As filed with the Securities and Exchange Commission on February 10, 2016

FileNo.UNITED STATES

SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

Amendment No. 7to

FORM 10

GENERAL FORM FOR REGISTRATION OF SECURITIESPursuant to Section 12(b) or (g) of the Securities Exchange Act of 1934

Manitowoc Foodservice, Inc.(Exactnameofregistrantasspecifiedinitscharter)

Delaware 47-4625716(Stateorotherjurisdictionofincorporationororganization)

(I.R.S.EmployerIdentificationNumber)

2227 Welbilt BoulevardNew Port Richey, Florida 34655

(Addressofprincipalexecutiveoffices) (ZipCode)

(920) 684-4410(Registrant’stelephonenumber,includingareacode)

Securities to be registered pursuant to Section 12(b) of the Act:

Titleofeachclasstobesoregistered

Nameofeachexchangeonwhicheachclassistoberegistered

Common Stock, par value $0.01 per share New York Stock Exchange

Securities to be registered pursuant to Section 12(g) of the Act: None

Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,orasmallerreportingcompany.Seethedefinitionsof“largeacceleratedfiler,”“acceleratedfiler”and“smallerreportingcompany”inRule12b-2oftheExchangeAct.

Largeacceleratedfiler☐ Acceleratedfiler☐Non-acceleratedfiler☒(Donotcheckifasmallerreportingcompany) Smallerreportingcompany☐

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MANITOWOC FOODSERVICE, INC.INFORMATION REQUIRED IN REGISTRATION STATEMENT

CROSS-REFERENCE SHEET BETWEEN INFORMATION STATEMENT ANDITEMS OF FORM 10

This Registration Statement on Form 10 incorporates by reference information contained in our Information Statement filed as Exhibit 99.1 hereto. For yourconvenience,wehaveprovidedbelowacross-referencesheetidentifyingwheretheitemsrequiredbyForm10canbefoundintheInformationStatement.

ItemNo. Caption Location in Information Statement1.

Business

ThefollowingsectionsofourInformationStatementareherebyincorporatedbyreference:“InformationStatementSummary,”“RiskFactors,”“CautionaryStatementConcerningForward-LookingStatements,”“TheSpin-Off,”“Business,”“Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations,”“WhereYouCanFindMoreInformation”and“IndextoFinancialStatements”andthestatementsreferencedtherein.

1A.

RiskFactors

ThefollowingsectionsofourInformationStatementareherebyincorporatedbyreference:“RiskFactors”and“CautionaryStatementConcerningForward-LookingStatements.”

2.

FinancialInformation

ThefollowingsectionsofourInformationStatementareherebyincorporatedbyreference:“SummaryHistoricalandUnauditedProFormaCombinedFinancialData,”“SelectedHistoricalCombinedFinancialData,”“UnauditedProFormaCombinedFinancialStatements,”“Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations”and“IndextoFinancialStatements”andthestatementsreferencedtherein.

3.

Properties

ThefollowingsectionofourInformationStatementisherebyincorporatedbyreference:“Business—ProductionandFacilities.”

4.

SecurityOwnershipofCertainBeneficialOwnersandManagement

ThefollowingsectionofourInformationStatementisherebyincorporatedbyreference:“SecurityOwnershipofCertainBeneficialOwnersandManagement.”

5.

DirectorsandExecutiveOfficers

ThefollowingsectionsofourInformationStatementareherebyincorporatedbyreference:“Management”and“BoardofDirectors.”

6.

ExecutiveCompensation

ThefollowingsectionsofourInformationStatementareherebyincorporatedbyreference:“BoardofDirectors,”“CompensationDiscussionandAnalysis”and“ExecutiveCompensation.”

7.

CertainRelationshipsandRelatedTransactions,andDirectorIndependence

ThefollowingsectionsofourInformationStatementareherebyincorporatedbyreference:“BoardofDirectors”and“CertainRelationshipsandRelatedPartyTransactions.”

8.

LegalProceedings

ThefollowingsectionofourInformationStatementisherebyincorporatedbyreference:“Business—LegalProceedings.”

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ItemNo. Caption Location in Information Statement9.

MarketPriceofandDividendsontheRegistrant’sCommonEquityandRelatedStockholderMatters

ThefollowingsectionsofourInformationStatementareherebyincorporatedbyreference:“DividendPolicy,”“Capitalization,”“ExecutiveCompensation”and“DescriptionofourCapitalStock.”

10.

RecentSalesofUnregisteredSecurities

ThefollowingsectionofourInformationStatementisherebyincorporatedbyreference:“DescriptionofOurCapitalStock—DistributionofSecurities.”

11.

DescriptionofRegistrant’sSecuritiestobeRegistered

ThefollowingsectionsofourInformationStatementareherebyincorporatedbyreference:“DividendPolicy”and“DescriptionofOurCapitalStock.”

12.

IndemnificationofDirectorsandOfficers

ThefollowingsectionofourInformationStatementisherebyincorporatedbyreference:“DescriptionofOurCapitalStock—LimitationonLiabilityofDirectorsandIndemnificationofDirectorsandOfficers.”

13.

FinancialStatementsandSupplementaryData

ThefollowingsectionsofourInformationStatementareherebyincorporatedbyreference:“IndextoFinancialStatements”andthestatementsreferencedtherein.

14.

ChangesinandDisagreementswithAccountantsonAccountingandFinancialDisclosure

Notapplicable.

15.

FinancialStatementsandExhibits

(a)FinancialStatements.

ThefollowingsectionsofourInformationStatementareherebyincorporatedbyreference:“UnauditedProFormaCombinedFinancialStatements”and“IndextoFinancialStatements”andthestatementsreferencedtherein.

(b)Exhibits.

Seebelow.

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Thefollowingdocumentsarefiledasexhibitshereto:

Exhibit Number Exhibit Description2.1

FormofMasterSeparationandDistributionAgreementbyandamongTheManitowocCompany,Inc.andManitowocFoodservice,Inc.*

3.1FormofAmendedandRestatedCertificateofIncorporationofManitowocFoodservice,Inc.*

3.2FormofBylawsofManitowocFoodservice,Inc.*

10.1FormofTaxMattersAgreementbyandamongTheManitowocCompany,Inc.andManitowocFoodservice,Inc.*

10.2FormofTransitionServicesAgreementbetweenTheManitowocCompany,Inc.andManitowocFoodservice,Inc.*

10.3FormofEmployeeMattersAgreementbetweenTheManitowocCompany,Inc.andManitowocFoodservice,Inc.*

10.4FormofIntellectualPropertyMattersAgreementbetweenTheManitowocCompany,Inc.andManitowocFoodservice,Inc.*

10.5

SettlementAgreement,datedFebruary6,2015,amongTheManitowocCompany,Inc.,CarlC.Icahn,IcahnPartnersMasterFundLP,IcahnOffshoreLP,IcahnPartnersLP,IcahnOnshoreLP,BecktonCorp.,HopperInvestmentsLLC,BarberryCorp.,HighRiverLimitedPartnership,IcahnCapitalLP,IPHGPLLC,IcahnEnterprisesHoldingsL.P.andIcahnEnterprisesG.P.Inc.*

10.6

EmploymentAgreement,datedJuly28,2015,byandbetweenHubertusM.MuehlhaeuserandTheManitowocCompany,Inc.*

10.7ManitowocFoodservice,Inc.2016OmnibusIncentivePlan.*

10.8

Amendment,datedDecember31,2015,amongTheManitowocCompany,Inc.,CarlC.Icahn,IcahnPartnersMasterFundLP,IcahnOffshoreLP,IcahnPartnersLP,IcahnOnshoreLP,BecktonCorp.,HopperInvestmentsLLC,BarberryCorp.,HighRiverLimitedPartnership,IcahnCapitalLP,IPHGPLLC,IcahnEnterprisesHoldingsL.P.andIcahnEnterprisesG.P.Inc.*

10.9

PurchaseAgreement,datedFebruary5,2016,betweenMTWFoodserviceEscrowCorp.,ManitowocFoodservice,Inc.,theguarantorsnamedtherein,andGoldman,Sachs&Co.,foritselfandonbehalfoftheseveralinitialpurchaserslistedonSchedule1thereto.*

10.10

EscrowAgreement,datedFebruary5,2016,amongManitowocFoodservice,Inc.,EnodisHoldingsLimited,thelenderspartythereto,J.P.MorganChaseBank,N.A.,asadministrativeagentundertheCreditAgreementattachedthereto,andJ.P.MorganChaseBank,N.A.,asescrowagent.*

21.1ListofsubsidiariesofManitowocFoodservice,Inc.*

99.1PreliminaryInformationStatementofManitowocFoodservice,Inc.,subjecttocompletion,datedFebruary10,2016.

*Previouslyfiled.

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SIGNATURES

PursuanttotherequirementsofSection12oftheSecuritiesExchangeActof1934,theregistranthasdulycausedthisregistrationstatementtobesignedonitsbehalfbytheundersigned,thereuntodulyauthorized.

MANITOWOCFOODSERVICE,INC. (Registrant) DATE:February10,2016 /s/MauriceD.Jones MauriceD.Jones SeniorVicePresident,GeneralCounselandSecretary

EXHIBIT INDEX

Exhibit Number Exhibit Description2.1

FormofMasterSeparationandDistributionAgreementbyandamongTheManitowocCompany,Inc.andManitowocFoodservice,Inc.*

3.1FormofAmendedandRestatedCertificateofIncorporationofManitowocFoodservice,Inc.*

3.2FormofBylawsofManitowocFoodservice,Inc.*

10.1FormofTaxMattersAgreementbyandamongTheManitowocCompany,Inc.andManitowocFoodservice,Inc.*

10.2FormofTransitionServicesAgreementbetweenTheManitowocCompany,Inc.andManitowocFoodservice,Inc.*

10.3FormofEmployeeMattersAgreementbetweenTheManitowocCompany,Inc.andManitowocFoodservice,Inc.*

10.4FormofIntellectualPropertyMattersAgreementbetweenTheManitowocCompany,Inc.andManitowocFoodservice,Inc.*

10.5

SettlementAgreement,datedFebruary6,2015,amongTheManitowocCompany,Inc.,CarlC.Icahn,IcahnPartnersMasterFundLP,IcahnOffshoreLP,IcahnPartnersLP,IcahnOnshoreLP,BecktonCorp.,HopperInvestmentsLLC,BarberryCorp.,HighRiverLimitedPartnership,IcahnCapitalLP,IPHGPLLC,IcahnEnterprisesHoldingsL.P.andIcahnEnterprisesG.P.Inc.*

10.6EmploymentAgreement,datedJuly28,2015,byandbetweenHubertusM.MuehlhaeuserandTheManitowocCompany,Inc.*

10.7ManitowocFoodservice,Inc.2016OmnibusIncentivePlan.*

10.8

Amendment,datedDecember31,2015,amongTheManitowocCompany,Inc.,CarlC.Icahn,IcahnPartnersMasterFundLP,IcahnOffshoreLP,IcahnPartnersLP,IcahnOnshoreLP,BecktonCorp.,HopperInvestmentsLLC,BarberryCorp.,HighRiverLimitedPartnership,IcahnCapitalLP,IPHGPLLC,IcahnEnterprisesHoldingsL.P.andIcahnEnterprisesG.P.Inc.*

10.9PurchaseAgreement,datedFebruary5,2016,betweenMTWFoodserviceEscrowCorp.,ManitowocFoodservice,Inc.,theguarantorsnamedtherein,andGoldman,Sachs&Co.,foritselfandonbehalfoftheseveralinitialpurchaserslistedonSchedule1thereto.*

10.10

EscrowAgreement,datedFebruary5,2016,amongManitowocFoodservice,Inc.,EnodisHoldingsLimited,thelenderspartythereto,J.P.MorganChaseBank,N.A.,asadministrativeagentundertheCreditAgreementattachedthereto,andJ.P.MorganChaseBank,N.A.,asescrowagent.*

21.1ListofsubsidiariesofManitowocFoodservice,Inc.*

99.1PreliminaryInformationStatementofManitowocFoodservice,Inc.,subjecttocompletion,datedFebruary10,2016.

*Previouslyfiled.

Information contained herein is subject to completion or amendment. A Registration Statement on Form 10 relating to these securities has been filed with theSecurities and Exchange Commission under the Securities Exchange Act of 1934, as amended.

SUBJECTTOCOMPLETION,DATEDFEBRUARY10,2016

INFORMATION STATEMENT

MANITOWOC FOODSERVICE, INC.

2227WelbiltBlvd.,NewPortRichey,FL34655

COMMONSTOCK

(parvalue$0.01pershare)

WearesendingyouthisInformationStatementinconnectionwithTheManitowocCompany,Inc.’sspin-offofitswhollyownedsubsidiary,ManitowocFoodservice,Inc.,or“ManitowocFoodservice.”Toeffectthespin-off,TheManitowocCompany,Inc.,or“ManitowocParentCo,”willcontributetheFoodserviceBusiness(definedbelow)toManitowocFoodservice(the"Contribution")andthendistributeallofthesharesofManitowocFoodservicecommonstockonaproratabasistotheholdersofManitowocParentCocommonstock(the“Distribution”).WeexpectthatfortheUnitedStates("U.S.")federalincometaxpurposestheDistributionwillbetax-freetoManitowocParentCo’sU.S.shareholders,exceptforcashthatshareholdersreceiveinlieuoffractionalshares.

IfyouarearecordholderofManitowocParentCocommonstockasofthecloseofbusinessonFebruary22,2016,whichistherecorddatefortheDistribution,youwillbeentitledtoreceiveoneshareofManitowocFoodservicecommonstockforeveryoneshareofManitowocParentCocommonstockyouholdonthatdate.ManitowocParentCowilldistributethesharesofManitowocFoodservicecommonstockinbook-entryform,whichmeansthatwewillnotissuephysicalstockcertificates.ThedistributionagentwillnotdistributeanyfractionalsharesofManitowocFoodservicecommonstock.Instead,thedistributionagentwillaggregatefractionalsharesintowholeshares,sellthewholesharesintheopenmarketatprevailingmarketpricesanddistributetheaggregatecashproceedsofthesales,netofbrokeragefeesandothercosts,proratatoeachholder(netofanyrequiredwithholdingfortaxesapplicabletoeachholder)whowouldotherwisehavebeenentitledtoreceiveafractionalshareintheDistribution.

TheDistributionwillbeeffectiveasofMarch4,2016.ImmediatelyaftertheDistributionbecomeseffective,wewillbeanindependent,publiclytradedcompany.

Manitowoc ParentCo’s shareholders are not required to vote on or take any other action in connection with the spin-off. We are not asking you for a proxy, and youare requested not to send us a proxy .ManitowocParentCo’sshareholderswillnotberequiredtopayanyconsiderationforthesharesofManitowocFoodservicecommonstocktheyreceiveinthespin-off,surrenderorexchangetheirsharesofManitowocParentCocommonstock,ortakeanyotheractioninconnectionwiththespin-off.

ManitowocParentCocurrentlyownsalloftheoutstandingsharesofManitowocFoodservicecommonstock.Accordingly,notradingmarketforManitowocFoodservicecommonstockcurrentlyexists.Weexpect,however,thatalimitedtradingmarketforManitowocFoodservicecommonstock,commonlyknownasa“when-issued”tradingmarket,willdevelopasearlyastwotradingdayspriortotherecorddatefortheDistribution,andweexpect“regular-way”tradingofManitowocFoodservicecommonstockwillbeginonthefirsttradingdayafterthedistributiondate.WeintendtolistManitowocFoodservicecommonstockontheNewYorkStockExchangeunderthesymbol“MFS.”

In reviewing this Information Statement, you should carefully consider the matters described in the section entitled “ Risk Factors ” beginning on page 14 of thisInformation Statement.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved these securities or determined if this InformationStatement is truthful or complete. Any representation to the contrary is a criminal offense.

This Information Statement is not an offer to sell, or a solicitation of an offer to buy, any securities.

ThedateofthisInformationStatementis[●],2016.

AnoticeofthisInformationStatement’savailabilitywasfirstsenttoholdersofrecordofManitowocParentCoonorabout[●],2016.

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TABLEOFCONTENTS

PageQUESTIONSANDANSWERSABOUTTHESPIN-OFF 3 INFORMATIONSTATEMENTSUMMARY 7 SUMMARYHISTORICALANDUNAUDITEDPROFORMACOMBINEDFINANCIALDATA 13 RISKFACTORS 14 CAUTIONARYSTATEMENTCONCERNINGFORWARD-LOOKINGSTATEMENTS 24 THESPIN-OFF 26 MATERIALU.S.FEDERALINCOMETAXCONSEQUENCES 31 DIVIDENDPOLICY 34 CAPITALIZATION 35 SELECTEDHISTORICALCOMBINEDFINANCIALDATA 36 UNAUDITEDPROFORMACOMBINEDFINANCIALSTATEMENTS 37 BUSINESS 44 MANAGEMENT'SDISCUSSIONANDANALYSISOFFINANCIALCONDITIONANDRESULTS 61 MANAGEMENT 77 BOARDOFDIRECTORS 78 COMPENSATIONDISCUSSIONANDANALYSIS 82 EXECUTIVECOMPENSATION 84 SECURITYOWNERSHIPOFCERTAINBENEFICIALOWNERSANDMANAGEMENT 102 CERTAINRELATIONSHIPSANDRELATEDPARTYTRANSACTIONS 105 DESCRIPTIONOFMATERIALINDEBTEDNESS 109 DESCRIPTIONOFOURCAPITALSTOCK 112 WHEREYOUCANFINDMOREINFORMATION 115 INDEXTOFINANCIALSTATEMENTS 116

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QUESTIONS AND ANSWERS ABOUT THE SPIN-OFF

ThefollowingprovidesonlyasummaryofthetermsoftheSpin-Off.Youshouldreadthesectionentitled“TheSpin-Off”inthisInformationStatementforamoredetaileddescriptionofthemattersdescribedbelow.

InthisInformationStatement,unlessthecontextotherwiserequires:

• “ManitowocFoodservice,”“we,”“our”and“us”refertoManitowocFoodservice,Inc.anditscombinedsubsidiaries,aftergivingeffecttotheInternalReorganizationandtheDistribution;

• “ManitowocParentCo”referstoTheManitowocCompany,Inc.anditsconsolidatedsubsidiaries,otherthan,forallperiodsfollowingtheSpin-Off,ManitowocFoodservice;and

• "FoodserviceBusiness”refersto(1)thebusinessesandoperationsconductedbytheFoodservicesegmentofManitowocParentCoanditsaffiliates(including,forpurposesofthisdefinition,ManitowocFoodserviceanditsaffiliates)priortotheconsummationoftheSpin-Off,and(2)exceptasotherwiseexpresslyprovidedintheSeparationandDistributionAgreement(asdefinedherein),anyterminated,divestedordiscontinuedbusinessesoroperationsthatareatthetimeofsuchtermination,divestitureordiscontinuationrelatedtotheFoodserviceBusiness(asdescribedintheforegoingclause(1))asthenconducted.

CoincidentwiththeSpin-Off,ManitowocParentCowillchangeitsnametoManitowocCranes,Inc.

PriortotheDistribution,ManitowocParentCowillundertakeaseriesofinternaltransactions(the“InternalReorganization”),followingwhichManitowocParentCowillhold,inadditiontothesharesofourcommonstock,itscurrentcranebusinessandwewillholdtheFoodserviceBusiness.ThroughoutthisInformationStatement,“Spin-Off”referstoboththeInternalReorganizationandtheDistribution,collectively.

Q: What is the Spin-Off?

A: TheSpin-OffisthemethodbywhichwewillseparatefromManitowocParentCo.IntheSpin-Off,ManitowocParentCowilldistributetoitsshareholdersallofthesharesofourcommonstock.Totheextentfractionalsharesexist,theywillbeconvertedtocashandthecashdistributedtoshareholders;ManitowocParentCowillnotretainanyManitowocFoodserviceshares.FollowingtheSpin-Off,wewillbeaseparatecompanyfromManitowocParentCo,andManitowocParentCowillnotretainanyownershipinterestinus.

Q: Will the number of Manitowoc ParentCo shares I own change as a result of the Distribution?

A: No,thenumberofsharesofManitowocParentCocommonstockyouownwillnotchangeasaresultoftheDistribution.

Q: What are the reasons for the Spin-Off?

A: TheManitowocParentCoBoardofDirectorsbelievesthatcreatingtwopubliccompanieswillpresentanumberofopportunities,includingthefollowing:

• TheSpin-Offwillalloweachcompanytofocusonitsdistinctgrowthprofile,productcategories,distributionsystemsandstrategicpriorities,withcustomizedcultures,organizationalstructures,operatingmodelsandfinancialtargetsthatbestfititsownbusiness,marketsanduniqueopportunities.

• TheSpin-Offwillalloweachcompanytoraisecapitalmoreefficientlyusingacapitalstructurethatalignswithitsdistinctbusinessprofile,allocateresourcesanddeploycapitalinamannerconsistentwithitsdistinctoperationalfocusandstrategicprioritiesinordertooptimizetotalreturnstoshareholders.

• TheSpin-Offwillalloweachcompanytoissuestock-basedcompensationtoitsemployeesthatmorecloselyalignstheemployee’seffortswithhisorhercompensation,therebyenhancingtheabilityofeachcompanytoattractandretainkeytalent.

• TheSpin-OffwillallowinvestorstovalueManitowocParentCoandManitowocFoodservicebasedontheirparticularoperationalandfinancialcharacteristics,andthusinvestaccordingly.

• TheSpin-Offwillalloweachcompanytoattractalong-terminvestorbaseappropriatefortheparticularoperationalandfinancialcharacteristicsofthatcompany.

Q: Why is the separation of Manitowoc Foodservice structured as a distribution of the Manitowoc Foodservice shares?

A: ManitowocParentCobelievesthatadistributionofoursharesisthemostefficientwaytoseparateourbusinessfromManitowocParentCoinamannerthatwillachievetheaboveobjectives.

Q: What will I receive in the Spin-Off?

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A: AsaholderofManitowocParentCocommonstock,youwillreceiveoneshareofourcommonstockforeveryoneshareofManitowocParentCocommonstockyouholdontheRecordDate(asdefinedbelow).ThedistributionagentwilldistributeonlywholesharesofourcommonstockintheSpin-Off.See“HowwillfractionalsharesbetreatedintheDistribution?”formoreinformationonthetreatmentofthefractionalsharesyouareentitledtoreceiveintheDistribution.YourproportionateinterestinManitowocParentCowillnotchangeasaresultoftheSpin-Off.Foramoredetaileddescription,see“TheSpin-Off.”

Q: What is being distributed in the Spin-Off?

A: ManitowocParentCowilldistributeapproximately136,920,805sharesofourcommonstockintheSpin-Off,basedontheapproximately136,617,161sharesofManitowocParentCocommonstockoutstandingasofDecember31,2015.ThedifferenceisduetothenumberofrestrictedstockunitsthatwillvestbetweenDecember31,2015andtheRecordDateandtheestimatednumberofsharestobeissuedpriortotheRecordDateundertheperformanceshareawardsmadeinFebruary2013underthe2013OmnibusIncentivePlan.TheactualnumberofsharesofourcommonstockthatManitowocParentCowilldistributewilldependonthenumberofsharesofManitowocParentCocommonstockoutstandingontheRecordDate.ThesharesofourcommonstockthatManitowocParentCodistributeswillconstitutealloftheissuedandoutstandingsharesofourcommonstockimmediatelypriortotheDistribution.FormoreinformationonthesharesbeingdistributedintheSpin-Off,see“DescriptionofOurCapitalStock-CommonStock.”

Q: What is the record date for the Distribution?

A: ManitowocParentCowilldeterminerecordownershipasofthecloseofbusinessonFebruary22,2016,whichwerefertoasthe“RecordDate.”

Q: When will the Distribution occur?

A: TheDistributionwillbeeffectiveasofMarch4,2016,whichwerefertoasthe“DistributionDate.”OnorshortlyaftertheDistributionDate,thewholesharesofourcommonstockwillbecreditedinbook-entryaccountsforshareholdersentitledtoreceivethesharesintheDistribution.Weexpectthedistributionagent,actingonbehalfofManitowocParentCo,withintenbusinessdaysaftertheDistributionDatetofullydistributetoManitowocParentCoshareholdersanycashinlieuofthefractionalsharestheyareentitledtoreceive.See“HowwillManitowocParentCodistributesharesofourcommonstock?”formoreinformationonhowtoaccessyourbook-entryaccountoryourbank,brokerageorotheraccountholdingtheManitowocFoodservicecommonstockyoureceiveintheDistribution.

Q: What do I have to do to participate in the Distribution?

A: Youarenotrequiredtotakeanyaction,butweurgeyoutoreadthisdocumentcarefully.ShareholdersofManitowocParentCocommonstockontheRecordDatewillnotneedtopayanycashordeliveranyotherconsideration,includinganysharesofManitowocParentCocommonstock,inordertoreceivesharesofourcommonstockintheDistribution.

Q: Is shareholder approval required for the Spin-Off?

A: No.ManitowocParentCoisaWisconsincorporationgovernedbytheWisconsinBusinessCorporationLaw,orthe“WBCL.”UndertheWBCL,theManitowocParentCoBoard,actinginaccordancewiththedirectors’legalduties,hastheauthoritytoapproveManitowocParentCo’stransactions,exceptforcertaintypesoftransactionsthatexpresslyrequireshareholderapproval.TheSpin-OffisnotoneofthetypesoftransactionsthatrequireshareholderapprovalundertheWBCL.Further,ManitowocParentCowilleffecttheSpin-OffbydistributingallsharesofourcommonstockproratatoManitowocParentCo’sshareholders.UndertheWBCLandManitowocParentCo’samendedandrestatedarticlesofincorporationandrestatedby-laws,theManitowocParentCoBoardhastheexpressauthoritytodeclaredistributionstoshareholderswithoutshareholderapproval.Accordingly,noshareholderapprovaloftheSpin-Offisrequiredunderapplicablelaw,andManitowocParentCoisnotseekingshareholderapproval.NeitherManitowocParentConorweareaskingyouforavoteorrequestingthatyousendusaproxycard.

Q: If I sell my shares of Manitowoc ParentCo common stock on or before the Distribution Date, will I still be entitled to receive shares of ManitowocFoodservice common stock in the Distribution?

A: IfyouholdsharesofManitowocParentCocommonstockontheRecordDateanddecidetosellthemonorbeforetheDistributionDate,youmaychoosetosellyourManitowocParentCocommonstockwithorwithoutyourentitlementtoourcommonstock.Youshoulddiscussthesealternativeswithyourbank,brokerorothernominee.See“TheSpin-Off-TradingPriortotheDistributionDate”formoreinformation.

Q: How will Manitowoc ParentCo distribute shares of our common stock?

A: Registeredshareholders:Ifyouarearegisteredshareholder(meaningyouholdphysicalManitowocParentCostockcertificatesoryouownyoursharesofManitowocParentCocommonstockdirectlythroughanaccountwithManitowocParentCo’stransferagent,Computershare),thedistributionagentwillcreditthewholesharesofourcommonstockyoureceiveintheDistributiontoyourComputersharebook-entryaccountonorshortlyaftertheDistributionDate.WithintenbusinessdaysaftertheDistributionDate,thedistributionagentwillmailyouaComputersharebook-entryaccountstatementthatreflectsthenumberofwholesharesofourcommonstockyouown,alongwithacheckforanycashinlieuoffractionalsharesyouareentitledtoreceive.Youwillbeabletoaccessinformationregardingyourbook-entryaccountholdingtheManitowocFoodservicesharesat

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www.computershare.com/investororviaourtransferagent’sinteractivevoiceresponsesystemat(877)498-8861,ineachcaseusingthesamecredentialsthatyouusetoaccessyourManitowocParentCoaccount.

“Streetname”orbeneficialshareholders:IfyouownyoursharesofManitowocParentCocommonstockbeneficiallythroughabank,brokerorothernominee,yourbank,brokerorothernomineewillcredityouraccountwiththewholesharesofourcommonstockyoureceiveintheDistributiononorshortlyaftertheDistributionDate.Pleasecontactyourbank,brokerorothernomineeforfurtherinformationaboutyouraccount.

Wewillnotissueanyphysicalstockcertificatestoanyshareholders,evenifrequested.See“TheSpin-Off-WhenandHowYouWillReceiveManitowocFoodserviceShares”foramoredetailedexplanation.

Q: How will fractional shares be treated in the Distribution?

A: ThedistributionagentwillnotdistributeanyfractionalsharesofourcommonstockinconnectionwiththeSpin-Off.Instead,thedistributionagentwillaggregateallfractionalsharesintowholesharesandsellthewholesharesintheopenmarketatprevailingmarketpricesonbehalfofManitowocParentCoshareholdersentitledtoreceiveafractionalshare.Thedistributionagentwillthendistributetheaggregatecashproceedsofthesales,netofbrokeragefeesandothercosts,proratatotheseholders(netofanyrequiredwithholdingfortaxesapplicabletoeachholder).Weanticipatethatthedistributionagentwillmakethesesalesinthe“when-issued”market,andwhen-issuedtradeswillgenerallysettlewithinfourtradingdaysfollowingtheDistributionDate.See“HowwillManitowocFoodservicecommonstocktrade?”foradditionalinformationregardingwhen-issuedtradingand“TreatmentofFractionalShares”foramoredetailedexplanationofthetreatmentoffractionalshares.

Q: What are the U.S. federal income tax consequences of the Distribution to me?

A: AssumingthattheSpin-Offqualifiesasatax-freetransactionunderSections355,368andrelatedprovisionsoftheInternalRevenueCodeof1986,asamended(the“Code”),ManitowocParentCoshareholdersarenotexpectedtorecognizeanygainorlossforU.S.federalincometaxpurposessolelyasaresultoftheSpin-Offexcepttotheextentofanycashreceivedinlieuoffractionalshares.Withrespecttosuchcashreceivedinlieuofafractionalshare,however,youwillrecognizegainorlossforU.S.federalincometaxpurposes.FormoreinformationregardingthepotentialU.S.federalincometaxconsequencestoManitowocParentCoandtoyouoftheDistribution,seethesectionentitled"MaterialU.S.FederalIncomeTaxConsequences.”

Q: How will I determine my tax basis in the shares of Manitowoc Foodservice common stock I receive in the Distribution?

A: ForU.S.federalincometaxpurposes,youraggregatebasisinthecommonstockthatyouholdinManitowocParentCoandthenewManitowocFoodservicecommonstockreceivedintheDistribution(includinganyfractionalshareinterestinManitowocFoodservicecommonstockforwhichcashisreceived)willequaltheaggregatebasisinthesharesofManitowocParentCocommonstockheldbyyouimmediatelybeforetheDistribution,allocatedbetweenyoursharesofManitowocParentCocommonstockandtheManitowocFoodservicecommonstock(includinganyfractionalshareinterestinManitowocFoodservicecommonstockforwhichcashisreceived)youreceiveintheDistributioninproportiontotherelativefairmarketvalueofeachontheDistributionDate.

YoushouldconsultyourtaxadvisorabouttheparticularconsequencesoftheDistributiontoyou,includingtheapplicationofthetaxbasisallocationrulesandtheapplicationofstate,localandforeigntaxlaws.

Q: Does Manitowoc Foodservice intend to pay cash dividends?

A: Thetiming,declaration,amountof,andpaymentofanydividendsfollowingtheSpin-OffbyManitowocFoodserviceiswithinthediscretionofourBoardofDirectors,whichwerefertoasour“Board,”andwilldependuponmanyfactorsasdeemedrelevantbyourBoard.Currently,ourBoarddoesnotplantopayadividendin2016,asourfocusin2016willbeonthereductionofoutstandingdebt.See“RiskFactors-RisksRelatingtoOurCommonStockandtheSecuritiesMarkets-Wecannotassureyouthatwewillpaydividendsonourcommonstock,andourindebtednesscouldlimitourabilitytopaydividendsonourcommonstock”and“DividendPolicy”formoreinformation.

Q: Will Manitowoc Foodservice incur any indebtedness prior to or at the time of the Distribution?

A: Yes.ManitowocFoodserviceanticipateshavingapproximately$1,400millionofindebtednessuponcompletionoftheSpin-Off.OntheDistributionDate,ManitowocFoodserviceanticipatesthatthedebtwillconsistofa$975millionseniorsecuredtermloanBfacility,whichwillbearinterestatafloatingrateandwillmaturein2023,and$425millionofseniornotesdue2024,whichwillbearinterestat9.5%perannum.Additionally,weexpecttohaveaseniorsecuredrevolvingcreditfacilitythatwillpermitborrowingsofupto$225million,whichwillbearinterestatafloatingrateandwillmaturein2021.Basedonhistoricalperformanceandcurrentexpectations,webelievethatthecashgeneratedfromouroperationsandavailablecashandcashequivalentswillbesufficienttoservicethisdebt.See“DescriptionofMaterialIndebtedness”and“RiskFactors-RisksRelatedtoOurBusiness.”

Q: How will Manitowoc Foodservice common stock trade?

A: Currently,thereisnopublicmarketforourcommonstock.WeintendtolistourcommonstockontheNewYorkStockExchange,or“NYSE,”underthesymbol“MFS.”

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Weanticipatethattradinginourcommonstockwillbeginona“when-issued”basisasearlyastwotradingdayspriortotheRecordDatefortheDistributionandwillcontinueuptoandincludingtheDistributionDate.When-issuedtradinginthecontextofaspin-offreferstoasaleorpurchasemadeconditionallyonorbeforetheDistributionDatebecausethesecuritiesofthespun-offentityhavenotyetbeendistributed.When-issuedtradesgenerallysettlewithinfourtradingdaysaftertheDistributionDate.OnthefirsttradingdayfollowingtheDistributionDate,anywhen-issuedtradingofourcommonstockwillendand“regular-way”tradingwillbegin.Regular-waytradingreferstotradingafterthesecurityhasbeendistributedandtypicallyinvolvesatradethatsettlesonthethirdfulltradingdayfollowingthedateofthetrade.See“TheSpin-Off-TradingPriortotheDistributionDate”formoreinformation.Wecannotpredictthetradingpricesforourcommonstockbefore,onoraftertheDistributionDate.

Q: Will the Spin-Off affect the trading price of my Manitowoc ParentCo common stock?

A: WeexpectthetradingpriceofsharesofManitowocParentCocommonstockimmediatelyfollowingtheDistributiontobelowerthanimmediatelypriortotheDistributionbecausethetradingpricewillnolongerreflectthevalueoftheFoodserviceBusiness.Furthermore,untilthemarkethasfullyanalyzedthevalueofManitowocParentCowithouttheFoodserviceBusiness,thetradingpriceofsharesofManitowocParentCocommonstockmayfluctuate.Therecanbenoassurancethat,followingtheDistribution,thecombinedtradingpricesoftheManitowocParentCocommonstockandtheManitowocFoodservicecommonstockwillequalorexceedwhatthetradingpriceofManitowocParentCocommonstockwouldhavebeenintheabsenceoftheSpin-Off.

ItispossiblethataftertheSpin-Off,thecombinedmarketcapitalizationbasedonsharepriceofManitowocParentCoandManitowocFoodservicewillbelessthanManitowocParentCo’smarketcapitalizationbeforetheSpin-Off.

Q: Will my shares of Manitowoc ParentCo common stock continue to trade following the Distribution?

A: Yes.ManitowocParentCocommonstockwillcontinuetotradeontheNYSEunderthesymbol“MTW.”

Q: Do I have appraisal rights in connection with the Spin-Off?

A: No.HoldersofManitowocParentCocommonstockarenotentitledtoappraisalrightsinconnectionwiththeSpin-Off.

Q: Who is the transfer agent and registrar for Manitowoc Foodservice common stock?

A: FollowingtheSpin-Off,Computersharewillserveastransferagentandregistrarforourcommonstock.

ComputersharehastwoadditionalrolesintheDistribution:

• ComputersharecurrentlyservesandwillcontinuetoserveasManitowocParentCo’stransferagentandregistrar;and

• ComputersharewillserveasthedistributionagentintheDistributionandwillassistManitowocParentCointhedistributionofourcommonstocktoManitowocParentCo’sshareholders.

Q: Are there risks associated with owning shares of Manitowoc Foodservice common stock?

A: Yes.Ourbusinessfacesbothgeneralandspecificrisksanduncertainties.OurbusinessalsofacesrisksrelatingtotheSpin-Off.FollowingtheSpin-Off,wewillalsofacerisksassociatedwithbeinganindependent,publiclytradedcompany.Accordingly,youshouldreadcarefullytheinformationsetforthinthesectionentitled“RiskFactors”inthisInformationStatement.

Q: Where can I get more information?

A: IfyouhaveanyquestionsrelatingtothemechanicsoftheDistribution,youshouldcontactthedistributionagentat:

ComputershareTrustCompany,N.A.

211QualityCircle,Suite210

CollegeStation,TX77842

(877)498-8861

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INFORMATION STATEMENT SUMMARY

ThissummaryhighlightsselectedinformationfromthisInformationStatementandprovidesanoverviewofourcompany,ourseparationfromManitowocParentCoandManitowocParentCo’sdistributionofourcommonstocktoManitowocParentCo’sshareholders.ForamorecompleteunderstandingofourbusinessandtheSpin-Off,youshouldreadtheentireInformationStatementcarefully,particularlythediscussionof"RiskFactors"withintheInformationStatement,andourauditedandunauditedcondensedhistoricalcombinedfinancialstatementsandunauditedproformacombinedfinancialstatementsandthenotestothosestatementsappearingelsewhereinthisInformationStatement.

Our Company

ManitowocFoodserviceisoneoftheworld’sleadingcommercialfoodserviceequipmentcompanies.Wedesign,manufactureandserviceanintegratedportfolioofhotandcoldcategoryproducts,andhavealongtrackrecordofinnovation.Wehaveoneoftheindustry’sbroadestportfoliosofproductsandarerecognizedbyourcustomersandchannelpartnersforthequality,reliability,anddurabilityofourproducts.Ourcapabilitiesspanrefrigeration,ice-making,cooking,holding,food-preparation,andbeverage-dispensingtechnologies,whichallowsustoequipentirecommercialkitchensandservetheworld’sgrowingdemandforfoodpreparedawayfromhome.Wesupplyfoodserviceequipmenttocommercialandinstitutionalfoodserviceoperatorssuchasfull-servicerestaurants,quick-servicerestaurantchains,hotels,caterers,supermarkets,conveniencestores,businessandindustry,hospitals,schoolsandotherinstitutions.

Wedifferentiateourselvesbyuniquelyintegratingfood,equipment,digitaltechnologies,andpeopletoincreaseefficiencythroughoutthefoodpreparationcycle,andcreatewinningcustomerandconsumerexperiences.Ourcustomersandchannelpartnerstrustthecompanyanditsfood-inspiringtechnologiestoservetheirdiverseneedsonaglobalbasis.

Weoperateinover100countriesgloballyacrosstheAmericas,EuropeMiddle-EastandAfrica("EMEA"),andAsia-PacificandChina("APAC").Ourproducts,servicesandsolutionsaremarketedthroughaworldwidenetworkofoverthreethousanddealersanddistributorsunderwell-establishedandrecognizedbrands,includingCleveland,Convotherm,Dean,Delfield,Fabristeel,Frymaster,Garland,Inducs,Kolpak,Koolaire,Lincoln,ManitowocBeverageSystems,ManitowocIce,Merco,Merrychef,MoorwoodVulcan,Multiplex,RDISystems,Servend,TRUpour,U.S.Range,andWelbilt.AllofourproductsaresupportedbyKitchenCare,ouraftermarketrepairandpartsservice.ManitowocFoodservice’sscaleandexpertiseenableittoserveaglobalcustomerbaseincontinuallyevolvingfoodservicemarkets.

Webelievethatourproductandbrandportfolios,uniquestrategyofintegratingfoodservice-technologiesandlong-standingcustomerrelationshipsgloballypositionManitowocFoodservicetoachievesustainable,profitablegrowthglobally,andconsistentcashflowgeneration.

Our Strengths

Ourcompetitiveadvantagesinclude:

• Thebreadthandcomplementarityofourproductportfolio,withhotandcoldproductcategoriesintegratedunderoneoperatingcompanyandsupportedbyaftermarketserviceandsupport.ThisenablesManitowocFoodservicetodesign,outfitandservicecommercialkitchensinaharmonized,efficientwayandmaintainadisciplinedfocusontargetingourfast-growingcustomerbasewiththerightproductsforeachneed,attherightprice;

• Theabilitytointegratefood,equipment,digitaltechnologiesandpeopleseamlesslythroughcollaborativeinnovationthatenhancesourcustomers'abilitytocompeteinthemarketplace.ManitowocFoodservicehelpscustomersdifferentiatetheirfoodandadapttoevolvingandlocaltastes,differentcookingstylesandaestheticpreferences,bothregionallyandglobally;

• Thescaleandbreadthofourdealeranddistributornetworktoaccompanyourcustomersontheirglobaljourney,especiallyinfast-growingemergingmarkets;• Long-standingbrandsandinnovativeengineeringcustomerscantrustforsuperiorqualityandreliability.Weregularlypartnerwithourcustomerstofurtherdevelop

theequipment,systemsandtechnologiestheyusetoservetheirspecificculinaryneeds,andenabletheirsuccessbydeliveringtailoredsolutions;and• Dedicationtoputtingcustomerexperiencefirst.Weofferabroadportfolioofproductscoupledwithaunifiedfacetothecustomerandgrowingserviceandparts

support.Throughoutthelifecycleofeachproduct,ManitowocFoodserviceprovidescustomerswithaconsistent,seamlessexperience.

Our Strategies

Weintendtoachievesustainable,profitablegrowthgloballyandsustainablecashflowsbyleveragingourpositionasaleadingcommercialfoodserviceequipmentproviderandbyfocusingonthefollowingstrategies:

• Drivingincreasedprofitabilitybyimplementingoperatingstrategiesandcostsavinginitiatives;• Growingourcustomerbaseanddeepeningcustomerpenetrationbyleveragingourpositionasatrustedfoodserviceequipmentprovidertothelargestcompaniesinthe

industryandexpandingourreachtoservehighpotentialmid-sizecustomers;• Drivingourinternationalexpansionbycapitalizingonourglobalfootprinttosupportgrowthindevelopedandemergingmarkets;• Selectivelypursuingstrategicacquisitionsandpartnershipstoexpandproductoffering,geographicalfootprintandcustomerbase;

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• Expandingthefrontieroffoodserviceinnovationbycontinuouslydevelopingnewproductsandrefreshingexistingproductswithnew,locally-relevant,food-inspiredtechnologies,whilesimultaneouslyfindingnewwaystointegratethoseproductsandcreatecohesivekitchensystems;and

• Continuingtoattractandfosterindustry-leadingtalentbymakingourcompanyagreatplacetohavealong-termcareer.

Overview of the Spin-Off

OnJanuary29,2015,ManitowocParentCoannouncedplanstocreatetwoindependentpubliccompanies:theCraneBusinessandtheFoodserviceBusiness.Toeffecttheseparation,first,ManitowocParentCowillundertaketheInternalReorganizationdescribedunder“CertainRelationshipsandRelatedPartyTransactions-AgreementswithManitowocParentCo-SeparationandDistributionAgreement.”FollowingtheInternalReorganization,ManitowocParentCowillholdtheCraneBusiness,andManitowocFoodservice,ManitowocParentCo’swhollyownedsubsidiary,willholdtheFoodserviceBusiness.Then,ManitowocParentCowilldistributeallofManitowocFoodservice’scommonstocktoManitowocParentCo’sshareholders,andManitowocFoodservice,holdingtheFoodserviceBusiness,willbecomeanindependent,publiclytradedcompany.

BeforetheSpin-Off,weintendtoenterintoaSeparationandDistributionAgreementandseveralotheragreementswithManitowocParentCorelatedtotheSpin-Off.TheseagreementswillgoverntherelationshipbetweenManitowocParentCoandusuptoandaftercompletionoftheSpin-OffandallocatebetweenManitowocParentCoandusvariousassets,liabilitiesandobligations,includingemployeebenefits,intellectualpropertyandtax-relatedassetsandliabilities.See“CertainRelationshipsandRelatedPartyTransactions-AgreementswithManitowocParentCo”formoredetail.

TheSpin-OffdescribedinthisInformationStatementissubjecttothesatisfactionorwaiverofanumberofconditions.Inaddition,ManitowocParentCohastherightnottocompletetheSpin-Offif,atanytime,ManitowocParentCo’sBoardofDirectors,orthe“ManitowocParentCoBoard,”determines,initssoleandabsolutediscretion,thattheSpin-OffisnotinthebestinterestsofManitowocParentCooritsshareholdersorisotherwisenotadvisable.See“TheSpin-Off-ConditionstotheSpin-Off”formoredetail.

DistributingCompany TheManitowocCompany,Inc.,aWisconsincorporationthatholdsallofourcommonstockissuedandoutstandingpriortotheDistribution.AftertheDistribution,ManitowocParentCowillnotownanysharesofourcommonstock.

DistributedCompany ManitowocFoodservice,Inc.,aDelawarecorporationandawhollyownedsubsidiaryofManitowocParentCo.AtthetimeoftheDistribution,wewillhold,directlyorthroughoursubsidiaries,theassetsandliabilitiesoftheFoodserviceBusiness.See“CertainRelationshipsandRelatedPartyTransactions-AgreementswithManitowocParentCo”formoredetail.AftertheSpin-Off,wewillbeanindependent,publiclytradedcompany.

DistributedSecurities AllofthesharesofourcommonstockownedbyManitowocParentCo,whichwillbe100%ofourcommonstockissuedandoutstandingimmediatelypriortotheDistribution.Basedontheapproximately136,617,161sharesofManitowocParentCocommonstockoutstandingonDecember31,2015,andapplyingthedistributionratioofoneshareofManitowocFoodservicecommonstockforeveryoneshareofManitowocParentCocommonstock,approximately136,920,805sharesofManitowocFoodservicecommonstockwillbedistributed.ThedifferenceisduetothenumberofrestrictedstockunitsthatwillvestbetweenDecember31,2015andtheRecordDateandtheestimatednumberofsharestobeissuedpriortotheRecordDateundertheperformanceshareawardsmadeinFebruary2013underthe2013OmnibusIncentivePlan.

RecordDate TheRecordDateisthecloseofbusinessonFebruary22,2016.

DistributionDate TheDistributionDateisMarch4,2016.

InternalReorganization TheManitowocCompany,Inc.currently,directlyorthroughitswhollyownedsubsidiaries,holdsboththeFoodserviceBusinessandtheCraneBusiness.InconnectionwiththeSpin-Off,wewillundertaketheInternalReorganizationsothatManitowocFoodservice,Inc.holdsonlytheFoodserviceBusinessandcertainotherspecifiednetliabilities.See“CertainRelationshipsandRelatedPartyTransactions-AgreementswithManitowocParentCo-SeparationandDistributionAgreement”foradescriptionoftheInternalReorganization.

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DistributionRatio EachholderofManitowocParentCocommonstockwillreceiveonesharesofourcommonstockforeveryoneshareofManitowocParentCocommonstockitholdsontheRecordDate.ThedistributionagentwilldistributeonlywholesharesofourcommonstockintheSpin-Off.See“TheSpin-Off-TreatmentofFractionalShares”formoredetail.PleasenotethatifyousellyoursharesofManitowocParentCocommonstockonorbeforetheDistributionDate,thebuyerofthosesharesmayinsomecircumstancesbeentitledtoreceivethesharesofourcommonstockissuableinrespectoftheManitowocParentCosharesthatyousold.See“TheSpin-Off-TradingPriortotheDistributionDate”formoredetail.

TheDistribution OntheDistributionDate,ManitowocParentCowillreleasethesharesofourcommonstocktothedistributionagenttodistributetoManitowocParentCoshareholders.Thedistributionagentwilldistributeoursharesinbook-entryform.Wewillnotissueanyphysicalstockcertificates.Thedistributionagent,oryourbank,brokerorothernominee,willcredityoursharesofourcommonstocktoyourbook-entryaccount,oryourbank,brokerageorotheraccount,onorshortlyaftertheDistributionDate.Youwillnotberequiredtomakeanypayment,surrenderorexchangeyoursharesofManitowocParentCocommonstockortakeanyotheractiontoreceiveyoursharesofourcommonstock.

FractionalShares ThedistributionagentwillnotdistributeanyfractionalsharesofourcommonstocktoManitowocParentCoshareholders.Instead,thedistributionagentwillfirstaggregatefractionalsharesintowholeshares,thensellthewholesharesintheopenmarketatprevailingmarketpricesonbehalfofManitowocParentCoshareholdersentitledtoreceiveafractionalshare,andfinallydistributetheaggregatecashproceedsofthesales,netofbrokeragefeesandothercosts,proratatotheseholders(netofanyrequiredwithholdingfortaxesapplicabletoeachholder).Ifyoureceivecashinlieuoffractionalshares,youwillnotbeentitledtoanyinterestonthepayments.

ConditionstotheSpin-Off TheSpin-OffissubjecttothesatisfactionofthefollowingconditionsortheManitowocParentCoBoard’swaiverofthefollowingconditions:

•TheManitowocParentCoBoardwill,initssoleandabsolutediscretion,haveauthorizedandapproved(i)theInternalReorganization(asdescribedunder“CertainRelationshipsandRelatedPartyTransactions-AgreementswithManitowocParentCo-SeparationandDistributionAgreement”);(ii)anyothertransfersofassetsandassumptionsofliabilitiescontemplatedbytheSeparationandDistributionAgreementandanyrelatedagreements;and(iii)theDistribution,andwillnothavewithdrawnthatauthorizationandapproval;

•TheManitowocParentCoBoardwillhavedeclaredtheDistributionofalloutstandingsharesofourcommonstocktoManitowocParentCo’sshareholders;

•TheU.S.SecuritiesandExchangeCommission,orthe“SEC,”willhavedeclaredourRegistrationStatementonForm10,ofwhichthisInformationStatementisapart,effectiveundertheSecuritiesExchangeActof1934,asamended,orthe“ExchangeAct,”nostopordersuspendingtheeffectivenessoftheRegistrationStatementwillbeineffect,noproceedingsforthatpurposewillbependingbeforeorthreatenedbytheSEC,andnoticeofInternetavailabilityofthisInformationStatementorthisInformationStatementwillhavebeenmailedtoManitowocParentCo’sshareholders;

•TheNYSEoranothernationalsecuritiesexchangeapprovedbytheManitowocParentCoBoardwillhaveacceptedourcommonstockforlisting,subjecttoofficialnoticeofissuance;

•TheInternalReorganizationwillhavebeencompleted;

•Thereceiptofanopinionfromtaxcounseloranotherthird-partyadvisortoManitowocParentCothattheDistributionandcertainrelatedtransactionswillqualifyastax-freetoManitowocParentCoanditsshareholdersunderSections355,368andrelatedprovisionsoftheCode;

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•Noorder,injunctionordecreethatwouldpreventtheconsummationoftheDistributionwillbethreatened,pendingorissued(andstillineffect)byanygovernmentalentityofcompetentjurisdiction,nootherlegalrestraintorprohibitionpreventingtheconsummationoftheDistributionwillbeineffectandnoothereventoutsidethecontrolofManitowocParentCowillhaveoccurredorfailedtooccurthatpreventstheconsummationoftheDistribution;

•NoothereventsordevelopmentswillhaveoccurredpriortotheDistributionthat,inthejudgmentoftheManitowocParentCoBoard,wouldresultintheDistributionhavingamaterialadverseeffectonManitowocParentCooritsshareholders;

•ManitowocParentCoandManitowocFoodservicewillhaveexecutedanddeliveredtheSeparationandDistributionAgreement,TaxMattersAgreement,EmployeeMattersAgreement,TransitionServicesAgreement,IntellectualPropertyMattersAgreementandallotherancillaryagreementsrelatedtotheSpin-Off;and

•ImmediatelypriortotheDistribution,ourcertificateofincorporation,orour“CertificateofIncorporation,”andbylaws,orour“Bylaws,”eachinsubstantiallytheformfiledasanexhibittotheRegistrationStatementonForm10ofwhichthisInformationStatementisapart,willbeineffect.

ThefulfillmentoftheaboveconditionswillnotcreateanyobligationonManitowocParentCo’sparttoeffecttheSpin-Off.Wearenotawareofanymaterialfederal,foreignorstateregulatoryrequirementswithwhichwemustcomply,otherthanSECrulesandregulations,oranymaterialapprovalsthatwemustobtain,otherthantheNYSE’sapprovalforlistingofourcommonstockandtheSEC’sdeclarationoftheeffectivenessoftheRegistrationStatement,inconnectionwiththeDistribution.ManitowocParentCohastherightnottocompletetheSpin-Offif,atanytime,theManitowocParentCoBoarddetermines,initssoleandabsolutediscretion,thattheSpin-OffisnotinthebestinterestsofManitowocParentCooritsshareholdersorisotherwisenotadvisable.

TradingMarketandSymbol WeintendtofileanapplicationtolistourcommonstockontheNYSEunderthesymbol“MFS.”Weanticipatethat,asearlyastwotradingdayspriortotheRecordDate,tradingofsharesofourcommonstockwillbeginona“when-issued”basisandwillcontinueuptoandincludingtheDistributionDate,andweexpectthat“regular-way”tradingofourcommonstockwillbeginthefirsttradingdayaftertheDistributionDate.See“TheSpin-Off-TradingPriortotheDistributionDate.”

U.S.FederalIncomeTaxConsequencesoftheSpin-Off

AssumingthattheSpin-Offqualifiesasatax-freetransactionunderSection355,368,andrelatedprovisionsoftheCode,ManitowocParentCoshareholdersarenotexpectedtorecognizeanygainorlossforU.S.federalincometaxpurposessolelyasaresultoftheSpin-Offexcepttotheextentofanycashreceivedinlieuoffractionalshares.Withrespecttosuchcashreceivedinlieuofafractionalshare,however,youwillrecognizegainorlossforU.Sfederalincometaxpurposes.FormoreinformationregardingtheU.S.federalincometaxconsequencestoManitowocParentCoandtoyouoftheSpin-Off,seethesectionentitled“MaterialU.S.FederalIncomeTaxConsequences.”

RelationshipwithManitowocParentCoaftertheSpin-Off

WeintendtoenterintoseveralagreementswithManitowocParentCorelatedtotheInternalReorganizationandDistribution,whichwillgoverntherelationshipbetweenManitowocParentCoandusuptoandaftercompletionoftheSpin-OffandallocatebetweenManitowocParentCoandusvariousassets,liabilities,rightsandobligations.Theseagreementsinclude:

•ASeparationandDistributionAgreementthatwillsetforthManitowocParentCo’sandouragreementsregardingtheprincipalactionsthatwewilltakeinconnectionwiththeSpin-OffandaspectsofourrelationshipfollowingtheSpin-Off;

•ATransitionServicesAgreement,pursuanttowhichManitowocParentCoandwewillprovideeachotherspecifiedservicesonatransitionalbasistohelpensureanorderlytransitionfollowingtheSpin-Off;

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•AnEmployeeMattersAgreementthatwilladdressemployeecompensationandbenefitmatters;

•ATaxMattersAgreementthatwillallocateresponsibilityfortaxesincurredbeforeandaftertheSpin-Offandincludeindemnificationrightswithrespecttotaxmattersandrestrictionstopreservethetax-freestatusoftheSpin-Off;and

•AnIntellectualPropertyMattersAgreementthatwillprovideforownership,licensing,consenttouseandother

arrangementstofacilitateManitowocParentCo’sandourongoinguseofintellectualproperty.

Wedescribethesearrangementsingreaterdetailunder“CertainRelationshipsandRelatedPartyTransactions-AgreementswithManitowocParentCo,”anddescribesomeoftherisksofthesearrangementsunder“RiskFactors-RisksRelatingtotheSpin-Off.”

DividendPolicy OurBoardofDirectorsdoesnotcurrentlyplanonpayingadividendin2016asourfocusin2016willbeonthereductionofoutstandingdebt.Thetiming,declaration,amountandpaymentofanyfuturedividendwillfallwithinthediscretionofourBoard.See“RiskFactors-RisksRelatingtoOurCommonStockandtheSecuritiesMarkets-Wecannotassureyouthatwewillpaydividendsonourcommonstock,andourindebtednesscouldlimitourabilitytopaydividendsonourcommonstock”and“DividendPolicy.”

TransferAgent Computersharewillserveastransferagentforourcommonstock.

RiskFactors Ourbusinessfacesbothgeneralandspecificrisksanduncertainties.OurbusinessalsofacesrisksrelatingtotheSpin-Off.FollowingtheSpin-Off,wewillalsofacerisksassociatedwithbeinganindependent,publiclytradedcompany.Accordingly,youshouldreadcarefullytheinformationsetforthunder“RiskFactors.”

Other Information

ManitowocFoodservicewasincorporatedinDelawareonJuly20,2015.Ourprincipalexecutiveofficesarelocatedat2227WelbiltBoulevard,NewPortRichey,FL34655.Ourtelephonenumberis(727)375-7010.

BeforetheSpin-Off,ifyouhaveanyquestionsrelatingtotheSpin-Off,youshouldcontactManitowocParentCoat:

InvestorRelations

TheManitowocCompany,Inc.

2400South44thStreet

Manitowoc,WI54221-0066

Phone:(920)864-4410

Email:info@manitowoc.com

AftertheSpin-Off,ifyouhaveanyquestionsrelatingtoManitowocFoodservice,youshouldcontactusat:

InvestorRelations

ManitowocFoodservice,Inc.

2227WelbiltBoulevard

NewPortRichey,FL34655

Phone:(727)853-3079

Email:investors@mtwfs.com

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AftertheSpin-Off,ifyouhaveanyquestionsrelatingtoManitowocParentCo,youshouldcontactthemat:

InvestorRelations

TheManitowocCompany,Inc.

