The Middleby Corporation · NASDAQ:MIDD
The Middleby — Middleby — Merger or Acquisition (May 2006)
27 slides from The Middleby's merger presentation, May 23, 2006
Slide 1: The Middleby Corporation
__ THE MIDDLEBY CORPORATION 23 May 2006
Slide 2: Disclaimer
Disclaimer ates dcussed in his presentation or cbense stbuabe othe careany which are rot Nistor fac are fowardiookng statements made pursuant tothe sate haber poisons othe Pate Secures Lgaten Reform At of 1895 Frwaraeling sates ae Based on be compar erates and projects on he dale ‘hor are made, and
Slide 3: Summary
Summary 195 PENCE 30% PREMIUM 446x LTMEBITOA™ Indicated 195 pence per share potential cash offer recommendation by the Enodis board is a waivable pre-condition to the making of any offer aw We are seeking broader co-operation with Enodis than a recommendation We are also seeking Enodis’ co-operation
Slide 4: Middleby Management Team
Middleby Management Team + Served.as President of Southbend, a Middleby _—«*”‘Served as Vice President and Corporate company, from 1996-1999 and as President of Controller of Middleby from 2000 to 2008, the Middleby Cooking Systems Group from + Became CFO in 2003 1999.2000 + Became the COO of Middle
Slide 5: Overview of Middleby
Overview of Middleby + Faterganaatonlsructiefocused on operations esceence + Custemerenereed cute, debverng technologesly advances praduts io siess cuter needs 1+ Heston of successfuydentying and etegrating acqustons + Be preductsinvoducedin the pastvee years >> 1+ New products include Sostce™ fer,
Slide 6: Acquisition History
Acquisition History Rationale Rationale atone + Brostened routines to powde + Leaderin baling ovens anéprosers + andes cuter bse ta ce ‘more canpete ange oth ee By crapsisteat teh fCodpecesor carne: teodereeaupert | itasaaew’ & boatman + ene poetaneduewentet ging" Ceperanayts enone Amat Series segme
Slide 7: Middleby Historical Financial Performance
Middleby Historical Financial Performance
Slide 8: Middleby Exhibits Superior Operating Performance
Middleby Exhil its Superior Operating Performance ‘Operating Margin Comparison =m "BRR-2O0S Ravonon CAGR Comparison ™ ROIS Comparison mT “Besar Tarmover Comparison 7
Slide 9: Product Innovation
Product Innovation ‘Strategic Market Designs that reinterpret Value to bottom line of ‘Transformation existing categories with customers. l Teahaosaniberetts l net: mproved Prof bene: Sats Growth ene: Customer meron Retention and Brand Re WOW Oven StratoStoam —_ a Se sn tmepipt aa
Slide 10: Strong Relationships with Premier Customers
Strong Relationships with Premier Customers Blue-chip customer base Long standing relationships Limited customer concentration Large installed base Serve all food segments | McDonalds ‘© Dunkin Donuts = 1HOP = Papa Johns © KFC = BurgerKing = Wendy's Pizza Hut + TG Friday's = PF Chang's Teco Bell = S
Slide 11: Five-Year Stock Price Performance
Five-Year Stock Price Performance MST
Slide 12: Strategic Rationale and Synergies
Strategic Rationale and Synergies * Broad product portfolio servicing “hot” and ‘+ Based on previous experiences we would “cold segments contemplate that potential synergies could be in ‘+ Complementary group of industry leading brands bese ot So alles Oa SUS Euless Be ers ence + Quantiieation and v
Slide 13: Product Line Up
Product Line Up BY CORPORATION Comeyor ovens * Convecton ovens Toasters CChatbolers + Ranges + Rostavrantbakng ovens + Comiovens + Steamers + Bolles Wass. WAsouttiverd “ oom HOT: 1 Steam cookers + Comb-ovens + Eyes + Convection ovens coun: kee machines Commercial etigeratrstrezors * Beverage coolers
Slide 14: Synergies and Valuation
Synergies and Valuation + Our proposal delivers ~42% - 59% of potential synergy value to Enodis’ shareholders with no risk on their part = We assume the risk of achieving these synergies (fa shares in mone exceot pee share amounts) Share Price (as of May 8, 2006) (Ou Proposal Middleby’s View of Valu
Slide 15: Full Value Proposal
Full Value Proposal Leading Foodservice Equipment Companies TUN ESTON ramon Pe
Slide 16: U.K. Premia
U.K. Premia TRUETAGE PRERIA PDH OR POGLIC TRANSACTIONS Pe ed Tacs 1: Wes al ‘AVUK Des ->US6150 0 mifon Low te? 138 oo 37% ie ses 2% na0% a7 [AVUK Dede -2US850 100 on™ Low te? 59% N98 s Msar™ 4% 1% 159%) oper ase? pry We E: [AHUK Deas. 20361.0m eiton Lom ute” 5% 199% som sar 9% 2% 80%) Upper ese™™ es
Slide 17: Long-term Opportunities for the Combination
Long-term Opportunities for the Combination + Global infrastructure Cost EMiclencies “= Oppestenty o convo sing Gobalifrasructure costs + Rationalization of Low margin Products improve margits by focusing on new technologicay. advanced products ‘+ Enhanced RED Capabitti Enhanced RED cepabiiis to res
Slide 18: Summary
Summary 195 PENCE 30% PREMIUM 41.6x LTM EBITDAD9 * Indicated 195 pence per share potential cash offer + Arecommendation by the Enodis board is a waivable pre-condition to the making of any offer evan + We are seeking broader co-operation with Enodis than a recommendation + We are also seeking Enodis
Slide 19: Appendix A
Slide 20: Middleby EBITDA Reconciliation
Middleby EBITDA Reconciliation (38) crn: mno01e87 conronarion 6
Slide 21: Enodis EBITDA Reconciliation
Enodis EBITDA Reconciliation 41) ah ie nn001887 conPonarion 2
Slide 22: Appendix B
Slide 23: Aga Foodservice EBITDA Reconciliation
Aga Foodservice EBITDA Reconciliation (# ad agp eae
Slide 24: IMI EBITDA Reconciliation
IMI EBITDA Reconciliation 45) Tel Prt oss fet pad hr (Pat) lcs or acon pene Pls Egonuedueaaes payrnterpeiee ‘Adie EOITON
Slide 25: Illinois Tool Works EBITDA Reconciliation
Illinois Tool Works EBITDA Reconciliation (°) Ce acres 2 is irpigmsae cory iam 1 Eropean os epee bss nit Cet
Slide 26: Manitowoc EBITDA Reconciliation
Manitowoc EBITDA Reconciliation 7) ‘dso HOR —aait a Se a
Slide 27: Searchable text section of graphics shown above
Searchable text section of graphics shown above [LOGO] Presentation to Enodis Shareholders May 2006 Disclaimer Matters discussed in this presentation or otherwise attributable to the company which are not historical fact are forward-looking statements made pursuant to the safe harbor provisions of t