Robert W. Baird s 2016 Global Industrial Conference Hubertus Muehlhaueser President and CEO John Stewart Senior Vice President and CFO Rich Sheffer

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1 Robert W. Baird s 2016 Global Industrial Conference Hubertus Muehlhaueser President and CEO John Stewart Senior Vice President and CFO Rich Sheffer Vice President of Investor Relations and Treasurer Chicago, IL November 9, 2016

2 Safe Harbor Statement Any statements in this presentation regarding our business that are not historical facts are forward-looking statements. These statements are based on the current expectations of the management of the company and our future results could differ materially from any implied projections or forward-looking statements made today. Our actual results may be affected by many important factors, including risks and uncertainties identified in our press releases and in our SEC filings. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or other circumstances. Manitowoc Foodservice, Page 2

History as an Industry Consolidator Manitowoc is founded by Elias Gunnell, Charles West, and Lynford Geer Begins manufacturing freezers Manitowoc becomes a public company on NASDAQ Acquires

companies 1902 1945 1966 1971 1993 1995 1997 2008 2015 2016 Manitowoc begins producing commercial icemaking machines Manitowoc stock is listed on the NYSE Acquires Enodis, a global foodservice

begins dealing in sugar merchant business Welbilt acquires Frymaster and 3 other companies in the Su

; enters the commercial foodservice equipment market Berisford changes name to Enodis New range of equipment launched to meet fast-food industry's attempt to introduce "healthier" foods 1851

3 History as an Industry Consolidator Manitowoc is founded by Elias Gunnell, Charles West, and Lynford Geer Begins manufacturing freezers Manitowoc becomes a public company on NASDAQ Acquires Shannon Group, manufacturer of commercial refrigeration equipment Acquires SerVend International, maker of ice & beverage dispensers Manitowoc announces plan to separate into 2 distinct companies Manitowoc begins producing commercial icemaking machines Manitowoc stock is listed on the NYSE Acquires Enodis, a global foodservice manufacturer, (required to divest Scotsman post-acquisition) Manitowoc Foodservice debuts as standalone company NYSE: MFS Samuel & William Berisford founded a small grocery & pharmacy; store begins dealing in sugar merchant business Welbilt acquires Frymaster and 3 other companies in the Sunbeam Group Berisford acquires Welbilt in U.S.; enters the commercial foodservice equipment market Berisford changes name to Enodis New range of equipment launched to meet fast-food industry's attempt to introduce "healthier" foods S&W Berisford incorporates as a public company Welbilt acquires Lincoln Foodservice Products, a manufacturer of ovens, commercial kitchen supplies & other foodservice equipment Acquires Scotsman Industries in the U.S., expanding foodservice to include refrigeration technologies Sells off its noncore operations to focus on core business in the U.S. foodservice market Manitowoc Foodservice, Page 3

4 Manitowoc Foodservice at a Glance 2015 Revenue $1.5B by Region Offering: Full-line of hot/cold products & systems End Markets: All commercial kitchen operators 75% Americas 15% EMEA 10% APAC Channels: Employees: distributors & dealers Approx. 5,500 globally Presence: 37 locations in 12 countries Capabilities: World class design, manufacturing, parts & service by End Market 1 by Channel 2 Other 2% Other General Markets 4% Travel & Leisure 8% Other Chains 7% Healthcare 8% Education 6% Retail 8% Business & Industry 10% Restaurants 58% Key Accounts 25% Dealers, Distributors, Buying Groups 64% 1 Estimate for MFS Americas 2 Reflects gross sales for Includes all third party product sales. Manitowoc Foodservice, Page 4

Full Line Product Offering with Leading Brands... 12 brands that command #1 or #2 market share positions Beverage Equipment Freezers & Prep.

5 Full Line Product Offering with Leading Brands brands that command #1 or #2 market share positions Beverage Equipment Freezers & Prep. Stations Combi- and High Speed Ovens Walk-in Refrigeration Commercial Ranges, Grills, and Induction Ice-cube machines Commercial Fryers Cold products (~50% revenue) Hot products (~35% revenue) Parts & Service (~15% revenue) Manitowoc Foodservice, Page 5

6 Long Standing Customer Relationships with large End Customers as well as US Channel Partners Large End Customers typically designated as Key Accounts Top 5 Global End Customers 2015 Customer % of FY15 Revenue # of Years¹ End Customer 1 6.0% 53 End Customer 2 4.0% 56 End Customer 3 3.8% 26 End Customer 4 2.1% 34 End Customer 5 1.4% 49 Over 40 years average relationship with our top 5 end customers and over 20 years average relationship with our top 5 dealer customers Top 5 North America Dealer Customers US Channel Partners typically referred to as General Market 1 Source: Company estimates Customer % of FY15 Revenue # of Years¹ Dealer Customer 1 4.8% 7 Dealer Customer 2 4.8% 28 Dealer Customer 3 4.0% 27 Dealer Customer 4 3.2% 7 Dealer Customer 5 2.5% 56 Manitowoc Foodservice, Page 6

7 Levers that will Bridge the Gap to our Margin Ambition The 1000 BPS Challenge 2015 EBITA Margins Midteens Business Simplification Business Right Sizing Product Cost & Platforms Lean Manufacturing & Supply Chain New Products and Systems Parts & Service...gap closure is a multi-year journey. EBITA Margin Ambition Midtwenties Manitowoc Foodservice, Page 7

