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

DAY

Thursday, May 24, 2018

INVESTOR

Exhibit 99

Introduction

Christina Kmetko Investor Relations

Solutions that DRIVE Productivity

Safe Harbor Statement & Disclosure

This presentation includes forward-looking comments subject to important risks and uncertainties.

Any and all

statements regarding Hyster-Yale’s expected future financial position, results of operations, cash flows, business

strategy, budgets, projected costs, capital expenditures, products, competitive positions, growth opportunities,

plans, goals and objectives of management for future operations, as well as statements that include words such as

“anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and other similar

expressions are forward-looking statements.

Such statements are inherently uncertain, and readers must recognize

that actual results may differ materially from the expectations of Hyster-Yale’s management. The Company does not

undertake a duty to update such forward-looking statements.

This presentation may also contain financial measures that do not conform 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.

This presentation is not an offer to sell or a solicitation of offers to buy any of Hyster-Yale’s securities.

3

Solutions that DRIVE Productivity

Today’s Presenters

8:30 –

8:35 am

Christina Kmetko

Investor Relations

8:35 –

8:55 am

Alfred Rankin, Jr.

Chairman, President and Chief Executive Officer,

Hyster-Yale Materials Handling

8:55 –

9:20 am

Colin Wilson

President and Chief Executive

Officer, Hyster-Yale Group

9:20 –

9:50 am

Rajiv Prasad

Chief Product and Operations

Officer

9:50 –

10:15 am

Tony Salgado

Senior Vice

President, JAPIC

10:15 –

10:45 am

Break

& Questions

10:45 –

11:05 am

Roberto Scotti

President and Chief Executive Officer of Bolzoni

11:05

–

11:35 am

Jon Taylor

President and Chief Executive Officer

of Nuvera

Fuel Cells

11:35

–

12:00 pm

Ken Schilling

Senior Vice President and Chief Financial Officer

12:00 –

12:10 pm

Alfred Rankin, Jr.

Chairman, President and Chief Executive Officer,

Hyster-Yale Materials Handling

12:10 –

12:30 pm

Questions

4

Solutions that DRIVE Productivity

ir@hyster-yale.com

Subject:  Investor Day Question

5

E-mail for Questions Submitted by Webcast Audience

Hyster-Yale

Overview

Alfred Rankin, Jr. Chairman, President and CEO Hyster-Yale Materials Handling

Chairman Hyster-Yale Group

Solutions that DRIVE Productivity

Our Core Lift Truck Business

Our Businesses

7

Our Attachment Business

Our Fuel Cell Business

Solutions that DRIVE Productivity

Hyster-Yale at a Glance

8

Hyster-Yale Materials Handling, Inc. (NYSE:HY) is a leading globally integrated, full-line lift truck manufacturer

offering a broad array of solutions aimed at meeting the specific materials handling needs of its customers.

_____________________

(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 Financial Appendix starting on page 151.

Key Metrics

In

millions (except employee data)

LTM

3/31/18

Lift Truck

Nuvera

Bolzoni

Revenue

$2,794.9

$1.4

$186.8

Net Income (loss)

$70.2

$(28.3)

$4.3

EBITDA

(1)

$168.5

$(35.2)

$18.0

ROTCE

(1)

(Net debt basis)

20.8%

n/m

3.1%

Net Debt at end of period

$23.8

n/m

$31.5

Approximate # of Employees (globally)

5,800

200

900

LTM 3/31/18 Sales by Segment

Separate lift truck, attachment and fuel cell segments

Americas

63.0%

EMEA

25.4%

JAPIC

6.0%

Bolzoni

5.5%

Nuvera

0.1%

Solutions that DRIVE Productivity

ICE Units

48%

Electric Units

29%

Bolzoni

5%

Aftermarket

13%

Overview and Sources of Revenue

9

2017 Worldwide Sales by Product

_____________________

(1)

Represents Hyster-Yale North American Lift Truck unit shipments by industry.

(2)

Includes Big Truck sales that represent 12.6% of total sales.

A leading global lift truck manufacturer in terms of units sold

2017 Retail Lift Truck

Shipments by End Market

(1)

#4

Globally in 2017

Large installed lift truck

base that drives parts

sales

Over 830,000

units worldwide at

12/31/17

HY sales of ~ 95,000 lift truck

units in LTM 3/31/18

~89,000 units sold -

produced in HY plants

~ 6,000 units sold –

produced

by JV or other

third parties

Additional >

6,800 lift

truck units sold

in

Japan in 2017

Direct sales by JV partner

(2)

National

Accounts

17%

Independent

Dealers

83%

2017 Lift Truck

Distribution Channel Mix

Food and

Beverage

23%

Short-term

Rental 12%

Logistics

14%

Manufacturing

13%

Consumer and

Business Trades

13%

Durable Goods

11%

Natural Resources

& Materials

14%

Service, Rental

& Other

5%

Solutions that DRIVE Productivity

A Positive Profitability Trend

10

$57.5

$72.4

$106.9

2.1%

2.9%

3.8%

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

2016

LTM Q1 2018

($ in millions)

7% OPERATING PROFIT MARGIN TARGET

4.1%

Gap

3.2%

Gap

Prior Cycle

Market Peak

Hyster-Yale’s Global Footprint

11

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; European

Warehouse Development Center

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 Centre

Kuala Lumpur, Malaysia

Asia Support Office

Hefei, China

Supply Chain

Center

Fairview, Oregon

Counterbalanced

Development Center;

Administration Center

San Donato, Italy

European Offices; Research &

Development; Testing Facilities

Billerica, Massachusetts

Fuel Cell

Business Headquarters;

Research and

Development;

Manufacturing and Sales

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/Sydney, Australia

Commercial Subsidiary

Warrington, UK

Commercial Subsidiary

Montcarda/Reixac, Spain

Commercial Subsidiary

Forbach, France

Commercial Subsidiary

Prato, Italy

Attachment Manufacture

Lublin, Poland

Commercial Subsidiary

Moscow, Russia

Commercial

Subsidiary

Korschenbroich,

Germany

Commercial Subsidiary

Gävle, Sweden

Commercial

Subsidiary

Helmond, Netherlands

Commercial Subsidiary

Lift Truck Business locations

Fuel Cell Business (Nuvera) locations

Attachment Business (Bolzoni) locations

Global Headquarters

LEGEND:

Tyler, Texas

HY Telematics

Chessy, France

Commercial Offices

Neu-Isenburg, Germany

Commercial Offices

Weeze, Germany

Experience & Test Center

Solutions that DRIVE Productivity

Our Agenda and Presenters Today

12

Alfred Rankin, Jr.

Hyster-Yale Overview

Colin Wilson

Market, Trends and Strategy.  Strategy 1 –

Leader in Independent Distribution. Strategy 2 –

Leader in Delivery of

Industry –

and Customer –

Focused Solutions

Rajiv Prasad

Strategy 3 –

Low Cost of Ownership and Enhanced Productivity for Customers

Tony Salgado

Strategy 4 –

Grow in Emerging Markets

Roberto Scotti

Strategy 5 –

Leader in the Attachment Business

Jon Taylor

Strategy

6 –

Leader in the Fuel Cell Business

Ken Schilling

Financial Overview

Alfred Rankin, Jr.

Prospects for Volume

Growth and Concluding

Remarks

Solutions that DRIVE Productivity

Solutions that DRIVE Productivity

Long-Term Focused, not Short-Term Oriented

13

Investing

for the

Future

Solutions that DRIVE Productivity

Key Perspectives to Emphasize

14

Global markets

expected to be strong

for next several years

Investments

to

expand HY’s product

and solutions portfolio

and geographic

breadth and depth

Core lift truck

programs

aim to

trigger organic growth

through intensified

industry focus

Nuvera remains a

venture business with

developed technology;

break even by late

2019

Solutions that DRIVE Productivity

Our Long-Term Philosophy

15

Long-term

growth

Long-term

shareholders

Shareholder

protection

Senior

management

incentivized as

long-term

shareholders

Increase

shareholder

value

Solutions that DRIVE Productivity

Operating profit

With adequate volume growth,

the Lift Truck business can achieve

We are Committed to Our Lift Truck Financial Targets

16

While maintaining a ROTCE

Solutions that DRIVE Productivity

The Economy of Scale Logic of Hyster-Yale’s Economic Engine….

17

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

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

…is key to driving from current level to 7% operating profit target

Solutions that DRIVE Productivity

18

Leader

in

delivery

of

industry

and

customer

focused solutions

Low

cost

of

ownership

and

enhanced

productivity for customers

Leader

in

independent

distribution

Grow in emerging markets

Leader

in

fuel

cells

and

their

applications

Leader

in

the

attachments

business

Core

Strategies

for

Achieving

Targets

are

in

Place

Solutions that DRIVE Productivity

Corporate Themes Underlying Our Strategies are…

19

Innovation 

Quality Culture

Pricing and Cost Leadership 

Services Excellence

Develop People Capabilities for the Future

Solutions that DRIVE Productivity

by selling and

producing

115,000

HY-factory

trucks

by selling and

producing

115,000

HY-factory

trucks

In Summary, Over the Next Few Years….

20

Get to

approximately

$3.9 billion

HY Lift Truck

segment

revenue

irrespective of

industry size and

maintain ROTCE

>20%

Get to

approximately

$3.9 billion

HY Lift Truck

segment

revenue

irrespective of

industry size and

maintain ROTCE

>20%

to

Fill existing

assembly

line

capacity

through

Significant

share

growth

Which leverages

Technology

accelerators and

business

acquisitions

Get

Bolzoni

operating profit

margins to 7%

Move

Nuvera to

break-

even by late 2019 then

on toward profitability

Market, Trends

& Strategy

Colin Wilson  President and Chief Executive Officer  Hyster-Yale Group

Solutions that DRIVE Productivity

Global industry remains strong

Significant shifts in customer base

Our strategies address changing landscape

Secular shift in product mix

Rise of enabling technologies

Strong growth in emerging markets

Key HY and Market Perspectives

22

Solutions that DRIVE Productivity

Long-term CAGR (2004 –

2017) = 5.4%

_____________________

Source: ITA. Represents order intake.

Class 1

Electric

17%

Class 2

Electric

10%

Class 3

Electric

35%

Class 4 ICE

2%

Class 5 ICE

36%

Europe 32%

Americas 23%

China 28%

Japan 6%

Asia-Pacific 7%

Middle East &

Africa 4%

Global Industry Remains Strong

872

547

794

975

944

1,010

1,094

1,100

1,182

1,395

1,437

0

300

600

900

1,200

1,500

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

LTM

2018

(units in thousands)

Global Lift Truck Industry Size

_____________________

Trend line represents 5.4% long-term CAGR Average Industry Size. Source:  WITS.  Represents order intake.

North America Retail Lift Truck at Peak Trend

Lift Truck Industry –

Unit Distribution by Class

_____________________

Source: WITS.  LTM 3/31/18

Orders Reports.

ICE = Internal Combustion Engine

Total Industry  = 1,437k Units

Class 4

ICE

4%

Market Size -

$

_____________________

Source: Internal Company estimates

Market Size -

Units

Class 5

ICE

55%

Class 1

Electric

19%

Class 2

Electric

12%

Class 3

Electric

10%

Estimated Industry Revenue Mix

_____________________

Source:

WITS.

LTM

3/31/18

Orders

Reports.

Global Lift Truck Industry Breakdown (Units)

Trend                      Upper Limit                            Lower Limit                              NA

23

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Solutions that 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.

