EX-99

Solutions that DRIVE Productivity

Safe Harbor Statement & Disclosure

This presentation includes forward-looking comments subject to important risks

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

conformance with accounting principles generally accepted in the United States

of America (GAAP).

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

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

materially from information in this presentation and for information reconciling

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

future results.

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

recent earnings release and conference call (August 1, 2018). Nothing in this

presentation should be construed as reaffirming or disaffirming such guidance.

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

Hyster-Yale’s securities.

Solutions that DRIVE Productivity

Hyster-Yale at a Glance

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 28.

(2)

Includes 600 employees from HY Maximal, acquired by the Company on June 1, 2018.

Key Metrics

millions (except employee data)

LTM

6/30/18

Lift Truck

Bolzoni

Nuvera

Revenue

$2,867.3

$197.4

$1.4

Operating Profit (loss)

$96.4

$9.5

($41.5)

Net Income (loss)

$57.4

$6.5

($28.9)

EBITDA

(1)

$157.0

$20.1

($35.2)

ROTCE

(1)

(Net debt basis)

17.0%

4.4%

n/m

Net Debt at end of period

$92.8

$28.0

n/m

Approximate # of Employees (globally)

6,500

(2)

900

200

LTM 6/30/18 Sales by Segment

Separate lift truck, attachment and fuel cell segments

Americas

62.6%

EMEA

25.3%

JAPIC

6.4%

Bolzoni

5.6%

Nuvera

0.1%

Forklifts

Internal

Combustion

Engine

Lithium-Ion

Reach

Stackers

Big Trucks

Very Narrow Aisle Trucks

Products for All Needs…

Electric

Counterbalanced

Rider Trucks

Electric Narrow

Aisle Trucks

Electric Hand

Trucks

Internal

Combustion

Engine

(cushion tire)

Internal Combustion

Engine (pneumatic tire)

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

Over 290 different truck models available

Electric

Container

Handlers

Internal

Combustion Engine

Counterbalance

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Long-term CAGR (2004 –

2017) = 5.4%

_____________________

Source: ITA. Represents quarterly order intake.

Global Industry Remains Strong

(units in thousands)

Global Lift Truck Industry Size

_____________________

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

North America Retail Lift Truck at Peak Trend

Lift Truck Industry –

Unit Distribution by Class

_____________________

Source: WITS. LTM 6/30/18

Orders Reports.

ICE = Internal Combustion Engine

Total Industry = 1,502k Units

Class 4

ICE

Market Size -

_____________________

Source: Internal Company estimates

Market Size -

Units

Class 5

ICE

56%

Class 1

Electric

19%

Class 2

Electric

11%

Class 3

Electric

10%

Estimated Industry Revenue Mix

_____________________

Source: WITS. LTM 6/30/18

Orders Reports.

Global Lift Truck Industry Breakdown (Units)

Trend

Upper Limit

Lower Limit

Class 1 Electric

17%

Class 2 Electric

Class 3

Electric

36%

Class 4 ICE

Class 5 ICE

36%

Europe 32%

Americas 22%

China 29%

Japan 6%

Asia-Pacific 7%

Middle East & Africa 4%

872

547

794

975

944

1,010

1,094

1,100

1,182

1,395

1,502

300

600

900

1,200

1,500

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

LTM2018

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

A Positive Profitability Trend Despite Strengthening Headwinds

Key Variables

Impacting

Performance

Impact on HY

2017

2018

Market Cycle

by Country

Market Size by Industry

Market Size by Product

= / +

Commodity Prices/Tariffs

Pricing

= /

Strength

of Dollar

Operational Effectiveness

Core SG&A Expenses

($ in millions)

7% LIFT TRUCK OPERATING PROFIT MARGIN TARGET

4.1%

Gap

3.6%

Gap

Solutions that DRIVE Productivity

$57.5

$72.4

$96.4

2.1%

2.9%

3.4%

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 Q2 2018

Solutions that DRIVE Productivity

Lift Truck Business Target Economics Goal and Gap to Target

Achieve 7%

operating profit

margin

target over

the medium term

Achieve ROTCE

> 20%

Target

Economics gap

closure can be

achieved with

unit volume…

Stronger Industry

+ Share Growth

= Volume Leverage

LTM 6/30/18 Gap to Target Economics

Actual Lift Truck Operating Profit Margin %

3.4%

Margin

Variances

1.7%

Volume

Variances*

1.9%

Manufacturing

variances/other

0.2%

Operating Expenses

1.7%

Lift Truck Operating Profit Margin % Gap

3.6%

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.