2400South44thStreet

Manitowoc,WI54221-0066

Phone:(920)864-4410

Email:info@manitowoc.com

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SUMMARY HISTORICAL AND UNAUDITED PRO FORMA COMBINED FINANCIAL DATA

ThefollowingsummaryfinancialdatareflectsthecombinedoperationsofManitowocFoodservicefortheperiodsindicatedbelow.ThesummarycombinedincomestatementdatafortheyearsendedDecember31,2014,2013and2012,andsummarycombinedbalancesheetdataasofDecember31,2014and2013,assetforthbelow,havebeenderivedfromourauditedcombinedfinancialstatements,whichareincludedinthe“IndextoFinancialStatements”sectionofthisInformationStatement.ThesummarycombinedbalancesheetdataasofDecember31,2012,hasbeenderivedfromourauditedcombinedfinancialstatements,whicharenotincludedelsewhereinthisInformationStatement.ThesummarycondensedcombinedincomestatementdatafortheninemonthsendedSeptember30,2015and2014arederivedfromourunauditedcondensedcombinedinterimfinancialstatementswhichareincludedelsewhereinthisInformationStatement.Theunauditedcondensedcombinedfinancialdatahavebeenpreparedonabasisconsistentwiththebasisonwhichourauditedcombinedfinancialstatementshavebeenprepared,exceptforincometaxesfortheninemonthsendedSeptember30,2015,whicharebasedontheestimatedeffectivetaxrateforthefullyear.IntheopinionofManitowocFoodservice’smanagement,theunauditedcondensedcombinedfinancialdataincludesalladjustments,consistingonlyofnormalrecurringadjustments,necessaryforafairpresentationofsuchdata.Thehistoricalresultsdonotnecessarilyindicatetheresultsexpectedforanyfutureperiod.Toensureafullunderstandingofthissummaryfinancialdata,youshouldreadthesummarycombinedfinancialdatapresentedbelowinconjunctionwith“Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations”andthecombinedfinancialstatementsandaccompanyingnotesincludedelsewhereinthisInformationStatement.

ThesummaryunauditedproformacombinedfinancialdataasofandfortheninemonthsendedSeptember30,2015,andyearendedDecember31,2014,hasbeenpreparedtoreflecttheSpin-Off,includingtheincurrenceofindebtednessofapproximately$1,400million.The$1,400millionofindebtednessisexpectedtoconsistofa$975millionseniorsecuredtermloanBfacility,whichwillbearinterestatafloatingrateandwillmaturein2023,and$425millionofseniornotesdue2024,whichwillbearinterestat9.5%perannum.Additionally,weexpecttohaveaseniorsecuredrevolvingcreditfacilitythatwillpermitborrowingsofupto$225million,whichwillbearinterestatafloatingrateandwillmaturein2021.See“DescriptionofMaterialIndebtedness”formoreinformationregardingthisnewdebt.ThesummaryunauditedproformacombinedincomestatementdatapresentedfortheperiodsendedSeptember30,2015,andDecember31,2014,assumestheSpin-OffoccurredonJanuary1,2014,thefirstdayoffiscalyear2014.ThesummaryunauditedproformacondensedcombinedbalancesheetdataassumestheSpin-OffoccurredonSeptember30,2015.Theassumptionsusedandproformaadjustmentsderivedfromsuchassumptionsarebasedoncurrentlyavailableinformation,andwebelievesuchassumptionsarereasonableunderthecircumstances.

TheunauditedproformacombinedfinancialstatementsarenotnecessarilyindicativeofourresultsofoperationsorfinancialconditionhadtheSpin-Offandouranticipatedpost-Spin-Offcapitalstructurebeencompletedonthedatesassumed.Theymaynotreflecttheresultsofoperationsorfinancialconditionthatwouldhaveresultedhadwebeenoperatingasanindependent,publiclytradedcompanyduringsuchperiods.Inaddition,theyarenotnecessarilyindicativeofourfutureresultsofoperationsorfinancialcondition.

Youshouldreadthissummaryfinancialdatatogetherwith“UnauditedProFormaCombinedFinancialStatements,”“Capitalization,”“SelectedHistoricalCombinedFinancialData,”“Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations”andthecombinedfinancialstatementsandaccompanyingnotesincludedelsewhereinthisInformationStatement.

As of and for the nine months ended

September 30, As of and for the year ended

December 31,

(in millions)

Pro forma2015 2015 2014

Pro forma2014 2014 2013 2012

Statement of Operations Data: Netsales $ 1,178.4 $ 1,178.4 $ 1,207.1 $ 1,581.3 $ 1,581.3 $ 1,541.8 $ 1,486.2

Depreciationandamortization 38.5 38.5 39.9 53.0 53.0 51.4 53.6Earningsfromcontinuingoperationsbeforetaxesonearnings 44.5 133.5 149.5 67.9 187.2 204.6 179.5

Balance Sheet Data: Workingcapital(1) 135.6 135.6 108.5 n/a 72.7 74.0 75.6

Totalassets 1,978.0 1,924.7 1,926.2 n/a 1,898.3 1,918.2 1,969.0

Long-termobligations(2) 1,392.7 2.5 2.1 n/a 3.6 1.7 1.8

Capitalexpenditures 9.6 9.6 17.7 n/a 25.3 33.6 17.5

(1)Workingcapitalisdefinedasnetreceivablesandinventorylessthird-partyaccountspayable.

(2)Long-termobligationsincludelong-termcapitalleaseobligations.

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RECENT DEVELOPMENTS

Financial Update -ThepreliminaryfinancialdatainthisfinancialupdatewerepreparedonastandalonebasisandreflectthehistoricalresultsofoperationsandfinancialpositionofManitowocFoodserviceinaccordancewithU.S.GAAP.ThefinancialresultsarepresentedasifManitowocFoodservicehadbeencarvedoutofManitowocParentCoforallperiodspresented.AllsignificanttransactionswithinManitowocFoodservicehavebeeneliminated.

Fourthquarter2015netsalesforManitowocFoodservicewereup4.7percent,to$391.7millionfrom$374.2millioninthefourthquarterof2014.Continuedstrengthincold-sideproductsandKitchenCareweretheprimarygrowthdrivers,whilehot-sidesalesarerecoveringandlarge-chainspendingisfirming.

ManitowocFoodserviceoperatingearningsforthefourthquarterof2015were$65.7millionversus$43.4millionforthefourthquarterof2014.Thisproducedanoperatingmarginof16.8percentforManitowocFoodserviceforthefourthquarterof2015,comparedto11.6percentforthefourthquarterof2014.Thiswasa520basispointyear-over-yearimprovementanda170basispointsequentialimprovementoverthirdquarter2015results.Theimprovementwasdrivenlargelybytheimpactofcost-savinginitiatives,productlinesimplification,andstrongerKitchenCareresults.

ManitowocFoodservicedepreciationandamortizationexpenseforthefourthquarterof2015was$5millionand$8million,respectively,versus$5millionand$8millionforthefourthquarterof2014,respectively.Capitalexpenditureswere$4millionforthefourthquarterof2015versus$7millionforthefourthquarterof2014.

Thepreliminaryfinancialresultsandotherfinancialdatapresentedabovearesubjecttothecompletionofourfinancialclosingprocedures.Thoseprocedureshavenotbeencompleted.Thesepreliminaryfinancialdataarenotacomprehensivestatementofourfinancialresultsforthethree-monthperiodendedDecember31,2015ortheyearendedDecember31,2015,andouractualresultsforsuchperiodsmaydiffermateriallyfromthesepreliminaryfinancialdataduetothecompletionofouryear-endfinancialclosingprocedures,finaladjustmentsandcompletionoftheauditofourfinancialstatements.Inconnectionwiththecompletionoftheseactivities,wemayidentifyitemsthatwouldrequireustomakeadjustmentstothesepreliminaryfinancialdata,whichmaybematerial.Therecanbenoassurancethatthesepreliminaryfinancialdatawillberealized,andthesepreliminaryfinancialdataaresubjecttorisksanduncertainties,manyofwhicharenotwithinourcontrol.Accordingly,youshouldnotplaceunduerelianceonsuchpreliminaryfinancialdata.Wedonotundertakeanyobligationtoupdatethesepreliminaryfinancialdata.See“CautionaryStatementRegardingForward-LookingStatements.”

Theabovepreliminaryfinancialdatahasbeenpreparedbyandistheresponsibilityofourmanagement.PricewaterhouseCoopersLLPhasnotaudited,reviewed,compiledorperformedanyprocedureswithrespecttotheaccompanyingpreliminaryfinancialdata.Accordingly,PricewaterhouseCoopersLLPdoesnotexpressanopinionoranyotherformofassurancewithrespectthereto.

Divestiture of Kysor Panel Systems

OnDecember7,2015,ManitowocParentCoannouncedthecompletionofthesaleofKysorPanelSystems,amanufacturerofwoodframeandhigh-densityrailpanelsystemsforwalk-infreezersandcoolersfortheretailandconvenience-storemarketsandpartoftheFoodserviceBusiness,toanaffiliateofDCubedGroupLLC.Thepurchasepriceforthetransactionwasapproximately$85million,withcashproceedsreceivedofapproximately$78million.InDecember2015,ManitowocParentCousedtheproceedsofthesaletoreduceoutstandingdebtunderitsexistingrevolvingcreditfacility.ManitowocParentCoanticipatesrecordingagainofapproximately$10millioninconnectionwiththedivestiture.

RISK FACTORS

YoushouldcarefullyconsideralloftheinformationinthisInformationStatementandeachoftherisksdescribedbelow,whichwebelievearetheprincipalrisksthatweface.Someoftherisksrelatetoourbusiness,otherstotheSpin-Off.Somerisksrelateprincipallytothesecuritiesmarketsandownershipofourcommonstock.

Anyofthefollowingriskscouldmateriallyandadverselyaffectourbusiness,financialconditionandresultsofoperationsandtheactualoutcomeofmattersastowhichforward-lookingstatementsaremadeinthisInformationStatement.

Risks Relating to Our Business

Wefacethefollowingrisksinconnectionwithourbusinessandthegeneralconditionsandtrendsofthefoodserviceindustryinwhichweoperate:

Ouroperationalresultsaredependentonhowwellwecanscaleourmanufacturingcapacityandresourcestothelevelofourcustomers’demand.

Weoperateinanindustrythatrequiresmanufacturerstomakehighlyefficientuseofmanufacturingcapacity.Insufficientorexcesscapacitythreatensourabilitytogeneratecompetitiveprofitmarginsandmayexposeustoliabilitiesrelatedtocontractcommitments.Adaptingormodifyingourcapacityisdifficult,asmodificationstakesubstantialtimetoexecuteand,insomecases,mayrequireregulatoryapproval.Additionally,deliveringproductduringprocessorfacilitymodificationsrequiresspecialcoordination.Thecostandresourcesrequiredtoadaptourcapacity,suchasthroughfacilityacquisitions,facilityclosings,orprocessmovesbetweenfacilities,maynegateanyplannedcost

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reductionsormayresultincostlydelays,productqualityissuesormaterialshortages,allofwhichcouldadverselyaffectouroperationalresultsandourreputationwithourcustomers.

Oursuccessdependsonourabilitytoattractandretainkeypersonnel.

Oursuccessdependstoalargeextentuponourabilitytoattractandretainkeyexecutives,managersandskilledpersonnel.Thelossoftheservicesofoneormoreofthesekeyemployeescouldhaveanadverseeffect,atleastintheshorttomediumterm,onsignificantaspectsofourbusiness,includingstrategicplanningandproductdevelopment.Generally,ourkeyemployeesarenotboundbyemploymentornon-competitionagreements,andwecannotbesurethatwewillbeabletoretainourkeyofficersandemployees.TheSpin-Offmayalsoheightenrisksrelatedtoourorganizationalstructureasanewlyindependentcompany.Ifcertainsubject-matterexpertsoremployeeswithspecializedskillsremainwithManitowocParentCoormovetoemploymentelsewhere,wewillincursignificantcostsinhiring,training,developingandretainingtheirreplacements.

Ifweareunabletosuccessfullyimplementcertaincost-reductioninitiatives,wemaynotachieveourearningstargets.

Wehavedevelopedinitiativestorealizecostsavingsbyreducingthecomplexityofourproductofferings,includingan“80/20”initiativethatwillfocusthemajorityofourresourcesonourmostimportantproductsandourbestcustomers,butthesuccessofthisandotherprofit-enhancementandcost-reductioninitiativesisnotguaranteed,andwemaynotachievethecostsavingsweexpect.The80/20initiativeinparticularinvolvessignificantculturalshifts,bothinternallyandforourcustomers,thatmayinhibitorimpairitssuccessfulimplementation.Additionally,ifwedevoteadisproportionateamountoftime,personnelandresourcestoinitiativesthatyieldslowerorlessthananticipatedresultsortheyareultimatelyunsuccessful,wemaybedistractedfromotherinitiativesandprioritiesthatmighthaveyieldedmorerapidorbetterresults,andourresultsofoperationsmaysufferaccordingly.

Priceincreasesorourinabilitytoexecutesuccessfulpricingstrategiesforsomematerialsandsourcesofsupply,aswellasdisruptionsofsuppliesofsomematerials,couldaffectourprofitability.

Weuselargeamountsofsteel,stainlesssteel,aluminum,copperandelectroniccontrols,amongotheritems,inthemanufactureofourproducts.Occasionally,marketpricesofsomeofourkeyrawmaterialsincreasesignificantly,whichcouldadverselyaffectourmargins.Furthermore,althoughweareimplementingastrategicsourcinginitiative,wemaynotbeabletoachievetheexpectedcostsavingsfromthatinitiative.Inaddition,becausewemaintainlimitedrawmaterialandcomponentinventories,evenbriefunanticipateddelaysindeliverybysuppliers-includingthoseduetocapacityconstraints,labordisputes,impairedfinancialconditionofsuppliers,weatheremergenciesorothernaturaldisasters-mayimpairourabilitytosatisfyourcustomersandcouldadverselyaffectourfinancialperformance.

Tobettermanageourexposurestocertaincommoditypricefluctuations,weregularlyhedgeourcommodityexposuresthroughfinancialmarkets.Throughthishedgingprogramwefixthefuturepriceforaportionofthesecommoditiesusedintheproductionofourproducts.Totheextentthatourhedgingisnotsuccessfulinfixingcommoditypricesthatarefavorableincomparisontomarketpricesatthetimeofpurchase,wewouldexperienceanegativeimpactonourprofitmarginscomparedtothemarginswewouldhaverealizedifthesepricecommitmentswerenotinplace,whichmayadverselyaffectourresultsofoperations,financialconditionandcashflowsinfutureperiods.

Becauseweparticipateinanindustrythatishighlycompetitive,ournetsalesandprofitscoulddeclineaswerespondtocompetition.

Wesellourproductsinahighlycompetitiveindustry.Wecompetebasedonproductdesign,qualityofproducts,qualityandresponsivenessofproductsupportservices,productperformanceandreliability,maintenancecostsandprice.Someofourcompetitorsmayhavegreaterfinancial,marketing,manufacturinganddistributionresourcesthanwedo.Competitioncouldcauseoursalestodecreaseorcauseustocutpricesorincuradditionalcoststoremaincompetitive,anyofwhichcouldadverselyaffectourfinancialcondition,resultsofoperationsandcashflows.

Additionally,asubstantialportionofourdealerrevenuecomesfromasmallnumberofbuyinggroups,whichgivesthosebuyinggroupsalargedegreeofleverageandpurchasingpowerwithusandothersuppliers.Inrecentyearsthosebuyinggroupshaveusedtheirleveragetoextractincreasinglylargerrebates,discountsandotherpricereductions.Wemusttrytobalancetheaddedrevenuefromreducingpricestothosebuyinggroupsagainstthereducedmarginsfromreducingpricestothosebuyinggroups,whichcouldadverselyaffectourresultsofoperations.

Ifwedonotdevelopnewandinnovativeproductsorifcustomersinourmarketsdonotacceptthem,ourresultswouldbenegativelyaffected.

Ourproductsmustbekeptcurrenttomeetourcustomers’needs,overcomecompetitiveproductsandmeetevolvingregulatoryrequirements.Toremaincompetitive,wethereforemustdevelopnewandinnovativeproductsonanon-goingbasis,andweinvestsignificantlyintheresearchanddevelopmentofnewproducts.Ifwedonotsuccessfullydevelopinnovativeproducts,itmaybedifficulttodifferentiateourproductsfromourcompetitors'productsandsatisfyregulatoryrequirements,andoursalesandresultswouldsuffer.

Ifwedonotmeetcustomers’productqualityandreliabilitystandards/expectations,wemayexperienceincreasedorunexpectedproductwarrantyclaimsandotheradverseconsequencestoourbusiness.

Productqualityandreliabilityaresignificantfactorsinfluencingcustomers’decisionstopurchaseourproducts.Inabilitytomaintainthehighqualityofourproductsrelativetotheperceivedoractualqualityofsimilarproductsofferedbycompetitorscouldresultinthelossofmarketshare,lossofrevenue,reducedprofitability,anincreaseinwarrantycosts,and/ordamagetoourreputation.Similarly,ifwefailtoprovidethe

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samelevelofqualitythroughourManitowocKitchenCareaftermarketpartsandrepairserviceasweprovideinoriginalequipmentmanufacturing,itcouldlikewisenegativelyaffectourrevenueandourreputationwithourcustomers.

Productqualityandreliabilityaredeterminedinpartbyfactorsthatarenotentirelywithinourcontrol.Wedependonoursuppliersforpartsandcomponentsthatmeetourstandards.Ifoursuppliersfailtomeetthosestandards,wemaynotbeabletodeliverthequalityproductsthatourcustomersexpect,whichmayimpairrevenueandourreputationandleadtohigherwarrantycosts.

Weprovideourcustomersawarrantycoveringworkmanship,andinsomecasesmaterials,onproductswemanufacture.Ourwarrantygenerallyprovidesthatproductswillbefreefromdefectsforperiodsrangingfrom12monthsto60monthswithcertainequipmenthavinglongertermwarranties.Ifaproductfailstocomplywiththewarranty,wemaybeobligated,atourexpense,tocorrectanydefectbyrepairingorreplacingthedefectiveproduct.Althoughwemaintainwarrantyreservesinanamountbasedprimarilyonthenumberofunitsshippedandonhistoricalandanticipatedwarrantyclaims,therecanbenoassurancethatfuturewarrantyclaimswillfollowhistoricalpatternsorthatwecanaccuratelyanticipatetheleveloffuturewarrantyclaims.Anincreaseintherateofwarrantyclaimsortheoccurrenceofunexpectedwarrantyclaimscouldadverselyaffectourfinancialcondition,resultsofoperationsandcashflows.

Changingconsumertastesandgovernmentregulationsaffectingthequick-servicerestaurantindustrycouldaffectsalestoourlargestcustomers.

Anumberofourlargestcustomersoperateinthequick-servicerestaurantindustry.Thequick-servicerestaurantindustryisfrequentlyaffectedbychangesinconsumertastesandeatinghabits,oftenasaresultofnewinformationorattitudesregardingdietandhealthorasaresultofgovernmentregulationsrequiringquick-servicerestaurantstodisclosethenutritionalcontentoftheirfood.Ifconsumers’eatinghabitschangesignificantly,ourcustomersmaychooseorberequiredtomodifytheirmenuofferings.Suchmodifications,orthefailuretomakethemodificationstotheextentconsumersdesire,couldhaveanadverseeffectonourcustomers’business,financialconditionsorresults,whichinturncouldadverselyaffectthecustomers'demandforourproducts.

WehavesignificantmanufacturingandsalesofourproductsoutsideoftheUnitedStates,whichmaypresentadditionalriskstoourbusiness.

FortheninemonthsendedSeptember30,2015andtheyearsendedDecember31,2014,2013and2012,approximately31.4%,37.1%,38.4%and37.4%,respectively,ofournetsaleswereattributabletoproductssoldoutsideoftheUnitedStates.Expandingourinternationalsalesispartofourgrowthstrategy.Internationaloperationsgenerallyaresubjecttovariousrisks,includingpolitical,military,religiousandeconomicinstability,locallabormarketconditions,theimpositionofforeigntariffs,theimpactofforeigngovernmentregulations,theeffectsofincomeandwithholdingtax,governmentalexpropriation,anddifferencesinbusinesspractices.Wemayincurincreasedcostsandexperiencedelaysordisruptionsinproductdeliveriesandpaymentsinconnectionwithourinternationalsales,manufacturingandtheintegrationofnewfacilitiesthatcouldcauselossofrevenueorincreasedcost.Unfavorablechangesinthepolitical,regulatoryandbusinessclimateandcurrencydevaluationsofvariousforeignjurisdictionscouldadverselyaffectourfinancialcondition,resultsofoperationsandcashflows.

Ourresultsofoperationsmaybenegativelyimpactedbyproductliabilitylawsuits.

Ourbusinessexposesustopotentialproductliabilityrisksthatareinherentinthedesign,manufacture,saleanduseofourproducts.Neitherwenorouraffiliateshavetodateincurredmaterialcostsrelatedtotheseproductliabilityclaims.Wevigorouslydefendourselvesagainstcurrentclaimsandintendtodosoagainstfutureclaims.However,asubstantialincreaseinthenumberofclaimsthataremadeagainstusortheamountsofanyjudgmentsorsettlementscouldadverselyaffectourreputationandourfinancialcondition,resultsofoperationsandcashflows.

Ifwefailtoprotectourintellectualpropertyrightsormaintainourrightstouselicensedintellectualproperty,ourbusinesscouldbeadverselyaffected.

Ourpatents,trademarksandlicensesareimportantintheoperationofourbusinesses.Althoughweintendtoprotectourintellectualpropertyrightsvigorously,wecannotbecertainthatwewillbesuccessfulindoingso.Thirdpartiesmayassertorprosecuteinfringementorvalidityclaimsagainstusinconnectionwiththeservicesandproductsthatweoffer,andwemayormaynotbeabletosuccessfullydefendtheseclaims.Litigation,eithertoenforceourintellectualpropertyrightsortodefendagainstclaimedinfringementoftherightsofothers,couldresultinsubstantialcostsanddiversionofourresources.Inaddition,ifathirdpartywouldprevailinaninfringementclaimagainstus,thenwewouldlikelyneedtoobtainalicensefromthethirdpartyoncommercialterms,whichwouldlikelyincreaseourcosts.Ourfailuretomaintainorobtainnecessarylicensesoranadverseoutcomeinanylitigationrelatingtopatentinfringementorotherintellectualpropertymatterscouldhaveamaterialadverseeffectonourfinancialcondition,resultsofoperationsandcashflows.

Salesofourproductsaresensitivetovolatileorvariablefactors.Adownturnorweaknessinoveralleconomicactivityorfluctuationsinweatherorotherfactorsadverselyaffectus.

Historically,salesofproductsthatwemanufactureandsellhavebeensubjecttovariationscausedbychangesingeneraleconomicconditionsandotherfactors.Inparticular,thestrengthoftheeconomygenerallymayaffecttheratesofexpansion,consolidation,renovationandequipmentreplacementwithintherestaurant,lodging,conveniencestoreandhealthcareindustries,whichmayaffectoursales.Furthermore,anyfutureeconomicrecessionmayimpactleveragedcompanieslikeusmorethancompetingcompanieswithlessleverageandmayadverselyaffectourfinancialcondition,resultsofoperationsandcashflows.

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Weatherconditionscansubstantiallyaffectourbusiness,asrelativelycoolsummerweatherandcooler-than-normalweatherinhotclimatestendtodecreasesalesoficeandbeveragedispensers.Oursalesdependinpartuponourcustomers’replacementorrepaircycles.Adverseeconomicconditionsmaycausecustomerstoforegoorpostponenewpurchasesinfavorofrepairingexistingmachinery.

Ifweareunabletosufficientlyadjusttomarketconditions,amongotherpotentialadverseeffectsonourfinancialcondition,resultsofoperationsandcashflows,wecouldfailtodeliveronplannedresults,fallshortofanalystandinvestorexpectations,incurhighfixedcosts,and/orfailtobenefitfromhigherthanexpectedcustomerdemandresultinginlossofmarketshare.

Ouroperationsandprofitabilitycouldsufferifweexperiencelaborrelationsproblems.

AsofSeptember30,2015,weemployedapproximately5,500peopleandhadlaboragreementswithfivelocalunionsinNorthAmerica.WehavetwotradeunionsinEuropeandtwotradeunionsinChina.During2015,threeofourunioncontractsexpired.Eachcontractthatexpiredin2015wassuccessfullyrenegotiatedwithoutincident.In2016,wehavetwounioncontractsthatwillexpire.Anysignificantlaborrelationsissuescouldadverselyaffectouroperations,reputation,resultsofoperationsandfinancialcondition.

Weareexposedtotheriskofchangesininterestratesorforeigncurrencyfluctuations.

Weexpecttoincurinthefutureindebtednessthataccruesinterestatavariablerate.Increasesininterestrateswillreduceouroperatingcashflowsandcouldhinderourabilitytofundouroperations,capitalexpenditures,acquisitionsordividends.Insuchcaseswemayseektoreduceourexposuretofluctuationsininterestrates,buthedgingourexposurecarriestheriskthatwemayforegothebenefitswewouldotherwiseexperienceifinterestratesweretochangeinourfavor.Developinganeffectivestrategyfordealingwithmovementsininterestratesiscomplex,andnostrategyisguaranteedtocompletelyinsulateusfromtherisksassociatedwithsuchfluctuations.

Additionally,someofouroperationsareormaybeconductedbysubsidiariesinforeigncountries.TheresultsoftheoperationsandthefinancialpositionofthesesubsidiarieswillbereportedintherelevantforeigncurrenciesandthentranslatedintoU.S.dollarsattheapplicableexchangeratesforinclusioninourconsolidatedfinancialstatements,whicharestatedinU.S.dollars.TheexchangeratesbetweenmanyofthesecurrenciesandtheU.S.dollarhavefluctuatedsignificantlyinrecentyearsandmaycontinuetofluctuatesignificantlyinthefuture.Suchfluctuationsmayhaveamaterialeffectonourresultsofoperationsandfinancialpositionandmaysignificantlyaffectthecomparabilityofourresultsbetweenfinancialperiods.

Wealsoincurcurrencytransactionriskwheneveroneofouroperatingsubsidiariesentersintoatransactionusingadifferentcurrencythanitsfunctionalcurrency.Weattempttoreducecurrencytransactionriskwheneveroneofouroperatingsubsidiariesentersintoamaterialtransactionusingadifferentcurrencythanitsfunctionalcurrencyby:

• matchingcashflowsandpaymentsinthesamecurrency;• directforeigncurrencyborrowing;and• enteringintoforeignexchangecontractsforhedgingpurposes.

However,wemaynotbeabletohedgethisriskcompletelyoratanacceptablecost,whichmayadverselyaffectourresultsofoperations,financialconditionandcashflowsinfutureperiods.

Changestotaxlawsorexposuretoadditionaltaxliabilitiesmayhaveanegativeimpactonouroperatingresults.

TaxpolicyreformcontinuestobeatopicofdiscussionintheU.S.AsignificantchangetothetaxsystemintheU.S.,includingchangestothetaxationofinternationalincome,couldhaveamaterialadverseeffectuponourresultsofoperations.Weregularlyundergotaxauditsinvariousjurisdictionsinwhichweoperate.Althoughwebelievethatourtaxestimatesarereasonableandthatweprepareourtaxfilingsinaccordancewithallapplicabletaxlaws,thefinaldeterminationwithrespecttoanytaxaudits,andanyrelatedlitigation,couldbemateriallydifferentfromourestimatesorfromourhistoricalincometaxprovisionsandaccruals.Theresultsofanauditorlitigationcouldmateriallyaffectouroperatingresultsand/orcashflowsintheperiodsforwhichthatdeterminationismade.Inaddition,futureperiodearningsmaybeadverselyimpactedbylitigationcosts,settlements,penalties,and/orinterestassessments.

Ourbusinessand/orreputationcouldbenegativelyaffectedasaresultofactionsofactivistshareholders,andsuchactivismcouldimpactthetradingvalueofoursecurities.

Certainofourstockholdersmayinthefuturepubliclyorprivatelyexpressviewswithrespecttotheoperationofourbusiness,ourbusinessstrategy,corporategovernanceconsiderationsorothermattersthatmaynotbefullyalignedwithourown.Respondingtoactionsbyactivistshareholderscanbecostlyandtime-consuming,disruptouroperationsanddiverttheattentionofmanagementandouremployees.Perceiveduncertaintiesastoourfuturedirectionmayresultinthelossofpotentialbusinessopportunities,damagetoourreputation,andmaymakeitmoredifficulttoattractandretainqualifieddirectors,personnelandbusinesspartners.Theseactionscouldalsocauseourstockpricetoexperienceperiodsofvolatility.

Activistshareholdersmayinthefuturemakestrategicproposals,suggestions,orrequestsforchangesconcerningtheoperationofourbusiness,ourbusinessstrategy,corporategovernanceconsiderations,orothermatters.Wecannotpredict,andnoassurancescanbegiven,astotheoutcomeortimingofanyconsequencesarisingfromtheseactions,andanysuchconsequencesmayimpactthevalueofoursecurities.

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Environmentalliabilitiesthatmayariseinthefuturecouldbematerialtous.

Ouroperations,facilitiesandpropertiesaresubjecttoextensiveandevolvinglawsandregulationspertainingtoairemissions,wastewaterdischarges,thehandlinganddisposalofsolidandhazardousmaterialsandwastes,theremediationofcontamination,andotherwiserelatingtohealth,safetyandtheprotectionoftheenvironment.Asaresult,weareinvolvedfromtimetotimeinadministrativeorlegalproceedingsrelatingtoenvironmentalandhealthandsafetymatters,andhaveinthepastandwillcontinuetoincurcapitalandotherexpendituresrelatingtosuchmatters.Wealsocannotbecertainthatidentificationofpresentlyunidentifiedenvironmentalconditions,morevigorousenforcementbyregulatoryauthorities,orotherunanticipatedeventswillnotariseinthefutureandgiverisetoadditionalenvironmentalliabilities,compliancecostsand/orpenaltiesthatcouldbematerial.Further,environmentallawsandregulationsareconstantlyevolvinganditisimpossibletopredictaccuratelytheeffectanychangesmayhaveuponourfinancialcondition,resultsofoperationsorcashflows.

Securitybreachesandotherdisruptionscouldcompromiseourinformationandexposeustoliability,whichwouldcauseourbusinessandreputationtosuffer.

Intheordinarycourseofourbusiness,wecollectandstoresensitivedata,includingourproprietarybusinessinformationandthatofourcustomers,suppliersandbusinesspartners,aswellaspersonallyidentifiableinformationofourcustomersandemployees,inourinternalandexternaldatacenters,cloudservices,andonournetworks.Thesecureprocessing,maintenanceandtransmissionofthisinformationiscriticaltoouroperationsandbusinessstrategy.Despiteoursecuritymeasures,ourinformationtechnologyandinfrastructure,andthatofourpartners,maybevulnerabletomaliciousattacksorbreachedduetoemployeeerror,malfeasanceorotherdisruptions,includingasaresultofrolloutsofnewsystems.Anysuchbreachoroperationalfailurewouldcompromiseournetworksand/orthatofourpartnersandtheinformationstoredtherecouldbeaccessed,publiclydisclosed,lostorstolen.Anysuchaccess,disclosureorotherlossofinformationcouldresultinlegalclaimsorproceedingsand/orregulatorypenalties,disruptouroperations,damageourreputation,and/orcausealossofconfidenceinourproductsandservices,whichcouldadverselyaffectourbusiness.

Ourinabilitytorecoverfromnaturalorman-madedisasterscouldadverselyaffectourbusiness.

Ourbusinessandfinancialresultsmaybeaffectedbycertaineventsthatwecannotanticipateorthatarebeyondourcontrol,suchasnaturalorman-madedisasters,nationalemergencies,significantlaborstrikes,workstoppages,politicalunrest,warorterroristactivitiesthatcouldcurtailproductionatourfacilitiesandcausedelayeddeliveriesandcanceledorders.Inaddition,wepurchasecomponentsandrawmaterialsandinformationtechnologyandotherservicesfromnumeroussuppliers,and,evenifourfacilitieswerenotdirectlyaffectedbysuchevents,wecouldbeaffectedbyinterruptionsatsuchsuppliers.Suchsuppliersmaybelesslikelythanourownfacilitiestobeabletoquicklyrecoverfromsucheventsandmaybesubjecttoadditionalriskssuchasfinancialproblemsthatlimittheirabilitytoconducttheiroperations.Wecannotassureyouthatwewillhaveinsurancetoadequatelycompensateusforanyoftheseevents.

Ourinternationalsalesandoperationsaresubjecttoapplicablelawsrelatingtotrade,exportcontrolsandforeigncorruptpractices,theviolationofwhichcouldadverselyaffectouroperations.

Wemustcomplywithallapplicableinternationaltrade,customs,exportcontrolsandeconomicsanctionslawsandregulationsoftheU.S.andothercountries.WearealsosubjecttotheForeignCorruptPracticesActandotheranti-briberylawsthatgenerallybarbribesorunreasonablegiftstoforeigngovernmentsorofficials.Changesintradesanctionslawsmayrestrictourbusinesspractices,includingcessationofbusinessactivitiesinsanctionedcountriesorwithsanctionedentities,andmayresultinmodificationstocomplianceprograms.Violationoftheselawsorregulationscouldresultinsanctionsorfinesandcouldhaveamaterialadverseeffectonourfinancialcondition,resultsofoperationsandcashflows.

Compliancewithregulationsrelatedtoconflictmineralsmayforceustoincuradditionalexpensesandaffectthemanufacturingandsaleofourproducts.

Inrecentyears,governmentsinboththeU.S.andEuropehaveimplementedorproposedregulationsgoverningtheuseofcertainminerals,includingtin,tantalum,tungstenandgold(“conflictminerals”).IntheU.S.,SECrulesrequiredisclosuresrelatedtoconflictmineralsthatarenecessarytothefunctionalityorproductionofaproductmanufactured,orcontractedtobemanufactured,byanSEC-reportingcompany,thataresourcedfromtheDemocraticRepublicofCongoandothercountriesincentralAfrica.IntheEuropeanUnion,proposedregulationswouldrequiresimilardisclosures,andmayencompassothergeographicregionsoutsideofcentralAfrica.

Thesedisclosurerequirementscouldaffectthesourcingandavailabilityofsomeofthemineralsusedinthemanufactureofourproducts.Oursupplychainiscomplex,andifwearenotabletoconclusivelyverifytheoriginsforallconflictmineralsusedinourproductsorthatourproductsare“conflictfree,”wemayfacereputationalchallengeswithourcustomersorinvestors.Furthermore,wemayalsoencounterchallengestosatisfycustomerswhorequirethatourproductsbecertifiedas“conflictfree,”whichcouldplaceusatacompetitivedisadvantageifweareunabletodoso.Additionally,astheremaybeonlyalimitednumberofsuppliersoffering“conflictfree”metals,wecannotbesurethatwewillbeabletoobtainnecessarymetalsfromsuchsuppliersinsufficientquantitiesoratcompetitiveprices.Finally,becauseEuropeanregulationshavenotyetbeenfinalized,itisdifficultforustodeterminewhetherandhowwewillestablishacomplianceprogram.Forallofthesereasons,wecouldincursignificantcostsrelatedtotheconflictmineralscomplianceprocess,andfaceequallysignificantcostsinsatisfyingthedisclosurerequirements.

Risks Relating to the Spin-Off

WefacethefollowingrisksinconnectionwiththeSpin-Off:

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TherecouldbesignificantliabilityiftheSpin-Offisdeterminedtobeataxabletransaction.

AconditiontotheSpin-OffisManitowocParentCo’sreceiptofanopinionfromitslegalcounselsubstantiallytotheeffectthattheSpin-Offandcertainrelatedtransactionswillqualifyastax-freetoManitowocParentCoanditsshareholdersunderSections355,368andrelatedprovisionsoftheCode,excepttotheextentofanycashreceivedinlieuoffractionalsharesofManitowocFoodservice’scommonstock.AnysuchopinionisnotbindingontheU.S.InternalRevenueService(the“IRS”).Accordingly,theIRSmayreachconclusionswithrespecttotheSpin-Offthataredifferentfromtheconclusionsreachedintheopinion.Theopinionwillrelyoncertainfacts,assumptions,representationsandundertakingsfromManitowocParentCoandusregardingthepastandfutureconductofthecompanies’respectivebusinessesandothermatters,which,ifincomplete,incorrectornotsatisfied,couldaltertheconclusionsofthepartygivingsuchopinion.

IftheSpin-Offultimatelyisdeterminedtobetaxable,theSpin-OffcouldbetreatedasataxabledividendtoManitowocParentCo’sshareholdersforU.S.federalincometaxpurposes,andManitowocParentCo’sshareholderscouldincursignificantfederalincometaxliabilities.Inaddition,ManitowocParentCowouldrecognizeataxablegaintotheextentthatthefairmarketvalueofManitowoc’sFoodservice’scommonstockexceedsManitowoc’sParentCo’staxbasisinsuchstockonthedateoftheSpin-Off.UndertheTaxMattersAgreement,wecouldberequired,undercertaincircumstances,toindemnifyManitowocParentCoanditsaffiliatesagainstalltax-relatedliabilitiescausedbythosefailures,totheextentthoseliabilitiesresultfromanactionweorouraffiliatestakefromanybreachofourorouraffiliates’representations,covenantsorobligationsundertheTaxMattersAgreementoranyotheragreementweenterintoinconnectionwiththeSpin-Off.EventstriggeringanindemnificationobligationundertheagreementincludeeventsoccurringaftertheDistributionthatcauseManitowocParentCotorecognizeagainunderSection355(e)oftheCode.See“CertainRelationshipsandRelatedPartyTransactions-AgreementswithManitowocParentCo-TaxMattersAgreement.”Moreover,thoughvalidasbetweenManitowocFoodserviceandManitowocParentCo,theTaxMattersAgreementisnotbindingontheIRSand,asalegalmatter,wearejointlyandseverallyliableforanyU.S.federalconsolidatedincometaxes(andcertainstateandlocalincometaxes)imposedonManitowocParentCoforthetaxableyearoftheSpin-Offandforpriortaxableyears.

ManitowocFoodservicemaynotbeabletoengageincertaintransactionsaftertheSpin-Off.

Topreservethetax-freetreatmentoftheSpin-Off,ManitowocFoodserviceandManitowocParentCowillenterintoaTaxMattersAgreementthatwillrestrictManitowocFoodservicefromtakinganyactionthatpreventstheDistributionandrelatedtransactionsfrombeingtax-freeforU.S.federalincometaxpurposes.Underthetaxmattersagreement,foranagreeduponperiodfollowingtheDistribution,weexpecttobeprohibited,exceptincertaincircumstances,from:

• enteringintoanytransactionresultingintheacquisitionofaboveacertainpercentageofourstockorsubstantiallyallofourassets,whetherbymergerorotherwise;

• merging,consolidatingorliquidating;

• issuingequitysecuritiesbeyondcertainthresholds;

• repurchasingourcapitalstock;and

• ceasingtoactivelyconductourbusiness.

Theserestrictionsmaylimitourabilitytopursuecertainstrategictransactionsorothertransactionsthatwemaybelievetobeinthebestinterestsofitsshareholdersorthatmightincreasethevalueofourbusiness.Inaddition,undertheTaxMattersAgreement,wewillberequiredtoindemnifyManitowocParentCoagainstanysuchtaxliabilitiesasaresultoftheacquisitionofourstockorassets,evenifManitowocParentCoconsentedtotheacquisition.

WecouldhaveanindemnificationobligationtoManitowocParentCoifthetransactionsweundertakeintheSpin-Offdonotqualifyfornon-recognitiontreatment,whichcouldmateriallyadverselyaffectourfinancialcondition.

Generally,taxesresultingfromthefailureoftheSpin-Offtoqualifyfornon-recognitiontreatmentforU.S.federalincometaxpurposeswouldbeimposedonManitowocParentCoandManitowocParentCo’sshareholdersand,undertheTaxMattersAgreement,ManitowocParentCoisgenerallyobligatedtoindemnifyusagainstsuchtaxes.However,undertheTaxMattersAgreement,wecouldberequired,undercertaincircumstances,toindemnifyManitowocParentCoanditsaffiliatesagainstalltax-relatedliabilitiescausedbythosefailures,totheextentthoseliabilitiesresultfromanactionweorouraffiliatestakeorfromanybreachofourorouraffiliates’representations,covenantsorobligationsundertheTaxMattersAgreementoranyotheragreementweenterintoinconnectionwiththeSpin-Off.EventstriggeringanindemnificationobligationundertheagreementincludeeventsoccurringaftertheDistributionthatcauseManitowocParentCotorecognizeagainunderSection355(e)oftheCode.See“CertainRelationshipsandRelatedPartyTransactions-AgreementswithManitowocParentCo-TaxMattersAgreement.”Moreover,thoughvalidasbetweenManitowocFoodserviceandManitowocParentCo,theTaxMattersAgreementisnotbindingontheIRSand,asalegalmatter,wearejointlyandseverallyliableforanyU.S.federalconsolidatedincometaxes(andcertainstateandlocalincometaxes)imposedonManitowocParentCoforthetaxableyearoftheSpin-Offandforpriortaxableyears.

WemaybeunabletoachievesomeorallofthebenefitsthatweexpecttoachievefromtheSpin-Off.

Webelievethat,asanindependent,publiclytradedcompany,wewillbeable,amongothermatters,tobetterfocusourfinancialandoperationalresourcesonourspecificbusiness,growthprofileandstrategicpriorities,designandimplementcorporatestrategiesandpoliciestargetedtoouroperationalfocusandstrategicpriorities,streamlineourprocessesandinfrastructuretofocusonourcorestrengths,implementandmaintainacapitalstructuredesignedtomeetourspecificneedsandmoreeffectivelyrespondtoindustrydynamics.However,wemaybe

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unabletoachievesomeorallofthesebenefits.Inaddition,completionoftheproposedSpin-Offwillrequiresignificantamountsofmanagement’stimeandeffort,whichmaydivertmanagement’sattentionfromoperatingandgrowingourbusinesses.Ifwefailtoachievesomeorallofthebenefitsthatweexpecttoachieveasanindependentcompany,ordonotachievetheminthetimeweexpect,ourbusiness,financialconditionandresultsofoperationscouldbemateriallyandadverselyaffected.

Wemaybeunabletomake,onatimelyorcost-effectivebasis,thechangesnecessarytooperateasanindependentcompany.

WehavehistoricallyoperatedaspartofManitowocParentCo’scorporateorganization,andManitowocParentCohasassistedusbyprovidingvariouscorporatefunctions.FollowingtheSpin-Off,ManitowocParentCowillhavenoobligationtoprovideuswithassistanceotherthanthetransitionservicesdescribedunder“CertainRelationshipsandRelatedPartyTransactions-AgreementswithManitowocParentCoTransitionServicesAgreement.”TheseservicesdonotincludeeveryservicewehavereceivedfromManitowocParentCointhepast,andManitowocParentCoisonlyobligatedtoprovidetheseservicesforlimitedperiodsfromthedateoftheSpin-Off.Accordingly,followingtheSpin-Off,wewillneedtoprovideinternallyorobtainfromunaffiliatedthirdpartiestheserviceswecurrentlyreceivefromManitowocParentCo.Theseservicesincludeinformationtechnology,researchanddevelopment,finance,legal,insurance,complianceandhumanresourcesactivities,theeffectiveandappropriateperformanceofwhichiscriticaltoouroperations.WemaybeunabletoreplacetheseservicesinatimelymannerorontermsandconditionsasfavorableasthosewereceivefromManitowocParentCo.Inparticular,ManitowocParentCo’sinformationtechnologynetworksandsystemsarecomplex,andduplicatingthesenetworksandsystemswillbechallenging.BecauseourbusinesspreviouslyoperatedaspartofthewiderManitowocParentCoorganization,wemaybeunabletosuccessfullyestablishtheinfrastructureorimplementthechangesnecessarytooperateindependently,orwemayincuradditionalcoststhatcouldadverselyaffectourbusiness.Ifwefailtoobtainthequalityofadministrativeservicesnecessarytooperateeffectivelyorincurgreatercostsinobtainingtheseservices,ourprofitability,financialconditionandresultsofoperationsmaybemateriallyandadverselyaffected.

Wehavenooperatinghistoryasanindependent,publiclytradedcompany,andourhistoricalandproformafinancialinformationisnotnecessarilyrepresentativeoftheresultswewouldhaveachievedasanindependent,publiclytradedcompanyandmaynotbeareliableindicatorofourfutureresults.

WederivedthehistoricalandproformafinancialinformationincludedinthisInformationStatementfromManitowocParentCo’sconsolidatedfinancialstatementsandthisinformationdoesnotnecessarilyreflecttheresultsofoperations,financialpositionandcashflowswewouldhaveachievedasanindependent,publiclytradedcompanyduringtheperiodspresented,orthosethatwewillachieveinthefuture.Thisisprimarilybecauseofthefollowingfactors:

• PriortotheSpin-Off,weoperatedaspartofManitowocParentCo’sbroadercorporateorganization,ratherthanasanindependentcompany.ManitowocParentCoperformedvariouscorporatefunctionsforus,includinginformationtechnology,researchanddevelopment,finance,legal,insurance,complianceandhumanresourcesactivities.OurhistoricalandproformafinancialinformationreflectsallocationsofcorporateexpensesfromManitowocParentCofortheseandsimilarfunctions.Theseallocationsmaynotreflectthecostswewillincurforsimilarservicesinthefutureasanindependentcompany.

• WewillenterintotransactionswithManitowocParentCothatdidnotexistpriortotheSpin-Off.See“CertainRelationshipsandRelatedPartyTransactions-AgreementswithManitowocParentCo”forinformationregardingthesetransactions.

• OurhistoricalfinancialinformationdoesnotreflectchangesthatweexpecttoexperienceinthefutureasaresultoftheSpin-Off,includingchangesinourcoststructure,personnelneeds,taxstructure,financingandbusinessoperations.AspartofManitowocParentCo,weenjoyedcertainbenefitsfromManitowocParentCo’soperatingdiversity,size,purchasingpowerandavailablecapitalforinvestments,andwewilllosethesebenefitsaftertheSpin-Off.AftertheSpin-Off,asanindependententity,wemaybeunabletopurchasegoods,servicesandtechnologies,suchasinsuranceandhealthcarebenefitsandcomputersoftwarelicenses,ontermsasfavorabletousasthoseweobtainedaspartofManitowocParentCopriortotheSpin-Off.

FollowingtheSpin-Off,wewillalsoberesponsiblefortheadditionalcostsassociatedwithbeinganindependent,publiclytradedcompany,includingcostsrelatedtocorporategovernance,investorandpublicrelationsandpublicreporting.Therefore,ourfinancialstatementsmaynotbeindicativeofourfutureperformanceasanindependentcompany.WhilewehavebeenprofitableaspartofManitowocParentCo,wecannotassureyouthatourprofitswillcontinueatasimilarlevelwhenweareastand-alonecompany.Foradditionalinformationaboutourpastfinancialperformanceandthebasisofpresentationofourfinancialstatements,see“SelectedHistoricalCombinedFinancialData,”“UnauditedProFormaCombinedFinancialStatements,”“Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations”andourhistoricalcombinedfinancialstatementsandaccompanyingnotesincludedelsewhereinthisInformationStatement.

Theunauditedproformacombinedfinancialstatementsaresubjecttotheassumptionsandadjustmentsdescribedintheaccompanyingnotes.Whilewebelievethattheseassumptionsandadjustmentsarereasonableunderthecircumstancesandgiventheinformationavailableatthistime,theseassumptionsandadjustmentsaresubjecttochangeasManitowocParentCoandwefinalizethetermsoftheSpin-OffandouragreementsrelatedtotheSpin-Off.

WewillincursubstantialindebtednessinconnectionwiththeSpin-Off,andthedegreetowhichwewillbeleveragedfollowingcompletionoftheSpin-Offmaymateriallyandadverselyaffectourbusiness,financialconditionandresultsofoperations.

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WeareincurringsubstantialindebtednessinconnectionwiththeSpin-Off.WehavehistoricallybeenpartofalargerenterpriseundertheManitowocParentCoumbrella,whichhasassistedwithworkingcapitalrequirementsonashort-termbasisandprovidedotherfinancialsupportfunctions.AftertheSpin-Off,wewillnotbeabletorelyonManitowocParentCo’sconsolidatedearnings,assetsorcashflows,andwewillberesponsibleforservicingourowndebt,obtainingandmaintainingsufficientworkingcapitalandpayingdividends.

Ourabilitytomakepaymentsonandtorefinanceourindebtedness,includingthedebtretainedorincurredpursuanttotheSpin-Offaswellasanyfuturedebtthatwemayincur,willdependonourabilitytogeneratecashinthefuturefromoperations,financingsorassetsales.Ourabilitytogeneratecashissubjecttogeneraleconomic,financial,competitive,legislative,regulatoryandotherfactorsthatarebeyondourcontrol.Wemaynotgeneratesufficientfundstoserviceourdebtandmeetourbusinessneeds,suchasfundingworkingcapitalortheexpansionofouroperations.Ifwearenotabletorepayorrefinanceourdebtasitbecomesdue,wemaybeforcedtotakedisadvantageousactions,includingreducingspendingonmarketing,advertisingandnewproductinnovation,reducingfuturefinancingforworkingcapital,capitalexpendituresandgeneralcorporatepurposes,sellingassetsordedicatinganunsustainablelevelofourcashflowfromoperationstothepaymentofprincipalandinterestonourindebtedness.Inaddition,ourabilitytowithstandcompetitivepressuresandtoreacttochangesinthefoodandbeverageindustrycouldbeimpaired.Thelenderswhoholdourdebtcouldalsoaccelerateamountsdueintheeventthatwedefault,whichcouldpotentiallytriggeradefaultoraccelerationofthematurityofourotherdebt.

Inaddition,oursubstantialleveragecouldputusatacompetitivedisadvantagecomparedtoourcompetitorsthatarelessleveraged.Thesecompetitorscouldhavegreaterfinancialflexibilitytopursuestrategicacquisitionsandsecureadditionalfinancingfortheiroperations.Oursubstantialleveragecouldalsoimpedeourabilitytowithstanddownturnsinourindustryortheeconomyingeneral.

Wemayincreaseourdebtorraiseadditionalcapitalinthefuture,includingtomeetworkingcapitalneedsorfundacquisitions,whichcouldaffectourfinancialhealthanddecreaseourprofitability.

Wemayincreaseourdebtorraiseadditionalcapitalinthefuture,subjecttorestrictionsinourdebtagreements.Inaddition,ourBoardmayissuesharesofpreferredstockwithoutfurtheractionbyholdersofourcommonstock.Ifourcashflowfromoperationsislessthanweanticipate,orifourcashrequirementsaremorethanweexpect,wemayrequiremorefinancing.However,debtorequityfinancingmaynotbeavailabletousontermswefindacceptable,ifatall.Ifweincuradditionaldebtorraiseequitythroughtheissuanceofourpreferredstock,thetermsofthedebtorourpreferredstockissuedmaygivetheholdersrights,preferencesandprivilegesseniortothoseofholdersofourcommonstock,particularlyintheeventofliquidation.Ifweraisefundsthroughtheissuanceofadditionalequity,ourthen-existingstockholders'ownershipinuswouldbediluted.Also,regardlessofthetermsofourdebtorequityfinancing,ouragreementsandobligationsundertheTaxMattersAgreementmaylimitourabilitytoissuestock.Foramoredetaileddiscussion,see“ManitowocFoodservicemaynotbeabletoengageincertaintransactionsaftertheSpin-Off.”Ifweareunabletoraiseadditionalcapitalwhenneeded,ourfinancialcondition,andthusyourinvestmentinus,couldbemateriallyandadverselyaffected.

Potentialliabilitiesmayariseunderfraudulentconveyanceandtransferlawsandlegalcapitalrequirements,whichcouldhaveanadverseeffectonourfinancialconditionandourresultsofoperations.

IntheeventthatanyentityinvolvedintheSpin-Off(includingtheInternalReorganizationandfinancingtransactionscontemplatedtobeconsummatedinconnectionwiththeSpin-Off)subsequentlyfailstopayitscreditorsorentersinsolvencyproceedings,thesetransactionsmaybechallengedunderU.S.federal,U.S.stateandforeignfraudulentconveyanceandtransferlaws,aswellaslegalcapitalrequirementsgoverningdistributionsandsimilartransactions.Ifacourtweretodetermineundertheselawsthat,(a)atthetimeoftheSpin-Off,theentityinquestion:(1)wasinsolvent;(2)wasrenderedinsolventbyreasonoftheSpin-Off;(3)hadremainingassetsconstitutingunreasonablysmallcapital;(4)intendedtoincur,orbelieveditwouldincur,debtsbeyonditsabilitytopaythesedebtsastheymatured;or(b)thetransactioninquestionfailedtosatisfyapplicablelegalcapitalrequirements,thecourtcoulddeterminethattheSpin-Offwasvoidable,inwholeorinpart.Subjecttovariousdefenses,thecourtcouldthenrequireManitowocParentCoorus,orotherrecipientsofvalueinconnectionwiththeSpin-Off(potentiallyincludingourstockholdersasrecipientsofsharesofourcommonstockinconnectionwiththeSpin-Off),asthecasemaybe,toturnovervaluetootherentitiesinvolvedintheSpin-Offandcontemplatedtransactionsforthebenefitofunpaidcreditors.Themeasureofinsolvencyandapplicablelegalcapitalrequirementswillvarydependinguponthejurisdictionwhoselawisbeingapplied.

AftertheSpin-Off,certainofourdirectorsandofficersmayhaveactualorpotentialconflictsofinterestbecauseoftheirManitowocParentCoequityownershiportheirformerManitowocParentCopositions.

Certainofthepersonsweexpecttobecomeourexecutiveofficersanddirectorshavebeen,andwillbeuntiltheSpin-Off,ManitowocParentCoofficers,directorsoremployeesandthushaveprofessionalrelationshipswithManitowocParentCo’sexecutiveofficers,directorsoremployees.Inaddition,becauseoftheirformerManitowocParentCopositions,followingtheSpin-Off,certainofourdirectorsandexecutiveofficersmayownManitowocParentCocommonstockoroptionstoacquiresharesofManitowocParentCocommonstock,andtheindividualholdingsmaybesignificantforsomeoftheseindividualscomparedtotheirtotalassets.Theserelationshipsandfinancialinterestsmaycreate,ormaycreatetheappearanceof,conflictsofinterestwhenthesedirectorsandofficersarefacedwithdecisionsthatcouldhavedifferentimplicationsforManitowocParentCoandus.Forexample,potentialconflictsofinterestcouldariseinconnectionwiththeresolutionofanydisputethatmayarisebetweenManitowocParentCoandusregardingthetermsoftheagreementsgoverningtheSpin-Offandtherelationshipthereafterbetweenthecompanies.

Risks Relating to Our Common Stock and the Securities Markets

Youfacethefollowingrisksinconnectionwithownershipofourcommonstock:

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NomarketforourcommonstockcurrentlyexistsandanactivetradingmarketmaynotdeveloporbesustainedaftertheSpin-Off.FollowingtheSpin-Off,ourstockpricemayfluctuatesignificantly.

Thereiscurrentlynopublicmarketforourcommonstock.WeintendtoapplytolistourcommonstockontheNYSE.WeanticipatethatbeforetheDistributionDatefortheSpin-Off,tradingofsharesofourcommonstockwillbeginona“when-issued”basisandthistradingwillcontinueuptoandincludingtheDistributionDate.However,anactivetradingmarketforourcommonstockmaynotdevelopasaresultoftheSpin-Offormaynotbesustainedinthefuture.Thelackofanactivemarketmaymakeitmoredifficultforyoutoselloursharesandcouldleadtooursharepricebeingdepressedorvolatile.

WecannotpredictthepricesatwhichourcommonstockmaytradeaftertheSpin-Off.Themarketpriceofourcommonstockmayfluctuatewidely,dependingonmanyfactors,someofwhichmaybebeyondourcontrol,includingthefactorslistedin“CautionaryStatementConcerningForward-LookingStatements”andthefollowing:

• ourquarterlyorannualearnings,orthoseofothercompaniesinourindustry;• announcementsbyusorourcompetitorsofsignificantnewbusinessawards;• announcementsofsignificantacquisitions,divestitures,strategicalliances,jointventuresordispositionsbyusorourcompetitors;• thefailureofsecuritiesanalyststocoverourcommonstockaftertheSpin-Off;• changesinearningsestimatesbysecuritiesanalysts;• theoperatingandstockpriceperformanceofothercomparablecompanies;• investorperceptionofourcompanyandthefoodserviceindustry;• overallmarketfluctuations;• changesincapitalgainstaxesandtaxesondividendsaffectingstockholders;and• generaleconomicconditionsandotherexternalfactors.

Furthermore,ourbusinessprofileandmarketcapitalizationmaynotfittheinvestmentobjectivesofsomeManitowocParentCoshareholdersand,asaresult,theseManitowocParentCoshareholdersmayselloursharesaftertheDistribution.See“SubstantialsalesofourcommonstockmayoccurinconnectionwiththeSpin-Off,whichcouldcauseourstockpricetodecline.”Lowtradingvolumeforourstock,whichmayoccurifanactivetradingmarketdoesnotdevelop,amongotherreasons,wouldamplifytheeffectoftheabovefactorsonourstockpricevolatility.

Stockmarketsingeneralhaveexperiencedvolatilitythathasoftenbeenunrelatedtotheoperatingperformanceofaparticularcompany.Thesebroadmarketfluctuationscouldalsoadverselyaffectthetradingpriceofourcommonstock.

SubstantialsalesofourcommonstockmayoccurinconnectionwiththeSpin-Off,whichcouldcauseourstockpricetodecline.

ManitowocParentCoshareholdersreceivingsharesofourcommonstockintheDistributiongenerallymaysellthosesharesimmediatelyinthepublicmarket.AlthoughwehavenoactualknowledgeofanyplanorintentionofanysignificantshareholdertosellourcommonstockfollowingtheSpin-Off,itispossiblethatsomeManitowocParentCoshareholders,includingsomeofourlargerstockholders,willsellourcommonstockreceivedintheDistributionif,forreasonssuchasourbusinessprofileormarketcapitalizationasanindependentcompany,wedonotfittheirinvestmentobjectives,or-inthecaseofindexfunds-wearenotaparticipantintheindexinwhichtheyareinvesting.Thesalesofsignificantamountsofourcommonstockrelatingtotheaboveeventsortheperceptioninthemarketthatsuchsaleswilloccurmaydecreasethemarketpriceofourcommonstock.

Wecannotassureyouthatwewillpaydividendsonourcommonstock,andourindebtednesscouldlimitourabilitytopaydividendsonourcommonstock.

FollowingtheSpin-Off,thetiming,declaration,amountandpaymentofanyfuturedividendstostockholderswillfallwithinthediscretionofourBoard.OurBoardcurrentlydoesnotplanonpayingadividendin2016,asManitowocFoodservice'sfocusin2016willbeonthereductionofoutstandingdebt.OurBoard’sdecisionsregardingthepaymentoffuturedividendsincludingsubsequentto2016willdependonmanyfactors,includingourfinancialcondition,earnings,capitalrequirementsanddebtserviceobligations,aswellaslegalrequirements,regulatoryconstraints,industrypracticeandotherfactorsthatourBoarddeemsrelevant.Inaddition,thetermsoftheagreementsgoverningournewdebtordebtthatwemayincurinthefuturemaylimitorprohibitthepaymentofdividends.Formoreinformation,see“DividendPolicy.”Therecanbenoassurancethatwewillpayadividendinthefutureorthatwewillcontinuetopayanydividendifwedocommencepayingdividends.Therecanalsobenoassurancethat,inthefuture,thecombinedannualdividendsonManitowocParentCocommonstock,ifany,andourcommonstock,ifany,aftertheSpin-OffwillequaltheannualdividendsonManitowocParentCocommonstockpriortotheSpin-Off.

