Hyster-Yale Materials Handling 8K Results of Operations and Financial Condition | HY 6 Nov 15

Investor Presentation

November 6, 2015

Exhibit 99

Presenters

•

Alfred M. Rankin, Jr.

Chairman, President and Chief Executive Officer of Hyster-Yale Materials Handling

•

Colin Wilson

President and Chief Executive Officer of NACCO Materials Handling Group

•

Kenneth C. Schilling

Senior Vice President and Chief Financial Officer

Safe Harbor Statement & Disclosure

This presentation includes forward-looking comments subject to important risks

and uncertainties. It may also contain financial measures that are not in

conformance with accounting principles generally accepted in the United States

of America (GAAP).

Refer to Hyster-Yale’s reports filed on Forms 8-K (current), 10-Q (quarterly), and

10-K (annual) for information on factors that could cause actual results to differ

materially from information in this presentation and for information reconciling

financial measures to GAAP. Past performance may not be representative of

future results.

Guidance noted in the following slides was effective as of the company’s most

recent earnings release and conference call (October 28, 2015). Nothing in this

presentation should be construed as reaffirming or disaffirming such guidance.

This presentation is not an offer to sell or a solicitation of offers to buy any of

Hyster-Yale’s securities.

Hyster-Yale Snapshot

Hyster-Yale Materials Handling, Inc. (NYSE:HY)

Leading global designer, manufacturer and

marketer of lift trucks and provider of aftermarket

parts and support

Headquartered in Cleveland, Ohio

Separate lift truck and fuel cell power solutions

segments

Over 5,400 employees globally

LTM 9/30/15 Revenue –

$2.6 billion

LTM 9/30/15 Net income –

$83.9 million

LTM 9/30/15 EBITDA

(1)

–

$141.0 million

9/30/15 Net cash –

$67.6 million

LTM 9/30/15 ROTCE

(1)

of 22.0% (Net cash basis)

_____________________

(1)

EBITDA and ROTCE are non-GAAP measures and should not be considered in isolation or as a substitute for GAAP measures. For discussion of non-GAAP

items and the related reconciliations to GAAP measures, see information in the Appendix starting on page 26.

Our Businesses

Our Core Lift Truck Business

Organic growth through market share gain

Our New Hydrogen Power Business

Rapid growth through development of technology

HYSTER-YALE

Leading position in growing industry

benefiting from globalization and long-

term worldwide economic recovery and

development

High potential for partnership and

consolidation opportunities to enhance

share gain initiatives

Strong balance sheet, financial

flexibility and attractive returns on

capital employed

Premier brands, comprehensive global

product line and exclusive, global

independent distribution network

Strong economic engine driven

by volume economies of scale

Focused strategic initiatives to gain

market share and enhance margins

over next two years

Focused investment in capital goods sector with share gain and

growth opportunities -

in developed countries from exposure to

goods movement, distribution and warehousing, and in developing

countries from exposure to industrialization

A Solid Investment Option

Debt free

Cash Generation & Commitment to

Shareholder Return

Investment & Growth in

Game Changing Technology

Leading Products & Market Positions

Strategies to Gain Share in Growth

Segments & Markets

Customer Focused &

Solutions Oriented

2015 Third Quarter Highlights

•

Lift truck segment revenue decline driven by significant

unfavorable currency and a shift in mix to lower-priced trucks

partially offset by higher unit volumes and price increases

Decrease in lift truck operating results from:

Unfavorable currency movements of $4.4 million and a shift

in sales to lower-margin products

+ Price increases, material costs deflation & lower freight, as

well as lower operating expenses

•

Nuvera spend was on target with original guidance given

2015 Third Quarter Highlights

Short-term Outlook

2015 Third Quarter

LTM 9/30/15

Consolidated Revenue

$652.1

100.0%

$2,643.8

100.0%

Lift Truck Operating Profit

35.6

5.5%

131.2

5.0%

Nuvera

Operating

Loss

(6.6)

(1.1)%

(20.7)

(0.8)%

Consolidated

Operating Profit

29.0

4.4%

110.5

4.2%

Consolidated

Net Income

20.9

3.2%

83.9

3.2%

EBITDA

$36.6

5.6%

$141.0

5.3%

($ in millions)

•

Global lift truck markets expected to be soft in Q4 2015,

all markets expected to decline except Western Europe

Substantially lower operating profit in Q4 2015 due to

expected unit volume declines, unfavorable currency

movements and higher IT costs, partially offset by price

increases, lower incentive compensation and material

cost deflation

Lift truck net income expected to decline due to lower

operating profit and higher effective income tax rate

•

Nuvera

net

loss

expected

$5.5

million

$7.0

million

in Q4 2015

Hyster-Yale Use of Cash Priorities

Return Cash to Stockholders

Investments in Adjacent or Complementary

Businesses

Investments in Hydrogen Power Business

Investments in Share Gain Programs

Investments in Core Lift Truck Business

To support strategic initiatives to accelerate growth or

enhance margins

Acquisitions of technologies that will accelerate the

business

Acquisitions of other forklift-related businesses

2013

2014

2015

Annual

Dividends

(1)

