 Solutions to DRIVE Productivity Investor Presentation November 7, 2016 Exhibit 99 |
 2 Solutions to DRIVE Productivity 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 (November 2, 2016). 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. |
 3 Solutions to DRIVE Productivity Hyster-Yale at a Glance Hyster-Yale Materials Handling, Inc. (NYSE:HY) designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, aftermarket parts and attachments. _____________________ (1) EBITDA and ROTCE are non-GAAP measures and should not be considered in isolation or as a substitute for GAAP measures. See non-GAAP explanations and the related reconciliations to GAAP measures in the Appendix starting on page 31. (2) Bolzoni’s LTM sales are converted from euros to U.S. dollars based on HY’s average conversion rates for the respective periods. Key Metrics In millions (except employee data) LTM 9/30/16 FY 2015 Lift Truck Nuvera Bolzoni Revenue $2,446.7 $2.3 €138.3 Net Income (loss) $69.4 $(19.7) €4.8 EBITDA (1) $122.6 $(31.5) €14.4 ROTCE (1) (Net debt basis) 21.5% n/m 8.3% Net Debt (Cash) at end of period $(0.3) $(2.7) €28.8 Approximate # of Employees (globally) 5,300 200 800 Q3 2016 Sales by Segment LTM 9/30/16 Sales by Segment (2) Separate lift truck, attachment and hydrogen power solution segments Americas 64.9% EMEA 21.8% JAPIC 7.3% Bolzoni 5.8% Nuvera 0.2% Americas 64.6% EMEA 23.0% JAPIC 6.6% Bolzoni 5.8% Nuvera 0.0% |
 4 Solutions to DRIVE Productivity Hyster-Yale is a Full-Line Lift Truck Supplier… Electric Counterbalanced Rider Trucks Electric Narrow Aisle Trucks Electric Hand Trucks Internal Combustion Engine (cushion tire) Internal Combustion Engine (pneumatic tire) Electric CB 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 Forklifts 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 Over 260 different truck models available |
 5 Solutions to DRIVE Productivity …with a Full Range of Power Options, Attachments and Solutions Electric Counterbalanced Rider Trucks Electric Narrow Aisle Trucks Electric Hand Trucks Internal Combustion Engine (cushion tire) Internal Combustion Engine (pneumatic tire) CLASS 1, 2 & 3 Lead Acid Battery Fuel Cell Engine LPG & Bi-fuel Diesel Tier 3 / Stage III LPG & CNG Diesel Tier 4 / Stage IV Lithium Ion Battery CLASS 4 & 5 Power Options 50,000+ assets under management Technology Architecture Solutions Attachments Clamps Multipallets Rotators Sideshifters Fork Positioners Push Pulls Lifting Tables Forks |
 6 Solutions to DRIVE Productivity Five Key Perspectives to Emphasize Global market unit levels expected to be relatively stable at a high level for next few years Current external environment for HY Lift Truck business is challenging 7% operating margin at properly balanced HY 115,000 units in this cycle remains HY Lift Truck business target Programs needed to achieve Lift Truck business target in place; timing of results cannot be forecast with specificity Recent acquisitions reinforce position in Lift Truck business and speed achievement to targeted 115,000 units |
 7 Solutions to DRIVE Productivity Lift Truck Industry Overview (units in thousands) Global Lift Truck Industry Size _____________________ Trend line represents 4.1% long-term CAGR Average Industry Size. Source: WITS. Represents order intake. North America Retail Lift Truck Below Peak Trend Long-term CAGR (2004 – 2015) = 4.1% Lift Truck Industry – Unit Distribution by Class _____________________ Source: WITS. LTM 9/30/16 Orders Reports. ICE = Internal Combustion Engine Total Industry = 1,149k Units Class 4 ICE 5% Market Size - $ _____________________ Source: Internal Company estimates Market Size - Units Class 5 ICE 55% Class 1 Electric 19% Class 2 Electric 12% Class 3 Electric 9% Estimated Industry Revenue Mix _____________________ Source: WITS. LTM 9/30/16 Orders Reports. Global Lift Truck Industry Breakdown (Units) Trend Upper Limit Lower Limit NA _____________________ Source: ITA. Represents order intake. Europe 35% China 23% Americas 24% Japan 7% Asia-Pacific 7% Middle East & Africa 4% 872 547 794 975 944 1,010 1,094 1,100 1,149 0 300 600 900 1,200 2008 2009 2010 2011 2012 2013 2014 2015 LTM Q3 2016 Class 1 Electric 18% Class 2 Electric 11% Class 3 Electric 34% Class 4 ICE 3% Class 5 ICE 34% - 50,000 100,000 150,000 200,000 250,000 300,000 |
 8 Solutions to DRIVE Productivity Japan Western Europe Eastern Europe Brazil North America Middle East & Africa Latin America (excluding Brazil) Asia (excluding China & Japan) China ( 3 & 12 months rate of change trend) Global Lift Truck Market Rates of Change _____________________ Source: WITS. Bookings Reports. |
 9 Solutions to DRIVE Productivity Headwinds and Near-Term Challenges Impacting Near-Term Lift Truck Profitability Key Market Uncertainty Brazil, Turkey & South Africa Currency Strong U.S. Dollar Commodity Prices Fluctuating/Moving Up Shifting Product Mix ICE to Electric Customer Mix Changing Investments in Share Gain Programs ($ in millions) 7% OPERATING PROFIT MARGIN TARGET 2.0% Gap 3.4% Gap Prior Cycle Market Peak $57.5 $128.1 $87.6 2.1% 5.0% 3.6% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% $20.0 $45.0 $70.0 $95.0 $120.0 $145.0 2007 2015 LTM 2016 |