YourpercentageownershipinManitowocFoodservicemaybedilutedinthefuture.

YourpercentageownershipinManitowocFoodservicemaybedilutedinthefuturebecauseofequityawardsthatweexpecttogranttoourdirectors,officersandemployees.PriortotheSpin-Off,weexpecttoapproveequityincentiveplansthatwillprovideforthegrantofcommonstock-basedequityawardstoourdirectors,officersandotheremployees.Inaddition,wemayissueequityasallorpartoftheconsiderationpaidforacquisitionsandstrategicinvestmentswemaymakeinthefuture.

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ProvisionsofDelawarelawandourCertificateofIncorporationandBylawsmaypreventordelayanacquisitionofourcompany,whichcoulddecreasethetradingpriceofourcommonstock.

SeveralprovisionsofDelawarelawandourCertificateofIncorporationandBylawsmaydiscourage,delayorpreventamergeroracquisitionthatastockholderorinvestormayconsiderfavorable.Theseincludeprovisionsthat:

• allowourBoardtoadoptastockholderrightsplan;• authorizeourBoardtoestablishoneormoreseriesofundesignatedpreferredstockwithoutstockholderapproval,andtodeterminethetermsofsuch

preferredstockatthetimeofissuance;• donotprovideforcumulativevotingintheelectionofdirectors;• limitthestockholders’abilitytocallspecialmeetingsofstockholderstoremovedirectors;• establishadvancenoticerequirementsforstockholdernominationsandproposals;and• limitourabilitytoenterintobusinesscombinationtransactionswithcertainstockholders.

TheseandotherprovisionsofDelawarelawandourCertificateofIncorporationandBylawsmaydiscourage,delayorpreventcertaintypesoftransactionsinvolvinganactualorathreatenedacquisitionorchangeincontrolofManitowocFoodservice,includingunsolicitedtakeoverattempts,eventhoughthetransactionmayofferourstockholderstheopportunitytoselltheirsharesofourcommonstockatapriceabovetheprevailingmarketprice.See“DescriptionofOurCapitalStock”formoreinformation.

OurBylawsincludeanexclusiveforumprovisionthatcouldlimitourstockholders’abilitytoobtainajudicialforumviewedbythestockholdersasmorefavorablefordisputeswithusorourdirectors,officersorotheremployees.

OurBylawsprovidethat,unlessweconsentinwritingtotheselectionofanalternativeforum,theCourtofChanceryoftheStateofDelaware(or,ifthatcourtdoesnothavejurisdiction,thefederaldistrictcourtfortheDistrictofDelaware)shallbethesoleandexclusiveforumfor(i)anyderivativeactionorproceedingbroughtonbehalfofManitowocFoodservice;(ii)anyactionassertingaclaimforbreachofafiduciarydutyowedbyanydirector,officerorotheremployeeofManitowocFoodservicetousorourstockholders;(iii)anyactionassertingaclaimarisingpursuanttoanyprovisionoftheDelawareGeneralCorporationLaw(the“DGCL”),ourCertificateofIncorporationorourBylaws(asanyoftheforegoingmaybeamendedfromtimetotime);or(iv)anyactionassertingaclaimgovernedbytheinternalaffairsdoctrine.Thisexclusiveforumprovisionmaylimittheabilityofourstockholderstobringaclaiminajudicialforumthatsuchstockholdersfindfavorablefordisputeswithusorourdirectorsorofficers,whichmaydiscouragelawsuitsagainstusorourdirectorsorofficers.Alternatively,ifacourtoutsideofDelawareweretofindthisexclusiveforumprovisioninapplicableto,orunenforceableinrespectof,oneormoreofthetypesofactionsorproceedingsdescribedabove,wemayincuradditionalcostsassociatedwithresolvingsuchmattersinotherjurisdictions,whichcouldadverselyaffectourbusiness,financialconditionorresultsofoperations.

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CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

StatementsinthisInformationStatementthatarenothistoricalfactsareforward-lookingstatements,whicharebaseduponourcurrentexpectations.

ThesestatementsinvolverisksanduncertaintiesthatcouldcauseactualresultstodiffermateriallyfromwhatappearswithinthisInformationStatement.

Forward-lookingstatementsincludedescriptionsofplansandobjectivesforfutureoperations,andtheassumptionsbehindthoseplans.Thewords“anticipates,”“believes,”“intends,”“estimates,”“targets”and“expects,”orsimilarexpressions,usuallyidentifyforward-lookingstatements.Anyandallprojectionsoffutureperformanceareforward-lookingstatements.

Inadditiontotheassumptions,uncertaintiesandotherinformationreferredtospecificallyintheforward-lookingstatements,anumberoffactorsrelatingtoourbusinesscouldcauseactualresultstobesignificantlydifferentfromthecurrentexpectationspresentedinthisInformationStatement.Thosefactorsinclude,withoutlimitation,thefollowing:

• theimpactofourseparationfromManitowocParentCoandrisksrelatingtoourabilitytooperateeffectivelyasanindependent,publiclytradedcompany;• efficienciesandcapacityutilizationoffacilities;• issuesrelatingtotheabilitytotimelyandefficientlyexecuteonmanufacturingstrategies,includingissuesrelatingtonewplantstart-ups,plantclosings,

workforcereductionsorramp-ups,and/orconsolidationsofexistingfacilitiesandoperations;• ourfailuretoretainourexecutivemanagementteamandtoattractqualifiednewpersonnel;• realizationofanticipatedearningsenhancements,costsavings,strategicoptionsandothersynergies,andtheanticipatedtimingtorealizethose

enhancements,savings,synergies,andoptions;• availabilityofcertainrawmaterials;• changesinrawmaterialsandcommodityprices;• actionsofcompetitors,includingcompetitivepricing;• thesuccessfuldevelopmentofinnovativeproductsandmarketacceptanceofnewandinnovativeproducts;• theabilitytofocusandcapitalizeonproductqualityandreliability;• unexpectedissuesassociatedwiththequalityofmaterialsandcomponentssourcedfromthirdpartiesandresolutionofthoseissues;• unanticipatedissuesassociatedwithrefresh/renovationplansbynationalrestaurantaccountsandglobalchains;• consumerdemandforquick-servicerestaurantchainsandkiosks;• growthindemandforfoodserviceequipmentbycustomersinemergingmarkets;• globalexpansionofcustomers;• changesinthemarketsweserve;• unfavorableoutcomesinproductliabilitylawsuits,oranincreaseinthevolumeofproductliabilitylawsuits;• unexpectedcostsincurredinprotectingourintellectualproperty;• weather;• changesindomesticandinternationaleconomicandindustryconditions;• workstoppages,labornegotiations,ratesandtemporarylabor;• theavailabilityoflocalsuppliersandskilledlabor;• unanticipatedchangesincapitalandfinancialmarkets;• changesintheinterestrateenvironment;• foreigncurrencyfluctuationsandtheirimpactonreportedresultsandhedgesinplace;• unexpectedissuesaffectingoureffectivetaxrate,including,butnotlimitedto,globaltaxpolicies,taxreform,andtaxlegislation;• unanticipatedissuesassociatedwiththeresolutionorsettlementofuncertaintaxpositionsorunfavorableresolutionoftaxaudits;• thetaxtreatmentoftheDistributionandtherestrictionsonpost-DistributionactivitiesimposedonManitowocFoodserviceundertheTaxMattersAgreement

inordertopreservethetax-freetreatmentoftheSpin-Off;• actionsofactivistshareholders;• costsassociatedwithunanticipatedenvironmentalliabilities;• risksassociatedwithdatasecurityandtechnologicalsystemsandprotections;• world-widepoliticalrisk;• naturaldisastersdisruptingcommerceinoneormoreregionsoftheworld;• actsofterrorism;• geographicfactorsandeconomicrisks;• changesinlawsandregulations,aswellastheirenforcement,throughouttheworld;• changesinthecostsofcompliancewithlawsregardingtrade,exportcontrolsandforeigncorruptpractices;• foodserviceequipmentreplacementcyclesintheU.S.andothermaturemarkets;• theabilitytocompeteandappropriatelyintegrate,and/ortransition,restructureandconsolidateacquisitions,divestures,strategicalliances,jointventuresand

otherstrategicalternativesandotherwisecapitalizeonkeystrategicopportunities;

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• inconnectionwithacquisitions,divestitures,strategicalliancesandjointventures,thefinalizationofthepriceandotherterms,therealizationofcontingenciesconsistentwithanyestablishedreserves,andunanticipatedissuesassociatedwithtransitionalservices;

• pressureoffinancingleverage;• unanticipatedchangesinconsumerspending;• compliancewithdebtcovenantsandmaintenanceofcreditratingsaswellastheimpactofinterestandprincipalrepaymentofourfuturedebtobligations;• growthofgeneralandadministrativeexpenses,includinghealthcareandpostretirementcosts;and• othereventsoutsideourcontrol.

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THE SPIN-OFF

Background

OnJanuary29,2015,ManitowocParentCoannouncedplanstocreatetwoindependentpubliccompanies:theFoodserviceBusinessandtheCraneBusiness.ToeffecttheSpin-Off,ManitowocParentCowillundertaketheInternalReorganizationdescribedunder“CertainRelationshipsandRelatedPartyTransactions-AgreementswithManitowocParentCo-SeparationandDistributionAgreement,”followingwhichManitowocParentCowillholdtheCraneBusinessandManitowocFoodservice,ManitowocParentCo’swhollyownedsubsidiary,willholdtheFoodserviceBusiness.

FollowingtheInternalReorganization,ManitowocParentCowilldistributeallofitsequityinterestinus,consistingofalloftheoutstandingsharesofourcommonstock,toManitowocParentCo’sshareholdersonaproratabasis.FollowingtheSpin-Off,ManitowocParentCowillnotownanyequityinterestinus,andwewilloperateindependentlyfromManitowocParentCo.NoapprovalofManitowocParentCo’sshareholdersisrequiredinconnectionwiththeSpin-Off,andManitowocParentCo’sshareholderswillnothaveanyappraisalrightsinconnectionwiththeSpin-Off.

TheSpin-OffdescribedinthisInformationStatementissubjecttothesatisfaction,orManitowocParentCo’swaiver,ofanumberofconditions.Inaddition,ManitowocParentCohastherightnottocompletetheSpin-Offif,atanytime,theManitowocParentCoBoarddetermines,initssoleandabsolutediscretion,thattheSpin-OffisnotinthebestinterestsofManitowocParentCooritsshareholdersorisotherwisenotadvisable.Foramoredetaileddescription,see“ConditionstotheSpin-Off.”

Reasons for the Spin-Off

TheManitowocParentCoBoardbelievesthatcreatingtwopubliccompanieswillpresentanumberofopportunities,includingthefollowing:

• TheSpin-Offwillalloweachcompanytofocusonitsdistinctgrowthprofile,productcategories,distributionsystemsandstrategicpriorities,withcustomizedcultures,organizationalstructures,operatingmodelsandfinancialtargetsthatbestfititsownbusiness,marketsanduniqueopportunities.

• TheSpin-Offwillalloweachcompanytoraisecapitalmoreefficientlyusingacapitalstructurethatalignswithitsdistinctbusinessprofile,allocateresourcesanddeploycapitalinamannerconsistentwithitsdistinctoperationalfocusandstrategicprioritiesinordertooptimizetotalreturnstoshareholders.

• TheSpin-Offwillalloweachcompanytoissuestock-basedcompensationtoitsemployeesthatmorecloselyalignstheemployee’seffortswithhisorhercompensation,therebyenhancingtheabilityofeachcompanytoattractandretainkeytalent.

• TheSpin-OffwillallowinvestorstovalueManitowocParentCoandManitowocFoodservicebasedontheirparticularoperationalandfinancialcharacteristicsandthusinvestaccordingly.

• TheSpin-Offwillalloweachcompanytoattractalong-terminvestorbaseappropriatefortheparticularoperationalandfinancialcharacteristicsofthatcompany.

TheManitowocParentCoBoardalsoconsideredcertainrisksandnegativefactorsassociatedwiththeSpin-Off,including:thefactthattheSpin-Offwillbecontingentuponthesatisfactionofanumberofconditionsandwillrequiresignificanttimeandattentionofmanagement;theriskthattheSpin-Offmaynotachievesomeorallofitsintendedbenefits;thefactthatthetradingpriceofManitowocParentCo’scommonstockwilllikelydecreaseimmediatelyfollowingtheSpin-Off;theriskthatthecombinedtradingpriceofManitowocParentCocommonstockandourcommonstockmaybelessthanthepriceatwhichManitowocParentCo’scommonstockwouldotherwisehavetraded;andtheriskthattheSpin-Offcouldresultinsubstantialtaxliability.

Separation of Manitowoc Foodservice from Manitowoc ParentCo

WiththeobjectiveofcreatingtwoseparateandstrongbusinessesandwithinputandadvicefromManitowocParentCo’smanagement,theManitowocParentCoBoarddefinedprinciplestoimplementtheseparationofManitowocFoodservicefromManitowocParentCo.TheseseparationprinciplesincludeensuringthatbothManitowocParentCoandManitowocFoodservicewilleachholdtheassetsneededtooperateourrespectivebusinessesandhavetotalliabilitiesimmediatelyfollowingtheSpin-Offthatsupporteachofusachievingcapitalstructuresappropriateforourbusinessprofiles.

TheManitowocParentCoBoardchargedasteeringcommitteecomprisingmembersofManitowocParentCo’sseniormanagement,orthe“SteeringCommittee,”withoverseeingtheseparationofthebusinessesinaccordancewiththeseseparationprinciples.Guidedbytheseparationprinciplesandinputfrombusinessunitsandstrategy,taxandlegalteams,aswellasoutsideadvisors,theSteeringCommitteeconsidered,amongotherfactors,eachbusiness’shistoricownershipandusageofassets,incurrenceofliabilities,relationshipswithotherentitiesandaccountingtreatment,aswellasadministrativecostsandefficiencies,todeterminethetermsoftheseparationofManitowocFoodservicefromManitowocParentCo.

When and How You Will Receive Manitowoc Foodservice Shares

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ManitowocParentCowilldistributetoitsshareholders,prorata,oneshareofourcommonstockforeveryoneshareofManitowocParentCocommonstockoutstandingasofDecember31,2015,theRecordDateoftheDistribution.

PriortotheSpin-Off,ManitowocParentCowilldeliveralloftheissuedandoutstandingsharesofourcommonstocktothedistributionagent.Computersharewillserveasdistributionagentinconnectionwiththedistributionofourcommonstockandastransferagentandregistrarforourcommonstock.

IfyouownManitowocParentCocommonstockasofthecloseofbusinessonFebruary22,2016,thesharesofourcommonstockthatyouareentitledtoreceiveintheDistributionwillbeissuedtoyouraccountasfollows:

• Registeredshareholders.IfyouownyoursharesofManitowocParentCocommonstockdirectly,eitherthroughanaccountwithManitowocParentCo’stransferagentorifyouholdphysicalstockcertificates,youarearegisteredshareholder.Inthiscase,thedistributionagentwillcreditthewholesharesofourcommonstockyoureceiveintheDistributionbywayofdirectregistrationinbook-entryformtoyourComputershareaccountonorshortlyaftertheDistributionDate.Registrationinbook-entryformreferstoamethodofrecordingshareownershipwherenophysicalstockcertificatesareissuedtoshareholders,asisthecaseintheDistribution.Youwillbeabletoaccessinformationregardingyourbook-entryaccountholdingtheManitowocFoodservicesharesatwww.computershare.com/investororviaourtransferagent’sinteractivevoiceresponsesystemat(877)498‑8861,ineachcaseusingthesamecredentialsthatyouusetoaccessyourManitowocParentCoaccount.

WithintenbusinessdaysaftertheDistributionDate,thedistributionagentwillmailtoyouaComputershareaccountstatementandacheckforanycashinlieuoffractionalsharesyouareentitledtoreceive.See“TreatmentofFractionalShares.”TheComputershareaccountstatementwillindicatethenumberofwholesharesofourcommonstockthathavebeenregisteredinbook-entryforminyourname.

• “Streetname”orbeneficialshareholders.MostManitowocParentCoshareholdersowntheirsharesofManitowocParentCocommonstockbeneficiallythroughabank,brokerorothernominee.Inthesecases,thebank,brokerorothernomineeholdsthesharesin“streetname”andrecordsyourownershiponitsbooks.IfyouownyoursharesofManitowocParentCocommonstockthroughabank,brokerorothernominee,yourbank,brokerorothernomineewillcredityouraccountwiththewholesharesofourcommonstockthatyoureceiveintheDistributiononorshortlyaftertheDistributionDate.Weencourageyoutocontactyourbank,brokerorothernomineeifyouhaveanyquestionsconcerningthemechanicsofhavingsharesheldinstreetname.

IfyousellanyofyoursharesofManitowocParentCocommonstockonorbeforetheDistributionDate,thebuyerofthoseshares,andnotyou,mayinsomecircumstancesbeentitledtoreceivethesharesofourcommonstockissuableinrespectofthesharessold.IfyousellanyofyoursharesofManitowocParentCocommonstockaftertheRecordDatebutbeforetheDistributionDate,youmaychoosetoselltheshareswithorwithouttherighttoreceiveManitowocFoodserviceshares.See“TradingPriortotheDistributionDate”formoreinformation.

WearenotaskingManitowocParentCoshareholderstotakeanyactioninconnectionwiththeSpin-Off.NoshareholderapprovaloftheSpin-Offisrequired.Wearenotaskingyouforaproxyandrequestthatyounotsendusaproxy.WearealsonotaskingyoutosurrenderanyofyoursharesofManitowocParentCocommonstockforsharesofourcommonstock.ThenumberofoutstandingsharesofManitowocParentCocommonstockwillnotchangeasaresultoftheSpin-Off.

Number of Shares You Will Receive

OntheDistributionDate,youwillreceiveoneshareofourcommonstockforeveryoneshareofManitowocParentCocommonstockyouownedasoftheRecordDate.

Treatment of Equity-Based Compensation

WithrespecttoManitowocParentCo’sequity-basedincentiveawardsthatareoutstandingontheDistributionDate,weexpectthateachoutstandingManitowocParentCostockoption,restrictedshare,restrictedstockunitandperformancesharewillbetreatedinamannersimilartothatexperiencedbyManitowocParentCoshareholderswithrespecttotheirManitowocParentCocommonstock.Morespecifically,eachoftheseawardswillbedeemedbifurcatedintotwoseparateawards:(1)amodifiedawardcoveringManitowocParentCocommonstock;and(2)anewawardofthesametypecoveringManitowocFoodservicecommonstock.Eachofthesetwoawardswillbesubjecttothesametermsandconditionsafterthespin-offasthetermsandconditionsapplicabletotheoriginalManitowocParentCoawardpriortothespin-off,except:

• withrespecttoeachmodifiedstockoptionawardcoveringManitowocParentCocommonstockandnewstockoptionawardcoveringManitowocFoodservicecommonstock,theper-shareexercisepriceforsuchawardwillbeadjustedorestablished,asapplicable,sothatthetwoawards,together,willretain,intheaggregate,thesameintrinsicvaluethattheoriginalManitowocParentCostockoptionawardhadimmediatelypriortothespin-off(subjecttorounding);

• withrespecttoperformancesharessubjecttoperformancegoalsrelatingtoperformanceperiodsthatareincompleteatthetimeofthespin-off,theperformancegoalswillbedeemedmetatthetargetlevelandthenumberofperformanceshareswillbecalculatedwithnoproration,buttheperformanceshareswillremainsubjecttocontinuedtime-basedvestinguntiltheendoftheapplicableperformanceperiod.

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• withrespecttoeachnewawardcoveringManitowocFoodservicecommonstock,thenumberofunderlyingsharessubjecttosuchnewawardwillbedeterminedbasedonapplicationofthedistributionratiotothenumberofsharesofManitowocParentCocommonstocksubjecttotheoriginalManitowocParentCoawardpriortobifurcation;

• withrespecttoanycontinuousemploymentrequirementassociatedwithanyequity-basedincentiveawards,suchrequirementwillbesatisfiedafterthespin-off(a)byaManitowocFoodserviceemployeebasedonhisorhercontinuousemploymentwithManitowocFoodservice(forequity-basedincentiveawardsofeitherManitowocFoodserviceorManitowocParentCo)and(b)byaManitowocParentCoemployeebasedonhisorhercontinuousemploymentwithManitowocParentCo(forequity-basedincentiveawardsofeitherManitowocParentCoorManitowocFoodservice);and

• totheextentanyoriginalManitowocParentCoequity-basedincentiveawardissubjecttopotentialacceleratedvestingorexercisabilityintheeventofa“changeofcontrol”orsimilarevent,thecorrespondingpost-spinoffManitowocParentCoandManitowocFoodserviceequity-basedincentiveawardswillgenerallyaccelerateinthesamemannerintheeventof(a)achangeofcontrolorsimilareventoftheissuerofthesharesunderlyingsuchawards,or(b)achangeofcontrolorsimilareventoftheemployerofthegrantee.

Totheextentthatanaffectedemployeeisemployedinanon-U.S.jurisdiction,andtheadjustmentsorgrantscontemplatedabovecouldresultinadversetaxconsequencesorotheradverseregulatoryconsequences,ManitowocParentComaydeterminethatadifferentequitableadjustmentorgrantwillapplyinordertoavoidanysuchadverseconsequences.

WeexpectthattheCompensationCommitteeofourboardofdirectorswillmaintainaprogramtodeliverlong-termincentiveawardstoourexecutivesandotheremployeesthatisappropriateforourbusinessneeds.However,thetypesofawardsprovided,theallocationofgrantdatevaluesamongthemixofawardsandtheperformancemeasurestobeusedmaydifferfromManitowocParentCo’spastpractice.

Treatment of Fractional Shares

ThedistributionagentwillnotdistributeanyfractionalsharesofourcommonstockinconnectionwiththeSpin-Off.Instead,thedistributionagentwillaggregateallfractionalsharesintowholesharesandsellthewholesharesintheopenmarketatprevailingmarketpricesonbehalfofManitowocParentCoshareholdersentitledtoreceiveafractionalshare.Thedistributionagentwillthendistributetheaggregatecashproceedsofthesales,netofbrokeragefeesandothercosts,proratatotheseholders(netofanyrequiredwithholdingfortaxesapplicabletoeachholder).Weanticipatethatthedistributionagentwillmakethesesalesinthe“when-issued”market,andwhen-issuedtradeswillgenerallysettlewithinfourtradingdaysfollowingtheDistributionDate.See“TradingPriortotheDistributionDate”foradditionalinformationregardingwhen-issuedtrading.Thedistributionagentwill,initssolediscretion,withoutanyinfluencebyManitowocParentCoorus,determinewhen,how,throughwhichbroker-dealerandatwhatpricetosellthewholeshares.Thedistributionagentisnot,andanybroker-dealerusedbythedistributionagentwillnotbe,anaffiliateofeitherManitowocParentCoorus.

ThedistributionagentwillsendtoeachregisteredholderofManitowocParentCocommonstockentitledtoafractionalshareacheckinthecashamountdeliverableinlieuofthatholder’sfractionalshareassoonaspracticablefollowingtheDistributionDate.WeexpectthedistributionagenttocompletethedistributionofcashinlieuoffractionalsharestoManitowocParentCoshareholderswithintenbusinessdaysaftertheDistributionDate.Ifyouholdyoursharesthroughabank,brokerorothernominee,yourbank,brokerornomineewillreceive,onyourbehalf,yourproratashareoftheaggregatenetcashproceedsofthesales.Nointerestwillbepaidonanycashyoureceiveinlieuoffractionalshares.Thecashyoureceiveinlieuoffractionalshareswillgenerallybetaxabletoyou.See“MaterialU.S.FederalIncomeTaxConsequences”belowformoreinformation.

Results of the Spin-Off

AftertheSpin-Off,wewillbeanindependent,publiclytradedcompany.ImmediatelyfollowingtheDistribution,weexpecttohaveapproximately1,975registeredholdersofsharesofourcommonstockandapproximately136,617,161sharesofourcommonstockoutstanding,basedonthenumberofManitowocParentCoregisteredshareholdersandsharesofManitowocParentCocommonstockoutstandingonDecember31,2015.TheactualnumberofsharesofourcommonstockManitowocParentCowilldistributeintheSpin-OffwilldependontheactualnumberofsharesofManitowocParentCocommonstockoutstandingontheRecordDate,andwillreflectanyissuanceofnewsharesorexercisesofoutstandingoptionspursuanttoManitowocParentCo’sequityplansonorpriortotheRecordDate.TheSpin-OffwillnotaffectthenumberofoutstandingsharesofManitowocParentCocommonstockoranyrightsofManitowocParentCoshareholders,althoughweexpectthetradingpriceofsharesofManitowocParentCocommonstockimmediatelyfollowingtheDistributiontobelowerthanimmediatelypriortotheDistributionbecauseManitowocParentCo’stradingpricewillnolongerreflectthevalueoftheFoodserviceBusiness.Furthermore,untilthemarkethasfullyanalyzedthevalueofManitowocParentCowithouttheFoodserviceBusiness,thepriceofsharesofManitowocParentCocommonstockmayfluctuate.

BeforetheSpin-Off,weintendtoenterintoaSeparationandDistributionAgreementandseveralotheragreementswithManitowocParentCorelatedtotheSpin-Off.TheseagreementswillgoverntherelationshipbetweenManitowocParentCoandusuptoandaftercompletionoftheSpin-OffandallocatebetweenManitowocParentCoandusvariousassets,liabilities,rightsandobligations,includingemployeebenefits,intellectualpropertyandtax-relatedassetsandliabilities.Wedescribethesearrangementsingreaterdetailunder“CertainRelationshipsandRelatedPartyTransactions-AgreementswithManitowocParentCo.”

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Listing and Trading of our Common Stock

AsofthedateofthisInformationStatement,weareawhollyownedsubsidiaryofManitowocParentCo.Accordingly,nopublicmarketforourcommonstockcurrentlyexists,althougha“when-issued”marketinourcommonstockmaydeveloppriortotheDistribution.See“TradingPriortotheDistributionDate”belowforanexplanationofa“when-issued”market.WeintendtolistoursharesofcommonstockontheNYSEunderthesymbol“MFS.”FollowingtheSpin-Off,ManitowocParentCocommonstockwillcontinuetotradeontheNYSEunderthesymbol“MTW.”

NeitherManitowocParentConorwecanassureyouastothetradingpriceofManitowocParentCocommonstockorourcommonstockaftertheSpin-Off,orastowhetherthecombinedtradingpricesofManitowocParentCocommonstockandourcommonstockaftertheSpin-Offwillbelessthan,equaltoorgreaterthanthetradingpricesofManitowocParentCocommonstockpriortotheSpin-Off.ThetradingpriceofourcommonstockmayfluctuatesignificantlyfollowingtheSpin-Off.See“RiskFactors-RisksRelatingtoourCommonStockandtheSecuritiesMarkets”formoredetail.

ThesharesofourcommonstockdistributedtoManitowocParentCoshareholderswillbefreelytransferable,exceptforsharesreceivedbyindividualswhoareouraffiliates.IndividualswhomaybeconsideredouraffiliatesaftertheSpin-Offincludeindividualswhocontrol,arecontrolledbyorareundercommoncontrolwithus,asthosetermsgenerallyareinterpretedforfederalsecuritieslawpurposes.Theseindividualsmayincludesomeorallofourdirectorsandexecutiveofficers.IndividualswhoareouraffiliateswillbepermittedtoselltheirsharesofourcommonstockonlypursuanttoaneffectiveregistrationstatementundertheSecuritiesActof1933,orthe“SecuritiesAct,”oranexemptionfromtheregistrationrequirementsoftheSecuritiesAct,suchasthoseaffordedbySection4(1)oftheSecuritiesActorRule144thereunder.

WeexpectthatManitowocParentCo’scurrentdirectorsandexecutiveofficersfollowingtheSpin-Offwillvoluntarilycommittohold100%oftheafter-taxnetsharesofourcommonstocktheyreceiveintheSpin-Offand100%oftheafter-taxnetsharesofManitowocParentCocommonstocktheyholdontheDistributionDateforatleastoneyearfollowingtheDistributionDate.Inaddition,weexpectthattheotherindividualswhowillserveasourexecutiveofficersfollowingtheSpin-Offwillvoluntarilycommittohold100%oftheafter-taxnetsharesofourcommonstocktheyreceiveintheSpin-Offandatleast50%oftheafter-taxnetsharesofManitowocParentCocommonstocktheyholdontheDistributionDateforatleastoneyearfollowingtheDistributionDate.

Trading Prior to the Distribution Date

Weexpecta“when-issued”marketinourcommonstocktodevelopasearlyastwotradingdayspriortotheRecordDatefortheDistributionandcontinueuptoandincludingtheDistributionDate.When-issuedtradingreferstoasaleorpurchasemadeconditionallyonorbeforetheDistributionDatebecausethesecuritiesofthespun-offentityhavenotyetbeendistributed.IfyouownsharesofManitowocParentCocommonstockontheRecordDate,youwillbeentitledtoreceivesharesofourcommonstockintheDistribution.Youmaytradethisentitlementtoreceivesharesofourcommonstock,withoutthesharesofManitowocParentCocommonstockyouown,onthewhen-issuedmarket.Weexpectwhen-issuedtradesofourcommonstocktosettlewithinfourtradingdaysaftertheDistributionDate.OnthefirsttradingdayfollowingtheDistributionDate,weexpectthatwhen-issuedtradingofourcommonstockwillendand“regular-way”tradingwillbegin.

FollowingtheDistributionDate,weexpectsharesofourcommonstocktobelistedontheNYSEunderthetradingsymbol“MFS.”Ifwhen-issuedtradingoccurs,thelistingforourcommonstockisexpectedtobeunderatradingsymboldifferentfromourregular-waytradingsymbol.Wewillannounceourwhen-issuedtradingsymbolwhenandifitbecomesavailable.IftheSpin-Offdoesnotoccur,allwhen-issuedtradingwillbenullandvoid.

Conditions to the Spin-Off

WeexpectthattheSpin-OffwillbeeffectiveontheDistributionDate,providedthatthefollowingconditionshavebeensatisfiedortheManitowocParentCoBoardhaswaivedtheconditions:

• theManitowocParentCoBoardwill,initssoleandabsolutediscretion,haveauthorizedandapproved:

(i)theInternalReorganization,

(ii) anyothertransfersofassetsandassumptionsofliabilitiescontemplatedbytheSeparationandDistributionAgreementandanyrelatedagreements;and

(iii)theDistribution,

andwillnothavewithdrawnthatauthorizationandapproval;

• theManitowocParentCoBoardwillhavedeclaredtheDistributionofalloutstandingsharesofourcommonstocktoManitowocParentCo’sshareholders;

• theSECwillhavedeclaredourRegistrationStatementonForm10,ofwhichthisInformationStatementisapart,effectiveundertheExchangeAct,nostopordersuspendingtheeffectivenessoftheRegistrationStatementwillbeineffect,noproceedingsforthatpurposewillbependingbeforeorthreatenedbytheSECandnoticeofInternetavailabilityofthisInformationStatementorthisInformationStatementwillhavebeenmailedtoManitowocParentCo’sshareholders;

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• theNYSEoranothernationalsecuritiesexchangeapprovedbytheManitowocParentCoBoardwillhaveacceptedourcommonstockforlisting,subjecttoofficialnoticeofissuance;

• theInternalReorganizationwillhavebeencompleted;

• thereceiptofanopinionfromtaxcounseloranotherthirdpartyadvisortoManitowocParentCothattheDistributionandcertainrelatedtransactionswillqualifyastax-freetoManitowocParentCoanditsshareholdersunderSections355,368andrelatedprovisionsoftheCode;

• noorder,injunctionordecreethatwouldpreventtheconsummationoftheDistributionwillbethreatened,pendingorissued(andstillineffect)byanygovernmentalentityofcompetentjurisdiction,nootherlegalrestraintorprohibitionpreventingtheconsummationoftheDistributionwillbeineffect,andnoothereventoutsidethecontrolofManitowocParentCowillhaveoccurredorfailedtooccurthatpreventstheconsummationoftheDistribution;

• noothereventsordevelopmentswillhaveoccurredpriortotheDistributionthat,inthejudgmentoftheManitowocParentCoBoard,wouldresultintheDistributionhavingamaterialadverseeffectonManitowocParentCooritsshareholders;

• ManitowocParentCoandwewillhaveexecutedanddeliveredtheSeparationandDistributionAgreement,TaxMattersAgreement,TransitionServicesAgreement,EmployeeMattersAgreement,IntellectualPropertyMattersAgreementandallotherancillaryagreementsrelatedtotheSpin-Off;and

• immediatelypriortotheDistribution,ourCertificateofIncorporationandBylaws,eachinsubstantiallytheformfiledasanexhibittotheRegistrationStatementonForm10ofwhichthisInformationStatementisapart,willbeineffect.

ThefulfillmentoftheaboveconditionswillnotcreateanyobligationonManitowocParentCo’sparttoeffecttheSpin-Off.Wearenotawareofanymaterialfederal,foreignorstateregulatoryrequirementswithwhichwemustcomply,otherthanSECrulesandregulations,oranymaterialapprovalsthatwemustobtain,otherthantheNYSE’sapprovalforlistingofourcommonstockandtheSEC’sdeclarationoftheeffectivenessoftheRegistrationStatement,inconnectionwiththeDistribution.ManitowocParentCohastherightnottocompletetheSpin-Offif,atanytime,theManitowocParentCoBoarddetermines,initssoleandabsolutediscretion,thattheSpin-OffisnotinthebestinterestsofManitowocParentCooritsshareholdersorisotherwisenotadvisable.

Reasons for Furnishing this Information Statement

WeandManitowocParentCoarefurnishingthisInformationStatementsolelytoprovideinformationtoManitowocParentCo’sshareholderswhowillreceivesharesofourcommonstockintheDistribution.YoushouldnotconstruethisInformationStatementasaninducementorencouragementtobuy,holdorsellanyofoursecuritiesoranysecuritiesofManitowocParentCo.WebelievethattheinformationcontainedinthisInformationStatementisaccurateasofthedatesetforthonthecover.ChangestotheinformationcontainedinthisInformationStatementmayoccurafterthatdate,andneitherManitowocParentConorweundertakeanyobligationtoupdatetheinformationexceptinthenormalcourseofManitowocParentCo’sandourpublicdisclosureobligationsandpractices.

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MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES

ThefollowingisasummaryofthematerialU.S.federalincometaxconsequencestoManitowocParentCoandtotheholdersofManitowocParentCocommonstockinconnectionwiththeSpin-Off.ThissummaryisbasedontheCode,theTreasuryRegulationspromulgatedthereunderandjudicialandadministrativeinterpretationsthereof,ineachcaseasineffectandavailableasofthedateofthisInformationStatement,allofwhicharesubjecttochangeatanytime,possiblywithretroactiveeffect.Anysuchchangecouldaffectthetaxconsequencesdescribedbelow.

ThissummaryislimitedtoholdersofManitowocParentCocommonstockthatareU.S.Holders,asdefinedimmediatelybelow.A“U.S.Holder”isabeneficialownerofManitowocParentCocommonstockthatis,forU.S.federalincometaxpurposes:

• anindividualwhoisacitizenoraresidentoftheUnitedStates;• anentitythatisclassifiedforU.S.federalincometaxpurposesasacorporationandthatisorganizedunderthelawsoftheUnitedStates,anystatethereof,orthe

DistrictofColumbia,orisotherwisetreatedforU.S.federalincometaxpurposesasadomesticcorporation;• anestate,theincomeofwhichissubjecttoU.S.federalincometaxationregardlessofitssource;or• atrust,if(i)acourtwithintheUnitedStatesisabletoexerciseprimaryjurisdictionoveritsadministrationandoneormoreUnitedStatespersonsasdescribedin

Section7701(a)(30)oftheCode(“UnitedStatespersons”)havetheauthoritytocontrolallofitssubstantialdecisions;or(ii)itwastreatedasadomestictrustunderthelawineffectbefore1997andavalidelectionisinplaceunderapplicableU.S.TreasuryRegulations.

ThissummarydoesnotaddressalltaxconsiderationsthatmayberelevanttoU.S.Holdersinlightoftheirparticularcircumstances,anddoesnotaddresstheconsequencestoU.S.HolderssubjecttospecialtreatmentundertheU.S.federalincometaxlaws,includingbutnotlimitedtothefollowing:

• dealersortradersinsecuritiesorcurrencies;• tax-exemptentities;• banks,financialinstitutionsorinsurancecompanies;• realestateinvestmenttrustsorregulatedinvestmentcompanies;• personswhoacquiredManitowocParentCocommonstockpursuanttotheexerciseofemployeestockoptionsorotherwiseascompensation;• holderswhoown,oraredeemedtoown,atleast10%ormore,byvotingpowerorvalue,oftheequityinterestsinManitowocParentCo;• holderswhoownManitowocParentCocommonstockaspartofapositioninastraddleoraspartofahedging,conversionorotherriskreductiontransactionforU.S.

federalincometaxpurposes;or• personswhoownManitowocParentCocommonstockthroughpartnershipsorotherpass-throughentities.

ThissummarydoesnotaddresstheU.S.federalincometaxconsequencestoManitowocParentCo’sshareholderswhodonotholdManitowocParentCocommonstockasacapitalasset.Moreover,thissummarydoesnotdiscussanyalternativeminimumtaxconsequencesanddoesnotaddressanystate,localornon-U.S.taxconsequencesoranyestate,giftorothernon-incometaxconsequences.

Ifapartnership(oranyotherentitytreatedasapartnershipforU.S.federalincometaxpurposes)holdsManitowocParentCocommonstock,thetaxtreatmentofapartnerinthatpartnershipwillgenerallydependonthestatusofthepartnerandtheactivitiesofthepartnership.Suchapartnerorpartnershipshouldconsultitsowntaxadvisorastoitstaxconsequences.

YOU SHOULD CONSULT YOUR OWN TAX ADVISOR WITH RESPECT TO THE U.S. FEDERAL, STATE AND LOCAL AND NON-U.S. TAXCONSEQUENCES OF THE SPIN-OFF. THIS SUMMARY IS NOT INTENDED TO BE, NOR SHOULD IT BE CONSTRUED TO BE, LEGAL OR TAX ADVICETO ANY PARTICULAR INVESTOR.

InconnectionwiththeSpin-Off,ManitowocParentCoexpectstoreceiveanopinionfromBaker&McKenzieLLPtotheeffectthat(i)theContributionwillqualifyfornon-recognitionofgainorlosstoManitowocParentCoanduspursuanttoSection368andrelatedprovisionsoftheCode,and(ii)theDistributionwillqualifyfornon-recognitionofgainorlosstoManitowocParentCoandManitowocParentCo’sshareholderspursuanttoSection355andrelatedprovisionsoftheCode,excepttotheextentofcashreceivedinlieuoffractionalshares.Theopinionwillbebasedon,amongotherthings,currenttaxlawandassumptionsandrepresentationsmadebyManitowocFoodserviceandManitowocParentCo,whichifincorrectinanymaterialrespect,couldjeopardizetheconclusionsreachedbyBaker&McKenzieLLPinitsopinion.TheopinionreceivedbyManitowocParentCowillnotbebindingontheIRSorthecourts.AlthoughthereceiptoftheopinionisaconditiontotheSpin-Off,thatconditionaswellasallotherconditionstotheSpin-OffmaybewaivedbyManitowocParentCoinitssolediscretion.ThetaxopinionofBaker&McKenzieLLPwillrelyoncertainfacts,assumptions,representationsandundertakingsfromManitowocParentCoandManitowocFoodserviceregardingthepastandfutureconductofManitowocParentCo’sandManitowocFoodservice’sbusinessesandothermatters.Ifanyofthesefacts,assumptions,representationsorundertakingsisincorrectornototherwisesatisfied,ManitowocParentComaynotbeabletorelyonthetaxopinion.Accordingly,notwithstandingthereceiptofthetaxopinion,therecanbenoassurancethattheIRSwillnotassert,orthatacourtwouldnotsustain,apositioncontrarytooneormoreoftheconclusionssetforthbelow.Inthatevent,theconsequencesdescribedimmediatelybelowwouldnotapplyandholdersofManitowocParentCocommonstockwhoreceivesharesofManitowocFoodservicecommonstockintheSpin-OffcouldbesubjecttosignificantU.S.federalincometaxliability.

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AssumingtheSpin-Offsatisfiestherequirementsnecessaryfortax-freetreatmentunderSections355,368andrelatedprovisionsoftheCode,thefollowingwilldescribethematerialU.S.federalincometaxconsequencestoManitowocParentCo,ManitowocFoodserviceandManitowocParentCo’sshareholdersoftheSpin-Off:

• nogainorlosswillberecognizedby,orbeincludibleintheincomeof,aholderofManitowocParentCocommonstock,solelyasaresultofthereceiptofManitowocFoodservicecommonstock,exceptwithrespecttoanycashreceivedinlieuofafractionalshare;

• subjecttothediscussionbelowregardingSection355(e),nogainorlosswillberecognizedby,andnoamountwillbeincludableintheincomeof,ManitowocParentCoasaresultoftheSpin-Off,otherthanwithrespecttoany“excesslossaccount”or“intercompanytransaction”requiredtobetakenintoaccountunderU.S.TreasuryRegulationsrelatingtoconsolidatedreturnsandManitowocParentCoshouldnotberequiredtorecaptureitsoverallforeignlossaccountasaresultoftheContributionandDistribution;

• theaggregatetaxbasisofManitowocParentCocommonstockandManitowocFoodservicecommonstock(includinganyfractionalsharesforwhichcashisreceived)inthehandsofaU.S.HolderimmediatelyaftertheDistributionwillbethesameastheaggregatetaxbasisofManitowocParentCocommonstockheldbytheU.S.HolderimmediatelybeforetheDistribution,allocatedbetweenthecommonstockofManitowocParentCoandManitowocFoodservicecommonstock,includinganyfractionalshareinterestforwhichcashisreceived,inproportiontotheirrelativefairmarketvaluesontheDistributionDate;

• theholdingperiodofsharesoftheManitowocFoodservicecommonstockreceivedbyaU.S.HolderintheDistributionwillincludetheholdingperiodofsuchU.SHolder’ssharesofManitowocParentCocommonstock,providedthatsuchsharesofManitowocParentCocommonstockareheldascapitalassetsontheDistributionDate;and

• aU.S.HolderwhoreceivescashinlieuofafractionalshareofManitowocFoodservicecommonstockintheDistributionwillbetreatedashavingsoldsuchfractionalsharefortheamountofcashitactuallyreceivedand,providedthefractionalshareisconsideredtobeheldasacapitalasset,generallywillrecognizecapitalgainorlossinanamountequaltothedifferencebetweentheamountofsuchcashreceivedandsuchU.S.Holder’sadjustedtaxbasisinthefractionalshare.Thatgainorlosswillbelong-termcapitalgainorlossiftheU.S.Holder’sholdingperiodforitsManitowocParentCocommonstockexceedsoneyearontheDistributionDate.

U.S.HoldersthathaveacquireddifferentblocksofsharesofManitowocParentCocommonstockatdifferenttimesoratdifferentpricesshouldconsulttheirtaxadvisorsregardingtheallocationoftheiraggregateadjustedbasisamong,andtheirholdingperiodof,ManitowocFoodservicecommonstockdistributedwithrespecttosuchblocksofsharesofManitowocParentCocommonstock.

U.S.TreasuryRegulationsrequirecertainshareholdersthatreceivestockinaspin-offtoattachtotheirrespectiveU.S.federalincometaxreturns,fortheyearinwhichthespin-offoccurs,adetailedstatementsettingforthcertaininformationrelatingtothespin-off.WithinareasonableperiodoftimeaftertheDistribution,ManitowocParentCoexpectstomakeavailabletoitsshareholdersonitswebsiteIRSForm8937("ReportsofOrganizationalActionsAffectingBasisofSecurities")containinginformationpertainingtocompliancewiththisrequirement.

IftheDistributionfailstoqualifyastax-freeforU.S.federalincometaxpurposes,eachU.S.HolderthatreceivessharesofManitowocFoodservicecommonstockintheDistributionwouldbetreatedasreceivingadistributioninanamountequaltothefairmarketvalueofsuchshares,andthedistributionofsharesofManitowocFoodservicecommonstockreceivedwithrespecttoashareofManitowocParentCocommonstockgenerallywouldbetreatedinthefollowingmanner:

• first,asataxabledividendtotheextentofsuchshareholder’sproratashareofManitowocParentCo’scurrentandaccumulatedearningsandprofits,ifany,thatisallocabletotheshareofManitowocParentCocommonstock(withsuchearningsandprofitsbeingincreasedtoreflectanygainrecognizedbyManitowocParentCoontheDistribution);

• second,asanon-taxablereturnofcapitaltotheextentofsuchU.S.Holder’staxbasisintheshareofManitowocParentCocommonstock;and• thereafterascapitalgainwithrespecttoanyremainingvalue.

Additionally,eachU.S.Holder’sbasisintheManitowocFoodservicecommonstockwouldbeequaltothefairmarketvalueofsuchstockontheDistributionDateanditsholdingperiodintheManitowocFoodservicecommonstockwouldbeginontheDistributionDate.

Furthermore,ManitowocParentCowouldrecognizeataxablegainontheManitowocFoodservicecommonstocktotheextentthefairmarketvalueofthesharesofManitowocFoodservicecommonstockownedbyManitowocParentCoimmediatelypriortotheDistributionexceedsManitowocParentCo’staxbasisinsuchshares.Anysuchgainwouldbesubstantial.

EveniftheDistributionotherwisequalifiesfortax-freetreatmentunderSection355oftheCode,itmaybetaxabletoManitowocParentCo(butnotManitowocParentCo’sshareholders)underSection355(e)if50%ormore,byvoteorvalue,ofthesharesofManitowocFoodservicecommonstockorsharesofManitowocParentCocommonstockareacquiredorissuedaspartofaplanorseriesofrelatedtransactionsthatincludestheDistribution.Forthispurpose,anyacquisitionsorissuancesofManitowocParentCocommonstockwithintwoyearsbeforetheDistribution,andanyacquisitionsorissuancesofManitowocFoodservicecommonstockorManitowocParentCocommonstockwithintwoyearsaftertheDistribution,generallyarepresumedtobepartofsuchaplan,althoughManitowocFoodserviceorManitowocParentComaybeabletorebutthatpresumption.EvenifSection355(e)weretoapplytocausetheDistributiontobetaxabletoManitowocParentCo,thereceiptofthesharesofManitowocFoodservicecommonstockintheDistributionwouldremaintax-freetotheManitowocParentCoshareholders.

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InconnectionwiththeSpin-Off,ManitowocFoodserviceandManitowocParentCowillenterintotheTaxMattersAgreementwherebyManitowocFoodservicewillagreetobesubjecttocertainrestrictionstopreservethetax-freenatureoftheSpin-Off.ForadescriptionoftheTaxMattersAgreement,see“CertainRelationshipsandRelatedPersonTransactions-AgreementswithManitowocParentCo-TaxMattersAgreement.”

The preceding summary of the anticipated U.S. federal tax consequences of the spin-off is not specific to any shareholder's individual circumstances. ManitowocParentCo’s shareholders should consult their own tax advisors as to the specific tax consequences of the spin-off to them, including the application and effect of state,local or non-U.S. tax laws and changes in applicable tax laws.

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DIVIDEND POLICY

TheManitowocFoodserviceBoardofDirectorsdoesnotcurrentlyplanonpayingadividendin2016asManitowocFoodservice’sfocusin2016willbeonthereductionofoutstandingdebt.Thetiming,declaration,amountof,andpaymentofanydividendsfollowingtheSpin-Offincludingsubsequentto2016iswithinthediscretionoftheManitowocFoodserviceBoardofDirectorsandwilldependuponmanyfactors,includingManitowocFoodservice’sfinancialcondition,earnings,corporatestrategy,capitalrequirementsofitsoperatingsubsidiaries,covenantsassociatedwithcertaindebtserviceobligations,legalrequirements,regulatoryconstraints,industrypractice,abilitytoaccesscapitalmarkets,andotherfactorsdeemedrelevantbyManitowocFoodservice’sBoardofDirectors.

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CAPITALIZATION

ThefollowingtablesetsforththeunauditedcashandcashequivalentsandcapitalizationofManitowocFoodserviceasofSeptember30,2015,onanhistoricalbasisandonaproformabasistogiveeffecttotheproformaadjustmentsincludedinourunauditedproformafinancialinformation.TheinformationbelowisnotnecessarilyindicativeofwhatourcapitalizationwouldhavebeenhadtheSpin-OffandrelatedfinancingtransactionsbeencompletedasofSeptember30,2015.Inaddition,itisnotindicativeofManitowocFoodservice’sfuturecapitalization.Thistableshouldbereadinconjunctionwith“UnauditedProFormaCombinedFinancialStatements,”“Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations”andourhistoricalcombinedfinancialstatementsandaccompanyingnotesincludedelsewhereinthisInformationStatement.

As of September 30, 2015

(in millions) Historical Pro Forma

Cashandcashequivalents $ 47.3 $ 21.9

Capitalization: Indebtedness Short-termdebt — 9.8

Long-termdebt — 1,390.2

Totalindebtedness(1) — 1,400.0

Equity Commonstock,parvalue$0.01pershare(2) — 1.4

Additionalpaid-incapital — (34.5)

Netparentcompanyinvestment 1,355.9 —

Accumulatedothercomprehensiveloss (40.5) (50.4)

Totalequity 1,315.4 (83.5)

Totalcapitalization $ 1,315.4 $ 1,316.5

(1)Totalindebtednessexcludescapitalleaseobligations. (2)Forproformapurposes,weassumedthedistributionofapproximately137millionsharesofManitowocFoodservicecommonstocktoholdersofManitowocParentCocommonstockbasedonthenumberofsharesofManitowocParentCocommonstockoutstandingasofSeptember30,2015.

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SELECTED HISTORICAL COMBINED FINANCIAL DATA

ThefollowingtablepresentsourselectedhistoricalcombinedfinancialdataasofandfortheninemonthsendedSeptember30,2015and2014,andasofandforeachofthefiscalyearsinthefive-yearperiodendedDecember31,2014.WederivedtheselectedhistoricalcombinedfinancialdataasofSeptember30,2015,andfortheninemonthsendedSeptember30,2015and2014,andasofDecember31,2014and2013,andforeachofthefiscalyearsinthethree-yearperiodendedDecember31,2014,fromourunauditedandauditedcombinedfinancialstatementsincludedelsewhereinthisInformationStatement.WederivedtheselectedhistoricalcombinedfinancialdataasofSeptember30,2014,andDecember31,2012,andasofandforthefiscalyearsendedDecember31,2011and2010,fromourunauditedcombinedfinancialstatementsthatarenotincludedinthisInformationStatement.Inmanagement’sopinion,theunauditedcombinedfinancialstatementshavebeenpreparedonthesamebasisastheauditedcombinedfinancialstatementsandincludealladjustments,consistingonlyofordinaryrecurringadjustments,necessaryforafairpresentationoftheinformationfortheperiodspresented.

OurhistoricalcombinedfinancialstatementsincludeexpensesofManitowocParentCothatwereallocatedtousforcertainfunctions,includinggeneralcorporateexpensesrelatedtofinance,treasury,tax,audit,legal,informationtechnology,humanresources,andinvestorrelations.Thesecostsmaynotberepresentativeofthefuturecostswewillincurasanindependentpubliccompany.Inaddition,ourhistoricalfinancialinformationdoesnotreflectchangesthatweexpecttoexperienceinthefutureasaresultofourSpin-OfffromManitowocParentCo,includingchangesinourcoststructure,personnelneeds,taxstructure,financingandbusinessoperations.Consequently,thefinancialinformationincludedheremaynotnecessarilyreflectourfinancialposition,resultsofoperationsandcashflowsinthefutureorwhatourfinancialposition,resultsofoperationsandcashflowswouldhavebeenhadwebeenanindependent,publiclytradedcompanyduringtheperiodspresented.

Youshouldreadtheselectedhistoricalcombinedfinancialdatapresentedbelowinconjunctionwithourauditedandunauditedcondensedcombinedfinancialstatementsandaccompanyingnotes,“UnauditedProFormaCombinedFinancialStatements”and“Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations”includedinthisInformationStatement.

As of and for the nine months ended

September 30, As of and for the year ended December 31,

(in millions) 2015 2014 2014 2013 2012 2011 2010

Statement of Operations Data: Netsales $ 1,178.4 $ 1,207.1 $ 1,581.3 $ 1,541.8 $ 1,486.2 $ 1,454.6 $ 1,363.0

Depreciationandamortization 38.5 39.9 53.0 51.4 53.6 56.5 62.7Earningsfromcontinuingoperationsbeforetaxesonearnings 133.5 149.5 187.2 204.6 179.5 140.9 133.0

Balance Sheet Data: Workingcapital(1) 135.6 108.5 72.7 74.0 75.6 89.4 74.4

Totalassets 1,924.7 1,926.2 1,898.3 1,918.2 1,969.0 2,012.6 2,231.0

Long-termobligations(2) 2.5 2.1 3.6 1.7 1.8 1.9 2.0

Capitalexpenditures 9.6 17.7 25.3 33.6 17.5 11.9 12.1

(1)Workingcapitalisdefinedasnetreceivablesandinventorylessthird-partyaccountspayable.(2)Long-termobligationsincludeslong-termcapitalleaseobligations.

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UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS

TheunauditedproformacombinedfinancialstatementsofManitowocFoodserviceconsistofanunauditedproformacombinedstatementofincomefortheninemonthsendedSeptember30,2015andfortheyearendedDecember31,2014andanunauditedproformacombinedbalancesheetasofSeptember30,2015derivedfromthehistoricalcombinedfinancialstatementsincludedinthisInformationStatement.Theunauditedproformacombinedfinancialstatementsreportedbelowshouldbereadinconjunctionwith“Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations,”“SelectedHistoricalCombinedFinancialData”andtheauditedandunauditedcombinedfinancialstatementsandcorrespondingnotes.

Thefollowingunauditedproformacombinedfinancialstatementsaresubjecttoassumptionsandadjustmentsdescribedintheaccompanyingnotes.ManitowocFoodservice’smanagementbelievestheseassumptionsandadjustmentsarereasonableunderthecircumstancesandgiventheinformationavailableatthistime.However,theseadjustmentsaresubjecttochangeasManitowocParentCoandManitowocFoodservicefinalizethetermsoftheSpin-Off,includingtheSeparationandDistributionAgreementandrelatedtransactionagreements.TheunauditedproformacombinedfinancialstatementsdonotpurporttorepresentwhatManitowocFoodservice’sfinancialpositionandresultsofoperationsactuallywouldhavebeenhadtheSpin-Offoccurredonthedatesindicated,ortoprojectManitowocFoodservice’sfinancialperformanceforanyfutureperiodfollowingtheSpin-Off.

TheunauditedproformacombinedstatementsofearningsfortheninemonthsendedSeptember30,2015andtheyearendedDecember31,2014giveeffecttotheSpin-OffasifithadoccurredonJanuary1,2014,thefirstdayoffiscal2014.TheunauditedproformacombinedbalancesheetasofSeptember30,2015,giveseffecttotheSpin-Offasifithadoccurredonthatdate.Theunauditedproformacombinedfinancialstatementsincludeadjustmentstoreflectthefollowing:

• theissuanceof100%ofourissuedandoutstandingcommonstockbyManitowocParentCoinconnectionwiththeSpin-Off;

• ouranticipatedcapitalstructure,includingdebtanticipatedtobeincurred;

• theresultingeliminationofManitowocParentCo’snetinvestmentinManitowocFoodservice;and

• thecashdividendtoManitowocParentCo.

ManitowocFoodservice’sannualandinterimcombinedfinancialstatementsincludeallocationsforcertainexpensesandsupportfunctionshistoricallyprovidedbyManitowocParentCo,suchasbusinesssharedservicesandcorporatecoststhatbenefitManitowocFoodservice.Managementbelievestheassumptionsassociatedwithallocatingthesecostsarereasonable.Nevertheless,thecombinedfinancialstatementsmaynotincludealloftheactualexpensethatwouldhavebeenincurredandmaynotrepresentManitowocFoodservice’sresultsofoperations,financialposition,orcashflowshaditbeenastand-alonecompanyduringtheperiodspresented.GeneralcorporateexpensesallocatedtoManitowocFoodservicefortheninemonthsendedSeptember30,2015,andyearendedDecember31,2014,were$19.0millionand$22.1million,respectively.AftertheSpin-Off,ManitowocFoodservicewillincurincrementalcostsasanindependentpubliccompany,includingcoststoreplaceservicespreviouslyprovidedbyManitowocParentCoaswellasothersimilarexpensesassociatedwithoperatingasastandalonecompany.Weexpectthatasignificantportionoftheseincrementaldis-synergycostswillbeoffsetbyspecificactionstakenaspartoftheseparationprocess,includingbutnotlimitedtotherightsizingoffunctionsandactivitiesalreadyexistinginbusiness.Duetothescopeandcomplexityoftheseactivities,theamountandtimingoftheseincrementalcostscouldvarydependingonthefinalizationofspecificinitiativesandactionsundertakenaspartofthespinprocessand,therefore,thesecostsarenotincludedwithintheunauditedproformacombinedfinancialstatements.

ManitowocParentCoexpectstoincurapproximately$130-140millionbefore-taxofone-timechargeableseparationcostsinconnectionwiththeSpin-Off,includingconsulting,legal,auditing,informationtechnology,financing,debtbreakageandothersimilarcosts.OnlyimmaterialseparationcostsarereflectedinManitowocFoodservice’shistoricalfinancialstatementsasthecostsarenon-recurringinnatureandexpectedtobebornebyManitowocParentCo.