24

Solutions that DRIVE Productivity

Significant Shift in Customer Base

25

Products Shift

Applications Shift

Geographic Shift

Industries Shift

Solutions that DRIVE Productivity

Growth Rates by Region

Cumulative Annual Growth Rates by Region

Past 3 years (Units)

Past 10 years (Units)

USA and Canada

3

Yr:  6.7%

10 Yr: 3.4%

Latin America

3

Yr:  0.5%

10 Yr: 1.3%

East Europe

3

Yr:  10.0%

10 Yr: 0.4%

West Europe

3

Yr:  11.3%

10 Yr: 1.5%

China

3

Yr:  11.8%

10 Yr: 12.4%

Asia (excl. China)

3

Yr:  6.4%

10 Yr: 7.1%

Africa/

Middle East

3

Yr:  -1.4%

10 Yr: 1.6%

Pacific

3

Yr:  7.3%

10 Yr: -0.5%

Japan

3

Yr:  2.0%

10 Yr: -0.3%

26

Solutions that DRIVE Productivity

Secular Shift in Product Mix

Today

2017

_____________________

Source: WITS. Orders Reports.

ICE = Internal Combustion Engine

Utility = HYG Estimates

DRIVERS:

•

Customer shift 

•

Growth of warehousing and logistics

•

Environmental, health and safety

•

Evolving technologies

•

Growth in emerging markets

Class 1

Electric

17%

C1/2

Utility

1%

Class 2

Electric

10%

Class 3

Electric

27%

C3 Utility

0%

Class 4 ICE

3%

Class 5

ICE

32%

C5 Utility

10%

Previous Peak

2007

Class 1

Electric

14%

C1/2

Utility

3%

Class 2

Electric

10%

Class 3

Electric

29%

C3 Utility

5%

Class 4 ICE

3%

Class 5

ICE

18%

C5 Utility

18%

27

Solutions that DRIVE Productivity

Trends –

Product & Solutions

28

Workforce availability

Faster response

Lower costs

Environment

Automation robotics

Wireless communications

Modular platforms

Alternative energy

Big Data analytics

Electrification

Solutions that DRIVE Productivity

Our Strategies Address Changing Landscape and Will Drive Our Economic Engine

Basic Business Areas

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

Leader in

Independent

Distribution

Grow in

Emerging

Markets

Leader in Delivery of Industry-

&

Customer-Focused Solutions

Leader in Fuel Cells &

Their Applications

Low Cost of Ownership

& Enhanced Productivity

for Customers

Hyster-Yale’s economic engine is driven by increasing unit volume and economies of scale. Core strategic initiatives are

designed to drive the economic engine by increasing market share... 

Leader in the

Attachments

Business

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

29

Solutions that DRIVE Productivity

Leader in Independent Distribution

30

Enhancing performance

Dealer Excellence programs

Dealer incentives

Term-based contracts

1,000+

global dealer

locations

2,000+

application

consultants

11,000+

service

technicians

Independent

Exclusive

Entrepreneurial

Profitable

Committed partner

Dual-line or single

Strengthening the

distribution footprint

Sales and Service territories (SSTs)

Competitor conversions

In-territory acquisitions

Solutions that DRIVE Productivity

31

Only Major Manufacturer Committed to Exclusive and Independent Distribution

Strong value proposition

attracts successful,

entrepreneurial dealers with

long term outlook

Limits HY capital requirements,

lowers cost structure and

drives high ROTCE

Key dealer criteria: To be

customer obsessed with

intimate local knowledge

HY teams incentivized on

retail sales performance, so

aligned with dealer interests

High ROTCE achieved despite

lower operating profit % than

peer group

High dealer ROI encourages

increased investment,

propelling HY economic

engine

Dealer supported with:

Great products

High quality marketing

Direct sales or sales support for

large accounts

Dealer Excellence programs

Financial services

Systems support

A True Partnership

Independent

Dealer

Solutions that DRIVE Productivity

32

Leadership

in

Delivering

Industry

and

Customer

Focused

Solutions

Solutions that DRIVE Productivity

Forklifts

Internal

Combustion

Engine

Lithium-Ion

Reach

Stackers

Big Trucks

Very Narrow Aisle Trucks

Products for All Needs…

33

Electric

Counterbalanced

Rider Trucks

Electric Narrow

Aisle Trucks

Electric Hand

Trucks

Internal

Combustion

Engine

(cushion tire)

Internal Combustion Engine

(pneumatic tire)

3 wheel Electric

4 wheel Electric

Pallet Trucks

Stackers

Order Pickers

Reach Trucks

Empty / Laden  

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

Warehouse Equipment

Over 290 different truck models available

Electric

CB

Electric

CB

Container

Handlers

Internal

Combustion Engine

Counterbalance

Solutions that DRIVE Productivity

Full Range of Power Options…

Electric Counterbalanced Rider Trucks

Electric Narrow Aisle Trucks

Electric Hand Trucks

Internal Combustion Engine (cushion tire)

Internal Combustion Engine (pneumatic tire)

CLASS 1, CLASS 2 & CLASS 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

34

CLASS 4 & CLASS 5

Solutions that DRIVE Productivity

…with a Broad Range of Attachments…

35

Clamps

Multipallets

Rotators

Sideshifters

Fork Positioners

Push Pulls

Lifting Tables

Forks

Solutions that DRIVE Productivity

Solutions for all industries

36

LOGISTICS

FOOD &

BEVERAGE

MANUFACTURING

NATURAL

RESOURCES

& MATERIALS

DURABLE

GOODS

SHORT-

TERM

RENTALS

CONSUMER

&

BUSINESS

TRADES

Warehouse                    Counterbalanced

Source: 2017 ITA Market Size and Mix by Vertical and Segment

Solutions that DRIVE Productivity

Realigned, Industry-Focused Sales and Marketing

•

Market opportunity defined

by industry

•

Dedicated team focus to

drive results

•

Key industry drivers defined

•

Competitive requirements defined

•

Individual customer

requirements identified

•

Translated into value-added

solutions

•

Industry-based teams

•

Experts in industry

verticals

37

Solutions that DRIVE Productivity

Sales Deployment

38

Top

Buyers

~

200 Accounts

Top

Buyers

~

200 Accounts

Industry Leaders

~1600 Accounts

Industry Leaders

~1600 Accounts

25% of

Market

35% of

Market

Rest of the Market

High

Value

National Accounts Team

40% of

Market

Dealer Sales Team

Market Share

HYG Sales Approach

Dealer Sales Team

Solutions that DRIVE Productivity

Hyster-Yale National Accounts Program

~200

designated accounts with

annual purchases of ~60,000

units and high market share

Over 2,400

Customer and

Dealer Visits per year

30 account managers,

5

segment focused directors,

deployed throughout the U.S.

Committed to customer-

obsessed industry-specific,

strategic partnerships

39

Solutions that DRIVE Productivity

40

Dealer Support Team

Dealers also

manage ~ 300

“Industry

Leader”

Accounts

Dealer

Area

Business

Manager

Field Based

Specialized

Sales

Support

Inside

Sales

Support

Financial

Services

Manager

Regional

Aftermarket

Manager

Field Service

Engineer

Solutions that DRIVE Productivity

Sales Deployment

41

Top

Buyers

~

200 Accounts

Top

Buyers

~

200 Accounts

Industry Leaders

~1600 Accounts

Industry Leaders

~1600 Accounts

25% of

Market

35% of

Market

Rest of the Market

High

Value

National Accounts Team

40% of

Market

New Industry Sales Team

Dealer Sales Team

Market Share

HYG Sales Approach

Solutions that DRIVE Productivity

New Industry Sales Team

Enhance the knowledge and

skills of dealer sales personnel

20 account managers,

4

segment focused directors,

deployed throughout the U.S.

Committed to working with

dealers to identify and serve

needs of large “Industry Leader”

accounts

42

Develop and execute “Account

Development Plans”.

Create “why change, why now,

why us” messaging

Solutions that DRIVE Productivity

Industry Accounts Breakdown

43

Goal is to improve position with all target “Industry Leader” accounts

Delivering Low Cost of

Ownership & Enhanced

Productivity for Customers

Rajiv Prasad Chief Product  and Operations Officer Hyster-Yale Group

Solutions that DRIVE Productivity

Low Cost of Ownership Drivers

45

Factors Impacting Low Cost of Ownership

Factors Impacting Low Cost of Ownership

*Typical truck cost/hour for 5,000lb North American applications

Productivity

Ergonomics/

fatigue

Auto

functions

Automated   

trucks

Operator

Energy

usage

Alternative

powertrains

ICE to ER

Mode

control

Fuel

Cost/hour

Fleet

Management

Extended   

Warranty

Telematics

Service         

& Repair

Fleet

optimization

Price

management

Cost control

Residuals

Lease

Operator

69%

Fuel

11%

Service

& Repair

11%

Lease

9%

Typical Truck Cost/Hour

*

The

Right

Product

Solution

Drives

Lowest

Cost

of

Ownership

46

Solutions that DRIVE Productivity

Solutions that DRIVE Productivity

HY Product / Solutions Value Proposition

47

Customer

Value

Productivity

Customer Needs

Lowest Cost of

Ownership

Capital & Labor Input vs

Work Output

Cost of Equipment, Labor,

Energy, Maintenance, etc.

Solutions that DRIVE Productivity

Hyster-Yale New Products

48

New Euro Stacker Range

New RS45 Reachstacker

New End Rider

Solutions that DRIVE Productivity

Test conducted by USAC Properties, Inc

Segmentation -

Right Truck at the Right Price Drives Growth

49

Since the launch of the XT/MX,

-10%

0%

10%

20%

30%

40%

2015

2016

2017

Hyster

and Yale Class V Truck Bookings

have outpaced the Market

ITA

HYG

Solutions that DRIVE Productivity

Automation Technologies and Trends

50

Dual Mode

Flexibility

Automated &

Operator

Driven

Technologies

Sensors

Electronics

and Software

Model

Based

Automation Controllers

Traffic

Manager

Communications

WiFi

Ethernet

Cellular

V2V

Hyster

Movematic

Pallet Carrier

Automated,

Mid 1980s

LIDAR

RADAR

Camera

Ultrasonic

HY Automation with Dual Mode Operation

51

Balyo Collaboration

•

Strategic Ownership Interest

•

Seat on the Board

Automated Reach Truck

•

Collaboration with partner

•

Consumer product customer

Internally Developed

Automation (IDA)

•

Sixteen engineers

•

Dedicated center

•

Modular approach

Solutions that DRIVE Productivity

Solutions that DRIVE Productivity

Integrated Lithium-ion Truck

ICE like Performance

Lithium-ion Solutions

52

Battery Box Replacement

Trucks Lithium-ion Ready 

•

High voltage powertrain

•

Excellent productivity

•

6-9T capacity

•

Fast charge

•

Food and beverage

•

Paper industry

•

Automotive

•

Cold storage

Solutions that DRIVE Productivity

Fuel Cell Solution

53

N. America

electric trucks sold

per year

175,000+

25-50%

Estimated up to

can benefit from fuel

cell solutions

Global

850,000+

electric trucks sold

per year

6,087

8,255

9,053

11,715

16,518

21,700

-

5,000

10,000

15,000

20,000

25,000

2012

2013

2014

2015

2016

2017

DOE reported North America

(1)

Population of Fuel Cell Powered Lift Trucks

in North America

Growth Opportunities

Trend in population of fuel cell powered lift

trucks in North America expected to continue

(1)

Source: DOE Hydrogen and Fuel Cells Program Record. Record #17003. May 25, 2017

(2)

2016 is the most recent DOE data available at time of publication. 2017 totals are

company estimate.