 10 Solutions to DRIVE Productivity Volume of 115,000 Units from HY Factories Required to Achieve 7% Target 8,000 Class 1 and 2 trucks 500 Big Trucks Additional units to fill each assembly line 33,500 additional units needed to achieve target Note: 115,000 units does not include volume from non-HY manufacturing plants Increasing unit product profit Decreasing manufacturing variances Leveraging relatively stable SG&A …should increase operating profits to target levels by: 12,000 Class 3 trucks 13,000 Class 4 and 5 trucks Developing relationships with new customers takes time New customers often test and phase in products New dealers and dealer improvement programs take time New products take time to reach full acceptance All projects tracked – at different stages of maturity Our objective is to sell 115,000 HY-plant units in 2018, but a more realistic timeframe may be 2019 - 2020 |
 11 Solutions to DRIVE Productivity Share Gain Drives Our Economic Engine Basic Business Areas Our strategies are designed to drive increased share, which in turn increases the lift truck population, which drives parts and service volumes. 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 Design Component Commonality Supply Chain Manufacturing Quality Marketing Parts Infrastructure Capital Requirements Improve Warehouse Position Enhance Independent Distribution Succeed in Asia Enhance Big Truck Market Position Strengthen the Sales and Marketing Organization Low Cost of Ownership Understand Customer Needs Hyster-Yale’s economic engine is driven by increasing unit volume and economies of scale. Core strategic initiatives were designed to drive the economic engine by increasing share... Solutions and Technology Drivers A large lift truck population base drives parts and service volume resulting in enhanced profitability for dealers and Hyster-Yale |
 12 Solutions to DRIVE Productivity Core Strategic Initiatives Update Strategic Objective Highlights • Provide the right product and solution to meet the specific needs of different customers across multiple industries • Special Truck Engineering • Application Center success in Trucking, Paper and Steel industries • Modular/scalable designs • Automation & Telemetry • Market leadership in U.S.: heavy duty industries e.g. Paper • New heart-of-market XT/MX ICE lift truck • Multiple powertrains • Growing success in trucking industry 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 • Improved fuel / energy consumption • Engine to electric conversion • 25,000 telemetry systems • Supplier quality, all-time high Outcome: Win in Targeted Major Accounts and Applications Outcome: Competitive Advantage across Product Segments Share Growth Strategies • Tailored products • Best fit solutions • Solve application issues • Drive best practices • Enhance product range • Unique innovations • Premium, Standard and Utility products • Product fit for application • Low cost of ownership • Leverage Bolzoni relationship • Fleet management Share Growth Strategies • Reduce life cycle costs • Electric & hybrid drivetrains • Fleet management • Telemetry / Fuel cells • Increase service intervals • Supply chain / Quality component |
 13 Solutions to DRIVE Productivity Core 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 • Significant strengthening in core US market • Growth of dual-brand coverage • New dealers appointed in EMEA and Asia • Enhanced dealer profitability • Excellence programs in all theaters Outcome: Best Distribution Channels in the Industry Outcome: Be a Top Tier Global Competitor in Warehouse Share Growth Strategies • Develop all dealers • Appoint / convert successful dealers • Expand number of dual-line dealers • Enhance dealer value proposition • Combine dealer entrepreneurship with OEM support Share Growth Strategies • Major wins in marquee accounts • New products, enhanced selling tools and trained dealers • Adding industry-focused sales people and Application Center expertise • Enhance product ranges • Unique innovations • Continuous quality improvement • Develop stronger direct sales capabilities • Develop dealer resources and specialization • Enhance marketing services and support • Fleet management |
 14 Solutions to DRIVE Productivity Core Strategic Initiatives Update Strategic Objective Implementation Highlights Initiative Succeed in Asia Strategic Objective Implementation Highlights Initiative Enhance Big Truck Market Position • Expand market penetration throughout Asia • Increase leading market position and 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 Share Growth Strategies Share Growth Strategies • New dealers in China • Increased China local production • Licensees in India • Long-term JV in Japan • Leveraging Big Truck success • Growing success in Korea • New UTILEV products launched • Organic growth through development of dealer network and direct-selling capabilities • Development of long-term strategic partnerships • Explore potential bolt-on acquisitions • Development of right products • Development of support infrastructure • Leveraging Euro cost position in US dollar markets • Dedicated Customer Experience Center • Increased success with large port operators • Successful new product launches • Heart-of-market model under development • New products • Business unit concept in each region • Global team coordination • Focus on industry and solutions • Comprehensive Tier 4 offering |