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MANITOWOC FOODSERVICE

UNAUDITED PRO FORMA COMBINED STATEMENT OF OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015

(in millions of dollars, except share and per share data) Historical Pro Forma

Adjustments Pro Forma

Operations Netsales $ 1,178.4 $ — $ 1,178.4

Costsandexpenses: Costofsales 809.6 — 809.6

Engineering,sellingandadministrativeexpenses 223.3 — 223.3

Amortizationexpense 23.6 — 23.6

Restructuringexpense 1.3 — 1.3

Separationexpense 1.1 (1.1) (1) —

Otherexpense(income) 0.4 — 0.4

Totalcostsandexpenses 1,059.3 (1.1) 1,058.2

Operatingearningsfromcontinuingoperations 119.1 1.1 120.2

Other(expenses)income:

Interestexpense (1.0) (72.6) (2) (73.6)

Amortizationofdeferredfinancingfees — (4.0) (3) (4.0)

InterestincomeonnoteswithManitowocParentCo-net 13.5 (13.5) (8) —

Otherincome-net 1.9 — 1.9

Totalotherincome 14.4 (90.1) (75.7)

Earningsfromcontinuingoperationsbeforetaxesonearnings 133.5 (89.0) 44.5

Provisionfortaxesonearnings 41.8 (30.8) (1)(4)(8) 11.0

Earningsfromcontinuingoperations 91.7 (58.2) 33.5

Discontinuedoperations: Earningsfromdiscontinuedoperations,netofincometaxesof$0.0 0.3 — 0.3

Netearnings $ 92.0 $ (58.2) $ 33.8

Earnings per share Basic n/a (9) $ 0.25

Diluted n/a (10) $ 0.25

Common shares outstanding Basic n/a (9) 136.0

Diluted n/a (10) 137.3

SeeNotestoUnauditedProFormaCombinedFinancialStatements.

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MANITOWOC FOODSERVICE

UNAUDITED PRO FORMA COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2014

(in millions of dollars, except share and per share data) Historical Pro Forma

Adjustments Pro Forma

Operations Netsales $ 1,581.3 $ — $ 1,581.3

Costsandexpenses: Costofsales 1,073.3 — 1,073.3

Engineering,sellingandadministrativeexpenses 299.6 — 299.6

Amortizationexpense 31.8 — 31.8

Assetimpairmentexpense 1.1 — 1.1

Restructuringexpense 2.6 — 2.6

Otherexpense 0.4 — 0.4

Totalcostsandexpenses 1,408.8 — 1,408.8

Operatingearningsfromcontinuingoperations 172.5 — 172.5

Other(expenses)income: Interestexpense (1.3) (97.4) (2) (98.7)

Amortizationofdeferredfinancingfees — (5.3) (3) (5.3)

InterestincomeonnoteswithManitowocParentCo-net 16.6 (16.6) (8) —

Otherexpense-net (0.6) — (0.6)

Totalotherincome 14.7 (119.3) (104.6)

Earningsfromcontinuingoperationsbeforetaxesonearnings 187.2 (119.3) 67.9

Provisionfortaxesonearnings 25.9 (42.7) (4)(8) (16.8)

Earningsfromcontinuingoperations 161.3 (76.6) 84.7

Discontinuedoperations: Lossfromdiscontinuedoperations,netofincometaxesof$(0.3) (0.4) — (0.4)

Lossonsaleofdiscontinuedoperations,netofincometaxesof$(0.6) (1.1) — (1.1)

Netearnings $ 159.8 $ (76.6) $ 83.2

Earnings per share Basic n/a (9) $ 0.62

Diluted n/a (10) $ 0.61

Common shares outstanding Basic n/a (9) 134.9

Diluted n/a (10) 137.4

SeeNotestoUnauditedProFormaCombinedFinancialStatements.

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MANITOWOC FOODSERVICE

UNAUDITED PRO FORMA COMBINED BALANCE SHEET

AS OF SEPTEMBER 30, 2015

(in millions of dollars) Historical Pro Forma

Adjustments Pro Forma

Assets CurrentAssets: Cashandcashequivalents $ 47.3 $ (25.4) (6) $ 21.9

Restrictedcash 0.6 — 0.6

Accountsreceivable,lessallowancesof$3.6 97.3 — 97.3

Inventories—net 159.1 — 159.1

Deferredincometaxes 23.7 0.1 (5) 23.8

Othercurrentassets 11.7 — 11.7

Currentassetsheldforsale 8.1 — 8.1

Totalcurrentassets 347.8 (25.3) 322.5

Property,plantandequipment—net 127.0 — 127.0

Goodwill 844.6 — 844.6

Otherintangibleassets—net 524.6 — 524.6

Othernon-currentassets 16.7 78.6 (5)(6)(7) 95.3

Long-termassetsheldforsale 64.0 — 64.0

Totalassets $ 1,924.7 $ 53.3 $ 1,978.0

LiabilitiesandEquity CurrentLiabilities: Accountspayableandaccruedexpenses $ 277.6 — $ 277.6

Currentportionoflong-termdebtandcapitalleases 0.4 9.8 (6) 10.2

Productwarranties 34.2 — 34.2Currentliabilitiesheldforsale

20.2 — 20.2

Totalcurrentliabilities 332.4 9.8 342.2

Non-CurrentLiabilities: Long-termcapitalleasesanddebt 2.5 1,390.2 (6) 1,392.7

Deferredincometaxes 217.1 (6.4) (5) 210.7

Pensionandpostretirementhealthobligations 37.8 52.7 (5) 90.5

Othernon-currentliabilities 18.8 5.9 (7) 24.7

Long-termliabilitiesheldforsale 0.7 — 0.7

Totalnon-currentliabilities 276.9 1,442.4 1,719.3

TotalEquity: Commonstock — 1.4 (11) 1.4

Additionalpaid-incapital — (34.5) (12) (34.5)

Netparentcompanyinvestment 1,355.9 (1,355.9) (5)(6)(12) —

Accumulatedothercomprehensiveloss (40.5) (9.9) (5) (50.4)

Totalequity 1,315.4 (1,398.9) (83.5)

Totalliabilitiesandequity $ 1,924.7 $ 53.3 $ 1,978.0

SeeNotestoUnauditedProFormaCombinedFinancialStatements.

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MANITOWOC FOODSERVICENotes to Unaudited Pro Forma Combined Financial Statements

1. Separation Costs

Thisadjustmentreflectstheremovalofseparationcostsof$1.1millionrecordedasseparationexpense,fortheninemonthsendedSeptember30,2015,directlyrelatedtotheSpin-Offthatwereincurredduringthehistoricalperiod.Thesecostswereprimarilyforlegal,tax,accountingandotherprofessionalfees.Thisproformaadjustmentresultsinanincreasetotheincometaxprovisionof$0.4million.

2. Interest Expense

Thisadjustmentreflectstheproformainterestexpenseof$72.6millionand$97.4millionfortheninemonthsendedSeptember30,2015andtheyearendedDecember31,2014,respectively,basedonManitowocFoodservice'snewdebtpositionof$1,400.0milliondescribedinNote6andtheweightedaverageinterestrateof7.0%.InterestexpenseonthenewdebtwascomputedbasedonManitowocFoodservice’snewdebtpositioneffectiveuponseparationfromManitowocParentCo.TheactualinterestexpensemaydifferfromtheproformainterestexpenseofManitowocFoodservicefollowingtheSpin-OffastheinterestexpensewillbecontingentonManitowocFoodservice'sfuturecashneedsanddebtposition.A0.125%increaseordecreaseintheblendedweightedaverageinterestrateattributabletoourlongtermdebtthatisexpectedtobeoutstandingaftergivingproformaeffecttotheSpin-Offwouldcauseourinterestexpensetochangebyapproximately$2.0milliononanannualbasis.See“DescriptionofMaterialIndebtedness.”

3. Amortization of Deferred Financing Fees

Thisadjustmentreflectstheproformaamortizationofdeferredfinancingfeesof$4.0millionand$5.3millionfortheninemonthsendedSeptember30,2015andtheyearendedDecember31,2014,respectively,thatwouldbeincurredonthedebtissuanceasdescribedinNote6.Amortizationofdeferredfinancingfeesisreflectiveofthestraight-lineamortizationoftotaldebtissuancecostsoverthetermsoftheunderlyingdebtinstruments,whichrangebetween5and8years.

4. Provision for Taxes on Earnings

Theprovisionforincometaxesreflectedinourhistoricalcombinedfinancialstatementswasdeterminedasifwefiledseparate,standaloneincometaxreturnsineachrelevantjurisdiction.Indeterminingthetaxratetoapplytoourproformaadjustments,weusedtheapplicablestatutoryratebasedonthejurisdictioninwhichtheadjustmentrelates,consistentwithInstruction7toRule11-02(b)ofRegulationS-X.Iftheadjustmentrelatestoanitemthatwouldneverbetaxedinthatparticularjurisdiction,wedidnotprovideforanytax.Theeffectivetaxratesontheproformaadjustmentswere34.6%and35.7%forthenine-monthperiodendedSeptember30,2015andtwelve-monthperiodendedDecember31,2014,respectively.

Theproformaeffectivetaxrateis24.8%and(24.7)%fortheninemonthperiodendedSeptember30,2015andthetwelvemonthperiodendedDecember31,2014,respectively.ThedifferencesbetweentheU.S.federalstatutoryincometaxrateandManitowocFoodservice'seffectivetaxratewereasfollows:

Nine months ended Year ended September 30, December 31,

2015 2014Federalincometaxatstatutoryrate 35.0% 35.0%

Stateincomeprovision(benefit) (0.4) (0.7)

Manufacturing&researchincentives (1.1) (2.0)

TaxesonforeignincomewhichdifferfromtheU.S.statutoryrate (9.5) (6.3)

Adjustmentsforunrecognizedtaxbenefits (0.7) (4.1)

Adjustmentsforvaluationallowances 2.5 (1.1)

Capitallossgeneration — (37.7)

Otheritems (1.0) (7.8)

Effectivetaxrate 24.8% (24.7)%

The2015and2014effectivetaxrateswerefavorablyimpactedbyincomeearnedinjurisdictionswherethestatutoryratewaslessthan35%.

Inthethirdquarterof2014,ManitowocFoodservicemadeanelectionwiththeIRStotreatEnodisHoldings,Ltd,ManitowocFoodservice’sUKHoldingCompany,asapartnershipforU.S.incometaxpurposes.Asaresultofthisstatuschange,ManitowocFoodservicerealizedanet$25.6millioncapitallosstaxbenefit.Thistransactionresultedinaneffectivetaxratebenefitof37.7%uniqueto2014.

In2014,werecognizeda6.0%effectivetaxratebenefitonthereleaseofavaluationallowanceondeferredtaxassetsofourManitowocFoodserviceoperationsinSpain.

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Noneoftheitemsinthe'Other'lineoftheeffectivetaxratereconciliationabove,whichtotal$(0.3)millionand$(5.3)millionforthenine-monthperiodendedSeptember30,2015,andtwelve-monthperiodendedDecember31,2014,respectively,aresignificantindividuallyorwhenappropriatelyaggregated.

5. Defined Benefit Plan Assets and Obligations

CertainemployeesparticipateindefinedbenefitpensionplanssponsoredbyManitowocParentCo.Whenwebecomeastandaloneindependentcompany,wewillassumetheseobligationsandprovidethebenefitsdirectly.ManitowocParentCowilltransfertoustheplanliabilitiesintheamountof$52.7millionandassetsintheamountof$35.3millionassociatedwithparticipantemployeesofManitowocFoodservice.Theunrecognizedactuariallossontheseplansis$9.9million.Theseproformaadjustmentsresultinareductionindeferredincometaxliabilitiesof$6.4millionanda$0.1millionincreaseindeferredincometaxassets.Theremainingnetimpactisreflectedwithinnetparentcompanyinvestment.ThebenefitplanexpensesassociatedwiththispensionobligationwerepreviouslyallocatedtoManitowocFoodserviceandareincludedinthehistoricalcombinedstatementsofoperations.Theactualassumednetbenefitplanobligationscouldchangesignificantlyfromourestimatesincludedintheseproformaadjustments.

6. New Debt Financing

Thisadjustmentreflects$1,400.0millionofnewdebt,comprisedofour$975.0millionTermLoanBFacilityand$425.0millionofnotes,toestablishournewdebtstructureandtherelateddebtissuancecostsof$37.4millionasiftheSpin-OffhadtakenplaceonSeptember30,2015.The$9.8millionshort-termportionofournewtotaldebtreflectstheminimumpaymentobligationsof1%ofTermLoanBFacilityvaluewithinthefirst12monthsfromtheTermLoanBFacilityissuedate.ProceedsfromthedebtissuancewillbedistributedtoManitowocParentCointheformofadividendintheamountof$1,388.0millionwiththeexcessoftheamountofthenetproceedsoverthedividendamountbeingretainedbyusforgeneralcorporatepurposes.Thecashimpactof$25.4millionassociatedwiththenewdebtfinancingiscomprisedof$1,400.0millionrelatedtotheproceedsfromthenewdebt,offsetbycashoutflowsofthe$1,388.0millioncashdividendfromManitowocFoodservicetoManitowocParentCoand$37.4millionofdebtissuancecosts.

7. Deferred Compensation Plan Assets and Obligations

CertainhighlycompensatedandkeymanagementemployeesanddirectorsparticipateindeferredcompensationplanssponsoredbyManitowocParentCo.Whenwebecomeastandaloneindependentcompany,wewillassumetheseobligationsandprovidethebenefitsdirectly.ManitowocParentCowilltransfertoustheplanliabilitiesintheamountof$5.9millionandassetsintheamountof$5.9millionassociatedwithparticipantemployeesofManitowocFoodservice.Theseproformaadjustmentsdonothaveamaterialtaximpact.

8. Interest Income from Notes with Manitowoc ParentCo

ThisadjustmentreflectstheremovalofnetintercompanyinterestincomeonintercompanynotesbetweenManitowocFoodserviceandManitowocParentCoof$13.5millionand$16.6millionandthecorrespondingimpacttotheprovisionfortaxesonearningsof$4.7millionand$5.6million,fortheninemonthsendedSeptember30,2015andthefiscalyearendedDecember31,2014,respectively.

9. Basic Earnings Per Share

ThenumberofManitowocFoodservicesharesusedtocomputebasicearningspershareforthenine-monthperiodendedSeptember30,2015andtwelve-monthperiodendedDecember31,2014isbasedonthenumberofsharesofManitowocFoodservicecommonstockassumedtobeoutstandingontherecorddate,whichfortheproformapurposesisassumedtobeanumberofsharesoutstandingasofSeptember30,2015andDecember31,2014.ProformaearningspersharereflectadistributionratioofoneshareofManitowocFoodservicecommonstockforoneManitowocParentCocommonsharesoutstanding.

10. Diluted Earnings Per Share

ThenumberofsharesusedtocomputedilutedearningspershareisbasedonthenumberofbasicsharesofManitowocFoodservicecommonstockasdescribedinNote9,plustheeffectivedilutivesharesrelatedtostockawards.

11. Shares of Common Stock

Thisadjustmentreflects137millionsharesofManitowocFoodservicecommonstockataparvalueof$0.01pershare.ThenumberofsharesofManitowocFoodservicecommonstockisbasedonthenumberofsharesofManitowocParentCocommonstockoutstandingonSeptember30,2015andanexpecteddistributionratioofoneshareofManitowocFoodservicecommonstockforeveryshareofManitowocParentCocommonstock.

12. Recapitalization of Equity

Thisadjustmentreflectstheproformarecapitalizationofourequity.OntheDistributionDate,ManitowocParentCo’snetinvestmentinManitowocFoodservicewillbere-designatedasManitowocFoodservice’sstockholders’equityandwillbeallocatedbetweencommonstock

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(seeNote11)andadditionalpaid-incapitalbasedonthenumberofsharesofManitowocFoodservicecommonstockoutstandingattheDistributionDate.

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BUSINESS

Overview

ManitowocFoodserviceisoneoftheworld’sleadingcommercialfoodserviceequipmentcompanies.Wedesign,manufactureandserviceanintegratedportfolioofhotandcoldcategoryproducts,andhavealongtrackrecordofinnovation.Wehaveoneoftheindustry’sbroadestportfoliosofproductsandarerecognizedbyourcustomersandchannelpartnersforthequality,reliability,anddurabilityofourproducts.Ourcapabilitiesspanrefrigeration,ice-making,cooking,holding,food-preparation,andbeverage-dispensingtechnologies,whichallowustoequipentirecommercialkitchensandservetheworld’sgrowingdemandforfoodpreparedawayfromhome.Wesupplyfoodserviceequipmenttocommercialandinstitutionalfoodserviceoperatorssuchasfull-servicerestaurants,quick-servicerestaurantchains,hotels,caterers,supermarkets,conveniencestores,businessandindustry,hospitals,schoolsandotherinstitutions.

Wedifferentiateourselvesbyuniquelyintegratingfood,equipment,digitaltechnologies,andpeopletoincreaseefficiencythroughoutthefoodpreparationcycle,andcreatewinningcustomerandconsumerexperiences.Ourcustomersandchannelpartnerstrustthecompanyanditsfood-inspiringtechnologiestoservetheirdiverseneedsonaglobalbasis.

Wesellinmorethan100countriesglobally,acrosstheAmericas,EMEAandAPAC.Ourproducts,servicesandsolutionsaremarketedthroughaworldwidenetworkofoverthreethousanddealersanddistributorsunderwell-establishedandrecognizedbrands,includingCleveland,Convotherm,Dean,Delfield,Fabristeel,Frymaster,Garland,Inducs,Kolpak,Koolaire,Lincoln,ManitowocBeverageSystems,ManitowocIce,Merco,Merrychef,MoorwoodVulcan,Multiplex,RDISystems,Servend,TRUpour,U.S.Range,andWelbilt.AllofourproductsaresupportedbyKitchenCare,ouraftermarketrepairandpartsservicebusiness.ManitowocFoodservice’sscaleandexpertiseenableittoserveaglobalcustomerbaseincontinuallyevolvingfoodservicemarkets.

Manitowoc Foodservice Brands

Webelieveourabilitytodeliverawiderangeofhotandcoldcategoryproductsandservicesthatcanbeconfiguredtomeetend-users’foodserviceneedsisakeydriverofoursuccess.Ourcustomerscometousforinnovationsthatmayenableprofitablegrowthbyimprovingtheirmenus,enhancingoperations,andreducingcosts.Weaccomplishthiswith:

• Complementaryindustryleadingbrands:Acomplementaryportfolioofstronghotandcoldcategoryproductsintegratedunderoneoperatingcompanyandsupportedbygrowingaftermarketserviceandsupport.ThisenablesManitowocFoodservicetodesignand

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outfitcommercialkitchensinaharmonized,efficientmannerandmaintainadisciplinedfocusontargetingourfast-growingcustomerbasewiththerightproductsforeachneed,attherightprice;

• Integrationoffood,equipment,digitaltechnologiesandpeople:Theabilitytointegratefood,equipment,digitaltechnologiesandpeopleseamlesslythroughcollaborativeinnovationthatenhancesourcustomers’abilitytocompeteinthemarketplace.ManitowocFoodservicehelpscustomersdifferentiatetheirfoodandadapttoevolvingandlocaltastes,differentcookingstylesandaestheticpreferences,bothregionallyandglobally;

• Globalscalethroughournetwork:Thescaleandbreadthofourdealeranddistributornetworktoaccompanyourcustomersontheirglobaljourney,especiallyinfast-growingemergingmarkets;

• Trustedinnovationandservice:Long-standingbrandsandinnovativeengineeringcustomerscantrustforsuperiorqualityandreliability.Weregularlypartnerwithourcustomerstofurtherdeveloptheequipment,systemsandtechnologiestheyusetoservetheirspecificculinaryneeds,andenabletheirsuccessbydeliveringtailoredsolutions;and

• Seamlesscustomerexperience:Dedicationtoputtingcustomerexperiencefirst.Weofferabroadportfolioofproductscoupledwithaunifiedfacetothecustomerandgrowingserviceandpartssupport.Throughoutthelifecycleofeachproduct,ManitowocFoodserviceprovidescustomerswithaconsistent,seamlessexperience.

Ourbroadportfoliooffoodserviceequipmentandservicesprovidesuswithabalanced,diverserevenuebaseacrossgeographiesandfoodserviceproductcategories.Approximately50%ofourrevenuesareforcoldcategoryproductsandservices,withtheremainingbeingapproximately35%attributedtohotcategoryproductsand15%toaftermarketservices.

Forthetwelve-monthperiodendedDecember31,2014,ManitowocFoodservicegeneratedrevenueof$1,581.3millionandoperatingearningsfromcontinuingoperationsof$172.5million.BasedonsalesbydestinationinthefiscalyearendedDecember31,2014,themajorityofourrevenuewasderivedfromcustomersintheAmericas(71%),with18%fromEMEAcustomersand11%fromAPACcustomers.

History and Developments

ManitowocParentCo,apredecessorentitytoManitowocFoodservice,wasfoundedin1902andbeganbuildingcommercialicemachinesin1966.ManitowocParentCopubliclylistedontheNASDAQstockexchangein1971andpubliclylistedontheNYSEin1993.Throughafocusonresearchanddevelopment,innovationandsuperiorcustomerservice,aswellasstrategicandtransformationalacquisitions,ManitowocFoodserviceovertimebecameanindustry-leadingsourceforfoodserviceequipment.Ourkeymilestonesinclude:

• 1995:AcquisitionofShannonGroupsolidifiedourstrongpositioninfood-coolingproductsandpositionedManitowocFoodserviceasaleadingmanufacturerofcommercialice-cubemachinesandwalk-inrefrigerators;openedanicemachinemanufacturingfacilityinChina.

• 1997:AcquisitionofSerVendInternational,amanufacturerofice/beveragedispensers;gaveusaleadingpositionintheconvenience-storesegmentandinbeverage-dispensingequipment.

• 1999:AcquisitionofKyeesAluminumInc.,amanufacturerofcoolingcomponentsforsuppliersoffountainsoftdrinkdispensers;enabledustobuildanddistributecompletedrinksystemsthroughthebottlerchannel.

• 2000:AcquisitionofMultiplexCompanyprovideduswithanenhancedlineofbeveragedispensingequipmentandservicesandacceleratedourprogresstowardsbecomingafull-serviceprovideroficeandbeverageequipment.

• 2006:AcquisitionofMcCann’sEngineering&ManufacturingCo.,aproviderofbeveragedispensingequipmentprimarilyusedinfast-foodrestaurants,stadiums,cafeteriasandconveniencestores.

• 2008:AcquisitionofEnodis;substantiallyenlargedthesizeofourproductportfolio,positionedusasoneofthegloballeadersincommercialfoodserviceequipmentandallowedustoexpandourofferingsinthehot-serviceandfoodretailequipmentmarkets.

• 2009:SaleofScotsman,Ice-O-Matic,Simag,Barline,andothericemachineandrelatedbusinessesoperatedbysubsidiariesofEnodis;ManitowocwasrequiredtodivestEnodisIceGroupasaconditionoftheU.S.DepartmentofJustice’sandtheEuropeanCommission’sclearanceoftheEnodisacquisition.

• 2010:AcquisitionofApplianceScientificprovideduswithinnovativeacceleratedcookingtechnologiesandsolidifiedourofferingsforquick-servicerestaurantsandconveniencestores.

• 2011:DivestitureofKysor/WarrenandKysor/WarrendeMexicotoLennoxInternational.

• 2013:DivestitureoftheJacksonwarewashingbusinesstoHoshizakiUSAHoldings,Inc.

• 2013:AcquisitionofInducsprovideduswithanextensivelineofadvancedtechnologyinductioncookingproducts.

• 2015:Acquisitionoftheremaining50%interestintheWelbiltjointventuremanufacturingcoldcategoryfoodserviceequipmentinThailand(pendinglocalgovernmentapproval).

• 2015:DivestitureofKysorPanelSystemstoDCubedGroup,LLC.

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Products and Services

Weofferaleadingproductportfolioofhotandcoldcategoryfoodserviceequipment.Oursuiteofproductsisusedbycommercialandinstitutionalfoodserviceoperatorsincludingfull-servicerestaurants,quick-servicerestaurantchains,hotels,caterers,supermarkets,conveniencestores,businessandindustry,hospitals,schoolsandotherinstitutions.Wehaveapresencethroughouttheworld’smostsignificantmarketsinthefollowingproductgroups:

• Primarycookingequipment.Wedesign,manufactureandsellabroadarrayofranges,griddles,grills,combiovens,convectionovens,conveyorovens,inductioncookers,broilers,tiltfrypans/kettles/skillets,braisingpans,cheesemelters/salamanders,cookstations,tabletopandcountertopcooking/fryingsystems,fryers,steamjacketedkettles,andsteamers.Weselltraditionalovens,combiovens,convectionovens,conveyorovens,rapid-cookingovens,rangeandgrillproductsundertheConvotherm,Garland,Lincoln,Merrychef,U.S.Range,andotherbrandnames.FryersandfryingsystemsaremarketedundertheFrymasterandDeanbrandnames,whilesteamequipmentismanufacturedandsoldundertheClevelandbrand.

• Serving,warmingandstorageequipment.Wedesign,manufactureandsellarangeofcafeteriaandbuffetequipmentstations,bins,boxes,warmingcabinets,warmers,displayanddelicases,andinsulatedandrefrigeratedsaladandfoodbars.Ourequipmentstations,cases,foodbarsandfoodservinglinesaremarketedundertheDelfield,Fabristeel,Frymaster,Mercoandotherbrandnames.

• Beveragedispensersandrelatedproducts.Weproducebeveragedispensers,blendedicemachines,ice/beveragedispensers,beercoolers,post-mixdispensingvalves,backroomequipmentandsupportsystemcomponentsandrelatedequipmentforusebyquick-servicerestaurantchains,conveniencestores,bottlingoperations,movietheaters,andthesoft-drinkindustry.OurbeverageandrelatedproductsaresoldundertheServend,Multiplex,TRUpour,andManitowocBeverageSystemsbrandnames.

• Ice-cubemachines,iceflakermachines,andstoragebins.Wedesign,manufactureandsellicemachinesundertheManitowocandKoolairebrandnames.Ouricemachinesmakeiceincube,nuggetandflakeform.Theice-cubemachinesareavailableeitherasself-containedunits,whichmakeandstoreice,orasmodularunits,whichmakeice,butdonotstoreit.

• Walk-inrefrigeratorandfreezerequipment.Wedesign,manufactureandsellcommercialuprightandundercounterrefrigeratorsandfreezers,blastfreezers,blastchillersandcook-chillsystemsundertheDelfieldbrandname.Wemanufacturemodularandfullyassembledwalk-inrefrigerators,coolersandfreezers,andprefabricatedcoolerandfreezerpanelsforuseintheconstructionofrefrigeratedstorageroomsandenvironmentalsystemsundertheKolpakbrandname.WealsodesignandmanufacturecustomizedrefrigerationsystemsundertheRDISystemsbrandname.

• Aftermarketpartsandservicesolutions.WeprovidepartsandaftermarketserviceaswellasawidevarietyofsolutionsundertheKitchenCarebrandname.

Product Innovation

ManitowocFoodservicestrivestodeliverproductsbeyondourcustomers’imagination,enablingthemtoprovidefresh,newfoodexperiencestoconsumersoutsidethehomeglobally.Customerdemandsareconstantlychanging,andamorehealth-consciouspublicislookingforfresh,naturalalternativestotraditionalout-of-homeeatingoptions,andincreasinglycaresabouthowfoodissourced,handledandprepared.ManitowocFoodserviceisfocusedonprovidingourcustomerswiththeequipmenttheyneedtoseizetheopportunitiesfromthesedynamicchangesinthemarket.

Throughinnovation,westrivetosimplifyrestaurantoperations,improvethequalityofthefood,improvespeedandflexibilityoftherestaurantoperation,andreducetheoverallcarbonfootprintandlifecycleoperatingcostoftheequipment.Webelievethatthesebenefitswillbedeliveredthroughourinnovationportfolioconsistingofmobileconnectivityandmonitoring,andstepchangeimprovementsinoperatorproductivity,speedandflexibility,energyefficiency,andhealthandsanitation.

• MobileConnectivityandMonitoring:Integrationofmobiledevicesinkitchensisincreasingrapidly,andwillextendtheuserinterfacebeyondthetraditionalboundariesoftheequipment.Thecombinationofwearablesandbeaconscanprovidenotificationofkeytasksandequipmentsituationsrequiringimmediateattentionevenifthecrewisnotlookingattheappliance.Bluetoothallowsforsecureinformationexchangeusingcellularornetworkmobiledevicestocollectinformationontheequipment,viewtrainingormaintenanceinstructions,andupdatemenusandequipmentsoftware.RFIDtrackingoffoodandholdingtrayshelpsensuretherightfoodintherightquantitiesisavailablewhenneeded.OurKitchenConnectseriesalsoincludesasystemforequipmentmonitoringwhichcollectsdatatoreducedowntime,optimizeenergyuse,andimproveserviceresponsetime.

• Productivity,SpeedandFlexibility:Kitchensthatoccupylessspace,havehigheroutputandareeasiertooperatearethekeytogrowthinthefoodserviceindustry,particularlyinurbanlocations;greaterspeedandequipmentflexibilityalsoallowforhigherproductivityandawiderrangeofmenuoptions.Forexample,restaurantsincreasinglyrequiresmallerzonesthatcanbeindividuallycontrolled,enablingvariabletemperaturecookingacrossthesurfacewithlowerstandbyenergylosses,and

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wearealeadingproviderofsuchsurfacecookingplatforms.Wearealsoexpandingtheuseofimpingementmicrowaveovensbyaddingsteamandinvertercontroltothemagnetron,whichenablesbettercontrolovermoisturelevelsinthefoodandthemicrowaveheatingrate,andmakestheovenmucheasiertocleanwithsteam.Innovativecontrolsystemscanimproveinformationflowinthekitchenbylettingoperatorsknowwhatandwhentocook,andhowtomaintainandcleantheequipment.Ourfitkitcheninitiativeaddressesalltheseproceduresholistically,andprovidesuswithuniqueinsightsonhowtoapplyandimproveourequipment.

• EnergyEfficiency:Wearefocusedonincreasingtheefficiencyofindividualcomponentsandreducingstandbyenergylosses.Anexampleofreducingstandbyenergylossistheuseofinductionheatingforholdingpanssothatenergyisonlyusedwhenathermalloadispresent.Wearealsoleadingintheareaofhighefficiencycombustionsystemswithmetalmatrixburnertechnology.Thistechnologyreducesgasconsumptionandallowsforvariablefiringrate.Forcooling,naturalrefrigerantssuchasR-290offerimprovedthermodynamicperformance,andvariablespeedcompressorsandfansfurtherincreaseoverallcycleperformanceunderpartloadconditions.

• HealthandSanitation:Manualsanitationofequipmentintherestauranthasbecomeamajorchallengeduetoextendedoperatinghours,theincreasingnumberandcomplexityofequipmentinkitchens,andcompetingdemandsfromrevenueproducingtasks.Forthecoldproductcategory,ourHEPAfiltrationtechnologybringsthecleanroomintothekitchen,controllingairbornecontaminationoficemachines.ElectricallychargedparticlesofwaterandUVlightprovidethebasisforautomatedsterilizationoffoodzonesandcontactsurfacesinequipment.Compactsteamgeneratorsarebeingembeddedinourequipment,providingaproventechnologyforcleaningcookingcavitiesinourovens.

Wehaveastrongtrackrecordofworkingwithcustomerstodevelopequipmentplatformsfromacleansheetofpaper,takingintoaccountfreshness,flavorandspeedofservice,aswellasconstraintsofbuildinginfrastructure,kitchenventilationandHVACsystems.Developingproductsthatgiveourcustomersacompetitiveadvantageisatthecoreofourinnovationstrategy,andwebelievethatbigopportunitiestofurtheradvancetheinteractionofequipment,foodandpeopleinthekitchenstilllieaheadinthefoodserviceindustry.Thefollowinggraphicdepictsourfitkitchenconcept:

ManitowocFoodservicehaslaunchedthefollowingmajorproductsandinnovationsoverthepastfiveyears:

• Blend-In-CupSmoothieMachine(withorwithoutIntegratedIceMachine)-Plugandplayfullyintegratedblendedbeveragestation,blendingbeveragesdirectlyintheservingcups.Storingeightingredientbagsinitsrefrigeratedcabinet,itcanadaptitsblend/mixprofiletosuitanycustomerrecipe.Withitsautomatedportioninganddispense,itreduceswasteandlabor,andensurestheconsistencyofthefinalbeverage.Buildforbothrestaurantandretailapplications,itblendsanddispensesuptothreedrinksat

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once,andupto120drinksanhourwithinonly26”ofspace.Theversionwithouticemachineneedstobemanuallyfilledwithiceandstoresupto25lbs.ofice.Theintegratedversionincludesahighcapacity,integratedicemakerwithautomaticcleaningtoensureconstanticeavailabilityandsanitation.

• Convotherm4-Combiovendesignedaroundourcustomerneeds,enablingthemtoachieveoutstandingcookingandbakingresults.Itisavailableinsevensizesandtwodifferentconfigurations,andincludesanindustry-leadingflexibleandsafecleaningsystem.Significantlyloweroperatingcostandaverylowservicecallrateareexpectedtoleadtohighcustomersatisfactionovertheproductlifecycle.

• Merrychefeikon-Recentadditionstothisseriesincludetheeikone2,acompactovenwithventlesstechnologyallowinguserstopreparefoodtoorderatupto10xthespeedofconventionalovensinaminimumofspace,andtheeikone4s,whichenablesspeedsofupto15xthatofconventionalovens.BothmodelsarefittedwithanEasyToUCHtouchscreenallowingselectionofprofilesatthetouchofanicon.Theneweikone6(aswellasthee2)usesthenewpatentedplanarplumetechnology,wherebyheatedairisdirectedintoplanes,whichthenwraparoundthefoodproducttodeliverahigherquality,evencookinlesstimewithfast,quietoperation.

• IndigoIceMachine-Anawarding-winningstate-of-the-artmodularcuberplatform,offeredinvarioussizesfrom300to2,100lbs./daysoldundertheManitowocbrand.Thisproductlinedifferentiatesitselfthroughuniquetechnologicalfeatures,convenience,andefficiencytodeliverlowerlongtermoperatingcosts.

• Koolaire-Anewbrandofbasic-featureicemachinescomplementingourpremiumManitowocbrand,offeredinsizesrangingfrom170-1,800lbs./day.Koolairemachinesaresimple,highlyreliable,andtargetanentrylevelpricepoint.

• Chick-fil-ABroiler-OurGarlandbrandhasleverageditsgloballeadershipinclamshelltechnologytodevelopthefirst-everclamshellbroilerinpartnershipwiththelargestchickenchainintheU.S.Theclamshellbroilerenabledourcustomertocreateanentirelynewmenu,offeringhealthiergrilledchickensandwichestocomplementitsemblematicfried-chickensandwiches.Wearecurrentlyengagedindevelopinganextgenerationversionofthistechnology.

• MercoIntelliHoldSeries-Specificallydevelopedforcommercialkitchens,thiswarmerprovidesaholdingenvironmentforfoodbetweenthekitchenandthefront-of-housewithimprovedenergyefficiencyandincreasedstoragecapacitywithinanunchangedfootprint.

• FrymasterFilterQuick-FilterQuickreplacesthetime-consumingmanualfiltrationprocesswithasimplepushbuttonautomaticfiltrationprocessthatallowsthefryertoresumeoperationinlessthanfourminutes.Bycombiningautomaticfiltrationwithouroilconservingfrypots,FilterQuickofferscustomerthemostadvancedoil-conservingfryerinthemarket.FilterQuickisalsoavailablewithanintegratedpatentedoilqualitysensorthatallowsFrymastercustomerstomeasuretheexactoilqualitywiththepushofabutton,whichhelpsthemtomaximizeoillifewithoutsacrificingfoodquality.

Market and Industry

Globalfoodservicesales,whichaccountforthevalueofallfoodpreparedawayfromhome,isthemostimportantdriverofourindustry.Theglobalfoodserviceindustrywasestimatedatapproximately$2.7trillionin2014accordingtoEuromonitorInternational,andisexpectedtoincreaseatanominalcompoundedannualgrowthrate("CAGR")of7%toreach$3.5trillionby2018.AccordingtoEuromonitorInternational,theU.S.foodservicemarketaccountedforapproximately19%,or$506billion,ofthetotalglobalfoodservicemarketin2014.Weestimatethesizeoftheglobalfoodserviceequipmentmarketsweservetobeapproximately$27billion.

Demandintherestaurantsegment,oneofsevenandourlargestendmarketwithintheU.S.foodserviceindustry,isdrivenbyconsumerdisposableincome,employment,investmentinnewestablishments,andtheunderlyingtrendforincreasedconvenience.

FoodserviceEquipmentandSupplies,anindustrypublication,estimatesthatin2016forU.S.commercialbusinessesinneedoffoodserviceequipment,62%ofequipmentpurchaseswillbetoreplaceexistingequipment,20%forrenovations,11%formoreenvironmentallyfriendlyorsustainableequipment,and7%fornewconstruction.

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Source:NationalRestaurantAssociation

AccordingtoTechnomic,thefoodserviceindustryintheU.S.isexpectedtogrowatanominalCAGRofapproximately2%duringthe2015-2020periodwithsomefoodserviceindustrysectors,suchashealthcareorfastcasualdininggrowingatthenominalCAGRof4-6%duringthesametimeperiod.ManagementexpectsthatfoodserviceindustrygrowthwithintheU.S.willbesupportedbyimprovingeconomicconditions,decliningrateofunemploymentandacceleratingincreasesinrealdisposableincome.Additionally,asamorehealthconsciouspublicisforsakingconveniencefoodsforfresh,naturalalternativesandisfocusingonhowtheirfoodismade,sourced,handled,andprepared,demandforfoodserviceequipmentisexpectedtoriseasfoodserviceprovidersadapttoevolvingtastes.

Onagloballevel,thedemandforaffordablediningisexpectedtocontinuetoincrease.Consumersineverymarketareexpectedtocontinuegravitatingtowardsmoreinformaloptions,atrendseenamongbothhighincomeconsumerslookingtosaveduringasloweconomicrecovery,andlowerincomeconsumersnewtofoodservicelookingforaccessibleentrypoints.Forfoodserviceequipmentoperatorsinemergingmarkets,thisoffersenormousroomforinnovation,particularlyintermsofformat,asconsumersnewtoeatingoutlooktoexperimentwithavarietyofbrandsandexperiences.Fast-foodchains,inparticular,haveprovedsuccessfulinthesemarketsinservingoccasionswheretheyhavehistoricallybeenweak,suchasdinner.

PerEuromonitorInternational,globalgrowthisexpectedtobedrivenbysolidperformanceinAsia,LatinAmerica,MiddleEastandAfricaasfollows:

• InAPAC,foodserviceindustrysalesareprojectedtogrowataCAGRofapproximately3%,orby$200billion,duringthe2014-2019period.Chinaisexpectedtobeamajorcontributortothisregion’sabsolutedollarsalesgrowth,despitesomewhatchallengingmarketconditionsrecently.ThehighestgrowthisAPACisprojectedinthejuice/smoothiebarsandpizzafull-servicerestaurantssegmentswithCAGRsofapproximately13%and12%,respectively.

• InLatinAmerica,foodserviceindustrysalesareexpectedtogrowatanapproximately3%CAGR,orby$50billion,duringthe2014-2019period.ThemostsignificantabsolutesalesdollargrowthisexpectedinBrazil.ThehighestgrowthinLatinAmericaoverallisprojectedinthefast-foodcategorywithCAGRofapproximately4%,butthelargestregionalgrowthopportunitiesareprojectedinjuice/smoothiebarcategorywithestimatedCAGRofapproximately12%duringthe2014-2019period.

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• IntheMiddleEastandAfricaregion(“MEA”),foodserviceindustrysalesareexpectedtogrowataCAGRofapproximately4%orby$25billionduringthe2014-2019period.WhileSub-SaharanAfricaislikelytobeoneofthemostimportantregionsforgrowthinthelong-term,overthenextseveralyearsthemajorityofsalesintheregionwillcontinuetocomefromtheMiddleEastandtheGulfStatesinparticular.ThelargestgrowthopportunitiesinMEAareexpectedintheburgerfast-foodcategorywithaprojectedCAGRofapproximately10%duringthe2014-2019period.

InWesternEurope,consumershavebecomemuchmorevalue-conscious,andincreasinglylooktomodernchainsasthebestwaytospendoneatingout.FoodservicesalesinWesternEuropeareprojectedtogrowatanapproximately1%CAGRduringthe2014-2019periodaccordingtoEuromonitorInternational.InEasternEurope,salesareexpectedtogrowwithanapproximately2%CAGRduringthe2014-2019period,withthestrongestgrowthprojectedinconveniencestoresandfast-food.

Overall,webelievethatcontinuedgrowthindemandforfoodserviceequipmentwillresultfromthedevelopmentofnewrestaurantconceptsintheU.S.,andtheexpansionofU.S.andforeignchainsintointernationalmarkets,thereplacementandupgradeofexistingequipmentandnewequipmentrequirementsresultingfrommenuchanges.Weexpecttobenefitfromthesetrends,andgrowmarketpenetrationalongsideourcustomersastheyexpandintonewservicecategoriesandgeographies.Webelievewearewell-positionedtotakeadvantageofworldwidegrowthopportunitieswithglobalandregionalnewproductintroductions,improvementinoperationalexcellence,andotherstrategicinitiatives.

Strengths

Ourcompetitivestrengthsderivefromcombiningdeepindustryexpertiseandunderstandingofourmarkets,ourhistoryofinvestmentinresearchanddevelopment,successfulproductinnovationandlong-standingcustomerrelationships.

Thebreadthandcomplementarityofourproductportfolio,withstronghotandcoldcategorybrandsintegratedunderoneoperatingcompany,supportedbyaftermarketserviceandsupport.

ManitowocFoodserviceoffers23industry-leadingbrands,whichprovidethefullspectrumoffoodserviceequipmentacrosssixhotandcoldproductandservicecategories,includingprimarycookingequipment,icemachinesandstoragebins,walk-inrefrigeratorandfreezerequipment,beveragedispensersandrelatedproducts,serving,warmingandstorageequipment,andaftermarketpartsandservicesolutions(KitchenCare).Offeringafullsuiteofintegratedhotandcoldkitchenequipmentproductsandservicesprovidesuswithsignificantcross-sellingopportunitiesandallowsustokeepaheadofevolvingindustrytrends.Ouraftermarketoffering,KitchenCare,providessupportservicestoourentireproductspectrum.ThisenablesManitowocFoodservicetodesign,outfitandservicecommercialkitchensinaharmonized,efficientwayandmaintainadisciplinedfocusontargetingourfast-growingcustomerbasewiththerightproductsforeachneed,attherightprice.

Theabilitytointegratefood,equipment,digitaltechnologies,andpeopleseamlesslythroughcollaborativeinnovationthatenhancesourcustomers’abilitytocompeteinthemarketplace.

Wecombineourexpertiseinindustrialengineeringandculinarysciencestocontinuouslyoptimizeboththefunctionalityandeaseofoperationofourfoodserviceequipmentproducts.Thiseffortleadstothecreationofinnovativekitchenswithoptimizedworkflow,energyandlaborsavings,andmorecomfortableworkspaces,allofwhichresultinhighcustomersatisfaction.Ourfoodserviceequipmentanddesigncapabilitieshelpcustomersdifferentiatetheirfoodandadapttoevolvingandlocaltastes,differentcookingstyles,andaestheticpreferences,regionallyandglobally.Wecontinuouslyinnovatebyworkingcloselywithcustomerstodevelopproductstomeettheirevolvingneeds.Bycloselytrackingcustomertrendsandemployingadedicatedstaffofchefs,weareabletomaintainourpositionasanexpertoneverymajorcookingtechniqueandemergingindustrytrend.

Thescaleandbreadthofourdealeranddistributornetworktoaccompanycustomersontheirglobaljourney,especiallyinfast-growingemergingmarkets.

Wehaveextensivemanufacturing,sales,andcustomerservicenetworksacrossalltheregionsweserve.Weoperate38locationsin12countries,providinguswiththescaletoservethelargestglobalcustomersandthelocalmarketexpertisetoleverageinternationalgrowth.Ourfootprintenablesustobuildourproductsascloseaspossibletointendedendmarkets,andapplyourdevelopedmarketsexpertiseinemergingmarkets.ManitowocFoodservices’worldwidenetworkofoverthreethousanddealersanddistributorsallowsustoserveourcustomerbasegloballyandgrowalongsidethemastheyenternewmarkets.

Long-standingbrandsandinnovativeengineeringcustomerscantrustforsuperiorqualityandreliability.

Manitowocdelivershighperformance,efficientkitchenswithinnovativefeaturesthatmeetspecificculinaryneedsandenhanceourcustomers’abilitytocompeteinthemarketplace.TheManitowocFoodserviceEducationandTechnologyCenters(“ETC”)inNewPortRichey,FloridaandHangzhou,Chinacontaincomputer-assisteddesignplatforms,amodelshopforon-sitedevelopmentofprototypes,alaboratoryforproducttesting,andvariousdisplayareasfornewproducts.Ourtestkitchens,flexibledemonstrationareas,andculinaryteamsenableustodemonstrateawiderangeofequipmentinrealisticoperatingenvironments,andalsosupportawiderangeofmenuideation,fooddevelopmentandsensorytestingwithourcustomersandfoodpartners.WealsousetheETCstoprovidetrainingforourcustomers,marketingrepresentatives,serviceproviders,industryconsultants,dealersanddistributors.

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Thesuperiorqualityofourfoodserviceequipmenthaslongbeenrecognizedbythird-parties.RecentindustryawardsreceivedbyManitowocFoodserviceinclude:

• 2014Best-in-ClassAward,FoodserviceEquipment&SuppliesMagazine:DeclaredfiveManitowocbrands(Cleveland,Delfield,Frymaster,LincolnandManitowocIce)asBest-in-Class.Itwasthe15thconsecutiveyearinwhichFrymasterandManitowocIcereceivedtheBest-in-Classdistinction;

• 2015NationalRestaurantAssociationKitchenInnovationAwards:FrymasterandMerrychefwon2015KitchenInnovationawards.Reflectingahistoryofinnovation,ManitowocFoodservicehaswon29KitchenInnovationAwardssince2005;and

• 2015EnergyStarPartneroftheYear:ManitowocFoodservicehasbeennamedanEnergyStarPartneroftheYearforsixconsecutiveyears.In2015,wealsoreceivedourfourthSustainedExcellenceAward.

Dedicationtoputtingcustomerexperiencefirst.

Wearetheonlycompanyinthemarketofferingabroadportfoliocoupledwithaunifiedcustomerserviceinterface.Throughoutthelifeofeachproduct,ManitowocFoodserviceteamsareavailabletoprovideaconsistent,seamlesscustomerexperience.Wedesigncustomkitchenenvironmentsbasedontheuniqueoperationalneedsofeachcustomer,providereliableequipmentthatmeetorexceedscustomerexpectations,andofferaftermarketservicetoresolveanyissues.

Strategies

Weintendtoachievesustainable,profitablegrowthgloballybyleveragingourpositionasaleadingcommercialfoodserviceequipmentproviderandbyusingthefollowingstrategies:

Drivingincreasedprofitability.

Webelievewecansignificantlyimprovetheprofitabilityofourbusinessandareimplementingseveralcostsavinginitiativesandoperatingstrategiestodriveincreasedmargins.Wearecommittedtofurtherimprovingourmarginsbyfocusingonfewer,higher-marginproductsandmarkets,value-basedpricing,andeffectivesourcing,aswellasbydrivingoperationalexcellenceinourexistingplants.Additionally,wewillcontinuetoimprovethequalityofourselling,generalandadministrativefunctions.

Selectcurrentlyongoingprojectssupportingthesegoalsinclude:

• Operationalimprovementsatselectproductionfacilities;

• 80/20portfoliorationalization:focusthemostresourcesandinvestmentsindevelopingtheproductsthatyieldthegreatestreturns(“80%ofthesalesfrom20%oftheportfolio”),tobenefitfromlatentscaleadvantages;

• Facilityrationalization:drivebest-in-classoperatingmetrics,standardizationofoperatingprocessesandcostofpoorquality(COPQ)reduction;

• Globalsourcinginitiative:ensurethatsuppliersareablenotonlytoprovidepartsatcompetitivecostpositionsandleadtimes,butalsohelpidentifycomponent-levelinnovationsthatwillcreatedifferentiatingadvantagesforManitowoc;oursourcingandprocurementinitiativesalsoaimtoimproveproductcosttake-out,streamlinesupplieragreements,andimproveprocesses,toolsanddataanalysis;and

• Newproductinitiatives:continuetoincreaseourvaluepropositionwithcustomersthroughproductsthatsimplifyrestaurantoperation,improvethequalityofthefood,improvespeedandflexibility,andreducetheoverallcarbonfootprintandlifecycleoperatingcost.

Growingourcustomerbaseanddeepeningcustomerpenetration.

Webelieveourbroadproductportfolioandleadingbrandspositionustoachieveprofitablegrowthabovetheaverageindustryratebyfurthergrowingthenumberofcustomersweserveandimprovingcustomeroverallsatisfaction.Wecontinuetobeatrustedprovidertothelargestcompaniesinthefoodserviceindustryandplantofurtherexpandourreachtoselect,highpotentialmid-sizedcompanieswherewecanofferstrongcustomersatisfaction.Weareworkingcloselywithourchannelpartnerstoidentifyemerginghighvaluecustomers,andprovidethemwithourhigh-qualityproductsandsupportservices.

Selectcurrentlyongoingprojectssupportingthesegoalsinclude:

• Strengtheningchannelpartnerrelationships:workingcloselywithdealersanddistributorstoidentifyandpursueopportunitieswithnewandemergingcustomersincludinginhighgrowthmarkets;and

• Increasedinvestmentinnewcustomeracquisition:identifyingandprioritizinghighvalueandhighROIopportunitiesinthemarketplace,anddisciplinedexecutionagainstthoseprioritiesthroughstrongprojectmanagement.

Drivingourinternationalexpansion.

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Ourglobalfootprintpositionsustocapitalizeongrowthindevelopedandemergingmarkets.Approximately37%ofsalesweregeneratedinternationallyduringthetwelve-monthperiodendedDecember31,2014,andwehavegrownourinternationalsalesby5%since2012.Wewillworkcloselywithchannelpartnerstoidentifyemergingglobalopportunities,particularlyinhighgrowthmarketsincludingmarketsincludingAPAC,LatinAmerica,andMEA.

WecontinuetoinvestheavilyintheAPACregion,asitisexpectedtoremainthelargestdriverofaggregateglobalfoodservicesalesgrowthoverthenextfewyears.WecurrentlyhavefourmanufacturingfacilitiesinAsiaandatechnologycenterinChina,demonstratingourcommitmenttobuildinglastingrelationshipswithabroadbaseofAsianfoodserviceproviders.Wealsohavethreetestkitchensacrosstheregion,andpartnercloselywithAsianchefsanddistributorstoproducefoodserviceequipmentspecificallytailoredtomeettheuniquedemandsoflocalcustomers.

InLatinAmerica,ManitowocFoodserviceenjoyslongstandingbusinessrelationshipswithendcustomersinthefastgrowingsegmentsofthemarketsuchasconveniencestores,localchains,globalchains,andretailandinstitutional.Wealsohaveawell-establishedsalesandaftermarketsupportnetworksinover30countriesandterritories.Thesenetworksaresupportedbyastrongteamofemployeesinthesales,technicalsupportandculinaryareas.ManitowocFoodserviceownsmanufacturingfacilitiesinTijuana,MexicoandMonterrey,Mexico,adistributionhubinMexicoCity,aswellasasalesandservicetrainingcenterinMonterrey,Mexico.

OurengagementinMEAcontinuestogrowasweinvestintheexpansionofoursalesteamtoserveourcustomersinthisregion.WeareworkingdiligentlyonrealigningandreinforcingourdistributionchannelsinMEA.OurdemonstrationkitcheninJebelAliFreeZoneinDubai,UnitedArabEmiratesisjustoneexampleofourcommitmenttoandengagementinthisregion.

Selectivelypursuingstrategicacquisitionsandpartnerships.

Ourindustryisfragmentedandwebelievethereissignificantopportunityforcontinuedconsolidationthroughacquisitionsandpartnerships.Wehavealongtrackrecordofacquisitionsandbelievethatwearewellpositionedtoexpandourproductofferings,geographicfootprintandcustomerbasethroughacquisitionsandrelatedstrategicallianceactivities.Consistentwithourstrategy,weactivelyevaluatepotentialacquisitionopportunitiesforManitowocFoodserviceonanongoingbasis.Weseektomanageliabilities,integrationandotherrisksassociatedwithacquisitionsthroughduediligence,favorableacquisitioncontracts,andcarefulplanningandexecutionoftheintegrationoftheacquiredbusinesses.

Expandingthefrontieroffoodserviceinnovation.

Toremainaleaderinourindustryandcontinuetogrowourreputationasoneofthemostinnovativecompaniesinourindustry,wecontinuouslyleveragesupplierstosourceinnovationandrefreshexistingproductswithnew,locally-relevant,food-inspiringtechnologies,whilesimultaneouslyfindingnewwaystointegratethoseproductsandcreatecohesivekitchensystems.Ourinnovationco-creationandcustomizationcapabilitiesuniquelypositionustodevelopsolutionsthataretrulyadaptedtodifferentwaysofcookingandpreparingfood,whetherfornewmenusornewgeographies.

Selectcurrentlyongoingprojectssupportingthesegoalsinclude:

• fitkitchen:“FoodInspiringTechnology”designedanddevelopedforintegratedkitchensthatmeeteachcustomer’sindividualequipmentrequirementsandsizeconstraints,usingourleadingtestkitchenfacilities;

• Discoveryinnovationprocess:collaborationwithcustomersandsupplierstoidentifyinnovationsthatenhanceourcustomers’abilitytocompeteinthemarketplace;

• Digitalstrategy:tobetterconnectfood,equipmentandpeopleinthekitchen,andtobetterconnectuswithourcustomers;and

• Newproductinitiativeprioritizationandprocess:prioritizeinvestmentsneededtobringtomarketthosenewproductswiththegreatestpotentialforhighROI.

Continuingtoattractandfosterindustry-leadingtalent.

ManitowocFoodservice’speoplearekeytooursuccess.AsofDecember31,2014,wehadapproximately5,500employeesacrossallofourlocations.Ouremployeesembodyandpersonifyouriconicbrandsandstrivetounderstandourcustomers.Wearecontinuingtorecruittalentedprofessionalsandstrivetomakeourcompanyagreatplacetohavealong-termcareer.

Selectcurrentlyongoingprojectssupportingthesegoalsinclude:

• TheLEAD(LeadershipEvaluationandAcceleratedDevelopment)Programacceleratesthedevelopmentofkeyleadersforcurrentandfuturerolestoachieveaggressiveorganizationalgoals.Itprovideshighpotentialkeyleadersforcurrentandfuturerolesbyprovidingthemwithobjective,thirdpartyfeedback,developmentaldiscussions,careerplanning,andongoingsupporttomeettheirleadershippotential;

• TheNewManagerAssimilationprocessenablesnewmanagers(eithernewtotheorganizationornewtoaposition)andtheirteamstobeginworkingtogethereffectivelyrightfromthestart;and

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• Ourinternallearninganddevelopmentprogramsprovideemployeeswithopportunitiestoenhancetheirleadershipandprofessionalskills,whileemphasizingtheimportanceofteamworkanddiversity.Ourcourseofferingsreflecttheprioritiesofthebusiness,fromthefullrangeofSixSigmacertifications,safety,andprojectmanagementtrainingtoRosettaStonelanguagecourses,functional-specificcourses,andgeneralcompetencyareassuchastimemanagement.

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Our Reportable Segments

Wemanufactureandsellfoodserviceequipmentinmorethan100countries.Wereportouroperatingresultsthroughthreereportablesegments:Americas,EMEAandAPAC.Allthreesegmentsofferabroadrangeofhotandcoldcategoryfoodserviceproductsandsolutionsforcustomersinvariousendmarkets.

Thefollowingtablepresentstherelativepercentagesoftotalrevenueattributabletoeachreportablesegmentforeachofthelastthreefiscalyears.

For the Years Ended December 31,

2014 2013 2012Americas 82.3% 83.2% 83.0%EMEA 19.9% 20.3% 14.4%APAC 12.5% 8.4% 9.2%Eliminationofinter-segmentsales (14.8)% (11.9)% (6.6)%

IntheAmericas,weprovidefoodserviceequipmentinover30countriesandterritoriesthroughoutNorthAmerica,LatinAmericaandtheCaribbean.OurAmericassegmentcontributedtotalrevenueincludingintercompanysalesof$1,301.9millionduringthetwelve-monthperiodendedDecember31,2014,representing82.3%oftotalManitowocFoodservicerevenue.

InEMEA,weprovidefoodserviceequipmentinover50countriesthroughoutEurope,theMiddleEastandsub-SaharanAfrica.OurEMEAsegmentcontributedtotalrevenueincludingintercompanysalesof$315.1millionduringthetwelve-monthperiodendedDecember31,2014,representing19.9%oftotalManitowocFoodservicerevenue.

InAPAC,weprovidefoodserviceequipmentinover20countriesthroughoutAsia,includingChinaandIndia.OurAPACsegmentcontributedtotalrevenueincludingintercompanysalesof$198.2millionduringthetwelve-monthperiodendedDecember31,2014,representing12.5%oftotalManitowocFoodservicerevenue.

Customers

Wesellprimarilythroughdistributorsanddealers("directcustomers"),whoultimatelyselltoendcustomers.Ourend-customerbaseiscomprisedofawidevarietyoffoodserviceproviders,includinglargemultinationalandregionalchainrestaurants,conveniencestoresandretailstores;chainandindependentcasualandfamilydiningrestaurants;independentrestaurantsandcaterers;lodging,resort,leisureandconventionfacilities;healthcarefacilities;schoolsanduniversities;largebusinessandindustrialcustomers;andmanyotherfoodserviceoutlets.Weservesomeofthelargestandmostwidelyrecognizedmultinationalandregionalbusinessesinthefoodserviceandhospitalityindustries.Thefollowingtablepresentsarepresentativeselectionofourdealersandendcustomers,including,butnotlimitedto,ourtenlargestendcustomers.Inaggregate,thecustomerspresentedbelowcompriseapproximately50%ofManitowocFoodservice'stotalrevenueduringthetwelve-monthperiodendedDecember31,2014.