$16.7m

$1.00/share

$17.8m

$1.10/share

$13.8m (Paid YTD)

$1.14/share

2012 to 2014

Share Buyback

$49.8m / 694,653 shares of Class A common stock

Investments

commercialize

Nuvera’s

technology

(1)

Dollars represent total dividends paid during calendar year, while dividend per share represents the annualized dividend

rate after each May increase in 2014 and 2015

Lift Truck Industry Overview

(units in thousands)

Global Lift Truck Industry Size

_____________________

Trend line represents 4.5% CAGR from 2006-2008 Average Industry Size. Source: WITS. Represents order intake.

Global Lift Truck Industry Breakdown (Units)

_____________________

Source: WITS. LTM 9/30/15 Orders Reports.

Long-term

CAGR

(2004

–

2014)

4.5%

Global Lift Truck Industry Size

_____________________

Source: WITS. LTM 9/30/15 and LTM 9/30/14 order intake.

Lift Truck Industry –

Unit Distribution by Class

_____________________

Source: WITS. LTM 9/30/15 Orders Reports.

ICE = Internal Combustion Engine

Total Industry = 1,102k

Units

Class 4

ICE

Market Size -

_____________________

Source: Internal Company estimates

Market Size -

Size

Estimated

Industry Revenue Mix

Class 5

ICE

56%

Class 1

Electric

19%

Class 2

Electric

12%

Class 3

Electric

Europe

32%

China

22%

Americas

25%

Japan

Asia-Pacific

Middle East &

Africa

951

872

547

794

975

944

1,010

1,088

1,102

300

600

900

1,200

2007

2008

2009

2010

2011

2012

2013

2014

LTM

Q3 15

Class 1

Electric

17%

10%

Class 2

Electric

Class 3

Electric

31%

Class 4

ICE

Class 5

ICE

39%

Change over Prior Year

Total

Americas

Brazil

EMEA

JAPIC

+3%

+13%

-34%

+5%

-3%

Hyster-Yale’s Economic Engine

Hyster-Yale’s economic engine is driven by increasing unit volume as our “hedgehog” approach gets

embedded in all our activities and our flywheels increase momentum…

A large lift truck population base drives parts and service volume resulting in enhanced profitability for dealers and Hyster-Yale

Design

Component

Commonality

Supply Chain

Manufacturing

Quality

Marketing

Parts

Infrastructure

Capital Requirements

Geographic

and Product

Balance

Worldwide Distribution

Strength to Drive

Market Share

Parts and Service

Volume

Large Lift Truck

Population in Service

Volume

Economies

of Scale

Lift Truck Business Target Economics Goal and Gap to Target

7% Goal

Achieve minimum

operating profit

margin of 7% at the

peak of the current

market cycle and

7% at mid-cycle of the

next market cycle

Target

Economics

gap closure

can be

achieved by…

Increased margin

on ICE trucks

Segmentation

Low Cost of Ownership

Unit volume

Stronger Industry

+ Share Growth

= Volume Leverage

LTM 9/30/15 Gap to Target Economics

Actual Lift Truck Operating Profit Margin

5.0%

Margin

Variances

(0.5%)

Unit margin

0.0%

Parts/other

(0.5%)

Volume

Variances

2.5%

Manufacturing

variances/other

1.5%

Operating Expenses

1.0%

Lift Truck Operating Profit % Gap

2.0%

Leverage Gained from Moving Volume to Full Manufacturing Capacity

25,000

units of additional volume

$500 million

of additional revenue &

$65-$70 million

of operating profit

At Full Capacity:

115,000 units / year

$30 million

fixed cost absorption by moving from current capacity

utilization to full utilization of our manufacturing capacity

$35-$40 million

by meeting target economics in standard margin net of

increased SG&A spread over more units

50%

100%

LTM Q3 2015

2017-2018

Unused Capacity

Unit Volume

23%

Over the Remainder of this Market Cycle, Target Volumes Driven by…

Share growth of approx. 1.3% pts

> Strategic initiatives

> Share growth is expected to be

approximately 80% of volume

increase required

Growth of 15-20% by 2018-2019**

Growth of 0-5% by 2016-2017**

Growth of 5-10% by 2017-2018**

* Growth is from 2013 levels.

