Hillenbrand : Investor Presentation – January 2021

INVESTOR PRESENTATION

January 2021

Disclosure Regarding Forward-Looking Statements

Throughout this presentation, we make a number of "forward-looking statements" that are within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and that are intended to be covered by the safe harbor provided under these sections. As the words imply, these are statements about future sales, earnings, cash flow, results of operations, uses of cash, financings, share repurchases, ability to meet deleveraging goals, and other measures of financial performance or potential future plans or events, strategies, objectives, beliefs, prospects, assumptions, expectations, and projected costs or savings or transactions of the Company that might or might not happen in the future, as contrasted with historical information. Forward-looking statements are based on assumptions that we believe are reasonable, but by their very nature are subject to a wide range of risks. If our assumptions prove inaccurate or unknown risks and uncertainties materialize, actual results could vary materially from Hillenbrand's (the "Company") expectations and projections. Words that could indicate that we are making forward-looking statements include the following:

intend	believe	plan	expect	may	goal	would	project
become	pursue	estimate	will	forecast	continue	could	anticipate
target	impact	promise	improve	progress	potential	should

This is not an exhaustive list but is intended to give you an idea of how we try to identify forward-looking statements. The absence of any of these words, however, does not mean that the statement is not forward-looking.

Here is the key point: Forward-looking statements are not guarantees of future performance, and our actual results could differ materially from those set forth in any forward-looking statements. Any number of factors, many of which are beyond our control, could cause our performance to differ significantly from what is described in the forward-lookingstatements. These factors include, but are not limited to: the impact of contagious diseases such as the COVID-19pandemic and the societal, governmental, and individual responses thereto, including supply chain disruptions, loss of contracts and/or customers, erosion of some customers' credit quality, downgrades of the Company's credit quality, closure or temporary interruption of the Company's or suppliers' manufacturing facilities, travel, shipping and logistical disruptions, loss of human capital or personnel, and general economic calamities; the outcome of any legal proceedings that may be instituted against the Company, or any companies we may acquire; risks that the integration of Milacron or any other integration, acquisition, or disposition activity disrupts current operations or poses potential difficulties in employee retention or otherwise affects financial or operating results; the ability to recognize the benefits of the acquisition of Milacron or any other acquisition or disposition, including potential synergies and cost savings or the failure of the Company or any acquired company to achieve its plans and objectives generally; global market and economic conditions, including those related to the credit markets; volatility of our investment portfolio; adverse foreign currency fluctuations; involvement in claims, lawsuits and governmental proceedings related to operations; our reliance upon employees, agents, and business partners to comply with laws in many countries and jurisdictions; labor disruptions; the impact of the additional indebtedness that the Company has incurred in connection with the acquisition of Milacron and the ability of the Company to comply with financial or other covenants in its debt agreements or meet its de-leveraginggoals; the dependence of our business units on relationships with several large providers; increased costs or unavailability of raw materials or certain outsourced services; continued fluctuations in mortality rates and increased cremations; competition in the industries in which we operate, including from nontraditional sources in the death care industry; our level of international sales and operations; cyclical demand for industrial capital goods; impacts of decreases in demand or changes in technological advances, laws, or regulation on the revenues that we derive from the plastics industry; certain tax-relatedmatters; and changes to legislation, regulation, treaties or government policy, including any resulting from the current political environment. For a more in-depthdiscussion of these and other factors that could cause actual results to differ from those contained in forward-lookingstatements, see the discussions under the heading "Risk Factors" in Part I, Item 1A of Hillenbrand's Form 10-Kfor the year ended September 30, 2020, filed with the Securities and Exchange Commission ("SEC") on November 12, 2020. The forward-lookinginformation in this presentation speaks only as of the date covered by this report, and we assume no obligation to update or revise any forward-lookinginformation.

INVESTOR PRESENTATION | 2

INVESTOR PRESENTATION | 3

Hillenbrand Snapshot1 (NYSE: HI)

Global Diversified Industrial Company that Engineers, Manufactures, and Sells Products and Services into a Variety of End Markets

				Pro Forma Revenue by Segment4	Pro Forma Revenue by Geography4,6
Founding Year	1906
Headquarters		Batesville, IN	21%	28%
Employees2	~11,000	48%
Locations2,3			54%
40+
31%	18%
PF Revenue4		$2.6B
				Advanced Process Solutions (APS)
PF Adj. EBITDA Margin4,5	17.8%
				Molding Technology Solutions (MTS)	Americas EMEA Asia
				Batesville

Plastics

31%

Diversified End Markets4

			Chemicals
Custom	Automotive	Consumer	4%
Molders	5%	Goods
Packaging
5%		5%
	4%

Electronics 3% Food/ Pharma 3%

Construction

3%

Other	Death Care
16%	21%

1 All financial metrics exclude the divested Cimcool business, which was sold in March 2020. 2As of 9/30/2020. 3 Includes headquarters, significant manufacturing and sales & technical locations. 4 Represents total of Hillenbrand financial data for FYE 9/30/2020 as if Milacron was acquired on

October 1, 2019. 5 Pro Forma Adjusted EBITDA margin is a non-GAAP measure. See appendix for GAAP reconciliation. 6 Based on customer location.