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Select Manitowoc Global Foodservice Customers

Additionally,wehaveastrongbaseofmid-sizedcustomersandcontinuouslyfocusonexpandingitfurther.AccordingtoEuromonitorInternational,manymid-sizechainsexhibitedgrowthabove20%in2014,particularlyinAPACandLatinAmerica,reflectingtheincreasingpoweroflocalplayersandstrongdemandforchainedversionsoflocalfavorites.Drivenbyaclearpatternofinvestmentinlocally-ownedchainsandconceptsfeaturinglocalcuisine,thesetrendsareexpectedtocontinueoverthelongterm.Weworkwitheachofourmid-sizecustomerstohelpthemcapitalizeonthesetrendsthroughourinnovationprocess,whichallowsustoprovidethemwiththefollowingvaluepropositions:

• Simplificationoftheiroperations;

• Improvedspeedandflexibilityoftheoveralloperation;

• Improvedqualityofthefoodandservice;

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• Reducedenergyconsumptionandcarbonfootprint;

• Lowertotalcostoverthelifecycleoftheappliance;and

• Superiorreliabilityoftheoverallequipmentsystem.

Wedonottypicallyhavelong-termcontractswithourcustomers;however,largechainsfrequentlyauthorizespecificfoodserviceequipmentmanufacturersasapprovedvendorsforparticularproducts,andthereafter,salesaremadelocallyorregionallytoendcustomersviakitchenequipmentsuppliers,dealersordistributors.Manylargequick-servicerestaurantchainsrefurbishoropenalargenumberofoutlets,orimplementmenuchangesrequiringinvestmentinnewequipment,overashortperiodoftime.Whenthisoccurs,thesecustomersoftenchooseasmallnumberofmanufacturerswhoseapprovedproductsmayormustbepurchasedbyrestaurantoperators.Weworkcloselywithourcustomerstodeveloptheproductstheyneedandtobecomeapprovedvendorsfortheseproducts.

Ourend-customersoftenneedequipmentupgradesthatenablethemtoimproveproductivityandfoodsafety,reducelaborcosts,respondtoenhancedhygiene,environmentalandmenurequirementsorreduceenergyconsumption.Thesechangesoftenrequirecustomizedcookingandcoolingandfreezingequipment.Inaddition,manyrestaurantsseektodifferentiatetheirproductsbychangingtheirmenuandformat.Webelievethatproductdevelopmentisimportanttooursuccessbecauseasupplier’sabilitytoprovidecustomizedorinnovativefoodserviceequipmentisaprimaryfactorwhencustomersaremakingtheirpurchasingdecisions.Oursignificantinvestmentinnewproductresearchanddevelopmentpositionsustouniquelyserveourglobalcustomerbase.

Sales, Marketing and Distribution

Wesellourproductsthroughaworldwidenetworkofoverthreethousanddealersanddistributorsinover100countries.Ournetworkisdifferentiatedfromcompetitorsthroughservingasasinglesourceforabroadportfolioofleadingbrandsandproductcategories.Thisallowsustoprovideonefacetoourcustomersformultiplebrandswithrelevantculinaryandingredientsexpertiseandappropriatekeyaccountmanagementforourlargerglobalchaincustomers.Wesupportoursaleseffortswithavarietyofmarketingeffortsincludingtrade-specificadvertising,cooperativedistributormerchandising,digitalmarketing,andmarketingatavarietyofindustrytradeshows.

IntheAmericas,ManitowocFoodservicehasabroadportfolioofchannelpartners,coveringallmajorfoodservicemarketsegments,includingquick-servicerestaurants,fastcasual,education,healthcare,businessandindustry,aswellastheconvenienceandretailspace.Ourdirectsalesteamissupplementedbyanetworkofindustry-leadingrepgroups,providingnationalcoverage.Directsalesteam,salesrepsanddistributorsjointlyserveover900equipmentdealerswithourfullportfolioofhotandcoldproductcategorybrands.AdedicatedstrategicaccountteamwithculinarysupportisfocusedonthemajorU.S.-basedrestaurantchains,wherewehavesignificantglobalmarketshare.Ourteamsworkcloselywithourcustomers’menuandequipmentdevelopmentteamstoassurealignmentwiththeirstrategicplans.WealsohavedistributionhubsinCanada,MexicoandLatinAmerica.KitchenCareprovidesarangeofafter-marketservicesthatmanagesacomprehensivefactory-authorizedservicenetwork,assuringproperinstallation,preventativemaintenance,sparepartssupplyandmaximumcustomeruptimeonallManitowocFoodserviceappliances.

InEMEA,ourdistributionincludesthreecompany-owneddistributionhubsinHerborn,GermanyservingGermanyandAustria,inGuildford,UKservingtheUKandNorthernIreland,andinBarcelona,SpainservingSpainandPortugal.Eachofthesedistributioncentersoperatesanetworkofthirdpartydealerschosentosatisfytherequirementsofbothchaincustomersandindependentcaterersintheirrespectiveterritories.Outsidethesecountries,ManitowocFoodserviceproductsandservicesaresoldthroughnon-exclusivethirdpartydistributorsandservicecompanies.Inaddition,ourbeveragecustomersreceivespecialistsupportfromourbeveragesystemsfacilityinHalesowen,UK.Inemergingmarkets,suchastheArabianGulfandRussia,weprovidespecialistapplicationssupportviasalesofficeslocatedinDubaiandMoscow.

InAPAC,ManitowocFoodservicehasapresencesincethemid-1980s.Asourchaincustomersexpandedintotheregion,wefirstestablisheddistributionandservicesupport,followedbyagrowth-orientedsalesforceandthefirstmanufacturingfacilityinChinain1992.Today,weareoperatingfourmanufacturingfacilitiesandfivesalesandserviceofficesthroughouttheregion.WeaccessthemarketinAPACthroughourdedicateddistributionanddealerchannelpartners,mostofwhichhavebeenestablishedinthemarketfordecadesandhavebeenManitowocFoodservicepartnersforover15years.Ourbusinessintheregionreflectsagrowingacceptanceofthevalueourproductsdeliverandiscontinuallyexpendingintoalocalcustomerbasethathasdecidedtochampionwesternmenusanddesirestheappliancesthatwillconsistentlydeliverthequalityexpectedfromatopbrandwiththereliabilityandsupportforwhichweareknown.

Regulatory Environment

Weactivelyworkwithstandardsorganizations,industryassociations,certificationparties,andregulatorybodiestodevelopandpromoteeffectiveandbalancedstandards,codes,andregulationsthatprovidefortheadvancementofsustainablecustomersolutionswiththehighestpossiblelevelsofenergyefficiency,sanitation,safety,andfoodquality.Forexample,weareactivemembersofNAFEM,AHRI,ULtaskgroup,NSFJointCommittee,ASHRAE,theworkinggroupsresponsibleforENsafetystandardsinEurope,HKI,andotherregionalstandardsorganizations.WearefullyengagedwiththeDepartmentofEnergyonnewenergystandards,EPAonEnergySTARprogramsandSNAPalternaterefrigerantregulations,andEUECOdirectiveconsultantorganizations.

Competition

Wesellallofourproductsinhighlycompetitivemarketsandcompetebasedonproductdesign,qualityofproductsandaftermarketsupportservices,productperformance,maintenancecosts,energyandresourcesaving,othercontributionstosustainability,andprice.Webelievethatwebenefitfromthefollowingcompetitiveadvantages:

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• Acomplementaryportfolioofindustry-leadinghotandcoldcategoryproducts,integratedunderoneoperatingcompanyandsupportedbygrowingaftermarketserviceandsupport;

• Theabilitytointegratefood,equipment,digitaltechnologiesandpeopleseamlesslythroughcollaborativeinnovationthatenhancesourcustomers’abilitytocompeteinthemarketplace;

• Thescaleandbreadthofourdealeranddistributornetworktoaccompanyourcustomersontheirglobaljourney,especiallyinfast-growingemergingmarkets;

• Long-standingbrandsandinnovationengineeringthatcustomerscantrustforsuperiorqualityandreliability;and

• Dedicationtoputtingcustomerexperiencefirst.

Thefollowingtablesetsforthourprimarycompetitorsineachofourproductgroups:

Products Primary Competitors

Primarycookingequipment

AliGroup;DoverIndustries;Duke;Electrolux;HennyPenny;ITW;Middleby;Rational;andTaylor

Serving,warmingandstorageequipment AltoShaam;Cambro;Duke;Hatco;ITW;Middleby;Standex;andVollrath

Beveragedispensersandrelatedproducts

AutomaticBarControls;Celli;Cornelius;Hoshizaki/LancerCorporation;Taylor;andVinService

Ice-cube,iceflakermachinesandstoragebins Aucma;Brema;Follett;Hoshizaki;Ice-O-Matic;Scotsman;andVogt

Walk-inRefrigeratorandfreezerequipment

AmericanPanel;Arctic;Bally;BeverageAir;Hoshizaki;ICS;Master-Bilt;Nor-Lake;Thermo-Kool;Traulsen;TrueFoodservice;andTurboAir

Seasonality

Typically,thesecondandthirdquartersofourfiscalyearrepresentthebestperiodsforourfinancialresults.Ourcustomersareprimarilyinthenorthernhemisphere,andthewarmersummerweathergenerallyleadstoanincreaseinconstructionandremodelingwithinthefoodserviceindustry,aswellasintheuseandreplacementoficemachines.Asaresult,distributorsbuildinventoriesduringthesecondquartertoprepareforincreaseddemand.

Raw Materials

Wesupportourregion-of-useproductionstrategywithcorrespondingregion-of-usesupplierpartners.Theprimaryrawmaterialsthatweusearestructuralandrolledsteel,aluminum,andcopper.Wealsopurchaseelectricalequipmentandothersemi-andfully-processedmaterials.Wemaintaininventoriesofsteelandotherpurchasedmaterial.Wehavebeensuccessfulinourgoaltomaintainalternativesourcesofrawmaterialsandsupplies,andthereforearenotdependentonasinglesourceforanyparticularrawmaterialorsupply.

Engineering, Research and Development

Webelieveourextensiveengineering,researchanddevelopmentcapabilitiesareakeydriverofoursuccess.Weengageinresearchanddevelopmentactivitiesat15dedicatedlocationsintheAmericas,EMEAandAPAC.Wehaveastaffofin-houseengineersandtechniciansonthreecontinents,supplementedwithexternalengineeringresources,whocollectivelyareresponsibleforimprovingexistingproductsanddevelopingnewproducts.Weincurredtotalengineeringcostsof$52.6million,$42.6million,and$39.6millionduringthetwelve-monthperiodsendedDecember31,2014,2013and2012,respectively,whichincludedresearchanddevelopmentcostsof$31.0million,$28.7million,and$35.6millionduringthetwelve-monthperiodsendedDecember31,2014,2013and2012,respectively.

Ourteamofengineersfocusesondevelopingcosteffective,innovative,highperformance,lowmaintenanceproductsthatareintendedtosolveproblemsforourcustomersindifferentiatedwaysandcreatesignificantbrandloyaltyamongcustomers.Designengineersworkcloselywithourculinary,manufacturingandmarketingstaffwhichenablesustoidentifychangingend-userrequirements,implementnewtechnologiesandeffectivelyintroduceproductinnovations.Close,carefullymanagedrelationshipswithdealers,distributorsandendusershelpusidentifytheirneeds,fornotonlyproducts,butalsofortheserviceandsupportthatarecriticaltotheirprofitableoperations.Aspartofourongoingcommitmenttoprovidesuperiorproducts,weintendtocontinueoureffortstodesignproductsthatmeetevolvingcustomerdemandsandreducetheperiodfromproductconceptiontoproductintroduction.

Keyprojectsandinitiativesthatarethebasisformaintainingacompetitiveadvantageinourcapabilitiesforengineeringandproductdevelopmentincludethefollowing:

• Flexingengineeringresourcesamongthe15engineeringcentersthroughengineeringleadershipforhotandcoldcategoryproductsandsupplementingtheinternalresourcepoolwithastrategicrelationshipwithamajorservicesproviderbasedinIndia;

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• Regionaltechnologycentersthatprovideacontinuousstreamofapplication-focusednewtechnologiesandproductconceptsintotheengineeringcentersandfullyleveragesupplieranduniversityrelationships;

• Internalcapabilityforelectroniccontrolsdevelopmentandapplicationtodefineourroadmapforcontrols,workhand-in-handwithstrategicsuppliers,andensurecontinuedindustryleadershipinthisincreasinglyimportantproductdimension;and

• Focusareasaroundtechnologiestoleadtheindustryinthedeliveryofhealthyfood,equipmentsanitation,energyefficiency,menuflexibility,andmobiledevicesandwebconnectivity.

Intellectual Property

Intellectualproperty,inclusiveofcertainpatents,trademarks,copyrights,know-how,tradesecretsandotherproprietaryrights,isimportanttoourbusiness.Weholdnumerouspatentspertainingtoourproducts,andhavepresentlypendingapplicationsforadditionalpatentsintheU.S.andforeigncountries.Inaddition,wehavevariousregisteredandunregisteredtrademarksandlicensesthatareofmaterialimportancetoourbusinessandwebelieveourownershipofthisintellectualpropertyisadequatelyprotectedincustomaryfashionsunderapplicablelaws.Althoughcertainproprietaryintellectualpropertyrightsareimportanttooursuccess,wedonotbelievewearemateriallydependentonanyparticularpatentorlicense,oranyparticulargroupofpatentsorlicensees.

Ourworldwideintellectualpropertyportfolioprovides:

• GlobalprotectionofourR&Dandproductdevelopmentinvestments;

• Recognizablecompetitivedistinctionsandproprietaryadvantages;

• Brandsupportandenhancement;and

• Leverageforvaluecreationopportunitiessuchaslicensesandotherdispositions.

Ourintellectualpropertyportfolioisstrategicallyalignedwithourbusinessesandwecontinuallycalibrateitforbothcompetitivenessandcost-effectiveness.Additionally,wemonitorothercompanies’intellectualpropertytoensureourfreedom-to-operate.Similarly,westudyourcompetitors’productstoidentifyunauthorizeduseofourprotectedinventions,andfollow-uptoresolvethroughappropriateenforcementprogramsincaseofanyviolations.

Employees

AsofDecember31,2014,wehadapproximately5,500employees.InNorthAmerica,wehaveinplacesixlaboragreementswithfiveemployeeunions.WehavetwotradeunionsinEuropeandtwotradeunionsinChina.

Production and Facilities

Wemanufactureourproductsinourgeographicmarketsaroundtheworld.Weoperatemanufacturingandwarehousefacilities,officesandtechnologycentersacrosstheAmericas,EMEAandAPAC.OurcorporateheadquartersislocatedinNewPortRichey,Florida.Ourstrategyistoproduceintheregionofuse,whereverappropriate,tobeclosertoourend-user,increaseefficiency,andprovidetimelierproductdelivery.

Inmanagingournetworkofproductionfacilities,wefocusonachievingoperatingefficiencies,standardizationofoperatingprocessesandcostofpoorqualityreduction.Additionally,oursourcingandprocurementinitiativesaimtoimproveproductcosttake-out,streamlinesupplieragreements,andimproveprocesses,toolsanddataanalysis.

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ThefollowingtableoutlinestheprincipalfacilitiesweownorleaseasofDecember31,2014.

Facility Location Type of Facility Approximate

Square Footage Owned/Leased

NewPortRichey,Florida(2) CorporateHeadquarters 42,000 Owned

Americas Manitowoc,Wisconsin(2) Manufacturing/Office 376,000 Owned

Parsons,Tennessee(1) Manufacturing 120,000 Owned

Sellersburg,Indiana(2) Manufacturing/Office 146,000 Owned

Tijuana,Mexico(1) Manufacturing 111,000 Leased

Goodyear,Arizona(3) Manufacturing/Office 50,000 Leased

Shreveport,Louisiana(1),(2) Manufacturing/Office 539,000 Owned

Mt.Pleasant,Michigan(2) Manufacturing/Office 345,000 Owned

Baltimore,Maryland Manufacturing/Office 16,000 Leased

Cleveland,Ohio(1),(2) Manufacturing/Office/Warehouse 391,000 Owned/Leased

Covington,Tennessee(1) Manufacturing/Office/Warehouse 386,000 Owned/Leased

PineyFlats,Tennessee(3) Manufacturing/Office 110,000 Leased

FortWorth,Texas(3) Manufacturing/Office 182,000 Leased

Concord,Ontario,Canada Manufacturing/Office 116,000 Leased

Mississauga,Ontario,Canada(1),(2) Manufacturing/Office/Warehouse 186,000 Leased

Monterrey,Mexico Manufacturing/Office 303,750 Leased

EMEA Guildford,UnitedKingdom(2) Office 35,000 Leased

Eglfing,Germany(2) Manufacturing/Office/Warehouse 130,000 Leased

Herisau,Switzerland(2) Manufacturing/Office 26,974 Leased

Halesowen,UnitedKingdom(2) Manufacturing/Office 86,000 Leased

Sheffield,UnitedKingdom Manufacturing/Office 100,000 Leased

Felsted,UnitedKingdom(4) Land 292,000 Owned

APAC Foshan,China(2) Manufacturing/Office/Warehouse 125,000 Leased

Shanghai,China(2) Office/Warehouse

29,000 Leased

Prachinburi,Thailand(JointVenture)(2) Manufacturing/Office/Warehouse 438,608 Owned

Singapore Manufacturing/Office

93,300 Owned/Leased

Hangzhou,China(2) Manufacturing/Office 260,000 Owned/Leased

Samutprakarn,Thailand(JointVenture) Office 4,305 Leased

(1) Therearemultipleseparatefacilitieswithintheselocations.(2) Servesalsoasaresearchanddevelopmentcenter.(3) Thesefacilitiesweresoldduringthefourthquarterof2015aspartofthesaleofKysorPanelSystems.(4) Thispropertywassoldduringthefourthquarterof2015.

Inaddition,weleasesalesofficeand/orwarehousespaceinManitowoc,Wisconsin;Irwindale,California;Odessa,Florida;Tampa,Florida;FortWayne,Indiana;Jeffersonville,Indiana;Herborn,Germany;KualaLumpur,Malaysia;Selangor,Malaysia;Barcelona,Spain;NaucalpandeJuarez,Mexico;Gurgaon,MumbaiandBangalore,India;aswellasMexicoCity,Mexico.

Legal Proceedings

Ourglobaloperationsaregovernedbylawsaddressingtheprotectionoftheenvironmentandemployeesafetyandhealth.Undervariouscircumstances,theselawsimposecivilandcriminalpenaltiesandfines,aswellasinjunctiveandremedialrelief,fornoncompliance.Theyalsomayrequireremediationatsiteswherecompany-relatedsubstanceshavebeenreleasedintotheenvironment.

Wehaveexpendedsubstantialresourcesglobally,bothfinancialandmanagerial,tocomplywiththeapplicablelawsandregulations,andtoprotecttheenvironmentandourworkers.Webelieveweareinsubstantialcompliancewithsuchlawsandregulationsandwemaintainproceduresdesignedtofosterandensurecompliance.However,wehavebeenandmayinthefuturebesubjecttoformalorinformalenforcementactionsorproceedingsregardingnoncompliancewithsuchlawsorregulations,whetherornotdeterminedtobeultimatelyresponsibleinthenormalcourseofbusiness.Historically,theseactionshavebeenresolvedinvariouswayswiththeregulatoryauthoritieswithoutmaterialcommitmentsorpenaltiestothecompany.

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Forinformationconcerningothercontingenciesanduncertainties,seeNote15,“ContingenciesandSignificantEstimates,”totheAuditedCombinedFinancialStatementsandNote13,"ContingenciesandSignificantEstimates,"totheUnauditedCondensedCombinedFinancialStatements.

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MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

YoushouldreadthefollowingdiscussiontogetherwiththeothersectionsofthisInformationStatement,includingourauditedandunauditedcondensedhistoricalcombinedfinancialstatementsandtherelatednotes,“Business”and“UnauditedProFormaCombinedFinancialStatements”andrelatednotes.Thisdiscussioncontainsforward-lookingstatementsthatinvolverisksanduncertainties.Theforward-lookingstatementsarenothistoricalfacts,butratherarebasedoncurrentexpectations,estimates,assumptionsandprojectionsaboutourindustry,businessandfuturefinancialresults.Theforward-lookingstatementsaresubjecttoanumberofimportantfactors,includingthosefactorsdiscussedunder“RiskFactors”and“CautionaryStatementConcerningForward-LookingStatements,”thatcouldcauseouractualresultstodiffermateriallyfromthoseindicatedintheforward-lookingstatements.

Introduction

Management’sdiscussionandanalysisoffinancialconditionandresultsofoperationsaccompaniesourcombinedfinancialstatementsandprovidesadditionalinformationaboutourbusiness,financialcondition,liquidityandcapitalresources,cashflowsandresultsofoperations.Wehaveorganizedtheinformationasfollows:

• Overview.ThissectionprovidesabriefdescriptionoftheSpin-Off,ourbusiness,reportablesegments,accountingbasisofpresentationandabriefsummaryofourresultsofoperations.

• Resultsofoperationsanddiscussionandanalysis.ThissectionhighlightsitemsaffectingthecomparabilityofourfinancialresultsandprovidesananalysisofourcombinedandsegmentresultsofoperationsfortheninemonthsendedSeptember30,2015and2014andforeachofthethreeyearsendedDecember31,2014,2013,and2012.

• Liquidityandcapitalresources.ThissectionprovidesanoverviewofourhistoricalandanticipatedcashandfinancingactivitiesinconnectionwiththeSpin-Off.Wealsoreviewourhistoricalsourcesandusesofcashinouroperating,investingandfinancingactivities.Wesummarizeourcurrentandplanneddebtandotherlong-termfinancialcommitments.

• Quantitativeandqualitativedisclosuresaboutmarketrisk.Thissectiondiscusseshowwemonitorandmanagemarketriskrelatedtochangingcommodityprices,currencyandinterestrates.Wealsoprovideananalysisofhowadversechangesinmarketconditionscouldimpactourresultsbasedoncertainassumptionswehaveprovided.Wediscusshowwehedgecertainoftheseriskstomitigateunplannedoradverseimpactstoouroperatingresultsandfinancialcondition.

• Non-GAAPfinancialmeasures.Thissectiondiscussescertainoperationalperformancemeasuresweuseinternallytoevaluateouroperatingresultsandtomakeimportantdecisionsaboutourbusiness.Wealsoprovideareconciliationofthesemeasurestothefinancialmeasureswehavereportedinourhistoricalcombinedfinancialstatementssoyouunderstandtheadjustmentswemaketofurtherevaluateourunderlyingoperatingperformance.

• Criticalaccountingpoliciesandestimates.Thissectionsummarizestheaccountingpoliciesthatweconsiderimportanttoourfinancialconditionandresultsofoperationsandthatrequiresignificantjudgmentorestimatestobemadeintheirapplication.Wealsodiscusscommoditycosttrendsimpactingourhistoricalresultsandthatweexpectwillcontinuethroughtheremainderof2015.

Overview

Spin-Off

OnJanuary29,2015,ManitowocParentCoannouncedplanstocreatetwoindependentpubliccompanies:theFoodserviceBusinessandtheCraneBusiness.Toeffecttheseparation,ManitowocParentCowillundertaketheInternalReorganizationdescribedunder“CertainRelationshipsandRelatedPartyTransactions-AgreementswithManitowocParentCo-SeparationandDistributionAgreement,”followingwhichManitowocParentCowillholdtheCraneBusinessandManitowocFoodservice,ManitowocParentCo’swhollyownedsubsidiary,willholdtheFoodserviceBusiness.

FollowingtheInternalReorganization,ManitowocParentCowilldistributeallofitsequityinterestinus,consistingofalloftheoutstandingsharesofourcommonstock,toManitowocParentCo’sshareholdersonaproratabasis.

TheSpin-Offissubjecttothesatisfaction,orManitowocParentCo’swaiver,ofanumberofconditions.Inaddition,ManitowocParentCohastherightnottocompletetheSpin-Offif,atanytime,theManitowocParentCoBoarddetermines,initssoleandabsolutediscretion,thattheSpin-OffisnotinthebestinterestsofManitowocParentCooritsshareholdersorisotherwisenotadvisable.Foramoredetaileddescription,see“TheSpin-Off-ConditionstotheSpin-Off.”

Business

ManitowocFoodserviceisamongtheworld’sleadingdesignersandmanufacturersofcommercialfoodserviceequipment.Ourcapabilitiesspanrefrigeration,ice-making,cooking,holding,food-preparation,andbeverage-dispensingtechnologies,andallowustoequipentirecommercialkitchensandservetheworld’sgrowingdemandforfoodpreparedawayfromhome.Wesupplyfoodserviceequipmentto

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commercialandinstitutionalfoodserviceoperatorssuchasfull-servicerestaurants,quick-servicerestaurantchains,hotels,caterers,supermarkets,conveniencestores,businessandindustry,hospitals,schoolsandotherinstitutions.

Weoperateinover100countriesglobally,acrosstheAmericas,EMEAandAPAC.Ourproducts,servicesandsolutionsaremarketedthroughaworldwidenetworkofoverthreethousanddealersanddistributorsunderindustry-leadingbrands,includingCleveland,Convotherm,Dean,Delfield,Fabristeel,Frymaster,Garland,Inducs,Kolpak,Koolaire,Lincoln,ManitowocIce,Merco,Merrychef,Multiplex,Servend,andU.S.Range.AllofourproductsaresupportedbyKitchenCare,ouraftermarketrepairandpartsservice.ManitowocFoodservice’sscaleandexpertiseenableittoserveaglobalblue-chipcustomerbaseacrosstheworldincontinuallyevolvingfoodservicemarkets.Forthenine-monthandtwelve-monthperiodsendedSeptember30,2015andDecember30,2014,wegeneratedrevenueof$1,178.4millionand$1,581.3millionrespectively,andoperatingincomeof$119.1millionand$172.5million,respectively.

Reportable Segments

Wemanageourbusinessinthreegeographicreportablesegments:Americas,EMEA,andAPAC.Thesesegmentsrepresentthelevelatwhichwereviewourfinancialperformanceandmakeoperatingdecisions.Segmentoperatingearnings,orearningsbeforeamortization,corporatecharges,taxesandotherspecialgainsorchargesisthemeasureofprofitandlossthatourchiefoperatingdecisionmakerusestoevaluatethefinancialperformanceofourbusinessandisthebasisforresourceallocationandperformancereviews.Forthesereasons,webelievethatsegmentoperatingearningsrepresentthemostrelevantmeasureofsegmentprofitandloss.AreconciliationofsegmentoperatingearningstoearningsfromcontinuingoperationsonaU.S.GAAPbasisispresentedinthe“-ResultsofOperationsandDiscussionandAnalysis-SalesandOperatingEarningsbySegment.”

Incontrasttomanyothercompaniesinthefragmentedfoodserviceequipmentindustry,ManitowocFoodservicehasthescaleandexperiencetofollowitscustomersglobally,operatingintheAmericas,EMEAandAPACregions.TheUnitedStatesisbyfarthecompany’sbiggestgeographicsegmentintermsofsales,followedbyEurope.Whileweplantocontinuegrowinginthesetworegions,thecompanyalsorecognizesthatthebulkofoverallgrowthinthefoodserviceindustryisexpectedtooccurinmarketsotherthanUS/CanadaandWesternEurope.Assuch,ManitowocFoodserviceisalsoworkingcloselywithitschannelpartnerstoexpanditsfootprintinotherhigh-growthmarkets.

Americas

TheAmericassegment,includingtheU.S.,CanadaandLatinAmerica,hadnetsalesandoperatingearningsofapproximately$1,301.9millionand$201.8million,respectively,forthetwelve-monthperiodendedDecember31,2014.SalesgeneratedbytheU.S.operationsrepresentasignificantmajorityofsalesintheAmericassegment.

EMEA

TheEMEAsegmentismadeupofmarketsinEurope,MiddleEastandAfrica,includingtheUnitedKingdom,theNordiccountries,Germany,France,Spain,ItalyandSwitzerland,aswellasEgypt,SouthAfrica,Dubai,andanumberofothercountriesacrosstheregion.TheEMEAsegmenthadnetsalesandoperatingearningsofapproximately$315.1millionand$20.7million,respectively,forthetwelve-monthperiodendedDecember31,2014.

APAC

TheAPACsegmentiscomprisedofmarketsinChina,Singapore,Australia,India,Malaysia,Indonesia,ThailandandPhilippines.TheAPACsegmenthadnetsalesandoperatingearningsofapproximately$198.2millionand$20.8million,respectively,forthetwelve-monthperiodendedDecember31,2014.

Accounting Basis of Presentation

OurhistoricalcombinedfinancialstatementsincludetheaccountsofManitowocFoodserviceanditssubsidiariesaswellasentitieswhichwerenotpreviouslysubsidiariesbutwillformpartofManitowocFoodservice.OurhistoricalcombinedfinancialstatementsincludeexpensesofManitowocParentCothatwereallocatedtousforcertainfunctions,includinggeneralcorporateexpensesrelatedtofinance,treasury,tax,audit,legal,informationtechnology,humanresources,andinvestorrelations.

Thecombinedfinancialstatementsarepreparedonastandalonebasisandreflectthehistoricalresultsofoperations,financialpositionandcashflowsofManitowocFoodserviceinaccordancewithU.S.GAAP.ThecombinedfinancialstatementsarepresentedasifManitowocFoodservicehadbeencarvedoutofManitowocParentCoforallperiodspresented.AllsignificanttransactionswithinManitowocFoodservicehavebeeneliminated.

Youshouldreadthehistoricalcombinedfinancialdatapresentedbelowinconjunctionwithourauditedandunauditedcondensedcombinedfinancialstatementsandaccompanyingnotes.

AlldollaramountsareinmillionsofdollarsthroughoutthetablesincludedinthisManagement’sDiscussionandAnalysisofFinancialConditionsandResultsofOperationsunlessotherwiseindicated.

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Results of Operations and Discussion and Analysis

Results of Operations

ThefollowingareourresultsofoperationsfortheninemonthsendedSeptember30,2015,comparedtotheninemonthsendedSeptember30,2014:

Nine Months Ended September 30,

(Millions of dollars) 2015 2014

Operations

Netsales $ 1,178.4 $ 1,207.1

Costofsales 809.6 811.7

GrossProfit 368.8 395.4

Operatingexpenses: Engineering,sellingandadministrativeexpenses 223.3 229.5

Amortizationexpense 23.6 23.9

Restructuringexpense 1.3 2.2

Separationexpense 1.1 —

Otherexpense 0.4 —

Totaloperatingexpenses 249.7 255.6

Operatingearningsfromcontinuingoperations 119.1 139.8

Other(expense)income:

Interestexpenseoncapitalleases (1.0) (0.9)

InterestincomeonnoteswithManitowocParentCo-net 13.5 12.1

Otherincome(expense)-net 1.9 (1.5)

Totalotherincome 14.4 9.7

Earningsfromcontinuingoperationsbeforetaxesonincome 133.5 149.5

Provisionfortaxesonincome 41.8 15.6

Earningsfromcontinuingoperations 91.7 133.9

Discontinuedoperations: Earnings(loss)fromdiscontinuedoperations,netofincometaxesof$0.0and$(0.3),respectively 0.3 (0.4)

Lossonsaleofdiscontinuedoperations,netofincometaxesof$0.0and$(0.6),respectively — (1.1)

Netearnings $ 92.0 $ 132.4

Sales and Operating Earnings by Segment

Netsales

Nine Months Ended September 30,

(in millions) 2015 2014

Net sales Americas $ 999.8 $ 1,003.5

EMEA 214.9 244.2

APAC 135.5 145.0

Eliminationofinter-segmentsales (171.8) (185.6)

Netsales $ 1,178.4 $ 1,207.1

ManitowocFoodservice’ssalestotaled$1,178.4millionforthenine-monthperiodendedSeptember30,2015,representinga$28.7milliondeclinecomparedtotheprioryearperiod.SalesintheAmericastotaled$999.8millioninthefirstninemonthsof2015,adeclineof0.4%overthesameperiodin2014.SalesinEMEAaswellasinAPACarelikewisedown12.0%and6.6%,respectively,comparedtotheprioryearperiod.

Contributingtotheyear-over-yeardecreaseinthetoplineistheunfavorableforeignexchangeimpactofthestrongUSDollar,accountingforapproximately$38.4millionor134%ofthesalesdeclineoverthecomparativeperiod.Significantandspecificproductroll-outsinthefirsthalfoflastyear,whichgeneratedsalesofapproximately$35.2million,alsounfavorablyimpactedsalesduringthecomparativeperiodasthosespecificproductroll-outshavenotoccurredinthefirsthalfof2015.Favorablevolume,productandpricemixpartiallyoffsetthenegativeimpactsofforeignexchangeandproductroll-outsovertheprioryearperiod.

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Operatingearnings

Nine Months Ended September 30,

(in millions) 2015 2014

Operating earnings from continuing operations: Americas $ 142.3 $ 165.4

EMEA 15.7 12.9

APAC 16.5 15.4

Corporateexpense (29.0) (27.8)

Amortizationexpense (23.6) (23.9)

Restructuringexpense (1.3) (2.2)

Separationexpense (1.1) —

Otherexpense (0.4) —

Operatingearningsfromcontinuingoperations $ 119.1 $ 139.8

Operatingearningsbeforeamortization,restructuring,separationandotherexpensesof$26.5milliontotaled$145.5millionforthenine-monthperiodendedSeptember30,2015,adecreaseof$20.4millionor12.3%overtheprioryear.Specificproductroll-outsinthefirsthalfof2014thatdidnotrecurinthefirsthalfof2015,specificallyfortheAmericasregion,accountfor$13.0millionoftheoperatingearningsdeclinecomparedtoprioryearwhileexecutionissuesrelatedtothestart-upofourKitchenCarebusinessearlyintheyeartranslatedtohigherstart-upcostsofapproximately$14.0million,negativelyimpactingoperatingearningsforthenine-monthperiodendedSeptember30,2015,comparedtotheprioryear.Thestart-upissuesrelatedtoKitchenCareweredrivenbyleadershipchanges,mis-stepsinourcalloperations,logisticsandpartsstockingissues.

Inthethirdquarterof2015,management’sfocusedanddisciplinedapproachtotheseissuesstartedtoyieldpositiveresults,includingimprovementsinfillrates,fulfillmentspeedsandaccuracy,pointingtoimprovedandnormalizingconditionsinourKitchenCareoperations.

CorporateexpensesincludeManitowocParentCo’sallocatedcorporateexpenses.

AmortizationexpenserelatestotheamortizationofManitowocFoodservice’sintangibleassets.

Restructuringexpensesforthenine-monthperiodsendedSeptember30,2015and2014amountto$1.3millionand$2.2million,respectively.Therestructuringchargesin2015relatetoseverancepaymentsaswellascostsassociatedwithafoundryclosure.Restructuringchargesin2014pertaintocostsassociatedwiththetransferofcertainmanufacturingactivitiesfromManitowoc,WisconsintoMonterrey,Mexico.

Non-OperatingIncomeStatementItems

Thenetinterestincomeforthenine-monthperiodsendedSeptember30,2015,and2014reflectsthehistoricalnetinterestincomerecognizedbyManitowocFoodserviceonintercompanydebtswithManitowocParentCowhichwilleventuallybesettledaspartoftheoverallSpin-Offtransaction.

Otherexpensesforthenine-monthperiodsendedSeptember30,2014,and2015relateprimarilytoforeignexchangetranslationgainsorlosses.

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Results of Operations

ThefollowingareourresultsofoperationsforyearsendedDecember31,2014,2013,and2012:

(in millions) 2014 2013 2012

Operations

Netsales $ 1,581.3 $ 1,541.8 $ 1,486.2

Costofsales 1,073.3 1,030.9 997.6

GrossProfit 508.0 510.9 488.6

Operatingexpenses:

Engineering,sellingandadministrativeexpenses 299.6 289.7 278.5

Amortizationexpense 31.8 31.4 31.3

Assetimpairments 1.1 — —

Restructuringexpense 2.6 2.9 2.2

Otherexpenses(income) 0.4 (0.8) 1.8

Totaloperatingexpenses 335.5 323.2 313.8

Operatingearningsfromcontinuingoperations 172.5 187.7 174.8

Other(expenses)income:

Interestexpenseoncapitalleases (1.3) (1.0) (1.0)

InterestincomeonnoteswithManitowocParentCo-net 16.6 17.2 4.5

Other(expense)income-net (0.6) 0.7 1.2

Totalotherincome 14.7 16.9 4.7

Earningsfromcontinuingoperationsbeforetaxesonearnings 187.2 204.6 179.5

Provisionfortaxesonearnings 25.9 55.3 47.5

Earningsfromcontinuingoperations 161.3 149.3 132.0

Discontinuedoperations:

(Loss)earningsfromdiscontinuedoperations,netofincometaxesof$(0.3),$(1.0),and$0.3,respectively (0.4) (0.5) 0.6

Lossonsaleofdiscontinuedoperations,netofincometaxesof$(0.6),$4.4and$0.0,respectively (1.1) (2.7) —

Netearnings $ 159.8 $ 146.1 $ 132.6

Summary of Results of Operations

ManitowocFoodservice’ssalestotaled$1,581.3millionin2014,anincreaseof2.6%over2013.SalesincreasesintheAmericasandAPACregionsaccountedformostoftheincrease,asEMEAsalesincreasedonlyslightlyyear-on-year.Thesalesincreasein2014wasprimarilydrivenbynewproductlaunchesinAPACandintheAmericasaswellastheproductroll-outofournewBeverage-in-Cupequipmentbycertainofourchaincustomers.Thiswaspartiallyoffsetbysalesdeclinesinourwalk-inandpanelsbusinessesduringtheyear.

Thedeclineinoperatingearningsduring2014wasprimarilyduetoproductandchannelmix.Duringtheyear,salesoflowermarginproductsoutpacedsalesofhighermarginequipment,particularlyinthefryers,iceandwalk-incategories.Also,withtheroll-outs,moreproductsweresoldtochainaccountswhichattractlowermargins.Likewise,highersalestodealersandbuyinggroupswhichattracthigherrebatesanddiscountsversussalestocommercialdistributors,particularlyinouricebusiness,weigheddownonoperatingearningsfortheyear.

ManitowocFoodservice’ssalesin2013totaled$1,541.8million,anincreaseof$55.6millionor3.7%comparedto2012.SalesincreasesinEMEAandtheAmericasregionsdrovetheyear-on-yearsalesimprovement,offsetbythesalesdeclineinAPAC.Newproductroll-outssupportedthesalesincreaseinourbeverage,ice,freezerandrefrigerationcategories,whilelowersalestochainaccounts,particularlyinChina,pulleddownsalesgrowthin2013.

Operatingearningsin2013improvedby7.4%over2012.Theincreasewasduetohighersalesvolumeandimprovedpricingonthenewproductroll-outs.Thiswasoffsetbyhighermaterialinflationcostsaswellashigherrebatesanddiscountstobuyinggroupsanddealers.

Discussion of Results of Operations

(in millions) 2014 2013 2012

NetSales $ 1,581.3 $ 1,541.8 $ 1,486.2

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ManitowocFoodservice’ssalesincreasedto$1,581.3millionin2014from$1,541.8millionin2013.Thismodest2.6%increasewasprimarilydrivenbythe$68.8millionsalesincreaseintheAPACregionacrossboththehotandcoldproductcategories.TheAmericascontributed$19.3millionofincreasewhiletheEMEAregionremainedlargelyflatcomparedtoprioryear.TheincreaseinsaleswasduetospecificproductlaunchesintheAPACandAmericasregionsinourice,refrigerationandreach-inbusinessesaswellastheBeverage-in-Cupequipmentroll-outsbycertainofourchaincustomers.Theincreasewaspartiallyoffsetbyyear-on-yearsalesdeclinesinourKitchenCareaswellasinourwalk-inandpanelsbusinesses.Totalsaleswerefavorablyimpactedbyapproximately$4.7millionfromforeigncurrencyexchangeduringtheyear.Furtheranalysisofthechangesinsalesbyreportablesegmentsisshowninthe“SalesandOperatingEarningsbySegment”below.

ManitowocFoodservice’ssalestotaled$1,541.8millionin2013,anincreaseof3.7%or$55.6millionover2012.ThesalesincreaseduringtheyearwasprimarilydrivenbyhighersalesintheAmericasandEMEAregionswhichcontributed$49.1millionand$98.5million,respectively,totheincrease.SalesinAPACpostedaslightsalesdeclineofapproximately$6.6millionduringtheyear.TheAmericasandEMEAregionsbenefitedfromnewproductroll-outsduringtheyear,specificallyinourbeverageandConvothermproducts,aswellashighersalesvolumeinourice,freezerandrefrigerationbusinesses.ThedeclineinsalesinAPACwasattributedtolowersalesinChina,particularlytoourglobalchaincustomersoperatinginthecountry.Furtheranalysisofthechangesinsalesbyreportablesegmentsisshowninthe“SalesandOperatingEarningsbySegment”below.

(in millions) 2014 2013 2012

GrossProfit $ 508.0 $ 510.9 $ 488.6

GrossMargin 32.1% 33.1% 32.9%

GrossprofitfortheyearendedDecember31,2014decreasedslightlyby$2.9millioncomparedtotheprioryear.Thedecreaseingrossprofitweigheddownongrossmarginpercentagefortheyearwhichdeclinedfrom33.1%to32.1%.Thedeclinewasduetoanumberofdriversincluding,unfavorableproductmix,higherrebatesanddiscountsasmorevolumeofsalesweresoldtothebuyinggroupsanddealers,higherconversioncosts,higherwarrantycosts,andincrementalcostsassociatedwiththeKitchenCarestart-up.Savingsfromproductandmanufacturingcostreductioninitiativespartiallycushionedtheaforementionednegativeimpacts.

GrossmarginfortheyearendedDecember31,2013increasedby$22.3millioncomparedtotheprioryear.Theincreasetranslatedtoamarginallyimprovedgrossmarginpercentageof33.1%in2013from32.9%in2012.Theincreaseinsalesvolumecoupledwithfavorablepricingprimarilydrovetheimprovementingrossmarginpercentageduringtheyear.Productandmanufacturingcostssavingsinitiativesfurtherenhancedthegrossmarginpercentage,partiallyoffsetbyhigherconversionandwarrantycostsduringtheyear.

(in millions) 2014 2013 2012

Engineering,sellingandadministrativeexpenses $ 299.6 $ 289.7 $ 278.5

Totalengineering,sellingandadministrativeexpensesamountedto$299.6millionin2014,anincreaseof3.4%or$9.9millioncomparedtotheprioryear.Theyear-on-yearincreasewasattributabletofavorablenon-recurringlegalsettlementandearn-outadjustmentonaprioracquisitionwhichbenefited2013byapproximately$5.2millionintotal.Increaseinsalescommissions,marketingcostsaswellasprojectcostsassociatedwithnewproductdevelopmentsalsocontributedtotheincreaseinengineering,sellingandadministrativeexpenses.Theincreaseispartiallyoffsetbyloweremployeerelatedcostssuchashealthbenefits,short-termincentivecompensation,andstock-basedcompensation.

Engineering,sellingandadministrativeexpensesfortheyearendedDecember31,2013increasedby$11.2millionor4%over2012.TheincreasewasduetoadditionalheadcountassociatedwiththenewlyopenedfacilityinMonterrey,Mexico,increasedexpensesrelatedtonewproductdevelopmentsandhigheremployeerelatedcostssuchasshort-termincentivecompensationandstock-basedcompensation.

(in millions) 2014 2013 2012

Amortizationexpense $ 31.8 $ 31.4 $ 31.3

AmortizationexpensefortheyearsendedDecember,31,2014,2013and2012of$31.8million,$31.4million,and$31.3million,respectively,relatedtointangibleassetsasshowninNote7,“GoodwillandOtherIntangibleAssets,”totheAuditedCombinedFinancialStatements.

(in millions) 2014 2013 2012

Assetimpairmentexpense $ 1.1 $ — $ —

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AssetimpairmentexpensefortheyearendedDecember31,2014was$1.1million;therewasnotanyimpairmentexpensefortheyearendedDecember31,2013or2012.Thisrelatestothewrite-downtofairvalueoftheland,building,andbuildingimprovementsforafacilitywhichwasheldforsaleasofDecember31,2014.

(in millions) 2014 2013 2012

Restructuringexpense $ 2.6 $ 2.9 $ 2.2

RestructuringexpensefortheyearendedDecember31,2014relatedtoemployeeterminationcostsassociatedwiththetransferofcertainmanufacturingactivitiesinManitowoc,WisconsintoMonterrey,Mexicoaspartofourmanufacturingfootprintrationalizationinitiative.

RestructuringexpensefortheyearsendedDecember31,2013and2012relatedtoplantandmanufacturingfacilityconsolidationsintheAmericasregionaswellasworkforcereductionsinEMEA.SeeNote17,“Restructuring,”totheAuditedCombinedFinancialStatementsforfurtherdetails.

(in millions) 2014 2013 2012

Otheroperatingexpense(income)-net $ 0.4 $ (0.8) $ 1.8

FortheyearendedDecember31,2014,includedinthe$0.4millionexpensearemiscellaneousfeesrelatedtodivestitureactivities.FortheyearsendedDecember31,2013and2012,theexpensesareprimarilyrelatedtoapension(curtailment)settlementonaplanduringtheyear.

(in millions) 2014 2013 2012

Interestexpenseoncapitalleases $ (1.3) $ (1.0) $ (1.0)

InterestexpensefortheyearendedDecember31,2014and2013primarilyrelatedtothefinancingcostsoncapitalleasearrangements.

(in millions) 2014 2013 2012

InterestincomeonnoteswithManitowocParentCo-net $ 16.6 $ 17.2 $ 4.5

AsdisclosedinNote21,"NetParentCompanyInvestmentandRelatedPartyTransactions,"toourAuditedCombinedFinancialStatements,ManitowocFoodserviceprovidesfundingtoManitowocParentCoviaintercompanydebt,inparticulartotheenterprisecashpools,whichbearsinterest.ThenetinterestincomeshownhereinreflectsthehistoricalnetinterestincomerecognizedbyManitowocFoodservicefortheseintercompanydebtswhichwilleventuallybesettledaspartoftheoverallSpin-Off.

(in millions) 2014 2013 2012

Other(expense)income-net $ (0.6) $ 0.7 $ 1.2

Otherincome(expense)-netduring2014,2013and2012primarilyrelatedtoforeignexchangegainsorlosses.

(in millions) 2014 2013 2012

Provisionforincometaxes $ 25.9 $ 55.3 $ 47.5

ManitowocFoodservice’seffectivetaxratefortheyearsended2014,2013and2012was13.8%,27.0%and26.5%,respectively.The2014effectivetaxratebenefitedfroma$25.6milliontaxbenefitrelatedtoacapitallossrealizationfromanelectionwiththeIRStotreataFoodserviceentityasapartnershipforU.S.federalincometaxpurposes.The2013and2012effectivetaxratesbenefitedfromthereleaseofuncertaintaxpositionreservesrelatedtofavorableauditsettlements.SeeNote12,“IncomeTaxes,”totheAuditedCombinedFinancialStatementsforfurtherdetails.

(in millions) 2014 2013 2012

Loss(gain)fromdiscontinuedoperations $ 0.4 $ 0.5 $ (0.6)

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LossfromdiscontinuedoperationsfortheyearendedDecember31,2014relatedprimarilytoadministrativecostsassociatedwithvariousbusinessespreviouslydisposedofinprioryears.LossfromdiscontinuedoperationsfortheyearendedDecember31,2013relatedtothesaleoftheJacksonbusinessinthefirstquarterof2013.

(in millions) 2014 2013 2012

Lossonsaleofdiscontinuedoperations $ 1.1 $ 2.7 $ —

Lossonsaleofdiscontinuedoperationsof$1.1millionfortheyearendedDecember31,2014relatedtothesettlementofapensionobligationtoapreviouslydisposedofentity.Lossonsaleofdiscontinuedoperationsof$2.7millionfortheyearendedDecember31,2013wasattributabletothesaleoftheJacksonbusinessinthefirstquarterof2013.SeefurtherdetailsatNote4,“DiscontinuedOperations,”toourAuditedCombinedFinancialStatements.

Sales and Operating Earnings by Segment

Netsales

(in millions) 2014 2013 2012

Net sales: Americas $ 1,301.9 $ 1,282.6 $ 1,233.5

EMEA 315.1 312.6 214.1

APAC 198.2 129.4 136.0

Eliminationofinter-segmentsales (233.9) (182.8) (97.4)

Netsales $ 1,581.3 $ 1,541.8 $ 1,486.2

SalesintheAmericassegmentincreasedby$19.3millionin2014from$1,282.6millionintheprioryear.Thisincreasewasdrivenbyhigheractivityinbothourhotandcoldcategorybusinessesaswellasfavorablepricingactions.IceequipmentsalesincreasedwiththelaunchofourKoolaireicemachineswhileprincipalproductssuchasCleveland,FrymasterandGarlandpostedhighersalesduringtheyear.In2013,Americassegmentsalesincreasedby4.0%,to$1,282.6millionfrom$1,233.5millionin2012.IncreaseinsalesintheAmericaswasduetoproductroll-outsduringyear,specificallytheConvothermandBeverage-in-Cupproductroll-outs.StrongersalesinIce,KolpakaswellasDelfieldproductsalsocontributedtotheimprovedsalesintheregionyear-on-year.

SalesintheEMEAregionfor2014increasedslightlyfromtheprioryear.Europeanroll-outoftheBeverage-in-Cupproductbyachaincustomerduringtheyearwasoffsetbythe2013Convothermroll-outwhichdidnotrecurin2014.Fortheyearended2013,salesintheEMEAregionincreasedby$98.5millionor46.0%comparedto2012.Theincreasewasprimarilydrivenbynewproductroll-outsintheregion,specificallyofourConvothermproducts,highericeequipmentandovenunitsalesaswellfavorablepricingactions.

SalesintheAPACregionincreasedby$68.8millionduring2014comparedto2013.Theincreasewasprimarilydrivenbyimprovedsalestocertainregionalchains,particularlyinChinaaswellashigherintersegmentsales,specificallyoftheicemachineproductsmanufacturedintheregion.Fortheyearended2013,salesintheAPACregiondeclinedby4.9%comparedto2012duetolowerunitsalestoglobalchainsoperatinginChina,thiswaspartiallyoffsetbythelocalchainsgrowthintheregion.

Operatingearnings

(in millions) 2014 2013 2012

Operating earnings from continuing operations: Americas $ 201.8 $ 214.3 $ 216.0

EMEA 20.7 22.5 8.5

APAC 20.8 16.0 17.9

Corporateexpense (34.9) (31.6) (32.3)

Amortizationexpense (31.8) (31.4) (31.3)

Assetimpairmentexpense (1.1) — —

Restructuringexpense (2.6) (2.9) (2.2)

Other(expense)income (0.4) 0.8 (1.8)

Operatingearningsfromcontinuingoperations $ 172.5 $ 187.7 $ 174.8

FortheyearendedDecember31,2014,operatingearningsfortheAmericasregiondeclineddespitetheincreaseinsales.Thedeclineinoperatingearningswasduetoanumberoffactorsincludingthehigherstart-upandoperationalcostsrelatedtoourKitchenCareoperations,

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productmixandchannelmixwherehighervolumesweresoldtochainaccountsandbuyinggroupswhichattractlowermarginsandhigherrebates.TheKitchenCarestart-upexecutionissuespulleddownsegmentoperatingmarginfor2014andaresubjecttofocusedanddisciplinedmanagementattentiontoimproveoperatingperformance.Moreover,year-on-yearearningsfor2014comparedto2013wasimpactedbytheone-timebenefitrecognizedin2013relatedtoanon-recurringfavorablelegalclaimsettlementandapositiveearn-outadjustmentrelatedtoaprioracquisition.OperatingearningsfortheAmericassegmentfortheyearendedDecember31,2013declinedto$214.3millionfrom$216.0millionin2012ora0.8%declineinoperatingmargincomparedtotheprioryear.Theslightdecreasein2013wasduetounfavorableproductmixaswellashigherrebatesanddiscountstobuyinggroups.TheincreasedcostsassociatedwiththenewlyopenedMonterreyfacilityandhigherwarrantycostsalsopulledoperatingmargindownduring2013.

FortheyearendedDecember31,2014,operatingearningsfortheEMEAregiondecreasedslightlyto$20.7millionfrom$22.5millionintheprioryear,resultinginoperatingmargindeclineof8.0%duringtheyear.Thedeclinecanbeattributedtounfavorablemixaswellthenon-recurringbenefitassociatedwiththehighermarginproductroll-outsintheprioryear.Theincreaseinengineering,sellingandadministrativecostslikewisenegativelyimpactedmarginoffsetbyfavorablecostsavings.Segmentoperatingearningssignificantlyincreasedin2013,from$8.5millionin2012to$22.5millionin2013.Theincreasewasdrivenbyhighermarginproductroll-outsintheregionaswellasfavorablepricingactionscoupledwithpositivecostssavingsduringtheyear.

FortheyearendedDecember31,2014,operatingearningsfortheAPACsegmentincreasedto$20.8millionfrom$16.0millionin2013.Theincreasewasprimarilyduetohighersalesduringtheyear.Operatingmargin,however,declinedfrom12.5%in2013to10.5%in2014.Thedeclinewasduetosalesmixaswellastheincreaseinintersegmentsaleswhichattractlowermarginswithoutthebenefitassociatedwiththedistributionactivities.SegmentearningsfortheyearendedDecember31,2013decreasedinfrom$17.9millionto$16.0millionduringtheyear.Thedecreasewasprimarilydrivenbylowersalesduringtheyear.

TotalcorporateexpensesfortheyearsendedDecember31,2014,2013and2012,included$22.1million,$26.3millionand$26.6million,respectively,ofManitowocParentCo’sallocatedcorporatecharges.Thedeclineof$4.2millionintotalcorporateexpensesin2014comparedto2013wasdrivenbythedecreaseinshort-termincentivepaymentsduringtheyearaswellastheone-timefavorableadjustmentof$3.5millionrelatedtoaninsurancesettlementin2013.

RestructuringchargesfortheyearsendedDecember31,2014,2013and2012primarilyrelatedtoworkforcereductionsandtransfercostsassociatedwithmanufacturingfootprintrationalization.

Liquidity and Capital Resources

Historically,ManitowocParentCohasprovidedcapital,cashmanagement,andothertreasuryservicestoManitowocFoodservice.ManitowocParentCowillcontinuetoprovidetheseservicesuntiltheSpin-Offisconsummated.AspartoftheseservicescertaincashbalancesareswepttoManitowocParentCoonadailybasisandareheldinacentralizedaccount.Inturn,ManitowocParentCowilltransfercashtoManitowocFoodserviceinorderforManitowocFoodservicetomeetitscashneeds.Asaresult,thecashbalancespresentedinManitowocFoodservice’scombinedfinancialstatementsconsistprimarilyofcashheldatcertainManitowocFoodserviceentitiesusedtosatisfytheirowncashneeds.

ManitowocFoodservice’sprimaryfuturecashneedswillbecenteredonoperatingactivities,workingcapital,andcapitalinvestments.FollowingtheSpin-Off,ManitowocFoodservice’scapitalstructureandsourcesofliquiditywillchangesignificantlyfromitshistoricalcapitalstructure.ManitowocFoodservicewillnolongerparticipateincapitalmanagementwithManitowocParentCo,butratherManitowocFoodservice’sabilitytofunditscashneedswilldependonitsongoingabilitytogenerateandraisecashinthefuture.AlthoughManitowocFoodservicebelievesthatitsfuturecashfromoperations,togetherwithitsaccesstocapitalmarkets,willprovideadequateresourcestofunditsoperatingandfinancingneeds,itsaccessto,andtheavailabilityoffinancingonacceptabletermsinthefuturewillbeaffectedbymanyfactorsincluding:(i)itscreditrating,(ii)theliquidityoftheoverallcapitalmarketsand(iii)thethen-currentstateoftheeconomy.TherecanbenoassurancesthatManitowocFoodservicewillhaveaccesstothecapitalmarketsonacceptableterms.

InconnectionwiththeSpin-Off,weexpecttoincurapproximately$1,400millionofaggregatedebt,whichwillconsistofa$975millionseniorsecuredtermloanBfacility,whichwillbearinterestatafloatingrateandwillmaturein2023,and$425millionofseniornotesdue2024,whichwillbearinterestat9.5%perannum.Additionally,weexpecttohaveaseniorsecuredrevolvingcreditfacilitythatwillpermitborrowingsofupto$225million,whichwillbearinterestatafloatingrateandwillmaturein2021.See"DescriptionofMaterialIndebtedness"formoreinformationregardingthisnewdebt.Forinformationregardingtheproformaeffectofthisnewdebttoourcapitalstructure,see"Capitalization"and"UnauditedProFormaCombinedFinancialStatements."

InconnectionwiththeSpin-Offweintendtodistributecash,includingnetproceedsfromdebtthatweincur,toManitowocParentCo.

Cash Flows

Thetablebelowshowsasummaryofcashflowsforthenine-monthperiodsendedSeptember30,2015and2014,andthecalendaryearsended2014,2013,and2012(inmillions):

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Nine Months Ended September 30, Years Ended December 31,

2015 2014 2014 2013 2012

Cashprovidedbyoperatingactivities $ 68.8 $ 132.8 $ 200.2 $ 201.9 $ 164.5

Cashusedforinvestingactivities (10.1) (17.7) (25.3) (42.9) (17.7)

Cashprovidedbyusedforfinancingactivities $ (26.0) $ (109.7) $ (167.0) $ (171.0) $ (150.5)

Operatingactivities

Cashflowsprovidedbycontinuingoperationsforthenine-monthperiodendedSeptember30,2015amountedto$68.8millioncomparedtothe$132.8millionprovidedbycontinuingoperationsforthesameperiodin2014.Thedecreaseincashflowsprovidedbycontinuingoperationsinthesecomparativeperiodswasprimarilyduetolowercashfromearnings,timingofpaymentsonaccountspayableandcollectionsofreceivables,partiallyoffsetbylowerinventorylevelsonimprovedinventorymanagement.

CashflowsprovidedbyoperationsfortheyearendedDecember31,2014remainedlargelyconsistentwiththeprioryear.Operatingcashgenerationduringtheyearwasprimarilydrivenbycashfromearnings,excludingnon-cashchargesfromdepreciationandamortization.Thefavorableyear-over-yearearningsimpact,aswellasfastercollectionsonaccountsreceivable,wasoffsetbyincreasedinventorylevelsduetothelaunchofKitchenCareversusprioryear.Cashandcashequivalentson-handatDecember31,2014amountedto$16.5millionversusthe$9.6millionon-handatDecember31,2013.

Cashflowsprovidedbyoperationsduring2013was$201.9millioncomparedto$164.5millionin2012.Theincreasewasprimarilydrivenbyincreasedcashfromearningsandfavorabletimingofpaymentsonaccountspayableandaccruedexpenses,partiallyoffsetbyhigherlevelsofreceivablesonbetteryear-over-yearsaleslevels.Cashandcashequivalentson-handatDecember31,2013amountedto$9.6millioncomparedto$22.2millionatDecember31,2012.

