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

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

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, Page 3

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%

© Manitowoc Foodservice, Page 4

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

© Manitowoc Foodservice, Page 5

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

© Manitowoc Foodservice, Page 6

1Source: Company estimates.

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.

© Manitowoc Foodservice, Page 7

Solid execution of margin improvement levers

0

100

200

300

400

500

600

700

800

2015 Q3 Q4 2016 Q1 Q2 Q3

© Manitowoc Foodservice, Page 8

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 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%

© Manitowoc Foodservice, Page 9

Operational improvements delivering solid margin growth

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

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

© Manitowoc Foodservice, Page 10

© Manitowoc Foodservice, Page 11

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%

© Manitowoc Foodservice, Page 12

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

© Manitowoc Foodservice, Page 13

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%

© Manitowoc Foodservice, Page 14

1 Adjusted Operating EBITA margin is calculated by dividing the dollar amount of Adjusted Operating EBITA by net sales.

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 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%

© Manitowoc Foodservice, Page 15

1 Adjusted Operating EBITA margin is calculated by dividing the dollar amount of Adjusted Operating EBITA by net sales.

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 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%

© Manitowoc Foodservice, Page 16

1 Adjusted Operating EBITA margin is calculated by dividing the dollar amount of Adjusted Operating EBITA by net sales.

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

© Manitowoc Foodservice, Page 17

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

© Manitowoc Foodservice, Page 18