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

large

lift

truck

population

base

drives

parts

and

service

volume

resulting

enhanced

profitability

for

Hyster-Yale

and

dealers

Solutions that DRIVE Productivity

Solutions that DRIVE Productivity

Sales Deployment

Top Buyers

~200 accounts

Industry

Leaders

~1600 Accounts

Rest

of the

Market

35%

40%

•

Committed to customer-obsessed, industry-specific, strategic partnerships

•

~200

designated accounts with annual purchases of ~60,000 units and high

market share

•

Over 2,400

Customer and Dealer Visits per year

•

Committed to working with dealers to identify, serve needs of large

“Industry Leader” accounts

•

Develop and execute “Account Development Plans” and enhance the

knowledge /skills of dealer sales personnel

•

Create “why change, why now, why us” messaging

•

Area Business Managers

•

Field-Based Specialized Sales Support

•

Inside Sales Support

•

Field Parts Sales Support

•

Financial Services Managers

•

Regional Aftermarket Managers

•

Field Service Engineers

High

Value

25%

Percentage of Lift Truck Market and Market Share Performance

Solutions that DRIVE Productivity

Solutions that DRIVE Productivity

#3: Delivering Low Cost of Ownership & Enhanced Productivity for Customers

New RS45 Reachstacker

Segmentation –

Right Product at Right Price

Leads to Lower Cost of

Ownership

Constant power and refuel

as quick as 3 minutes

No batteries or battery

charging rooms

Environmentally clean

Battery Box Replacements

Balyo

Collaboration

Automated

Reach Truck

Internally

Developed

Automation (IDA)

HY Automation with Dual-Mode Operation

Lithium Ion Solutions

Battery Box Replacement

Trucks Lithium-ion Ready

•

Food and beverage

•

Paper industry

•

Automotive

•

Cold storage

Integrated Lithium-ion Truck

ICE like Performance

•

High-voltage powertrain

•

Excellent productivity

•

6-9T capacity

•

Fast charge

Solutions that DRIVE Productivity

Solutions that DRIVE Productivity

#4: Grow in Emerging Markets

MATURE MARKETS 817,880

EMERGING MARKETS 683,980

M A R K E T S I Z E S U B

–

T O T A L S

Indicative Map Only: Company’s estimate of market type

Emerging

versus Mature

Lift Truck Market Size (Last 12 months)

Top Global Manufacturers

are increasing product depth

into utility and standard product

line-up

Lift Truck Competition

is Repositioning

Premium

Sub-Utility

Standard

Utility

Top Chinese Manufacturers

are increasing quality and

specification of Utility &

Standard product line-up

NORTH

AMERICA

283,370

WESTERN

EUROPE

400,650

PACIFIC

25,600

JAPAN

88,320

MIDDLE

EAST &

AFRICA

46,170

INDIAN

SUBCONTINENT

15,000

ASIA

67,370

CHINA

428,180

EASTERN

EUROPE

86,650

LATIN

AMERICA

24,400

BRAZIL

16,210

MEXICO

11,580

SOUTH

AFRICA

8,360

Solutions that DRIVE Productivity

Solutions that DRIVE Productivity

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

Acquired a 75% Interest in Hyster-Yale Maximal Forklift [Zhejiang] Co., Ltd.