(2)

Leads to Lower Cost of

Ownership

Constant power and refuel

as quick as 3 minutes

No batteries or battery

charging rooms

Environmentally clean

Benefits

Solutions that DRIVE Productivity

Hydrogen Fuel Cells: An Increasingly Accepted Source of Motive Power

54

Outcome:

Growing

customer base

9

sites live

operating > 130 units

Backlog of

over 300 units

Strong sales funnel

Opportunities of

over 800 units

Launch to dealer and

internal sales channel

Strong market demand

Recent implementation

success

Continuous Product

Development

Drive market participation

Industry

Units

Aerospace

20

Consumer Goods

50

Electronics

100

Big Box Retailer

243

Food Distribution

30

Automotive

225

Current Sales Activity

Solutions that DRIVE Productivity

Integrated Fuel Cell to Enable Big Truck Electrification

55

Electric drives for

traction and hydraulics

Fuel cell

Battery pack

HV cable harness

NCEA Controls

architecture

Hydrogen storage

Cooling system

Low

Cost

of

Ownership

Solutions

and

Successes

–

Big

Trucks

56

Customer –

Port Operation:

•

High productivity

•

Operating cost

•

KPIs at different sites

•

Hyster -

Best solution

•

2 Year/4,000 hrs. power train

warranty

•

Cost of Operation (TCO) KPIs

•

Online TCO Calculator

•

Telemetry Standard

Big Truck Actions:

TCO KPIs

Solutions that DRIVE Productivity

Solutions that DRIVE Productivity

Telemetry Customer Benefits

57

•

$9K/month on impact

abuse

•

Telemetry added to fleet

•

First impact after

installation used to

enforce accountability

•

Immediate reduction in

impacts

Telemetry Unit Annual Sales

Impact related cost

reduction of 90%

Telemetry system provides

vast amount of

operational and usage

data.

Identified right amount

and type of equipment,

leading to reduced

downtime and

improved productivity

Cost Reduction of Fleet

Optimization of Fleet

Within the first 6 months

** Company forecast

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

2013

2014

2015

2016

2017

2018

**

Data used for fleet

optimization & maintenance

Development of a Smart, Connected Ecosystem

58

Smart

Connected

Equipment

Integrated Service

and Automation

Lifecycle

Analytics

and

Insights

Clean,

consolidated

customer

interfaces

Integrated Solutions

Hydrogen fuel cells

Telematics solutions

Attachments

Automation

Customer Portal View

Dashboards

Telematics driven

Actionable insights

Fleet management

Parts order fulfillment

Service Integration &

Automation

Service event management

Fleet management

Mobile diagnostics

Lifecycle Analytics and Insights

Data analytics

Product development

Predictive maintenance (PdM)

Solutions that DRIVE Productivity

Industry

Focus

ER Freight

Special Truck Engineering (STE) Methodology and Process

59

Meet unique

customer

needs

Design & Verification

Production

Required Adjustments

Planning &

Requirements

STE Process

Objectives

Solutions that DRIVE Productivity

Productivity –

Right Equipment for Application

60

Paper*

Paper bale handling

Dusty

environment

-

24/5

Congested operations

Loads in and out of trailers

Hot and dusty

Varied sized and shaped loads

Application

Solution

Outcome

since 2014

Swing out mounting

Access to needed tools

Improve productivity

Special Attachment 

25% increased throughput 

Up to 61% less cost

Cooling package

Reversible fan

Extends cleaning intervals

Triple digit unit growth since 2014

Over 70% unit growth          

since 2014

Significant Share Growth

Trucking*

Steel*

*EMEA market applications

Solutions that DRIVE Productivity

Solutions that DRIVE Productivity

Our Investment in R&D

Lift Truck R&D Investment

$71

$70

$72

$78

$83

2014

2015

2016

2017

Est. 2018

2.6%

2.7%

2.9%

2.9%

2.7%

% of Revenue

$ in millions

•

Product Development Target -

2.5% of Sales

•

Actions to Achieve Target

Increase revenue

Modular architecture

India and China development centers

Process automation

Co-located suppliers

61

Solutions that DRIVE Productivity

Cost of Ownership Summary

62

Industry Focus

Customer Centric

Low Cost of Ownership

Application Fit –

Modular

Operational Integration

Global Footprint

Grow in

Emerging

Markets

Tony Salgado Senior Vice President, JAPIC, Hyster-Yale Group

64

Global Profile of Lift Truck Mix by Market

Opportunity to

Grow in Emerging

Markets and Utility

to Standard

Product Segments

Solutions that DRIVE Productivity

Solutions that DRIVE Productivity

Emerging

versus Mature

Lift Truck Market Size (Last 12 months)

65

NORTH AMERICA

278,230

WESTERN EUROPE

381,960

PACIFIC

24,120

JAPAN

86,890

MIDDLE EAST & AFRICA

33,650

INDIAN SUBCONTINENT

14,360

ASIA

66,025

CHINA

399,050

EASTERN EUROPE

81,650

LATIN AMERICA

19,590

BRAZIL

15,950

MATURE MARKETS 790,900

EMERGING MARKETS 630,275

M A R K E T   S I Z E   S U B –

T O T A L S

MEXICO

11,600

SOUTH AFRICA

8,100

Indicative Map Only: Company’s estimate of market type

Solutions that DRIVE Productivity

Lift Truck Market Growth Potential by Region

66

Emerging markets still have very low lift truck usage…

_____________________

Source: WITS. 2017 Orders Reports.

Population –

www.worldometers.info/world-populations by country

Lift Truck Market

(per million population)

Population

(in millions)

India SC

Asia

China

Pacific

Japan

MEA

Latin America

Eastern Europe

North America

Western

Europe

Variance 2014 to 2017

1,525

1,868

Brazil

9

69

273

560

676

28

76

268

693

840

78

0

0

209

830

1,410

41

127

292

361

450

436

Emerging Markets

Mature Markets

Competition is Re-Positioning

67

Top Global

Manufacturers

are increasing product

depth into utility and

standard product line-up

Top Chinese

Manufacturers

are increasing quality

and specification of

Utility and Standard

product line-up

Premium

Lift Truck Segment

Sub-Utility

Important to defend

and drive profitable

share gain in standard

and utility segments

Standard

Utility

Solutions that DRIVE Productivity

Solutions that DRIVE Productivity

Benefits of Product Segment Positioning

68

Distinguish the

value of standard

and premium

segments

Increase global

market participation

Support exclusive &

independent dealer

network

Leverage

modular and

scalable design

approach

Deliver right tool for

right application

Product Segment

Positioning

Solutions that DRIVE Productivity

Enhance HY Position in Emerging Markets

69

Opportunity to Expand in Emerging Markets

_____________________

Source: Company: LTM 12/31/17 Units Shipped

Note:  Units sold direct by SN JV are not included

Product Breadth is Mature, Opportunity to Enhance Depth

Opportunity to Focus Development on Emerging Markets

Expand Production Capabilities to Serve Emerging Markets

Americas

EMEA

JAPIC

56%

82%

44%

18%

Global

HY

0%

20%

40%

60%

80%

100%

Emerging

Developed

Solutions that DRIVE Productivity

Building a Platform to Grow in Emerging Markets

70

•

Investing in 75% controlling interest in Zhejiang Maximal Forklift Co., Ltd.

•

Establishing China-based Emerging Market Development Center

Actions:

Impact:

•

Expand low-cost, global manufacturing capabilities

•

Enhance access to competitive component sourcing

•

Strengthen utility and standard product portfolio

•

Enhance presence in China market and global utility and standard segments

•

Increase core brand share, and global group unit volume

•

Deliver accretive earnings by 2020 and contribute to Company’s achievement of

7% operating profit margin*

*Estimate does not include the impact of the $10M incentive payout or any potential purchase price accounting adjustments recorded after acquisition

About Zhejiang Maximal Forklift Co., Ltd.

71

Source: Audited 2017 financials, Chinese

statutory report for all except bookings growth, which is

unaudited

•

Established in 2006 in Fuyang District

•

Founder & CEO:  Mr. JinHong Lu

•

600 employees and 1.4 million ft

2

office and factory

•

Original Equipment Manufacturer with design, manufacture, sales and service operations

•

Full production capabilities including fabrication, weld, paint & assembly

•

Domestic and export sales, with globally respected product, brand and distribution

2017 Performance

Volume:

6,765 units

Revenue:  $77M

Op Profit:  4.2%

13% Growth in Revenue

25% Growth in Bookings

Solutions that DRIVE Productivity

Solutions that DRIVE Productivity

Maximal Overview -

Video

72

Solutions that DRIVE Productivity

Why Maximal

73

Best Value

Best Fit

Best Potential

•

Management

•

Culture

•

Local market experience

•

Production and design capability

•

Facilities and location

•

Brand and distribution network

•

Utility Counterbalance forklifts

•

Big Trucks

•

Rough Terrain forklifts

•

Side Loader forklift

Organization

Product

People

Solutions that DRIVE Productivity

Hyster-Yale Maximal Forklift [Zhejiang] Co., Ltd.

74

Investment of $90 Million

for 75% controlling interest

•

25% ownership to remain with seller and

new company CEO

•

HY will pay up to an additional $10 Million after

3 years as incentive to the seller

Closing planned

Q2 2018

Agreement signed

December 6, 2017

Anticipate to be accretive to earnings by 2020

Solutions that DRIVE Productivity

Near

Term

Synergy

Plan

-

Operations

75

•

Consolidate existing China

operations

•

Insource and expand

manufacturing

•

Leverage low cost sourcing

•

Introduce HY expertise

•

Implement HY best practices

Rationalize

Operations

Leverage Cost

Advantage

Improve

Operations

Enhance

Development

Expand

Products

Optimize

Distribution

Solutions that DRIVE Productivity

Rationalize

Operations

Leverage

Cost

Advantage

Improve

Operations

Expand

Products

Optimize

Distribution

Leverage local design expertise and

regional supply base to deliver right

specification at right price

Product Development for:

•

Emerging markets

•

Global utility and standard product

segments

Emerging Market

Development Center

Fuyang, China

Near

Term

Synergy

Plan

-

Development

Enhance

Development

76

Solutions that DRIVE Productivity

Near

Term

Synergy

Plan

-

Distribution

77

•

Maximize coverage

•

Maintain two channels to target

diverse markets

•

Optimize product line-up

•

Apply Hyster-Yale expertise to enhance

dealer performance

HY Independent

Global Distribution

Maximal Global

Distribution

Rationalize

Operations

Leverage Cost

Advantage

Improve

Operations

Enhance

Development

Expand

Products

Optimize

Distribution

Solutions that DRIVE Productivity

Key

Investments

–

First

5

Years

78

Finance

Cybersecurity

& Licences

Acquisition

Due Diligence

Business Processes

Audit & SOX

Factory Capacity

ERP System

Automation & Quality

Engineering

Core Compliance

Engineering

Compliance Investment

Capability Investment

People Investment

Sales

Solutions that DRIVE Productivity

Projected Investment Return Summary

79

Upside Case

Investment Case

2016

2017

2018

2019

2020

2021

2022

Impact on Global

Hyster-Yale Earnings

Investment case to deliver accretive

earnings with upside potential

Upside Opportunities

•

Expand

export and

aftermarket opportunities

Investment Case Synergy Considerations

•

Rationalize China production and purchasing

•

Include integration investments

*Graphic does not include impact of the $10M incentive payout or any potential purchase price accounting adjustments recorded after acquisition

Solutions that DRIVE Productivity

Summary

80

Drive global revenue

and absorption

through growth in unit

and aftermarket sales

China investment is fundamental to addressing demand in

emerging markets and shifts in product segment mix

Drive lower cost

production and

sourcing

Grow share in the

global emerging

markets and

standard and utility

segments

Critical component to long-term global growth

and acquire a strategic platform to:

Deliver a broader range

of competitive standard

and utility products

Support China-based

Emerging Market

Development Center

The Attachment

Business

Roberto Scotti President and Chief Executive Officer of Bolzoni

81

Solutions that DRIVE Productivity

Bolzoni Key Attachment Markets

82

A

complete

range

of

attachments

to

serve

material

handling

industries

in

the

area

of

forest

products,

food

and

beverage,

white

goods,

logistics,

chemistry,

automotive

and

many

others…

Solutions that DRIVE Productivity

Bolzoni Products

83

Paper Roll Clamps

Intelligent

and standard

Pulp & Waste Paper Bale

Clamps

Carton Clamps

Intelligent

and standard

Multi Pallet Handlers

Parallel Clamps

Push Pulls

Sideshifters and Fork positioners

Forks

Lifting Tables

Specialized

Products

Rotators

Solutions that DRIVE Productivity

LTM Q1 2018 –

Bolzoni Revenue

by Product Line 

84

Other Revenues

4%

Forks

15%

Lift Table

5%

Attachments

76%

$ 186.8 M

Sales outside of Italy = 86.5% of 2017 Global Sales

Solutions that DRIVE Productivity

Bolzoni in the World

85

Manufacturing plants in Italy, Germany, Finland, United States and China

A wide network of direct branches and independent dealers covering all

continents to satisfy all market requirements

Solutions that DRIVE Productivity

86

1945

1950s

1960-1975

1986

1989

1991

Bolzoni

foundation

(focus on

agricultural

machinery

production)

Attachments

market

entrance

(brick fork &

fork lift truck

attachments)

Foreign market

entrance

(first branch

opened in France)

Merging with

Teko

(lifting tables

and hand pallet

trucks)

USA market

entrance

(first manufacturing

plant opened in

Chicago)

Acquisition of

Elman

(Spanish

leader

for lift truck

attachments)

2001

2002

2010-2013

2006

2014

2016

Acquisition of

Auramo

Group

(leader in forest

products

handling

attachments)

Acquisition

of Brudi

(USA leader in

palletless

handling

attachments)

China

(fork production

plant in Hebei

and attachment

production plant

in Wuxi)

Acquisition of

Meyer Group

(German leader in lift

truck attachments).

