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Investor Presentation November 7, 2016

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

Agenda

1. Manitowoc Foodservice Introduction

2. Global Foodservice Equipment Industry

3. March Forth Strategy

4. Financials


History as an Industry Consolidator

Manitowoc is founded by Elias Gunnell,

Charles West, and Lynford Geer

Manitowoc becomes

a public company on NASDAQ

Acquires Enodis, a global

foodservice manufacturer, (required to divest Scotsman

post-acquisition)

Manitowoc stock is listed on the NYSE

Manitowoc begins producing

commercial ice-making machines

1902 1945 1971 1995 2015 2008

Manitowoc announces plan to separate into

2 distinct companies Begins manufacturing

freezers

Acquires Shannon Group, manufacturer of commercial

refrigeration equipment

Acquires SerVend International, maker

of ice & beverage dispensers

Manitowoc Foodservice

debuts as stand-alone company

NYSE: MFS

2016 1966 1993 1997

Acquires Scotsman Industries in the U.S.,

expanding foodservice to include refrigeration

technologies

Samuel & William Berisford founded a small grocery & pharmacy; store begins dealing in sugar merchant

business

S&W Berisford

incorporates as a public company

Berisford acquires Welbilt in U.S.;

enters the commercial foodservice equipment

market Berisford changes

name to Enodis

Sells off its non-core operations to

focus on core business in the

U.S. foodservice market

New range of equipment launched to meet

fast-food industry's attempt to introduce

"healthier" foods

Welbilt acquires Frymaster and 3 other companies in the Sunbeam

Group

Welbilt acquires Lincoln Foodservice Products, a manufacturer of ovens,

commercial kitchen supplies & other food-

service equipment

1851 1910 1994 1995 1999 2000 2002 2004 2008 1982


Manitowoc Foodservice at a Glance

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

End Markets: All commercial kitchen operators Channels: 3000+ distributors & dealers Employees: Approx. 5,500 globally Presence: 37 locations in 12 countries Capabilities: World class design, manufacturing,

parts & service

2015 Revenue $1.5B

75% Americas

15% EMEA

10% 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 4%

Key Accounts 25%

Other Chains 7%

Dealers, Distributors,

Buying Groups

64%


1Estimate for MFS Americas 2Reflects gross sales for 2015. Includes all third party product sales.

Full Line Product Offering with Leading Brands ...

Commercial Fryers

Beverage Equipment

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

Cold products (~50% revenue) Hot products (~35% revenue) Parts & Service (~15% revenue)

Walk-in Refrigeration

Freezers & Prep. Stations

Commercial Ranges, Grills, and Induction

Combi- and High Speed Ovens

Ice-cube machines


http://www.manitowocbeverage.com/uk

http://www.manitowocbeverage.com/us

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

University

Finance Solutions

StarChef Program


KitchenCare®

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

US Channel Partners typically referred to as “General Market”

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

2015

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

Top 5 North America Dealer Customers

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

over 20 years average relationship with our top 5 dealer customers


1Source: Company estimates.

Stable Revenue Base from Significant Replacement Demand and Large Installed Base

Predictable product replacement cycles support stable Manitowoc Foodservice revenue

Provides recurring, higher margin revenue and aids in maintaining customers

2016 U.S. Foodservice Equipment Needs1

More than 80% of demand driven by replacement and renovations,

limiting exposure to new construction

~15% 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 Manitowoc Foodservice equipment comes with KitchenCare warranty Multiple levels of support available, depending on customer need Provides a stable source of recurring revenue

New Construction 7%

Eco Friendly 11%

Renovations 20%

Replacement 62%


1 Foodservice Equipment and Supplies

Awards & Recognitions for Leading Product Innovations


Agenda




4. Financials


Steadily Growing

Foodservice Industry

Positive Industry Fundamentals

Population & Income Growth

Health & Safety

New Concepts & New Markets

+

+


Increasing Global Population & Income

300

400

500

600

700

2000 2005 2010 2015 2020 2025 2030

Inde

x (1

950

= 10

0)