 15 Solutions to DRIVE Productivity Core Strategic Initiatives Update Strategic Objective Implementation Highlights Initiative Strengthen Sales and Marketing Organization • Strengthen and align sales and marketing organization in all geographic regions Outcome: Gain momentum leading to higher unit volumes and enhanced market share Share Growth Strategies • Strengthened and aligned sales and marketing organization in all geographic regions • Recruited experienced individuals with deep knowledge of lift truck business • Implemented account identification and solutions teams • Expanded direct selling teams in all theaters • Increased global account focus • Greater accountability for results through smaller sales management areas • Leaders provided with new tools and enhanced reporting capabilities • Solutions Organization integrates Engineering and Special Truck Engineering function with Sales and improves Technical Sales Support • Major focus on account identification and coverage • Implementing new sales approach with appropriate tools to enhance solutions selling skills Solutions & Technology Drivers • Acquisition of Bolzoni • Acquisition of Speedshield distribution (telematics) • Development of Nuvera fuel cell engines and hydrogen generation units • Partnership with BALYO (automation) • Relationship with Electrovaya (Lithium-Ion) • Created innovation team at Portland Development Center • Acquire companies or develop partnerships to increase solutions offerings • Focus on integration and value proposition • Leverage expertise of HY and dealer sales and service organizations • Become a one-stop materials handling solutions provider Outcome: Increase business from existing customers and new customers attracted to HY’s integrated solutions Strategic Objective Implementation Highlights Share Growth Strategies Initiative |
 16 Solutions to DRIVE Productivity The Hydrogen-Powered Lift Truck Opportunities & Advantages N. America electric trucks sold per year 150,000+ 25-50% Estimated up to can benefit from Fuel Cell solutions Global 650,000+ electric trucks sold per year Growing sales pipeline: • 5,000+ unit opportunities in sales pipeline • More than 1,000 units in final stages of sales process • Strong alignment with HY target accounts • Both existing and new users of fuel cells • Target 35-50% share Population of Fuel Cell Powered Lift Trucks in North America - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 2012 2013 2014 2015 2016 2017 2018 Internal company estimates DOE reported N. America |
 17 Solutions to DRIVE Productivity Nuvera / Hyster-Yale Competitive Advantages INDUSTRIALIZATION Demand Flow / Lean Manufacturing Supply Chain expertise & Quality Management systems Validation and reliability growth testing TECHNOLOGY Patented fuel-cell stack design – performance & cost Technology roadmap – leverage development and volume Advanced compression and generation technology COMMERCIALIZATION Leverage expertise of HY & dealer sales and service organizations Financially strong OEM ownership Financing through HYG Financial Services Simplified transaction – single supplier Long-term perspective of HY ALL-IN FUEL CELL SOLUTION Nuvera® Hydrogen Generator (formerly PowerTap®) Nuvera® Fuel Cell System (formerly PowerEdge®) Hydrogen Refueling Orion® Fuel Cell Stack |
 18 Solutions to DRIVE Productivity Growth Strategy – Where Will Fuel Cells Be Used • Convert existing fuel cell users - Promote the Nuvera benefits vs competition • Increase market penetration in existing lead acid battery users - Promote the performance and convenience of Nuvera • Build new markets with existing ICE truck users - High productivity in a clean energy solution - Address increasing emission regulations in certain applications and jurisdictions Gen1 Battery Box Replacement Gen2 Integrated Fuel Cell Hybrid Truck Approximate Engine Power Requirement [kW] 1-3 3-10 10-20 20-30 30-50 50-150 |
 19 Solutions to DRIVE Productivity The Nuvera Plan • Develop Fuel Cell Power Systems for electric Class I-III lift trucks • Building organization capability • HY dealer engagement and demos • Nuvera® Fuel Cell System units shipped mid-2016 • Efficiency and durability improvements to Nuvera® Hydrogen Generator • Hercules and Orion ® 2 technology and product development • Financing package through HYG Financial Services • Customers receptive to Hyster-Yale competitive strengths • Value analysis / value engineering • Strengthen supply chain • Develop synergistic OEM partner opportunities • Nuvera® Fuel Cell Power System proof of performance • Build customer-based industry and application solutions • Launch FC Power Systems for EMEA market • Integrated fuel cell engines for full range of Hyster-Yale products • Break-even operating per quarter at target margins Phase 1 2016-2017 Phase 3 2020 + Phase 2 2018 – 2019 • Nuvera leading supplier of hydrogen power systems for lift trucks • Significant integration of component assembly into Hyster-Yale plants • Economies of scale and vertical integration drive significant cost reductions • Supply family of broad Orion ® 2 based hydrogen engines for broad range of industries • Range of hydrogen generators • Fully commercialized electrochemical compressor for use in multiple hydrogen applications • Profitability at/above HY target economics TM |
 20 Solutions to DRIVE Productivity Bolzoni Bolzoni is one of the worldwide leading manufacturers of lift truck attachments, forks and lift tables with an extensive product range 2015 Sales by Region • Managed as separate business segment • Separation to maintain OEM information integrity Q3 2016 CUSTOMER MIX Lift Truck Manufacturers – OEM Dealers of Lift Trucks & Material Handling MARKET – INDUSTRIES Logistics Automotive Food & Beverage Pulp & Paper Appliances & Electronics Other Material Handling Synergy Opportunities Europe 70.2% North America 17.1% Rest of World 12.7% 32% 68% 0% 0% |
