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  • © Welbilt, Inc. © Welbilt, Inc.

    Investor Presentation

    May 8, 2017

  • © Welbilt, Inc. © Welbilt, Inc.

    Safe Harbor Statement

    2

    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.

  • © Welbilt, Inc. © Welbilt, Inc. © Welbilt, Inc. © Welbilt, Inc.

    Agenda 1. Welbilt Introduction 2. Global Foodservice Equipment Industry 3. Strategy 4. Financials

  • © Welbilt, Inc. © Welbilt, Inc.

    Welbilt at a Glance

    4

    Offering: Full-line of hot/cold products & systems

    End Markets: All commercial kitchen operators Channels: 3000+ distributors & dealers Employees: Approx. 5,500 globally Presence: 36 locations in 12 countries Capabilities: World class design, manufacturing,

    parts & service

    2016 Revenue $1.5B

    73% Americas

    16% EMEA

    11% APAC

    by Region

    by End Market1 by Channel2

    Other 2%

    Retail 8%

    Business & Industry 10%

    Education 6%

    Healthcare 8%

    Travel & Leisure 8%

    Restaurants 58%

    Other General Markets 7%

    Key Accounts 22%

    Other Chains 4%

    Dealers, Distributors, Buying Groups 64%

    1Estimate for WBT Americas 2Reflects gross sales for 2016. Includes all third party product sales.

    Dealers, Distributors,

    Buying Groups

    67%

  • © Welbilt, Inc. © Welbilt, Inc.

    Our heritage in the industry stretches back over a century, and our experience and expertise has grown tremendously over the years

    5

    1902 1945 1971 1995 2015 2008 2016 1966 1993 1997

    1851 1910 1994 1995 1999 2000 2002 2004 2008 1982

    Berisford WELBILT 1929 Henry and Alexander Hirsch establish the Welbilt Stove Co.

    1995 Berisford acquires Welbilt Corp. in the United States

    1955 Welbilt acquires Detroit-Michigan Stove Co (parent company of Garland) to become Welbilt Corp.

    1982 Frymaster joins the portfolio

    1989 Cleveland Range and Merco join the portfolio

    1994 Lincoln joins the portfolio

    2000 Berisford changes its name to Enodis plc.

    1998-1999 Convotherm and Delfield join the portfolio

    2008 The Manitowoc Company acquires Enodis

    1966 Manitowoc Ice begins producing ice-machines

    1995 MTW acquires Kolpak

    2000 Merrychef and Multiplex join the portfolio

    2016 Manitowoc Foodservice spins-off from The Manitowoc Company…

    2015 MFS launches its fitKitchen (“food inspiring technology”) initiative

    2017 …and now, we are Welbilt

  • © Welbilt, Inc. © Welbilt, Inc. 6

    Our corporate brand’s essence is grounded in intuitive design and solutions

    Brand Essence

    Inspired by Simplicity. Powered by Expertise.

    What we Believe

    The Kitchen is the Heart of your Business

    We are… We are… We are…

    Relentlessly Reliable

    Excellent service and long-lasting products

    are non-negotiable.

    Pragmatically Innovative

    Innovation distinguishes the leader from the follower, but only by being practical

    and relevant to the market.

    Intelligently Connected

    We go beyond offering just stand-alone

    equipment – our solutions not only complement, but also optimize your kitchen,

    and power your business.

  • © Welbilt, Inc. © Welbilt, Inc.

    Full Line Product Offering with Leading Brands ...

    7

    Commercial Fryers, Hot Holding

    Beverage Equipment

    12 brands that command #1 or #2 market share positions

    Cold products (~40-45% revenue) Hot products (35-40% revenue) Parts & Service (~15-20% revenue)

    Walk-in Refrigeration

    Freezers & Prep. Stations

    Commercial Ranges, Grills, and Induction

    Combi- and High Speed Ovens

    Ice-cube machines

    System Solutions

    http://www.manitowocbeverage.com/us

  • © Welbilt, Inc. © Welbilt, Inc.

    ... and a Broad Range of Supporting Services for our Channel Partners and End Customers

    8

    University

    Finance Solutions

    StarChef Program

    KitchenCare®

  • © Welbilt, Inc. © Welbilt, Inc.