Investingactivities

Cashflowsusedforinvestingactivitiesof$10.1millionforthenine-monthperiodendedSeptember30,2015consistedprimarilyofcashusedforcapitalexpendituresof$9.6million.Cashflowsusedforinvestingactivitiesof$17.7millionforthenine-monthperiodendedSeptember30,2014consistedmainlyofcapitalexpendituresfortheperiod.

Cashflowsusedforinvestingactivitiesof$25.3millionin2014relatedmainlytocapitalexpendituresonfixedassetequipmentpurchases.

Cashflowsusedforinvestingactivitiesin2013of$42.9millionconsistedprimarilyof$12.2millionfortheacquisitionofInducs,AGandforcapitalexpendituresof$33.6million,whichrelatedtofixedassetequipmentpurchasesaswellasinvestmentcostsforthenewmanufacturingfacilityinMonterrey,Mexico.

Cashflowsusedforinvestingactivitiesof$17.7millionin2012mainlyrelatedtocapitalexpendituresonfixedassetequipmentpurchasesduringtheyear.

Financingactivities

Cashflowsusedforfinancingactivitiesforthenine-monthperiodsendedSeptember30,2015and2014were$26.0millionand$109.7millionprimarilyrelatedtofinancingtransactionswithManitowocParentCoduringtheseperiods.CashflowsusedforfinancingactivitiesfortheyearsendedDecember31,2014,2013and2012amountedto$167.0million,$171.0millionand$150.5million,respectively,andthesepertainprimarilytocashfinancingprovidedtoManitowocParentCoduringtheseperiods.

Off-balance sheet arrangements

Ourdisclosuresconcerningtransactions,arrangementsandotherrelationshipswithuncombinedentitiesorotherpersonsthatarereasonablylikelytomateriallyaffectliquidityortheavailabilityoforrequirementsforcapitalresourcesareasfollows:

• WehavedisclosedouraccountsreceivablesecuritizationarrangementinNote11,“AccountsReceivableSecuritization,”totheAuditedCombinedFinancialStatementsandNote9,“AccountsReceivableSecuritization,”totheUnauditedCondensedCombinedFinancialStatements.

• Weleasevariousassetsunderoperatingleases.ThefutureestimatedpaymentsunderthesearrangementsaredisclosedinNote19,“Leases,”totheAuditedCombinedFinancialStatementsandinthetablebelow.

Contractual obligations and commercial commitments

ThefollowingtablesummarizesoursignificantcontractualobligationsasofDecember31,2014anddoesnotgiveeffecttothedebtweintendtoincurinconnectionwiththeSpin-Off:

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(in millions) Total 2015 2016 2017 2018 2019 Thereafter

CapitalLeases $ 3.6 $ — $ 0.5 $ 0.5 $ 0.4 $ 0.6 $ 1.6

OperatingLeases 34.4 12.6 9.0 5.8 3.1 2.3 1.6

PurchaseOrders 79.2 78.7 0.2 0.1 0.1 — 0.1

InterestObligations 0.1 0.1 — — — — —

Totalcommitted $ 113.7 $ 91.4 $ 9.2 $ 5.9 $ 3.2 $ 2.7 $ 1.7

• Weexpecttoincurlong-termdebtinconnectionwiththeSpin-Off.See"DescriptionofMaterialIndebtedness"formoreinformation.Forinformationregardingtheproformaeffectofthisnewdebttoourcapitalstructure,see"Capitalization"and"UnauditedProFormaCombinedFinancialStatements."

• Unrecognizedtaxbenefitstotaling$16.6millionasofDecember31,2014,excludingrelatedinterestsandpenalties,arenotincludedinthetablebecausethetimingoftheirresolutioncannotbeestimated.SeeNote12,“IncomeTaxes,”totheAuditedCombinedFinancialStatementsfordisclosuressurroundinguncertainincometaxpositionsunderASCTopic740.

WemaintaindefinedbenefitpensionplansforsomeofouroperationsinEuropeandAsia.Additionally,certainofouremployeesparticipateinapensionplansponsoredbyManitowocParentCo,whichisaccountedforasamultiemployerplan.ManitowocParentCohasestablishedtheRetirementPlanCommitteetomanagetheoperationsandadministrationofallbenefitplansandrelatedtrusts.

In2014,cashcontributionsbyustoallpensionplans,includingthemultiemployerplan,were$1.0million,andweestimatethatourpensionplancontributionswillbeapproximately$3.3millionin2015.

Environmental, Health, Safety, and Other Matters

PleaserefertoNote15,“ContingenciesandSignificantEstimates,”oftheAuditedCombinedFinancialStatementsandNote13,"ContingenciesandSignificantEstimates,"oftheUnauditedCombinedFinancialStatementswherewehavedisclosedourenvironmental,health,safety,contingenciesandothermatters.

Quantitative and qualitative disclosures about market risk

Financial Risk Management

Weareexposedtomarketrisksfromchangesincommoditiesandchangesinforeigncurrencyexchangerates.Toreducetheserisks,weselectivelyusederivativefinancialinstrumentsandotherproactivemanagementtechniques.Wehavepoliciesandproceduresthatplacefinancialinstrumentsunderthedirectionofcorporatefinanceandrestrictallderivativetransactionstothoseintendedforhedgingpurposesonly.Theuseoffinancialinstrumentsfortradingpurposesorspeculationisstrictlyprohibited.

Foramoredetaileddiscussionofouraccountingpoliciesandthefinancialinstrumentsthatweuse,pleaserefertoNote2,“SummaryofSignificantAccountingPolicies,”andNote6,“DerivativeFinancialInstruments,”totheAuditedCombinedFinancialStatements.

CommodityPriceRisk

Weareexposedtofluctuatingmarketpricesforcommodities,includingsteel,copper,aluminum,andnaturalgas.Eachofourreportablesegmentsissubjecttotheeffectofchangingrawmaterialcostscausedbymovementsinunderlyingcommodityprices.Wehaveestablishedprogramstomanagethenegotiationsofcommodityprices.Inadditiontotheregularnegotiationsofmaterialpriceswithcertainvendors,ourcustomercontractsgenerallyprovidethatwemayrecoverincreasesinthecostofourcommodityinputsbyincreasingourpriceswithatleast60-daysadvancenotice.Wealsoroutinelyenterintocertaincommodityhedgesthatfixthepriceofcertainofourkeycommoditiesutilizedintheproductionofourproductofferings.Commoditiesthatarehedgedincludecopper,aluminum,certainsteelinputsandnaturalgas.AtDecember31,2014,$0.7million(netoftaxof$0.4million)ofunrealizedlossesduetocommodityhedgingpositionsremaindeferredinaccumulatedothercomprehensiveincomeandwillberealizedasacomponentofcostofsalesoverthenext12months.AsofDecember31,2014,wehadopencommodityderivativesthatqualifyforhedgeaccountingwithaggregatenotionalvaluesof1,657metrictonsofaluminum,820metrictonsofcopper,56,792millionBTUofnaturalgas,and12,634shorttonsofsteel,andnoopencommodityderivativesthatdidnotqualifyforhedgeaccounting.SeeNote6,“DerivativeFinancialInstruments,”totheAuditedCombinedFinancialStatements.

Historically,wehavenotexperiencedmaterialreductionsinourmarginsasaresultofincreasesincommodityprices,andwedonotcurrentlyexpectanysuchmaterialreductionsduringtheremainderof2015.However,totheextentthatourhedgingisnotsuccessfulinfixingcommoditypricesthatarefavorableincomparisontomarketpricesatthetimeofpurchaseandwecannotordonotpassalongincreasedcommoditypricestoourcustomers,wewouldexperienceanegativeimpactonourprofitmargins.

CurrencyPriceRisk

Wehavemanufacturing,salesanddistributionfacilitiesaroundtheworldandthusmakeinvestmentsandenterintotransactionsdenominatedinvariousforeigncurrencies.Non-U.S.saleswereapproximately37%ofourtotalsalesfor2014,withthelargestpercentage(18%)beingsalesintovariousEuropeancountries.

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Regardingtransactionalforeignexchangerisk,weenterintolimitedforwardexchangecontractsto1)reducetheimpactofchangesinforeigncurrencyratesbetweenabudgetedrateandtheraterealizedatthetimewerecognizeaparticularpurchaseorsaletransactionand2)reducetheearningsandcashflowimpactonnonfunctionalcurrencydenominatedreceivablesandpayables.Gainsandlossesresultingfromhedginginstrumentseitherimpactourcombinedstatementsofoperationsintheperiodoftheunderlyingpurchaseorsaletransaction,oroffsettheforeignexchangegainsandlossesontheunderlyingreceivablesandpayablesbeinghedged.Thematuritiesoftheseforwardexchangecontractscoincidewitheithertheunderlyingtransactiondateorthesettlementdateoftherelatedcashinfloworoutflow.ThehedgesofanticipatedtransactionsaredesignatedascashflowhedgesundertheguidanceofAccountingStandardsCodification(“ASC”)Subtopic815-10,“DerivativesandHedging.”AtDecember31,2014,wehadoutstandingforwardexchangecontractshedginganticipatedtransactionsandfuturesettlementsofoutstandingaccountsreceivableandaccountspayablewithamarketvalueofa$0.6million(netoftaxof$0.4million)ofunrealizedlosses.A10%appreciationordepreciationoftheunderlyingfunctionalcurrencyatDecember31,2014fornon-designatedhedgesofforeignexchangecontractswouldnothaveasignificantimpactonourcombinedstatementsofoperationsasanygainsorlossesundertheforeignexchangecontractshedgingaccountsreceivableorpayablebalanceswouldbeoffsetbyequalgainsorlossesontheunderlyingreceivablesorpayables.A10%appreciationordepreciationoftheunderlyingfunctionalcurrencyatDecember31,2014forforeignexchangecontractsdesignatedascashflowhedgescouldhaveanimpactofapproximately$1.2milliononthedateofsettlement.

Amountsinvestedinnon-U.S.basedsubsidiariesaretranslatedintoU.S.dollarsattheexchangerateineffectatyear-end.ResultsofoperationsaretranslatedintoU.S.dollarsatanaverageexchangeratefortheperiod.Theresultingtranslationadjustmentsarerecordedinstockholders’equityascumulativetranslationadjustments.ThetranslationadjustmentrecordedinaccumulatedothercomprehensivelossatDecember31,2014wasalossof$17.3million.

Non-GAAP financial measures

WedefineAdjustedEBITDAasearningsbeforeinterest,taxes,depreciationandamortizationpluscertainitemssuchaspro-formaacquisitionresults,restructuringchargesandnon-cashperiodchargesthatareadjustmentsforcovenantpurposesundertheManitowocParentCo'sSeniorCreditFacility'sdefinitions.CalculatedonaconsistentmannerwithManitowoc'sParentCo,ourAdjustedEBITDAisonatrailingtwelve-monthbasis.WebelievethatthistrailingtwelvemonthsAdjustedEBITDAisusefultothereaderofourfinancialinformationinordertomeasureourperformanceonabasisconsistentwithManitowocParentCo,andprojectourdebt-to-EBITDAleverageunderthesamedebtcovenantterms.AreconciliationofnetearningsonaU.S.GAAPbasistoAdjustedEBITDAisasfollows:

Trailing Twelve Months Ended

(in millions) September 30,

2015 September 30,

2014 December 31,

2014 December 31,

2013 December 31,

2012

Netearnings $ 119.4 $ 172.0 $ 159.8 $ 146.1 $ 132.6(Gain)lossfromandonsaleofdiscontinuedoperations (0.3) 0.5 1.5 3.2 (0.6)Depreciation 20.1 20.9 21.2 20.0 22.3Amortization 31.5 31.9 31.8 31.4 31.3Restructuringandseparationexpense 2.8 4.1 2.6 2.9 2.2Incometaxes 52.1 30.4 25.9 55.3 47.5Pensionandpostretirement 4.9 5.0 4.6 4.6 2.1Stock-basedcompensation 6.0 6.5 5.6 6.5 7.3Interest(income)/expensewith3rdParty-net 1.4 1.0 1.3 1.0 1.0Interest(income)onnoteswithManitowocParentCo-net (18.0) (16.1) (16.6) (17.2) (4.5)Other 2.2 (0.6) 1.7 (0.4) 1.9AdjustedEBITDA $ 222.1 $ 255.6 $ 239.4 $ 253.4 $ 243.1

Critical accounting policies and estimates

ThepreparationoffinancialstatementsinconformitywithaccountingprinciplesgenerallyacceptedintheUnitedStatesofAmerica(“U.S.GAAP”)requiresustomakeestimatesandassumptionsincertaincircumstancesthataffectamountsreportedintheaccompanyingcombinedfinancialstatementsandrelatedfootnotes.Inpreparingthesecombinedfinancialstatements,wehavemadeourbestestimatesandjudgmentsofcertainamountsincludedinthecombinedfinancialstatementsgivingdueconsiderationtomateriality.However,applicationoftheseaccountingpoliciesinvolvestheexerciseofjudgmentanduseofassumptionsastofutureuncertaintiesand,asaresult,actualresultscoulddifferfromtheseestimates.Althoughwehavelistedanumberofaccountingpoliciesbelowwhichwebelievetobemostcritical,wealsobelievethatallofouraccountingpoliciesareimportanttothereader.Therefore,pleasereferalsototheNotestotheAuditedCombinedFinancialStatementsandNotestotheUnauditedCondensedCombinedFinancialStatementsformoredetaileddescriptionoftheseandotheraccountingpoliciesofManitowocFoodservice.

BasisofPresentation-ThecombinedfinancialstatementsincludetheaccountsofManitowocFoodserviceanditssubsidiariesaswellasentitieswhichwerenotpreviouslysubsidiariesbutwillformpartofManitowocFoodservice.TheinitialaccountsofManitowocFoodservice

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arebasedonthesegmentalaccountsoftheFoodservicesegmentwithinManitowocParentCo’sconsolidatedaccounts.Thecombinedaccountsalsoincludethecostsassociatedwithsharedfunctions,primarilycorporatefunctionssuchastax,treasury,internalaudit,corporateaccounting,reportingandcontrols,informationtechnology,investorrelations,humanresourcesandlegal.ManitowocParentCohashistoricallyonlyallocatedaportionofthecostsassociatedwiththesesharedfunctionstothesegments,butnotonafullyallocatedbasis.See“CorporateExpenseAllocations”fordetailsoftheallocations.

Thecombinedfinancialstatementsarepreparedonastandalonebasisandreflectthehistoricalresultsofoperations,financialpositionandcashflowsofManitowocFoodserviceinaccordancewithU.S.GAAP.ThecombinedfinancialstatementsarepresentedasifManitowocFoodservicehadbeencarvedoutofManitowocParentCoforallperiodspresented.AllsignificanttransactionswithinManitowocFoodservicehavebeeneliminated.

CorporateExpenseAllocations-Thecombinedfinancialstatementsincludeexpenseallocationsfor(1)corporatesupportfunctionsthatareprovidedonacentralizedbasisatManitowocParentCoenterpriselevelincluding,butnotlimitedto,finance,audit,legal,informationtechnology,humanresources,tax,treasury,investorrelations,andexternalreporting;(2)share-basedcompensation;(3)employeecompensation,pensionandbenefitcosts;and(4)securitizationfinancingcosts.TheseexpenseshavebeenallocatedtoManitowocFoodservicebasedondirectusageordirectidentificationwhereapplicable,andwherenotapplicable,suchcostsareallocatedprimarilybasedonnetsales,headcountorbasedonexistingallocationmethods,specificallyforthosecostswhichhavebeenpreviouslypartiallyallocatedtoManitowocFoodservice.DebtobligationsofManitowocParentCo,specificallythosethatrelatetotheenterpriseseniornotes,termloansandrevolvingcreditfacilities,havenotbeenallocatedtoManitowocFoodserviceasitisnotanobligornorapartytotheobligationsbetweenManitowocParentCoandthedebtholders.CorrespondingfinancingcostsrelatedtothesedebtobligationslikewisehavenotbeenallocatedtoManitowocFoodserviceasithasnotparticipatedintheseenterprisefinancingactivities.SeeNote21,"NetParentCompanyInvestmentandRelatedPartyTransactions,"oftheAuditedCombinedFinancialStatementsforadditionaldiscussionsonexpenseallocations.

Managementbelievesthattheassumptionsunderlyingthecombinedfinancialstatements,includingtheassumptionsregardingallocatedexpensesreasonablyreflecttheuseofservicesprovidedtoorthebenefitreceivedbyManitowocFoodserviceduringtheperiodspresented.Nevertheless,thecombinedfinancialstatementsmaynotincludealloftheactualexpensesthatwouldhavebeenincurredbyManitowocFoodserviceandmaynotreflectourresultsofoperations,financialpositionandcashflowshadwebeenastandalonecompanyduringtheperiodspresented.ActualexpensesthatwouldhavebeenincurredifManitowocFoodservicehadbeenastandalonecompanywoulddependonseveralfactors,includingbutnotlimitedtothestandaloneorganizationalstructureandcertainoperationalandstrategicdecisionsinvariousareaslikecorporateinfrastructure.

RevenueRecognition-Revenueisgenerallyrecognizedandearnedwhenallthefollowingcriteriaaresatisfiedwithregardtoaspecifictransaction:persuasiveevidenceofanarrangementexists,thepriceisfixedanddeterminable,collectabilityofcashisreasonablyassured,anddeliveryhasoccurredorserviceshavebeenrendered.

AllowanceforDoubtfulAccounts-Accountsreceivablearereducedbyanallowanceforamountsthatmaybecomeuncollectibleinthefuture.Ourestimatefortheallowancefordoubtfulaccountsrelatedtotradereceivablesincludesevaluationofspecificaccountswherewehaveinformationthatthecustomermayhaveaninabilitytomeetitsfinancialobligationstogetherwithageneralprovisionforunknownbutexistingdoubtfulaccountsbasedonhistoricalexperience,whicharesubjecttochangeifexperienceimprovesordeteriorates.

InventoriesandRelatedReserveforObsoleteandExcessInventory-Inventoriesarevaluedatthelowerofcostormarketusingboththefirst-in,first-out(FIFO)methodandthelast-in,first-out(LIFO)methodandarereducedbyareserveforexcessandobsoleteinventories.Theestimatedreserveisbaseduponspecificidentificationofexcessorobsoleteinventoriesbasedonhistoricalusage,estimatedfutureusage,salesrequiringtheinventory,andonhistoricalwrite-offexperienceandaresubjecttochangeifexperienceimprovesordeteriorates.

Goodwill,OtherIntangibleAssetsandOtherLong-LivedAssets-WeaccountforgoodwillandotherintangibleassetsundertheguidanceofASCSubtopic350-10,“Intangibles-GoodwillandOther.”UnderASCSubtopic350-10,goodwillisnotamortized;however,weperformanannualimpairmentreviewatJune30ofeveryyearormorefrequentlyifeventsorchangesincircumstancesindicatethattheassetmightbeimpaired.Weperformimpairmentreviewsforourreportingunits,whichwehavedeterminedtobe:Americas,EMEA,andAPAC.Toperformourimpairmentreview,weuseafair-valuemethod,primarilytheincomeapproach,basedonthepresentvalueoffuturecashflows,whichinvolvesmanagement’sjudgmentsandassumptionsabouttheamountsofthosecashflowsandthediscountratesused.Theestimatedfairvalueisthencomparedwiththecarryingamountofthereportingunit,includingrecordedgoodwill.Goodwillandotherintangibleassetsarethensubjecttoriskofwrite-downtotheextentthatthecarryingamountexceedstheestimatedfairvalue.

Wewillcontinuetomonitormarketconditionsanddetermineifanyadditionalinterimreviewsofgoodwill,otherintangiblesorlong-livedassetsarewarranted.Deteriorationinthemarketoractualresultsascomparedwithourprojectionsmayultimatelyresultinafutureimpairment.Intheeventwedeterminethatassetsareimpairedinthefuture,wewouldneedtorecognizeanon-cashimpairmentcharge,whichcouldhaveamaterialadverseeffectonourcombinedbalancesheetandresultsofoperations.

Wealsoreviewlong-livedassetsforimpairmentwhenevereventsorchangesincircumstancesindicatethattheassetscarryingamountmaynotberecoverable.Weconductourlong-livedassetimpairmentanalysesinaccordancewithASCSubtopic360-10-5,“Property,Plant,andEquipment.”ASCSubtopic360-10-5requiresustogroupassetsandliabilitiesatthelowestlevelforwhichidentifiablecashflowsarelargelyindependentofthecashflowsofotherassetsandliabilitiesandtoevaluatetheassetgroupagainstthesumoftheundiscountedfuturecashflows.

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Otherintangibleassetswithdefinitelivescontinuetobeamortizedovertheirestimatedusefullives.Indefiniteanddefinitelivedintangibleassetsarealsosubjecttoimpairmenttesting.Indefinitelivedassetsaretestedannually,ormorefrequentlyifeventsorchangesincircumstancesindicatethattheassetsmightbeimpaired.Definitelivedintangibleassetsaretestedwhenevereventsorcircumstancesindicatethatthecarryingvalueoftheassetsmaynotberecoverable.Aconsiderableamountofmanagementjudgmentandassumptionsarerequiredinperformingtheimpairmenttests,principallyindeterminingthefairvalueoftheassets.Whilewebelieveourjudgmentsandassumptionswerereasonable,differentassumptionscouldchangetheestimatedfairvaluesand,therefore,impairmentchargescouldberequired.

EmployeeBenefitPlans-Weprovidearangeofbenefitstoouremployeesandcertainretiredemployees,includingpensionsandpostretirementhealthcarecoverage.Planassetsandobligationsarerecordedannuallybasedonthecompany’smeasurementdateutilizingvariousactuarialassumptionssuchasdiscountrates,expectedreturnonplanassets,compensationincreases,retirementandmortalityrates,andhealthcarecosttrendratesasofthatdate.Theapproachweusetodeterminetheannualassumptionsareasfollows:

• DiscountRate-Ourdiscountrateassumptionsarebasedontheinterestrateofnoncallablehigh-qualitycorporatebonds,withappropriateconsiderationofourpensionplans’participants’demographicsandbenefitpaymentterms.

• ExpectedReturnonPlanAssets-Ourexpectedreturnonplanassetsassumptionsarebasedonourexpectationofthelong-termaveragerateofreturnonassetsinthepensionfunds,whichisreflectiveofthecurrentandprojectedassetmixofthefundsandconsidersthehistoricalreturnsearnedonthefunds.

• Compensationincrease-Ourcompensationincreaseassumptionsreflectourlong-termactualexperience,thenear-termoutlookandassumedinflation

• RetirementandMortalityRates-Ourretirementandmortalityrateassumptionsarebasedprimarilyonactualplanexperienceandmortalitytables.

• HealthCareCostTrendRates-Ourhealthcarecosttrendrateassumptionsaredevelopedbasedonhistoricalcostdata,near-termoutlookandanassessmentoflikelylong-termtrends

Measurementsofnetperiodicbenefitcostarebasedontheassumptionsusedforthepreviousyear-endmeasurementsofassetsandobligations.Wereviewouractuarialassumptionsonanannualbasisandmakemodificationstotheassumptionswhenappropriate.AsrequiredbyU.S.GAAP,theeffectsofthemodificationsarerecordedcurrentlyoramortizedoverfutureperiods.Wehavedevelopedtheassumptionswiththeassistanceofourindependentactuariesandotherrelevantsources,andwebelievethattheassumptionsusedarereasonable;however,changesintheseassumptionscouldimpactourfinancialposition,resultsofoperationsorcashflows.RefertoNote18,“EmployeeBenefitPlans,”oftheAuditedCombinedFinancialStatementsforasummaryoftheimpactofa0.5%changeinthediscountrateandrateofreturnonplanassetsanda1%changeonhealthcaretrendrateswouldhaveonourfinancialstatements.

ProductLiability-Wearesubjectinthenormalcourseofbusinesstoproductliabilitylawsuits.Totheextentpermittedunderapplicablelaws,ourexposuretolossesfromtheselawsuitsismitigatedbyinsurancewithself-insuranceretentionlimits.Werecordproductliabilityreservesforourself-insuredportionofanypendingorthreatenedproductliabilityactions.Ourreserveisbasedupontwoestimates.First,wetrackthepopulationofalloutstandingpendingandthreatenedproductliabilitycasestodetermineanappropriatecasereserveforeachbaseduponourbestjudgmentandtheadviceoflegalcounsel.Theseestimatesarecontinuallyevaluatedandadjustedbaseduponchangestothefactsandcircumstancessurroundingthecase.Second,wedeterminetheamountofadditionalreserverequiredtocoverincurredbutnotreportedproductliabilityissuesandtoaccountforpossibleadversedevelopmentoftheestablishedcasereserves(collectivelyreferredtoasIBNR).Thisanalysisisperformedatleasttwiceannually.Wehaveestablishedapositionwithintheactuariallydeterminedrange,whichwebelieveisthebestestimateoftheIBNRliability.

IncomeTaxes-WeaccountforincometaxesundertheguidanceofASCSubtopic740-10,“IncomeTaxes.”Deferredtaxassetsandliabilitiesarerecognizedforthefuturetaxconsequencesattributabletodifferencesbetweenfinancialstatementcarryingamountsofexistingassetsandliabilitiesandtheirrespectivetaxbasesandoperatinglossandtaxcreditcarryforwards.Deferredtaxassetsandliabilitiesaremeasuredusingenactedtaxratesexpectedtoapplytotaxableincomeintheyearsinwhichthosetemporarydifferencesareexpectedtoberecoveredorsettled.Werecordavaluationallowancethatrepresentsareserveondeferredtaxassetsforwhichutilizationisnotmorelikelythannot.Managementjudgmentisrequiredindeterminingourprovisionforincometaxes,deferredtaxassetsandliabilities,andthevaluationallowancerecordedagainstournetdeferredtaxassets.WedonotcurrentlyprovideforadditionalU.S.andforeignincometaxeswhichwouldbecomepayableuponrepatriationofundistributedearningsofforeignsubsidiaries.

WemeasureandrecordincometaxcontingencyaccrualsundertheguidanceofASCSubtopic740-10.Werecognizeliabilitiesforuncertainincometaxpositionsbasedonatwo-stepprocess.Thefirststepistoevaluatethetaxpositionforrecognitionbydeterminingiftheweightofavailableevidenceindicatesthatitismorelikelythannotthatthepositionwillbesustainedonaudit,includingresolutionofrelatedappealsorlitigationprocesses,ifany.Thesecondsteprequiresustoestimateandmeasurethetaxbenefitasthelargestamountthatismorethan50%likelytoberealizeduponultimatesettlement.Itisinherentlydifficultandsubjectivetoestimatesuchamounts,aswemustdeterminetheprobabilityofvariouspossibleoutcomes.Wereevaluatetheseuncertaintaxpositionsonaquarterlybasisorwhennewinformationbecomesavailabletomanagement.Thesereevaluationsarebasedonfactorsincluding,butnotlimitedto,changesinfactsorcircumstances,changesintaxlaw,successfullysettledissuesunderaudit,expirationsduetostatutes,andnewauditactivity.Suchachangeinrecognitionormeasurementcouldresultintherecognitionofataxbenefitoranincreasetothetaxaccrual.

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Stock-BasedCompensation-Thecomputationoftheexpenseassociatedwithstock-basedcompensationrequirestheuseofcertainvaluationmodelsandbasedonprojectedachievementofunderlyingperformancecriteriaforperformanceshares.WecurrentlyuseaBlack-ScholesoptionpricingmodeltocalculatethefairvalueofourstockoptionsandMonteCarloanalysistocalculatethetotalshareholderreturnportionofperformanceshares.TheBlack-ScholesandMonteCarlomodelsrequireassumptionsregardingthevolatilityofthecompany’sstock,theexpectedlifeofthestockawardandthecompany’sdividendratio.WeprimarilyusehistoricaldatatodeterminetheassumptionstobeusedintheBlack-Scholesmodelandhavenoreasontobelievethatfuturedataislikelytodiffermateriallyfromhistoricaldata.However,changesintheassumptionstoreflectfuturestockpricevolatility,futuredividendpaymentsandfuturestockawardexerciseexperiencecouldresultinachangeintheassumptionsusedtovalueawardsinthefutureandmayresultinamaterialchangetothefairvaluecalculationofstock-basedawards.

Warranties-Inthenormalcourseofbusiness,weprovideourcustomerswarrantiescoveringworkmanship,andinsomecasesmaterials,onproductsmanufacturedbyus.Suchwarrantiesgenerallyprovidethatproductswillbefreefromdefectsforperiodsrangingfrom12monthsto60monthswithcertainequipmenthavinglonger-termwarranties.Ifaproductfailstocomplywithourwarranty,wemaybeobligated,atourexpense,tocorrectanydefectbyrepairingorreplacingsuchdefectiveproduct.Weprovideforanestimateofcoststhatmaybeincurredunderourwarrantyatthetimeproductrevenueisrecognizedbasedonhistoricalwarrantyexperiencefortherelatedproductorestimatesofprojectedlossesduetospecificwarrantyissuesonnewproducts.Thesecostsprimarilyincludelaborandmaterials,asnecessary,associatedwithrepairorreplacement.Theprimaryfactorsthataffectourwarrantyliabilityincludethenumberofshippedunitsandhistoricalandanticipatedratesorwarrantyclaims.Asthesefactorsareimpactedbyactualexperienceandfutureexpectations,weassesstheadequacyofourrecordedwarrantyliabilityandadjusttheamountsasnecessary.

RestructuringCharges-Restructuringchargesforexitanddisposalactivitiesarerecognizedwhentheliabilityisincurred.ThecompanyaccountsforrestructuringchargesundertheguidanceofASCSubtopic420-10,“ExitorDisposalCostObligations.”Theliabilityfortherestructuringchargeassociatedwithanexitordisposalactivityismeasuredinitiallyatitsfairvalue.

Recent Accounting Changes and Pronouncements

InSeptember2015,theFASBissuedAccountingStandardsUpdate(“ASU”)No.2015-16,“BusinessCombinations(Topic805)-SimplifyingtheAccountingforMeasurement-PeriodAdjustments.”TheamendmentsinthisASUrequirethatanacquirerinabusinesscombinationrecognizeadjustmentstoprovisionalamountsthatareidentifiedduringthemeasurementperiodinthereportingperiodinwhichtheadjustmentamountsaredetermined,ratherthanasretrospectiveadjustments.TheamendmentsinthisASUareeffectiveforfiscalyearsbeginningafterDecember15,2015,includinginterimperiodswithinthosefiscalyears.TheamendmentsinthisASUshouldbeappliedprospectivelytoadjustmentstoprovisionalamountsthatoccuraftertheeffectivedateofthisASUwithearlierapplicationpermittedforfinancialstatementsthathavenotbeenissued.WebelievetheadoptionofthisASUwillnothaveamaterialimpactonourcombinedfinancialstatements.

InAugust2015,theFASBissuedAccountingStandardsUpdateASUNo.2015-15,“PresentationandSubsequentMeasurementofDebtIssuanceCostsAssociatedwithLine-of-CreditArrangements.”ThisASUclarifiestheguidancerelatedtoaccountingfordebtissuancecostsrelatedtoline-of-creditarrangements.InApril2015,theFASBissuedASU2015-03whichrequiresentitiestopresentdebtissuancecostsrelatedtoarecognizeddebtliabilityasadirectdeductionfromthecarryingamountofthatdebtliability;seefurtherdiscussionofASU2015-03below.TheguidanceinASU2015-03didnotaddresspresentationorsubsequentmeasurementofdebtissuancecostsrelatedtoline-of-creditarrangements.GiventheabsenceofauthoritativeguidancewithinASU2015-03fordebtissuancecostsrelatedtoline-of-creditarrangements,theSECstaffwouldnotobjecttoanentitydeferringandpresentingdebtissuancecostsasanassetandsubsequentlyamortizingthedeferreddebtissuancecostsratablyoverthetermoftheline-of-creditarrangement,regardlessofwhetherthereareanyoutstandingborrowingsontheline-of-creditarrangement.WebelievetheadoptionofthisASUwillnothaveamaterialimpactonourcombinedfinancialstatements.

InJuly2015,theFASBissuedASUNo.2015-11,“Inventory(Topic330):SimplifyingtheMeasurementofInventory.”ThisASUchangestheguidanceonaccountingforinventoryaccountedforonafirst-infirst-outbasis(FIFO).Undertherevisedstandard,anentityshouldmeasureFIFOinventoryatthelowerofcostandnetrealizablevalue.Netrealizablevalueistheestimatedsellingpricesintheordinarycourseofbusiness,lessreasonablypredictablecostsofcompletion,disposal,andtransportation.Subsequentmeasurementisunchangedforinventorymeasuredonalast-in,first-outbasis(LIFO).TheamendmentsinthisASUareeffectiveforfiscalyears,andforinterimperiodswithinthosefiscalyears,beginningafterDecember15,2016.WebelievetheadoptionofthisASUwillnothaveamaterialimpactonourcombinedfinancialstatements.

InApril2015,theFASBissuedASUNo.2015-05,“Customer’sAccountingforFeesPaidinaCloudComputingArrangement.”ThisASUprovidesguidanceonaccountingforasoftwarelicenseinacloudcomputingarrangement.Ifacloudcomputingarrangementincludesasoftwarelicense,thenthecustomershouldaccountforthesoftwarelicenseelementofthearrangementconsistentwiththeacquisitionofothersoftwarelicenses.Ifacloudcomputingarrangementdoesnotincludeasoftwarelicense,thecustomershouldaccountforthearrangementasaservicecontract.Further,allsoftwarelicensesarewithinthescopeofAccountingStandardsCodificationSubtopic350-40andwillbeaccountedforconsistentwithotherlicensesofintangibleassets.TheamendmentsinthisASUareeffectiveforfiscalyears,andforinterimperiodswithinthosefiscalyears,beginningafterDecember15,2015.WebelievetheadoptionofthisASUwillnothaveamaterialimpactonourcombinedfinancialstatements.

InApril2015,theFASBissuedASUNo.2015-03,“SimplifyingthePresentationofDebtIssuanceCosts.”Tosimplifythepresentationofdebtissuancecosts,thisASUrequiresthatdebtissuancecostsrelatedtoarecognizeddebtliabilitybepresentedinthebalancesheetasadirectdeductionfromthecarryingamountofthatdebtliability,consistentwithdebtdiscounts,ratherthanasadeferredasset.TherecognitionandmeasurementguidancefordebtissuancecostsarenotaffectedbytheamendmentsinthisASU.TheamendmentsinthisASUare

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effectiveforfiscalyears,andforinterimperiodswithinthosefiscalyears,beginningafterDecember15,2015,withearlyapplicationpermitted.Theguidancewillbeappliedonaretrospectivebasis.WeareevaluatingtheimpactthattheadoptionofthisASUwillhaveonourcombinedfinancialstatements.

InFebruary2015,theFASBissuedASUNo.2015-02,“Consolidation(Topic820)-AmendmentstotheConsolidationAnalysis.”ThisASUamendsthecurrentconsolidationguidanceforboththevariableinterestentity(VIE)andvotinginterestentity(VOE)consolidationmodels.TheamendmentsinthisASUareeffectiveforfiscalyears,andforinterimperiodswithinthosefiscalyears,beginningafterDecember15,2015.WebelievetheadoptionofthisASUwillnothaveamaterialimpactonourcombinedfinancialstatements.

InJanuary2015,theFASBissuedASUNo.2015-01,“IncomeStatement-ExtraordinaryandUnusualItems.”ThisASUeliminatesfromGAAPtheconceptofextraordinaryitems.ASU2015-01iseffectiveforthefirstinterimperiodwithinfiscalyearsbeginningafterDecember15,2015,withearlyadoptionpermittedprovidedthattheguidanceisappliedfromthebeginningofthefiscalyearofadoption.Areportingentitymayapplytheamendmentsprospectivelyorretrospectivelytoallpriorperiodspresentedinthefinancialstatements.WebelievetheadoptionofthisASUwillnothaveamaterialimpactonourcombinedfinancialstatements.

InAugust2014,theFASBissuedASUNo.2014-15,“PresentationofFinancialStatements-GoingConcern.”ThisASUprovidedguidanceonmanagement’sresponsibilityinevaluatingwhetherthereissubstantialdoubtaboutacompany’sabilitytocontinueasagoingconcernandtoproviderelatedfootnotedisclosures.ASU2014-15iseffectiveinthefirstannualperiodendingafterDecember15,2016,withearlyadoptionpermitted.WebelievetheadoptionofthisASUwillnothaveamaterialimpactonourcombinedfinancialstatements.

InMay2014,theFASBissuedASUNo.2014-09,“RevenuefromContractswithCustomers.”ThisASUprovidedaprinciples-basedapproachtorevenuerecognitiontodepictthetransferofgoodsorservicestocustomersinanamountthatreflectstheconsiderationtowhichtheentityexpectstobeentitledinexchangeforthosegoodsorservices.ThisASUprovidesafive-stepmodeltobeappliedtoallcontractswithcustomers.Thefivestepsaretoidentifythecontract(s)withthecustomer,identifytheperformanceobligationsinthecontract,determinethetransactionprice,allocatethetransactionpricetotheperformanceobligationsinthecontractandrecognizerevenuewheneachperformanceobligationissatisfied.TherevenuestandardiseffectiveforthefirstinterimperiodwithinfiscalyearsbeginningafterDecember15,2017(asfinalizedbytheFASBinAugust2015inASU2015-14),andcanbeappliedeitherretrospectivelytoeachpriorreportingperiodpresentedorretrospectivelywiththecumulativeeffectofinitiallyapplyingtheupdaterecognizedatthedateofinitialapplicationalongwithadditionaldisclosures.Earlyadoptionispermittedasoftheoriginaleffectivedate-thefirstinterimperiodwithinfiscalyearsbeginningafterDecember15,2016.Weareevaluatingtheimpact,ifany,theadoptionofthisASUwillhaveonourcombinedfinancialstatements.

InApril2014,theFASBissuedASUNo.2014-08,“PresentationofFinancialStatementsandProperty,Plant,andEquipment:ReportingDiscontinuedOperationsandDisclosuresofDisposalsofComponentsofanEntity.”ThisASUchangestherequirementsforreportingdiscontinuedoperationsinAccountingStandardsCodificationSubtopic205-20,andnowrequiresadisposalofacomponentofanentityoragroupofcomponentsofanentitytobereportedindiscontinuedoperationsonlyifthedisposalrepresentsastrategicshiftthathas(orwillhave)amajoreffectonanentity’soperationsandfinancialresults.Therewillalsobeadditionaldisclosuresrequired.TheamendmentsinthisASUareeffectiveprospectivelyforfiscalyears(andinterimreportingperiodswithinthoseyears)beginningafterDecember15,2014.Thesignificanceofthisguidanceforusisdependentonanyfuturedisposals.

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MANAGEMENT

Executive Officers Following the Spin-Off

ThefollowingtablesetsforththeinformationasofJanuary15,2016regardingtheindividualswhoareexpectedtoserveasourexecutiveofficersfollowingtheSpin-OffandtheiranticipatedtitlesfollowingtheSpin-Off.AlloftheseindividualsarecurrentlyemployeesofManitowocParentCooritssubsidiariesotherthanMr.Weishaar,whoisexpectedtocommenceemploymenteffectiveFebruary1,2016.AftertheSpin-Off,noneoftheseindividualswillcontinuetobeemployeesofManitowocParentCooritssubsidiaries.

Name Age Position(s)

HubertusM.Muehlhaeuser 46 PresidentandChiefExecutiveOfficer

JohnO.Stewart 57 SeniorVicePresidentandChiefFinancialOfficer

JosefMatosevic 44 SeniorVicePresidentandChiefOperatingOfficer

MauriceD.Jones 56 SeniorVicePresident,GeneralCounselandSecretary

RichardN.Caron 59 SeniorVicePresidentInnovation

AndreasG.Weishaar 43 SeniorVicePresidentStrategy,MarketingandHumanResources

Mr.MuehlhaeuserwasappointedPresidentandChiefExecutiveOfficerofManitowocFoodserviceeffectiveJuly28,2015.Priortohisappointment,hehadservedasChairmanandManagingPartnerofKarl-H.MuehlhaeuserGmbH&CoKG,aleaderinthedevelopment,production,distributionandserviceofrail-boundandtracklesstunnelingandminingequipmentaswellasmachinerysolutionsforconcreteandchemicalapplications,since2013.HepreviouslyservedasSeniorVicePresidentandGeneralManager,Europe/Africa/MiddleEastforAGCOCorporation(NYSE:AGCO)(“AGCO”),aleadingmanufactureranddistributorofagriculturalequipmentandrelatedreplacementparts,in2012.Priorthereto,Mr.MuehlhaeuserwasSeniorVicePresident-Strategy&IntegrationandGeneralManager,EasternEurope/AsiaatAGCOfrom2009to2011.From2005to2011,Mr.MuehlhaeuserservedasSeniorVicePresident-Strategy&IntegrationatAGCO,andfrom2007to2011healsoservedasGeneralManager-Engines.PriortojoiningAGCOin2005,heledtheGlobalStrategyandOrganizationPracticeatArthurD.Little,Ltd.,aninternationalmanagementconsultingfirm,wasamemberofthefirm’sGlobalManagementTeamandwasthefirm’sManagingDirector,Switzerland.Mr.MuehlhaeuserisChairmanoftheBoardofMuehlhaeuserHoldingLtd.(Switzerland)andChairmanoftheBoardofFASTERS.p.A.(Italy).Mr.MuehlhaeuserstudiedBusinessAdministrationattheEuropeanBusinessSchoolsinOestrichWinkelandLondon,aswellastheUniversidadArgentinadelaEmpresa,andholdsaMasterofBusinessAdministrationdegreefromEBSUniversityofBusinessandLaw.

Mr.StewartwasappointedSeniorVicePresidentandChiefFinancialOfficerofManitowocFoodserviceeffectiveNovember9,2015.Priortohisappointment,hismostrecentpositionwasExecutiveVicePresident,ChiefFinancialOfficerandChiefAdministrativeOfficerofHostessBrands,Inc.,amanufactureranddistributorofcakeandbreadproducts,whichheheldfrom2010untilMay2013.FromMay2013untilhisappointmentwithManitowocFoodservice,Mr.Stewartwasretired.BeforejoiningHostessBrands,Inc.in2010,Mr.StewartservedastheExecutiveVicePresidentandChiefFinancialOfficerofDr.PepperSnappleGroup,Inc.(NYSE:DPS),apublicly-tradedcarbonatedsoftdrinkscompany,from2006until2010.From1990to2005,Mr.StewartservedinvariousfinanceroleswithinthebusinessofDiageoPLC(NYSE:DEO),apubliclytradedpremiumspiritsbusiness,includingastheChiefFinancialOfficerofDiageoPLC’ssubsidiaryDiageoNorthAmerica,Inc.from2001until2004.Mr.StewartholdsaBachelorofAccountancydegreefromtheUniversityofGlasgowandisamemberoftheInstituteofCharteredAccountantsofScotland.

Mr.MatosevicwaspromotedtoSeniorVicePresidentofGlobalOperationalExcellenceforManitowocParentCoin2014afterservingastheExecutiveVicePresident-GlobalOperationsandPurchasingforManitowocCranessinceearly2012.PriortojoiningManitowocParentCo,Mr.MatosevicservedinvariousexecutivepositionswithOshkoshCorporation(NYSE:OSK),adesigner,manufacturerandmarketerofabroadrangeofspecialtyvehiclesandvehiclebodies,from2008-2012,includingasthatcompany’sExecutiveVicePresident,GlobalManufacturingOperationsfrom2010-2012,withresponsibilitiesforthedefensesegment,globaloperatingsystemsandleandeployment.HepreviouslyservedasVicePresidentofGlobalOperationsfrom2005to2007andChiefOperatingOfficerfrom2007to2008atWynnchurchCapital/AndroidIndustries,asub-assemblerandsequencerofcomplexmodulesforautomotiveoriginalequipmentmanufacturers.Mr.Matosevichasover20yearsofglobaloperatingandbusinessexperience,withskillsandexperienceinLeanSixSigmapractices,automation,andsupplychaindevelopment.

Mr.JoneshasbeenGeneralCounselandSecretaryofManitowocParentCosince1999andwaselectedVicePresidentin2002andaSeniorVicePresidentin2004.PriortojoiningManitowocParentCo,Mr.JoneswasashareholderinthelawfirmofDavisandKuelthau,S.C.,andservedaslegalcounselforBantaCorporation.

Mr.CaronwaspromotedtoSeniorVicePresidentInnovationofManitowocFoodservicein2015.Previously,heservedasEVPGlobalMarketingandInnovationforManitowocFoodserviceandasManitowocFoodservice’sChiefTechnologyOfficer,apositionthathehasheldsince2005asaformerEnodisemployee.Underhisleadership,Mr.CaronwasinstrumentalinthedevelopmentandsuccessoftheEducationandTechnologyCenter.Hehasalsoledavarietyofnewproductdevelopmentinitiatives,whichhavehelpeddistinguishthecompanyasatechnologyleaderinthefoodserviceindustry.PriortoManitowoc/Enodis,Mr.CaronservedasChiefExecutiveOfficerfortheMoseleyCorporationinFranklin,Massachusetts.OtherkeyprofessionalexperienceincludedservingaspresidentandchiefexecutiveofficerofTurboChef,Inc.inDallas,Texas.BeforeTurboChef,Mr.CaronwasmanagingdirectoroftheconsumerproductspracticeatArthurD.Little

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(ADL)inCambridge,Massachusetts.Duringhis19-yearaffiliationwithADL,Mr.Caronledmanyconsultingassignmentsinvolvingtechnology,strategy,andproductdevelopment.Inaddition,Mr.Caronholdsseveralpatentsinthefoodserviceindustry,includingautomatedfryingandrapidcookingsystems.Mr.CaronisagraduateoftheMassachusettsInstituteofTechnologywhereheearnedMasterofScienceandBachelorofSciencedegreesinChemicalEngineeringPractice.

Mr.WeishaarwasappointedSeniorVicePresidentStrategy,MarketingandHumanResourcesofManitowocFoodserviceeffectiveFebruary1,2016.Priortohisappointment,heservedtenyearsatAGCOCorporation(NYSE:AGCO)(“AGCO”),aleadingmanufactureranddistributorofagriculturalequipmentandrelatedreplacementparts.HismostrecentroleatAGCOwasasVicePresidentandGeneralManagerofGlobalGreenHarvesting,responsibleforthecompany’sworldwidehay,forageandsugarbusiness.PriortojoiningAGCO,Mr.WeishaarwaspartoftheStrategy&OrganizationpracticeofArthurD.Little,whereheworkedinareasofstrategyandorganization,performanceimprovementandmergers&acquisitions.HeholdsaMasterofBusinessAdministrationfromtheEuropeanBusinessSchool,Germany,andstudiedbothattheEcoleSupérieuredeCommercedeDijon,France,andtheThunderbirdSchoolofGlobalManagement,USA.

BOARD OF DIRECTORS

Board of Directors Following the Spin-Off

ThefollowingtablesetsforthinformationwithrespecttothosepersonswhoareexpectedtoserveonourBoardofDirectorsfollowingtheSpin-Off.WeareintheprocessofidentifyingtheindividualswhowillbeourdirectorsfollowingtheSpin-Off,andweexpecttoprovidedetailsregardingtheseindividualsinsubsequentdisclosures.ThefollowingtablesetsforthinformationasofJanuary15,2016regardingindividualswhoareexpectedtoserveasourdirectorsfollowingtheSpin-Off.

Name Age Position(s)

DinoBianco 53 Director

JoanK.Chow 55 Director

ThomasD.Davis 60 Director

CynthiaM.Egnotovich 58 Director;ChairpersonoftheBoard

TimothyJ.Fenton 58 Director

AndrewLangham 42 Director

HubertusM.Muehlhaeuser 46 Director

Mr.BiancowillbeamemberofourBoard,thechairpersonoftheAuditCommitteeandamemberoftheCompensationCommittee.Mr.BiancowaselectedtotheBoardofDirectorsofManitowocParentCoinMay2015.HeformerlyservedasExecutiveVicePresident(from2012toApril,2015)ofKraftFoodsGroup,Inc.(NASDAQ:KRFT)andPresidentofitsBeveragesbusiness(from2013toApril,2015).KraftFoodsGroup,Inc.,headquarteredinNorthfield,Illinois,isoneofthelargestconsumerpackagedfoodandbeveragecompaniesinNorthAmerica.Mr.BiancopreviouslyservedasSeniorVicePresidentofKraftFoodsGroup,Inc.andPresidentofKraftCanada(2005-2012)andVicePresidentofMarketingforKraft’sBeverages,Desserts,GroceryandCerealsbusinesses(2001to2005).Mr.BiancojoinedKraftin1990asFinanceManagerandheldseveralrolesinfinance,financialplanningandanalysis,salesstrategyandmarketing.Mr.BiancoisaCharteredProfessionalAccountant,andpriortojoiningKrafthewasemployedbyPricewaterhouseCoopersLLP.InadditionMr.BiancoisapastchairofFoodandConsumerProductsofCanada,pastmemberoftheBoardofTheGroceryFoundation,andpastmemberoftheBoardofTrusteesoftheUnitedWayofToronto.

Mr.BiancobringsextensiverelevantexperiencetoManitowocFoodservice'sBoardofDirectorswithhis25yearsoffinancial,marketingandseniormanagementexperiencewithoneofthelargestfoodandbeveragecompaniesinNorthAmerica.ThisexperienceisamplifiedbyhisserviceaspastchairofFoodandConsumerProductsofCanada,pastmemberoftheBoardofTheGroceryFoundation,andpastmemberoftheBoardofTrusteesoftheUnitedWayofToronto.

Ms.ChowwillbeamemberofourBoard,thechairpersonoftheCompensationCommitteeandamemberoftheCorporateGovernanceCommittee.Ms.ChowhasbeenadirectorofManitowocParentCosince2012andservesasamemberofManitowocParentCo'sCompensationandCorporateGovernanceCommittees.Ms.ChowwastheExecutiveVicePresidentandChiefMarketingOfficeratConAgraFoods,Inc.(NYSE:CAG)from2007toAugust,2015.ConAgraFoods,headquarteredinOmaha,NE,isoneofNorthAmerica’sleadingpackagedfoodcompanies.PriortojoiningConAgrain2007,Ms.ChowwasemployedfornineyearswithSearsHoldingsCorporationinvariousmarketingpositionsofincreasingresponsibility,havingservedasSeniorVicePresident/ChiefMarketingOfficerofSearsRetailimmediatelypriortotakingthepositionwithConAgra.Priortothat,sheservedinexecutivepositionswithInformationResourcesInc.andJohnson&JohnsonConsumerProducts,Inc.Ms.ChowcurrentlyservesontheBoardofFeedingAmerica,aleadinghunger-reliefcharityintheUnitedStates.

Ms.ChowledConAgra'sglobalmarketingteam,includingintegratedmarketingplanning,advertising,digital,socialmedia,consumerinsights,branddesign,andmulticulturalmarketing.Ms.Chow'sextensiveleadershipexperienceinmarketing,advertisingandconsumerinsightsbringsavaluableperspectivetoManitowocFoodservice'sBoardofDirectors.

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Mr.DaviswillbeamemberofourBoard,amemberoftheAuditCommitteeandamemberoftheCompensationCommittee.Mr.DavishasservedasChairman,PresidentandChiefExecutiveOfficerofViskaseCompanies,Inc.(“Viskase”),ameatcasingcompany,since2011,andasPresidentandChiefExecutiveOfficerofViskasesince2007.BeforejoiningViskasein2007,Mr.DavisservedasPresidentandChiefExecutiveOfficerofSpecialtyFoodsGroup,Inc.,aproducerofpremiummeatproducts(2000to2006).HealsoservedinvariousexecutivepositionswithSmithfieldFoods,Inc.(1995to1999),andinvariousoperationalandfinancialroleswithJohnMorrell&Companyfrom1980untilitwasacquiredbySmithfieldFoodsin1995.Mr.DavishasanM.B.A.fromBenedictineUniversityandaB.S.fromSUNY-Plattsburgh.Mr.Davis’sexperienceasChiefExecutiveOfficerattwofoodprocessingcompanies,aswellashisoperationalandfinancialbackgroundinthefoodprocessingindustry,provideavaluableperspectivetoManitowocFoodservice'sBoardofDirectors.

Ms.EgnotovichwillbetheChairpersonoftheBoardandthechairpersonoftheCorporateGovernanceCommittee.Ms.EgnotovichhasbeenadirectorofManitowocParentCosince2008andcurrentlyservesasChairofManitowocParentCo’sCompensationCommitteeandamemberofitsAuditCommittee.SheservedasPresident,CustomerServiceofAerospaceSystemsofUnitedTechnologiesCorporation(NYSE:UTX)from2012untilherretirementin2013.UnitedTechnologiesCorporation(UTC),headquarteredinHartfordCT,isadiversifiedcompanythatprovidesabroadrangeofhigh-technologyproductsandservicestotheglobalaerospaceandbuildingsystemsindustries.TheUTCAerospaceSystemsCustomerServiceorganizationfocusedonprogrammanagementofcustomerlong-termagreements,sales,andtechnicalsupport.PrevioustoherpositionwithUTC,Ms.EgnotovichwasVicePresident(2002to2012)andSegmentPresident,NacellesandInteriorSystems(2007to2012)ofGoodrichCorporation.GoodrichCorporationwasaleadingaerospacemanufacturer,locatedinCharlotte,NC,thatwasacquiredbyUTCin2012.Ms.EgnotovichpreviouslyservedasSegmentPresident,EngineSystems(2005to2007);SegmentPresident,ElectronicSystems(2003to2005);andSegmentPresident,EngineandSafetySystems(2002to2003),allatGoodrichCorporation.Ms.EgnotovichheldotherpositionsofincreasingresponsibilitysincejoiningGoodrichin1986.Ms.EgnotovichalsoservesasaboardmemberofHexcelCorporation(NYSE:HXL)locatedinStamford,CT.

Ms.Egnotovichbringsseniormanagement,accounting,andfinancialcontrolsexperiencetoManitowocFoodservice'sBoardofDirectors.Ms.Egnotovich'sfinancialcontrolsandaccountingexpertisehadtheirfoundationwhensheservedasafinancialanalystandthencontrollerofadivisionofGoodrich.Fromthereshemovedtootherpositionsofincreasingresponsibility,servingaspresidentofvariousbusinesssegmentswithinGoodrich,anduntil2013,asPresident,CustomerServiceofAerospaceSystemsofUTCuntilherretirementin2013.Herbackgroundandexperienceinfinance,accounting,andseniormanagementinvarioussegmentsoflargemanufacturingcompaniesmakeherwellsuitedtoserveonManitowocFoodservice'sBoardofDirectors.

Mr.FentonwillbeamemberoftheBoard,amemberoftheAuditCommitteeandamemberoftheCompensationCommittee.Mr.FentonservedasChiefOperatingOfficerofMcDonald’sCorporation(NYSE:MCD),apublicly-tradedfranchisorandoperatorofrestaurants,fromJuly2012untilhisretirementonDecember31,2014.InhisroleasChiefOperatingOfficer,Mr.Fentonwasresponsibleforglobalsupplychain,franchisinganddevelopment.PriortobecomingChiefOperatingOfficer,Mr.FentonservedasPresident,McDonald'sAsia/Pacific,MiddleEastandAfrica,withresponsibilityforoperationsin38countriesatmorethan8,800restaurants(January2005toJune2012),andasPresident,EastDivisionforMcDonald’sUSA(May2003toJanuary2005).Priortohisretirement,Mr.FentonwasemployedbyMcDonald’sCorporationformorethan40years.Mr.FentonalsoownsandmanagestenMcDonald’sCorporationfranchisesinFlorida.

Mr.Fenton’sexperienceinseniorleadershiprolesatoneoftheworld’slargestfast-foodrestaurantcompanies,withoversightformajormarketoperationsandkeycorporatefunctionsincludingglobalsupplychain,giveshimanindustryperspectivethatisvaluabletoManitowocFoodservice’sBoardofDirectors.

Mr.LanghamwillbeamemberoftheBoard,amemberoftheCorporateGovernanceCommitteeandamemberoftheAuditCommittee.Mr.LanghamhasbeenGeneralCounselofIcahnEnterprisesL.P.(NASDAQ:IEP),adiversifiedholdingcompanyengagedinavarietyofbusinesses,includinginvestment,automotive,energy,gaming,railcar,foodpackaging,metals,realestateandhomefashion,since2014.From2005toJanuary2015,Mr.LanghamwasAssistantGeneralCounselofIcahnEnterprises.PriortojoiningIcahnEnterprises,Mr.LanghamwasanassociateatLatham&WatkinsLLPfocusingoncorporatefinance,mergersandacquisitions,andgeneralcorporatematters.Mr.Langhamhasbeenadirectorof:FreeportMcMoRanInc.(NYSE:FCX),theworld’slargestpubliclytradedcopperproducer,sinceOctober2015;CVRPartnersLP(NYSE:UAN),anitrogenfertilizercompany,sinceSeptember2015;CVRRefining,LP(NYSE:CVRR),anindependentdownstreamenergylimitedpartnership,sinceSeptember2014;andCVREnergy,Inc.(NYSE:CVI),adiversifiedholdingcompanyprimarilyengagedinthepetroleumrefiningandnitrogenfertilizermanufacturingindustries,sinceSeptember2014.CVRPartners,CVRRefiningandCVREnergyareeachindirectlycontrolledbyCarlC.Icahn.Mr.Icahnalsohasnon-controllinginterestsinFreeport-McMoRanthroughtheownershipofsecurities.Mr.LanghamreceivedaB.A.fromWhitmanCollege,andaJ.D.fromtheUniversityofWashington.

Mr.Langham'slegalbackground,particularlyhisexpertiseincorporatematters,finance,andmergersandacquisitions,providesavaluableperspectivetoManitowocFoodservice'sBoardofDirectors.HisconnectionwiththefoodpackagingbusinesswillprovideadditionalinsightasaBoardmember.AsGeneralCounselofIcahnEnterprisesL.P.healsobringsrelevantexperiencewithcorporategovernance,compliance,andregulatorymatters.

Mr.Muehlhaeuser’sbiographicalinformationissetforthaboveunder“Management.”

AsthePresidentandChiefExecutiveOfficerofManitowocFoodserviceMr.Muehlhaeuser'sday-to-dayleadershipofthebusinessprovidesaninvaluablecontributiontotheManitowocFoodserviceBoardofDirectors.Hispriorseniormanagementexperienceinequipmentandmanufacturingindustriesandhismulti-functionalexpertise,includingstrategyandintegration,operationalexecution,financialacumen,capitalmarketsknowledge,andstrongchannelandbrandmanagement,offersManitowocFoodserviceauniquesetofskillsasitpositionsitselfforlong-term,sustainablegrowth.

