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© Welbilt, Inc.© Welbilt, Inc.

Investor Presentation

August 9, 2017


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.

Agenda1. Welbilt Introduction2. Global Foodservice Equipment Industry 3. Strategy4. Financials


Welbilt at a Glance

4

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

End Markets: All commercial kitchen operatorsChannels: 3000+ distributors & dealersEmployees: Approx. 5,500 globallyPresence: 36 locations in 14 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%

Restaurants58%

Other General Markets 7%

Key Accounts 22%

Other Chains 4%

Dealers,Distributors,Buying Groups64%

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

Dealers,Distributors,

Buying Groups

67%


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 20152008 20161966 1993 1997

1851 1910 1994 1995 1999 2000 2002 2004 20081982

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

1995Berisford acquires Welbilt Corp. in the United States

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

1982Frymaster joins the portfolio

1989Cleveland Range and Merco join the portfolio

1994Lincoln joins the portfolio

2000Berisford changes its name to Enodis plc.

1998-1999Convotherm and Delfield join the portfolio

2008The Manitowoc Company acquires Enodis

1966Manitowoc Ice begins producing ice-machines

1995MTW acquires Kolpak

2000Merrychef and Multiplex join the portfolio

2016Manitowoc Foodservice spins-off from The Manitowoc Company…

2015MFS 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.


Full Line Product Offering with Leading Brands that command #1 or #2 market share positions

7

CommercialFryers, Hot Holding

Beverage Equipment

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

Walk-inRefrigeration

Refrigeration &Prep. Stations

Ranges, Grills, InductionSteamers, Kettles & Skillets

Combi, Conveyor & High Speed Ovens

Ice-cubemachines

System Solutions


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

8

University

Finance Solutions

StarChef Program

KitchenCare®


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

# ofYears¹

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

2016

Customer % of FY16 Revenue

# ofYears¹

Dealer Customer 1 7.5% 29Dealer Customer 2 6.9% 8Dealer Customer 3 5.7% 8Dealer Customer 4 3.6% 28Dealer 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.


2017U.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 needProvides a stable source of recurring revenue

1 Foodservice Equipment and Supplies

Replacement44%

New Construction19%

Eco Friendly5%Site Expansion/

Add’l Dayparts9%

Renovations23%


Awards & Recognitions for Leading Product Innovations

11




SteadilyGrowing

FoodserviceIndustry

Positive Industry Fundamentals

13

Population & Income Growth

Health & Safety

New Concepts & New Markets


Increasing Global Population & Income

14

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


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


4.4%4.3%4.2%

3.8%3.0%

2.7%2.6%

1.6%

Sports BarSteak

Family StyleAsian

MexicanItalian/Pizza

Varied MenuSeafood

2016 Sales Growth – Full Service Restaurants

Changing Dining Concepts & Untapped Markets

16

Dining Concept Growth Untapped Markets – Room to Grow

# of Chain Restaurants per 1M People1

0 25 50 75 100

Brazil

China

USA

1) Euromonitor, May 2016, based on full service restaurant unitsSource: 2017 Technomic Inc. Top 500 Chain Restaurant Report

9.2%7.5%

6.9%5.8%

3.7%2.9%2.9%2.8%

0.7%-7.5%

Coffee CaféChicken

Asian/NoodlePizza

Bakery CaféSandwich

BurgerMexican

Frozen DessertsFamily Casual

2016 Sales Growth – Limited Service Restaurants


Global Health & Food Safety Concerns also Drive Foodservice Equipment Demand

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• 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

18

TargetedInnovative

Product Solutions & Systems withShort Payback

Increasing Labor Cost

Increasing Real Estate Cost

Increasing Energy Cost

Need for Waste Avoidance


Product Solutions Deliver Short Payback For Operators

19

Solution Performance Benefit to the Operator Typical Payback

Multiplex Blend-in-Cup®

Combines core MFS technologies: ice machine, beverage dispensing , blending and automated cleaningSingle 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 dayReduces waste and saves laborDrives 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 secondsVentless countertop oven with easy plug-n-play installation

Speed of service to meet consumer demand in all segmentsFlexibility to cover any part of the day with high quality foodEasy to use small footprint with big productionCertified ventlessAllows menu expansion to drive incremental revenue & profitability

An average of 150 food items sold a day provides an

operator payback as short as 3 monthsDue 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 flexibleDelivers the highest quality, most-even cooking results possibleThe new standard for flexible, reliable self-cleaningRobust, high quality and reliabilityReduced 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

20

Comprehensive In-Field Support The Heart of the Kitchen

Functions to Help Streamline...