Hillenbrand Offers a Compelling Investment Thesis

01	02	03	04	05	06
Significant Value	Portfolio of Highly-	Milacron adds	Hillenbrand	Strong, Stable	Experienced and
Creation	Engineered	Strong,	Operating Model	Free Cash Flow	Passionate
Opportunity from	Products with	Complementary	(HOM) is a	with Near-Term	Leadership Team
Continued	Common	Businesses across	Competitive	Focus on Rapidly	with Track Record
Execution,	Characteristics,	Plastics Value	Differentiator;	Paying Down Debt;	of Delivering on
Integration of	Core Technologies,	Chain; Integration	Building on Margin	Temporarily	Communicated
Milacron and	and Leadership	Ahead of Schedule	Expansion	De-prioritizing	Targets
Portfolio	Positions in	and Significant	Capability and	M&A and Share
Streamlining	Growing End	Incremental	Layering in Growth	Repurchases
	Markets	Synergies	Tools
		Identified

INVESTOR PRESENTATION | 4

HILLENBRAND OVERVIEW

& STRATEGY

INVESTOR PRESENTATION |

Strong Fiscal Q4 2020 Despite Continued COVID-19 & Industrial Headwinds

FQ4 2020 Earnings Highlights

Segment Adjusted EBITDA1 & Margin Performance

• Revenue increased 43% YoY with the addition of Milacron; down only 2% organically based on strength in Batesville
• Order backlog2 increased 43% YoY to >$1.2B and increased 10% sequentially; organic backlog2 grew 14% YoY
• Record cash flow from operations of $235M increased $165M compared to prior year
• Delivered $27M in cost synergies in FY20; above our initial target of $20 - $25M
• On-trackto achieve increased $75M Milacron 3-yearcost synergy target (initially $50M)

APS

Advanced

Process

Solutions

MTS

Molding

Technology

Solutions

Batesville

FQ4'19A

FQ4'20A ∆ in Margin

$66.7M $68.0M +160bps

19.0% 20.6%

$42.3M $50.6M +410bps

19.2% 23.3%

$30.6M $35.7M +170bps

22.6% 24.3%

1 Adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. See appendix for GAAP reconciliation. 2 See Appendix for further discussion of non-GAAP measure backlog.

INVESTOR PRESENTATION | 6

Macro Trends Support Long-term Sustained Growth for Durable Plastics

Broad Secular Macro Trend of Consumer Desire for Eco-friendly Innovations in the Use of Plastics and Base Materials is

Supported Across All Core End Markets

Packaging	Medical	Consumer Goods	Construction	Electronics	Automotive
Improve food shelf	Focus on safety,	Shortened product	Shift to plastics for	Superior quality,	Increased use of
life, freshness, and	improved drug and	lifecycles,	durability, lighter	shorter product	lightweight plastics
safety	therapy delivery,	innovation in multi-	weight, and lower	lifecycles, and	to improve fuel
	and durability /	material products,	maintenance	design flexibility	efficiency
	disposability	design flexibility

Environmental / Innovation / Consumer Trends

 Recycling

 Recycled Content in New Products

 Biomaterials Made into Plastics

 Single-material Bottles

INVESTOR PRESENTATION | 7

Portfolio Composition and Characteristics

Leading Industrial Brands with Scale

International leader in	One of the world's leading	Industry leader in plastics
extrusion and compounding	suppliers of hot runner	processing technology
systems and highly-	technology and co-injection	providing strong platform for
engineered feeding	systems	future growth opportunities
technology

Industry Leader in Death Care Market

Recognized leader in the death care industry through the sale of funeral services products

Stable Provider of FCF

• Complementary Core Technologies with Innovation Track Record
• Highly-engineeredand Mission- critical Solutions

• Common Manufacturing Processes
• Strong Aftermarket Business with High-MarginRecurring Revenue

• Longstanding Customer
  Relationships
• Leadership Positions

Shared Characteristics across Portfolio with Proven Ability to Enhance Performance through HOM

INVESTOR PRESENTATION | 8

Recent Portfolio Streamlining Announcement

Focus on Larger, Scalable Platforms Serving End Markets with Strong Secular Tailwinds Supporting Robust Growth Prospects

Assets Announced for Sale			Strategic Rationale

Manufacturer of equipment used for crushing and material handling in industries such as mining and forestry

Sale agreement reached: Jan 11, 2021 for $103.5 million

Manufacturer of highly-engineered, energy efficient positive displacement pumps

• Strong businesses with growth potential, but sub- scale for Hillenbrand; greater opportunities outside
• Limited commonalities with other APS and MTS operating companies
• Focusing investment on larger growth platforms
• Generate cash proceeds to accelerate debt reduction

Sold: Dec 31, 2020 for $63 million

Develops highly-engineeredmission-critical flow control solutions

INVESTOR PRESENTATION | 9

Key Pillars Underpinning Outsized Future Growth Opportunities

Installed Base and

Aftermarket

Diverse Portfolio; Aftermarket Opportunity

• Large installed base of machines globally
• Analytics to focus efforts on specific growth markets
• Driving life cycle approach; mix of reactive/proactive maintenance, targeted upgrade packages

Technology

Acceleration

Driven by Advanced Technology and Innovation

• Strong intellectual property portfolio
• Highly-engineeredsolutions
• Industry-leadingservice support
• Specialized engineering expertise
• Integrating digital technology for diagnostics and monitoring

Scalable

Foundations

Continuously Improving Efficiency

• Centralized global functions and Centers of Excellence
• Global Shared Services Center
• Engineering, Finance / IT, and Human Resources using common systems and best practices
• Global Supply Management and Procurement

INVESTOR PRESENTATION | 10

Industry Leader in Innovative Technology with Strong Track Record

Continuous Innovation at the Customer Level Focused on Developing Tailored Solutions to Address Unique Challenges

Our Culture of Innovation

Culture of innovation	Innovation driven by project	Tailored solutions developed	Unique opportunity to further	Unparalleled knowledge base
embedded into the business	teams working in	to meet customers' unique	strengthen longstanding	applied across our global
allowing customers to test their	collaboration with customers	requirements and address their	customer relationships and	customer base catering to the
materials in our world class		specific challenges	generate recurring revenues for	different requirements in the
laboratories			new technical requirements	regions

Case Study: Aurora Kunststoffe Recycling / Upcycling

Customer Challenge

Profitably recycle / upcycle plastic processors' production waste and turn into high-quality raw materials

Requirements

• Material handling, compounding and pelletizing
• High product quality
• Economical throughputs
• Production safety

Our Tailored Solution

• Customized equipment capabilities to meet process parameters and recipes required of various raw materials
• Reliable processes to treat raw materials and minimize odor
• High-quality, economical throughputs
• Process-engineeringexpertise (e.g. multilayer film or chemical recycling)

