The Middleby Corporation June 3 2008 Sidoti Fifth

The Middleby Corporation June 3, 2008 Sidoti Fifth Annual Boston Emerging Growth Institutional Investor Forum 1

Forward Looking 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. 2

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 § 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 § Proven senior management team 3

Company Snapshot § The Middleby Corporation is the worldwide leader in the manufacturing and distribution of a broad line of cooking, warming and preparation equipment for the commercial restaurant and food processing industries § Headquartered in United States (Chicago, Illinois) § Publicly traded on U. S. stock exchange (NASDAQ symbol: MIDD) § $500 million in annual revenue, 2007 § 1, 200 employees worldwide § 15 worldwide manufacturing facilities – 12 U. S. Facilities – 3 European Facilities – 2 Asian Facilities 4

Financial Performance Sales ($ in millions) Gross Profit ($ in millions) 30% R CAG 35% EBITDA R CAG EPS ($ in millions) AG C 45% R R 0% G CA 8 5

Free Cash Flow ($ in millions) Free Cash Flow 1 -Yr %6 R CAG 46 Significant free cash flow generation 1 Free Cash Flow = EBITDA - Capital Expenditures 6

Company Breakdown 7

Diverse and Stable Revenue Base Food Processing 10% International Food Service 20% New Store Openings 33% Growing international markets Institutional 10% Independent 10% Casual 10% Domestic Food Service Menu Changes 33% Allows restaurants to differentiate themselves in a competitive market Replacement & Maintenance 34% Installed base of aged equipment in 850, 000 establishments Pizza 10% QSR 10% Fast Casual 20% End Market Product Use Stable, diversified revenue base with exposure to high growth end markets and limited exposure to new U. S. restaurant openings 8

Industry Leading Brands - Foodservice u #1 in Pizza Chains u #1 in Convenience Stores u #1 in Fast Casual u #1 in Deli and Sandwich Shops u #1 in Steakhouses and Seafood u #1 in Chicken Outlets u #1 in Pan-Asian Cuisine u #2 in QSR u #2 in Casual Dining 9

Industry Leading Brands – Food Processing u #1 in Sausages, Hot Dogs and Ham u #1 in Chicken Preparation u #2 in Bacon u #2 in Burger Patties u #2 in Meat Packaging 10

Disruptive Technologies Wow Oven Hydrovection Oven Visual Cooking KI AWARD ¾ Automated oven with energy management system 500 Series Range ¾ Combination steam and Solstice Fryer KI AWARD ¾ Most energy efficient oven ¾ Self cleaning burner convection in one cavity Ventless Hoods Enduraheat Rhapsody Oven KI AWARD ¾ Non-clog burner and water proof controls ¾ Used by the best steakhouses in the world ¾ Utilizing induction to hold food for extended periods ¾ V-air technology cooks bread in less than 15 minutes We focus on the development of innovative foodservice equipment 11

Value Added Offering Limited Service Restaurant Unit Economics % Sales Cost of Food & Beverage $2, 200, 000 100. 0% 638, 000 29. 0% 1, 562, 000 71. 0% Salaries, Wages, Benefits 667, 000 30. 3% Direct Operating Expenses 106, 000 4. 8% Marketing 46, 000 2. 1% Utilities 68, 000 3. 1% 163, 000 7. 4% Repairs and maintenance 37, 000 1. 7% Depreciation 42, 000 1. 9% G&A 55, 000 2. 5% 130, 000 5. 9% 249, 000 11. 0% Gross Profit Occupancy Other/Corporate Overhead Operating Profit Illustrative Middleby Product Economics § Investment $10, 000 § Yearly Depreciation 1, 2 Pitco Fryer: $1, 428 $10, 000 § Yearly Savings Life: – Labor – Energy Deprecation Per Year: § Other Savings Deprecation/Sales: – Safety – Speed – Less Downtime 7 Years $1, 428 $1, 200 $4, 200 $1, 428 $5, 400 0. 06% § IRR 3 § Payback period 50% < 2 years Product represents a small investment and provides an attractive ROI/payback 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 thereafter 3 Pre-tax and financing 12

Premier Customers § Blue-chip customer base § Long standing relationships § Limited customer concentration § Large installed base § Serve all food segments 13

Global Reach 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 Manufacturing facility, sales office and test kitchen Sales office with test kitchen Sales office only Key Advantages § § Test kitchens throughout the world allow Middleby to educate customers on 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 14

Competitive Advantage Research & Development § Industry leading innovation process (“customer driving”) Management Team § Emphasis on quality § 6 -8 new products each year § Ability to measure customer savings Manufacturing § Efficient operations & use of capital § Experienced and proven to deliver results § Strong performance culture § Equity ownership of >10% allows for 80%+ ROTIC § 15 manufacturing facilities throughout the world § Focus on working capital management Sales & Marketing Acquisition Capability § Focus on leading brands § Proven ability to transform acquired § Strong relationships with dealers § Key partnerships w/leading chains § Only viable choice for many product companies § Preferred purchaser Service categories § Emphasis on cross-selling § Industry leading customer service § “No-quibble” warranty § Test kitchens throughout world A differentiated business model 15

New Product Pipeline - Foodservice 2008 Introductions 2007 Introductions u Mini WOW! Oven u High H Oven u Rethermalizer u Hydrovection Oven u Solstice Supreme Fryer u Rocket Fryer u Plancha and Satay Ovens u Ventless Hood u 500 Series Range u Rhapsody Oven u Tanduri Oven u Visual Cooking Combi-Ovens u Endura Heat u Wall Oven Residential line New Products Represent more than 20% of Net Sales 16

New Product Pipeline – Food Processing 2007 Introductions 2008 Introductions § Cyclone Belt Oven § Conveyor Fryer § Flash Pasteurization § Co-Extrusion § Mid-Size J-Con Oven § Forming Equipment § Wireless Controls § Intellijet Water Cutter New products typically carry profit margins >5% higher than existing products 17

Financial Performance Sales ($ in millions) Gross Profit ($ in millions) 30% R CAG 35% EBITDA R CAG EPS ($ in millions) AG C 45% R R 0% G CA 8 18

Favorable Industry Dynamics § § § Dual income families continue to eat out, even in challenging economic times § § Growth in fast casual dining and breakfast § § § Expansion of new menu items driving purchases of new foodservice equipment Average lifespan of foodservice equipment is ~8 years Replacement of Existing Equipment § § § Trend in eating out gaining momentum Expansion of International Markets § § § Rising Foodservice Operator Costs § § § Foodservice operators demanding greater productivity through automation Favorable Demographics New Restaurant / Store Openings Menu Changes Percentage of household income spent on food prepared outside the home is increasing Baby boomer generation approaching retirement Emergence of co-branding process is gaining steam On-premise baking more prevalent Growing awareness of nutrition implemented through low carb diets and increased presence of salads with grilled meat and fish Large installed base (over 850, 000 establishments in U. S. ) Replacement represents approximately one-third of the market Rapid growth in developing nations such as China and India U. S. chain concepts expanding internationally Need for equipment with greater energy cost savings Increased cost of trans-fat free oil Many factors support growing demand for foodservice equipment 19