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Director Independence

NYSErulesrequirethatourBoardhaveamajorityofindependentdirectors.ImmediatelyfollowingtheDistributionDate,ourBoardwillhaveamajorityofindependentdirectors,andourBoardcommitteeswillbecomprisedofonlyindependentdirectors.

Committees of the Board

EffectiveuponcompletionoftheSpin-Off,ourBoardwillhavethefollowingcommittees,eachofwhichwilloperateunderawrittencharterthatwillbepostedonourWebsitepriortotheSpin-Off.

AuditCommittee

TheAuditCommitteewillbeestablishedinaccordancewithSection3(a)(58)(A)andRule10A-3undertheExchangeAct.TheresponsibilitiesofourAuditCommitteewillinclude,amongotherduties,overseeing:

• ourindependentauditors’qualifications,independence,performanceandinteractionswithmanagement;• management’sreviewofourannualauditedfinancialstatements;• theintegrityofourfinancialstatements,includingtheuseofanyunusualaccountingmethodsandanyissuesresultingfromtheuseofsuchmethods;• earningsreleasesandotherpublicfinancialcommunications;• theperformanceofourinternalauditorsandinternalauditfunction;• internalproceduresforthereceipt,retentionandtreatmentofcomplaintsregardingouraccounting,internalaccountingcontrolsorauditingmatters;• ourcompliancewithlegalandregulatoryrequirements;and• ourguidelinesandpolicieswithrespecttoriskassessmentandriskmanagement.

TheAuditCommitteewillconsistentirelyofindependentdirectors,andweintendthateachwillmeettheindependencerequirementssetforthinthelistingstandardsoftheNYSE,Rule10A-3undertheExchangeActandtheAuditCommitteecharter.EachmemberoftheAuditCommitteewillbefinanciallyliterateandhaveaccountingorrelatedfinancialmanagementexpertiseassuchtermsareinterpretedbyourBoardinitsbusinessjudgment.TheinitialmembersoftheAuditCommitteewillbedeterminedpriortotheSpin-Off.

CompensationCommittee

TheresponsibilitiesofourCompensationCommitteewillincludethefollowing:

• reviewingandapprovingcorporategoalsandobjectivesrelevanttoexecutivecompensation;• settingcompensationpolicyandadministeringcompensationplansonbehalfoftheBoard;• reviewingandrecommendingtotheBoardforapprovalthecompensationoftheChiefExecutiveOfficerandotherkeyexecutives;• annuallyappraisingtheChiefExecutiveOfficer’sperformance;• evaluatingcompensationlevelsandpayoutsfortheChiefExecutiveOfficerandotherexecutivesagainstanappropriatecomparisongroup;• reviewingandcommentingonstrategicandfinancialplanstodeterminetheirrelationshiptothecompensationprogram;• reviewingandapprovingnewcompensationplans;• recommendingpaylevelsfornon-employeeBoardmembers;• reviewingandapproving,incoordinationwiththeAuditCommittee,thecontentsofSECandotherregulatoryfilingsrelatingtocompensationmatters,includingthe

CompensationDiscussionandAnalysisandrelatedexecutivecompensationdisclosures.

TheCompensationCommitteewillconsistentirelyofindependentdirectors,andweintendthateachwillmeettheindependencerequirementssetforthinthelistingstandardsoftheNYSEandtheCompensationCommitteecharter.ThemembersoftheCompensationCommitteewillbe“non-employeedirectors”(withinthemeaningofRule16b-3oftheExchangeAct)and“outsidedirectors”(withinthemeaningofSection162(m)oftheCode).

CompensationCommitteeInterlocksandInsiderParticipation

WedonotanticipatethatanyoftheCompensationCommittee'smemberswillbe:

• anofficer,employeeorformerofficerofManitowocFoodservice;• aparticipantina"relatedperson"transactionoccurringafterJanuary1,2013(foradescriptionofourpolicyonrelatedpersontransactions,see"CertainRelationships

andRelatedPartyTransactions-ProceduresforApprovalofRelatedPartyTransactions");or• anexecutiveofficerofanotherentityatwhichoneofourexecutiveofficersservesontheBoardofDirectors.

CorporateGovernanceCommittee

TheresponsibilitiesofourCorporateGovernanceCommitteewillincludethefollowing:

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• evaluatingandrecommendingcurrentdirectorsforre-electionandnewcandidatestofillexistingorexpectedvacancies;• recommendingthefrequency,agenda,locationandtimingofBoardmeetingstotheChiefExecutiveOfficer;• reviewingthesize,compositionandindependenceoftheBoard,aswellasthenumberandstructureofBoardcommittees;• reviewingvalidlysubmittedstockholderproposals;• reviewingourstockownershipguidelinesandmonitoringdirectors’compliancewiththestockownershipguidelines;and• facilitatinganexecutivesessionateachregularBoardmeetingfornon-managementdirectors.

TheCorporateGovernanceCommitteewillconsistentirelyofindependentdirectors,andweintendthateachwillmeettheindependencerequirementssetforthinthelistingstandardsoftheNYSEandtheCorporateGovernanceCommitteecharter.TheinitialmembersoftheCorporateGovernanceCommitteewillbedeterminedpriortotheSpin-Off.

Code of Conduct

Wewilladoptawrittencodeofconduct,orthe“CodeofConduct,”thatappliestoallofouremployees.TheCodeofConductwillreflectourcommitmenttooperateourbusinessinamannerthatmeetsthehighestethicalstandards.Itwillincludeorrefertopoliciesandrulesthatcoverethicalandlegalpracticesfornearlyeveryaspectofourbusiness.AcopyoftheCodeofConductwillbepostedonourWebsitepriortotheSpin-Off.

Director Nomination Process

WewilladoptcorporategovernanceguidelinesthatwillbeeffectiveatorpriortotheDistributionDateandwillcontaininformationconcerningtheresponsibilitiesoftheCorporateGovernanceCommitteewithrespecttoidentifyingandevaluatingfuturedirectorcandidates.

TheCorporateGovernanceCommitteewillevaluatefuturedirectorcandidatesinaccordancewiththedirectormembershipcriteriadescribedinourcorporategovernanceguidelines.TheCorporateGovernanceCommitteewillevaluateacandidate’squalificationstoserveasamemberofourBoardbasedontheskillsandcharacteristicsofindividualdirectorsaswellasthecompositionofourBoardasawhole.Inaddition,theCorporateGovernanceCommitteewillevaluateacandidate’sprofessionalskillsandbackground,areasofexpertise,experienceinrelevantindustries,age,diversity,geographicbackgroundandnumberofotherdirectorships,alongwithqualitiesexpectedofalldirectors,includingintegrity,judgment,acumenandthetimeandabilitytomakeaconstructivecontributiontoourBoard.TheCorporateGovernanceCommittee,alongwithourBoard,willconsideracandidateinthecontextofourBoardasawholetodeterminetheappropriatemixofbackgroundsandexperiencesamongourBoardmembersaswebelievethatvaryingviewpointsbetterrepresentourstockholders,employees,businesspartnersandconsumersandcontributetoamoreinformedandeffectivedecision-makingprocess.

Communication with Non-Management Members of Our Board of Directors

InformationforstockholdersandotherpartiesinterestedincommunicatingwithourBoardorourindependentdirectors,individuallyorasagroup,willbepostedonourWebsiteaspartofourcorporategovernanceguidelines.Ourdirectorofinvestorrelationsand/orourgeneralcounselwillforwardsuchcommunicationstotheBoardortoindividualdirectors,asapplicable.Anycommunicationthatourdirectorofinvestorrelationsorourgeneralcounseldetermines,inhisorherdiscretion,tobeoffensive,dangerous,harmful,illegal,illegible,notunderstandableornonsensicalmay,attheoptionofsuchperson,notbeforwarded.NeitherManitowocFoodservicenortheBoardnoranydirectorshallbeobligatedtosendanyreplyorresponsetotheinterestedparty,excepttoindicatetotheinterestedparty,ifrequested,whethertheinterestedparty’scommunicationwasforwardedtotheBoardortheapplicableBoardmember.

Stock Ownership Guidelines

Ourcorporategovernanceguidelineswillcontainstockownershipguidelinesfornon-managementdirectors.Theguidelineswillprovidethateachnon-managementdirectorshouldacquireandholdanamountofourstockwithavalueatleastequaltofivetimesthedirector’stotalannualcashretainer,excludinganymeetingfeesoranyadditionalretainerforcommitteechairpositions.TheguidelinerequiresthestockownershipamounttobemetbytheendofthefifthfullcalendaryearafterthedirectorisfirstelectedtotheBoard.Directorsarerequiredtoretainnetsharesuponvestingofequityawardsuntilachievingthestockownershipguideline.

Forpurposesoftheguidelines,stockownershipwillincludesharesownedoutright,restrictedstockandrestrictedstockunits,butwillnotincludeunexercisedstockoptions.AsofDecember31,2015,eachofthedirectorstowhomtheseguidelinesappliedwaseitherincomplianceorexpectedtobeincompliancewithinthefive-yeartimeperiodprovidedforinitialcompliance.

CompliancewillbemeasuredannuallyatthefirstBoardmeetinginagivenyear,commencinginthesixthfullcalendaryearafteradirectorisfirstelectedasamemberoftheBoard,andwillbebasedoneachdirector’sstockownershipandthestockpriceasofthecloseofbusinessonthelastdayoftheprecedingcalendaryear.

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COMPENSATION DISCUSSION AND ANALYSIS

Introduction

ThediscussionandanalysisbelowaredesignedtoassistshareholderswithunderstandingtheobjectivesoftheexecutivecompensationprogramofManitowocParentCopriortotheSpin-OffandourexecutivecompensationprogramaftertheSpin-Off,thedifferentcomponentsofcompensationpaidtothepersonsidentifiedinthe2015SummaryCompensationTablebelow,whoarereferredtocollectivelyasournamedexecutiveofficers,andthebasisforthecompensationdecisionsaffectingthosepersons.Mr.MuehlhaeuserandMr.Stewartareidentifiedasnamedexecutiveofficersbecausetheyareexpectedtoserveas,respectively,ourPresidentandChiefExecutiveOfficerandourSeniorVicePresidentandChiefFinancialOfficeraftertheSpin-Off,althoughtheywerenotnamedexecutiveofficersofManitowocParentCoduring2015.ThisdiscussionandanalysisshouldbereadtogetherwiththecompensationtableslocatedelsewhereinthisInformationStatement.

Theinformationprovidedfor2015andanypriorperiodsreflectscompensationearnedatManitowocParentCooritssubsidiariesforeachofnamedexecutiveofficersbasedontheirrespectiveroleswithManitowocParentCooritssubsidiariesduring2015orsuchpriorperiods,ifany,andthedesignandobjectivesofManitowocParentCo’sexecutivecompensationprogramsinplacepriortotheSpin-Off.

All2015executivecompensationdecisionsforournamedexecutiveofficerspriortotheSpin-OffwereorwillbemadeoroverseenbytheCompensationCommitteeoftheBoardofDirectorsofManitowocParentCo(the“ManitowocParentCoCompensationCommittee”).ExecutivecompensationdecisionsfollowingtheSpin-OffwillbemadebytheCompensationCommitteeoftheBoardofDirectorsofManitowocFoodservice(the“ManitowocFoodserviceCompensationCommittee”).Wecurrentlyanticipatethat,exceptasotherwisedescribedinthisCompensationDiscussionandAnalysis,compensationprogramsforournamedexecutiveofficersimmediatelyfollowingtheSpin-OffwillbesimilartotheprogramscurrentlyusedbyManitowocParentCoforitsexecutiveofficers.

2015 Say-on-Pay Advisory Vote

In2015,ManitowocParentCo’ssay-on-payadvisoryvotereceivedsupportfromover98%ofsharesvoted.WebelievethatthisresultdemonstratesastrongendorsementbyManitowocParentCo’sshareholdersofitsexecutivecompensationprogramdesign,decisionsandpolicies.ThevotewasoneofmanyfactorsconsideredbytheManitowocParentCoCompensationCommitteeinreviewingitsexecutivecompensationprogram.ManitowocParentCodidnotmakeanychangestoitsexecutivecompensationprogramindirectresponsetothisvote.

Compensation Program Administration

TheManitowocParentCoCompensationCommitteehasbeen,andaftertheSpin-OfftheManitowocFoodserviceCompensationCommitteewillbe,primarilyresponsibleforadministeringourexecutivecompensationprogram.Thatroleentailsreviewingandapprovingallelementsoftheexecutivecompensationprogramthatcoverthenamedexecutiveofficers.Thereviewincludesanannualconsiderationofbusinessstrategyandtalentneedsandalignmentofcompensationtoperformanceandshareholderinterests.TheManitowocParentCoCompensationCommitteeengagedanindependentcompensationconsultantinfiscal2014andfiscal2015,hiringTowersWatsontoassistwithitsduties,includingitsreviewoftheexecutivecompensationprogram.

Compensation Strategy

ManitowocParentCo’sexecutivecompensationprogramhasbeenintendedtoaligntheinterestsofitsexecutiveswiththeinterestsofitsshareholdersaswellastomotivateitsexecutivestomaximizelong-termtotalreturnstoitsshareholders.Forthesereasons,theManitowocParentCoCompensationCommitteehasdesignedtheexecutivecompensationprogramconsistentwithmarkettypical/bestpracticestoensurestrongalignmentbetweenexecutivepayandManitowocParentCo’sperformance.Astrongelementofthedesignhasbeentoprovideincentive-basedcompensationthatisdirectlytiedtoManitowocParentCo’sperformance.TheManitowocParentCoCompensationCommitteehasannuallyreviewedthekeyelementsoftheprogramconsideringManitowocParentCo’sbusinessstrategyandtalentneeds.ManitowocParentCo’sexecutivecompensationprogramhassoughttoprovidecompetitivetotalcompensationopportunities,atcoststoManitowocParentCothatareconsistentwiththeopportunitiesprovided,toattract,motivateandretainhighly-qualifiedexecutivescriticaltotheachievementofManitowocParentCo’sfinancialandstrategicgoals.

Keyobjectivesandelementsofthephilosophyhaveincludedthefollowing:

• Payingforperformance.AsignificantportionofthecompensationpaidtoexecutivesofManitowocParentCohasbeenincentive-basedand“atrisk,”andcouldbeearnedbasedontheachievementofManitowocParentCo’sfinancialgoalsand/orstockpriceappreciation.(Incentiveawardsbasedonachievementofspecificgoalshavebeencappedat200%ofthetargetedawardopportunity.)AspreviouslydisclosedbyManitowocParentCo,inJanuary2015,inviewofitsintentiontopursuetheSpin-Off,ManitowocParentCoCompensationCommitteedeterminedthatitwouldnotservetheinterestsofManitowocParentCotogranttoexecutiveofficersperformancesharesin2015(inadditiontostockoptions),whichwouldhaveamulti-yearperformanceperiod.Instead,giventhedifficultyofgoalsettingasaresultoftheannouncedintentiontoseparateintotwoindependent,publicly-tradedcompaniesbytheendofthefirstquarterof2016,aswellastheadditionalretentivevalueofstockoptionsandrestrictedstock,in2015theexecutiveofficersofManitowocParentCoreceivedagrantofrestrictedstockunits(weighted50%)andstockoptions(weighted50%).

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• Providingmarketcompetitivecompensation.Paylevelshavebeentargetedtobe,onaverage,atmarketmedianlevelsbasedonindividualfactors(suchasexperience,lengthofservice,timeintheirrole,andindividualperformance),internalstructureandinternalandexternalequity,businessneeds,ManitowocParentCo’sperformance,comparablepositionsatgeneralindustrialcompaniesofsimilarsize,andotherfactors.

• Encouraginglongservice.ManitowocParentCohasofferedseveralretirementandsavingsplans,whichpaybenefitsafterretirementandprovideemployeeswiththeopportunitytoearnemployercontributionsorsavepre-taxdollarsforretirement.

• Facilitatingexecutivestockownership.Long-termincentiveawardstoexecutivesofManitowocParentCohavebeensolelyequity-based,andexecutiveofficersofManitowocParentCohavebeensubjecttostockownershipguidelines,includingapotentialretentionrequirement,toensuremeaningfulongoingalignmentwithshareholders’interests,althoughcomparatorgroupshavebeenusedwhenconsideringspecificcomponentsofcompensation.

Actualtotalcompensationhasbeensubjecttovariationfromtargetcompensationbasedontheindividual’sperformanceandManitowocParentCo’sfinancialandstockpriceperformance.InaccordancewithSECproxydisclosurerules,theSummaryCompensationTablebelowshowsthegrantdatefairvalueoflong-termincentive(LTI)grants,whichisoftenverydifferentfromtheactualrealizedandrealizable/currentvalues(ifanyamountisevenearned)ofsuchawards.TheManitowocParentCoCompensationCommitteehasreviewedannuallyofficerpaytallysheetsdetailingthepastseveralyearsofactualandtargetcompensation,outstandinglong-termincentiveawards(includingthepotentialrealizablevalueatvariousstockprices),accumulateddeferredcompensationbalances,andpotentialchange-in-controlseveranceamounts.

Inconnectionwithitsexecutivecompensationdeterminations,ManitowocParentCohasreviewedthird-partymarketsurveydataamongcomparablecompaniesandbroadermarkettrends/developments,asprovidedbytheManitowocParentCoCompensationCommittee’scompensationconsultant,whichin2015wasTowersWatson.GiventherangeofitsbusinessespriortotheSpin-Off,insettingmarket-basedpaylevelsManitowocParentCohasgenerallyreviewedmarketdataprovidedfromsurveysofcomparably-sizedgeneralindustrialcompanies;aspecificpeergrouphasnottypicallybeenused,althoughcomparatorgroupshavebeenusedwhenconsideringspecificcomponentsofcompensation.Surveydataofcomparablepositionshasbeenanalyzedannuallyinconsideringadjustmentstobasesalariesandtargetshort-termandlong-termincentiveawardopportunities.Surveydatahasalsobeenreviewedperiodicallytohelpmaintainthecompetitivenessofallelementsofcompensation.

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EXECUTIVE COMPENSATION

Compensation Elements

ManitowocParentCo’sexecutivecompensationprogramisdescribedinmoredetailbelow,byelementandintotal.

Element Purpose Characteristics

BaseSalary

Establishacertainelementofpayforanindividual’scompetencies,skills,experienceandperformancerelativetohis/hercurrentjob

Notatrisk;eligibleforannualperformance-basedmeritincreaseconsiderationandadjustmentsforchangesinjobresponsibilities

Short-TermIncentives

MotivateandrewardtheachievementofannualManitowocParentCofinancialgoalsalignedtothekeystrategicobjectivesfortheyear

Performance-based(variable)cashopportunity;amountearnedwillvarybasedonactualcompanyfinancialresultsachieved

Long-TermIncentives(1)

Motivateandrewardtheachievementofspecificfinancialgoals,RelativeTSRperformanceandstockpriceappreciationovertimeforthepriorfiscalyearaward(1)

Alloftheawardopportunityisperformance-basedwiththeamountrealized,ifany,bytheexecutivedependentuponmulti-yearcompanyfinancialresultsandstockpriceperformance(1)

RetirementBenefits

EncouragelongservicewithManitowocParentCobyprovidingretirementplancontributionsthatcangrowinvalueoveranexecutive’scareer

Bothfixedandvariableaspects;contributionsdrivegrowthoffundsandfuturepayments

BenefitsandPerquisitesProvideadditionalfinancialsecurityandotherenhancedbenefitsforexecutives(perquisitesarelimited)

Generallyfixed;actualcostisbasedonparticipationandusage

ChangeinControl(“CIC”)ContinuedEmploymentandSeveranceBenefits

Providecontinuityoftheleadershipteamleadinguptoandafterachangeincontrol

Contingentcomponent;providesforcontinuedemploymentuponaCICandseverancebenefitsifanexecutive’semploymentisterminatedfollowingaCIC

(1) AspreviouslydisclosedbyManitowocParentCo,inJanuary2015,inviewofitsintentiontopursuetheSpin-Off,theManitowocParentCoCompensationCommitteedeterminedthatitwouldnotservetheinterestsofManitowocParentCotogranttoexecutiveofficersperformancesharesin2015(inadditiontostockoptions),whichwouldhaveamulti-yearperformanceperiod.Instead,giventhedifficultyofgoalsettingasaresultoftheannouncedintentiontoseparateintotwoindependent,publicly-tradedcompaniesbytheendofthefirstquarterof2016,aswellastheadditionalretentivevalueofstockoptionsandrestrictedstock,in2015theexecutiveofficersofManitowocParentCoreceivedgrantsofrestrictedstockunits(weighted50%)andstockoptions(weighted50%).

Insettingtotalcompensation,ManitowocParentCohasappliedaconsistentapproachforallofitsexecutiveofficers.Executiveofficersalsohavebeeneligibletoreceivebasesalaryandincentivepayincreasesatthetimeofpromotions.Inconnectionwithpromotions,theManitowocParentCoCompensationCommitteemayhaveincreasedbasesalaryandtargetincentiveawardpercentages,andmadeadditionalincentivegrants.PriortoAugust2015,Mr.MuehlhaeuserwasnotanexecutiveofficerofManitowocParentCo,andhiscompensationwasdeterminedthrougharm’slengthnegotiationsinconnectionwithhisrecruitmenttobeanexecutiveofficerofManitowocParentCopriortotheSpin-OffandthenbecomeourPresidentandChiefExecutiveOfficerfollowingtheSpin-Off,asdescribedfurtherbelow.PriortoNovember2015,Mr.StewartwasnotanexecutiveofficerofManitowocParentCo,andhiscompensationwasdeterminedthrougharm’slengthnegotiationsinconnectionwithhisrecruitmenttobeanemployeeofManitowocParentCopriortotheSpin-OffandthenbecomeourSeniorVicePresidentandChiefFinancialOfficerfollowingtheSpin-Off,asdescribedfurtherbelow.

Additionaldetailregardingeachpayelementispresentedbelow.OtherthantheChangeinControlSeveranceArrangements(ContingentEmploymentAgreements)andMessrs.Muehlhaeuser'sandStewart'semploymentagreementsdescribedbelow,ManitowocParentCohasnothademploymentagreementswithanyoftheManitowocFoodservicenamedexecutiveofficers.

BaseSalaries.ManitowocParentCohasreviewedsalariesannually,andbasedadjustments,ifany,onconsiderationofManitowocParentCo’soverallbudgetforbasesalariesfortheyear,individualfactors(competencies,skills,experience,andperformance),internalequity,andmarketpaypracticedata.BaseduponthesurveydataprovidedbytheManitowocParentCoCompensationCommittee’scompensationconsultant,thebasesalariesforthenamedexecutiveofficers,onaverage,continuedtoapproximatethemedianofbasesalariesofcomparablepositions,consideringanindividual’sexperience,performanceandotherfactors.InconnectionwiththerecruitmentofMr.MuehlhaeusertoserveasourPresidentandChiefExecutiveOfficeraftertheSpin-Off,ManitowocParentConegotiatedanannualbasesalaryforMr.Muehlhaeuserof$800,000.InconnectionwiththerecruitmentofMr.StewarttoserveasourSeniorVicePresidentandChiefFinancialOfficeraftertheSpin-Off,ManitowocParentConegotiatedanannualbasesalaryforMr.Stewartof$540,000.

IncentivePlans.ManitowocParentCohasprovidedannualandlong-termincentiveawardopportunitiestomotivatetheachievementofthebusinessstrategybyspecifyingkeymetricsofsuccess.Inordertostronglydriveresultsandalignperformanceandpayouts,theincentiveplanseach:

• Haveincludedmultipleperformancemeasures;

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• Havehadtargetperformancegoalssetbasedonforecasts/budget,businessconditions,prioryear’sperformance,probabilityofachievementandotherfactors;• Havevariedpayoutscommensuratewithperformanceresults(withpotentialpayoutscappedat200%ofthetargetawardopportunityforgoal-basedplans);and• Havecovereddifferenttimeperiods(annualincentiveplancoversoneyearandlong-termincentivestypicallycoverthreeyears(ormoreforstockoptions)withan

ongoingstockownershiprequirement).

ManitowocParentCohaselectedtouseacombinationofperformancemeasurestoensuremanagementhasbeenmotivatedandrewardedforearningsgrowth,cashflowgeneration,efficientuseofcapitalandtotalshareholderreturns.Accordingly,theannualincentiveplanandperformancesharecomponentofthelong-termincentiveplaneachhaveusedtwoormoreperformancemetrics(thatarenotduplicatedbetweentheplans),whichcouldchangefromyear-to-yeartoreflectthecriticalareasoffocusfortherespectiveperformanceperiod.TheManitowocParentCoCompensationCommitteehasbelievedthat,collectively,theperformancemetricsusedwouldbestdrivelong-termshareholdervalueandalignmanagementrewardstoManitowocParentCo’sbusinessstrategy.

Short-TermIncentives.AnnualincentiveawardshavebeenmadeunderManitowocParentCo’s2013OmnibusIncentivePlan,butarereferredtointhisInformationStatementashavingbeenmadeunderManitowocParentCo’sShort-TermIncentivePlan(“STIP”).Theannualorshort-termincentiveswereintendedtorewardeligibleparticipantsformaximizingshareholdervalue.

The2015STIPawardforCorporateOfficers,includingMessrs.Matosevic,JonesandCaron,wasbasedthirty-fivepercent(35%)onoperatingearnings,thirty-fivepercent(35%)onfree-cashflow,andthirtypercent(30%)onreturnoninvestedcapital.

The2015targetannualincentiveawardpercentagesassignedtothesenamedexecutiveofficersrangedfrom50%to100%ofbasesalary,basedontheposition’sresponsibilitiesandbusinessimpact.AwardsearnedundertheSTIPcouldrangefrom0%to200%ofanindividual’stargetawardopportunitybasedonactualbusinessresultsversusthetargetperformancegoalsfortheyear.Earnedawards,ifany,wouldbefullypaidoutaftertheendoftheyear.

InconnectionwiththerecruitmentofMr.MuehlhaeusertoserveasourPresidentandChiefExecutiveOfficeraftertheSpin-Off,ManitowocParentCoagreedthatMr.MuehlhaeuserwillparticipateintheSTIPwithatargetannualincentiveawardof100%ofhisbasesalary.The2015awardwillbepro-ratedbasedonMr.Muehlhaeuser’sdateofhire,whichwasAugust3,2015.The2015awardopportunitywasbasedonthesameperformancegoalsdescribedabovefortheothernamedexecutiveofficers,andweighted50%onCorporateperformanceand50%onFoodserviceperformance.

InconnectionwiththerecruitmentofMr.StewarttoserveasourSeniorVicePresidentandChiefFinancialOfficeraftertheSpin-Off,ManitowocParentCoagreedthatMr.StewartwillparticipateintheSTIPwithatargetannualincentiveawardof70%ofhisbasesalary.The2015awardwillbeguaranteedat100%ofthetargetbutpro-ratedbasedonMr.Stewart’sdateofhire,whichisNovember9,2015.

TheactualincentiveawardpayoutsforthenamedexecutiveofficershadnotbeendeterminedasofthefilingofthisInformationStatement.Thepotentialdollarrangeofthe2015annualincentiveawards,bynamedexecutiveofficer,ispresentedintheGrantsofPlan-BasedAwardstable.

UseofDiscretion.TheSTIPallowedtheManitowocParentCoCompensationCommitteetoapplydiscretioninconsideringpotentialadjustments(e.g.,certainaccountingchargessuchasbaddebtandinventoryreserveexpensesaswellasresearchanddevelopmentcosts)presentedbymanagementtoassessperformanceofcontinuingoperations.Inpractice,theManitowocParentCoCompensationCommitteehasmadealimitednumberofadjustments,which,forawardstobeearnedbyexecutivesduringaparticularyear,mustbedeterminednolaterthantheParentCoCompensationCommittee’sFebruarymeeting.

Long-TermIncentives.Long-termincentiveawardgrantshavebeenmadeundertheManitowocParentCo2013OmnibusIncentivePlan,whichwasapprovedbyshareholdersofManitowocParentCoattheManitowocParentCo2013AnnualMeetingandreplacedtheManitowocParentCo2003IncentiveStockandAwardsPlan(the“2003StockPlan”).Priorto2014,long-termincentiveawardsweregrantedunderthe2003StockPlan.

Long-termincentiveawardshavebeenintendedtoaligntheinterestsofexecutiveswiththoseofManitowocParentCoshareholdersbyallowingexecutivestoshareinthegrowthandfinancialsuccessofManitowocParentCo,asreflectedinManitowocParentCo’sstockpriceandotherperformancemeasures.Inaddition,long-termincentiveawardshavefacilitatedtheattraction,retentionandmotivationofexecutivesandkeyemployees.

From2011to2014,allofthelong-termawardopportunityforseniorexecutivesofManitowocParentCohadbeen“at-risk”-requiringachievementofspecificmulti-yearfinancialgoalsorstockpriceappreciation.From2010to2015;theexecutiveofficersofManitowocParentCohavenotreceivedtime-basedrestrictedstockgrants.However,asdescribedabove,in2015duetotheanticipatedSpin-Offexpectedtooccurbytheendofthefirstquarterof2016,theseniorexecutivesofManitowocParentCoweregrantedtime-basedrestrictedstockunitsratherthanperformanceshares.Inaddition,ManitowocParentComadeequity-basedretentionawardstocertainkeyemployees,includingMessrs.MatosevicandJones,toprovideadditionalincentivefortheemployeestocontinueinemploymentandcontributetowardthesuccessfulcompletionofthecontemplatedSpin-Off.Theseretentionawardsaredescribedingreaterdetailbelow.

StockOptions.Stockoptionsalignexecutives’interestswiththoseofshareholders,sinceoptionsonlyhaverealizablevalueifthepriceofManitowocParentCostockincreasesrelativetothegrant/exerciseprice.Stockoptionsgrantedtothenamedexecutiveofficersduringfiscal2015hadthefollowingterms:

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• ExercisepriceistheclosingtradingpriceofManitowocParentCostockonthegrantdate;• Vestannuallyin25%incrementsbeginningonthefirstanniversaryofthegrantdateandcontinuingoneachsubsequentanniversaryuntilthefourthanniversary;and• Expire10yearsafterthegrantdate.

InconnectionwithMr.Muehlhaeuser’srecruitmenttobeourPresidentandChiefExecutiveOfficer,ManitowocParentCograntedhimaninitialawardofnon-qualifiedstockoptionsundertheManitowocParentCo2013OmnibusIncentivePlanwithafairmarketvalueof$1,000,000uponthecommencementofhisemploymentwithManitowocParentCo.Thestockoptionswillvestinfourequalannualinstallmentsontheanniversaryofthegrantdate;however,ifMr.Muehlhaeuseristerminatedforanyreasonotherthanforcause(asdefinedinhisemploymentagreement),nolessthanonehalfofthestockoptionswillimmediatelyvest.Mr.Muehlhaeuserwillalsobeeligibleforfuturelong-termincentiveawards.Underhisemploymentagreement,hislong-termincentiveawardgranttargetis$2,000,000peryear.

InconnectionwithMr.Stewart’srecruitmenttobeourSeniorVicePresidentandChiefFinancialOfficer,ManitowocParentCohasagreedtogranthimaninitialawardofnon-qualifiedstockoptionsundertheManitowocParentCo2013OmnibusIncentivePlanwithafairmarketvalueof$700,000uponthecommencementofhisemploymentwithManitowocParentCo.Thestockoptionswillvestinfourequalannualinstallmentsontheanniversaryofthegrantdate;however,ifMr.Stewartisterminatedforanyreasonotherthanforcause(asdefinedinhisemploymentagreement),nolessthanonequarterofthestockoptionswillimmediatelyvest.Mr.Stewartwillalsobeeligibleforfuturelong-termincentiveawards.Underthetermsofhisemploymentagreement,Mr.Stewart’slong-termincentiveawardgranttargetis$700,000peryear.

RestrictedStockUnits.In2015,ManitowocParentCograntedthenamedexecutiveofficersotherthanMessrs.MuehlhaeuserandStewarttime-basedrestrictedstockunitswhichvest100%onthethirdanniversaryofthegrantdate.TheManitowocParentCoCompensationCommitteedecidedtogranttheseunitsratherthanperformancesharesin2015duetotheanticipatedSpin-Off,whichisexpectedtooccurbytheendofthefirstquarter2016.

PerformanceShares.Performanceshareawardopportunitieswereprovidedtothenamedexecutiveofficers(otherthanMessrs.MuehlhaeuserandStewart)inyearspriorto2015todirectlyalignthesharesearned,ifany,totheachievementofspecificmulti-yeargoals.ThegoalsandtheperformanceperiodhavebeenestablishedbytheManitowocParentCoCompensationCommitteeatthetimeoftheawardgrant.

2014PerformanceShareGrant.The2014performancesharegrantcouldbeearnedbasedonperformanceoverthethree-yearperformanceperiodfromJanuary1,2014throughDecember31,2016onthefollowingtwoequally-weightedmeasures:

• 3-yearcumulativeEVA®.EVAisametricdevelopedbySternStewart&Co.thatmeasurestheeconomicprofitgeneratedbyabusinessandisequaltothedifferencebetweenthefollowing:

• Netoperatingprofitaftertax,definedasoperatingearningsadjustedtoeliminatetheimpactof,amongotheritems,certainaccountingchargessuchasbaddebtandinventoryreserveexpenses,andresearchanddevelopmentcosts;and

• Acapitalcharge,definedascapitalemployedmultipliedbytheweightedaveragecostofcapital.

• 3-yearRelativeTSR,whichassessesManitowocParentCo’sTotalShareholderReturn(“TSR”)-equaltostockpriceappreciationplusthereinvestmentofdividendsprovidedtoshareholdersrelativetoacomparatorgroupof19directpeersandindustrialcompanies(listedbelow).Sincethecomparatorgroupisusedforperformance,notpaylevels,therearesomeTSRpeersthataresignificantlysmallerandlargerthanManitowocParentCo.TSRiscalculatedusingthe20-trading-dayaverageclosingpriceatthestartandendofthethree-yearperformancecycle.AwardscannotexceedtargetifManitowocParentCo’sTSRisnegative,asassessedattheendofthethree-yearperformancecycle.

ThefollowingisthecomparatorgroupofdirectpeersandindustrialcompaniesusedfordeterminingRelativeTSRperformanceforthe2014performancesharegrants:

ActuantCorporation IllinoisToolWorksInc. OshkoshCorporation

AstecIndustries,Inc. Ingersoll-Randplc Pentairplc

Briggs&StrattonCorp. JoyGlobalInc. SPXCorporation

CaterpillarInc. KennametalInc. StandexInternationalCorp.

CumminsInc. LincolnElectricHoldingsInc. TerexCorp.

DoverCorp. MiddlebyCorp. TimkenCo.

GracoInc.

ConsistentwithManitowocParentCo’spay-performancephilosophyandcurrentmarketpractices,withpayapproximatingmedianlevelsformedianperformance,thetargetawardopportunityfortheRelativeTSRperformancesharesisearnedforRelativeTSRperformanceatthemedian.ThepayoutschedulefortheRelativeTSRportionoftheperformancesharegrantsisasfollows:

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Performance Level Manitowoc’s Relative TSR Performance Award Payout (as a % of Target)

Maximum 75thPercentile 200%

Target 50thPercentile 100%

Threshold 25thPercentile 25%

2013PerformanceShareGrant.The2013performancesharegrantwasbasedonperformanceontwoequally-weightedmeasures(DebtReductionandRelativeTSR)overthethree-yearperformanceperiodfromJanuary1,2013throughDecember31,2015.DebtreductionisthedecreaseinthebalanceofoutstandingloansandotherdebtovertheperformanceperiodanddirectlyreflectedManitowocParentCo’sabilitytogeneratecashflowthatcouldbeusedtoreduceManitowocParentCo’soutstandingdebt.RelativeTSRisdefinedabove.

RetentionAwards.InApril2015,ManitowocParentComadeequity-basedretentionawardstocertainkeyemployees,includingMessrs.MatosevicandJones,toprovideadditionalincentivefortheemployeestocontinueinemploymentandcontributetowardthesuccessfulcompletionofthecontemplatedSpin-Off.TheretentionawardsconsistedofsharesofManitowocParentCocommonstockthatwouldvestonthesecondanniversaryoftheSpin-OffiftheemployeewascontinuouslyemployedwithManitowocParentCooranaffiliatethroughthesecondanniversaryoftheeffectivedateoftheSpin-Off.Theshareswouldearliervestinfulluponterminationoftheemployeeasaresultofdeath,disabilityorretirementuponorfollowingtheSpin-Off.Theshareswouldalsovestinfulluponaninvoluntaryterminationoftheemployee,otherthanforcause,byManitowocParentCo,oraterminationbytheemployeeforgoodreason,regardlessofwhethertheSpin-Offhadthenoccurred.ThenumberofsharessubjecttotheretentionawardgrantedtoMessrs.MatosevicandJones,asdisclosedintheGrantsofPlan-BasedAwardstable,wasdeterminedbasedonatargetdollarvalueequaltoapercentageoftheofficer’sbasesalaryandthesharepriceonthedateofgrant.ForMr.Matosevic,thepercentagewas100%ofbasesalary,andforMessrs.Jones,thepercentagewas150%ofbasesalary.

GrantGuidelineDevelopment.TheManitowocParentCoCompensationCommitteesetawardguidelinesforeachofficer(otherthanMr.Muehlhaeuser,whodidnotbecomeanexecutiveofficeruntilAugust3,2015,andMr.Stewart,whodidnotbecomeanemployeeuntilNovember9,2015)andjobclassificationlevelbaseduponsurveymarketmedianlevelsandManitowocParentCo’srecentaveragestockprice.Mr.Muehlhaeuser’s2015awardwasdeterminedbasedonmarketdataandarm’slengthnegotiationsinconnectionwithMr.Muehlhaeuser’srecruitmenttobeourPresidentandChiefExecutiveOfficer.Mr.Stewart’sexpected2015awardwasdeterminedbasedonmarketdataandarm’slengthnegotiationsinconnectionwithMr.Stewart’srecruitmenttobeourSeniorVicePresidentandChiefFinancialOfficer.Fortheotherofficers,theapproximate20-trading-dayaverageclosingpriceofManitowocParentCostockendingonthedateoftheFebruaryManitowocParentCoCompensationCommitteemeetingwasusedfordeterminingthegrantlevels.Theactualgrantpriceandaccountingexpenseforallofficersweredeterminedatthedateofgrant.

Thegrantdatefairvalueofthe2015stockoptiongrantsandrestrictedstockunitawards,whicheachrepresentedapproximately50%oftheawardguidelines,ispresentedintheGrantsofPlan-BasedAwardstable.Theultimatevalue,ifany,whichwillberealized,isnotdeterminableatthedateofgrant.

TreatmentofEquity-BasedAwardsintheSpin-Off.Weexpectthatournamedexecutiveofficersandotherexecutiveofficerswillbetreatedlikeourothersimilarly-situatedemployeeswithrespecttotheimpactoftheSpin-Offonequity-basedawards.See“TheSpin-Off-TreatmentofEquity-BasedCompensation”foradescriptionofthetreatmentofequity-basedawardsinconnectionwiththeSpin-Off.

ManitowocFoodService2016OmnibusIncentivePlan.Wehaveadopted,andManitowocParentCoasoursoleshareholderhasapproved,theManitowocFoodService2016OmnibusIncentiveCompensationPlan(the“2016Plan”),underwhichweintendtomakeequity-basedandcash-basedincentiveawardstoattract,retain,focusandmotivateexecutivesandotherselectedemployees,directors,consultantsandadvisorsandtoincreasestockholdervalue.The2016PlanisintendedtoaccomplishtheseobjectivesbyofferingparticipantstheopportunitytoacquiresharesofManitowocFoodservicecommonstock,receivemonetarypaymentsbasedonthevalueofsuchcommonstockorreceiveotherincentivecompensationonthetermsthatthe2016Planprovides.Inaddition,the2016Planpermitstheissuanceofawards(“ReplacementAwards”)inpartialsubstitutionforawardsrelatingtosharesofcommonstockofManitowocParentCoimmediatelypriortotheSpin-OffinaccordancewiththetermsofanEmployeeMattersAgreementasdescribedunder“TheSpin-Off-TreatmentofEquity-BasedCompensation.”

TheManitowocFoodserviceCompensationCommittee,oranysuccessorcommitteewithsimilarauthoritythatmaybeappointed,willadministerthe2016Plan(the“Administrator”).The2016PlanauthorizestheAdministratortointerprettheprovisionsofthe2016Plan;prescribe,amendandrescindrulesandregulationsrelatingtothe2016Plan;correctanydefect,supplyanyomission,orreconcileanyinconsistencyinthe2016Plan,anyawardoranyagreementcoveringanaward;andmakeallotherdeterminationsnecessaryoradvisablefortheadministrationofthe2016Plan,ineachcaseinitssolediscretion.

TheAdministratormaydesignateanyofthefollowingasaparticipantfromtimetotime,totheextentoftheAdministrator’sauthority:anyofficerorotheremployeeofManitowocFoodserviceoritsaffiliates;anyindividualwhomManitowocFoodserviceoranaffiliatehasengagedtobecomeanofficeroremployee;anyconsultantoradvisorwhoprovidesservicestoManitowocFoodserviceoritsaffiliates;oranydirector,includinganon-employeedirector.

The2016Planpermitsthegrantofstockoptions(includingincentivestockoptions),stockappreciationrights,restrictedstock,restrictedstockunits,performanceshares,performanceunits,annualcashincentives,long-termcashincentives,dividendequivalentunitsandothertypesofstock-basedawards.

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The2016Planprovidesthat9.8millionsharesofManitowocFoodservicecommonstockarereservedforissuanceunderthePlan,allofwhichmaybeissuedupontheexerciseofincentivestockoptions.Thesenumbersmaybeadjustedintheeventofcertaincorporatetransactionsorothereventsspecifiedinthe2016Plan.

ThenumberofsharesofManitowocFoodservicecommonstockreservedunderthe2016Planwillbedepletedbythemaximumnumberofshares,ifany,thatmaybeissuableunderanawardatthetimeofgrant,exceptthatthenumberofsharesreservedwillbedepletedby1.5sharesforeachsharedeliveredinpaymentorsettlementofafull-valueaward.Forthispurpose,afull-valueawardincludesrestrictedstock,restrictedstockunitspayableinshares,performanceshares,performanceunitspayableinshares,andanyothersimilarawardpayableinsharesunderwhichthevalueoftheawardismeasuredasthefullvalueofashare,ratherthantheincreaseinthevalueofashare.

Ingeneral,ifanawardgrantedunderthe2016Planlapses,expires,terminatesoriscancelledwithouttheissuanceofsharesundertheaward,ifitisdeterminedduringorattheconclusionofthetermofanawardthatallorsomeportionofthesharesundertheawardwillnotbeissuableonthebasisthattheconditionsforsuchissuancewillnotbesatisfied,ifsharesareforfeitedunderanawardorifsharesareissuedunderanyawardandManitowocFoodservicereacquiresthempursuanttorightsreservedupontheissuanceoftheshares,thensuchshareswillagainbeavailableforissuanceunderthe2016Plan,exceptthatsharesreacquiredpursuanttoreservedrightsmaynotbeissuedpursuanttoincentivestockoptions.Sharesnotissuedordeliveredasaresultofthenetsettlementofanoutstandingoptionorstockappreciationright,sharestenderedinpaymentoftheexercisepriceofanoption,shareswithheldtosatisfytaxwithholdingobligationsandsharespurchasedbyManitowocFoodserviceusingproceedsfromoptionexercisesmaynotberecreditedtothereserve.

Inadditiontotheoveralllimitsontheaggregatenumberofsharesreservedunderthe2016Plan,thereareindividualawardlimits.Subjecttoadjustmentasprovidedinthe2016Planandtocertainexceptions,noparticipantmaybegrantedawardsthatcouldresultintheparticipant:

• receivingoptionsfor,and/orstockappreciationrightswithrespectto,morethan2,000,000shares(or100,000shares,inthecaseofanon-employeedirector)duringanyfiscalyear;

• receivingawardsofrestrictedstockand/orrestrictedstockunits,and/orotherstock-basedawards,relatingtomorethan500,000shares(or35,000shares,inthecaseofanon-employeedirector)duringanyfiscalyear;

• receivingawardsofperformanceshares,and/orawardsofperformanceunitsthevalueofwhichisbasedonthefairmarketvalueofshares,formorethan1,000,000shares(or70,000shares,inthecaseofanon-employeedirector)duringanyfiscalyear;

• receivingawardswithaperformanceperiodofmorethanoneyear,includingawardsofperformanceunitsthevalueofwhichisnotbasedonthefairmarketvalueofshares,long-termawardsordividendequivalentunitsthatwouldpaymorethan$10,000,000totheparticipant(or$600,000,inthecaseofanon-employeedirector)duringanysinglefiscalyear;or

• receivingawardswithaperformanceperiodofnotmorethanoneyear,includingannualincentiveawards,awardsofperformanceunitsthevalueofwhichisnotbasedonthefairmarketvalueofshares,ordividendequivalentunitsthatwouldpaymorethan$4,000,000totheparticipant(or$200,000,inthecaseofanon-employeedirector)duringanyfiscalyear.

The2016Planprovidesfor“doubletrigger”vesting,whichmeansthat,unlesstheAdministratorotherwisedetermines,awardswillnotautomaticallyvestonanacceleratedbasisifthereisachangeofcontrolofManitowocFoodserviceiftheawardsareassumedorreplacedwithequivalentawardsandadjustedappropriatelybytheacquirororothersurvivingentityinthechangeofcontrol.Instead,theawardswouldremainsubjecttotheirexistingvestingschedulesunlesstheparticipant’semploymentisterminatedbyManitowocFoodservicewithoutcauseorbytheparticipantforgoodreasonwithinthe24monthsimmediatelyfollowingthechangeofcontrol.

The2016Plan’stermisindefinite,inthatitterminateswhenallsharesreservedforissuanceunderthe2016Planhavebeenissued,subjecttotheManitowocFoodserviceBoardofDirectors’righttoterminatethe2016Planatanytime.Inaddition,theManitowocFoodserviceBoardofDirectorsortheAdministratormayamendthe2016Planatanytime,except:

• theBoardofDirectorsmustapproveanyamendmenttothe2016PlanifManitowocFoodservicedeterminessuchapprovalisrequiredbyprioractionoftheBoardofDirectors,applicablecorporatelaworanyotherapplicablelaw;

• shareholdersmustapproveanyamendmenttothe2016PlanifManitowocFoodservicedeterminesthatsuchapprovalisrequiredbySection16oftheExchangeAct,thelistingrequirementsofanyprincipalsecuritiesexchangeormarketonwhichtheManitowocFoodservicecommonstockisthentraded,oranyotherapplicablelaw;and

• shareholdersmustapproveanyamendmenttothe2016Planthatmateriallyincreasesthenumberofsharesofcommonstockreservedunderthe2016Plan,theincentivestockoptionawardlimitsortheperparticipantawardlimitationssetforthinthe2016Plan,thatshortenstheminimumvestingrequirementsunderthe2016Planorthatdiminishestheprovisionsprohibitingrepricingorbackdatingstockoptionsandstockappreciationrights.

NeithertheAdministratornoranyotherpersonmay:(1)amendthetermsofoutstandingstockoptionsorstockappreciationrightstoreducetheexercisepriceofsuchoutstandingstockoptionsorstockappreciationrights;(2)canceloutstandingstockoptionsorstockappreciationrightsinexchangeforstockoptionsorstockappreciationrightswithanexercisepricethatislessthantheexercisepriceoftheoriginalstockoptionsorstockappreciationrights;or(3)canceloutstandingstockoptionsorstockappreciationrightswithanexercisepriceabovethe

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currentsharepriceinexchangeforcashorothersecurities.Inaddition,theAdministratormaynotgrantastockoptionorstockappreciationrightwithagrantdatethatiseffectivepriortothedatetheAdministratortakesactiontoapprovesuchaward.

Whiletheforegoingsummarydescribesthematerialtermsofthe2016Plan,thesummaryisnotcompleteandissubjectto,andqualifiedinitsentiretyby,thefulltextofthe2016Plan,which(1)isfiledasanexhibittoManitowocFoodservice’sRegistrationStatementonForm10towhichthisInformationStatementisalsoanexhibitand(2)isincorporatedbyreferenceinthisInformationStatement.

RetirementBenefits.Inordertofacilitatethelongserviceofhighly-qualifiedexecutives,ManitowocParentCohasprovidedretirementbenefits.

SupplementalExecutiveRetirementPlan(SERP).ExecutiveshavebeenselectedbytheManitowocParentCoCompensationCommitteetoparticipateinthenonqualifiedManitowocParentCoSupplementalExecutiveRetirementPlan(“SERP”).AnexecutivewasnoteligibletoparticipateintheSERPuntiltheexecutivehadatleastfiveyearsofcreditedservicewithManitowocParentCoand/oritssubsidiaries.AdditionalcriteriaforparticipationcouldalsobeconsideredbytheManitowocParentCoCompensationCommittee.During2015,ofthenamedexecutiveofficers,onlyMr.JoneswasaparticipantintheSERP.BenefitsprovidedundertheSERPareintendedtoprovideanannuitybasedonapercentageofhistoricbasesalaryandSTIP-relatedawards.WhenaparticipantbecomeseligibleforadistributionfromtheSERP,theparticipantmayelecttoreceivethedistributioninasinglelump-sumoroveraperiodnottoexceedtenyears.Foranyexecutivewhobecameaparticipantafter2008,andwhoseprojectedtotalserviceathisorhertargetretirementdateislessthan25years,thetargetretirementbenefitwillbeproratedbasedontheprojectedtotalserviceyearsdividedby25.TheactuarialchangeinthevalueofMr.Jones’sSERPbenefitsduring2015ispresentedintheSummaryCompensationTable.DetailedinformationabouttheSERPispresentedinthePensionBenefitsTable.InconnectionwiththeSpin-Off,weintendtoadoptasupplementalexecutiveretirementplansimilartotheManitowocParentCoSERP.

401(k)RetirementPlan.Active,regular,full-time,non-union,U.S.-basedemployees(includingthenamedexecutiveofficers)havebeeneligibletoparticipateinTheManitowocCompany,Inc.401(k)RetirementPlan,whichhasallowedemployeestobuildretirementsavingsonatax-deferredbasis.Theplanhashadatax-qualifieddefinedcontributionsavingscomponent,the401(k)Savingsfeature,inwhichparticipatingemployeesreceiveanemployermatch.Inaddition,theplanhashadaRetirementPlanfeature,inwhichManitowocParentCohasprovidedanannualcontributionoffrom0%to4%ofeligiblecompensationtoanotherdefinedcontributionaccount.TherehavebeennoemployeecontributionstotheRetirementPlanfeaturein2014.ContributionsundertheRetirementPlanfeaturehavebeenbasedonaformulathatissubstantiallythesameasourSTIPformula,subjecttoacap,andhavebeenreviewedandapprovedbytheretirementcommittee.Beginningin2015,theRetirementPlancontributionistobeawardedintheformofadditionalmatchingcontributions.ThevalueofManitowocParentCoannualmatchingcontributionstoTheManitowocCompany,Inc.401(k)RetirementPlanundertheSavingsPlanfeatureispresentedintheSummaryCompensationTable.

Perquisites/OtherBenefits.Toprovideamarketcompetitivetotalcompensationpackage,ManitowocParentCohasprovidedalimitedamountofperquisitesandsupplementalbenefitstoexecutives.In2015,ManitowocParentCoprovidedthefollowing:supplementallong-termdisabilityinsurance,taxpreparation,carallowance,spouse/guesttravelandlimitedpersonaluseofaircraft.Thevalueofperquisitesandsupplementalbenefitsprovidedin2015ispresentedintheSummaryCompensationTableandfootnotes.Inaddition,aspartoftherecruitmentofMr.Muehlhaeuser,ManitowocParentCopaidaone-timesigningbonustohimof$200,000uponthecompletionof90daysofcontinuousservicetoManitowocParentCo.

EmploymentAgreement.Historically,ManitowocParentCohasnotenteredintoemploymentagreementswithitsnamedexecutiveofficersprovidingforbenefitspriortoachangeincontrol.However,aspartoftherecruitmentofMessrs.MuehlhaeuserandStewart,ManitowocParentCoenteredintoemploymentagreementsspecifyingcertaintermsandconditionsofemploymentpriortoandaftertheSpin-Off.

Underthetermsofhisemploymentagreement,Mr.Muehlhaeuserisentitledtoanannualbasesalaryof$800,000andreceivedasigningbonusof$200,000uponthecompletionof90daysofcontinuousservicetoManitowocParentCo.PriortotheSpin-Off,heiseligibletoparticipateinManitowocParentCo’s2013OmnibusIncentivePlanandhasatargetannualincentiveawardunderthatPlanof100%ofhisbasesalary(anyawardearnedbasedonfiscal2015performancewillbepro-ratedbasedonMr.Muehlhaeuser’sdateofhire).Hereceivedaninitialgrantofnon-qualifiedstockoptionsunderthePlanwithafairmarketvalueof$1,000,000uponthecommencementofhisemploymentwithManitowocParentCo.Thestockoptionswillvestinfourequalannualinstallmentsontheanniversaryofthegrantdate;however,ifMr.Muehlhaeuseristerminatedforanyreasonotherthanforcause(asdefinedinhisemploymentagreement),nolessthanonehalfofthestockoptionswillimmediatelyvest.Mr.Muehlhaeuserwillalsobeeligibleforfuturelong-termincentiveawardsunderthePlan;pursuanttohisemploymentagreement,hislong-termincentiveawardgranttargetis$2,000,000peryear.

Subjecttotheterminationprovisionsinhisemploymentagreement,Mr.Muehlhaeuser’semploymentwillcontinueuntilthelaterof:(a)iftheSpin-OffoccursonorpriortoDecember31,2016,oneyearfromtheeffectivedateoftheSpin-Off;or(b)December31,2016.UpontheoccurrenceoftheSpin-Off,theemploymentagreementprovidesthatMr.MuehlhaeuserwillbeourPresidentandChiefExecutiveOfficer.ManitowocParentComayassigntheemploymentagreementtousatanytimewithoutnoticetoMr.Muehlhaeuser,andweexpecttoassumetheemploymentagreementpriortoorinconnectionwiththeSpin-Off.Uponcompletionoftheterm,Mr.MuehlhaeusermaycontinuetobeemployedbyManitowocParentCoorManitowocFoodservice,asapplicable.

Underhisemploymentagreement,Mr.MuehlhaeuserwaseligibleforrelocationservicesconsistentwithManitowocParentCopolicy,andhewillbeeligibletoparticipateinManitowocParentCo’s401(k)RetirementPlanuponobtainingvalidimmigrationandworkauthorizationstatusintheUnitedStatesandinitsDeferredCompensationPlan.Mr.Muehlhaeuseralsobecameeligibletoreceivehealth,dentalandlifeinsuranceunderManitowocParentCo’splansbeginningonthefirstdayofthemonthfollowinghiscompletionof30daysofcontinuous

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servicetoManitowocParentCo.HealsoisentitledtoreceiveotherbenefitscustomarilyofferedtoManitowocParentCo’sexecutiveofficers,includingacarallowanceandreimbursementoftaxpreparationfees.

Mr.Muehlhaeuser’semploymentagreementprovidescertainseveranceprotectionsthataredescribedbelowunder“Post-EmploymentCompensation.”Mr.Muehlhaeuseralsosignedanagreementrelatedtotheprotectionofconfidentialinformationandintellectualproperty,aswellasthenon-solicitationofemployeesandthenon-solicitationofcustomers.

WhiletheforegoingsummarydescribesallofthematerialtermsofMr.Muehlhaeuser’semploymentagreement,suchsummaryisnotcompleteandissubjectto,andqualifiedinitsentiretyby,thefulltextofMr.Muehlhaeuser’semploymentagreement,which(1)isfiledasanexhibittoManitowocFoodservice’sRegistrationStatementonForm10towhichthisInformationStatementisalsoanexhibitand(2)isincorporatedbyreferenceinthisInformationStatement.

Underthetermsofhisemploymentagreement,Mr.Stewartisentitledtoanannualbasesalaryof$540,000.Hereceivedaninitialgrantofnon-qualifiedstockoptionsunderManitowocParentCo’s2013OmnibusIncentivePlanwithafairmarketvalueof$700,000uponthecommencementofhisemploymentwithManitowocParentCo.Thestockoptionswillvestinfourequalannualinstallmentsontheanniversaryofthegrantdate;however,ifMr.Stewartisterminatedforanyreasonotherthanforcause(asdefinedinhisemploymentagreement),nolessthanonequarterofthestockoptionswillimmediatelyvest.Mr.Stewartwillalsobeeligibleforfuturelong-termincentiveawardsunderthePlan;pursuanttohisemploymentagreement,hislong-termincentiveawardgranttargetis$700,000peryear.

Mr.Stewart’semploymentagreementprovidesthathewillbeourSeniorVicePresidentandChiefFinancialOfficer.ManitowocParentComayassigntheemploymentagreementtousatanytimewithoutnoticetoMr.Stewart,andweexpecttoassumetheemploymentagreementpriortoorinconnectionwiththeSpin-Off.Underhisemploymentagreement,Mr.Stewartiseligibleforexecutivebenefitssimilartothoseprovidedtootherseniorexecutives,includingrelocationservicesconsistentwithManitowocParentCopolicy.Mr.Stewart’semploymentagreementprovidescertainseveranceprotectionsthataredescribedbelowunder“Post-EmploymentCompensation.”Mr.Stewartalsosignedanagreementrelatedtotheprotectionofconfidentialinformationandintellectualproperty,aswellasthenon-solicitationofemployeesandthenon-solicitationofcustomers.

ChangeinControlSeveranceArrangements.Inordertofacilitateattractionandretentionofhighly-qualifiedexecutives,ManitowocParentCohashadarrangements(ContingentEmploymentAgreements)withthenamedexecutiveofficersandcertainotherkeyexecutivesthatprovidefortheexecutives’continuedemploymentuponachangeincontrolforathree-yearperiodinthecaseofMr.Muehlhaeuserandforatwo-yearperiodoraone-yearperiodforotherkeyexecutives.Inaddition,thearrangementsprovideforcertainseverancebenefitsintheeventtheexecutiveisterminatedwithout“cause”(asdefinedintheagreements)priortotheendoftheemploymentperiod(assuch,theagreementshavea“doubletrigger”).ForMr.Muehlhaeuser,theseveranceamountisthreeyears;fortheothernamedexecutiveofficers,theseveranceamountistwoyears;andforallnamedexecutiveofficersthereisnoexcisetaxgross-up.FurtherdetailregardingtheseagreementsispresentedinthePost-EmploymentCompensationsection.

