1

The Middleby Corporation

2

Financial Performance

Sales

($ in millions)

Gross Profit

EBITDA EPS

$101.6

$229.1 $242.2$271.1

$316.7

$403.1

$500.5

2001 2002 2003 2004 2005 2006 2007

$32.4

$78.5 $85.9$102.6

$121.7

$156.9

$192.4

2001 2002 2003 2004 2005 2006 2007

$10.6

$28.7$39.0

$46.1

$63.1

$81.8

$99.3

2001 2002 2003 2004 2005 2006 2007

$0.09$0.33

$1.00$1.19

$1.99

$2.56

$3.11

2001 2002 2003 2004 2005 2006 2007

30% CAGR

35% CAGR

45% CAGR

80% CAGR

($ in millions)

($ in millions)

3

$81.8

$99.3

$10.2

$27.6

$38.0

$44.9

$61.7

2001 2002 2003 2004 2005 2006 2007

46% 6-Yr CAGR

Free Cash Flow

1Free Cash Flow = EBITDA - Capital Expenditures

Free Cash Flow1

($ in millions)

Significant free cash flow generation

4

Diverse and Stable Revenue Base

End Market

Pizza 10%

QSR 10%

Fast Casual 20%

Casual 10%

Independent 10%

Institutional 10%

Food Processing 10%

International Food Service 20%

DomesticFood

Service

Product Use

New Store Openings

33%

Menu Changes

33%

Replacement & Maintenance

34%

Majority in international markets

Allows restaurants to differentiate themselves in a competitive market

Installed base of aged equipment in 850,000 establishments

Stable, diversified revenue base with exposure to high growth end markets and limited exposure to new U.S. restaurant openings

5

RevenueProtection

Value Added Offering

CompetitiveDynamics

CostPressures

Customer Need Middleby Offering

The opportunity cost of a bad product can cripple a restaurant’s revenue. Equipment is

used to compete effectively and lower customers’ most pressing costs.

Middleby provides leading service with the industry’s best known brands. Middleby works with customers to introduce products that best

meet their needs.

Quality/Reliability

Service

Premier brands in industry

Longest warranties/industry leading service

Test kitchens throughout world

Cooking speed

Adaptability to menu changes

Products offer fastest speed available

Dominant position in fast casual equipment

Food input costs

Labor & safety costs

Energy costs

Products extend life of expensive input costs

Many products are self-cleaning, reducing

labor costs

Numerous products reduce energy costs by

over 30%

6

Value Added Offering (cont’d)

Source: National Restaurant Association; Deloitte & Touch; Management Estimates 1 Assumes straight-line depreciation over 7-years. Yearly annual depreciation is less than 0.1% of cost structure.2 Minimal maintenance spend in first 2-3 years, $500 per year thereafter3 Pre-tax and financing

Limited Service Restaurant Unit Economics Illustrative Middleby Product Economics

Product represents 0.1% of cost structure, is immediately P&L accretive and provides attractive ROI/payback

$1,428

% Sales

Sales $2,200,000 100.0%

Cost of Food & Beverage 638,000 29.0% Pitco Fryer: $10,000

Gross Profit 1,562,000 71.0%

Salaries, Wages, Benefits 667,000 30.3% Life: 7 Years

Direct Operating Expenses 106,000 4.8%

Marketing 46,000 2.1% Deprecation Per Year: $1,428

Utilities 68,000 3.1%

Occupancy 163,000 7.4% Deprecation/Sales: 0.06%

Repairs and maintenance 37,000 1.7%

Depreciation 42,000 1.9%

G&A 55,000 2.5%

Other/Corporate Overhead 130,000 5.9%

Operating Profit 249,000 11.0%

Investment $10,000 Yearly Depreciation1,2 $1,428

Yearly Savings– Food $800– Labor $1,200– Energy $3,600

$5,400 Other Savings

– Safety– Speed– Less Downtime

IRR3 50%

Payback period < 2 years

7

Competitive Advantage

Focus on leading brands Ability to transform acquired companies Preferred purchaser

Acquisition Capability

Strong relationships with dealers Key partnerships w/leading chains Only viable choice for many product

categories Emphasis on cross-selling

Sales & Marketing

Industry leading service “No-quibble” 10-year warranty Test kitchens throughout world

Service

Efficient operations & use of capital allows for 80%+ ROTIC 12 manufacturing facilities throughout the world Focus on working capital management

Manufacturing

Combined 200 years in industry Strong performance culture Equity ownership of >10%

Management Team

Industry leading innovation process (“customer driving”) Emphasis on quality 6-8 new products each year Ability to measure customer savings

Research & Development

Global operating platform provides significant barriers to entry

8

New Product Pipeline – Foodservice

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

2007 Introductions 2008 Introductions

New products represent more than 20% of net sales

9

New Product Pipeline – Food Processing

Cyclone Belt Oven

Flash Pasteurization

Mid-Size J-Con Oven

Wireless Controls

2007 Introductions 2008 Introductions

Conveyor Fryer

Co-Extrusion

Forming Equipment

Intellijet Water Cutter

New products typically carry profit margins >5% higher than existing products

10

Investment Highlights

Leading value-added manufacturer of hot commercial food service and

processing equipment (#1 or #2 market share in each product)

Products are critical to customers, represent small portion of their budgets,

and provide high ROIs

Unique global operating platform provides significant barriers to entry

U.S. restaurant sales have never declined

Diversified revenue base with exposure to high growth end markets

Focus on continued operational improvements and margin expansion

Successful track record of creating significant value through acquisitions

Long-term annual EPS growth target of 20%, consistent with historical

performance

Proven senior management team with decades of industry experience