*First 9 months of 2015 Annualized

**Growth is from 2014 levels

100

200

300

400

500

2009

2010

2011

2012

2013

2014

2015*

EMEA Industry

Actual

Prior Peak

100

150

200

250

300

2009

2010

2011

2012

2013

2014

2015*

Americas Industry

Actual

Prior Peak

150

250

350

450

2009

2010

2011

2012

2013

2014

2015*

Asia Industry

Actual

Prior Peak

Our Core Lift Truck Strategic Initiatives

Core Lift Truck Strategic Initiatives Update

Strategic Objective

Implementation Highlights

•

Provide the right product and

solution to meet the specific

needs of different customers

across multiple industries

•

Increasing penetration of the

Metals and Paper segments

•

Gained conquest business at two

large trucking accounts

•

Introduced efficient battery

extraction solutions for electric

truck applications

Initiative

Understand

Customer Needs

Strategic Objective

Implementation Highlights

•

Deliver lowest cost of ownership

for all of our customers based

on their specific application

Initiative

Low Cost of

Ownership

•

Increasing penetration of factory-

fitted telematics

•

Introduced new fleet

management system to manage

costs more effectively

•

Launched fuel efficient engines

with longer service intervals

Outcome: Win in Targeted Major Accounts and Applications

Outcome: Competitive Advantage across Product Segments

Core Lift Truck Strategic Initiatives Update

Strategic Objective

Implementation Highlights

•

Develop the strongest

independent, exclusive dealer

network

Initiative

Enhance Independent

Distribution

Strategic Objective

Implementation Highlights

•

Strengthen penetration of the

growing warehouse segment

Initiative

Improve Warehouse

Position

•

Completed a major restructuring of

network in North America that included

a competitive conversion

•

Growth of our dual brand coverage in

North America

•

6 new dealers appointed in EMEA since

the beginning of 2015

•

Resources: Adding industry-focused direct

salespeople and solutions and application

center expertise

•

Capability:

New products, enhanced selling

tools and trained dealers

•

Rollout:

Portfolio of initiatives, targeted

accounts and leverage global knowledge

•

Results: Winning business in 5 out of

the top 10 US Retailers’ Distribution

Centers

Outcome: Best Distribution Channels in the Industry

Outcome: Be a Top Tier Global Competitor in Warehouse

Core Lift Truck Strategic Initiatives Update

Strategic Objective

Implementation Highlights

Initiative

Succeed in Asia

Strategic Objective

Implementation Highlights

Initiative

Enhance Big Truck

Market Position

•

new dealers appointed in 2015

•

Direct sales support on large accounts

is resulting in sales to conquest

accounts

•

Additional Big Truck sales by

leveraging global metals industry

expertise

•

Launched additional UTILEV products

•

Large accounts identified,

assigned and actively being

pursued/increased direct sales

support

•

Conquest accounts won

•

Enhanced dealer support

capability

•

Expand market penetration

throughout Asia

•

Increase leading market

position in Big Trucks / Become

vendor of choice in Big Truck

segment

Outcome: Increase Share and Strengthen

Distribution at Accelerated Pace

Outcome: Enhance leading market position in Big Trucks

Core Lift Truck Strategic Initiatives Update

Strategic Objective

Implementation Highlights

Initiative

Strengthen Sales and

Marketing Organization

•

Recruited experienced individuals with

deep knowledge of the lift truck business

•

Added expertise in dealer management,

account identification and coverage,

financial merchandising and solutions

development

•

Added expertise to focus on implementing

standard sales processes in our

independent dealers

•

Expanded investment in National Account

sales

and

support

winning

conquest

accounts

•

Increased global collaboration to

maximize efficiencies and effectiveness

•

Strengthen and align sales and

marketing organization in all

geographic regions

Outcome: Gain momentum leading to higher unit volumes and enhanced market share

The Nuvera Story

Our Hydrogen Power Business

•

Purchased for a small

investment amount

•

Investing pre-tax expense

dollars to break-even

•

Solutions across Hydrogen

Value Chain

•

Strong IP / Patent

portfolio

•

Pipeline of new

technologies and solutions

•

Rapid usage development

in major user fleets

25-50%

•

Only one main competitor

in lift truck space

•

Increasing use and interest

from large users

•

Developing turnkey option

for lift truck customers

•

Integrated lift truck

engines will provide

increased value

•

Provides strong base for

entry into other industries

•

Core power source of lift

trucks in the future

Short Term Target

N. America Lift Truck Market

electric trucks

sold per year

140,000+

Estimated up to

can benefit from

Fuel Cell solutions

Why

Hydrogen

Source: David Greene et. al., Status and Outlook for the U.S. Non-Automotive Fuel Cell

Industry: Impacts of Government Policies and Assessment of Future Opportunities, Oak

Ridge National Laboratory, May 2011 (ORNL/TM-2011/101).