Demand DrivenVentilation

Other buildingsystems Lighting

RefrigerationMenu

Management and Recipe Downloads

Installations and Roll Outs

Alerts & ActionsPredictive & PreventiveMaintenance

Repairs / Smart Dispatch

Start-ups

Capex -> OpexNew Business Models


Drive ThroughOptimization

Inventory Management

Kitchen Management and Control

In Store Traffic Analytics

Front of House Optimization

Back of HouseSystems 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

21


5,913

3,838

5,828

5,681

1,191

4,647

Non-Tracked Non-AddressedHot Side Cold SideBeverage Aftermarket

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

22

Global Industry Size (2017)1

US$ Million Total Industry: $27,102 Tracked Industry: $21,185Welbilt Addressed Segment: $17,347


Global Industry Development (2015 – 2020)2

US$ Million

20,169 20,663 21,186 21,774 22,399 23,054

2015 2016 2017 2018 2019 2020

CAGR* 2.5%CAGR* 2.9%

*CAGR = Compound Annual Growth Rate





Vision, Mission & Values Set the Ambition

24

VisionWe are the global leader in professional foodservice equipment and systems.

MissionWe 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.

ValuesINTEGRITY – PASSION – TEAMWORK – ENTREPRENEURSHIP – ACCOUNTABILITY


Clear Strategic Objectives and Thrusts ...

25

Strategic Objectives Strategic Thrusts

AchievingProfitable 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

CreatingInnovative 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

DrivingOperational 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 Welbilt the employer of choice in our industry


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

26

2015EBITDA Margins

“Mid-teens”

Product Cost& Platforms

Simplification

KitchenCareImprovements

New Productsand Systems

Right-Sizing Lean Mfg.

The “1000 BPS Challenge” of gap closure is a multi-year journey.

Plant Rationalization

HeadcountReductions

80:20 PLS & CLS

Purchasing & Supply

Chain

Achieved2016

EBITDAMargin

Ambition “Mid-to-high

twentiesstill to go“

Guidance Range2017

= Later Stage

“Runway Remaining”:Stage of Initiative Progress

= Mid Stage= Early Stage


2017 Priorities

27

Deliver profitable growth and operational excellence objectives1

Drive new product and new system solutions to fuel sales growth2

Delever the balance sheet3

Develop acquisition pipeline4




2017 Second Quarter Results

29

US$ in millions (except % and per share data) 2017 Q2 2016 Q2 Δ

- Organic Net Sales1 $377.2 $364.2 +3.6%

- (Acquisitions)/divestitures impact --- $4.2 (1.2%)

- FX translation impact ($6.1) --- (1.7%)

Net sales $371.1 $368.4 +0.7%

Adjusted Operating EBITDA margin1 17.9% 17.3% +60 bps

Amortization expense $7.7 $7.9

Interest expense $21.0 $27.0

Other expense – net $2.9 $3.6

Effective tax rate (0.7%) 21.4%

Adjusted Net Earnings1 $30.7 $16.0 +91.9%

Adjusted Diluted EPS1 $0. 22 $0.12 +83.3%

Delivers sales and margin growth over prior year

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


2017 YTD Results

30

US$ in millions (except % and per share data) 2017 YTD 2016 YTD Δ

- Organic Net Sales1 $710.2 $688.3 +3.2%

- (Acquisitions)/divestitures impact --- $5.6 (0.9%)

- FX translation impact ($11.1) --- (1.6%)

Net sales $699.1 $693.9 +0.7%

Adjusted Operating EBITDA margin1 17.1% 16.4% +70 bps

Amortization expense $15.5 $15.7


Interest expense on notes with MTW – net --- $0.1

Other expense – net $4.4 $6.0

Effective tax rate 5.1% 20.8%

Adjusted Net Earnings1 $41.3 $36.9 +11.9%

Adjusted Diluted EPS1 $0.29 $0.27 +7.4%

Two solid quarters in first half

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


2017 Full-Year Guidance Details

31

Organic Net Sales growth Now between 0% to 3%

Adjusted Operating EBITDA margin Between 18.5% to 20% range

Amortization expense Between $30 and $33 million

Depreciation expense Between $16 and $19 million

Interest expense Near the low end of the range between $85 and $90 million

Effective tax rate Now between 22% and 25% including discrete items realized YTD and based on current tax laws

Adjusted Diluted EPSNow between $0.74 and $0.84 per share(excludes separation, restructuring , asset impairment or disposal of assets gains or losses, and debt extinguishment expenses)

Capital expenditures Between $23 and $28 million

Debt paydown Between $100 and $120 million


32

Appendix: Additional Materials


2017 Second Quarter Results - GAAP

33

US$ in millions (except % and per share data) 2017 Q2 2016 Q2 Δ

Net sales $371.1 $368.4 0.7%

Earnings from operations margin 14.6% 13.5% +110 bps


Loss on early extinguishment of debt $0.2 ---

Other expense-net $2.9 $3.6

Effective tax rate (0.7%) 21.4%

Net earnings $30.1 $15.1 +99.3%

Diluted EPS $0.21 $0.11 +90.9%


2017 Adjusted Operating EBITDA by Quarter

34

(US$ in millions) Q1 Q2 Q3 Q4 2017-YTD

Net earnings $5.0 $30.1 $35.1

Incomes taxes 2.1 (0.2) 1.9

Other expense - net 1.5 2.9 4.4

Loss on early extinguishment of debt 3.2 0.2 3.4

Interest expense 23.2 21.0 44.2

Impairment or disposal of assets gain - net 0.4 (0.6) (0.2)