Rationalize

Operations

Leverage Cost

Advantage

Improve

Operations

Enhance

Development

Expand

Products

Optimize

Distribution

Near Term Synergy Plan

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Solutions that DRIVE Productivity

#5: Leader in Attachments Business

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…

Synergy Opportunities

•

Growth of Attachment business in Americas

•

Growth of Lift Truck business in Europe

•

Utilize Bolzoni’s

excess capacity

Stand-Alone Supplier

Preferred supplier to HY

Arms-length sales

Commercial

confidentiality

Key supplier partner

Purchasing leverage

Broader market access

Part of Hyster-Yale

One of the

worldwide leading

manufacturers of

lift truck

attachments, forks

and lift tables

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Solutions that DRIVE Productivity

Lift Truck

(1)

Bolzoni

(1)

Nuvera

(1)

Q2 2018

Q2 2017

Variance

LTM 6/30/18

Revenues

$720.1

$52.5

$0.4

$765.6

$685.5

$80.1

$3,040.4

Gross Profit

$110.3

$16.8

($0.7)

$126.2

$121.7

$4.5

$513.1

Operating Expenses

($93.0)

($13.6)

($8.8)

($115.4)

($104.2)

($11.2)

($449.3)

Operating Profit (Loss)

$17.3

$3.2

($9.5)

$10.8

$17.5

($6.7)

$63.8

Net Income (Loss)

$11.0

$2.1

($6.9)

$5.6

$16.4

($10.8)

$34.6

EBITDA

(2)

$26.7

$5.5

($10.1)

$21.9

$31.2

($9.3)

$141.3

Results for Q2 2018 Consolidated vs. Q2 2017

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

($ in millions)

_____________________

(1)

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

(2)

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 28.

Q2 2018 Trends

•

Revenue improvement on increased volumes,

currency translation and Maximal acquisition

•

Gross profit percent declined due to unit margin

compression related to material price inflation

•

Operating expenses continue to grow consistent

with strategic programs

2018 Outlook

•

Lift Truck: Expected FY increase in units and parts revenues, but modest decrease in

FY operating profit as H2 improvements driven by price increases gaining traction not

expected to fully offset H1 declines from material cost inflation and higher SG&A.

Absence of 2017 unfavorable tax adjustments expected to lead to higher net income.

•

Bolzoni: Revenues, operating profit and net income expected to increase

•

Nuvera: Operating loss expected to modestly decrease & net loss comparable to

2017

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Hyster-Yale Use of Cash Priorities

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

commercialize

Nuvera’s

fuel

cell technology

2016

2017

YTD 2018

Annual Dividends

(1)

$19.2m

$1.18/share

$19.8m

$1.21/share

$10.1m

$1.24/share

2012 to 2014

Share Buyback

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

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Valuation Approach Needs to Vary By Business

Lift Truck and Attachment Businesses

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

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A Compelling Investment Scenario over the Next Few Years

Core lift truck business poised for strong revenue and income growth

•

Aggressive investments in share gain

•

New product platforms under development

Core lift truck business poised for strong revenue and income growth

•

Aggressive investments in share gain

•

New product platforms under development

Bolzoni

business

has

significant

upside

•

Additional products under review

•

Americas growth potential

Bolzoni

business

has

significant

upside

•

Additional products under review

•

Americas growth potential

Nuvera business currently having a significant impact on current valuation, but:

•

Solid path for profitability established

•

Partner established in China, others in process

Nuvera business currently having a significant impact on current valuation, but:

•

Solid path for profitability established

•

Partner established in China, others in process

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….

Get to

approximately

$4 billion

HY Lift Truck

segment

revenue

irrespective of

industry size and

maintain ROTCE

>20%

Get to

approximately

$4 billion

HY Lift Truck

segment

revenue

irrespective of

industry size and

maintain ROTCE

>20%

Fill existing

assembly

line

capacity

through

Significant

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

Solutions that DRIVE Productivity

Non-GAAP Disclosure

EBITDA

and

return

total

capital

employed

are

not

measurements

under

U.S.

GAAP,

should

not

considered

isolation

substitute

for

GAAP

measures,

and

are

not

necessarily

comparable

with

similarly

titled

measures

other

companies.