 21 Solutions to DRIVE Productivity Strategy Roadmap for Share Gain Through New Account Acquisition Facilitating Structures • Account Identification teams in each region • New CRM/CPQ global tool • Application Centers • Industry Strategies / Application Guides • New STE (Special Truck Engineering) for rapid product customization Industry / Customer Focus • Industry Cluster identification • Customers by Cluster identification (80/20 rule) • Targeted messaging • Disciplined contact management • Established base position and grow penetration over time One by One Customer Focus Share Gain Drivers Industry Focus Geographic Focus Products & Solutions Focus |
 HY Path for Future Growth Includes Other Important Elements… Through Core Lift Truck Business Share Gain Through Acquisition Through Partnership Through Investment in New Technologies Solutions to DRIVE Productivity 22 |
 23 Solutions to DRIVE Productivity HY Lift Truck Incremental Volume Leverage & Target Economics Incremental Units Produced +5,000 Trucks Sales $158m Gross Profit $32m Operating Expenses $10m Operating Profit $22m Incremental Operating Profit % 14.2% As we make progress toward the 115,000 unit production levels, HY Lift Truck will generate significant incremental operating profit contribution… Lift Trucks Sold 124,000 Lift Trucks Produced in HY plants 115,000 Revenues $3,590 Gross Profit $640 Operating Expenses $390 Operating Profit $250 Operating Margin 7.0% Target is to move from significant loss to break even in a 2018 quarter then on towards significant profitability in the long term Nuvera Expect to exceed 7% operating profit target as programs mature Bolzoni Importance of volume growth to reaching target |
 24 Solutions to DRIVE Productivity 2016 Third Quarter Highlights LIFT TRUCK • Revenues down from lower shipments, primarily in Americas and EMEA, and deal-specific pricing, specifically in Americas • Bookings and backlog up substantially from Q3 2015 • Operating profit declines due to lower revenues, unfavorable foreign currency movements, primarily in EMEA and higher SG&A, partly offset by material cost deflation 2016 Third Quarter Highlights 2016 Third Quarter LTM 9/30/16 Consolidated Revenue $629.3 100.0% $2,524.1 100.0% Lift Truck Operating Profit 20.5 3.3% 87.6 3.5% Bolzoni Operating Profit (2.5) (0.4)% (1.8) (0.1)% Nuvera Operating Loss (12.6) (2.0)% (33.1) (1.3)% Consolidated Operating Profit 5.4 0.9% 52.7 2.1% Consolidated Net Income 12.3 2.0% 47.8 1.9% EBITDA $19.9 3.2% $96.0 3.8% ($ in millions) BOLZONI • Incremental revenues of $36.2 million • Current operating loss has $2.6m of out-of-period purchase acctg. adjustments and $1.7m of amortization on acquired assets NUVERA • Installed first commercial units and reported revenue of $1.4m • Significant unfavorable inventory adjustments caused by higher initial costs of prototype and early production components at low volumes compared with expected selling prices |
 25 Solutions to DRIVE Productivity 2016 and 2017 Earnings Perspective LIFT TRUCK Q4 2016: • Expected increase in unit and parts revenues • Expected decrease in operating profit as revenue increase offset by lower product pricing and higher operating expenses • Decrease in net income, after excluding 2015 $7.5m unfavorable tax adjustment FY 2017: • Lift truck markets comparable to 2016 • Anticipated share gains expected to result in increase in unit and parts revenues and operating profit • Net income expected to decrease modestly from higher effective tax rate and absence of tax benefits NUVERA Q4 2016: • Units shipments and revenues expected to increase modestly • Higher operating costs from production ramp up and transition to commercialization FY 2017: • Revenues increase significantly over 2016 • Focus on reducing manufacturing costs per unit, so moderately lower net loss than 2016, including significant inventory adjustments in H1 2017 BOLZONI Q4 2016: • Revenues comparable to €36.2 reported in Q4 2015 • Operating profit and net income slightly higher than Q3 2016 and accretive FY 2017: • Implementation of anticipated cost reduction and sale enhancement programs expected to generate gradual growth in revenues, operating profit and net income • Quarterly income gradually increasing as operating leverage gained |
 26 Solutions to DRIVE Productivity 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 Strategic initiatives to accelerate growth or enhance margins Acquisitions of technologies and other forklift-related businesses, including Bolzoni Investments to commercialize Nuvera’s technology 2014 2015 2016 Annual Dividends (1) $17.8m $1.10/share $18.4m $1.14/share $14.3m YTD $1.18/share 2012 to 2014 Share Buyback $49.8m / 694,653 shares of Class A common stock |
          27 Solutions to DRIVE Productivity by selling and producing 115,000 HY-plant trucks In Summary, Over the Next Few Years…. Get to approximately $3.6 billion HY Lift Truck segment revenue irrespective of industry size to Fill existing assembly line capacity through Significant share growth Which leverages Technology accelerators and business acquisitions |