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

0

2

4

6

8

10

1950 1970 1990 2010 2030 2050

Glo

bal P

opul

atio

n (b

illio

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

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

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, 2016 Restaurant Industry Forecast

The Rise of New Dining Concepts & Untapped Markets

New Dining Concept Growth Untapped Markets – Room to Grow

Build Your Own Format # of Chain Restaurants per 1M People1

0 25 50 75 100

Brazil

China

USA

1) Euromonitor, May 2016, based on full service restaurant units

Revenue 2015 13%

2015 9.1% $4.4B

2015 53.6% $200M


Source: 2016 Technomic Inc. Top 500 Chain Restaurant Report

Global Health & Food Safety Concerns also Drive Foodservice Equipment Demand

• Food safety a top priority

• Professional foodservice equipment facilitates proper food handling and reduces the risk of infection

• Environmental sustainability

• Reduction of unusable portions and waste

• Preventing premature food spoilage

“Americans' Spending on Dining Out Just Overtook Grocery Sales” April 14, 2015

“Celebrity Chefs Hope to Press Congress on Food Waste” May 25, 2016

“Food Shippers in the U.S. Face New Rules” April 5, 2016

“Food safety: Five things to watch out for” May 23, 2016

“4 surprising ways warmer temperatures will change our food” April 5, 2016

“New salmonella outbreak in chicken resists antibiotics” October 8, 2013


Foodservice Operator Cost Pressures Are Fueling Demand for Innovation

Targeted Innovative

Product Solutions & Systems with Short Payback

Increasing Labor Cost

Increasing Real Estate Cost

Increasing Energy Cost

+

+ Need for Waste Avoidance

+


Product Solutions Deliver Short Payback For Operators

Solution Performance Benefit to the Operator Typical Payback

Multiplex Blend-in-Cup®

Combines core MFS technologies: ice machine, beverage dispensing , blending and automated cleaning Single piece of equipment to do multiple beverages vs. multiple pieces of equipment to do one beverage

Dispense, blend and serve – in the same cup serves hundreds of beverages per day Reduces waste and saves labor Drives incremental revenue & profitability

An average of 70 drinks per day provides an

operator payback as short as 6 months

Merrychef eikon® e2s

Up to 15x faster than conventional cooking methods: Toasted sandwich in 50 seconds Ventless countertop oven with easy plug-n-play installation

Speed of service to meet consumer demand in all segments Flexibility to cover any part of the day with high quality food Easy to use small footprint with big production Certified ventless Allows menu expansion to drive incremental revenue & profitability

An average of 150 food items sold a day provides an

operator payback as short as 3 months Due to versatility of Merrychef technology, further savings and quicker ROI can be obtained from removal of multiple appliances that Merrychef eikon e2s replaces

Convotherm 4

Multi-use and flexible foundation of the kitchen Superior menu versatility with unwavering quality Simplifies & optimizes kitchen operations

Extremely flexible Delivers the highest quality, most- even cooking results possible The new standard for flexible, reliable self-cleaning Robust, high quality and reliability Reduced operating costs

An average of 150 food items sold a day provides an operator payback as short as 4 months Due to versatility of Convotherm technology, further savings and quicker ROI can be obtained from removal of multiple appliances that Convotherm 4 replaces


kitchenconnect Will Drive Further Benefits Through Digitalization & Analytics

Comprehensive In-Field Support The Heart of the Kitchen

Functions to Help Streamline...