Fuel Cell Power penetration

projected to triple by 2025

Lift Truck fleets already

largely electrified in

developed markets

Growing industrial demand

for high performance, zero

emission solutions

Electric Lift Trucks

offer many advantages:

maintenance, operations,

emissions

Fuel Cells can solve

limitations:

productivity,

scalability, performance, costs

Nuvera Products

PowerTap

~ Hydrogen Generator

•

Low fixed costs ideal for small to medium size lift truck fleets

•

Scalable to meet growth in customer demand

•

On site generation reduces supply chain risk

PowerEdge

~ Battery Replacements

•

Seamless integration into most Electric Lift Truck designs

•

Stack power output size 50% higher than our leading competitor

•

Industrial design and testing demanding lift truck standards

Orion

~ Fuel Cell Engine

•

Current Generation: High efficiency and durability ideally suited to lift truck

customer demands

•

Next Generation: Leap in power density and efficiency opens opportunities

in non-lift truck applications

The Nuvera Plan

Develop PowerEdge

units for

full range of electric lift trucks

Build selling capacity

First orders for PowerEdge

units expected Q4 2015

Mean time between failure

(MTBF) improvements to

PowerTap

PT 50

Hercules

and Orion

technology development

Hyster-Yale dealer engagement

“Try-to-buy” PowerEdge

program

Turnkey Total Power Solution

Build customer based industry and

application solutions

Hercules

and Orion

2 product

development

Cost reduction engineering to

meet target costs

PowerTap

PT 250 development

Phase 1

2015 -

2016

Phase 1

2015 -

2016

Phase 3

2017 –

2018

Phase 3

2017 –

2018

Phase 2

2016 –

2017

Phase 2

2016 –

2017

700 PowerEdge

and 10

PowerTap

units per quarter at

target margins achieves break-

even operating profit performance

Develop incremental partner

opportunities in other industries

Launch Hercules and Orion

Integrated fuel cell engines for full

range of Hyster-Yale products

Capture full aftermarket potential

PowerTap

PT 250 launch

Nuvera

–

Numerous Market Opportunities

Across the Lift Truck Line

•

Class 1,2 & 3 solutions in 2015-2016

•

Integrated engines for Big Truck and Class 4 & 5 in 2017-2019

Automotive

•

Growing market demand and OEM investment

•

Orion

2 next generation power density is strong differentiator

Construction Equipment

•

Environmental pressures driving search for non-emission solutions

•

Strong synergies with lift truck design requirements

Aerospace

•

Demand for emission reductions in many airports

•

Ground power supply & support vehicles, on-board power supply

Seaports

•

Emission free container handling

•

Ground support / drayage equipment, on-board auxiliary power

Low cost solution in heavy duty applications

Increasing customer demand for battery alternative

Market

gaining

momentum

–

Improve

productivity

Market

gaining

momentum

–

Improve

productivity

Incremental sales and service opportunities

Zero emissions alternative to ICE

Growing

demand

for

low

emissions

–

Australia,

Japan,

China

Growing

demand

for

low

emissions

–

Australia,

Japan,

China

Nuvera –

Supporting Lift Truck Strategic Initiatives

Low Cost of Ownership

Understanding Customer Needs

Improving Warehouse Position

Strong Independent Distribution

Big Truck Position

Succeed in Asia

Valuation Approach By Business

Lift Truck Business

Fuel Cell Business

Board Oversight as Separate Businesses

Incentives Tied to Individual Businesses

Strong Operating Cash Generation

Market Leading Products and Position

Mature Cyclical Industry

Value using Traditional Valuation

Model of EBITDA Multiple on a Net

Debt Basis

Value using Traditional Valuation

Model of EBITDA Multiple on a Net

Debt Basis

Developing / Technology Industry

Distinct Technology / Patents in Fuel

Cell and Hydrogen Generation

Distinct Technology / Patents in Fuel

Cell and Hydrogen Generation

Operating Cash Invested in New

Product Commercialization / Ramp Up

Operating Cash Invested in New

Product Commercialization / Ramp Up

Value as Venture Business with

Developed Technology

Value as Venture Business with

Developed Technology

Rationale for Investing in Hyster-Yale

•

Core business is a value business, generating strong cash returns over

the cycle. Strong brands and solid customer base.

–

Opportunity for volume growth through industry share gains.

–

Strong, stable management with proven success record.

•

Nuvera offers significant growth potential as an alternative power source

with patented design features. Strong customer value proposition in

high-growth market segment.

Appendix

Non-GAAP Disclosure

Adjusted

Lift

Truck

Business

Operating

Profit,

EBITDA

and

return

total

capital

employed

are

not

measurements

under

U.S.

GAAP,

should

not

considered

isolation

substitute

for

GAAP

measures,

and

are

not

necessarily

comparable

with

similarly

titled

measures

other

companies.