INVESTOR PRESENTATION | 11

Hillenbrand Operating Model (HOM): A Competitive Advantage

Consistent and Repeatable Framework Designed to Produce Efficient Processes and Drive Profitable Growth and Superior Value

Understand the Business

Focus on the Critical Few

Grow: Get Bigger and Better

INVESTOR PRESENTATION | 12

Repeated Application of HOM Drives Strong Integration Results

Milacron Has a Similar Opportunity Set to 2013 Coperion Acquisition

• Untapped growth potential
• Suboptimal working capital management
• Lack of global procurement strategy
• Inconsistent / inefficient business (functional) processes

Areas for Value Creation through HOM

Procurement

• Process optimization and supplier rationalization
• Value engineering to drive margins and manufacturability

Business Simplification

• Active footprint management
• Technology utilization to provide global customer support

Rapid Response

• Global manufacturing and engineering capacity
• Strategic supplier relationships allowing minimized lead time

Growth

• Industry leading innovation and product development
• Ability to expand applications across new end markets

Coperion Select Achievements

• Expanded adjusted EBITDA margin1 by ~600bps since acquisition
• Improved working capital by approximately 5 turns2

Milacron Integration Traction

• Consolidated Injection Molding and Extrusion manufacturing sites
• Value stream optimization projects underway
• Increased synergy cost savings targets by 50%

1 Adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. See appendix for GAAP reconciliation. 2 Internal calculation of primary working capital turns (Accounts Payable, Accounts Receivable, and Inventory)

INVESTOR PRESENTATION | 13

Our Four Pillar Strategy Drove Strong Finish to Fiscal Year 2020

Strengthen and Build

Leverage

Build Scalable Foundation

Effectively

Platforms Organically and

Batesville

Utilizing Hillenbrand

Deploy Strong

through M&A

for Cash

Operating Model (HOM)

Free Cash Flow

Emerging capabilities in products

Complements APS and MTS

Opportunity to roll out HOM across

Selectively investing to grow

and recycling

businesses with stable cash flow

Molding Technology Solutions

profitably when demand returns

segment

Q4 Highlights

• Continued solid execution; all three segments increased Q4 Adjusted EBITDA margin by at least 160 basis points YoY
• Record Operating Cash Flow of $235M in the quarter
• Backlog surged to record $1.23B on strong demand

FY20 Highlights

• Record Free Cash Flow2 in FY 2020 of $319M
• Net debt to EBITDA ratio down to 2.7x from 3.8x in less than a year
• Excellent progress integrating Milacron - exceeded year 1 synergy target

Hillenbrand Team Focused on Execution in Difficult Environment to Drive Long-Term Shareholder Value

1 Based on annual run-rateafter three years post-closeof Milacron acquisition. 2 Free Cash Flow (FCF) is a non-GAAP measure. See appendix for GAAP reconciliation.

INVESTOR PRESENTATION | 14

Committed to Sustainability and ESG Factors to Drive Impact

Recently Published Inaugural Sustainability Report to Reinforce Our Commitment to Ethical, Responsible, and Holistic Thinking

About Business Practices that Can Positively Influence Our World

Key Milestones

2016		1H 2019			Aug 2020
Launched		Proactively engaged with			Published Inaugural
Hillenbrand		key stakeholders to	Signed United Nations	Sustainability Report,
One Campaign designed		identify sustainability-	summarizing perspectives
to support communities	Formed	related topics most	Global Compact	and actions on
	Sustainability Steering	important to our	(UNGC), a voluntary	governance and business
	Committee to guide	business	pledge to increase ESG	ethics, labor and human	E	S	G
	Company's efforts		programs and disclosure	rights, and environmental
	2018		Sep 2019		responsibilities
		Materiality Factors
	Environmental Compliance		Diversity and Inclusion
	Operational Material Efficiency and Recycling	Worker Safety
	Employment Practices		Data Security
	Employee Training and Education		Economic Performance
	Non-Discrimination		Anti-Corruption

INVESTOR PRESENTATION | 15

OPERATING SEGMENTS

INVESTOR PRESENTATION |

Overview of Hillenbrand Operating Segments

Leading Engineered-system Platforms with Innovative Technologies Result in Differentiated Margin Profile

	Advanced Process Solutions	Molding Technology Solutions	Batesville
	Leading provider of compounding,	Global leader in manufacturing,	Leading manufacturer and distributor
Segment Overview	extrusion, material handling and flow	distribution, and service of highly	in N. America of funeral service
control products for wide variety of	engineered / customized systems within	products, including burial caskets,
	manufacturing processes	plastics technology and processing	cremation caskets, and urns

FY 2020 Revenue ($M)1		$1,229	$798		$553
FY 2020 Adj. EBITDA		19.1%	18.6%		23.0%
Margin1,2
		Strengthen position across the plastics value chain			Grow leadership position in death
		Drive innovation and new product development			care to address changing consumer
			demands
Strategic Priorities		Leverage HOM to drive margin expansion and profitable growth		Utilize technology to enhance
	Drive aftermarket growth with combined global service network		consumer experience and create
		Drive core technologies and applications expertise to strengthen leadership		efficiencies for customers
		Leverage HOM to drive profitability
		positions
					and cash flow
1 Results as of FY 2020 on a Pro Forma basis. 2 Adjusted EBITDA Margin is a non-GAAP measure. See appendix for GAAP reconciliation.			INVESTOR PRESENTATION | 17

Leadership in Key Positions Across Plastics Value Chain

Milacron Acquisition Better Positions Hillenbrand to Serve Customers Across the Plastics Value Chain and

