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  • Investor Presentation June 10, 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


    Manitowoc Foodservice, Page 2

  • Agenda

    1. Manitowoc Foodservice Introduction

    2. Global Foodservice Equipment Industry

    3. March Forth Strategy

    4. Financials

    Manitowoc Foodservice, Page 3

  • 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


    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


    Acquires Shannon Group, manufacturer of commercial

    refrigeration equipment

    Acquires SerVend International, maker

    of ice & beverage dispensers

    Manitowoc Foodservice

    debuts as stand-alone company


    2016 1966 1993 1997

    Acquires Scotsman Industries in the U.S.,

    expanding foodservice to include refrigeration


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


    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


    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 4

  • 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: 38 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


    Manitowoc Foodservice, Page 5

    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 6

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


    Finance Solutions

    StarChef Program

    Manitowoc Foodservice, Page 7


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

    End Customers typically directly served as Key Accounts Top 5 Global End Customers

    US Channel Partners typically referred to as General Market


    Customer % of FY15 Revenue # of

    Years 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


    Customer % of FY15 Revenue # of

    Years 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 8

    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 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%

    Manitowoc Foodservice, Page 9

    1 Foodservice Equipment and Supplies

  • Awards & Recognitions for Leading Product Innovations

    Manitowoc Foodservice, Page 10

  • Agenda

    1. Manitowoc Foodservice Introduction

    2. Global Foodservice Equipment Industry

    3. March Forth Strategy

    4. Financials

    Manitowoc Foodservice, Page 11

  • Steadily Growing

    Foodservice Industry

    Positive Industry Fundamentals

    Population & Income Growth

    Health & Safety

    New Concepts & New Markets



    Manitowoc Foodservice, Page 12

  • Increasing Global Population & Income






    2000 2005 2010 2015 2020 2025 2030


    x (1


    = 10


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







    1950 1970 1990 2010 2030 2050


    bal P



    n (b



    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.

    Manitowoc Foodservice, Page 13

    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











    1971 1976 1981 1986 1991 1996 2001 2006 2011 2016

    Manitowoc Foodservice, Page 14

    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




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

    Revenue 2015 13%

    2015 9.1% $4.4B

    2015 53.6% $200M

    Manitowoc Foodservice, Page 15

    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 Pre