The Middleby Corporation

November 6, 2007

Baird Industrial Conference

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 1995. 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.

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

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

Record Sales and Earnings Growth

Middleby Financial Performance

($ in millions)

Sales Growth through Product Innovation and Acquisition of Industry Leading Brands

103.6

235.1 242.2271.1

316.8

403.2 420.5

11.533.5 38.8 52.2 64.6

86 91.9

050

100150200250300350400450

2001 2002 2003 2004 2005 2006 2007 LTM

Revenues

EBITDA

Strong Relationships with Premier Customers

Blue-chip, customer base

Long standing relationships

Limited customer concentration

Large installed base

Serve all food segments

Revenue Breakdown

15%

85%

Food Processing

Commercial Foodservice

Commercial Foodservice and Food Processing Expanding Business Segments

Fryers16%

Grills, Ranges & Broilers

16%

Convection Ovens

10%Heating Cabinets

11%

Baking & Other Ovens

7%Conveyor Ovens

5%

Microwave Ovens

5%

Combi Ovens

6% Toasters / Counterline

4%

Steam Cooking

20%

Commercial Foodservice Market Leader

___________________________1. Source: North American Association of Food Equipment Manufacturers and management estimates.

U.S. Hot-side Foodservice Equipment Market by Product (1)

Middleby has leading brands and technology in the the foodservice equipment industry

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

Conveyor Ovens #1

Papa John’s, Pizza Hut, Domino’s, Costco, Red Lobster, Olive Garden

Fryers Rethermalizers

#2#1

KFC, Dunkin’ Donuts, McDonald’s, Taco Bell

Convection Ovens Combi-ovens Deck Ovens

#1#2#2

KFC, Burger King, Cracker Barrel, Cheesecake Factory

Ranges Upright Boilers

#2#1

Morton’s, Wendy’s, Bob Evans

Charbroilers Griddles

#2#2

Outback Steakhouse, Applebee’s, Culver’s

Baking Ovens Proofers

#1#1

Subway, Bob Evans

Product U.S. Market PositionBrand Representative Customers

Market Leading Brands – Foodservice

We succeed due to strong brands, product innovation, service and support and our continuous commitment to quality

Warming Cabinets Cook and Hold Banquet Carts

#1#2#2

McDonalds, Dunkin Donuts

Infrared Ovens Hearth Bake Conveyors

#1#1

Telepizza

Cooking Suites Ranges Custom Cooking

#1#3#1

Cheesecake Factory, PF Changs

Ventless Cooking Warming Equipment Pressure Fryers

#1#1#3

KFC, McDonalds, Waffle House

Combi-ovens #5 Tesco, Morrisons

Product U.S. Market PositionBrand Representative Customers

Market Leading Brands - Foodservice (con’t)

We succeed due to strong brands, product innovation, service and support and our continuous commitment to quality

Middleby Brand Products

Conveyor Oven Combi Oven Convection Oven Fryer

Range Infrared Broiler Steamer Baking Oven

Automated oven with energy management system

Combination steam and convection in one cavity

No-turn bake capabilities Highest efficiency burner

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

We offer a comprehensive line of innovative foodservice equipment

Slicers/ Emulsifying

15%

Fryers7%

Portioning15%

Ovens22%

Forming9%

Packaging15%

Grinding6%

Breading/ Battering

11%

Food Processing Industry

___________________________1. Source: Management estimates.

4

U.S. Hot-side Foodservice Equipment Market by Product (1)

Middleby has leading brands and technology in the food processing equipment industry

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

Batch Ovens Continuous Ovens Belt Ovens

#1#1#2

Sara Lee, Smithfield

Food Packaging Equipment

#2 Kraft, Hormel

Conveyorized Breaders Battering Equipment Forming Slicing

#2#1#2#2

Tyson, Pilgrims Pride, Keystone Foods, OSI

Product U.S. Market PositionBrand Representative Customers

Market Leading Brands – Food Processing

We succeed due to strong brands, product innovation, service and support and our continuous commitment to quality

Middleby Growth Drivers

Favorable Industry Dynamics

New Product Pipeline

Acquisitions

International Expansion

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

New Restaurant / Store Openings

Menu Changes

Favorable Demographics

Replacement of Existing Equipment

Expansion of International Markets

Rising Foodservice Operator Costs

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

Recent InnovationsCustomer Demand

New Products Driving Growth

Our Success

We are committed to meeting changing customer needs

We Introduce More than 10 Innovative New Products Each Year

New Product Pipeline - Foodservice

Mini WOW! Oven

Rethermalizer

Solstice Supreme Fryer

Redesigned Combi-Ovens

500 Series Range

Tanduri Oven

Revolving Tapinyaki Griddle

2007 Introductions 2008 Introductions

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 Introductions 2008 Introductions

Conveyor Fryer

Co-Extrusion

Forming Equipment

Intellijet Water Cutter

New Products Typically Carry Profit Margins >5% Higher than existing Products

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

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

Global Reach

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

Manufacturing facility, sales office and test kitchen Sales office with test kitchen Sales office only

Key Advantages

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

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

Results Commentary(Amounts in millions, except per share data)

YTD 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 $ 40.0 $ 35.4

% Sales 18.3% 17.6%

Interest Expense, net $ 2.5 $ 3.8

Net Earnings $ 23.3 $ 19.1

Diluted EPS $ 1.39 $ 1.16

Weighted Avg Shares 16.8 16.5

2007 2nd Quarter Year to Date Review

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

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