Cross-Sell Products and Services

Plastics Value Chain

Oil Refining

Base Resin

Plastics

Plastics Processing - Extruded Products

Plastics Processing - Injection Molded Products

Recycling

& Cracking

Production

Compounding

Reactor,

Conveying

Conveying Compounding

Onsite

Conveying &

Extrusion Part Ejection

Printing &

Packaging

Onsite storage

Conveying &

Drying &

Part Ejection

Printing &

Packaging

Size

ExtrusionPelletizer, Classifier

Pump

Extrusion

Storage

Mixing

Labeling

Mixing

Molding

Labeling

Reduction

 Reactor

 Material Handling

 Silos

 Extruder

 Printing Machine

 Silos

 Dryer

 Printing Machine

 Grinder

 Pump

 Feeders

 Feeder

 Dies

 Labeling Machine

 Feeder

 Funnel

 Labeling Machine

 Melt Filter

 Pipe

 Mixers

 Conveyor Piping

 Cutting

 Case Packer

 Conveyor Piping

 Injection Unit

 Case Packer

 Extruder (Single-Screw)

 Gas Compressor

 Compounders

 Vacuum Pump

 Mold

 Palletizing

 Vacuum Pump

 Heating Unit

 Palletizing

 Extruder (Twin-Screw)

 Material Handling

 Pelletizers

 Hopper Blender

 Material Handling

Equipment

 Hopper Blender

 Hot Runners

Equipment

 Washer

 Extruder

 Classifiers

 Mixer

Robot

 Mixer

 Cooling Line (Pipes)

 Pelletizer

 Pelletizer

 Material Handling

 Cutting and Pulling

 Control Unit

 Classifier

Machine

 Material Handling

 Conveyor

Robot

 Palletizing Equipment

APS

MTS

Combined

Primary Process Step

Secondary Process Step

Hillenbrand Equipment Offering

Milacron Equipment Offering

Significant Product Offering

Moderate Product Offering

INVESTOR PRESENTATION | 18

Strong Backlog across Portfolio Delivering Organic Growth and Supports Aftermarket Pull-through

		Backlog	($M)		Acquired
				$1,231
	Acquired				$243
			$815	$864
Acquired	$604	$580	$632
$500
	$459
		$988

$57 $119 $121

FY 10

FY 11

FY 12

FY 13

FY 14

FY15

FY 16

FY 17

FY 18

FY 19

FY 20

APS MTS

• Large portion of APS backlog driven by large plastics projects
• Increased backlog following Milacron acquisition in fiscal Q1 2020

• Backlog increased in fiscal 2020, despite overall market softness as a result of COVID-19pandemic
• New long-term plastics projects expected to drive future capital and aftermarket growth

INVESTOR PRESENTATION | 19

ADVANCED PROCESS

SOLUTIONS (APS)

INVESTOR PRESENTATION |

Advanced Process Solutions (APS) at a Glance

Industrial Equipment Manufacturer with Strong Leadership Positions

Financial Performance1

$1,229M

FY20 Revenue

6.1% CAGR (2017 - 2020)

	Revenue by End Market2
	15%	Plastics
7%		Chemicals
5%		Minerals & Mining
8%	65%	Food & Pharma

Other

$235M

FY20 Adj. EBITDA4

9.7% CAGR (2017 - 2020)

Revenue Composition

Revenue by Geography2,3

27%

33%

Americas

Asia

EMEA

40%

19.1%

FY20 Adj. EBITDA Margin4

+180 bps ∆ (2017 - 2020)

Aftermarket Exposure2

33%

Capital Equipment

Aftermkt. Parts & Service

67%

1 Results as of FY 2020. CAGRs represent FY 2017 through FY 2020. 2 Based on FY 2020 sales. 3 Based on customer location. 4 Adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. See appendix for

GAAP reconciliation.

INVESTOR PRESENTATION | 21

Leading Brands Exposed to Diverse End Markets, Serving Blue Chip Customers

	Product Portfolio					Key End Markets
					Polyolefins
					Engineered Plastics
Compounders and Extruders	Screening Equipment			Chemicals
		Processed Food and Pharma
Feeders, Components,	Sizing Equipment
		Minerals and Fertilizers
Material Handling Equipment,
			Food and Agriculture
System Solutions
			Proppants

Select Process Equipment Group Customers

INVESTOR PRESENTATION | 22

From Individual Components to Integrated Systems in Plastics

Value-added Services Include Maintenance, Parts, Modernization, and Field Services

		2			4		5		1	Powder Handling and Storage
													2	Additive and Feeding System
1					3								3	Extruder and Pelletizing
												4	Blending and Storage
													5	Packaging and Logistics

Equipment & Components

• Feeding equipment and components for large and small systems
  ̶Feeders
  ̶Highly-engineered valves
  ̶Pneumatic conveying subsystems

Compounding & Extrusion Systems

• Highly-engineeredconversion systems used in high volume polyolefin production (polyethylene and polypropylene)
• Smaller conversion systems for engineered plastics, PVC, and chemicals

Materials Handling

• Large engineered pneumatic material handling systems mainly for the polyolefin industry
• Turnkey customer solution offering fully engineered equipment and processes offering

INVESTOR PRESENTATION | 23

Advanced Process Solutions (APS) Competitive Position

Competitive Differentiators

Portfolio of highly-engineered core technologies and mission- critical products, including complete systems and value-added subsystems to create simplified customer solutions

Uniquely positioned to follow capital equipment sales with a suite of related aftermarket products and services

Industry-leading brands recognized by customers

Longstanding relationships with global blue-chip customers

Leading applications expertise to provide innovative product and service solutions to solve customers' challenges

Key Catalysts and Opportunities

• Expand presence in current markets through product innovation and targeted acquisitions
• Leverage global footprint to provide leading aftermarket support to customers
• Grow platforms to critical mass to achieve benefits of leadership and scale
• Enhance profitability by further leveraging Hillenbrand Operating Model
• Macro trends support long-term sustained growth for combined company
• Capitalize on emerging trends across the plastics value chain, including enhanced access to growing end markets and geographies

INVESTOR PRESENTATION | 24

MOLDING TECHNOLOGY

SOLUTIONS (MTS)

INVESTOR PRESENTATION |

Molding Technology Solutions (MTS) at a Glance

Milacron Acquisition Expands Hillenbrand's Capabilities Across All Key Areas of the Plastics Value Chain

Financial Performance1

$798M		$149M		18.6%
FY20 Revenue		FY20 Adj. EBITDA4		FY20 Adj. EBITDA Margin4

Revenue Composition

	Revenue by End Market2	Revenue by Geography2,3	Aftermarket Exposure2
22%	14%	Custom Molder
	28%		29%
		Automotive
			Americas
	17%	Consumer Goods		Capital Equipment
8%		EMEA
	Packaging	55%	Aftermkt. Parts & Service
11%		Construction		Asia	71%
15%	Electronics	17%
	13%	Other Industrial

1 Results as of FY 2020 on a Pro Forma basis. 2 Based on FY 2020 sales. 3 Based on customer location. 4 Adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. See appendix for GAAP reconciliation.