Bolzoni SpA listing on

Italian Stock

Exchange

Auramo OY new

plant

(forest products

handling

attachments

production plant in

Finland)

Bolzoni Group

acquired by 

Hyster-Yale

Bolzoni History

Solutions that DRIVE Productivity

Net

Sales

Trend

CAGR:

Years

2000

–

2017

87

€

43.2

€

76.2

€

78.9

€

75.1

€

84.0

€

94.7

€

107.1

€

145.6

€

141.1

€

76.9

€

93.5

€

115.8

€

119.1

€

121.2

€

119.9

€

138.3

€

137.6

€

157.7

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2000 –

2008

+13%

2009 –

2017

+9%

(1)

(2)

(3)

(1)  Includes (for 10 months) acquisition of Finnish company Auramo OY, leader in the market of paper bale clamps

(2)  Includes acquisition of Brudi

(3)  Sale of mast business

Solutions that DRIVE Productivity

88

The Concept

Strategy: Targeting Additional Customers, by Industry

Cultivate customers in certain end-user industry

segments to achieve preferred supplier status

Priority to EMEA Region and extension to America

and JAPIC in the second part of the year

Solutions that DRIVE Productivity

BEVERAGE

WHITE GOODS

3PLs

The Target Accounts

Dedicated

plan

for

each

country

Detailed

reporting

for

each

target

account’s

facility

PAPER

AUTOMOTIVE

Strategy: Targeting Additional Customers, by Industry

89

Solutions that DRIVE Productivity

90

…and many further

products to meet

the

customer demand

Strategy: New Product and Market Concept

Designed in Europe

Produced in China

STANDARD PRODUCT LINE TO MEET GLOBAL MARKET DEMAND

Develop Silver Line range

High quality

Very competitive price

Often sold against competitors’ refurbished product (buy new vs. buy used)

Solutions that DRIVE Productivity

91

SWING FRAME

PAPER ROLL CLAMP

2-1 PALLET HANDLER

FORK POSITIONER

CARTON CLAMP

WITH FORCE BALANCE

PAD/Patent pending

Strategy: Listen to Voice of Customer

NEW PRODUCTS FOR NEW APPLICATIONS

NEW PRODUCTS AT THE RIGHT TIME

CONTINUOUS INNOVATION

Solutions that DRIVE Productivity

92

Strategy: Align to Major Trends

DEVELOP KNOW-HOW FOR AGV SYSTEMS

Support to AGV manufacturers for product customization

Learn from advanced experience

Solutions that DRIVE Productivity

93

USA –

Homewood

–

IL

FINLAND –

Järvenpää

GERMANY –

Salzgitter

ITALY –

Piacenza

CHINA –

Wuxi

CHINA –

Hebei

Strategy: Leveraging Focused Factories

Solutions that DRIVE Productivity

BOLZONI-AURAMO

(HEBEI)

–

CHINA

Increased capacity to 400,000 forks per year

Ability to meet special design requests

Three automated production lines

94

Strategy: Expand Fork Business

2012

2013

2014

2015

2016

2017

SALES

2017 vs 2016:

+82%

Solutions that DRIVE Productivity

95

BOLZONI-AURAMO

(WUXI)

–

CHINA

Increase product localization

to fit

Asian market

Manufacture parts and components for global factories

Lower global cost

Lower cost

Quicker

delivery time

Strategy: Expand China Localization

Solutions that DRIVE Productivity

BOLZONI AURAMO –

USA

Strategy: Expand Rapidly in US market

Enhance people capabilities

Produce a complete range of attachments

Enhance

local design capability

Expand production capacity

Increase spare parts management

Grow

the customer base

Create specific marketing plans by customer segment

96

Solutions that DRIVE Productivity

AURAMO OY –

FINLAND

Dedicated plant for paper roll clamps

Enhance sales coverage

Strengthen presence in US and China

Leverage program targeting new customers in the paper industry

Continuous new product innovation

97

Strategy: Enhance Sales of High-Value Paper Roll Clamps

Solutions that DRIVE Productivity

98

Strategy: Expand Capacity and Enhance Production Efficiency in Germany

MEYER GMBH –

GERMANY

Facility located in Europe’s largest forklift truck market

Dedicated plant for multiple-pallet handlers

Increase market share in Europe and worldwide

Leverage program targeting new customers in the beverage and automotive industries

Solutions that DRIVE Productivity

Strategy: Synergies with HY

99

Develop Bolzoni

as global supplier of

attachments & forks to

HY globally

Accelerate growth of

attachment business

in North America

Leverage Bolzoni

manufacturing

capacity

Achieve procurement

and logistics cost

savings

Increase sales of HY forklift &

Bolzoni attachments by creating

high-quality product package

GROWTH

Promote through HY

distribution system

Solutions that DRIVE Productivity

100

Lift

Truck

Manufacturers

–

OEM

Lift Truck & Material Handling Dealers

2017 CUSTOMER MIX

Strategy: Enhance Strong OEM Relationships

Managed as separate business segment                

Separation to maintain OEM information

integrity

43%

57%

EUROPE

58%

AMERICAS

36%

ASIA 6%

OEM SALES BY REGION

OEM 1

29.4%

OEM 2

26.7%

OEM 3

21.5%

OEM 4

16.0%

OEM 5

3.6%

TOP 5 OEM CUSTOMERS

Solutions that DRIVE Productivity

Why Choose Bolzoni?

101

INTEGRATION SERVICES

STRONG TEAM

BROAD PRODUCT LINE

RIGHT PRODUCT FOR APPLICATION

GLOBAL MANUFACTURING LOCATIONS

OPERATIONAL EXCELLENCE

INDUSTRY FOCUS

AFTERMARKET SERVICES

CUSTOMERS

STRONG OEM RELATIONSHIPS

The Fuel Cell

Business

Jon

Taylor

President

and

Chief

Executive

Officer

of

Nuvera

Fuel

Cells

102

Solutions that DRIVE Productivity

Importance of Fuel Cell for Mobility Growing

103

Source:

KPMG

International

https://gaes.kpmg.de/brain.html#automotive-key-trends

Global Automotive Executive

Trends until 2025

Automotive key

trends

“Fuel cell electric

vehicles have

replaced battery

electric vehicles as

this year’s #1 key

trend until 2025”

2017

2014

Fuel cell electric mobility

#1

#7

Connectivity & digitalization

#2

#9

Battery electric mobility

#3

#10

Hybrid electric mobility

#4

#2*

Market growth in emerging marketing

#5

#1

Creating value out of big data

#6

#7*

Mobility-as-a-service

#7

#6

Autonomous & self-driving vehicles

#8

#11

Platform strategies

& standardization modules

#9

#2

Downsizing of internal combustion engines

#10

#3

*2016 rankings

Solutions that DRIVE Productivity

Trends in Alternative Energy

104

KPMG surveyed

Automotive

executives to

determine their 

opinion on the

share between ICE,

Hybrids, BEV &

FCEV in 2030 and

2040.

FCEV

BEV

Hybrids

ICE

101.58M

122.66M

140.48M

90%

30%

24%

24%

21%

25%

24%

26%

25%

2020

2030

2040

Source: KPMG International’s Global Automotive Executive Survey 2018

https://gaes.kpmg.de/brain.html#automotive-key-trends

Note: Shares for 2020 are based on global production forecast for 2020. 2040 volumes are estimated on GAGR 2027-2032.  Both are as calculated by KPMG.

Solutions that DRIVE Productivity

Trends in Alternative Energy

105

Source:

Hydrogen

Council:

http://hydrogencouncil.com/wp-content/uploads/2017/11/Hydrogen-Scaling-up_Hydrogen-Council_2017.compressed.pdf

Fuel Cell

vehicles offer

the range and

refueling

capability

required for

mass

consumer

vehicles

Solutions that DRIVE Productivity

Trends in Alternative Energy

106

Today

2020

2025

2035

2040

2045

Source: Hydrogen Council:  http://hydrogencouncil.com/wp-content/uploads/2017/11/Hydrogen-Scaling-up_Hydrogen-Council_2017.compressed.pdf

Solutions that DRIVE Productivity

Business Focus

107

High technology fuel cell company

Integrator of fuel cell engines into lift trucks

Design of Fuel Cell Stacks

and Engines

Reliability

Growth

Engineering

Manufacture of Fuel Cell

Stacks and Engines

Sales &

Marketing to

OEM’s  and Partners

Development of

Hydrogen Compression

Technology & Products

Design of BBR and

Integrated Solutions

Reliability

Growth

Engineering

Manufacture of BBR and

Integrated Solutions

Sales &

Marketing

Product Support in Field

Solutions that DRIVE Productivity

Vision and Mission

108

Achieve

break-even

operating

profit by late

2019

Produce ~ 1,000

Nuvera® engines

quarterly at target

margins AND

leverage our

technology and

expertise through

partnerships

conversion of

existing

battery users

Our vision is to establish Nuvera as the preferred

provider of heavy-duty fuel cell engines to

zero-emissions mobility customers

Limitless Mobility

NUVERA MISSION:

…through

share gain of

existing fuel

cell users

and conversion

of existing IC

engine users

Solutions that DRIVE Productivity

Nuvera People: Fuel Cells are our Passion

109

170 Total Employees

Majority of employees cover technical

disciplines

Strengthening operations team

Supply Chain

Quality

Manufacturing

Sales & Marketing

Aftermarket support

Customer solutions

Strengthening Intellectual Property Portfolio

•

205 International patents granted

•

235 International patents pending

•

67 US patents granted

•

37 US patents pending

•

8 US Provisional patent applications pending

Strengthening Intellectual Property Portfolio

•

205 International patents granted

•

235 International patents pending

•

67 US patents granted

•

37 US patents pending

•

8 US Provisional patent applications pending

Focus:  Provide the best fuel cell

solution to our customers. 

•

Technology

•

Design

•

Supply Chain

Focus:  Provide the best fuel cell

solution to our customers. 