 28 Solutions to DRIVE Productivity Valuation Approach Needs to Vary By Business 28 Lift Truck and Attachment Businesses Lift Truck and Attachment Businesses Hydrogen Power Business Hydrogen Power 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 Multiple should reflect ROIC levels and growth prospects Developing / Technology Industry Distinct Technology / Patents in Fuel Cell and Hydrogen Generation Operating Cash Invested in New Product Commercialization / Ramp Up Value as Venture Business with Developed Technology |
 29 Solutions to DRIVE Productivity A Solid Investment Option 29 HYSTER-YALE HYSTER-YALE Strong Balance Sheet Cash Generation & Commitment to Shareholder Return Investment & Growth in Game Changing Technologies Leading Products & Market Position Strategies to Gain Share in all Segments & Markets Customer Focused & Solutions Oriented Strong Return on Capital |
 Solutions to DRIVE Productivity Appendix Appendix |
 31 Solutions to DRIVE Productivity Non-GAAP Disclosure Adjusted Lift Truck Business Operating Profit, EBITDA and return on total capital employed are not measurements under U.S. GAAP, should not be considered in isolation or as a substitute for GAAP measures, and are not necessarily comparable with similarly titled measures of other companies. Hyster-Yale defines each as the following: Adjusted Lift Truck Business Operating Profit is defined as Lift Truck Operating Profit, as reported, adjusted for the pre-tax effect of the $17.7 million gain on sale from the Brazil land and facility in 2014; EBITDA is defined as income (loss) before income taxes and noncontrolling interest income (loss) plus net interest expense and depreciation and amortization expense; Return on total capital employed (“ROTCE”) is defined as net income (loss) before interest expense, after tax, divided by average capital employed. Average capital employed is defined as average stockholders’ equity plus average debt less average cash. For reconciliations from GAAP measurements to non-GAAP measurements, see the following pages. |
 32 Solutions to DRIVE Productivity Non-GAAP Reconciliation _____________________ ($ in millions) Year Ended December 31 Qtr. Consolidated 2012 2013 2014 2015 9/30/2016 9/30/2016 Reconciliation of EBITDA Net income attributable to stockholders $ 98.0 $ 110.0 $ 109.8 $ 74.7 12.3 $ $ 47.8 Noncontrolling interest income (loss) 0.1 0.2 0.4 0.4 (0.3) (0.3) Income tax provision (benefit) 7.0 17.2 39.9 29.4 5.1 9.1 Interest expense 12.4 9.0 3.9 4.7 1.9 6.1 Interest income (1.5) (1.8) (1.1) (1.5) (0.5) (2.2) Depreciation and amortization expense 28.0 30.2 29.7 28.9 11.6 35.5 EBITDA $ 144.0 $ 164.8 $ 182.6 $ 136.6 19.9 $ $ 96.0 Trailing 12 Months ($ in millions) Year Ended December 31 Qtr. Lift Truck 2012 2013 2014 2015 9/30/2016 9/30/2016 Reconciliation of EBITDA Net income attributable to stockholders $ 98.0 $ 110.0 $ 111.2 $ 89.3 21.9 $ $ 69.4 Noncontrolling interest income (loss) 0.1 0.2 0.4 0.4 (0.1) (0.2) Income tax provision 7.0 17.2 40.7 39.4 0.4 22.9 Interest expense 12.4 9.0 3.9 4.7 2.4 6.2 Interest income (1.5) (1.8) (1.1) (1.5) (1.2) (2.9) Depreciation and amortization expense 28.0 30.2 29.6 27.3 7.3 27.2 EBITDA $ 144.0 $ 164.8 $ 184.7 $ 159.6 30.7 $ $ 122.6 Trailing 12 Months Note: EBITDA in this investor presentation is provided solely as a supplemental disclosure with respect to operating results. EBITDA does not represent net income (loss), 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 (loss) 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. |
 33 Solutions to DRIVE Productivity Non-GAAP Reconciliation (continued) _____________________ ($ in millions) Qtr. Nuvera 2014 2015 9/30/2016 9/30/2016 Reconciliation of EBITDA Net loss attributable to stockholders $ (1.4) $ (14.6) (7.9) $ $ (19.7) Noncontrolling interest income - - - - Income tax benefit (0.8) (10.0) (5.0) (13.4) Interest expense - - - - Interest income - - - - Depreciation and amortization expense 0.1 1.6 0.5 1.6 EBITDA $ (2.1) $ (23.0) (12.1) $ $ (31.5) Trailing 12 Months Year Ended December 31 Qtr. Bolzoni (1) 2015 (2) 9/30/2016 Reconciliation of EBITDA (€ in millions) ($ in millions) Net income attributable to stockholders € 4.9 (2.0) $ Noncontrolling interest income 0.1 (0.2) Income tax provision 2.1 (0.5) Interest expense 1.7 0.2 Interest income (0.3) - Depreciation and amortization expense 5.8 3.8 Other 0.2 - EBITDA € 14.4 1.3 $ Year Ended December 31 (1) Bolzoni 2015 results shown in euros. Information for 2015 is based on historical pre-acquisition IFRS financial statements. Information for Q3 2016 is based on post-acquisition U.S. GAAP financial statements. (2) Bolzoni YTD 12/31/2015 EBITDA: defined as the difference between sales revenue and costs related to consumption of materials, services, labor and to the net balance of operating income/charges. It represents the margin achieved before depreciation, financial results and tax. Note: EBITDA in this investor presentation is provided solely as a supplemental disclosure with respect to operating results. EBITDA does not represent net income (loss), 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 (loss) 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. |