8 Solid execution of margin improvement levers Adjusted operating EBITA margin 1 improvement vs. prior year BPS consecutive quarters of improvement Q3 Q Q1 Q2 Q3 1 Non-GAAP measures. See Appendix for GAAP presentation and reconciliation of non-gaap measures. Manitowoc Foodservice, Page 8

9 2016 Third Quarter Results Operational improvements delivering solid margin growth 2016 Q Q3 Δ Organic net sales in constant currency 1 $389.7 $ % - FX translation impact (5.7) % Organic net sales 1 $384.0 $ % Adjusted Operating EBITA margin % 15.0% +380 bps Amortization expense ($7.8) ($7.9) Net interest income (expense) ($25.0) $3.9 Other income (expense) ($3.6) $1.6 Effective tax rate 22.2% 30.8% Adjusted net earnings 1 $27.4 $ % Adjusted EPS 1 $0.20 $ % 1 Non-GAAP measures. See Appendix for GAAP presentation and reconciliations of non-gaap measures. Manitowoc Foodservice, Page 9

10 2016 Full-Year Guidance Details Organic sales growth 0% to up 2% Adjusted EBITA margin Amortization expense Depreciation expense Interest expense Effective tax rate Adjusted EPS Between 16% to 17% range (excludes separation, restructuring and asset impairment expenses) Between $30 and $33 million Between $17 and $20 million Between $84 and $86 million Between 26% and 29% (between 23% and 26% inclusive of discrete items realized year-to-date) Between $0.60 and $0.70 per share range (excludes separation, restructuring and asset impairment expenses) Capital expenditures Debt paydown Between $16 and $20 million Between $100 and $120 million Manitowoc Foodservice, Page 10

11 APPENDIX: ADDITIONAL MATERIALS Manitowoc Foodservice, Page 11

12 2016 Third Quarter Results - GAAP 2016 Q Q3 Δ Net sales $384.0 $ % Earnings from operations margin 15.8% 12.7% +310 bps Amortization expense ($7.8) ($7.9) Net interest income (expense) ($25.0) $3.9 Other income (expense) ($3.6) $1.6 Effective tax rate 22.2% 30.8% Net earnings $24.9 $ % EPS $0.18 $ % Manitowoc Foodservice, Page 12

13 2016 Third Quarter Organic Net Sales in Constant Currency (US$ in millions) 2016 Q Q3 Net sales $384.0 $425.3 Less: Kysor Panel Systems sales --- (38.5) Plus: Welbilt Thailand sales Organic net sales $384.0 $389.5 Foreign currency translation Organic net sales in constant currency $389.7 $389.5 Manitowoc Foodservice, Page 13

14 2016 Adjusted Operating EBITA by Quarter (US$ in millions) Q1 Q2 Q YTD Net earnings $18.1 $15.1 $24.9 $58.1 Incomes taxes Other (income) expense, net Interest (income) on notes with MTW, net Interest expense Asset impairment expense Restructuring expense Separation expense Amortization expense Adjusted Operating EBITA $45.8 $59.3 $72.1 $177.2 Adjusted Operating EBITA margin % 16.1% 18.8% 16.4% 1 Adjusted Operating EBITA margin is calculated by dividing the dollar amount of Adjusted Operating EBITA by net sales. Manitowoc Foodservice, Page 14

15 2015 Adjusted Operating EBITA by Quarter (US$ in millions) Q1 Q2 Q3 Q4 FY2015 Net earnings $14.0 $36.9 $41.1 $65.1 $157.1 Incomes taxes (2.5) 39.3 Other (income) expense, net (0.4) (0.2) (1.6) (19.9) (22.1) Interest (income) on notes with MTW, net (4.7) (4.6) (4.2) (2.3) (15.8) Interest expense Asset impairment expense Restructuring expense 0.7 (0.2) Separation expense Amortization expense Adjusted Operating EBITA $24.2 $57.7 $63.6 $64.6 $210.1 Adjusted Operating EBITA margin 1 7.0% 14.2% 15.0% 16.5% 13.4% 1 Adjusted Operating EBITA margin is calculated by dividing the dollar amount of Adjusted Operating EBITA by net sales. Manitowoc Foodservice, Page 15

16 2014 Adjusted Operating EBITA by Quarter (US$ in millions) Q3 Q4 Net earnings $62.9 $27.4 Incomes taxes (13.0) 10.3 Other (income) expense, net 1.6 (0.9) Interest (income) on notes with MTW, net (4.0) (4.5) Interest expense Asset impairment expense Restructuring expense Separation expense Amortization expense Adjusted Operating EBITA $56.4 $42.5 Adjusted Operating EBITA margin % 11.4% 1 Adjusted Operating EBITA margin is calculated by dividing the dollar amount of Adjusted Operating EBITA by net sales. Manitowoc Foodservice, Page 16

17 2016 Third Quarter Adjusted Net Earnings and Adjusted Net Earnings per Share (US$ in millions) 2016 Q Q3 Net earnings $24.9 $41.1 Asset impairment expense Restructuring expense Separation expense Tax effect of adjustments (1.2) (0.7) Adjusted net earnings $27.4 $ Q Q3 Diluted earnings per share $0.18 $0.30 Asset impairment expense per share Restructuring expense per share Separation expense per share Tax effect of adjustments per share (0.01) (0.01) Adjusted net earnings per share $0.20 $0.31 Manitowoc Foodservice, Page 17

18 Manitowoc Foodservice, Page 18

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