1 the middleby corporation. 2 financial performance sales ($ in millions) gross profit ebitdaeps 30%...

The Middleby Corporation

Financial PerformanceSales($ in millions)Gross ProfitEBITDAEPS30% CAGR35% CAGR45% CAGR80% CAGR($ in millions)($ in millions)

46% 6-Yr CAGRFree Cash Flow 1Free Cash Flow = EBITDA - Capital Expenditures

Free Cash Flow1 ($ in millions)Significant free cash flow generation

Diverse and Stable Revenue BaseEnd MarketPizza 10%QSR 10% Fast Casual 20%Casual 10%Independent 10%Institutional 10%Food Processing 10%International Food Service 20%DomesticFoodServiceProduct UseMajority in international marketsAllows restaurants to differentiate themselves in a competitive marketInstalled base of aged equipment in 850,000 establishmentsStable, diversified revenue base with exposure to high growth end markets and limited exposure to new U.S. restaurant openings

Value Added Offering RevenueProtectionCompetitiveDynamicsCostPressuresCustomer NeedMiddleby Offering The opportunity cost of a bad product can cripple a restaurants revenue. Equipment is used to compete effectively and lower customers most pressing costs.Middleby provides leading service with the industrys best known brands. Middleby works with customers to introduce products that best meet their needs.

Value Added Offering (contd)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 Product represents 0.1% of cost structure, is immediately P&L accretive and provides attractive ROI/payback$1,428% SalesSales$2,200,000 100.0%Cost of Food & Beverage638,000 29.0%Pitco Fryer: $10,000Gross Profit1,562,000 71.0%Salaries, Wages, Benefits667,000 30.3%Life:7 YearsDirect Operating Expenses106,000 4.8%Marketing46,000 2.1%Deprecation Per Year:$1,428Utilities68,000 3.1%Occupancy163,000 7.4%Deprecation/Sales: 0.06%Repairs and maintenance37,000 1.7%Depreciation42,000 1.9%G&A55,000 2.5%Other/Corporate Overhead130,000 5.9%Operating Profit249,000 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

Competitive AdvantageGlobal operating platform provides significant barriers to entry

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

New products represent more than 20% of net sales

New Product Pipeline Food Processing

Cyclone Belt Oven

Flash Pasteurization

Mid-Size J-Con Oven

Wireless Controls

2007 Introductions2008 Introductions

Conveyor Fryer

Co-Extrusion

Forming Equipment

Intellijet Water Cutter

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

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 ROIsUnique global operating platform provides significant barriers to entryU.S. restaurant sales have never declinedDiversified revenue base with exposure to high growth end markets Focus on continued operational improvements and margin expansionSuccessful 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