 34 Solutions to DRIVE Productivity Non-GAAP Reconciliation (continued) _____________________ 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. (1) Bolzoni results shown in euros. Information for 2015 is based on historical pre-acquisition IFRS financial statements. Reconciliation of Return on Total Capital Employed (ROTCE) Consolidated Lift Truck Nuvera Bolzoni (1) LTM 9/30/16 LTM 9/30/16 LTM 9/30/16 2015 ($ in millions) (€ in millions) Average Stockholders' Equity (Deficit) (9/30/16, 6/30/16, 3/31/16, 12/31/15 and 9/30/15) $482.1 $385.3 $(2.4) €39.3 Average Debt (9/30/16, 6/30/16, 3/31/16, 12/31/15 and 9/30/15) 93.3 53.1 9.4 40.2 Average Cash (9/30/16, 6/30/16, 3/31/16, 12/31/15 and 9/30/15) (108.9) (105.8) (0.2) (7.7) Average capital employed $466.5 $332.6 $6.8 €71.8 Net income (loss) $47.8 $69.4 $(19.7) €4.9 Plus: Interest expense, net 3.9 3.3 - 1.7 Less: Income taxes on interest expense, net at 38% (1.5) (1.3) - (0.6) Actual return on capital employed = actual net income (loss) before interest expense, net, after tax $50.2 $71.4 $(19.7) €6.0 Actual return on capital employed percentage 10.8% 21.5% n/m 8.3% |
 35 Solutions to DRIVE Productivity Cash Flow before Financing Calculation Consolidated ($ in millions) Year Ended December 31 Qtr. Trailing 12 Months 2011 2012 2013 2014 2015 9/30/2016 9/30/2016 Reconciliation of Cash Flow before Financing Net cash provided by operating activities $54.6 $128.7 $152.9 $100.0 $89.4 $45.8 $81.0 Net cash used for investing activities (15.9) (19.5) (26.1) (44.4) (31.3) (10.3) (140.8) Cash Flow before Financing $38.7 $109.2 $126.8 $55.6 $58.1 $35.5 $(59.8) . |
 Solutions to DRIVE Productivity Supplemental Information Appendix |
 37 Solutions to DRIVE Productivity 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 1989 Hyster and Yale merge to form NACCO Materials Handling Group (NMHG) 2012 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 2011 NMHG introduces the UTILEV lift truck for the utility segment of the market 2014 2014 NMHG, HY’s operating company, acquires Nuvera to enter the fast-growing hydrogen fuel cell market 2016 2016 2016 2016 NMHG renamed Hyster-Yale Group HY completed acquisition of 100% of Bolzoni S.p.A. |
 38 Solutions to DRIVE Productivity Hyster-Yale’s Global Footprint Ramos Arizpé, Mexico Fabrication Manufacture Sulligent, Alabama Component Manufacture Berea, Kentucky Lift Truck Manufacture Greenville, North Carolina Division Headquarters; Lift Truck Manufacture; Warehouse Development Center Cleveland, Ohio Corporate Headquarters Danville, Illinois Parts Distribution Center Charlotte, North Carolina Experience Center Barueri, Brazil Brazil Marketing and Administration Center Itu, Brazil Lift Truck Manufacture; Parts Distribution Center Craigavon, N. Ireland Lift Truck Manufacture Nijmegen, Netherlands Lift Truck Manufacture; Big Truck Development Center; Parts Distribution Center Masate, Italy Lift Truck Manufacture Shanghai, China (JV) Lift Truck Manufacture; Parts Distribution; China Marketing and Administration Center Obu, Japan (JV) Lift Truck Manufacture; Parts Distribution Cavite, Philippines (JV) Fabrication Manufacture Irvine, Scotland European Administration Center Hanoi, Vietnam (JV) Component Manufacture Sydney, Australia Division Headquarters; Parts Distribution Pune, India Engineering, Supply Chain and Marketing Center Frimley, UK Division Headquarters; Engineering Concept Center Kuala Lumpur, Malaysia Asia Support Office Hefei, China Supply Chain Center Fairview, Oregon Counterbalanced Development Center; Administration Center San Donato, Italy Hydrogen Products Research and Development Billerica, Massachusetts Hydrogen Products Headquarters; Hydrogen Products Research and Development; Hydrogen Products Manufacture Homewood, Illinois Attachment Manufacture Piacenza, Italy Bolzoni Headquarters; Attachment, Lift Table and Fork Manufacture Järvenpää, Finland Attachment Manufacture Salzgitter, Germany Attachment Manufacture Wuxi, China Attachment Manufacture Hebei, China Fork Manufacture Pointe-Claire, Canada Commercial Subsidiary Prestons, Australia Commercial Subsidiary Warrington, UK Commercial Subsidiary Montcarda/Reixac, Spain Commercial Subsidiary Forbach, France Commercial Subsidiary Prato, Italy Commercial Subsidiary Lublin, Poland Commercial Subsidiary Moscow, Russia Commercial Subsidiary Korschenbroich, Germany Commercial Subsidiary Gävle, Sweden Commercial Subsidiary Helmond, Netherlands Commercial Subsidiary Lift Truck Business locations Nuvera Business locations Bolzoni Business locations Global Headquarters LEGEND: Tyler, Texas HY Telematics |
 39 Solutions to DRIVE Productivity Historical Consolidated Revenue ($ in millions) $2,057 $2,400 $2,489 $2,720 $2,824 $1,475 $1,802 $2,541 $2,469 $2,666 $2,767 $2,578 $2,524 $0 $1,000 $2,000 $3,000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 LTM 2016 |
 40 Solutions to DRIVE Productivity _____________________ (1) Lift Truck Segment Operating Profit, as reported (2) Adjusted Lift Truck Segment Operating Profit, which excludes a $17.7 million pre-tax gain on the sale of the Brazil land and facility, is a non-GAAP measure and should not be considered in isolation or as a substitute for the GAAP measure. Management believes that this measure assists the investor in understanding the results of operations. For discussion of non-GAAP items and the related reconciliations to GAAP measures, see information in the Appendix starting on page 31. ($ in millions) 3.4% Gap Closure Prior Cycle Market Peak Mid-Cycle Market Lift Truck Business Operating Profit Trends and % of Sales 7% TARGET $57.5 $111.7 $134.4 $133.3 $128.1 $87.6 2.1% 4.5% 5.0% 4.8% 5.0% 3.6% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% $25.0 $50.0 $75.0 $100.0 $125.0 $150.0 2007 2012 2013 2014 2015 LTM 2016 $151.0 (1) (2) 5.5% |