Hyster-Yale

defines

each

the

following:

EBITDA

defined

income

(loss)

before

asset

impairment

charges,

income

taxes

and

noncontrolling

interest

income

(loss)

plus

net

interest

expense

and

depreciation

and

amortization

expense;

Return

Total

Capital

Employed

(“ROTCE”)

defined

net

income

(loss),

reported,

before

interest

expense,

after

tax

and

before

the

impact

U.S.

Tax

Reform

legislation,

divided

average

capital

employed.

Average

capital

employed

defined

average

stockholders’

equity

plus

average

debt

less

average

cash.

Adjusted

Cash

Flow

before

Financing

defined

cash

from

operating

activities

less

cash

from

investing

activities,

excluding

the

approximately

$80m

impact

unplanned

systems-related

acceleration

supplier

payments

December

2016.

For

reconciliations

from

GAAP

measurements

non-GAAP

measurements,

see

the

following

pages.

Solutions that DRIVE Productivity

Non-GAAP Reconciliation

_____________________

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.

Consolidated

2013

2014

2015

2016

2017

6/30/2017

6/30/2018

Reconciliation of EBITDA

Net income attributable to stockholders

$ 110.0

$ 109.8

$ 74.7

$ 42.8

$ 48.6

16.4

5.6

$ 34.6

Nuvera asset impairment

4.9

Noncontrolling interest income (loss)

0.2

0.4

(0.5)

0.3

0.1

0.4

Income tax provision (benefit)

17.2

39.9

29.4

(4.0)

44.9

1.9

3.8

45.5

Interest expense

9.0

3.9

4.7

6.7

14.6

2.6

4.0

18.2

Interest income

(1.8)

(1.1)

(1.5)

(2.0)

(3.6)

(0.5)

(1.0)

(4.6)

Depreciation and amortization expense

30.2

29.7

28.9

39.1

42.8

10.8

9.4

42.3

EBITDA

$ 164.8

182.6

136.6

82.1

152.5

31.2

21.9

141.3

Trailing

12 Months

($ in millions)

Year Ended December 31

Qtr.

Lift Truck

2013

2014

2015

2016

2017

6/30/2017

6/30/2018

Reconciliation of EBITDA

Net income attributable to stockholders

$ 110.0

$ 111.2

$ 89.3

$ 66.9

$ 71.8

23.8

11.0

$ 57.4

Noncontrolling interest income (loss)

0.2

0.4

(0.5)

(0.4)

(0.2)

Income tax provision

17.2

40.7

39.4

12.2

59.4

5.1

5.2

56.9

Interest expense

9.0

3.9

4.7

6.9

13.9

2.4

3.8

17.5

Interest income

(1.8)

(1.1)

(1.5)

(3.0)

(3.7)

(0.5)

(1.0)

(4.7)

Depreciation and amortization expense

30.2

29.6

27.3

28.1

29.6

7.6

7.7

30.1

EBITDA

164.8

184.7

159.6

$ 110.6

170.6

38.2

26.7

157.0

Trailing

12 Months

Solutions that DRIVE Productivity

Non-GAAP Reconciliation (continued)

_____________________

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)

Qtr.

Nuvera

2014

2015

2016

2017

6/30/2017

6/30/2018

Reconciliation of EBITDA

Net loss attributable to stockholders

$ (1.4)

$ (14.6)

$ (23.8)

$ (26.7)

(6.3)

(6.9)

$ (28.9)

Nuvera asset impairment

4.9

Noncontrolling interest income

Income tax benefit

(0.8)

(10.0)

(15.8)

(15.3)

(4.2)

(2.6)

(12.6)

Interest expense

Interest income

Depreciation and amortization expense

0.1

1.6

1.5

2.0

0.4

(0.6)

1.4

EBITDA

(2.1)

(23.0)

(38.1)

(35.1)

(10.1)

(35.2)

Trailing 12

Months

Year Ended December 31

($ in millions)

Bolzoni

2016

2017

6/30/2017

6/30/2018

Reconciliation of EBITDA

Net income attributable to stockholders

$ (0.3)

3.9

(0.1)

2.1

6.5

Noncontrolling interest income

0.7

0.2

0.1

0.6

Income tax provision (benefit)

(0.4)

1.0

0.3

0.8

1.4

Interest expense

0.8

0.2

0.3

0.9

Interest income

(0.1)

Depreciation and amortization expense

9.5

11.2

2.8

2.3

10.8

EBITDA

9.6

17.6

3.4

5.5

20.1

Trailing 12

Months

9 Months Ended

December 31

Year Ended

December 31

Qtr.