INVESTOR PRESENTATION | 26

Product Portfolio Highly Complementary to APS Offering

		Product Portfolio						Key End Markets
							Custom Molders
							Automotive
							Consumer Goods
Hot Runner Systems		Injection Molding	Mold Bases & Plates			Packaging
Temperature Controllers	Extrusion & Auxiliary Systems	Die Cast Assemblies			Construction
Hot Halves				ISO Components			Electronics
Gating Technologies							Medical

Select MTS Customers

INVESTOR PRESENTATION | 27

MTS Competitive Position

Competitive Differentiators

Leader in highly-engineered and customized plastic processing systems

Integrated manufacturer of capital equipment and provider of

aftermarket parts and service

Industry-leading brands

• Mold-Masters: A leader in premium hot runners
• Milacron: Full line supplier of injection molding and extrusion equipment
• Aftermarket: Top global supplier to installed machine base

Key Catalysts and Opportunities

• Long-termsecular drivers (i.e., population growth, rapid urbanization) resulting in greater demand for plastics products in various segments of the economy
• Leverage combined global service footprint to further pursue aftermarket opportunity
• Deploy HOM to realize operating efficiencies and significant cost synergies
• Capitalize on emerging trends across the plastics value chain, including enhanced access to growing end markets and geographies

INVESTOR PRESENTATION | 28

Milacron Integration Going Well with Additional Synergies Identified

Key Achievements

• Integration remains on track despite disruptions related to COVID-19pandemic

• Restructuring activities resulted in reduced fixed costs

• Integration Management Office driving shared best practices, synergy capture, and change management

• Achieved $27M of cost synergies during fiscal 2020

Exceeded Target of

$20M - $25M

in Cost Synergies for FY 2020

Identifying and Capturing Strategic Benefits

Strong product and technology positions across plastics value chain

• Further pursuing current end markets and targeting new ones with broader offering
• Enhancing commercial execution to identify and capture cross- selling opportunities
• Achieving supply chain and operating efficiencies
• Building scalable back office
• Leveraging HOM playbook with a focus on lean to drive margins and growth

Recently Increased 3-Year Cost Synergy Target

$50M $75M

INVESTOR PRESENTATION | 29

BATESVILLE

INVESTOR PRESENTATION |

Batesville at a Glance

Industry Leader in Death Care with Strong Profit Margins and Free Cash Flow

Financial Performance1

	$553M				$127M		23.0%
	FY 2020 Revenue				FY 2020 Adj. EBITDA2		FY 2020 Adj. EBITDA Margin2
(0.6%) CAGR (2017 - 2020)				(3.6%) CAGR (2017 - 2020)		(220) bps ∆ (2017 - 2020)
	Revenue Composition						Competitive Differentiators

Revenue by Product

9%

Caskets

Leading brand based on superior product quality, service, and innovation with 125-year history

Experienced sales team who maintain long-standing relationships with funeral homes

World-class manufacturing capabilities driven by execution of the HOM

Other	Extensive distribution and service network provides rapid delivery and reliable
	customer support
91%	Seamless integration of technology that helps funeral homes better serve families

1 Results as of FY 2020. CAGRs represent FY 2017 through FY 2020. 2 Adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. See appendix for GAAP reconciliation.

INVESTOR PRESENTATION | 31

Strategic Actions at Batesville

A Reliable Source of Internal Financing to Accelerate De-Leveraging and Fund Future Expansion

Relatively Stable Revenue Despite Changing Consumer Preferences

$640	$638	$607	$621	$592	$604	$574	$562	$551	$533	$553

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

Significant Cumulative Free Cash Flow Generation Over Time1

	Continued application of HOM to drive
	supply chain and SG&A productivity
	Strong cash flow generation serves
	as dependable source of funding for
	industrial diversification
	Track record of performance across
	economic cycles reduces

$117

$216

$317

$416 $499

$578 $657

$747

$847 $928

$1,025

	dependence on external financing
	Continuous focus on discretionary
	cost control and supply chain
	optimization

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

1 Free Cash Flow (FCF) is a non-GAAP measure. See appendix for GAAP reconciliation.

INVESTOR PRESENTATION | 32

FINANCIAL OVERVIEW

INVESTOR PRESENTATION |

Compelling Financial Characteristics

Delivering Outsized Profitable Growth while Continuing to Reinforce Portfolio Resilience

GDP+		24%		Diverse Exposure
Anticipated Long-	term		Services, Aftermarket &		To End Markets with Long-	term
Revenue Growth		Consumable Products Revenues		Secular Tailwinds

		100%+2		~$1B2
20%+1
Adj. EBITDA Margin Target		Last Decade Average		Batesville FCF since 2010
Significant Runway for Improvement		FCF Conversion		Supports capital return to shareholders
				and M&A growth strategy

1 Adjusted EBITDA Margin is a non-GAAP measure. See appendix for GAAP reconciliation. 2 Free Cash Flow (FCF) and FCF Conversion are non-GAAP measures. See appendix for GAAP reconciliation.