 41 Solutions to DRIVE Productivity Lift Truck Business Target Economics Goal and Gap to Target Achieve 7% operating profit margin target at mid-cycle Target Economics gap closure can be achieved with unit volume… Stronger Industry + Share Growth = Volume Leverage LTM 9/30/16 Gap to Target Economics Actual Lift Truck Operating Profit Margin % 3.6% Margin Variances (0.1%) Unit margin (0.0%) Parts/other (0.1%) Volume Variances 3.5% Manufacturing variances/other 1.2% Operating Expenses 2.3% Lift Truck Operating Profit Margin % Gap 3.4% Lift Truck Operating Profit Margin % Target 7.0% |
 Lift Truck Overview and Sources of Revenue 2015 Worldwide Sales by Product _____________________ (1) Represents Hyster-Yale North American unit shipments by industry. (2) Includes Big Truck sales that represent 12.3% of total sales. A leading global lift truck manufacturer in terms of units sold 2015 Retail Shipments by End Market (1) #3 Globally in 2015 Large installed base that drives parts sales Over 830,000 units worldwide HY sales of 86,900 units in 2015 81,500 units sold - produced in HY plants 5,400 units sold – produced by JV or other third parties Additional >4,700 units sold in Japan in 2015 Direct sales by JV partner Internal Combustion Engine Units (2) 52% Electric Units 30% Parts 13% Other 5% Manufacturing 23% Wholesale Distribution 13% Food & Beverage 12% Rental 9% Home Centers/ Retail 18% Freight & Logistics 11% Paper 5% Other 9% 42 Solutions to DRIVE Productivity |
 43 Solutions to DRIVE Productivity Lift Truck Industry Overview Growth Rates by Region Year over Year (Units) Americas Q4 15 Q1 16 Q2 16 Q3 16 (5.0%) (3.7%) (1.6%) 9.7% EMEA Q4 15 Q1 16 Q2 16 Q3 16 9.6% 9.5% 10.6% 12.7% JAPIC Q4 15 Q1 16 Q2 16 Q3 16 (8.8%) 2.4% (4.0%) 16.0% World Q4 15 Q1 16 Q2 16 Q3 16 (1.2%) 3.7% 1.7% 13.2% 43 Solutions to DRIVE Productivity |
 Industry Units by Geography Lift Truck Unit Class Shipments _____________________ Source: Company: LTM 9/30/16 Units Shipped Note: Units sold direct by SN JV are not included HY Lift Truck Units Sold by Geography _____________________ Source: WITS. LTM 9/30/16 Orders Reports. _____________________ Source: WITS. LTM 9/30/16 Orders Reports. ICE = Internal Combustion Engine _____________________ Source: Company: LTM 9/30/16 Units Shipped Note: Units sold direct by SN JV are not included ICE = Internal Combustion Engine Industry Units by Class HY Lift Truck Units by Class _____________________ Source: Internal Company estimates Estimated Industry Revenue Mix Industry Unit Revenue by Class HY Lift Truck Unit Revenue by Class _____________________ Source: Company: LTM 9/30/16 Unit Revenues Europe 35% China 23% Americas 24% Japan 7% Asia- Pacific 7% Middle East & Africa 4% Americas 65% EMEA 28% Asia- Pacific/ Japan 4% China 3% Class 1 Electric 19% Class 2 Electric 12% Class 3 Electric 9% Class 4 ICE 5% Class 5 ICE 55% Class 1 Electric 18% Class 2 Electric 11% Class 3 Electric 34% Class 4 ICE 3% Class 5 ICE 34% Class 1 Electric 20% Class 2 Electric 9% Class 3 Electric 31% Class 4 ICE 11% Class 5 ICE 29% Class 1 Electric 20% Class 2 Electric 9% Class 3 Electric 7% Class 4 ICE 15% Class 5 ICE 49% 44 Solutions to DRIVE Productivity |
 Shift in Market Balance from ICE to Electric Today 2016 _____________________ Source: WITS. Orders Reports. ICE = Internal Combustion Engine DRIVERS: • Customer shift • Growth of warehousing and logistics • Environmental, health and safety • Evolving technologies Previous Peak 2007 Class 1 Electric 18% Class 2 Electric 11% Class 3 Electric 34% Class 4 ICE 3% Class 5 ICE 34% Class 1 Electric 18% Class 2 Electric 10% Class 3 Electric 27% Class 4 ICE 3% Class 5 ICE 42% 45 Solutions to DRIVE Productivity |
 Distribution Channel Strength and Diverse Customer Base Blue Chip Customer Base Approximately 1,100 global dealer locations More than 2,800 application consultants Over 11,500 service technicians National Accounts Profile Independent Dealer Network • Focused on strategic customers with centralized purchasing and geographically dispersed operations across dealer territories • Fleet Management Program provides customers with value-added services that include service, aftermarket parts and comprehensive management of materials handling needs • Two brand network strategy optimizes local presence and customer reach • Key differentiating factors: • Long-term relationships with dealers • Territorial exclusivity encourages strong, long-term relationships with customers • Brand exclusivity ensures dealers’ selling efforts focused on Hyster-Yale products National Accounts 16% Independent Dealers 84% 2015 Distribution Mix 46 Solutions to DRIVE Productivity |
 47 Solutions to DRIVE Productivity 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 |
 48 Solutions to DRIVE Productivity – Understand Customer Needs – Low Cost of Ownership – Growth in Warehouse – Growth in Big Truck Business – Succeed in Asia – Strengthen Sales and Marketing – Enhance Independent Distribution – Solutions and Technology Drivers Core Strategies for Achieving Target are in Place |
 49 Solutions to DRIVE Productivity People Development Automation Modularization Telemetry Hyster-Yale Focus HY Core Product Development Customized Solutions Manufacture in Market of Sale Alternative Power Fleet Management Understand Needs of Customers Low Cost of Ownership |
 50 Solutions to DRIVE Productivity Product Philosophy • Full product line • Segmented solutions • Scalable modular platforms • Leverage core assets • Technology partners • Fit for market and application • Reliability and durability • Energy efficiency • Operator productivity • Support growth initiatives • Fill the factories • Differentiation • Innovation Guiding Product Philosophy Guiding Product Philosophy Key Product Attributes Key Product Attributes Product Portfolio Focus Product Portfolio Focus |