•

Technology

•

Design

•

Supply Chain

•

Cost

•

Quality

•

Aftermarket solutions

Solutions that DRIVE Productivity

Nuvera Fuel Cell Stack Heritage

110

First Stack

(1993)

Andromeda

TM

(2003 –

2011)

•

Metallic construction since 1993

•

Patented open flow field architecture

•

High power density

XDS-900

(2004 -

2011)

(2010 & ongoing)

(2019+)

Gen2

Lift Truck Power System Optimization: Cost and Robustness

111

Target

Product

Cost

and

Robustness

•

Approximately 40% reduction in costs by 2019

•

Double MTBF (mean time between failure)

Driven by

•

Strengthening supply chain

•

Internal process improvements

•

Product design and architecture

Solutions that DRIVE Productivity

2017

1H-18

2H-18

1H-19

2H-19

Cost

MTBF

Solutions that DRIVE Productivity

Organization and people

High power, efficient and durable

Simplification & robust operation

Right product/right cost

Nuvera

Fuel Cell Engine Design Principles

112

Focus on core competencies

Leverage technology attributes

Optimize engine design

Industry & application focus

Solutions that DRIVE Productivity

Strategic Focus

113

BBR and Integrated

Lift Truck Solution

Large OEM’s

Integrators

Solutions that DRIVE Productivity

114

Business Development Approach

Nuvera

L3

Fuel

Cell

Hybrid

Vehicle

L2

Fuel Cell Engine

L1

Fuel Cell Module

L0

Fuel Cell Stack

L3

Fuel Cell Hybrid

Vehicle

L2

Fuel

Cell

Engine

L1

Fuel Cell Module

L0

Fuel Cell Stack

Integrators

OEM’s

•

Speed to

Market

•

Close to customer

•

Quality Control

•

Control of IP

•

Long term partnership

•

Custom design and development

•

IP Transfer/ sharing

•

Economies of scale

IC

Engine

Transmission

Air

Filter

Traditional IC Engine Vehicle

Electric / Fuel Cell

FC

Engine

DC/DC

Fuel Cell Engine Solutions

Refueling

3-10 minutes

115

Engine

Clean

Fuel

Clean Air

Power

Nuvera Engine

System Integration

Solutions that DRIVE Productivity

Air

Filter

Solutions that DRIVE Productivity

Automotive

Lift Trucks

Industrial

Fleets

Fuel Cell Deployment Strategy

Potential Annual Volume and Nuvera Fit*

Stack Optimization

Engine Integration

Power Modules

Experience

Knowledge

Technology

Low

Medium

High

116

10,000 –

50,000

3,000-10,000

Degree of Fit

*Company Estimates

Nuvera’s

Fit

100,000+

Solutions that DRIVE Productivity

117

Fuel Cell Commercialization Pathway

100,000+

10,000 –

50,000

3,000-10,000

Strong

supply chain

Robust

design

Economies of

scale

Experience

Knowledge

Technology

Solutions that DRIVE Productivity

Expansion of Product Line

118

Demonstration in critical port

application in California

Performance benefits

•

Metal plates –

higher durability

•

High power density

•

Open flow field –

improved fuel efficiency

Modular, easily integrated solution

2019 Heavy duty engine

Leverage experience from

HY supply

Scale up manufacturing

capability

Planned localization for

China market

(post-2019)

Shown: Hyster 1150HD CH ICE configuration

Solutions that DRIVE Productivity

Future Non-Lift Truck Growth Opportunities

119

Heavy duty applications

Port equipment 

Delivery vehicles

Buses

China market entry

Market research

Local industry engagement

Engaging System Integrator(s)

OEM

product evaluation

Low cost sourcing

Solutions that DRIVE Productivity

China Market Research and Engagement

120

Engaged China-based market research and segmentation study

•

Significant government incentives driving market interest

•

Several companies are early entrants, but market open to other partners

•

Nuvera technology is a strong fit at a competitive cost

Engaging with the Chinese Hydrogen Fuel Cell Industry and Businesses

China Central

Government Roadmap

2020

2025

2030

Vehicles

Deployed

5,000

Public Transport

50,000

Public Transport

Private Application

1 million

Total Units

Hydrogen Fueling Stations

100

300

1,000

•

Attended the Second China International Hydrogen & Fuel Cell 2017 Conference and Exhibition

•

Attended

the

8

China

International

New

Energy

Vehicle

2018

Forum

th

Solutions that DRIVE Productivity

At

At Lift Truck Business

The Nuvera

Plan 2018 +

121

•

Further develop engines for the lift truck market

•

Utilize Reinstated US Tax Credit

•

Introduce higher-power engines to enter new markets

•

Leverage EU growth opportunities

•

Leverage OEM / Integrators opportunities in China

•

Strengthen backlog

•

Further develop supply chain

•

Introduce higher power engines to enter new markets

•

Launch Orion® 2 fuel cell stack with increased power

density and lower cost

•

Target break even by late 2019

•

Achieve profitability at or above Hyster-Yale target

economics over longer term

•

Complete product line-up of Battery Box

Replacements (BBR)

•

Integrate FC engines into higher-capacity lift trucks

•

Start production at Greenville, NC plant

•

Continue to engage independent dealers in sales,

marketing and service

•

Continue to focus on reducing product costs to

target

•

Expand into EMEA and JAPIC markets

•

Achieve profitability at or above Hyster-Yale target

economics over longer term

Financial

Overview

Ken Schilling Senior Vice President and Chief Financial Officer

Hyster-Yale Materials Handling / Hyster-Yale Group

Solutions that DRIVE Productivity

Results for 2017 Consolidated vs. 2016 Full Year

($ in millions)

123

_____________________

(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 Financial Appendix starting on page 151.

(2)

ROTCE adjusted to exclude the impact of new U.S. tax reform legislation.  The calculation reflects an unfavorable adjustment to income of $16.6m at Lift Truck, $1.6m at Nuvera and $0.2m at Bolzoni. See reconciliation to GAAP measures in the Financial Appendix starting on page 151.

(3)

These entities are presented on a stand-alone basis, and as such, do not sum to the Consolidated financial information.

HY

HY

Lift Truck

(3)

Bolzoni

(3)

Nuvera

(3)

2017

2016

Variance

Revenues

$2,723.8

$177.2

$3.7

$2,885.2

$2,569.7

$315.5

Gross Profit

$450.5

$54.8

($2.1)

$502.6

$427.5

$75.1

Operating Expenses

($338.3)

($48.4)

($39.9)

($426.6)

($392.6)

($34.0)

Operating Profit (Loss)

$112.2

$6.4

($42.0)

$76.0

$34.9

$41.1

Net Income (Loss)

$71.8

$3.9

($26.7)

$48.6

$42.8

$5.8

EBITDA

(1)

$170.6

$17.6

($35.1)

$152.5

$82.1

$70.4

ROTCE

(1)(2)

17.3%/21.0%

(2)

2.8%/2.9%

(2)

n/m

During 2017 Hyster-Yale’s business units returned year over year growth from full-year 2016.

Solutions that DRIVE Productivity

Results for Q1 2018 Consolidated vs. Q1 2017

Hyster-Yale’s business units are at different stages, which makes the variance best understood by individual business unit

($ in millions)

124

_____________________

(1)

EBITDA is a non-GAAP measure 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 Financial Appendix starting on page 151.

(2)

These entities are presented on a stand-alone basis, and as such, do not sum to the Consolidated financial information.

HY

HY

Lift Truck

(2)

Bolzoni

(2)

Nuvera

(2)

Q1 2018

Q1 2017

Variance

Revenues

$743.3

$51.2

$0.3

$788.2

$713.1

$75.1

Gross Profit

$116.1

$17.0

($0.9)

$132.1

$126.1

$6.0

Operating Expenses

($89.5)

($14.3)

($9.1)

($112.9)

($103.5)

($9.4)

Operating Profit (Loss)

$26.6

$2.7

($10.0)

$19.2

$22.6

($3.4)

Net Income (Loss)

$20.7

$1.9

($7.3)

$14.9

$18.1

($3.2)

EBITDA

(1)

$38.0

$5.6

($9.1)

$34.4

$36.3

($1.9)

Solutions that DRIVE Productivity

        HY

        HY

Variance in

        2017

       Q1 2018

% Revenue

Revenues

$2,885.2

$788.2

Sales Growth %

12.3%

10.5%

vs. 2016

vs. Q1 2017

Gross Profit

$502.6

$132.1

% of Revenue

17.4%

16.7%

(0.7%)

Operating Expenses

($426.6)

($112.9)

% of Revenue

14.8%

14.3%

0.5%

Operating Profit 

$76.0

$19.2

Operating Proft Margin %

2.6%

2.4%

(0.2%)

Margin / OPEX Leverage

($ in millions)

125

Gross profit percent declined

due to unit margin

compression related to

material price inflation

Operating expenses continue

to grow consistent with

strategic programs

Beginning to gain leverage

on revenue growth

Solutions that DRIVE Productivity

Lift Truck Summary

126

Q1 2018

Q1 2017

Variance

Revenues

$743.3

$672.2

$71.1

Gross Profit

$116.1

$112.9

$3.2

Operating Expenses

($89.5)

($83.1)

($6.4)

Operating Profit

$26.6

$29.8

($3.2)

Net Income

$20.7

$22.3

($1.6)

EBITDA

(1)

$38.0

$40.1

($2.1)

Key Metrics:

Operating Profit Margin%

3.6%

4.4%

(0.8%)

Adjusted LTM ROTCE

(1)(2)

20.8%

18.6%

2.2%

Net Working Capital

$388.3

$321.6

$66.7

Financial Results

Trends

•

Lift Truck business focused on increasing

unit volumes and market share through

continued implementation of strategic

initiatives

•

Strong volume performance

•

Price increases not fully offsetting material

cost inflation and tariff impact in short term

$672.2

$743.3

Q1 2017

Q1 2018

Revenue

23.3

24.8

Q1 2017

Q1 2018

Units

+10.6%

($ in millions)

+6.4%

(thousands)

_____________________

(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 Financial Appendix starting on page 151.

(2)

ROTCE adjusted to exclude the impact of new U.S. tax reform legislation.  The calculation reflects an unfavorable adjustment to income of $16.6m at

the Lift Truck business. See reconciliation to GAAP measures in the Financial Appendix starting on page 151.

Solutions that DRIVE Productivity

Bolzoni

Summary

127

($ in millions)

Financial Results

Trends:

•

Bolzoni continues investment in strategic

growth programs

•

Global attachment volume driven by new

Class 1, 4 & 5 forklift truck volumes

•

Strengthening presence outside EMEA will

generate higher than market growth rates

$181.0

$197.1

$685.2

$796.3

$0.0

$100.0

$200.0

$300.0

$400.0

$500.0

$600.0

$700.0

$800.0

Counterbalanced (Class 1, 4 & 5) Market Unit Volume

16.2% GROWTH

Worldwide

LTM Q1 18

Worldwide

LTM Q1 17

EMEA

LTM Q1 17

EMEA

LTM Q1 18

(In thousands)

8.9%

GROWTH

_____________________

(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 Financial Appendix starting on page 151.

(2)

ROTCE adjusted to exclude the impact of new U.S. tax reform legislation.  The calculation reflects an unfavorable adjustment to income of $0.2m at

Bolzoni. See reconciliation to GAAP measures in the Financial Appendix starting on page 151.

_____________________

Source: WITS.  LTM 3/31/18

Orders Reports.

Bolzoni

Bolzoni

Q1 2018

Q1 2017

Variance

Revenues

$51.2

$41.6

$9.6

Gross Profit

$17.0

$13.8

$3.2

Operating Expenses

($14.3)

($11.5)

($2.8)

Operating Profit

$2.7

$2.3

$0.4

Net Income

$1.9

$1.5

$0.4

EBITDA

(1)

$5.6

$5.2

$0.4

Key Metrics:

Operating Profit Margin %

5.3%

5.5%

(0.2%)

Adjusted LTM ROTCE

(1)(2)

3.1%

1.2%

1.9%

Net Working Capital

$58.3

$44.8

$13.5

Solutions that DRIVE Productivity

Nuvera Summary

128

Nuvera

Nuvera

Q1 2018

Q1 2017

Variance

Revenues

$0.3

$2.6

($2.3)

Gross Profit

($0.9)

($0.6)

($0.3)

Operating Expenses

($9.1)

($8.9)

($0.2)

Operating Loss

($10.0)

($9.5)

($0.5)

Net Loss

($7.3)

($5.7)

($1.6)

EBITDA

(1)

($9.1)

($9.0)

($0.1)

Key Metrics:

Countries of Distribution

3

1

2

BBR Shipments

71

29

42

($ in millions)

Financial Results

Trends

•

Enhanced growth opportunities driven by U.S.

and China tax and government policy

•

Focused on achieving break even product cost

•

Development projects’ scope tightly focused

on fuel cell stacks and engines 

0

5000

10000

15000

20000

25000

2012

2013

2014

2015

2016

2017*

Long-term CAGR (2012 –

2017) = 28.8%*

Total

Market

-

Installed

BBRs

(units)

*Company estimate

_____________________

(1)

EBITDA is a non-GAAP measure 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 Financial Appendix starting on page 151.