INVESTOR PRESENTATION | 34

Doing What We Said We Would: Achieving Our 3-Year Targets (2017 - 2020)

Delivered on Key 2020 Targets Announced at December 2017 Investor Day1

2% - 4%		Double-DigitAdj. EPS2 CAGR
	Adj. EPS CAGR came in below double-digit target due to key end market
	weakness and COVID-19 disruption
Organic Revenue CAGR		Adj. EPS2 CAGR	
	5% - 7% organic3
4% - 6%		+180 bps (vs. 250bps target)
	APS Adj. EBITDA4 Margin Expansion
Organic APS Revenue CAGR	
Achieved EBITDA $ target, but EBITDA margin below target driven by mix
	of large plastic projects with lower initial margin but long-term opportunity
	for highly profitable aftermarket parts and service revenue
(3%) - (1%)		>100%
Organic Batesville Revenue CAGR		FCF Conversion5	

1 Achievements on 2020 Targets measured from 2017 to 2020. 2 Adjusted EPS is a non-GAAP measure. See appendix for GAAP reconciliation. 3 5-7% excluding acquisitions; see appendix for further description.

4 Adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. See appendix for GAAP reconciliation. 5 FCF and FCF Conversion are non-GAAP measures. See appendix for GAAP reconciliation.

INVESTOR PRESENTATION | 35

Continued Progress in Rapidly De-LeveragingPost-Transaction

Evolution of Net Leverage Over Time1

Acquired

Acquired

1.6x1.5x

			0.4x
4Q10	1Q11	2Q11	3Q11	4Q11	1Q12

Acquired

Acquired

3.8x

Acquired

Strategic

2.7x

Pension

2.7x

Funding

2.4x

2.2x

2.0x

1.7x

1.2x

0.7x

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

4Q17

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19

3Q19

4Q19

1Q20

2Q20

3Q20

4Q20

Source: Company filings and credit agreement compliance certificates. 1 Defined as ("Total Debt - Cash") / Consolidated EBITDA. Calculated using Consolidated EBITDA as defined in the credit agreement in effect during the
relevant reporting period.	INVESTOR PRESENTATION | 36

Consistent FCF Generation and World-Class Working Capital Efficiency

Free Cash Flow1

$3194

	$217	$224	$221
$168	$156		$1533

$117

$102	$97
	$742

FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20

Working Capital Turns

9.9x

					9.4x
					8.5x
				7.8x	7.4x4
6.1x			6.6x		6.2x
5.6x
	5.4x			5.1x2

FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20

1 Free Cash Flow (FCF) is a non-GAAP measure. See appendix for GAAP reconciliation. 2 FY15 impacted by working capital timing. 3 FY19 included approximately $17 million of payments related to the acquisition of Milacron.

4 Beginning in FY20, data includes the Molding Technology Solution segment (acquired November 2019).

INVESTOR PRESENTATION | 37

Capital Deployment Priorities

Reduce Debt

• Prior to Milacron acquisition, Net Debt to Adj. EBITDA of <1.0x
• Current net debt of $1.3B with a Net Debt to Adj. EBITDA of 2.7x
• History of prioritizing and paying down debt post acquisition (e.g., Coperion)

Adapting to

Current Environment

Top Priority

Reinvest in the Business

• Drive innovation and new product development	Strategic investments to grow
• Expand into new end markets and geographies	profitably in-line with demand
• Annual capex target of ~3% of revenue

	Return Cash to Shareholders	Funding the dividend
	• Dividend yield of 2.2%1	Continued temporary suspension of
	• 12 consecutive years of $0.01 per share increases	share repurchase program; decision
	made in tandem with Milacron
	• Opportunistic share repurchases, primarily to offset dilution
	acquisition announcement

Strategic Acquisitions	Curtailing M&A activity as we
• Strategic focus: strengthen existing leadership positions and build targeted platforms
integrate Milacron
• Remain target disciplined; seek acquisitions with compelling financial returns

1 As of 12/31/20.

INVESTOR PRESENTATION | 38

APPENDIX

INVESTOR PRESENTATION |

Disclosure Regarding Non-GAAP Measures

While we report financial results in accordance with United States generally accepted accounting principles (GAAP), we also provide certain non-GAAP operating performance measures. These non-GAAP measures are referred to as "adjusted" measures and exclude the following items:

• business acquisition, disposition, and integration costs;
• restructuring and restructuring related charges;
• asset impairment charges;
• inventory step-up charges;
• intangible asset amortization;
• debt financing activities related to the acquisition of Milacron;
• net loss on divestiture of Cimcool;
• COVID-19pandemic-related costs;
• the related income tax impact for all of these items; and
• the interaction of tax benefits and expenses related to the foreign income inclusion tax provisions and certain tax carryforward attributes associated with the acquisition of Milacron and divestiture of Cimcool. These include the tax provisions related to the imposition of tax on Global Intangible Low-Taxed Income (GILTI) earned by certain foreign subsidiaries, the Foreign Derived Intangible Income Deduction (FDII), and the Base Erosion and Anti-Abuse Tax (BEAT) and their impact on Loss carryforward attributes. Non-GAAP information is provided as a supplement to, not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP.

One important non-GAAP measure that we use is adjusted earnings before interest, income tax, depreciation, and amortization ("adjusted EBITDA"). A part of our strategy is to pursue acquisitions that strengthen or establish leadership positions in key markets. Given that strategy, it is a natural consequence to incur related expenses, such as amortization from acquired intangible assets and additional interest expense from debt-funded acquisitions. Accordingly, we use adjusted EBITDA, among other measures, to monitor our business performance. Adjusted EBITDA is not a recognized term under U.S. GAAP and therefore does not purport to be an alternative to net (loss) income. Further, Hillenbrand's measure of adjusted EBITDA may not be comparable to similarly titled measures of other companies.

Organic growth, a non-GAAP measure, is defined as total sales growth less the sales of companies acquired in the past twelve months. Hillenbrand uses organic growth and organic revenue to assess performance of its reportable segments and the Company in total without the impact of recent acquisitions. Hillenbrand believes that such measures are useful to investors as it provides a supplemental period-to-period comparison.