Demand Driven Ventilation

Other building systems Lighting

Refrigeration Menu

Management and Recipe Downloads

Installations and Roll Outs

Alerts & Actions Predictive & Preventive Maintenance

Repairs / Smart Dispatch

Start-ups


Capex -> Opex New Business Models

Drive Through Optimization

Inventory Management

Kitchen Management and Control

In Store Traffic Analytics

Front of House Optimization

Back of House Systems Optimization

Labor Productivity Enhancement

Equipment Connectivity, Analytics and Remote

Management


fitkitchen Takes a Systems Approach and Will Drive Toward Optimization of the Entire System – Kitchen 4.0 as in Industry 4.0

Positive Fundamentals and Industry Specific Drivers Will Provide Steady Foodservice Equipment Industry Growth

Global Foodservice Equipment Industry by Value (2013 – 2020E)

Source: Foodservice Equipment Market Report, Koncept Analytics, 2016 edition, April 2016

$35.0 $36.6

$47.6

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

$35.0

$40.0

$45.0

$50.0

2013 2014 2020E

US$ Billion

+ 4.5% CAGR

+ 4.6%


Agenda




4. Financials


Vision, Mission & Values Set the Ambition

Vision We are the global leader in professional foodservice equipment and systems.

Mission We create value for customers, employees and shareholders by integrating food, technology and people to build and deliver the highest quality, innovative products and systems, offer best-in-class global service, and enable healthy and safe food experiences.

Values INTEGRITY – PASSION – TEAMWORK – ENTREPRENEURSHIP – ACCOUNTABILITY


Clear Strategic Objectives and Thrusts ...

Strategic Objectives Strategic Thrusts

Achieving Profitable Growth

• Strive for # 1 or #2 market share in every segment addressed • Grow organically short term, buy and build mid-term to outgrow market • Right-size and simplify to improve profitability

Creating Innovative Products & Solutions

• Create game-changing product & system solutions in the entire kitchen • Actively address product competitiveness and lifecycle extensions • Move to global platforms to enhance cost position

Driving Operational Excellence

• Move assembly closer to end markets and localize products • Use strategic sourcing to streamline vendor base • Drive lean manufacturing principles throughout the organization

Guaranteeing Customer Satisfaction

• Grow KitchenCare parts & service to a bigger proportion of total business • Enhance process and delivery planning • Develop next generation distribution

Developing Great People

• Provide incentive schemes that motivate and drive performance • Identify, develop and grow key talent • Make MFS the employer of choice in our industry


...are the Levers that will Bridge the Gap to our Margin Ambition

EBITA Margin

Ambition “Mid-

twenties”

2015 EBITA

Margins “Mid-teens”

Product Cost & Platforms

Business Simplification

Parts & Service

New Products and Systems

Business Right Sizing

Lean Manufacturing & Supply Chain

The “1000 BPS Challenge”…

...gap closure is a multi-year journey.


Solid execution of margin improvement levers

0

100

200

300

400

500

600

700

800

2015 Q3 Q4 2016 Q1 Q2 Q3


5 consecutive quarters of improvement

1 Non-GAAP measures. See Appendix for GAAP presentation and reconciliation of non-GAAP measures.

Adjusted operating EBITA margin1 improvement vs. prior year

BPS

2016 Priorities

Deliver profitable growth and operational excellence objectives 1

Drive new product and new system solutions to fuel sales growth 2

Delever the balance sheet 3


Agenda




4. Financials


2016 Third Quarter Results

2016 Q3 2015 Q3 Δ

Organic net sales in constant currency1 $389.7 $389.5 0.1%

- FX translation impact (5.7) --- -1.5%

Organic net sales1 $384.0 $389.5 -1.4%

Adjusted Operating EBITA margin1 18.8% 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 earnings1 $27.4 $42.2 -35.1%

Adjusted EPS1 $0.20 $0.31 -35.5%


Operational improvements delivering solid margin growth

1 Non-GAAP measures. See Appendix for GAAP presentation and reconciliations of non-GAAP measures.

Simplification and Right-Sizing Initiatives Key to Margin Improvement

Focus on operational initiatives that are aimed at long-term profit growth and improved customer service and satisfaction

Started implementation of an aggressive program to right-size the business and drive efficiency

Simplification

80:20 product and customer line simplification and rationalization

Improved manufacturing efficiency and productivity improvements

KitchenCare operating improvements

Right-Sizing

Plant rationalizations (including announced closures of Cleveland & Irwindale facilities and relocation of Ice to Mexico)