Hyster-Yale

defines

each

the

following:

Adjusted

Lift

Truck

Business

Operating

Profit

defined

Lift

Truck

Operating

Profit,

reported,

adjusted

for

the

pre-tax

effect

the

$17.7

million

gain

sale

from

the

Brazil

land

and

facility;

EBITDA

defined

income

before

income

taxes

and

noncontrolling

interest

income

(loss)

plus

net

interest

expense

and

depreciation

and

amortization

expense;

Return

total

capital

employed

(“ROTCE”)

defined

net

income

before

interest

expense,

after

tax,

divided

average

capital

employed.

Average

capital

employed

defined

average

stockholders’

equity

plus

average

debt

less

average

cash.

For

reconciliations

from

GAAP

measurements

non-GAAP

measurements,

see

the

following

pages.

Non-GAAP Reconciliation

Year Ended December 31

Qtr.

Trailing 12

Months

2010

2011

2012

2013

2014

9/30/15

Reconciliation of EBITDA

Net income attributable to stockholders

$32.4

$82.6

$98.0

$110.0

$109.8

$20.9

$83.9

Noncontrolling interest income (loss)

(0.1)

–

0.1

0.2

0.4

0.1

0.5

Income taxes provision

1.8

18.9

7.0

17.2

39.9

7.4

24.0

Interest expense

16.6

15.8

12.4

9.0

3.9

1.3

4.2

Interest income

(2.3)

(1.8)

(1.5)

(1.8)

(1.1)

(0.3)

(1.0)

Depreciation and amortization expense

33.9

31.3

28.0

30.2

29.7

7.2

29.4

EBITDA

$82.3

$146.8

$144.0

$164.8

$182.6

$36.6

$141.0

($ in millions)

Note: EBITDA in this investor presentation is provided solely as a supplemental disclosure with respect to operating results. EBITDA does not represent net income, as defined by U.S. GAAP and should not be considered as a substitute for net income or net loss, or as an indicator of operating

performance. The Company defines EBITDA as income before income taxes and noncontrolling interest income (loss) plus net interest expense and depreciation and amortization expense. EBITDA is not a measurement under U.S. GAAP and is not necessarily comparable with similarly titled

measures of other companies.

Non-GAAP Reconciliation (continued)

($ in millions)

Reconciliation of Return on Total Capital Employed (ROTCE)

9/30/15 LTM

LTM Average Stockholders' Equity (9/30/15, 6/30/15, 3/31/15, 12/31/14, and 9/30/14)

$451.8

LTM Average Debt (9/30/15, 6/30/15, 3/31/15, 12/31/14, and 9/30/14)

41.1

LTM Average Cash (9/30/15, 6/30/15, 3/31/15, 12/31/14, and 9/30/14)

(102.9)

LTM average capital employed

$390.0

LTM Net income

$83.9

Plus: LTM Interest expense, net

3.2

Less: Income taxes on interest expense, net at 38%

(1.2)

Actual return on capital employed = actual net income before interest expense, net, after tax

$85.9

Actual return on capital employed percentage

22.0%

_____________________

Note: Return on capital employed is provided solely as a supplemental disclosure with respect to income generation because management believes it provides useful information with respect to earnings in a form that is comparable to the Company’s cost of capital employed, which

includes both equity and debt securities, net of cash.

Cash Flow before Financing Calculation

($ in millions)

Year Ended December 31

Trailing 12

Months

2010

2011

2012

2013

2014

9/30/15

Reconciliation of Cash Flow before Financing

Net cash provided by operations

$47.5

$54.6

$128.7

$152.9

$100.0

$90.1

Net cash used for investing activities

(8.5)

(15.9)

(19.5)

(26.1)

(44.4)

(37.2)

Cash Flow before Financing

$39.0

$38.7

$109.2

$126.8

$55.6

$52.9

Supplemental

Information

The History of Hyster-Yale and its brands

Hyster founded in Portland, Oregon as the Willamette Ersted Company

1929

1944

Company name officially changed to Hyster Company

1875

Yale Lock Mfg. broadens its scope into materials handling

1963

Yale forklift truck business merges with Eaton Mfg. Industrial Truck Division

1971

Yale forges a partnership with Sumitomo Ltd

1989

Hyster and Yale merge to form NACCO Materials Handling Group (NMHG)