Another important non-GAAP measure used is backlog. Backlog is not a term recognized under GAAP; however, it is a common measurement used in industries with extended lead times for order fulfillment (long-term contracts), like those in which our Advanced Process Solutions and Molding Technology Solutions businesses compete. Backlog represents the amount of consolidated revenue that we expect to realize on contracts awarded related to the Advanced Process Solutions and Molding Technology Solutions . For purposes of calculating backlog, 100% of estimated revenue attributable to consolidated subsidiaries is included. Backlog includes expected revenue from large systems and equipment, as well as replacement parts, components, and service. In addition, organic backlog refers to backlog less the backlog of companies acquired in the past twelve months. Given that there is no GAAP financial measure comparable to backlog, a quantitative reconciliation is not provided.

We use this non-GAAP information internally to make operating decisions and believe it is helpful to investors because it allows more meaningful period-to-period comparisons of our ongoing operating results. The information can also be used to perform trend analysis and to better identify operating trends that may otherwise be masked or distorted by these types of items. The Company believes this information provides a higher degree of transparency. In addition, for purposes of this presentation and comparative purposes only, all prior year comparisons for Milacron are made on a pro forma basis and excluding the Cimcool business, which the Company divested in March of this year.

INVESTOR PRESENTATION | 40

Segment Performance: Advanced Process Solutions ($M; formerly Process Equipment Group)

	Revenue
	-6%
$350	$330
Q4 2019	Q4 2020

Adj. EBITDA1

+2%

$67	$68
Q4 2019	Q4 2020

Adj. EBITDA Margin1

+160 bps

19.0%	20.6%
Q4 2019	Q4 2020

Performance Highlights	Business Update

• Revenue of $330M decreased 6% year over year due to general demand softness across industrial markets; excluding the impact of foreign currency, revenue decreased 9%
• Adj. EBITDA margin of 20.6% increased 160 bps due to cost containment actions, synergy realization, and pricing and productivity improvements
• Backlog of $988M increased 14% year over year and increased 5% sequentially, driven by demand for large plastics projects outside of North America

• Large project pipeline remains strong with some shift in timing: ~28% of backlog expected to convert to revenue beyond next 12 months
• Backlog and large project demand a positive indicator for future capital projects and higher margin aftermarket parts and service
• Customer-drivendelays on some projects, but no large project cancellations

1 Adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. See appendix for GAAP reconciliation.

INVESTOR PRESENTATION | 41

Segment Performance: Molding Technology Solutions ($M; formerly Milacron)

Revenue1

	-1%
$220	$217
Q4 2019	Q4 2020

Performance Highlights

Adj. EBITDA1,2

+20%

$42	$51
Q4 2019	Q4 2020

Business Update

Adj. EBITDA Margin1,2

+410 bps

19.2%	23.3%
Q4 2019	Q4 2020

• Revenue of $217M decreased 1% compared to prior year pro forma1 and increased 17% sequentially in strongest quarter to date as part of Hillenbrand; down slightly to prior year driven primarily by weakness in automotive end market
• Adj. EBITDA margin of 23.3% increased 410 bps year over year driven by product mix, cost containment actions and synergies
• Backlog2 of $243M increased 54% year over year driven by improvement across segment; backlog increased 31% sequentially and is at highest level in more than two years

• Better than expected results due to quicker rebound from COVID-19 in India, and hot runner strength driven by medical, electronics and packaging end markets
• Automotive, construction, consumer goods and packaging all improved sequentially
• Automotive demand still soft from year-over-year perspective as manufacturers delay new product introductions and model changeovers

1 Q4 FY20 results exclude Cimcool. In addition, for purposes of this presentation and comparative purposes only, all prior year comparisons for Molding Technology Solutions are made

on a pro forma basis. 2 Adjusted EBITDA, adjusted EBITDA margin and backlog are non-GAAP measures. See appendix for GAAP reconciliation.

INVESTOR PRESENTATION | 42

Segment Performance: Batesville ($M)

	Revenue
	+8%
$136	$147
Q4 2019	Q4 2020

Adj. EBITDA1

+17%

$31	$36
Q4 2019	Q4 2020

Adj. EBITDA Margin1

+170 bps

22.6%	24.3%
Q4 2019	Q4 2020

Performance Highlights	Business Update

• Revenue of $147M increased 8% year over year driven by higher volume, partly offset by a decrease in average selling price
• Adj. EBITDA margin of 24.3% improved by 170 bps year over year driven by operating leverage, cost containment actions and productivity improvements, which more than offset cost inflation

• Responded to increased needs of communities that have been deeply affected by COVID-19 pandemic and well-positioned to handle higher volume
• Volumes remained higher in October, particularly in certain geographic regions experiencing more severe effects from the pandemic

1 Adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. See appendix for GAAP reconciliation.

INVESTOR PRESENTATION | 43

Reconciliation of Adjusted EBITDA to Consolidated Net (Loss) Income

			Three Months Ended			Twelve Months Ended
(in millions)		September 30,			September 30,
	2020			2019			2020			2019
Adjusted EBITDA:
Advanced Process Solutions	$	68.0	$	66.7	$	234.5	$	223.3
Molding Technology Solutions		50.6			-			147.0			-
Batesville		35.7			30.6			127.1			114.2
Corporate		(13.4)			(10.5)			(44.2)			(42.2)
Less:
Interest income		(0.7)			(0.4)			(3.2)			(1.1)
Interest expense		22.1			11.3			77.4			27.4
Income tax expense		17.2			10.6			34.9			50.5
Depreciation and amortization		32.2			14.2			130.6			58.5
Impairment charges		62.3			-			144.8			-
Business acquisition, disposition, and integration costs		9.9			11.7			77.2			16.6
Restructuring and restructuring-related charges		2.6			7.0			9.3			10.6
Inventory step-up		-			-			40.7			0.2
Loss on settlement of interest rate swaps		-			6.4			-			6.4
Net loss on divestiture		0.5			-			3.5			-
Other		0.2			-			2.6			-
Consolidated net (loss) income		$	(5.4)		$	26.0		$	(53.4)		$	126.2

