Investor Presentation
October 2006
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 timeto-time in the company's SEC filings.
1
Company Overview
Middleby Investment Highlights
 Market Leader
− Established and well-respected brands and leader in the commercial cooking industry
− #1 or #2 market position in U.S. across most product lines
− Introducing 10-12 new, technologically-advanced products every year
 Well-Positioned for Continued Growth
−
−
−
−
Strong pipeline of new differentiated products
Premiere customer base for replacement market
Proven acquisition strategy and integration
Infrastructure in place and well-positioned for quickly-growing international markets
 Experienced, Proven Management Team
− 12+ record quarters
− Successful record of growth organically and through acquisitions
− Strong profitability and commitment to operations excellence
3
Market Leader
We are focused on the hot-side of the foodservice equipment industry
 The U.S. commercial cooking
equipment market is ~$1.5B.
U.S. Hot-side Foodservice Equipment
Market by Product (1)
 The International commercial cooking
equipment market is $1B.
Microwave
Combi
Baking &
Ovens
Ovens
Other Ovens
5%
6% Toasters /
7%
Conveyor
Counterline
Ovens
4%
5%
Convection
Ovens
Heating
10%
Cabinets
 The Middleby focus is the hot side
– Most important piece of equipment in
the restaurant and critical the success
of the restaurant.
11%
– Equipment specification and
purchasing decisions driven by chef /
operator
Fryers
16%
Grills, Ranges
& Broilers
16%
– Product pricing driven by differentiated
technology
Steam
Cooking
20%
___________________________
1. Source: North American Association of Food Equipment Manufacturers and management estimates.
4
Market Leading Brands
Brand
Product
U.S. Market Position
Representative Customers
 Conveyor Ovens
#1
 Papa John’s, Pizza Hut,
Domino’s, Costco
 Fryers
#2
 KFC, Dunkin’ Donuts,
McDonald’s, Taco Bell
 Convection Ovens
#1
 KFC, Burger King,
Cracker Barrel,
Cheesecake Factory
 Ranges
#2
 Morton’s, Wendy’s,
Bob Evans
 Charbroilers
#1
 Outback Steakhouse,
Applebee’s, Culver’s
We succeed due to strong brands, product innovation, service and support and our
continuous commitment to quality
___________________________
Source: Management estimates.
5
Market Leading Brands (con’t)
Brand
Product
U.S. Market Position
 Restaurant Baking Ovens
#1
 Subway, Bob Evans
 Warmers
 Toasters
#1
#2
 Wendy’s, KFC, IHOP
McDonald’s, Chick-fil-A
#2
 SaraLee, Smithfield
 Food packaging
equipment
#2
 Kraft, Hormel
 Combi-ovens Ovens
N/A
 Fast-growing European
markets
 Food processing ovens
Representative Customers
We succeed due to strong brands, product innovation, service and support and our
continuous commitment to quality
___________________________
Source: Management estimates.
6
Middleby Brand Products
We offer a comprehensive line of innovative cooking equipment
Conveyor Oven
 Automated oven with energy
management system
Range
 Non-clog burner and water
proof controls
Combi Oven
Convection Oven
 Combination steam and
 No-turn bake capabilities
Fryer
 Highest efficiency burner
convection in one cavity
Infrared Broiler
Steamer
 Used by the best
 Boilerless, no-lime steamer
steakhouses in the world
Baking Oven
 V-air technology cooks bread
in less than 15 minutes
7
Strong Relationships with Premier Customers
 Blue-chip, customer base
 Long standing relationships
 Limited customer concentration
 Large installed base
 Serve all food segments
8
Middleby Sales Growth Drivers
 New Products
 Acquisitions
 Replacement Market
 International Sales
1) Sales Growth Drivers—New Products
The Middleby brands introduce10-12 new products every year. By listening to our customers, new products
are then developed to meet their needs and satisfy industry trends such as energy savings and speed.
Energy Savings
Speed
 WOW! Oven
 WOW! Oven
 Rocket Fryer
 Rocket Fryer
 Bakery Ovens
 Hydrovection
 Strato Steam
 Cyclone Oven
 Flash Pasteurization
9
Growth Drivers—Middleby R&D
Disruptive Design
Brand Extension
Catalyst Design
Strategic Market
Transformation
Designs that reinterpret
existing categories with
features and benefits
Value to bottom line of
customers
Benefit: Sales Growth
Benefit: Customer
retention and
brand image
Benefit: Improved
Profit Margins
WOW Oven
Rethermalizer
10
StratoSteam
2) Sales Growth Drivers—Acquisitions
Two New Middleby Platforms
Combi Ovens
Food Processing and Packaging
$400 million market
$600 million market
$40 million
$10 million
$20 million
11
Recent Acquisitions
Alkar Rapidpak acquisition allows expansion of customer base into food processing,