2012

1985

Yale acquired by NACCO Industries

1989

Hyster acquired by NACCO Industries

Hyster-Yale formed as independent public company following spin-off by NACCO

2011

NMHG introduces the UTILEV lift truck for the utility segment of the market

2014

NMHG, HY’s operating company, acquires Nuvera to enter the fast-growing hydrogen fuel

cell market

Hyster-Yale Global Footprint

Our Business Has Been Transformed

Comprehensive, updated product line

Average product age since last

upgrade –

less than 4 years

Designed to meet customer needs

and provide low overall cost of

ownership

Multiple power solutions to meet

performance, cost, and environmental

needs

Product Range

Manufacturing

Globally integrated, lean operations

with economies of scale

Assembled in market of sale

Continuous efficiency improvements

DFT implementation globally

Our Business Has Been Transformed

Centralized supply chain

management

Highly flexible low cost

supply chain

30%+ low cost country

sourcing

Concentrated supplier base

Intense focus on supplier

quality

Supply Chain

Aftermarket

Quality

Customer driven

programs

North America’s warranty

rates reduced

significantly over the last

five years

Model Year upgrades

High first time fill %

Comprehensive all

makes parts program

Strong Fleet

management program

Telematics solutions

across product line

The Basic Philosophies That Guide Our Actions

Global supplier of lift

trucks and related

services

Understand and address

the needs of customers

Brands focused on unique

segments of the market

Market share growth

Market through exclusive,

independent, certified

distribution

Sell direct to large

customers

Capture full aftermarket

potential

Customer

Internal

Distribution

Full line product supplier to meet the

needs of major customer segments

Modular/scalable components to create

the right product at right cost

Supply chain organization to deliver high

quality / low cost components

Assemble in market of sale to meet

customer needs quickly

Product quality to deliver the best uptime

in the industry

An environment that motivates and retains

high-quality employees

Our Long-Term Philosophy

Long-term

growth

Long-term

shareholders

Shareholder

protection

Senior

management

incentivized as

long-term

shareholders

Increase

shareholder

value

Return on Capital

Employed and

Market Share

Increase focus

Our Competitive Advantages

•

Able to meet customers needs globally

•

Global economies of scale

•

New investment in alternative energy solutions

•

Young/ fresh product line

•

Source of aftermarket profitability

•

Barrier to entry

Global

Full Product Line

Field Population

Dealer Relationships

•

Independent distribution model

•

Exclusive distribution

•

Combine OEM excellence with entrepreneurial

distribution focused on customer

•

Long relationships

•

Able to meet most needs

•

National Account programs

Customer Relationships

•

High performance metrics

•

Large fleet program

Aftermarket Support

Employee Relationships

•

Engaged workforce

•

Experienced leadership

•

Equal treatment

•

High return for our stockholders

•

Low capital employed structure

•

Partnership relationships to limit capital needs

Focus on Return on Capital

Historical Consolidated Revenue

$1,780

$2,057

$2,400

$2,489

$2,720

$2,824

$1,475

$1,802

$2,541

$2,469

$2,666

$2,767

$2,644

$1,000

$2,000

$3,000

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

LTM

(1)

_____________________

(1)

As of September 30, 2015.

($ in millions)

Hyster-Yale Is a True Full Line Supplier

Electric

Counterbalanced

Rider Trucks

Electric Narrow

Aisle Trucks

Electric Hand

Trucks

Internal

Combustion Engine

(cushion tire)

Internal

Combustion Engine

(pneumatic tire)

Electric

3 wheel Electric

4 wheel Electric

Pallet Trucks

Stackers

Very Narrow

Aisle Trucks

Order Pickers

Reach Trucks

Internal

Combustion

Engine

ICE CB

Laden Container

Handlers

Big Trucks

Empty Container

Handlers

Reach Stackers

CLASS 1

CLASS 2

CLASS 3

CLASS 4

CLASS 5

1.0T to 5.5T

1.5T to 6.0T

1.5T to 8.0T

1.0T to 7.0T

1.0T to 52.0T

Warehouse Equipment

Forklifts

Lift Truck Overview and Sources of Revenue

2014 Worldwide Sales by Product

2014 Sales by Geography

2014

Retail

Shipments

End

Market

(1)

_____________________

(1)

Represents Hyster-Yale North American unit shipments by industry.

(2)

Includes Big Truck sales that represent 11.3% of total sales.

•

Leading global lift truck manufacturer in terms of units sold

–

#3 globally in 2014

–

Large installed base that drives parts sales

–

Over 825,000 units worldwide

–

Sales of 87,600 units in 2014

–

Sales of >4,500 units at SN JV in Japan & Asia in 2014

Key Highlights

•

Diverse customer and application base

•

Global independent dealer network

•

Comprehensive, updated global product line

•

Globally integrated operations with economies of scale

•

Experienced management team

Manufacturing

27%

Wholesale

Distribution

14%

Food & Beverage

13%

Rental

10%

Home Centers/

Retail

11%

Freight & Logistics

10%

Paper

Other

Americas

67%

Europe, Africa

& Middle East

25%

Asia-Pacific

(2)