    Top 5 Global End Customers

    Long Standing Customer Relationships with large End Customers as well as US Channel Partners

    9

    Large End Customers typically designated as “Key Accounts”

    US Channel Partners typically referred to as “General Market”

    2016

    Customer % of FY16 Revenue # of

    Years¹ End Customer 1 8.1% 54 End Customer 2 3.8% 27 End Customer 3 3.2% 57 End Customer 4 2.0% 35 End Customer 5 1.8% 30

    2016

    Customer % of FY16 Revenue # of

    Years¹ Dealer Customer 1 7.5% 29 Dealer Customer 2 6.9% 8 Dealer Customer 3 5.7% 8 Dealer Customer 4 3.6% 28 Dealer Customer 5 3.1% 26

    Top 5 North America Dealer Customers

    Over 40 years average relationship with our top 5 end customers and

    20 years average relationship with our top 5 dealer customers

    1Source: Company estimates.

  • © Welbilt, Inc. © Welbilt, Inc.

    2017 U.S. Foodservice Equipment Needs1

    Stable Revenue Base from Significant Replacement Demand and Large Installed Base

    10

    Predictable product replacement cycles support stable Welbilt revenue

    Provides recurring, higher margin revenue and aids in maintaining customers

    2/3 of demand expected to be driven by replacement and renovations in 2017,

    supporting stable revenue base

    ~15-20% of revenue generated by stable KitchenCare aftermarket

    parts and service offering

    KitchenCare

    KitchenCare protects, services, and maintains foodservice equipment throughout the product lifecycle

     Each new piece of Welbilt equipment comes with KitchenCare warranty  Multiple levels of support available, depending on customer need  Provides a stable source of recurring revenue 

    1 Foodservice Equipment and Supplies

    Replacement 44%

    New Construction 19%

    Eco Friendly 5% Site Expansion/

    Add’l Dayparts 9%

    Renovations 23%

  • © Welbilt, Inc. © Welbilt, Inc.

    Awards & Recognitions for Leading Product Innovations

    11

  • © Welbilt, Inc. © Welbilt, Inc. © Welbilt, Inc. © Welbilt, Inc.

    Agenda 1. Welbilt Introduction 2. Global Foodservice Equipment Industry 3. Strategy 4. Financials

  • © Welbilt, Inc. © Welbilt, Inc.

    Steadily Growing

    Foodservice Industry

    Positive Industry Fundamentals

    13

    Population & Income Growth

    Health & Safety

    New Concepts & New Markets

  • © Welbilt, Inc. © Welbilt, Inc.

    Increasing Global Population & Income

    14

    300

    400

    500

    600

    700

    2000 2005 2010 2015 2020 2025 2030

    In de

    x (1

    95 0

    = 10

    0)

    Trend Growth Line, 1950– 2000 GDP per Capita (Constant US$)

    0

    2

    4

    6

    8

    10

    1950 1970 1990 2010 2030 2050

    G lo

    ba l P

    op ul

    at io

    n (b

    ill io

    ns )

    The global population has tripled since the 1950s and is expected to reach over 9 billion by 2050

    Global per capita income is expected to exhibit continued growth over the 2015-2030 period

    Eating-out culture is growing, driven by: • Increasing disposable

    incomes • Hectic lifestyles

    Global Population Growth

    Global per capita income Growth

    Source: Global Monitoring Report, UN Statistical Yearbooks and Publications, IMF International Financial Statistics, IMF World Economic Outlook and IMF Staff Estimates.

    Source: U.S. Census Bureau, International Data Base, July 2015 Update

  • © Welbilt, Inc. © Welbilt, Inc.

    47 Years of Restaurant-Industry1 Sales Demonstrate Non- Cyclicality of Foodservice Industry

    15

    Real (inflation-adjusted) percentage growth

    (3.0)

    (2.0)

    (1.0)

    0.0

    1.0

    2.0

    3.0

    4.0

    5.0

    6.0

    1971 1976 1981 1986 1991 1996 2001 2006 2011 2016

    1 National Restaurant Association defines restaurant industry as encompassing all meals prepared away from home including all takeout meals and beverages. Source: National Restaurant Association, 2017 Restaurant Industry Forecast

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