Denmark-based Houno brings to Middleby European manufacturing and technology.
 Acquisition Criteria:
– Leading Brands
– Patented Technology
– Focused on Cooking
Recent Acquisitions
Rationale
 Alkar and RapidPak: Broadened product lines and customer
base to expand cooking for food processing industry. Benefit
from precooked and “ready to eat” trends as fewer meals are
prepared at home
 Houno:Gives Middleby a strong presence in quickly-growing
European markets.
 Both: Opportunities to transfer technology across companies
Integration Initiatives
 Technology Transfer
 SKU rationalization and Product Pricing
 Cost Reduction and Purchasing Savings
12
Successful Acquirer
Transforming Blodgett acquisition; compelling Nu-Vu acquisition in 2005
 Blodgett a key strategic acquisition
− More than doubled size of company
− Integrated and refocused on strength of brands
− Successful new product launches
 Post-Blodgett integration, we continue to be opportunistic
− Nu-Vu acquisition presents great opportunity
− Foodservice equipment industry remains fragmented
Blodgett Acquisition
Nu-Vu Acquisition
Rationale
Rationale
 Broadened product lines to
provide more complete range of
hot-side foodservice equipment
 Acquired in January 2005
 Better positioned us with fast
growing segments of
foodservice industry
 Fills gap in product line
 Leader in baking ovens and
proofers
Achievements and Synergies
 Complementary technologies
provide further ability to
innovate
 Rationalized headcount
Synergy Opportunities
 Consolidated manufacturing
facilities
 Cross-selling to be realized
 Manufacturing / productivity
improvements
 Refocused business on core
products
13
3) Sales Growth Drivers—Replacement Market
 Middleby Marshall Conveyor Ovens
 Convection Ovens
 Transfat filter oil fryers
 Stratosteam Gas: boilerless
14
4) Sales Growth Drivers—International Market
 Local chains
 Specifically designed product for regional
specifications
 Reorganization of Middleby Worldwide
15
Unique Global Footprint
Global presence through sales, service and manufacturing in key international markets
Bilbao, Spain
Manchester, UK
Delhi, India
Seoul, South Korea
Shanghai, China
Mississauga,
Ontario, Canada
Net Sales by Geography
Europe and
Middle East
8%
Latin America
3%
Asia
8%
Manila, Philippines
Mexico City, Mexico
Manufacturing facility, sales office and test kitchen
Taipei, Taiwan
Sales office with test kitchen
Sales office only
United States
and Canada
81%
Key Advantages
 Test kitchens throughout the world allow us to educate customers of the benefits of our 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
Asian markets
 Philippines manufacturing provides regional presence in high-growth Asian markets and low-cost
manufacturing capabilities for U.S. market
16
Profit Growth Drivers
Supply Chain
 $100 Million
 Outsourcing to China
 Reverse auctions
Higher Margin Products
 Higher Margin Products
 WOW
 500 Range
Plant Efficiencies
 Plant Operating Rationalization: consolidation of Toastmaster and Nu-Vu
 Move high labor process to the Philippines
17
Financial Review
Financial Overview
($ in millions)
Middleby Financial Performance
$400
40%
$359.5
$316.8
300
$271.1
$235.1
30
$242.2
200
20
$132.5
$132.3
100
$127.0
$103.6
8.6%
12.2%
4.8%
$11.4
$6.3
19.2%
$15.5
14.4%
11.1%
$11.5
20.4%
15.9%
$38.6
$33.9
$52.2
64.6
20.3%
73.0
0
10
0
1998
1999
2000
2001
2002
2003
2004
2005
$400
40%
300
30
200
New management
team 100
in place
0
Jan 2005
Nu-Vu
acquired
Blodgett acquired in
December 2001
Middleby operations
1998restructured
1999
Blodgett operations
restructured
2000
2001
2002
Net Revenue
19
EBITDA
Dec 2005
ALKAR
acquired
Aug 2006
Houno
acquired
20
10
0
2003
EBITDA Margin
2004
2005E
2006E
Track Record of Growth
Historical Net Sales
Net Sales
$317.0
$310
$300
$290
$280
$271.1
$270
$260
$250
$240
$242.2
$235.1
$230
$220
$210
$200
2002
2003
2004
21
2005
Focus on Profitability
($ in millions)
Historical Gross Profit and Margin
$140
Historical Operating Income and Margin
60%
$60
50%
$50
$58.0
25%
$121.6
$120
$49.0
20%
$102.6
$100
$78.5
37.9%
$80
18.1%
$40
40%
$85.9
$35.0
38.4%
$29.7
35.4%
33.4%
18.3%
14.5%
$30
30%
15%
12.6%
$60
10%
20%
$20
10%
$10
0%
$0
$40
5%
$20
$0
2002
2003
Gross Profit
2004
0%
2002
2005
2003
Operating Income
Gross Margin
2004
2005
Operating Margin
Focus on Margin Improvement
___________________________
Note: 2004 operating income and margin exclude stock repurchase transaction expenses of $12.6 million and acquisition integration reserve reversal of $1.9 million. See the Company’s
10-K for further disclosure.
22
Operating Strategy
We have achieved success due to our focus on our core management philosophy

