management system
Combination steam and convection in one cavity
No-turn bake capabilities
Highest efficiency burner
Range
Infrared Broiler
Steamer
Baking Oven
Non-clog burner and water proof controls
Used by the best steakhouses in the world
Boilerless, no-lime steamer
V-air technology cooks bread in less than 15 minutes

12. Food Processing Industry
Middleby has leading brands and technology in the food processing equipment industry
U.S. Hot-side Foodservice Equipment Market by Product (1)
The food processing equipment market is in excess of $1.5 Billion.
Highly Fragmented
Middleby focus on Brands and Technology
Equipment specification and purchasing decisions driven by operators and engineers
Product pricing driven by differentiated technology
___________________________
Source: Management estimates. 4

13. Representative Customers
Market Leading Brands – Food Processing
Brand
Product
U.S. Market Position
Representative Customers
Batch Ovens
Continuous Ovens
Belt Ovens #1 #2
Sara Lee, Smithfield
Food Packaging Equipment
Kraft, Hormel
Conveyorized Breaders
Battering Equipment
Forming
Slicing
Tyson, Pilgrims Pride, Keystone Foods, OSI
We succeed due to strong brands, product innovation, service and support and our continuous commitment to quality

14. Middleby Growth Drivers
Favorable Industry Dynamics
New Product Pipeline
Acquisitions
International Expansion

15. Favorable Industry Dynamics
Many factors supporting growing demand for foodservice equipment
Dual income families continue to eat out
Percentage of household income spent on food prepared outside the home is increasing
Baby boomer generation approaching retirement
Growth in fast casual dining and breakfast
Emergence of co-branding process is gaining steam
Expansion of new menu items driving purchases of new foodservice equipment
On-premise baking more prevalent
Growing awareness of nutrition implemented through low carb diets and increased presence of salads with grilled meat and fish
Average lifespan of foodservice equipment is ~8 years
Large installed base (over 850,000 establishments in US)
Replacement represents approximately one-third of the market
Trend in eating out gaining momentum
Rapid growth in developing nations such as China and India
U.S. chain concepts expanding internationally
Foodservice operators demanding greater productivity through automation
Need for equipment with greater energy cost savings
Increased cost of trans-fat free oil
Favorable Demographics
New Restaurant / Store Openings
Menu Changes
Replacement of Existing Equipment
Expansion of International Markets
Rising Foodservice Operator Costs

16. New Products Driving Growth
We are committed to meeting changing customer needs
Customer Demand
Recent Innovations
Speed
No-turn bake convection oven
High speed conveyer with 25% reduction in cooking time
Hydrovection ovens
Energy/Cost Savings
New energy management system technology
High efficiency fryers
Automation/Efficiency
Self cleaning ovens
Advanced controls
Safety
Auto shut-off pilots in ranges
Waterproof controls
Our Success
We Introduce More than 10 Innovative New Products Each Year

17. New Product Pipeline - Foodservice
2007 Introductions
2008 Introductions
Mini WOW! Oven
Rethermalizer
Solstice Supreme Fryer
Redesigned Combi-Ovens
500 Series Range
Tanduri Oven
Revolving Tapinyaki Griddle
High H Oven
Hydrovection Oven
Rocket Fryer
Ventless Hood
Pressure Fryer
Visual Cooking Combi-Ovens
Samooza Fryer
New Products Represent more than 20% of Net Sales

18. New Product Pipeline – Food Processing
2007 Introductions
2008 Introductions
Conveyor Fryer
Co-Extrusion
Forming Equipment
Intellijet Water Cutter
Cyclone Belt Oven
Flash Pasteurization
Mid-Size J-Con Oven
Wireless Controls
New Products Typically Carry Profit Margins >5% Higher than existing Products

19. Creating the Premier Foodservice Equipment Company
Acquistion Strategy
Acquire Leading Brands and Technologies
Established Market Positions
Differentiated Products
Higher Profit Margin
Increase Operating Efficiency
Eliminated Unprofitable SKU’s
Focus on Core Products
Streamline Production and Administrative Processes
Realize Synergies
Increased Purchasing Leverage
Utilization of Middleby Low Cost Production Facilities
Leverage Sales and Distribution Network
Leverage Existing Chain Relationships
Creating the Premier Foodservice Equipment Company

20. Middleby Worldwide Executive Summary
Middleby Worldwide is the sales, service and distribution arm supporting the Middleby Brands internationally in over 100 countries. Middleby Worldwide has company owned operations in key markets around the world.
Middleby Owned Sales and Service Offices in Key Markets:
Mexico
Australia UK
Spain
Sweden
China
India
Korea
Taiwan
Philippines
Mid-east
Russia

21. 4/17/2017 7:15 PM
Global Reach
Mississauga, Ontario, Canada # of Employees: 2
Bilbao, Spain # of Employees: 11
Manchester, UK # of Employees: 20
Delhi, India # of Employees: 5
Seoul, South Korea # of Employees: 11
Shanghai, China # of Employees: 14
Taipei, Taiwan # of Employees: 7
Manila, Philippines # of Employees: Manufacturing: 95
- Sales & Dist.: 16
Mexico City, Mexico # of Employees: 26
{M M I}\MIDDLEBY\PROJECT MIDAS\ENGAGEMENT\MGMT PRESENTATIONS\MISC\DRAWING1 THE WORLD.VSD
Manufacturing facility, sales office and test kitchen
Sales office with test kitchen
Sales office only
Key Advantages
Test kitchens throughout the world allow Middleby to educate customers of the benefits of its equipment through hands-on experience and training
Worldwide service is critical and highly valued by U.S. chains expanding into international markets
Worldwide sales infrastructure allows direct contact with key decision makers, especially in high-growth markets
Philippines and China manufacturing capabilities provides regional presence in high-growth Asian markets

22. 2007 2nd Quarter Year to Date Review
Results
Commentary
(Amounts in millions, except per share data)
Net Sales increased 8.6% year to date
3.3% organic growth
3% Impact of Work Stoppage ($5.8m)
5.4% acquisition growth
Gross margins impacted by:
Integration of Alkar/Rapidpak acquisition
Increased steel and other material costs
Operating costs impacted by:
Acquisitions
Higher commissions
Reduced Debt/Rising interest rates
YTD
Q2 2007
Q2 2006
Net Sales
$ 218.9
$ 201.6
% Growth
8.6%
26.8%
Gross Profit
$ 86.0
$ 77.3
% Margin
39.3%
38.3%
SG&A
$ 46.0
$ 41.8
Operating Income $ $
% Sales
18.3%
17.6%
Interest Expense, net $ $
Net Earnings $ $
Diluted EPS $ $
Weighted Avg Shares
16.8
16.5

23. Financial Themes Top Line Growth Positioned in faster growing segments
Continued new product innovation
Acquisition growth
Focus on Operating Margins
Standardization of product platforms
Strategic supply chain initiatives
Integration of recent acquisitions
Strong Balance Sheet
Continued debt reduction
Capacity to pursue strategic acquisitions

24. Key Investment Highlights
Market Leader of Foodservice Equipment
Established Well-Respected Brands
Premier Customer Base
Positioned for Growth
Unique Global Footprint
Strong Profitability and Commitment to Operational Excellence
Successful Track Record of Growth through Acquisitions
Experienced and Proven Management Team