INVESTOR PRESENTATION | 44

Reconciliation of Non-GAAP Measures

		Three Months Ended September 30,			Year Ended September 30,
	(in millions)		2020			2019			2020			2019
	Net (loss) income attributable to Hillenbrand	$	(7.1)	$	24.7	$	(60.1)	$	121.4
	Impairment charges		62.3			-			144.8			-
	Business acquisition, disposition, and integration costs		9.9			11.7			77.2			16.6
	Restructuring and restructuring-related charges		2.6			7.0			9.3			10.6
	Inventory step-up		-			-			40.7			0.2
	Intangible asset amortization		16.7			7.5			71.9			32.5
	Net loss on divestiture		0.5			-			3.5			-
	Debt financing activities		0.4			5.6			2.7			5.6
	Loss on settlement of interest rate swaps		-			6.4			-			6.4
	Other		0.2			-			2.6			-
	Tax effect of adjustments		(25.7)			(9.3)			(86.0)			(18.0)
	Tax adjustments		9.4			-			28.0			1.8
	Adjusted net income attributable to Hillenbrand	$	69.2	$	53.6	$	234.6	$	177.1

		Three Months Ended September 30,			Year Ended September 30,
		2020				2019			2020			2019
	Diluted EPS	$	(0.09)	$	0.39	$	(0.82)	$	1.92
	Impairment charges		0.83			-			1.97			-
	Business acquisition, disposition, and integration costs		0.13			0.19			1.05			0.26
	Restructuring and restructuring-related charges		0.03			0.11			0.12			0.17
	Inventory step-up		-			-			0.55			-
	Intangible asset amortization		0.22			0.12			0.98			0.51
	Net loss on divestiture		0.01			-			0.05			-
	Debt financing activities		0.01			0.09			0.04			0.09
	Loss on settlement of interest rate swaps		-			0.10			-			0.10
	Other		-			-			0.04			-
	Tax effect of adjustments		(0.34)			(0.15)			(1.17)			(0.28)
	Tax adjustments		0.12			-			0.38			0.03
	Adjusted Diluted EPS	$	0.92		$	0.85		$	3.19		$	2.80

INVESTOR PRESENTATION | 45

Reconciliation of Pro Forma Adjusted EBITDA to Consolidated Net (Loss) Income

		Pro Forma
		Year Ended
(in millions)	September 30, 2020
Consolidated net loss	$	(53.4)
Interest income		(3.2)
Interest expense		77.4
Income tax expense		34.9
Depreciation and amortization		130.6
EBITDA		186.3
Impairment charges		144.8
Business acquisition, disposition, and integration costs		77.2
Restructuring and restructuring-related charges		9.3
Inventory step-up		40.7
Net loss on divestiture		3.5
Other		2.6
Adjusted EBITDA		464.4
Pro forma adjustments (see below)		(5.8)
Pro forma adjusted EBITDA	$	458.6
Pro forma adjustments:
Molding Technology Solutions adjusted EBITDA, as reported (1)	$	4.5
Less: Cimcool adjusted EBITDA(2)		(10.3)
Pro forma adjustments to adjusted EBITDA	$	(5.8)
		-
Pro forma adjusted EBITDA by segment:
Advanced Process Solutions	$	234.5
Molding Technology Solutions		148.6
Batesville		127.1
Corporate		(51.6)
	$	458.6

1 Represents Molding Technology Solutions' adjusted EBITDA for the period from October 1, 2019 to November 20, 2019, which were derived from the Company's accounting records..

2 The Cimcool business was divested on March 30, 2020.

INVESTOR PRESENTATION | 46

Reconciliation of MTS Adjusted EBITDA to Consolidated Net (Loss) Income

		Pro Forma
		Three Months Ended
(in millions)		September 30, 2019
Consolidated net income	$	26.1
Income from discontinued operations (net of income taxes)		(21.8)
Interest expense		9.9
Income tax expense		5.0
Depreciation and amortization		11.6
Currency effect on intercompany advances		(1.1)
Long-term equity awards		4.2
Business acquisition, disposition, and integration costs		4.9
Restructuring and restructuring-related charges		2.0
Other		4.3
Adjusted EBITDA (as reported by Milacron)		45.1
Less: Adjustments to conform with Hillenbrand:
Currency effect on intercompany advances		1.1
Long-term equity awards		(4.2)
Adjusted EBITDA (conformed to Hillenbrand)		42.0
Less: Cimcool adjusted EBITDA		(6.8)
Adjusted EBITDA, excluding Cimcool	$	35.2
Adjusted EBITDA by segment
Molding Technology Solutions (1)	$	42.3
Corporate		(7.1)
	$	35.2

1Includes Molding Technology Solutions' segment EBITDA as if Molding Technology Solutions was a segment of Hillenbrand for the period presented above.

INVESTOR PRESENTATION | 47

Reconciliation of Pro Forma Revenue to Reported Revenue

Consolidated Revenue Reconciliation
					Pro Forma
					Year Ended
	(in millions)		September 30, 2020
	Consolidated net revenue	$	2,632.7
	Less: Cimcool net revenue			(53.3)
	Pro forma net revenue, excluding Cimcool	$	2,579.4
Molding Technology Solutions Revenue Reconciliation
					Pro Forma			Pro Forma
					Year Ended		Three Months Ended
	(in millions)			September 30, 2020			September 30, 2019
	Molding Technology Solutions net revenue	$	849.6		$	250.3
	Less: Cimcool net revenue			(51.4)				(29.9)
	Pro forma net revenue, excluding Cimcool		$	798.2			$	220.4

INVESTOR PRESENTATION | 48

Reconciliation of FCF & FCF Conversion to Net Cash Provided by Operating Activities

					Year Ended
	(in millions)			September 30, 2020
	Net cash provided by operating activities		$	354.8
	Less:
	Capital expenditures				(35.9)
	Free cash flow	$	318.9
	Adjusted net income attributable to Hillenbrand	$	234.6
	Free cash flow to net income conversion rate				136%

INVESTOR PRESENTATION | 49