Decentralized operations

Incentivizing employees on financial performance goals

Achieving engineering and R&D excellence

Driving operational efficiencies
Proven Results
 Product standardization
− Significant improvements in productivity
 Focus on higher margin products
− Eliminated less profitable product lines
 Improvement in capacity utilization
− Strategic shifts in manufacturing and
through reduction of man hours
 Material cost initiatives
− Reduction of suppliers / improved
production
 Utilization of low-cost facility
− Increased utilization of Philippines
sourcing
 Plant consolidation and headcount reduction
− Successful integration of acquisitions
facility for U.S. component
manufacturing
23
2006 First Half Review
Results
Commentary
(Amounts in millions, except per share data)
YTD
Q2 2006
YTD
Q2 2005
Net Sales
% Growth
$ 201.6
27.0%
$ 158.8
17.3%
Gross Profit
% Margin
$ 77.2
38.3%
$ 59.7
37.5%
 Net Sales increased 27% in 1st half
− 9.0% organic growth
− 18.0% acquisition growth
 Gross margins impacted by:
− Benefit of increased volume and
production efficiencies
− Increased steel and other material costs
SG&A
% Sales
$ 41.8
20.7%
$ 31.3
19.7%
− Impact of acquisitions
 Operating costs impacted by:
Operating Income
% Sales
$ 35.4
17.5%
Interest Expense, net
$
Net Earnings
$ 19.1
$ 15.3
Diluted EPS
$ 2.32
$ 1.91
Weighted Avg Shares
3.8
$ 28.3
17.8%
8.2
$
− Impact of acquisitions
− Higher commissions due to increased
sales
3.5
− Rising interest rates
8.0
24
Financial Themes
 Top Line Growth
− Positioned in faster growing segments
− Continued new product innovation
− Impact of acquisition
 Focus on Operating Margins
− Standardization of product platforms
− Strategic supply chain initiatives
− Integration of Alkar
 Strong Balance Sheet
− Continued debt reduction
− Capacity to pursue strategic acquisitions
20
Key Investment Highlights

Market Leader on Hot-Side 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
25