Solutions that DRIVE Productivity

Non-GAAP Reconciliation (continued)

_____________________

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

Company’s cost of capital employed, which includes both equity and debt securities, net of cash.

(1) 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.

Reconciliation

Return

Total

Capital

Employed

Adjusted

Return

Capital

Employed

(ROTCE)

Consolidated

Lift Truck

(1)

Nuvera

Bolzoni

LTM 6/30/18

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

$559.4

$619.0

$18.1

$126.7

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

288.3

245.3

1.3

47.9

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

(215.7)

(383.9)

(0.1)

(11.5)

Average capital employed

$632.0

$480.4

$19.3

$163.1

Net income (loss)

$34.6

$57.4

$(28.9)

$6.5

13.6

12.8

0.8

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

(5.2)

(4.9)

(0.3)

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

$43.0

$65.3

$(28.9)

$7.0

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)

Adjusted return on capital employed = Actual

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

$61.4

$81.9

$(27.3)

$7.2

Actual return on capital employed percentage

6.8%

13.6%

n/m

4.3%

Adjusted return on capital employed percentage

9.7%

17.0%

n/m

4.4%

($ in millions)

Plus: Interest expense, net

Solutions that DRIVE Productivity

Cash Flow before Financing Calculation

Consolidated

($ in millions)

Year Ended December 31

Qtr.

Trailing 12

Months

2013

2014

2015

2016

2017

6/30/2018

Reconciliation of Cash Flow before Financing

Net cash provided by (used for) operating

activities

$152.9

$100.0

$89.4

$(48.9)

$164.7

$23.5

$76.4

Net cash used for investing activities

(26.1)

(44.4)

(31.3)

(145.1)

(47.3)

(82.5)

(114.1)

Cash Flow before Financing

$126.8

$55.6

$58.1

$(194.0)

$117.4

($59.0)

($37.7)

Impact

of accelerated supplier payments

80.0

(80.0)

Adjusted Cash Flow before Financing

$126.8

$55.6

$58.1

$(114.0)

$37.4

($59.0)

($37.7)

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

NMHG

introduces the

UTILEV

lift

truck for the

utility segment

of the market

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

1989

2012

Hyster-Yale

formed as

independent

public company

following spin-

off by NACCO

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)

June 2018

HY acquires a

75% interest in

Zhejiang Maximal

Forklift Company

Limited

–

renamed HY

Maximal

Solutions that DRIVE Productivity

Hyster-Yale’s Global Footprint

Ramos Arizpé, Mexico

Fabrication Manufacture

Sulligent, Alabama

Component Manufacture

Berea, Kentucky

Lift Truck Manufacture

Greenville, North Carolina

Division Headquarters; Lift Truck Manufacture;

Warehouse Development Center

Cleveland, Ohio

Corporate

Headquarters

Danville, Illinois

Parts Distribution Center

Charlotte, North Carolina

Experience Center

Barueri, Brazil

Brazil Marketing and

Administration Center

Itu, Brazil

Lift Truck Manufacture;

Parts Distribution Center

Craigavon, N. Ireland

Lift Truck Manufacture

Nijmegen, Netherlands

Lift Truck Manufacture; Big Truck Development

Center; Parts Distribution Center

Masate, Italy

Lift Truck Manufacture; 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

Hangzhou, China (JV)

Lift Truck Manufacture

(Maximal)