Consolidated Key Financial Metrics

129

Working Capital, Cash Flow and

Capitalization

LTM       

3/31/18

Year Ended 

12/31/17

Variance

Fav/(Unfav)

Working Capital

(1)

$463.1

$461.0

($2.1)

LTM Cash Flow before Financing

(2)

$44.0

$117.4

($73.4)

Adjusted

LTM Cash Flow before Financing

(3)

$44.0

$37.4

$6.6

Cash

$228.1

$220.1

$8.0

Debt

$283.4

$290.7

$7.3

Equity

$608.0

$572.4

$35.6

Debt to Total Capitalization

(4)

32%

34%

2%

($ in millions)

•

Working Capital continues to be efficiently managed at increased sales volume

•

Cash flow affected by one-time AP recovery in the Americas of $80m

•

Improved Cash, Debt and Capitalization at 2018 Q1 over 2017 year end performance

Solutions that DRIVE Productivity

(1) Working Capital is defined as Accounts Receivable plus Inventory less Accounts Payable.

(2) Cash Flow before Financing is defined as cash from operating activities less cash from investing activities for the respective period.

(3) Adjusted LTM Cash Flow before Financing excludes approximately $80m impact of unplanned systems-related acceleration of supplier payments in December 2016. Adjusted Cash Flow before Financing is a non-GAAP measure 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 Financial Appendix starting on page 151.

(4) Debt to Total Capitalization is defined as Debt divided by the sum of Debt plus Equity at the end of the period.

Solutions that DRIVE Productivity

Hyster-Yale Use of Cash Priorities

130

Return Cash to Stockholders

Investments in Adjacent or Complementary Businesses

Investments in Fuel Cell Business

Investments in Share Gain Programs

Investments in Lift Truck & Attachments Businesses

Strategic initiatives to accelerate growth or

enhance margins

Acquisitions of technologies and other

forklift-related businesses

Investments

to

commercialize

Nuvera’s

fuel

cell technology

Solutions that DRIVE Productivity

Key Capital Investments

131

0.0

10.0

20.0

30.0

40.0

50.0

60.0

2013

2014

2015

2016

2017

Est. 2018*

Bolzoni

Nuvera

New Brazil Plant

SAP & CRM/CPQ

Core Forklift Investments

Capital expenditures directed to support key HY lift truck initiatives along

with development of Nuvera and Bolzoni products and facilities

*

Excluding Maximal

Solutions that DRIVE Productivity

Maximal Acquisition

•

Timing: Targeted Q2 2018 closing

•

Acquisition Price: $90m for 75% ownership stake

•

2017 Performance

*

–

6,765 unit volume; $77m revenue; 4.2% operating profit margin

•

Additional Incremental Expenses

–

$5-10m spend in 2018/early 2019

–

80% operating expense vs. 20% capital expenditures

–

Up to $10m earn out over three-year period

•

Timing of impact to HY:

–

2018/2019: Slightly decremental

to EPS as Chinese production consolidation, IT integration

program and additional product development/transfers/introductions are placed in service

–

Post 2019: Expect incremental to EPS as production ramp up and IT programs are

completed

132

*

Audited 2017 Chinese statutory results

Solutions that DRIVE Productivity

Dividend Growth

133

Annual

Dividends

Amount Paid in Total

and Annualized

$ Per Share

(total $ in millions)

($ per share annualized)

Share Repurchase Program: Approximately 694,700 Class A shares repurchased for $49.8m during 2013 and 2014.

(1) Dividend decisions are made quarterly by HY’s Board of Directors.  The above graph assumes the 

continuation of a quarterly dividend in Q3 and Q4 2018 similar to the new rate established in Q2 2018.

Q3-4

(1)

Dividend

Strong continuing dividend support and growth

$17.8

$18.4

$19.2

$19.8

$5.0

$1.00

$1.05

$1.10

$1.15

$1.20

$1.25

$1.30

$0

$3

$6

$9

$12

$15

$18

$21

$24

2014

2015

2016

2017

Est. 2018

$5.15m to

be paid

6/15/18

Solutions that DRIVE Productivity

2018 Earnings Perspective  -

Lift Truck Business

134

Unit and Parts

Volumes

FY 2018: Overall global lift

truck market expected to

grow modestly in 2018

compared to 2017.

Expected unit and parts

revenue increases driven

by continued investments

in HY's strategic

initiatives.

Currency

FY 2018: No change

from strong US

dollar scenario

forecasted.

Net

Income/

EBITDA

FY 2018: Net

income in 2018 is

expected to

increase

substantially over

2017 as a result of

the absence of the

tax adjustments

made in 2017 for

the U.S. tax reform

legislation.

Income Taxes

FY 2018: Global Lift

Truck effective income

tax rate expected to be

in the range of 23% to

26% in 2018 based on

expected mix of

earnings.

Operating

Profit

FY 2018: Expected

increase in revenues,

mostly offset by material

cost inflation and higher

operating expenses, is

expected to result in a

modest increase in

operating profit in 2018

compared with 2017.

Solutions that DRIVE Productivity

2018 Earnings Perspective  -

Bolzoni

Attachment Business

135

Revenues 

FY 2018: Bolzoni

expects revenues in

2018 to increase

compared with 2017

as a result of

anticipated growth in

both the Americas and

EMEA and continued

implementation of

sales enhancement

programs.

Net Income/

EBITDA

FY 2018:  Expected

operating leverage

from sales growth and

continued

implementation of

several key strategic

programs expected to

generate substantial

growth in 2018 net

income compared with

2017.

Income Taxes

FY 2018: Tax rates

consistent with prior

year.

Operating Profit

FY 2018: Expected

operating leverage

from sales growth

and continued

implementation of

several key strategic

programs expected

to generate

substantial growth

in 2018 operating

profit compared

with 2017.

Currency

FY 2018: No change

from strong US dollar

scenario expected.

Solutions that DRIVE Productivity

2018

Earnings

Perspective

-

Nuvera

Fuel Cell

Business

136

Revenues 

FY 2018: Nuvera

expects demand to

continue to increase

throughout the year.

Net Loss/

EBITDA

FY 2018: The net

loss in 2018 is

expected to be

comparable to 2017

due to smaller tax

benefit .

The Company's

current target is to

achieve break-even

by late 2019.

Income Taxes

FY 2018: A smaller

tax benefit is

expected to be

realized on Nuvera's

losses due to a lower

effective income tax

rate under the new

U.S. tax reform

legislation.

Operating Loss

FY 2018: Operating

loss in 2018 is

expected to decrease

compared with 2017,

especially in Q4, and

moderate more

substantially over

2019.

Product

Development and

Launch Expenses

FY 2018: Cost base

expected to fall due to

substantial cost

reductions secured on

future purchases of

core components. 

Further cost

reductions expected

in 2019 from

improved designs and

higher volumes.

Solutions that DRIVE Productivity

Lift Truck Business Target Economics Goal and Gap to Target

Achieve 7%

operating profit

margin

target over

the medium term

Maintain ROTCE

> 20%

Target

Economics gap

closure can be

achieved with

unit volume…

Stronger Industry

+ Share Growth

= Volume Leverage

LTM 3/31/18 Gap to Target Economics

Actual Lift Truck Operating Profit Margin %

3.8%

Margin

Variances

1.2%

Volume

Variances*

2.0%

Manufacturing

variances/other

0.3%

Operating Expenses

1.7%

Lift Truck Operating Profit Margin % Gap

3.2%

Lift Truck Operating Profit Margin % Target

7.0%

*Expected to achieve with annual sales of 115,000 HY-produced lift

truck units, excluding trucks sold by Maximal.

137

Solutions that DRIVE Productivity

HY Lift Truck Incremental Volume Leverage

138

Incremental Units Produced

+5,000 Trucks

Sales

$186m

Gross Profit

$37m

Operating

Expenses

$16m

Operating Profit

$21m

Incremental Operating

Profit %

11.0%

As we make progress toward the 115,000 unit production levels, HY Lift

Truck will generate significant incremental operating profit contribution.

Solutions that DRIVE Productivity

Lift Trucks Sold

124,000

Lift Trucks Produced in HY plants

115,000

Revenues

$3,920

Gross Profit

$725

Operating Expenses

$450

Operating Profit

$275

Operating Margin

7.0%

Target Economics

HY Lift Truck

Target is to move from significant loss to break even

in late 2019 then on towards significant profitability

in the long term

Importance of volume growth to

reaching target operating margin

Nuvera

Expect to exceed 7% operating profit

target as programs mature

Bolzoni

139

Prospects for

Volume Growth

Alfred Rankin Chairman, President and CEO Hyster-Yale Materials Handling

Chairman Hyster

-Yale Group

Key Perspectives to Emphasize

141

Global markets

expected to be strong

for next several years

Investments

to

expand HY’s product

and solutions portfolio

and geographic

breadth and depth

Core lift truck

programs

aim to

trigger organic growth

through intensified

industry focus

Nuvera

remains a

venture business with

developed technology;

break even by late

2019

Solutions

that

DRIVE

Productivity

Solutions that DRIVE Productivity

One Set of Strategies, Different Priorities for Execution

142

Americas

HYG Position: Strong

Full execution of strategies

Significant investment to

enhance share

Increased dual-brand

coverage

Europe,

Middle East, Africa

HYG Position :Moderate

Industry and customer solutions

Low cost of ownership

Distribution enhancements

JAPIC

HYG Position: Varies

Acquisition and partnership

Emerging Market

Development Center

Distribution strengthening

Solutions that DRIVE Productivity

Key Developments Since Last Investor Day

143

Nuvera strategy

implementation –

clear focus

Bolzoni fully

integrated and

performing well

Improved financial

performance in core lift

truck business

Developments in

automation and key

product platforms

Industry focus with new

sales and marketing

organizations

Solid base for expansion

in developing markets

being established

Solutions that DRIVE Productivity

Long-Term Focused, not Short-Term Oriented

144

Investing

for the

Future

Leverage, but also control, our

expense structure

With the ability to

Solutions that DRIVE Productivity

Operating profit margin

With adequate volume growth,

the Lift Truck business can achieve

Committed to Lift Truck Financial Targets

145

Solutions that DRIVE Productivity

With

Lift

Truck

Performance

Supplemented

by

Acquisitions

146

*

* Acquisition of 75% of Maximal announced in December 2017. As of the date of this presentation, the acquisition has not yet closed.

Solutions that DRIVE Productivity

Valuation Approach Needs to Vary By Business

147

Lift Truck and Attachment Businesses

Lift Truck and Attachment Businesses

Fuel Cell 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

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

Solutions that DRIVE Productivity

A Solid Investment Option

148

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 that DRIVE Productivity

Questions?

ir@hyster-yale.com

Subject:  Investor Day Question

149

Solutions that DRIVE Productivity

Appendix

Appendix

151

Solutions

that

DRIVE

Productivity

Non-GAAP Disclosure

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:

EBITDA

is

defined

as

income

(loss)

before

asset

impairment

charges,

income

taxes

and

noncontrolling

interest

income

(loss)

plus

net

interest

expense

and

depreciation

and

amortization

expense;

Adjusted

Return

on

Total

Capital

Employed

(“ROTCE”)

is

defined

as

net

income

(loss),

as

reported,

before

interest

expense,

after

tax

and

before

the

impact

of

U.S.

Tax

Reform

legislation,

divided

by

average

capital

employed.

Average

capital

employed

is

defined

as

average

stockholders’

equity

plus

average

debt

less

average

cash.