 51 Solutions to DRIVE Productivity Our Investment in R&D Full Product Line* Lift Truck R&D Investment * Full Product Line – Class 1 through Class 5, including Big Truck $61 $68 $69 $71 $69 2011 2012 2013 2014 2015 2.4% 2.8% 2.6% 2.6% 2.7% % of Revenue $ in millions COMPETITORS FULL MIN |
 52 Solutions to DRIVE Productivity Segmentation – Expanding Standard Range Cost Cost competitive (Targeting a 2-year Payback for Premium) Positioning right (Among Ours, Across Competition) Global designs - localized (Manufactured in Key Regions) Critical Success Factors Utility Standard Premium |
 53 Solutions to DRIVE Productivity Cost of Operation / Hour *Typical truck cost/hour for 5,000lb North American applications Operator 69% Fuel 11% Service& Repair 11% Lease 9% Typical Truck Cost/Hour * Factors Impacting Low Cost of Ownership Lease Fuel Productivity Ergonomics/ fatigue Auto functions Automated trucks Energy usage Alternative powertrains ICE to ER Mode control Cost/hour Fleet Management Extended Warranty Telematics Operator Service & Repair Fleet optimization Price management Cost control Residuals |
 54 Solutions to DRIVE Productivity Modularization …resulting in 40% reduction in truck system complexity Modularization reduces number of components in future … Side-stance Small 14*, 16 Large 16, 18, 21 Retail 14, 16 14 chassis variations New chassis New chassis Modular design with common interfaces - 4 variations Fore/aft - stance Small 14, 16 Large 16, 18, 21 Retail 14, 16 *Battery box size in inches |
 55 Solutions to DRIVE Productivity Areas of Focus Telematics • Internet of things • Asset management • Fleet and truck data • Use of telematics • Partnered approach Balyo, Seegrid • Camera and laser- based systems • Focus on integration and value proposition Automation Alternative Power Lead acid Lithium-ion Fuel cell Diesel LPG Lithium-ion Fuel cell Battery Box Solutions Integrated solutions |
 Capturing More Lifecycle Value Truck Truck Hyster-Yale Maint Maint HY/Dealer Energy Energy Utility Company Fuel (Nuvera® Hydrogen Generator) Fuel (Nuvera® Hydrogen Generator) Energy Energy Utility Company Nuvera/Dealer Nuvera® Fuel Cell System Nuvera® Fuel Cell System Nuvera Maint Maint HY/Dealer Truck Truck Hyster-Yale Lead Acid Battery* Nuvera® Fuel Cell System Solution* *Representative Total Cost of Operation based on NREL 2013 report Batteries & Charger Batteries & Charger Battery Supplier Eligible for 30% US Tax Credit (1) Eligible for 30% US Tax Credit (1) _____________________ (1) Currently set to expire on 1/1/17 Batteries $18-20k lifetime spend ($12k for 3 batteries / $6- 8k for 1 charger) 56 Solutions to DRIVE Productivity |
 57 Solutions to DRIVE Productivity Power Electronics Hybrid Power System Stack Sub-System Engine Components Hydrogen Storage Thermal Management Key Components Inside a Fuel Cell Engine Fuel Cell Engine Enclosure and Counterweight |
 58 Solutions to DRIVE Productivity Developing Our Product Range Approximate Engine Power Requirement [kW] 24V 36V 48V 1-3 3-10 10-20 Product available in all electric truck classes Minor modifications to address >70% of market |
 59 Solutions to DRIVE Productivity Technology and Product Roadmaps Advanced Technologies Fuel Cell Engines • Enhanced lift truck functionality • Integrated engines across multiple OEMs Product Roadmap - New Markets Next Generation Fuel Cells • Improved power density • Fuel efficiency • Lower cost Hydrogen Generator • Higher capacity • Longer life • Improved efficiency Automotive Refueling • Higher capacity hydrogen generator • Ultra-high compression • Standard fueling station layout Compression Technology • Improved reliability • Smaller footprint • Quiet and efficient |
 60 Solutions to DRIVE Productivity Bolzoni’s Brands BOLZONI Founded in Italy in 1945, focus on lift truck attachments, forks and lift tables. A leading market position through the development of a worldwide network of subsidiaries and dealers, as well as strategic acquisitions. AURAMO Founded in Finland in 1947, focus on paper roll clamps, bale clamps and other specialized handling attachments. The worldwide recognized paper handling specialist. AURAMO was acquired by BOLZONI Group in 2001. MEYER Founded in Germany in 1953, focus on a wide range of lift truck attachment industry. The worldwide recognized multiple pallet handler inventor. MEYER was acquired by BOLZONI Group in 2006. |
 61 Solutions to DRIVE Productivity Relationship and Approach with HY Lift Trucks Stand-Alone Supplier Preferred supplier to HY Arms-length sales Commercial confidentiality Key supplier partner Purchasing leverage Broader market access Part of Hyster-Yale |
 62 Solutions to DRIVE Productivity 2015 Bolzoni Revenue by Product Line * Other Revenues: Rental business and Customer care € 138,3 M Other Revenues* € 5,6 M 4% Forks € 13,7 M 10% Lift Table € 7,7 M 6% Attachments € 111,3 M 80% |
 63 Solutions to DRIVE Productivity • Able to meet customers needs globally • Global economies of scale • Young/ fresh product line • Broad array of power options, including hydrogen • Broad range of attachments • 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-term 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 Our Competitive Advantages |