Solutions that DRIVE Productivity

Solutions that DRIVE Productivity

ICE Units

48%

Electric Units

29%

Bolzoni

Aftermarket

13%

Service, Rental

& Other

Overview and Sources of Revenue

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

End

Market

(1)

Globally in 2017

Large installed lift truck

base that drives parts

sales

Over 830,000

units worldwide at

12/31/17

HY sales of ~ 96,600 lift truck

units in LTM 6/30/18

~89,000 units sold –

produced in HY plants

~ 7,600 units sold –

produced

by JV or other

third parties

Additional >

6,800 lift

truck units sold

Japan in 2017

Direct sales by JV partner

(2)

National

Accounts

17%

Independent

Dealers

83%

2017 Lift Truck

Distribution Channel Mix

Manufacturing

13%

Consumer and

Business Trades

13%

Durable Goods

11%

Natural Resources

& Materials

14%

Short-term

Rental 12%

Food and

Beverage

23%

Logistics

14%

Lift Truck Unit Class Shipments

Industry Units by Geography

_____________________

Source: Company: LTM 6/30/18 Units Shipped

Note: Units sold direct by SN JV are not included

HY Lift Truck Units Sold by Geography

_____________________

Source: WITS. LTM 6/30/18 Orders Reports.

_____________________

Source: WITS. LTM 6/30/18 Orders Reports.

ICE = Internal Combustion Engine

_____________________

Source: Company: LTM 6/30/18 Units Shipped

Note: Units sold direct by SN JV are not included

ICE = Internal Combustion Engine

Industry Units by Class

Lift

Truck

Units

Class

(1)

_____________________

Source: Internal Company estimates

Industry Unit Revenue by Class

HY Lift Truck Unit Revenue by Class

(1)

_____________________

Source: Company: LTM 6/30/18 Unit Revenues

(1) Graphs exclude the 600 units sold by Hyster-Yale Maximal in June 2018.

Class 1

Electric

21%

Class 2

Electric

Class 3

Electric

Class 4 ICE

12%

Class 5 ICE

51%

Europe

32%

Americas

22%

China

29%

Japan 6%

Asia-

Pacific

Middle

East &

Africa 4%

Americas

62%

EMEA

31%

Asia-

Pacific/

Japan

China 3%

Class 1

Electric

17%

Class 2

Electric

Class 3

Electric

36%

Class 4

ICE

Class 5

ICE

36%

Class 1

Electric

20%

Class 2

Electric

Class 3

Electric

30%

Class 4

ICE

Class 5

ICE

32%

Class 1

Electric

19%

Class 2

Electric

11%

Class 3

Electric

10%

Class 4 ICE

Class 5 ICE

56%

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

Previous Peak

2007

Class 1

Electric

17%

C1/2

Utility

Class 2

Electric

10%

Class 3

Electric

27%

C3 Utility

Class 4 ICE

Class 5

ICE

32%

C5 Utility

10%

Class 1

Electric

14%

C1/2

Utility

Class 2

Electric

10%

Class 3

Electric

29%

C3 Utility

Class 4 ICE

Class 5

ICE

18%

C5 Utility

18%

Solutions that DRIVE Productivity

Solutions that DRIVE Productivity

Lift Truck Market Size Data

WITS Orders Basis (1)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Europe

265,896

278,024

312,455

327,173

380,557

445,583

411,107

222,883

299,387

368,286

North America

147,322

155,191

186,192

198,058

212,953

191,384

159,279

98,338

136,050

169,589

Total Americas

158,388

168,471

206,225

221,155

242,186

234,353

200,178

118,835

180,903

224,501

A/P, China and Japan (1a)

138,452

155,094

185,530

201,062

232,438

271,018

260,246

205,114

314,162

381,795

Global Market

562,736

601,589

704,210

749,390

855,181

950,954

871,531

546,832

794,452

974,582

2012

2013

2014

2015

2016

2017

2018E

Europe

351,441

357,452

387,905

412,642

457,333

509,157

540,000

North America

181,191

200,939

219,444

235,128

240,836

266,543

280,000

Total Americas

229,565

252,930

267,546

277,315

280,827

315,395

330,000

A/P, China and Japan (1a)

363,399

399,395

438,510

409,923

443,938

570,443

590,000

Global Market

944,405

1,009,777

1,093,961

1,099,880

1,182,098

1,394,995

1,460,000

(1) In 2009, Hyster-Yale switched to tracking Industry data on a World Industrial Truck Statistics ("WITS") Orders Basis. WITS statistics began in 2002.