Adjusted

Cash

Flow

before

Financing

is

defined

as

cash

from

operating

activities

less

cash

from

investing

activities,

excluding

the

approximately

$80m

impact

of

an

unplanned

systems-related

acceleration

of

supplier

payments

in

December

2016.

For

reconciliations

from

GAAP

measurements

to

non-GAAP

measurements,

see

the

following

pages.

Non-GAAP Reconciliation

152

Solutions that DRIVE Productivity

($ in millions)

Year Ended December 31

Qtr.

Qtr.

Consolidated

2013

2014

2015

2016

2017

3/31/2017

3/31/2018

3/31/2018

Reconciliation of EBITDA

Net income attributable to stockholders

$      110.0

$      109.8

$        74.7

$        42.8

$          48.6

18.1

$         

14.9

$         

$          45.4

Nuvera asset impairment

-

-

-

-

4.9

-

-

4.9

Noncontrolling interest income (loss)

0.2

0.4

0.4

(0.5)

0.3

-

-

0.3

Income tax provision (benefit)

17.2

39.9

29.4

(4.0)

44.9

6.2

4.9

43.6

Interest expense

9.0

3.9

4.7

6.7

14.6

1.8

4.0

16.8

Interest income

(1.8)

(1.1)

(1.5)

(2.0)

(3.6)

(0.3)

(0.8)

(4.1)

Depreciation and amortization expense

30.2

29.7

28.9

39.1

42.8

10.5

11.4

43.7

EBITDA

$      164.8

$      182.6

$      136.6

$        82.1

$        152.5

36.3

$         

34.4

$         

150.6

$      

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 asset impairment charges, 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.

($ in millions)

Year Ended December 31

Qtr.

Qtr.

Lift Truck

2013

2014

2015

2016

2017

3/31/2017

3/31/2018

3/31/2018

Reconciliation of EBITDA

Net income attributable to stockholders

$      110.0

$      111.2

$        89.3

$         66.9

$         71.8

22.3

$       

20.7

$       

$          70.2

Noncontrolling interest income (loss)

0.2

0.4

0.4

(0.5)

(0.4)

(0.1)

(0.1)

(0.4)

Income tax provision

17.2

40.7

39.4

12.2

59.4

9.4

6.8

56.8

Interest expense

9.0

3.9

4.7

6.9

13.9

1.6

3.8

16.1

Interest income

(1.8)

(1.1)

(1.5)

(3.0)

(3.7)

(0.3)

(0.8)

(4.2)

Depreciation and amortization expense

30.2

29.6

27.3

28.1

29.6

7.2

7.6

30.0

EBITDA

$      164.8

$      184.7

$      159.6

$       110.6

$       170.6

40.1

$       

38.0

$       

$        168.5

Trailing        

12 Months

Solutions that DRIVE Productivity

Non-GAAP Reconciliation (continued)

153

($ in millions)

Qtr.

Qtr.

Nuvera

2014

2015

2016

2017

3/31/2017

3/31/2018

3/31/2018

Reconciliation of EBITDA

Net loss attributable to stockholders

$         (1.4)

$       (14.6)

$       (23.8)

$       (26.7)

(5.7)

$       

(7.3)

$       

$       (28.3)

Nuvera asset impairment

-

-

-

4.9

-

-

4.9

Noncontrolling interest income

-

-

-

-

-

-

-

Income tax benefit

(0.8)

(10.0)

(15.8)

(15.3)

(3.8)

(2.7)

(14.2)

Interest expense

-

-

-

-

-

-

-

Interest income

-

-

-

-

-

-

-

Depreciation and amortization expense

0.1

1.6

1.5

2.0

0.5

0.9

2.4

EBITDA

$         (2.1)

$       (23.0)

$       (38.1)

$       (35.1)

(9.0)

$       

(9.1)

$       

$       (35.2)

Trailing 12

Months

Year Ended December 31

($ in millions)

Bolzoni

2016

2017

3/31/2017

3/31/2018

3/31/2018

Reconciliation of EBITDA

Net income attributable to stockholders

$                    (0.3)

3.9

$                 

1.5

$             

1.9

$             

4.3

$         

Noncontrolling interest income

-

0.7

0.1

0.1

0.7

Income tax provision (benefit)

(0.4)

1.0

0.6

0.5

0.9

Interest expense

0.8

0.8

0.2

0.2

0.8

Interest income

-

-

-

-

-

Depreciation and amortization expense

9.5

11.2

2.8

2.9

11.3

EBITDA

$                      9.6

17.6

$               

5.2

$            

5.6

$            

18.0

$       

Trailing 12

Months

9 Months Ended

December 31

Year Ended

December 31

Qtr.

Qtr.

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 asset impairment charges, 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.

154

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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. 

Consolidated

Lift Truck

(1)

Nuvera

Bolzoni

Average Stockholders' Equity (12/31/17, 9/30/17, 6/30/17, 3/31/17, and 12/31/16)

$518.8

$571.4

$21.3

$117.7

Average Debt (12/31/17, 9/30/17, 6/30/17, 3/31/17, and 12/31/16)

247.9

205.6

2.2

49.0

Average Cash (12/31/17, 9/30/17, 6/30/17, 3/31/17, and 12/31/16)

(161.3)

(325.2)

(0.2)

(10.9)

Average capital employed

$605.4

$451.8

$23.3

$155.8

Net income (loss)

$48.6

$71.8

$(26.7)

$3.9

Plus: Interest expense, net

11.0

10.2

-

0.8

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

(4.2)

(3.9)

-

(0.3)

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

$55.4

$78.1

$(26.7)

$4.4

Plus:  Income tax

expense impact of U.S. Tax Reform

38.2

36.4

1.6

0.2

Less:

U.S. Tax Reform impact on equity earnings

(19.8)

(19.8)

-

-

$73.8

$94.7

$(25.1)

$4.6

Actual return on capital employed percentage

9.2%

17.3%

n/m

2.8%

Adjusted return on capital employed percentage

12.2%

21.0%

n/m

2.9%

($ in millions)

(1) Lift Truck return on capital employed excludes the average initial investment of $99.3 million for the acquisition of Bolzoni and continuing average investments of $75.6 million in Nuvera.  Investment numbers are based on a 5-point average.

12/31/17

12/31/17

12/31/17

12/31/17

Adjusted return on capital employed = Actual return on capital employed less impact of U.S. tax reform

Reconciliation of Return on Total Capital Employed / Adjusted Return on Capital Employed (ROTCE)

155

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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. 

Consolidated

Lift Truck

(1)

Nuvera

Bolzoni

LTM 3/31/18

Average Stockholders' Equity (3/31/18, 12/31/17, 9/30/17, 6/30/17 and 3/31/17)

$546.2

$601.4

$19.2

$123.1

Average Debt (3/31/18, 12/31/17, 9/30/17, 6/30/17 and 3/31/17)

262.3

219.3

2.3

48.9

Average Cash (3/31/18, 12/31/17, 9/30/17, 6/30/17 and 3/31/17)

(198.3)

(366.8)

(0.2)

(11.1)

Average capital employed

$610.2

$453.9

$21.3

$160.9

Net income (loss)

$45.4

$70.2

$(28.3)

$4.3

Plus: Interest expense, net

12.7

11.9

-

0.8

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

(4.8)

(4.5)

-

(0.3)

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

$53.3

$77.6

$(28.3)

$4.8

Plus:  Income tax

expense impact of U.S. Tax Reform

38.2

36.4

1.6

0.2

Less:

U.S. Tax Reform impact on equity earnings

(19.8)

(19.8)

-

-

Adjusted return on capital employed = Actual return on capital employed less impact of U.S. tax reform

$71.7

$94.2

$(26.7)

$5.0

Actual return on capital employed percentage

8.7%

17.1%

n/m

3.0%

Adjusted return on capital employed percentage

11.7%

20.8%

n/m

3.1%

($ in millions)

Reconciliation of Return on Total Capital Employed / Adjusted Return on Capital Employed (ROTCE)

(1) Lift Truck return on capital employed excludes the average initial investment of $99.3 million for the acquisition of Bolzoni and continuing average investments of $80.4 million in Nuvera.  Investment numbers are based on a 5-point average.

156

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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. 

Reconciliation

of

Return

on

Total

Capital

Employed

/

Adjusted

Return

on

Capital

Employed

(ROTCE)

Consolidated

Lift Truck

(1)

Nuvera

Bolzoni

LTM 3/31/17

Average Stockholders' Equity (3/31/17, 12/31/16, 9/30/16, 6/30/16 and 3/31/16)

$489.6

$525.0

$12.9

$101.3

Average Debt (3/31/17, 12/31/16, 9/30/16, 6/30/16 and 3/31/16)

144.1

111.5

2.4

57.1

Average Cash (3/31/17, 12/31/16, 9/30/16, 6/30/16 and 3/31/16)

(76.7)

(216.4)

-

(8.8)

Average capital employed

$557.1

$420.2

$15.3

$149.7

Net income (loss)

$50.9

$75.5

$(25.8)

$1.2

Plus: Interest expense, net

5.5

4.5

-

1.0

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

(2.1)

(1.7)

-

(0.4)

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

$54.3

$78.3

$(25.8)

$1.8

Actual return on capital employed percentage

9.7%

18.6%

n/m

1.2%

($ in millions)

(1) Lift Truck return on capital employed excludes the average initial investment of $99.3 million for the acquisition of Bolzoni and continuing average investments of $47.4 million in Nuvera.  Investment numbers are based on a 5-point average.

Solutions that DRIVE Productivity

Cash Flow before Financing Calculation

157

Consolidated

($ in millions)

Year Ended December 31

Qtr.

Trailing 12

Months

2013

2014

2015

2016

2017

3/31/2018

3/31/2018

Reconciliation of Cash Flow before Financing

$152.9

$100.0

$89.4

$(48.9)

$164.7

$28.5

$91.2

Net cash used for investing activities

(26.1)

(44.4)

(31.3)

(145.1)

(47.3)

(7.0)

(47.2)

Cash Flow before Financing

$126.8

$55.6

$58.1

$(194.0)

$117.4

$21.5

$44.0

Impact

of accelerated supplier payments

-

-

-

80.0

(80.0)

-

-

Adjusted Cash Flow before Financing

$126.8

$55.6

$58.1

$(114.0)

$37.4

$21.5

$44.0

Net cash provided by (used for) operating activities

Alfred M. Rankin, Jr.

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

Chairman,

Hyster-Yale Group

Biography

158

Mr. Rankin became Chairman, President and Chief Executive Officer of Hyster-Yale Materials Handling, Inc. in September 2012 and has

been Chairman of Hyster-Yale Group, Inc. since October 2008.  Mr. Rankin has also guided NACCO Industries since May 1994.  In

September 2017, he retired as President and Chief Executive Officer of NACCO when NACCO spun-off its housewares-related businesses

as Hamilton Beach Brands Holding Company.  In October 2017, Mr. Rankin became Non-Executive Chairman of the Board of NACCO and

Executive Chairman of the Board of Hamilton Beach Brands Holding Company.  He joined NACCO as President and Chief Operating Officer

in April 1989 and became President and Chief Executive Officer in May 1991.  Prior to joining NACCO, he was Vice Chairman, Chief

Operating Officer, and a Director of Eaton Corporation, a position he had held since April 1986. Previous to that, he had served

successively as President of Eaton's Materials Handling and Industrial Groups, and as Executive Vice President - Operations. Prior to his

fifteen years at Eaton, Mr. Rankin worked for McKinsey and Company, a management consulting firm.

Mr. Rankin received a Bachelor of Arts degree, magna cum laude, in Economics and a Juris Doctor degree from Yale University. Mr. Rankin

is a director of Hyster-Yale Materials Handling, NACCO Industries, Hamilton Beach Brands Holding Company and the National Association

of Manufacturers. He is a trustee and former Chairman of the Board of University Hospitals of Cleveland, Trustee of the Cleveland

Museum of Art, and trustee of the Musical Arts Association. He is a former director of The Vanguard Group, Goodrich

Corporation, Standard Products, and Reliance Electric, and a former director and Chairman of the Board of the Fourth District Federal

Reserve Bank.