Restructuring expense 4.6 1.1 5.7

Separation expense 0.9 0.3 1.2

Amortization expense 7.8 7.7 15.5

Depreciation expense 4.0 4.0 8.0

Adjusted Operating EBITDA $52.7 $66.5 $119.2

Adjusted Operating EBITDA margin1 16.1% 17.9% 17.1%

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



35

(US$ in millions) Q1 Q2 Q3 Q4 FY2016

Net earnings $18.1 $15.1 $24.9 $21.4 $79.5

Incomes taxes 4.6 4.1 7.1 9.5 25.3

Other (income) expense - net 2.4 3.6 3.6 (0.5) 9.1

Interest expense on notes with MTW - net 0.1 --- --- --- 0.1

Interest expense 8.5 27.0 25.0 24.7 85.2

Asset impairment expense --- --- 1.7 1.6 3.3

Restructuring expense 1.3 0.3 0.6 0.3 2.5

Separation expense 3.0 1.3 1.4 0.8 6.5

Amortization expense 7.8 7.9 7.8 7.7 31.2

Depreciation expense 4.3 4.5 4.2 4.3 17.3

Adjusted Operating EBITDA $50.1 $63.8 $76.3 $69.8 $260.0

Adjusted Operating EBITDA margin1 15.4% 17.3% 19.9% 18.4% 17.8%




36


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) - 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

Depreciation expense 5.2 4.8 4.9 4.7 19.6

Adjusted Operating EBITDA $29.4 $62.5 $68.5 $69.3 $229.7

Adjusted Operating EBITDA margin1 8.5% 15.3% 16.1% 17.7% 14.6%



2017 Adjusted Net Earnings and Adjusted Diluted Net Earnings per Share by Quarter

37

(US$ in millions) Q1 Q2 Q3 Q4 2017-YTD

Net earnings $5.0 $30.1 $35.1

Gain or loss from impairment or disposal of assets - net 0.4 (0.6) (0.2)

Restructuring expense 4.6 1.1 5.7

Separation expense 0.9 0.3 1.2

Loss on early extinguishment of debt 3.2 0.2 3.4

Tax effect of adjustments (3.5) (0.4) (3.9)

Adjusted Net Earnings $10.6 $30.7 $41.3

(US$) Q1 Q2 Q3 Q4 2017-YTD

Diluted earnings per share $0.04 $0.21 $0.25

Gain or loss from impairment or disposal of assets - net per share --- --- ---

Restructuring expense per share 0.03 0.01 0.04

Separation expense per share 0.01 --- 0.01

Loss on early extinguishment of debt per share 0.02 --- 0.02

Tax effect of adjustments per share (0.02) --- (0.03)

Adjusted Diluted Net Earnings Per Share $0.08 $0.22 $0.29



38


Net earnings $18.1 $15.1 $24.9 $21.4 $79.5

Asset impairment expense --- --- 1.7 1.6 3.3

Restructuring expense 1.3 0.3 0.6 0.3 2.5

Separation expense 3.0 1.3 1.4 0.8 6.5

Tax effect of adjustments (1.5) (0.7) (1.2) (1.3) (4.7)

Adjusted Net Earnings $20.9 $16.0 $27.4 $22.8 $87.1

(US$) Q1 Q2 Q3 Q4 FY2016

Diluted earnings per share $0.13 $0.11 $0.18 $0.15 $0.57

Asset impairment expense per share --- --- 0.01 0.01 0.02

Restructuring expense per share 0.01 --- 0.01 --- 0.02

Separation expense per share 0.02 0.01 0.01 0.01 0.05

Tax effect of adjustments per share (0.01) --- (0.01) (0.02) (0.04)

Adjusted Diluted Net Earnings Per Share $0.15 $0.12 $0.20 $0.15 $0.62



39


Net earnings $14.0 36.9 $41.1 $65.1 $157.1

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

Tax effect of adjustments (0.2) (0.2) (0.7) (5.9) (7.0)

Adjusted Net Earnings $14.5 $37.0 $42.2 $75.2 $168.9

(US$) Q1 Q2 Q3 Q4 FY2015

Diluted earnings per share $0.10 $0.27 $0.30 $0.48 $1.15

Asset impairment expense per share --- --- --- 0.07 0.07

Restructuring expense per share --- --- 0.01 0.02 0.03

Separation expense per share --- --- 0.01 0.03 0.04

Tax effect of adjustments per share --- --- (0.01) (0.05) (0.06)

Adjusted Diluted Net Earnings Per Share $0.10 $0.27 $0.31 $0.55 $1.23


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