Internal

Combustion

Engine

Units

55%

Electric

Units

28%

Parts

13%

Other

Key Relationships…Our Customers

The Customer

Direct to customer sales to

major accounts

Account Identification

Teams

Solutions Groups

Special Application teams

Global Account teams

Investment in global CRM

system

Blue Chip Customer Base

Understanding

Customer Needs

Key Relationships…Our Dealers

The Dealer

Independent

Exclusive

Entrepreneurial

Committed

partner

Dual-line or

single

Over 1,000

global dealer

locations

Enhancing

performance

Dealer Excellence programs

Dealer incentives

Term-based contracts

Strengthening the

distribution footprint

Sales and Service territories

(SSTs)

Competitor conversions

In-territory acquisitions

More than

2,000 application

consultants

Over 11,000

service technicians

Strong

Independent

Distribution

Key Relationships…Our Financing Partners

Positive Environment to Gain Share and Margin Performance Over Next Two Years

•

Product gaps filled to position Hyster-Yale in most application segments and

improve margins

•

Second-tier competitors in the ICE segment more vulnerable due to their

weak economies of scale position

•

Key warehouse segment competitors are regional

•

Key Big Truck segment competitors are niche

Over the longer-term, as core strategic initiatives are executed and mature, share gains are expected to occur

Lift Truck Business Operating Profit Trends and % of Sales

Prior Cycle Market Peak

Mid-Cycle Market

_____________________

(1)

Lift Truck Segment Operating Profit, as reported

(2)

Adjusted Lift Truck Segment Operating Profit, which excludes a $17.7 million pre-tax gain on the sale of the Brazil land and facility, is a non-GAAP measure and should not be considered in isolation or as a substitute for the

GAAP measure. Management believes that this measure assists the investor in understanding the results of operations. For discussion of non-GAAP items and the related reconciliations to GAAP measures, see information in the

Appendix starting on page 26.

7% TARGET

2.1%

4.5%

4.8%

5.0%

5.5%

($ in millions)

2.0%

Gap

Closure

5.0%

$57.3

$111.7

$134.3

$133.3

(2)

$131.2

$151.0

(1)

$25

$50

$75

$100

$125

$150

2007

2012

2013

2014

LTM Q3 2015

Core Strategic Initiatives

Basic Business Areas

Design

Component Commonality

Supply Chain

Manufacturing

Quality

Marketing

Parts

Infrastructure

Capital Requirements

Core strategic initiatives were designed to drive the economic engine by increasing share…

Worldwide

Distribution

Strength to Drive

Market Share

Geographic

and Product

Balance

Volume

Economies

of Scale

Succeed in

Asia

Low Cost of

Ownership

Enhance

Independent

Distribution

Improve

Warehouse

Position

Understand

Customer

Needs

Our strategies are designed to drive increased share,

which in turn increases the lift truck population, which

drives parts and service volumes.

Commercialize

Nuvera’s

Technology

Strengthen the Sales and

Marketing Organization

Enhance Big

Truck Market

Position

Parts and Service

Volume

Large Lift Truck

Population in Service

Core Lift Truck Strategic Initiatives

Strategic Objective

Key Elements

•

Provide the right product and

solution to meet the specific

needs of different customers

across multiple industries

•

Segmentation of products and industries

•

Development of Utility, Standard and

Premium products

•

Range of options to match needs of

different industries

•

Targeted sales and marketing effort

Initiative

Understand

Customer Needs

Strategic Objective

Key Elements

•

Deliver lowest cost of ownership

for all of our customers based

on their specific application

•

Understand major cost drivers:

•

Direct (truck price, fuel, service,

operator, uptime)

•

Indirect (safety, litigation, pollution)