Headcount reductions

Savings expected by end of 2017:

~$100 million • $12 million in 2015 • $50 million in 2016 • $38 million in 2017


2016 Full-Year Guidance Details

Organic sales growth 0% to up 2%

Adjusted EBITA margin Between 16% to 17% range (excludes separation, restructuring and asset impairment expenses)

Amortization expense Between $30 and $33 million

Depreciation expense Between $17 and $20 million

Interest expense Between $84 and $86 million

Effective tax rate Between 26% and 29% (between 23% and 26% inclusive of discrete items realized year-to-date)

Adjusted EPS Between $0.60 and $0.70 per share range (excludes separation, restructuring and asset impairment expenses)

Capital expenditures Between $16 and $20 million

Debt paydown Between $100 and $120 million



APPENDIX: ADDITIONAL MATERIALS

2016 Third Quarter Results - GAAP

2016 Q3 2015 Q3 Δ Net sales $384.0 $425.3 -9.7%

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 $41.1 -39.4%

EPS $0.18 $0.30 -40.0%


2016 Third Quarter Organic Net Sales in Constant Currency

(US$ in millions) 2016 Q3 2015 Q3

Net sales $384.0 $425.3

Less: Kysor Panel Systems sales --- (38.5)

Plus: Welbilt Thailand sales --- 2.7

Organic net sales $384.0 $389.5

Foreign currency translation 5.7 ---

Organic net sales in constant currency $389.7 $389.5


2016 Adjusted Operating EBITA by Quarter

(US$ in millions) Q1 Q2 Q3 2016 YTD

Net earnings $18.1 $15.1 $24.9 $58.1

Incomes taxes 4.6 4.1 7.1 15.8

Other (income) expense, net 2.4 3.6 3.6 9.6

Interest (income) on notes with MTW, net 0.1 --- --- 0.1

Interest expense 8.5 27.0 25.0 60.5

Asset impairment expense --- --- 1.7 1.7

Restructuring expense 1.3 0.3 0.6 2.2

Separation expense 3.0 1.3 1.4 5.7

Amortization expense 7.8 7.9 7.8 23.5

Adjusted Operating EBITA $45.8 $59.3 $72.1 $177.2

Adjusted Operating EBITA margin1 14.1% 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.


(US$ in millions) Q1 Q2 Q3 Q4 FY2015

Net earnings $14.0 $36.9 $41.1 $65.1 $157.1

Incomes taxes 6.5 17.0 18.3 (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 0.3 0.4 0.3 0.4 1.4

Asset impairment expense --- --- --- 9.0 9.0

Restructuring expense 0.7 (0.2) 0.8 3.3 4.6

Separation expense --- 0.5 1.0 3.7 5.2

Amortization expense 7.8 7.9 7.9 7.8 31.4

Adjusted Operating EBITA $24.2 $57.7 $63.6 $64.6 $210.1

Adjusted Operating EBITA margin1 7.0% 14.2% 15.0% 16.5% 13.4%




(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 0.2 0.4

Asset impairment expense --- 1.1

Restructuring expense 0.8 0.4

Separation expense --- 0.4

Amortization expense 7.9 7.9

Adjusted Operating EBITA $56.4 $42.5

Adjusted Operating EBITA margin1 13.5% 11.4%



2016 Third Quarter Adjusted Net Earnings and Adjusted Net Earnings per Share (US$ in millions) 2016 Q3 2015 Q3

Net earnings $24.9 $41.1

Asset impairment expense 1.7 ---

Restructuring expense 0.6 0.8

Separation expense 1.4 1.0

Tax effect of adjustments (1.2) (0.7)

Adjusted net earnings $27.4 $42.2


2016 Q3 2015 Q3

Diluted earnings per share $0.18 $0.30

Asset impairment expense per share 0.01 ---

Restructuring expense per share 0.01 0.01

Separation expense per share 0.01 0.01

Tax effect of adjustments per share (0.01) (0.01)

Adjusted net earnings per share $0.20 $0.31