Solutions that DRIVE Productivity

Solutions that DRIVE Productivity

Colin Wilson

President and Chief Executive Officer,

Hyster-Yale Group

Biography

159

Colin Wilson became President and Chief Executive Officer of Hyster-Yale Group in September 2014 and is charged with providing the

strategic vision and global leadership that keeps Hyster-Yale Group moving forward, a role for which he has spent much of his career

preparing. Mr. Wilson has over 40 years of experience in the materials handling industry. He began his career in 1970 with Coles Cranes in

Sunderland, England, where he worked in production engineering, marketing, product management and overseas licensing. After time with

a compressor company and a European lift truck competitor, Mr. Wilson joined Hyster-Yale Group (formerly NACCO Materials Handling

Group) in 1988 as European Sales and Marketing Director for the Yale® brand. From here, he moved into the role of Managing Director of

Yale Europe before being named President of Yale Materials Handling Corporation, based in Flemington, New Jersey, in 1995. In 2002, 

Mr. Wilson was appointed President of Hyster-Yale Group's Americas operations and three years later became Vice President and Chief

Operating Officer of Hyster-Yale Group. Most recently, prior to becoming President and Chief Executive Officer, Mr. Wilson served as 

Hyster-Yale Group’s President and Chief Operating Officer since November 2013.

Mr. Wilson graduated with a Bachelor of Science Degree in Mechanical Engineering, with highest honors, from the University of

Sunderland. Mr. Wilson recently served on the Executive Committee and Board of Directors of the Industrial Truck Association of

America (ITA), is the past chairman and current board member of the Materials Handling Institute of America (MHI) and has also served

as a member

of the

Material Handling Equipment Distributors Association’s Board of Advisors (MHEDA) and as President of the British

Industrial Truck Association (BITA). Mr. Wilson served on the Board of Directors of the local Boys and Girls Clubs in North Carolina and

currently serves on the Board of Directors of the Cleveland Boys and Girls Club and on the Board of Directors of Cleveland Playhouse.

Solutions that DRIVE Productivity

Rajiv K. Prasad

Chief  Product and Operations Officer

As Chief  Product and Operations Officer, Mr. Prasad guides all aspects of the Hyster-Yale Group product development, manufacturing

and supply chain. His ultimate responsibility is to ensure that the products and innovations introduced by Hyster-Yale Group address

customer needs fully and efficiently. Prior to February 2018, Mr. Prasad was Senior Vice President, Global Product Development,

Manufacturing and Supply Chain Strategy. His career in product development began in 1986 with Ford Motor Company. In 1999, he

joined Lear Corporation, taking on positions with greater responsibility, before moving to International Truck and Engine Corporation

where he served as Vice President of Global Product Development. Mr. Prasad joined Hyster-Yale Group (formerly NACCO Materials

Handling Group) in 2007 where he has guided developments that have included introduction of the new Electric Rider Platform. He

holds a Bachelor’s Degree in Electrical/Electronic Engineering and a Master’s Degree in Advanced Vehicle Concepts from Loughborough

University, in Leicestershire, UK.

Biography

160

Solutions that DRIVE Productivity

Anthony J. Salgado

Senior Vice President, JAPIC

Biography

161

Mr. Salgado joined Hyster-Yale Group in 2016 as Senior Vice President, responsible for the company’s businesses and interests in the Japan,

Asia Pacific, India and China regions. Prior to joining the group, Mr. Salgado held the role of Vice President and Corporate Officer of

Unicarrers Corporation (formerly Nissan Forklift), and President of the Americas Division.  During his 15 years with UniCarriers/Nissan, his

experience also included leadership roles in quality, manufacturing, and aftermarket operations, including the role of Vice President,

manufacturing operations. During this time, Mr. Salgado was also a member of the Industrial Truck Association Board of Directors and

Executive Committee.  His previous roles included positions with GE Appliances and GE Capital in Six Sigma and Quality leadership roles, as

well serving as a Lieutenant in the United States Navy, completing a tour as Surface Warfare Officer aboard the USS Fort McHenry, and

another as the Executive Officer of the US Navy Ceremonial Guard in Washington, DC. Mr. Salgado holds a Bachelors of Science degree in

Aerospace Engineering from the United States Naval Academy.

Solutions that DRIVE Productivity

Roberto Scotti

President

and

Chief

Executive

Officer

of

Bolzoni

S.p.A.

162

Biography

Roberto Scotti obtained his high school diploma in mechanical engineering in 1970.  From 1970 to 1973 he attended the

faculty of Mechanical Engineering at the University of Milan.  From 1973 to 1979 Mr. Scotti was Sales Manager for Bolzoni.  In

1980 he left Bolzoni and founded Teko S.r.l., a company manufacturing lifting tables and hand pallet trucks (later merged into

Bolzoni) of which he was C.E.O. until 1987.  After this merger, Mr. Scotti became C.E.O. of Bolzoni and since then he has held

the position of C.E.O. of Bolzoni and many other companies of the Bolzoni Group.  He has been the promoter of the great

expansion of the group worldwide and the acquisition of the important group brands.  After the acquisition by the Hyster-Yale

Group in 2016, he was appointed President and Chief Executive Officer of Bolzoni S.p.A.

Solutions that DRIVE Productivity

Jon Taylor

President and Chief Executive Officer of Nuvera Fuel Cells

Biography

163

Mr. Taylor became President and Chief Executive Officer of Nuvera Fuel Cells in April 2015. Previously, Mr. Taylor was the Interim CEO

of Nuvera from December 2014 and Vice President, Business Development and Financial Planning and Analysis from September

2014.  Prior to September 2014, he served as Director Corporate Strategy, Financial Planning and Analysis since 2008.  Mr. Taylor also

serves on the Board of Directors for the Company’s joint venture in Japan, Sumitomo-NACCO Material Handling Group.  From 1993 to

2008, Mr. Taylor served in various accounting, finance and marketing roles at Hyster-Yale Group (formerly NACCO Materials Handling

Group) in both the Corporate and European Headquarters. Mr. Taylor has a B.S. in Business Finance from the University of Utah and an

MBA in International Business from the University of Washington.  He also completed international study programs at Cambridge

University and the Cranfield Institute of Technology in the U.K. He has represented Hyster-Yale on the Industry Trade Advisory

Committee for Automotive Equipment and Capital Goods, and is a former member of the Pacific Northwest International Trade

Association. Mr. Taylor is a longtime volunteer classroom teacher for Junior Achievement.

Solutions that DRIVE Productivity

Kenneth C. Schilling

Senior Vice President, Chief Financial Officer

Biography

164

Mr. Schilling oversees public financial reporting, accounting, tax compliance and strategies, treasury activities and investor relations at

Hyster-Yale. Most recently, Mr. Schilling was Vice President and Chief Financial Officer of Hyster-Yale and Hyster-Yale Group, positions

he held from September 2012 and October 2008, respectively, to August 2014. Previously, Mr. Schilling was Vice President and

Controller of NACCO Industries from May 1997 to September 2012. Mr. Schilling joined NACCO Industries in 1991 as Tax Manager. In

1995, he was promoted to NACCO Industries Manager of Tax and Budgeting and became Controller in 1996. Prior to joining NACCO

Industries, Mr. Schilling worked at Arthur Anderson LLP as Tax Manager from 1985 to 1991. Mr. Schilling received his Bachelor of

Science degree in Accounting from Miami University in 1982 and obtained his Juris Doctor degree from The Ohio State University School

of Law in 1985. Mr. Schilling is a Certified Public Accountant in the State of Ohio and was also admitted to the practice of law in the

State of Ohio in 1985. He is a member of the American Institute of CPAs, Financial Executives International, The Manufacturers Alliance

for Productivity and Innovation - CFO Council and the Cleveland Metropolitan Bar Association.

Solutions that DRIVE Productivity

Christina Kmetko, CPA, IRC

Investor Relations

Biography

165

Ms. Kmetko is the President and Owner of Evergreen Consulting & Associates, L.L.C., formed in January 2010, which provides investor

relations support to Hyster-Yale Materials Handling, Inc. and NACCO Industries, Inc. (Hyster-Yale’s previous parent company).  Prior to

forming Evergreen Consulting, Ms. Kmetko spent more than six years with NACCO Industries, Inc. as the Manager of Finance responsible for

all aspects of investor relations activities.  Prior to joining NACCO, Ms. Kmetko was Director of Accounting and External Reporting for

Agilysys, Inc. (f.k.a., Pioneer Standard Electronics, Inc.)., a distributor of enterprise computer technology products and solutions located in

Solon, Ohio, a position she held since January 2002. From August 2000 until January 2002, she was Director of External Reporting of Pioneer

Standard Electronics.  From December 1991 to July 2000 Ms. Kmetko held various positions of increasing responsibility in the audit practice

of Arthur Andersen LLP in Cleveland, Ohio.

Ms. Kmetko received a Bachelor of Science degree in Accounting, with highest honors, from The University of Akron in 1991, and earned a

Certificate in Investor Relations from The University of California at Irvine in June 2007. Ms. Kmetko is a Certified Public Accountant and

received her certification in the State of Ohio in 1994. Ms. Kmetko is also an Investor Relations Charter professional, a credential she earned

in April 2016. Ms. Kmetko is a member of the National Investor Relations Institute (NIRI), the NIRI Senior Roundtable, the Manufacturers’

Alliance and Productivity Initiative (MAPI) – Investor Relations Council, the Ohio Society of Certified Public Accountants, the American

Institute of Certified Public Accountants and the Financial Executives Institute (FEI).  She is also a member of the Board of Directors of the

Cuyahoga Valley Scenic Railroad, and a member of the Finance Committee of Providence House, both located in Cleveland, Ohio.

Solutions that DRIVE Productivity

Hyster founded in

Portland Oregon

as the Willamette

Ersted

Company

1929

1944

1959

Company name

officially changed

to Hyster

Company

First Hyster

container

handling

trucks

1875

1920

Yale  Lock

Mfg. broadens

its scope into

materials

handling

Yale and Towne

launched a new

battery powered

low-lift platform

truck

1963

Yale forklift truck

business merges

with Eaton Mfg.

Industrial Truck

Division

1950

Yale added gas,

LP gas and

diesel-powered

fork lift trucks to

its range

Hyster introduces

the famous

Monotrol®

pedal

1971

Yale forges a

partnership

with

Sumitomo Ltd

2011

2011

NMHG

introduces the

UTILEV

®

lift

truck for the

utility segment

of the market

2016

2016

1985

Yale acquired

by NACCO

Industries

1989

Hyster

acquired

by NACCO

Industries   

NMHG renamed

Hyster-Yale Group

HY completes

acquisition of 100%

of Bolzoni

S.p.A.

The History of Hyster-Yale and its brands

166

1989

1989

2012

2012

Hyster-Yale

formed as

independent

public company

following spin-

off by NACCO

2014

2014

NMHG, HY’s

operating

company,

acquires Nuvera

to enter the fast-

growing hydrogen

fuel cell market

Hyster and Yale

merge to form

NACCO

Materials

Handling Group

(NMHG)

Dec. 2017

Dec. 2017

HY announces

pending

acquisition of a

75% interest in

Zhejiang Maximal

Forklift Company

Limited

Solutions that DRIVE Productivity

Nuvera History

167

•

Formed April, 2000

•

Over

20

years

of

hydrogen

and

fuel

cell

experience

•

Certified: ISO 9001, 14001, OHSAS 18001

2004

2012

2003

Hess buys out Arthur D. Little

2004

Renault invests

2008

Hess buys out Renault and De Nora

2000

2000

Arthur D. Little, De Nora and

Hess establish Nuvera

2016

2008

2014

NMHG Acquires Nuvera from Hess

Headquarters, Billerica MA

EU Offices and Testing Facilities, San Donato, Italy

2016

NMHG Renamed HYG

Subsidiary of