(1a) Beginning in 2014 includes India local production

Industry

forecast

(light

blue

columns)

–

source:

Derived

from

DRI-WEFA

and

Oxford

Economic

Forecasts

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

Europe (FEM/JIVA) (3)

150,250

121,922

135,318

152,667

174,953

176,294

187,902

219,615

227,697

274,681

North America (2) (3)

106,590

120,679

154,167

162,725

152,763

178,456

192,192

197,436

205,033

145,967

Total Americas (2) (3)

114,411

127,308

162,261

171,682

168,170

193,413

207,018

209,843

223,499

161,316

A/P, China and Japan (3)

134,635

123,913

119,733

135,050

148,135

148,441

111,848

104,781

122,354

123,780

2002

2003

2004

2005

2006

2007

2008

2009

Europe (FEM/JIVA) (3)

256,717

263,972

286,546

302,158

337,326

382,047

376,945

201,352

North America (2) (3)

144,529

151,911

182,450

194,475

207,919

185,726

149,863

95,562

Total Americas (2) (3)

156,702

166,328

203,552

218,908

238,141

229,509

192,134

115,752

A/P, China and Japan (3)

129,333

146,334

171,000

195,386

222,074

250,684

257,604

199,159

Non-WITS Prior Year Information:

Lift

truck

market

size

history

–

source:

Industrial

Truck

Association,

Japan

Industrials

Vehicle

Association

("JIVA"),

European

Federation

Materials Handling ("FEM"), World Industrial Truck Association

(2) Total Americas numbers for 1992-2008 include North America Commercial, Government and Latin America. Prior years are

North America Commercial only.

(3) Industry information is based upon the reporting basis of each individual region, which varies according to the industry trade

groups in that region:

Americas

North

America

Government -

Retail

bookings

Americas -

Latin America -

Factory bookings

Europe & Japan -

Factory shipments

A/P & China -

Factory bookings

Solutions that DRIVE Productivity

Source: Audited 2017 financials, Chinese statutory report for

all except bookings growth, which is unaudited

•

Established

2006

Fuyang

District

Founder:

Mr.

JinHong

•

600

employees

and

1.4

million

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

Building a Platform to Grow in Emerging Markets with Hyster-Yale Maximal Forklift [Zhejiang] Co., Ltd.

On June 1, 2018, invested $90 Million for

75% controlling interest

•

25% ownership remains with seller and new company CEO

•

HY will pay up to an additional $10 Million after 3 years as

incentive to the seller

•

With increased China presence, HY is also Establishing a

China-based Emerging Market Development Center

Impact of Investment:

•

Contributed $7.2m in sales and generated a $0.2m loss since acquisition

•

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.

Solutions that DRIVE Productivity

Near Term Synergy Plan

•

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

Emerging Market

Development Center

Fuyang, China

HY Independent Global

Distribution

•

Maximize coverage

•

Maintain two channels to

target diverse markets

•

Optimize product line-up

•

Apply Hyster-Yale expertise to

enhance dealer performance

Maximal Global

Distribution

OPERATIONS

DEVELOPMENT

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

Solutions that DRIVE Productivity

Fuel Cell Solution Growth Opportunities

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

Population of Fuel Cell Powered Lift Trucks

in North America

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)

Global

850,000+

electric trucks sold

per year

N. America

electric trucks sold

per year

175,000+

25-50%

Estimated up to

can benefit from fuel

cell solutions

DOE reported North America

(1)

Solutions that DRIVE Productivity

China Market Research and Engagement

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

Solutions that DRIVE Productivity

At Lift Truck Business

The Nuvera Plan 2018 +

•

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