•

Implement right solutions for lower

costs

Initiative

Low Cost of

Ownership

Outcome: Win in Targeted Major Accounts and Applications

Outcome: Competitive Advantage across Product Segments

Core Lift Truck Strategic Initiatives

Strategic Objective

Key Elements

Initiative

Strategic Objective

Key Elements

Initiative

Outcome: Best Distribution Channels in the Industry

Outcome: Be a Top Tier Global Competitor in Warehouse

•

Develop the strongest

independent, exclusive dealer

network

Enhance Independent

Distribution

•

Develop all dealers

•

Appoint / convert successful dealers

•

Expand number of dual line dealers

•

Enhance dealer value proposition

•

Combine dealer entrepreneurship with

OEM support

•

Strengthen penetration of the

growing warehouse segment

Improve Warehouse

Position

•

Enhance product ranges

•

Develop stronger direct sales

capabilities

•

Develop dealer resources and

specialization

•

Enhance marketing services and

support

Core Lift Truck Strategic Initiatives

Strategic Objective

Key Elements

Initiative

Strategic Objective

Key Elements

Initiative

Outcome: Increase Share and Strengthen Distribution at Accelerated Pace

Outcome: Enhance leading market position in Big Trucks

Succeed in Asia

Enhance Big Truck

Market Position

•

Expand market penetration

throughout Asia

•

Increase leading market

position in Big Trucks / Become

vendor of choice in Big Truck

segment

•

Organic growth through development of

dealer network and direct selling capabilities

•

Development of long term strategic

partnerships

•

Development of right products

•

Development of support infrastructure

•

New products

•

Business unit concept in each region

•

Global team coordination

•

Focus on industry and solutions

•

Success with large port operators

•

Comprehensive Tier 4 offering

Core Lift Truck Strategic Initiatives

Strategic Objective

Key Elements

Initiative

Outcome: Gain momentum leading to higher unit volumes and enhanced market share

Strengthen Sales and

Marketing Organization

•

Strengthen and align sales and

marketing organization in all

geographic regions

•

Greater accountability for results through smaller

sales management areas

•

Leaders provided with new tools and enhanced

reporting capabilities

•

Solutions Groups to develop product specific

expertise for customer clusters

•

Major focus on account identification and coverage

•

Implementing new sales approach with appropriate

tools to enhance solutions selling skills

Early Stage

Mid Stage

Achieved

Breakthrough

Understand Customer Needs

Low Cost of Ownership

Enhance Independent Distribution

Improve Warehouse Position

Succeed in Asia

Enhance Big Truck Market Position

Strengthen Sales and Marketing Organization

Commercialize Nuvera’s Fuel Cell Technology

Our core strategic initiative flywheels are in various stages of momentum. Share gain

is expected to take place as they gain

momentum…

Core

Strategic

Initiatives

–

Stages

Momentum

Early Stage

Mid Stage

Achieved

Breakthrough

Product Improvement

Supply Chain

Manufacturing

Quality

Pricing

Dealer Structure and Excellence

Area Sales Management

Account Identification and Coverage

Solutions Groups

Aftermarket

Fleet

We believe momentum is gaining in all key

areas of the business…

Key

Business

Areas

–

Stages

Momentum

Nuvera Fuel Cells Business

Strategic Objective

Key Elements

Initiative

Commercialize

Nuvera’s Fuel Cell

Technology

•

Acquired in December 2014

•

Strong patent portfolio

•

Enables active participation in the

growing hydrogen and fuel cell market

•

Integration of Nuvera’s technology into

Hyster-Yale’s lift truck product range

•

Supports other key strategic initiatives

Outcome: Successfully create an integrated fuel cell power solution option for customers

•

Commercialize Nuvera’s

technology through introduction of

new fuel cell and improved

hydrogen generation products and

enhance our lift truck business

value proposition

Why Nuvera? Nuvera’s Products –

The Total Power Solution

NMHG + Nuvera: One stop for your hydrogen and fuel cell needs…

GENERATION

DELIVERY

ELECTRIC

POWER

INDUSTRIAL

MOBILITY

Nuvera Technology

Patents across hydrogen value chain

Fuel cell stack a strong fit for industrial mobility

•

Metallic cell structure for robustness

•

Open flow field for high power density

Steam methane reformation based hydrogen generation

•

On-site appliance

•

Efficient and durable solution

Future Electro chemical compressor using fuel cell concepts

Nuvera

Orion

Technology

Integrated Fuel

Cell Hybrid Truck

Battery Box

Replacement

Fuel Cell System vs. Batteries

Productivity

Increase

Time saved refueling and

changing batteries

Constant Power

Power throughout shift and

improved truck electronic life

Environmentally

Clean

Minimal carbon footprint and

zero indoor emissions

Floor Space

Utilization

Recapture battery storage and

charging floor space

* Depending on application

Economics

Significant ROI*

Capturing More Lifecycle Value

NMHG/HY

NMHG/Dealer

Utility Company

Nuvera/Dealer

Nuvera

NMHG/Dealer

NMHG/HY

Lead Acid Battery*

PowerEdge

Solution*

*Representative Total Cost of Operation based on NREL 2013 report

Battery Supplier

_____________________

(1) Currently set to expire on 1/1/17

Energy

Maint

Batteries

& Charger

Truck

Eligible for

30% US Tax

Credit

(1)

Truck

PowerEdge

Maint

Fuel

(PowerTap)

Energy

Near-Term Fuel Cell Opportunity

Market

Customer Targets

Existing Fuel Cell Users

Nuvera/ NMHG Customers

High productivity applications

Share Growth

Target Warehouse customers

Low cost of ownership

North America Market

140k+ units per year

750k+ unit population

Battery replacement for

Class 1, 2, and 3 electric trucks

Economics

HY Revenue

Fuel Cell

Similar

acquisition

costs

Lower total cost of ownership

Incremental

revenue

with

fuel

Batteries

$18-20k lifetime spend

$12k for 3 batteries

$6-8k for 1 charger

Battery

Vendor

Conventional

Battery

Incremental

Truck Sales

Fuel cell

alternatives

Hyster-Yale Materials Handling (HY) 8-KResults of Operations and Financial Condition