Stock Ownership Guidelines

TheManitowocParentCoCompensationCommitteehasestablishedstockownershipguidelinesforexecutiveofficersofManitowocParentCo.Theguidelinesprovidethatwithin5yearsafterthedatethattheexecutiveofficerbecameanofficer(orCEO),theexecutiveofficershouldholdanamountofstockwithavalueatleastequaltothefollowing:

• CEO:5timesbasesalary• Otherexecutiveofficers:3timesbasesalary

Stockownershipincludessharesownedoutright,restrictedstock(includingrestrictedstockunits),andstockequivalentsheldindeferredcompensation/retirementarrangements.Additionally,one-halfoftheguidelineamountscanbemetbyvested,in-the-moneystockoptionsheldbytheexecutive.AsofDecember31,2015,eachofthenamedexecutiveofficersofManitowocParentCometthestockownershipguidelineorisontracktomeettheguidelinewithinthefive-yearperiodfrombecominganexecutiveofficer.

Ifanexecutivedoesnotmeethis/herownershiprequirement,whichismeasuredasoftheendofanygivenyear(orthefifthanniversaryofthedatetheexecutiveofficerwasnamedanofficerorbecameCEO),theexecutivemustretainallnetsharesfromtheexerciseofstockoptionsandthevestingofrestrictedsharesandperformancesharesuntilcomplianceisachieved.

WeexpectthatourBoardwilladoptsubstantiallysimilarstockownershipguidelineswithrespecttosharesofManitowocFoodservicecommonstockforourexecutiveofficers.

Other Pay Elements

DeferredCompensation.Tofurtherhelpinattractingandretaininghighly-qualifiedemployees,tofacilitatestockownershipandtoencourageinvestingforretirement,executiveofficersandotherkeyemployeesofManitowocParentCoanditssubsidiariesintheU.S.havebeeneligibletoparticipateintheManitowocParentCoDeferredCompensationPlan.Eligibleparticipantsmayelecttodeferupto40%ofbasesalaryandupto100%ofawardstobepaidundertheSTIPandothereligiblebonusarrangements.

CreditstodeferredcompensationaccountsforkeyemployeesmayalsoincludeacontributionbyManitowocParentCo.Thiscontributionequalstheamountofcompensationdeferredbythekeyemployeefortheplanyear(subjecttoamaximumof25%ofeligiblecompensation)multipliedbyarateequaltotherateofvariableretirementplancontributionsthattheparticipantreceivedfortheyearunderthe401(k)

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RetirementPlanplusonepercent.IfManitowocParentCowerenottomakeacontributiontothe401(k)RetirementPlan,therewouldnotbeanyemployercontributiontothekeyemployeesundertheDeferredCompensationPlan.

Deferredamountscanbeinvestedintoavarietyofaccounts,whichmirrortheperformanceofseveraldifferentmutualfundsofferedinthe401(k)RetirementPlan,aswellastheManitowocParentCoStockFund(whichhasincludedonlycommonstockofManitowocParentCo).TransfersbetweentheManitowocParentCoStockFundandtheotherfundshavenotbeenpermitted.KeyemployeeparticipantshavenotbeenrequiredtodirectanyminimumamountofdeferredcompensationintotheManitowocParentCoStockFund.

ThevalueofManitowocParentCo’sannualcontributionsin2015totheManitowocParentCoDeferredCompensationPlanonbehalfofthenamedexecutiveofficersispresentedintheSummaryCompensationTable.DetailedinformationabouttheDeferredCompensationPlanispresentedintheNon-QualifiedDeferredCompensationTable.

SeverancePayPlan.ManitowocParentCoalsohashadaseverancepayplanestablishingadiscretionaryseveranceprogramacrossManitowocParentCowherebyallseverancebenefitshavebeenprovidedatManitowocParentCo’ssolediscretionanddesignedtomeetthespecificfactsandcircumstancesofeachtermination.TheBoardofDirectorsofManitowocParentCohashadthesoleauthoritytoauthorizeanybenefitsundertheplantoanyelectedofficerofManitowocParentCo.OtherthanthisdiscretionaryseverancepayplanandtheseveranceprovisionsofMessrs.Muehlhaeuser'sandStewart'srespectiveemploymentagreements,ManitowocParentCohasnothadaformalseveranceplanforotherformsofemploymentterminationinwhichtheManitowocFoodservicenamedexecutiveofficershaveparticipated.

Other Executive Compensation Policies

StockAwardsGrantingPolicy.In2015,basedontheapprovaloftheManitowocParentCoCompensationCommittee,ManitowocParentCograntedstockawardstoitsexecutiveofficersandothereligiblekeyemployees.Inyearspriorto2015,stockawardstoexecutiveofficersconsistedofstockoptionsandperformanceshares,andstockawardstootherkeyemployeesincludedstockoptions,performancesharesand/orrestrictedstockunits.In2015,restrictedstockunitsreplacedperformancesharesduetotheanticipatedseparationofManitowocParentCointotwocompaniesbytheendofthefirstquarter2016.StockawardshavegenerallybeengrantedinlateFebruary.Stockawardsarealsousedtoattractexecutivesandkeyemployees,and,assuch,stockawardshaveattimesbeenmadetoexecutivesandkeyemployeesatthetimetheybecameexecutivesorkeyemployeesofManitowocParentCo.Insuchcases,thegrantdatewasthedateemploymentcommencedorthedatetheParentCoCompensationCommitteeapprovedtheawards.Inallcases,theexercisepriceofstockoptionswastheclosingtradingpriceonthegrantdate.

Asdescribedabove,inconnectionwithMr.Muehlhaeuser’srecruitmenttobeourPresidentandChiefExecutiveOfficer,ManitowocParentCograntedhimaninitialawardofnon-qualifiedstockoptionsundertheManitowocParentCo2013OmnibusIncentivePlanwithafairmarketvalueof$1,000,000uponthecommencementofhisemploymentwithManitowocParentCo.Alsoasdescribedabove,inconnectionwithMr.Stewart’srecruitmenttobeourSeniorVicePresidentandChiefFinancialOfficer,ManitowocParentCograntedhimaninitialawardofnon-qualifiedstockoptionsundertheManitowocParentCo2013OmnibusIncentivePlanwithafairmarketvalueof$700,000uponthecommencementofhisemploymentwithManitowocParentCo.

SecuritiesTradingPolicy.ManitowocParentCohasmaintainedanInsiderTradingPolicyimposingspecificstandardsondirectors,officersandkeyemployeesofManitowocParentCo.ThepolicyhasbeenintendednotonlytoforbidsuchpersonsfromtradinginManitowocParentCostockonthebasisofinsideinformation,buttoavoideventheappearanceofimproperconductonthepartofsuchpersons.Inadditiontothespecificrestrictionssetforthinthepolicy,whichhasincludedlimitsonpledgingshares,thepolicyhasrequiredthatalltransactionsinManitowocParentCostockbysuchpersonsandbyothersintheirhouseholdsbepre-clearedbytheCorporateSecretary’soffice.Theonlyexceptiontothepre-clearancerequirementhasbeenregular,ongoingacquisitionsofManitowocParentCostockresultingfromcontinuedparticipationinemployeebenefitplansthatManitowocParentCooritsagentshaveadministered.

PayClawbacks.InadditiontoanyrightofrecoupmentagainstourCEOorCFOpursuanttoSection304oftheSarbanes-OxleyActof2002,ManitowocParentCohasexpressedanintenttorecoupexecutiveofficercompensation,oraportionthereof,totheextentrequiredunderrulestobeadoptedbytheSECandNewYorkStockExchangepursuanttotheDodd-FrankWallStreetReformandConsumerProtectionActof2010.Wealsointendtoimplementapolicythatcomplieswithsuchrules.

TaxDeductibilityofExecutiveCompensation.Section162(m)oftheInternalRevenueCodeof1986,asamended(the“Code”),generallylimitsapublicly-tradedcompany’sfederalincometaxdeductionto$1,000,000peryearforcompensationtoitsCEOandcertainotherhighlycompensatedexecutiveofficers.Qualifiedperformance-basedcompensationfortheCEOandcertain“coveredofficers”isnot,however,subjecttothedeductionlimit,providedcertainrequirementsofSection162(m)aresatisfied.CertainawardsundertheManitowocParentCo2003IncentiveStockandAwardsPlanandtheManitowocParentCo2013OmnibusIncentivePlanhavebeenintendedtoqualifyfortheperformance-basedcompensationexceptionunderSection162(m).IthasbeentheParentCompensationCommittee’sintenttopreservethedeductibilityofexecutivecompensationtotheextentreasonablypracticableandconsistentwiththebestinterestsofManitowocParentCoanditsshareholders.Weexpectcertainelementsofourincentivecompensationforournamedexecutiveofficerstoqualifyasperformance-basedcompensationaftertheSpin-OffpursuanttotransitionrulesunderSection162(m).

Our Anticipated Compensation Programs

WebelievetheManitowocParentCoexecutivecompensationprogramsdescribedabovewerebotheffectiveatretainingandmotivatingournamedexecutiveofficersandcompetitiveascomparedtocompensationprogramsatourpeers.WecurrentlyexpecttoadoptcompensationprogramsthatwillinitiallybesimilartothoseinplaceatManitowocParentCoimmediatelypriortotheSpin-Off.However,aftertheSpin-Off,theManitowocFoodserviceCompensationCommitteewillcontinuetoevaluateourcompensationandbenefitprogramsandmaymake

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changesasnecessarytomeetprevailingbusinessneedsandstrategicpriorities.Changestoelementsofourcompensationprogramsmaybemadegoingforwardifappropriate,basedonindustrypracticesandthecompetitiveenvironmentforanewly-formed,publicly-tradedcompanyofoursize,orforotherreasons.

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Summary Compensation Tables

Thefollowingtablesetsforththe“totalcompensation”earnedbythenamedexecutiveofficersforservicewithManitowocParentCooritssubsidiariesduringthefiscalyearendingDecember31,2015,and,totheextentthenamedexecutiveofficerwasanamedexecutiveofficerofManitowocParentCoforthefiscalyearsendingDecember31,2014orDecember31,2013,suchtotalcompensationforservicewithManitowocParentCoduringthoseyears.

• ActualpayoutsarepresentedintheSalary(beforedeferrals)andNon-EquityIncentivePlanCompensation(STIPpayouts)columns.• Thegrantdatefairvalueofequity-basedgrantsisshownintheStockAwardsandOptionsAwardscolumns.Noneofthisamountwasrealizedduring2015;insteadthe

actualvaluerealized,ifany,willberealizedoverthenextseveralyears.• TheactuarialchangeinthepensionvaluefromtheprecedingyearispresentedintheChangeinPensionValuecolumn;ManitowocParentCodidnotprovideabove-

marketearningsonnonqualifieddeferredcompensation.Theamountconsistsentirelyofthechangeintheactuarialpresentvalueoftheindividual’saccumulatedbenefitunderManitowocParentCo’sSupplementalExecutiveRetirementPlan(e.g.,for2015thisreflectsthechangefromDecember31,2014toDecember31,2015).

• Inadditiontotheannualgrantofstockoptionawardsandtherestrictedstockunitawards,in2015certainnamedexecutiveofficersreceivedretentionawardsintheformofRestrictedStockAwards,whicharedisclosedbelowanddescribedaboveintheCompensationDiscussionandAnalysis.

Name & Principal Position Year Salary BonusStock

Awards (1)

OptionAwards (1)

(2)

Non-EquityIncentive Plan

Compensation (3)

Change in PensionValue &

NonqualifiedDeferred

CompensationEarnings

All OtherCompensation (4) Total

HubertusM.MuehlhaeuserPresidentandChiefExecutiveOfficer 2015 $184,615 $200,000 — $482,271 (3) — $127,577 $994,463

JohnO.StewartSeniorVicePresidentandChiefFinancialOfficer 2015 $62,308 — — $380,997 (3) — $24,072 $467,377

JosefMatosevicSeniorVicePresidentandChiefOperatingOfficer 2015 $347,289 — $194,398 $142,657 (3) — $50,280 $734,624

MauriceD.JonesSeniorVicePresidentGeneralCounsel&Secretary

2015 $418,180 — $391,201 $370,432 (3) $204,118 $31,054 $1,414,9852014 $412,000 — $564,291 $300,752 — $198,769 $31,503 $1,507,3152013 $412,000 — $409,925 $227,700 $258,159 $241,409 $33,405 $1,582,598

RichardCaronSeniorVicePresidentInnovation 2015 $342,916 — $92,214 $87,261 (3) — $7,800 $530,191

(1) Theamountslistedinthe"StockAwards"and"OptionAwards"columnsrepresenttheaggregategrantdatefairvalueofsuchawardsinaccordancewithAccountingStandardsCodificationTopic718("ASC718").

(2) ReflectsthegrantdatefairvalueoftheawardsgrantedineachyearshownascomputedunderASC718.Theoptionsexpireintenyearsfromthegrantdate.Optionsgrantedvestin25%incrementsannuallybeginningonthefirstanniversaryofthegrantdateandcontinuingoneachsubsequentanniversaryuntilthefourthanniversary.TheretentionawardsintheformofRestrictedStockAwards,whicharedescribedaboveintheCompensationDiscussionandAnalysis,hadnograntdatefairvaluein2015underASC718becausetheywerecontingentontheSpin-OffandthereforearenotconsideredgrantedforpurposesofASC718untilthecompletionoftheSpin-Off.

(3) TheamountofthebonusesearnedunderManitowocParentCo'sShort-TermInventivePlanfor2015wasnotcalculablethroughthelatestpracticabledatebeforethefilingofthisInformationStatement.WeexpecttheseamountstobedeterminedbyFebruary2016,andwewillthendisclosetheamountsinafilingunderItem5.02(f)ofForm8-K.

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(4) Amountsincludeautomobileallowancesforallexecutiveofficers.ForMr.Muehlhaeuser,theamountalsoincludesanadditionalcashpaymentof$123,077inconnectionwithhiscommencementofemploymentandcontributionstoourdefinedcontributionplansintheamountof$10,600.ForMr.Stewart,theamountalsoincludesarelocationbenefitof$22,272andcontributionstoourdefinedcontributionplansintheamountof$2,492.ForMr.Matosevic,theamountalsoincludesarelocationbenefitof$36,780andtaxablefringebenefitsandcontributionstoourdefinedcontributionplansintheamountof$10,600.ForMr.Jones,theamountalsoincludescontributionstoourdefinedcontributionplansintheamountof$10,600andothertaxablefringebenefits.

GRANTS OF PLAN-BASED AWARDS IN 2015

Thefollowingtablesetsforththe2015awardsunderManitowocParentCo’s2013OmnibusIncentivePlan.AnySTIPawardsearnedin2015willbepaidinthefirstquarterof2016.Inadditiontothestockoptionawardsandtherestrictedstockunitawards,certainnamedexecutiveofficersreceivedretentionawardsintheformofRestrictedStockAwards,whicharedisclosedbelowanddescribedaboveintheCompensationDiscussionandAnalysis.

Name Award Type Grant Date

Estimated Future Payouts Under EquityIncentive Plan Awards

All OtherOption

Awards:Number ofSecurities

UnderlyingOptions (#)

Exerciseor BasePrice ofOptionAwards($/Sh)

Grant Date FairValue of Stock

and OptionAwards (1)Threshold Target Maximum

HubertusM.Muehlhaeuser

STIP — $800,000 $1,600,000

StockOptions 8/6/2015 56,472 $16.79 $482,271

JohnO.Stewart

STIP — $243,000 $486,000

StockOptions 11/9/2015 45,249 $15.78 $380,997

JosefMatosevic

STIP — $215,000 $430,000 RestrictedStockUnit 1/4/2015 2,000 $43,760

StockOptions 2/17/2015 12,580 $21.80 $142,657RestrictedStockUnit 2/17/2015 6,910 $150,638RestrictedStockAward 4/8/2015 15,244 (2)

MauriceD.Jones

STIP — $271,817 $543,634

StockOptions 2/17/2015 32,666 $21.80 $370,432RestrictedStockUnit 2/17/2015 17,945 $391,201RestrictedStockAward 4/8/2015 29,422 (2)

RichardCaron

STIP — $137,166 $274,333

StockOptions 2/17/2015 7,695 $21.8 $87,261RestrictedStockUnit 2/17/2015 4,230 $92,214

(1) Reflectsthegrantdatefairvalueoftheawardsgrantedin2015ascomputedunderASC718.Theoptionsexpiretenyearsfromthegrantdateandvestin25%incrementsannuallybeginningonthefirstanniversaryofthegrantdateandcontinuingoneachsubsequentanniversaryuntilthefourthanniversary.Therestrictedstockunitsvest100%onthethirdanniversaryofthegrantdate.Therestrictedstockawards,whicharetheretentionawardsdescribedintheCompensationDiscussionandAnalysis,vestonthesecondanniversaryoftheSpin-Off.

(2) TheretentionawardsintheformofRestrictedStockAwards,whicharedescribedaboveintheCompensationDiscussionandAnalysis,hadnograntdatefairvaluein2015underASC718becausetheywerecontingentontheSpin-OffandthereforearenotconsideredgrantedforpurposesofASC718untilthecompletionoftheSpin-Off.Wehavevoluntarilydisclosedtheminthisyear’s

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GrantsofPlan-BasedAwardsTablebutwillalsoincludethemintheGrantsofPlan-BasedAwardsTablefortheyearinwhichtheyareconsideredgrantedforpurposesofASC718.

OUTSTANDING EQUITY AWARDS AT 2015 FISCAL YEAR END

Thefollowingtablesetsforththestockoption,performanceshare,restrictedstockandrestrictedstockunitawardspreviouslygrantedtothenamedexecutiveofficersthatwereoutstandingattheendof2015:

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Name

Option Awards Stock Awards

Number ofSecurities

UnderlyingUnexercisedOptions (#)Exercisable

Number ofSecurities

UnderlyingUnexercisedOptions (#)

Unexercisable

OptionExercise Price

($)

OptionExpiration

Date

Number ofShares orUnits of

Stock ThatHave NotVested (#)

Market Valueof Shares or

Units of StockThat Have Not

Vested ($)

Equity IncentivePlan Awards:

Number ofUnearned Shares,

Units or OtherRights that Have

Not Vested (#)

Equity IncentivePlan Awards:

Market or PayoutValue of Unearned

Shares, Units orOther Rights That

Have Not Vested ($)HubertusM.Muehlhaeuser — 56,472 $16.7900 August6,2025 — — — —JohnO.Stewart — — — — — — — —

JosefMatosevic

4,725 1,575 $16.2800February28,

2022

21,154(2) $46,8021(2)2,934(1)1,045(3)

$64,841(1)$23,095(3)

1,957 1,958 $18.1400February26,

2023

1,391 4,175 $29.0700February14,

2024

— 12,580 $21.8000February17,

2025

MauriceD.Jones

40,000 — $26.1000 May3,2016

47,367(2) $727,083(2)19,000(1)3,803(3)

$291,650(1)$58,376(3)

21,200 — $29.5150February27,

2017

17,400 — $39.1300February15,

2018

71,900 — $4.4100February24,

2019

83,900 — $11.3500February11,

2020

53,700 — $19.7800February14,

2021

30,240 10,080 $16.2800February28,

2022

12,650 12,650 $18.1400February26,

2023

5,070 15,210 $29.0700February14,

2024

— 32,666 $21.8000February17,

2025

RichardCaron

18,000 — $11.3500February11,

2010

4,230(2) $64,930(2)2,934(1)950(3)

$45,037(1)$14,583(3)

10,520 — $19.7800February14,

2011

5,025 1,675 $16.2800February28,

2012

1,957 1,958 $18.1400February26,

2013

1,265 3,795 $29.0700February14,

2014

— 7,695 $21.8000February17,

2015

(1) Consistsoftheperformanceshareawardsgrantedin2013underthe2003IncentiveStockandAwardsPlan.Theperformanceperiodconcludedattheendof2015,buttheperformancelevelshavenotbeendeterminedasofthefilingofthisInformationStatement.Currentprojectedperformanceisbetweenthresholdandtarget;therefore,inprojectingperformanceasofDecember31,

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2015,thenumberofsharesappearinghereisthenumberofsharesthatwouldbeawardedassumingtargetperformance(100%)isachieved.ThemarketvalueiscalculatedbasedontheunvestedawardamountnotedintheprecedingcolumnmultipliedbytheclosingstockpriceonDecember31,2015of$15.35.

(2) Consistsoftherestrictedstockawardsandrestrictedstockunitsgrantedin2015underthe2013OmnibusIncentivePlan.ThemarketvalueiscalculatedbasedontheunvestedawardamountnotedintheprecedingcolumnmultipliedbytheclosingstockpriceonDecember31,2015of$15.35.Theserestrictedstockunitswillvestonthethirdanniversaryofthegrantdate.TherestrictionsontherestrictedstockawardslapseonthesecondanniversaryoftheDistributionDate.

(3) Consistsoftheperformanceshareawardsgrantedin2014underthe2013OmnibusIncentivePlan.Theperformanceperiodexpiresattheendof2016.Currentprojectedperformanceisbelowthreshold;therefore,inprojectingperformanceasofDecember31,2015,thenumberofsharesappearinghereisthenumberofsharesthatwouldbeawardedassumingthresholdperformance(25%)isachieved.ThemarketvalueiscalculatedbasedontheunvestedawardamountnotedintheprecedingcolumnmultipliedbytheclosingstockpriceonDecember31,2015of$15.35.

OPTION EXERCISES AND STOCK VESTED IN FISCAL 2015

Thefollowingtablepresents,foreachnamedexecutiveofficer,thestockoptionsexercisedandtheperformancesharesvestedduring2015.Thesestockoptionsandperformancesharesweregrantedtothenamedexecutiveofficerspriorto2015;consequently,thevaluerealizedbytheexecutiveswasactuallyearnedoverseveralyears.

Name

Option Awards (1) Stock Awards

Number of SharesAcquired on Exercise (#)

Value Realized on Exercise($)

Number of SharesAcquired on Vesting (#)

Value Realized on Vesting($)

HubertusM.Muehlhaeuser — — — —

JohnO.Stewart JosefMatosevic — — 2,523 $54,926

MauriceD.Jones 29,268 $355,899 16,068 $349,800

RichardCaron — — 2,686 $58,252

(1) Thedollarvaluerealizedbystockoptionexercisesin2015representsthetotalpre-taxvaluerealizedbythenamedexecutiveofficersuponexercise.Therealizedamountrepresentsthefairmarketvalueofthesharesonthedateexercisedminustheexerciseprice.

RETIREMENT AND NON-QUALIFIED DEFERRED COMPENSATION PLANS

Pension Benefits for Fiscal 2015

(Supplemental Executive Retirement Plan)

ThefollowingtablesetsforthinformationwithrespecttotheManitowocParentCoSupplementalExecutiveRetirementPlanasofDecember31,2015.Ofthenamedexecutiveofficers,onlyMr.JoneswaseligibletoparticipateinthisPlanduring2015.

Name Plan NameNumber of Years of

Credited Service (#) (1)Present Value of

Accumulated Benefit ($)Payments During Last

Fiscal Year ($)

MauriceD.Jones SERP 11 $2,024,205 —

(1) Reflectsthenumberofyearssincetheparticipantbeganparticipatingintheplan.TheplanwasadoptedbyManitowocParentCoin2000.CurrentlyanexecutiveofManitowocParentCoisnoteligibletoparticipateundertheplanuntiltheexecutivehasatleastfivecreditedyearsofservicewithManitowocParentCoandsatisfiesothercriteriadeterminedbytheManitowocParentCoCompensationCommittee.

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UnderManitowocParentCo’sSupplementalExecutiveRetirementPlan,eligibleexecutivesareentitledtoreceiveretirementbenefitswhichareintendedtofundanannuitybasedonapercentageofaparticipant’sfinalaveragepayattheearlierofnormalretirement(age65)orthefirstofthemonthfollowingthedateonwhichtheparticipant’sattainedageplusyearsofservicewithManitowocParentCoequalseighty(80).Aparticipant’sfinalfive-yearaveragepayiscomputedbyaveragingtheparticipant’sprojectedbasesalary(includingelectivedeferrals)andnon-equityincentiveplancompensationpayableforeachyearforthefiveconsecutivecalendaryearperiodwhentheparticipantreceivesorisprojectedtoreceivehisorherhighestaveragecompensationpriortotheearlierofnormalretirement(age65)orthefirstofthemonthfollowingthedateonwhichtheparticipant’sattainedageplusyearsofservicewithManitowocParentCoequalseighty(80).Benefitsarecomputedusingastraight-lifeannuityandarenotreducedforsocialsecurityorotheroffsets.UnderthePlan,anaccountbalanceismaintainedforeachparticipant,whichaccountreflects(a)anannualcontributioncreditthatisdeterminedbycalculatingthepresentvalueofthelump-sumactuarialequivalentaspecifiedpercentageoftheparticipant’sfive-yearfinalaveragepaypayableasalifeannuity,attheearlierof(i)normalretirement(age65)or(ii)thefirstofthemonthfollowingthedateonwhichtheparticipant’sattainedageplusyearsofservicewithManitowocParentCoequalseighty(80);and(b)anannualincreaseintheaccountbalanceattheendofeachyearequaltoninepercent(9%)oftheaccountbalanceatthebeginningoftheyear.Whenaparticipantbecomeseligibleforadistributionundertheplan,theparticipantmayelecttoreceivehis/heraccountbalanceinalump-sumoroverafixednumberofyearsnottoexceedten(10)years.TheManitowocParentCoCompensationCommitteehasdeterminedthatanexecutivewillnotbeeligibletoparticipateundertheplanuntiltheexecutivehasatleastfivecreditedyearsofservicewithManitowocParentCoand/oritssubsidiariesandsatisfiesothercriteriadeterminedbytheManitowocParentCoCompensationCommittee.Additionally,foranyexecutivewhobecomesaparticipantafter2008andwhoseprojectedtotalserviceathisorhertargetretirementdateislessthan25years,thetargetretirementbenefitwillbeproratedbasedontheprojectedtotalserviceyearsdividedby25.InconnectionwiththeSpin-Off,weintendtoadoptasupplementalexecutiveretirementplansimilartoManitowocParentCo’sSupplementalExecutiveRetirementPlan.

Non-Qualified Deferred Compensation for Fiscal 2015

ThefollowingtablesetsforthinformationwithrespecttoManitowocParentCo’sDeferredCompensationPlan,anon-qualifiedplan,asofDecember31,2015:

Name Executive Contributions in Last FY

RegistrantContributions in

Last FYAggregate Earnings

in Last FY

AggregateWithdrawals/Distributions

AggregateBalance atLast FYE

HubertusM.Muehlhaeuser — — — — —

JohnO.Stewart — — — — —

JosefMatosevic — — — — —

MauriceD.Jones $20,909 — -$55,689 $62,726 $234,969

RichardCaron — — — — $2,971

Post-Employment Compensation

ManitowocParentCohasenteredintoContingentEmploymentAgreementswitheachofthenamedexecutiveofficers.TheContingentEmploymentAgreementwithMr.CaronwillnotbecomeeffectiveuntiltheSpin-Off.TheseAgreementsprovidegenerallythatintheeventofa“changeincontrol”(asdefinedintheAgreements)ofManitowocParentCo,Mr.MuehlhaeuserwillcontinuetobeemployedbyManitowocParentCoforthreeyearsandeachothernamedexecutiveofficerwillcontinuetobeemployedbyManitowocParentCofortwoyears.TheSpin-OffisnotexpectedtoconstituteachangeincontrolwithinthemeaningoftheAgreements.UndertheContingentEmploymentAgreements,eachexecutivewouldremainemployedatthesamepositionheldasofthechangeincontroldate,andwouldreceiveasalaryatleastequaltothesalaryineffectasofsuchdate,plusallbonuses,incentivecompensation,andotherbenefitsextendedbyManitowocParentCotoitsexecutiveofficersandkeyemployees,providedthattheplansandbonusopportunityarenolessfavorablethanthosethatwereavailablepriortoachangeincontrol.Afterachangeincontrol,theexecutive’scompensationwouldbesubjecttoupwardadjustmentatleastannuallybasedupontheexecutive’scontributionsandthelevelofincreasesprovidedtootherofficersandemployees.EachContingentEmploymentAgreementwouldterminatepriortotheendoftheapplicableemploymentperiodiftheexecutivevoluntarilyretiredfromManitowocParentCoorwereterminatedbyManitowocParentCo“forcause,”asdefinedintheContingentEmploymentAgreement.

UndertheformofContingentEmploymentAgreementtowhichMessrs.Muehlhaeuser,Stewart,MatosevicandJonesareaparty:

• IntheeventtheexecutivewereterminatedbyManitowocParentCowithoutcausefollowingachangeincontrol,theexecutivewouldbeentitledtoreceiveapaymentequaltothebasesalaryandbenefitstheexecutivewouldhaveotherwisebeenpaidbutforthetermination,andtheannualincentivecompensationtheexecutivewouldhaveotherwisebeenpaidbutforthetermination,calculatedonthebasisoftheaverageoftheexecutive'sbonuspayoutsduringthelastthreefiscalyearspriortothetermination,throughtheapplicableemploymentperiod.

• Uponachangeincontrol,stockoptionswouldfullyvest,restrictionsonrestrictedstockorsimilarsecuritieslapse,andeachholderofperformanceshareswouldhavetherighttoreceive,inexchangefortheperformanceshares,cashequaltoapro-ratedamountofperformancesharesbasedontheamountoftimethathadlapsedduringtheperformanceperioduptothechangeincontrol.Inthe

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eventtheexecutivewereterminatedbyManitowocParentCoforcause,theexecutivewouldbeentitledonlytothesalaryandbenefitsaccruedandvestedasoftheeffectivedateofthetermination.TheContingentEmploymentAgreementsareterminablebyeitherpartyatanytimepriortoachangeincontrol.

UndertheformofContingentEmploymentAgreementtowhichMr.Caronisaparty:

• IntheeventMr.Caronwereterminatedwithoutcausefollowingachangeincontrol,hewouldbeentitledtoreceiveapaymentequaltothebasesalaryandbenefitstheexecutivewouldhaveotherwisebeenpaidbutforthetermination,andtheannualincentivecompensationtheexecutivewouldhaveotherwisebeenpaidbutforthetermination,calculatedonthebasisofhistargetbonusfortheyearoftermination,throughtheapplicableemploymentperiod.

• Mr.Caron’sequity-basedawardswouldnotautomaticallyvestuponachangeincontrolifMr.Caron’semploymentcontinued.However,ifMr.Caron’semploymentissubsequentlyterminatedbythesurvivingentitywithoutcause,orbyMr.Caronforgoodreason,ineithercasewithin24monthsfollowingachangeofcontrol,allofhisequity-basedawardsthatareineffectasofthedateofsuchterminationwillbevestedinfullordeemedearnedinfull(assumingthemaximumperformancegoalsprovidedundersuchawardweremet,ifapplicable)effectiveonthedateofsuchtermination(i.e.,a"doubletrigger").Inaddition,totheextentthatequity-basedawardsarenotassumedbythepurchaser,successororsurvivingentityinthechangeincontrol,oramorefavorableoutcomeisnotprovidedintheapplicableplanorawardagreement,uponachangeofcontrol:(1)stockoptions,stock-appreciationrightsandtime-basedrestrictedstock(includingrestrictedstockunits)willvestandmaybepaidoutincash;(2)performance-basedawardswillbepro-ratedandpaidoutincashassumingthegreateroftargetorprojectedactualperformance(basedontheassumptionthattheapplicableperformancegoalscontinuetobeachievedatthesameratethroughtheendoftheperformanceperiodastheyareatthetimeofthechangeofcontrol);and(3)eachothertypeofequity-basedawardnotmentionedabovewillbepaidoutincashbasedonthevalueoftheawardasofthedateofthechangeofcontrol.

UnderalloftheContingentEmploymentAgreements,intheeventtheexecutivewereterminatedbyManitowocParentCoforcause,theexecutivewouldbeentitledonlytothesalaryandbenefitsaccruedandvestedasoftheeffectivedateofthetermination.TheContingentEmploymentAgreementsareterminablebyeitherpartyatanytimepriortoachangeincontrol.

IfanamedexecutiveofficerwereterminatedbyManitowocParentCowithoutcausewithinsixmonthspriortoachangeincontrolanditwasreasonablydemonstratedbytheemployeethatthetermination(i)wasattherequestofathirdpartywhohastakenstepsreasonablycalculatedtoeffectachangeincontrol;or(ii)otherwisearoseinconnectionwithorinanticipationofachangeincontrol,theemployeewouldbeentitledtotheseverancepaymentandbenefitsthathewouldhaveotherwisehavereceivedifhewereterminatedbyManitowocParentCowithoutcausefollowingachangeincontrol.

Ifanyofthepaymentstoanamedexecutiveofficerwouldconstitutean“excessparachutepayment”underSection280GoftheInternalRevenueCodeandwouldresultintheimpositionontheexecutiveofanexcisetaxunderSection4999oftheInternalRevenueCode(the“ExciseTax”),theexecutivewouldnotbeentitledtoanytaxgrossupamount;however,theexecutivewouldbeentitledtoreceivethe“bestnet”treatment.Underthe“bestnet”treatment,iftheafter-taxamount(takingintoaccountallfederal,stateandlocalexcise,incomeandothertaxes)thatwouldberetainedbytheexecutiveislessthantheafter-taxamountthatwouldberetainedbytheexecutiveiftheexecutivewereinsteadtobepaidorprovided(asthecasemaybe)themaximumamountthattheexecutivecouldreceivewithoutbeingsubjecttotheExciseTax(the“ReducedAmount”),thentheexecutivewouldbeentitledtoreceivetheReducedAmountinsteadofthefullamountthatwouldhavebeensubjecttotheExciseTax.

TheContingentEmploymentAgreementsalsoprovidethatiftheexecutivewasterminated(i)byManitowocParentCowithoutcausepriortotheendoftheemploymentperiod;or(ii)byManitowocParentCowithinsixmonthspriortoachangeincontrolinanticipationofachangeincontrolasexplainedabove,theexecutivewillbeprohibitedfromcompetingwithManitowocParentCofor(y)thelesseroftwoyears(threeyears,inthecaseofMr.Muehlhaeuser)ortheunexpiredtermoftheemploymentperiodor(z)twoyears(threeyears,inthecaseofMr.Muehlhaeuser)inthecaseofaterminationofManitowocParentCowithinsixmonthspriortoachangeincontrolinanticipationofachangeincontrolasdescribedabove.

WeexpecttoenterintosimilarContingentEmploymentAgreementsthatwouldrelatetoachangeincontrolofManitowocFoodserviceratherthanManitowocParentCowitheachofthenamedexecutiveofficersinconnectionwiththeSpin-Off.Mr.Caron’sContingentEmploymentAgreement,whichwillnotbecomeeffectiveuntiltheSpin-Off,willrelatetoachangeincontrolofManitowocFoodserviceratherthanManitowocParentCo.

InadditiontotheContingentEmploymentAgreements,ManitowocParentCohasenteredintoemploymentagreementswithMr.MuehlhaeuserandMr.Stewartthatprovideseverancebenefitsuponcertaintypesofterminationofemployment.Underhisagreement,ifMr.Muehlhaeuser’semploymentisterminatedbyManitowocParentCowithoutcause(asdefinedintheagreement)orifheterminateshisemploymentwithgoodreason(asdefinedintheagreement),subjecttotheexecutionofareleaseofanyandallclaimsorpotentialclaimsagainstManitowocParentCo,hewillbeentitledtoreceivetwoyearsofbasesalaryplusanamountequalto200%ofhistargetannualincentivecompensationfortheyearoftermination(regardlessofwhetherthetargetedperformancewasachievedorexceeded)(the“MuehlhaeuserSeverancePayment”),paidoveratwo-yearperiod(the“MuehlhaeuserSeverancePeriod”).TheMuehlhaeuserSeverancePaymentissubjecttooffset(butnotbelowzero)bytheamountofanybasesalary,short-termincentivecompensationorcashcompensationearnedbyMr.MuehlhaeuserortowhichheisentitledduringtheMuehlhaeuserSeverancePeriodandwhichisactuallypaidtohim:(1)fromanysubsequentemployerfollowingtheterminationofhisemploymentwithManitowocParentCo,or(2)fromManitowocParentCounder

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anyContingentEmploymentAgreement.IfMr.Muehlhaeuseristerminatedforcause,paymentofallcompensationfromManitowocParentCowillimmediatelycease,exceptforanycompensationaccruedbutunpaidthroughthedateoftermination.

Mr.Stewart’sagreementprovidesthat,ifhisemploymentisterminatedbyManitowocParentCowithoutcause(asdefinedintheagreement)orifheterminateshisemploymentwithgoodreason(asdefinedintheagreement),subjecttotheexecutionofareleaseofanyandallclaimsorpotentialclaimsagainstManitowocParentCo,hewillbeentitledtoreceiveoneyearofbasesalaryplusanamountequalto100%ofhistargetannualincentivecompensationfortheyearoftermination(regardlessofwhetherthetargetedperformancewasachievedorexceeded)(the“StewartSeverancePayment”),paidoveraone-yearperiod(the“StewartSeverancePeriod”).TheStewartSeverancePaymentisexpectedtobesubjecttooffset(butnotbelowzero)bytheamountofanybasesalary,short-termincentivecompensationorcashcompensationearnedbyMr.StewartortowhichheisentitledduringtheStewartSeverancePeriodandwhichisactuallypaidtohim:(1)fromanysubsequentemployerfollowingtheterminationofhisemploymentwithManitowocParentCo,or(2)fromManitowocParentCounderanyContingentEmploymentAgreement.IfMr.Stewartisterminatedforcause,paymentofallcompensationfromManitowocParentCowillimmediatelycease,exceptforanycompensationaccruedbutunpaidthroughthedateoftermination.

Theemploymentagreementsdefine“cause”generallyasanyconvictionfor,orentryofapleaofguiltyornolocontenderewithrespectto,anyfelonyoranycrimeinvolvinganactofmoralturpitude;engaginginanyactinvolvingfraudortheft;neglectorbreachofdutiesorintentionalmisconductindischargingsuchduties;continuedabsencefromdutieswithoutconsentafterreceiptofnotification,otherthanabsenceduetobonafideillnessordisability;failureorrefusaltocomplywiththedirectionsofthechairmanoftheboardorwiththepolicies,standardsandregulationsofManitowocParentCo,providedthatsuchdirections,policies,standardsorregulationsdonotrequireanyactionwhichisillegalortheomissionofanyactionrequiredbyapplicablelaw,regulationsorlicensingstandards;conduct,actions,orperformancethatviolatespoliciesconcerningethicsoremployeeconduct;orbreachoftheagreement.

Theemploymentagreementsdefine“goodreason”generallyasamaterialdiminutioninposition,authorityortitle,ortheassignmentofdutiesthataremateriallyinconsistentwiththeexecutive’spositionortitleasdescribedintheagreement;amaterialdiminutioninbasesalaryorincentive/bonusopportunitiesexceptforacross-the-boardtemporarysalaryreductionsoftwentypercent(20%)orlesssimilarlyaffectingotheremployees;achangerequiredbyourBoardofDirectorsofManitowocFoodservice’sprincipalofficesofmorethan50milesfromthelocationofManitowocFoodservices’principalofficesatthetimeoftheSpin-Off;amaterialbreachoftheagreementbyManitowocParentCooritssuccessorsorassigns;afailureofasuccessortoassumetheagreement;thefailureoftheSpin-OfftooccurbyDecember31,2016orthepublicannouncementbyManitowocParentCoofitsintentionnottoconsummatetheSpin-Off;thefailuretoappointtheexecutiveadirectorofManitowocFoodserviceatitsformation(orimmediatelyfollowingthecommencementdateundertheagreement);orthefailureoftheexecutivetobeelectedandmaintainedasadirectorofManitowocFoodserviceaftertheSpin-Off.IfManitowocParentCosellsorpubliclyannouncesitsintentiontosellitsFoodservicebusinesstoathirdparty(a“FoodserviceDisposition”)inlieuofconsummatingtheSpin-OffandtheFoodserviceDispositionwouldnotconstituteachangeofcontrolunderMessrs.Muehlhaeuser’sorStewart'sContingentEmploymentAgreements,thentheFoodserviceDispositionwillalsoconstitutegoodreasonundertheexecutive'semploymentagreement.

Iftheexecutiveisunabletoperformhisdutiesduetohisdisability,hewillcontinuetoreceivehisstandardcompensation,reducedbyanydisabilitypaymenttowhichhemaybeentitledinlieuofsuchcompensation,untilthelastdayofthetermoftheemploymentagreement.Attheexpirationofthetermprovidedforintheagreement,paymentofallcompensationtotheexecutiveundertheemploymentagreementwillimmediatelycease(exceptforanypaymentofcompensationaccruedbutunpaidthroughthatdate,COBRAbenefitsandotherbenefitstowhichtheexecutivemaybeentitlednotwithstandingtheterminationofhisemployment).Iftheexecutivediesduringtheterm,allpaymentsandrightstocompensationandbenefitsundertheemploymentagreementwillimmediatelycease,exceptforanycompensationandbenefitsaccruedbutunpaidthroughthedateofhisdeath.

ManitowocParentComayassigntheemploymentagreementstousatanytimewithoutnoticetoMr.MuehlhaeuserorMr.Stewart,andweexpecttoassumetheemploymentagreementspriortoorinconnectionwiththeSpin-Off.

ManitowocParentCoalsohasmadeequity-basedretentionawardstocertainkeyemployees,includingMessrs.MatosevicandJones,toprovideadditionalincentivefortheemployeestocontinueinemploymentandcontributetowardthesuccessfulcompletionofthecontemplatedSpin-Off.TheretentionawardsconsistedofsharesofManitowocParentCocommonstockthatwouldvestonthesecondanniversaryoftheSpin-OffiftheemployeewascontinuouslyemployedwithManitowocParentCooranaffiliatethroughthesecondanniversaryoftheeffectivedateoftheSpin-Off.Theshareswouldearliervestinfulluponterminationoftheemployeeasaresultofdeath,disabilityorretirementuponorfollowingtheSpin-Off.Theshareswouldalsovestinfulluponaninvoluntaryterminationoftheemployee,otherthanforcause,byManitowocParentCo,oraterminationbytheemployeeforgoodreason,regardlessofwhethertheSpin-Offhadthenoccurred.

Estimated Payments upon a Change in Control

ThefollowingtablepresentstheestimatedpayoutsthatwouldhavebeenmadetothenamedexecutiveofficersuponachangeincontrolofManitowocParentCocoupledwithanexecutive’sterminationofemployment(otherthanforcauseorretirement),assumingthechangeincontroloccurredasofDecember31,2015.Thecalculationsareintendedtoprovidereasonableestimates,basedonthenotedassumptions,ofthepotentialbenefitspayable.Theactualamountofbenefits,ifany,woulddependupontheexecutive’spay,termsofachangeincontroltransactionandthesubsequentimpactontheexecutive’semployment.

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Name Base Salary (1)

Annual Incentive-Based

Compensation (2) Stock Options (3)Restricted Stock

Units (4)Performance

Shares (4) Benefits (5) Total

HubertusM.Muehlhaeuser $2,400,000 $2,400,000 — — — $70,979 $4,870,979

JohnO.Stewart $1,080,000 $486,000 — — — $47,319 $1,613,319

JosefMatosevic $650,000 $325,000 — $370,764 $61,078 $47,319 $1,454,161

MauriceD.Jones $836,360 $543,634 — $727,083 $446,723 $47,319 $2,601,119

RichardCaron(6) $685,832 $274,333 — $64,931 $59,619 $47,319 $1,132,034

(1) RepresentsthreetimesMr.Muehlhaeuser’sandtwotimeseachoftheotherexecutive'sbasesalaryonDecember31,2015.

(2) RepresentsthreetimesMr.Muehlhaeuser’sandtwotimeseachoftheotherexecutive'sincentivecompensationundertheCompany’sShort-TermIncentivePlanattarget.

(3) Intrinsicvalueofunvestedstockoptionsbasedontheclosingtradingprice($15.35)oftheCompany’sCommonStockatDecember31,2015,thelasttradingdayof2015.

(4) Forrestrictedstockunits,representsthevalueofunvestedunitsbasedontheclosingprice($15.35)oftheCompany’scommonstockonDecember31,2015,thelasttradingdayof2015.Forperformanceshares,representsthevalueofunvestedshares,proratedandbasedonperformanceatyear-endwhichforthe2013-2015performancecycleiscurrentlyprojectedbetweenthresholdandtargetandthusincludedattarget(100%),andthe2014-2016performancecycleisprojectedbelowthresholdandthusincludedatthreshold(25%).Theseprojectionsarebasedontheclosingprice($15.35)oftheCompany’scommonstockonDecember31,2015,thelasttradingdayof2015.ForeachoftheexecutivesotherthanMr.Caron,thesebenefitswouldbereceiveduponachangeincontrolregardlessofwhethertheexecutive’semploymentwasterminatedinconnectionwiththechangeincontrol.ForMr.Caron,thesebenefitswouldbereceivedonlyuponaqualifyingterminationofemploymentfollowingachangeincontrolunlesshisequity-basedawardswerenotassumedorereplacedinthechangeincontroltransaction.

(5) RepresentsthreetimesMr.Muehlhaeser’sandtwotimeseachoftheotherexecutive'svalueoftheannualbenefitsprovidedtotheexecutive.

(6) Mr.Caron’sContingentEmploymentAgreementwillnotbecomeeffectiveuntiltheSpin-Off.However,forpurposesofthisdisclosure,theamountsshownforMr.CaronassumetheAgreementwasineffectasofDecember31,2015.

AsstatedintheCompensationDiscussionandAnalysis,ManitowocParentCoalsohasmaintainedaformalseverancepayplanthatestablishesadiscretionaryseveranceprogramacrossManitowocParentCowherebyallseverancebenefitsareprovidedatManitowocParentCo’ssolediscretionandwillbedesignedtomeetthespecificfactsandcircumstancesofeachtermination.TheBoardofDirectorsofManitowocParentCohasthesoleauthoritytoauthorizeanybenefitsundertheplantoanyelectedofficerofManitowocParentCo.OtherthanthisdiscretionaryseverancepayplanandtheemploymentagreementswithMessrs.MuehlhaeuserandStewart,ManitowocParentCodoesnothaveaformalseveranceplanorotherformsofemploymentterminationbenefitsthatapplytothenamedexecutiveofficersexceptintheeventofachangeincontrolasdescribedabove.FollowingtheSpin-Off,weexpectinitiallytoimplementseveranceplansandpracticessimilartothoseofManitowocParentCo,althoughwemaymodifysuchplansorpractices,oradoptdifferentplansorpractices,inthefuture.

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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

AsofthedateofthisInformationStatement,ManitowocParentCobeneficiallyownsalloftheoutstandingsharesofourcommonstock.AftertheSpin-Off,ManitowocParentCowillnotownanysharesofourcommonstock.ThefollowingtablesprovideinformationregardingtheanticipatedbeneficialownershipofourcommonstockatthetimeoftheDistributionby:

• eachoftheindividualswhomweexpecttoserveasourdirectorsfollowingtheSpin-Off;

• eachNamedExecutiveOfficer;

• alloftheindividualswhomweexpecttoserveasourdirectorsandexecutiveofficersfollowingtheSpin-Offasagroup;and

• eachofourstockholderswhomwebelieve,basedontheassumptionsdescribedbelow,willbeneficiallyownmorethan5%ofouroutstandingcommonstockatthetimeoftheDistribution.

Exceptasotherwisenotedbelow,webasedtheshareamountsoneachpersonorentity’sbeneficialownershipofManitowocParentCocommonstockonDecember31,2015,givingeffecttoadistributionratioofoneshareofourcommonstockforeveryoneshareofManitowocParentCocommonstockhe,sheoritheld.

TotheextenttheindividualswhomweexpecttoserveasourdirectorsandexecutiveofficersownManitowocParentCocommonstockontheRecordDate,theywillparticipateintheDistributiononthesametermsasotherholdersofManitowocParentCocommonstock.

Exceptasotherwisenotedinthefootnotesbelow,eachpersonorentityidentifiedinthetablehassolevotingandinvestmentpowerwithrespecttothesecuritieshe,sheoritholds.

ImmediatelyfollowingtheSpin-Off,weestimatethat136,920,805sharesofourcommonstockwillbeissuedandoutstanding,basedontheapproximately136,617,161sharesofManitowocParentCocommonstockoutstandingonDecember31,2015.ThedifferenceisduetothenumberofrestrictedstockunitsthatwillvestbetweenDecember31,2015andtheRecordDateandtheestimatednumberofsharestobeissuedpriortotheRecordDateundertheperformanceshareawardsmadeinFebruary2013underthe2013OmnibusIncentivePlan.TheactualnumberofsharesofourcommonstocktobeoutstandingfollowingtheSpin-OffwillbedeterminedonFebruary22,2016,theRecordDate.

Total Shares to Be Beneficially Owned

Director or Named Executive Officer

Number of Shares ofCommon Stock

Beneficially Owned (1)

Number of DeferredCommon Stock Units

Beneficially Owned (2) % of Class (1)

Directors

DinoBianco 4,914(3) — <0.10%

JoanK.Chow 16,936(4) — <0.10%

ThomasD.Davis — — —

CynthiaM.Egnotovich 48,986(4)(5) 13,769 <0.10%

TimothyJ.Fenton — — —

AndrewLangham — — —

Executive Officers

HubertusM.Muehlhaeuser 56,472 — <0.10%

JohnO.Stewart — — —

JosefMatosevic 36,549(6) — <0.10%

MauriceD.Jones 534,083(7) 8,063 0.39%

RichardN.Caron 51,563(8) — <0.10%

All directors, named executive officers and current executive officers as a group (12 persons) 749,503 21,832 0.56%

(1) Unlessotherwisenoted,thespecifiedpersonshavesolevotingpowerandsoledispositivepowerastotheindicatedshares.Eachofthepersonslistedisthebeneficialowneroflessthan1%oftheoutstandingsharesofcommonstock.

(2) TheCompanyhasthesolerighttovoteallsharesofCommonStockunderlyingtheCommonStockunitsheldintheDeferredCompensationPlanTrust.TheindependenttrusteeoftheTrusthasdispositivepowerastosuchshares.

(3) Includes4,914restrictedstockunitsgrantedinAugust2015.

(4) Includes4,230restrictedstockunitsgrantedinFebruaryof2014and5,410restrictedstockunitsgratedinFebruaryof2015.

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(5) Includes2,000sharesunderstockoptionawardsthatMs.Egnotovichhastherighttoacquirepursuanttothe2004Non-EmployeeDirectorStockandAwardsPlanwithinsixtydaysfollowingtherecorddatefortheAnnualMeeting.

(6) Includes9,461sharesunderstockoptionawardsthatMr.Matosevichastherighttoacquirepursuanttothe2003IncentiveStockandAwardsPlanandthe2013OmnibusIncentivePlanwithinsixtydaysfollowingtherecorddatefortheAnnualMeeting.Includes(a)2,000restrictedstockunitsgrantedinJanuary2015underthe2013OmnibusIncentivePlan,(b)6,910restrictedstockunitsgrantedinFebruary2015underthe2013OmnibusIncentivePlan,and(c)15,244sharesofrestrictedstockgrantedinApril2015underthe2013OmnibusIncentivePlan.Alsoincludes2,934performancesharesgrantedinFebruary2013underthe2013OmnibusIncentivePlan,forwhichtheperformanceperiodconcludesattheendof2015.Thecurrentestimatedperformanceforthe2013performanceshareawardisbetweenthresholdandtarget;therefore,2,934isthenumberofsharesthatwouldbeawardedassumingtargetperformance.ItdoesnotincludetheperformanceshareawardgrantedinFebruary2014underthe2013OmnibusIncentivePlanbecausetheperformanceperiodforthatgrantdoesnotconcludeuntiltheendof2016.

(7) Includes365,701sharesunderstockoptionawardsthatMr.Joneshastherighttoacquirepursuanttothe2003IncentiveStockandAwardsPlanandthe2013OmnibusIncentivePlanwithinsixtydaysfollowingtherecorddatefortheAnnualMeeting.Includes(a)17,945restrictedstockunitsgrantedinFebruary2015underthe2013OmnibusIncentivePlan,(b)29,422sharesofrestrictedstockgrantedinApril2015underthe2013OmnibusIncentivePlan,and(c)5,708sharesheldinMr.Jones’401(k)RetirementPlanaccountasofDecember31,2015.Alsoincludes19,000performancesharesgrantedinFebruary2013underthe2013OmnibusIncentivePlan,forwhichtheperformanceperiodconcludesattheendof2015.Thecurrentestimatedperformanceforthe2013performanceshareawardisbetweenthresholdandtarget;therefore,19,000isthenumberofsharesthatwouldbeawardedassumingtargetperformance.ItdoesnotincludetheperformanceshareawardgrantedinFebruary2014underthe2013OmnibusIncentivePlanbecausetheperformanceperiodforthatgrantdoesnotconcludeuntiltheendof2016.

(8) Includes42,609sharesunderstockoptionawardsthatMr.Caronhastherighttoacquirepursuanttothe2003IncentiveStockandAwardsPlanandthe2013OmnibusIncentivePlanwithinsixtydaysfollowingtherecorddatefortheAnnualMeeting.Includes4,230restrictedstockunitsgrantedinFebruary2015underthe2013OmnibusIncentivePlan.Alsoincludes2,934performancesharesgrantedinFebruary2013underthe2013OmnibusIncentivePlan,forwhichtheperformanceperiodconcludesattheendof2015.Thecurrentestimatedperformanceforthe2013performanceshareawardisbetweenthresholdandtarget;therefore,2,934isthenumberofsharesthatwouldbeawardedassumingtargetperformance.ItdoesnotincludetheperformanceshareawardgrantedinFebruary2014underthe2013OmnibusIncentivePlanbecausetheperformanceperiodforthatgrantdoesnotconcludeuntiltheendof2016.

Total Shares to Be Beneficially OwnedPrincipal Stockholder and Address # of Shares % of Class

CarlC.Icahn(1)

c/oIcahnCapitalLP767FifthAvenue,47thFloorNewYork,NY10153

10,582,660 7.74%

TheVanguardGroup,Inc.(2)

100VanguardBoulevardMalvern,PA19355

8,196,433 6.00%

GlenviewCapitalManagement,LLC(3)

767FifthAvenue,44thFloorNewYork,NY10153

9,614,197 7.03%

LuxorCapitalPartners,LP(4)

1114AvenueoftheAmericas,29thFloorNewYork,NY10036

8,186,425 5.99%

AbramsCapitalManagement,LP(5)

1114AvenueoftheAmericas,29thFloorNewYork,NY10036 8,738,242 6.40%

(1) TheinformationisbasedsolelyonaSchedule13D/AregardingManitowocParentCofiledwiththeSECbyCarlC.IcahnandhisaffiliatedentitiesonJanuary16,2015,asmostrecentlyamendedonFebruary9,2015.Accordingtothefiling,asofJanuary16,2015:(i)HighRiverLimitedPartnership,aDelawarelimitedpartnership,hassolevotingpowerandsoledispositivepowerwithrespectto2,116,531sharesofManitowocParentCocommonstock;(ii)HopperInvestmentsLLC,aDelawarelimitedliabilitycompany,hassharedvotingpowerandshareddispositivepowerwithrespectto2,116,531sharesofManitowocParentCocommonstock;(iii)BarberryCorp.,aDelawarecorporation,hassharedvotingpowerandshareddispositivepowerwithrespectto2,116,531sharesofManitowocParentCocommonstock;(iv)IcahnPartnersMasterFundLP,aDelawarelimitedpartnership,hassolevotingpowerandsoledispositivepowerwithrespectto3,438,929sharesofManitowocParentCocommonstock;(v)IcahnOffshoreLP,aDelawarelimitedpartnership,hassharedvotingpowerandshareddispositivepowerwithrespectto3,438,629sharesofManitowocParentCocommonstock;(vi)IcahnPartnersLP,aDelawarelimitedpartnership,hassolevotingpowerandsoledispositivepowerwithrespectto5,027,500sharesofManitowocParentCocommonstock;(vii)IcahnOnshoreLP,aDelawarelimitedpartnership,hassharedvotingpowerandshareddispositivepowerwithrespectto5,027,500sharesofManitowocParentCocommonstock;(viii)IcahnCapitalLP,aDelawarelimitedpartnership,hassharedvotingpowerandshareddispositivepowerwithrespectto8,466,129sharesofManitowocParentCocommonstock;(ix)IPHGPLLC,aDelawarelimitedliabilitycompany,hasshared

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votingpowerandshareddispositivepowerwithrespectto8,466,129sharesofManitowocParentCocommonstock;(x)IcahnEnterprisesHoldingsL.P.,aDelawarelimitedpartnership,hassharedvotingpowerandshareddispositivepowerwithrespectto8,466,129sharesofManitowocParentCocommonstock;(xi)IcahnEnterprisesG.P.Inc.,aDelawarecorporation,hassharedvotingpowerandshareddispositivepowerwithrespectto8,466,129sharesofManitowocParentCocommonstock;(xii)BecktonCorp.,aDelawarecorporation,hassharedvotingpowerandshareddispositivepowerwithrespectto8,466,129sharesofManitowocParentCocommonstock;and(xiii)CarlC.Icahnhassharedvotingpowerandshareddispositivepowerwithrespectto10,582,660sharesofManitowocParentCocommonstock.Mr.Icahnisinapositionindirectlytodeterminetheinvestmentandvotingdecisionsmadebyeachoftheaffiliatedentities.

(2) ThisinformationisbasedsolelyonaSchedule13GregardingManitowocParentCofiledwiththeSECbyTheVanguardGroup,Inc.(“Vanguard”)onFebruary11,2015.Vanguardreportedthatitmaybedeemedtohavesolevotingpowerasto92,088sharesofManitowocParentCocommonstock,soledispositivepowerwithrespectto8,075,349sharesofManitowocParentCocommonstockandshareddispositivepowerwithrespectto80,288sharesofManitowocParentCocommonstockasofDecember31,2014.

(3) ThisinformationisbasedsolelyonaSchedule13GregardingManitowocParentCofiledwiththeSECbyGlenviewCapitalManagement,LLC(“Glenview”)andLawrenceM.RobbinsonNovember18,2015.Accordingtothefiling,asofNovember18,2015,GlenviewandMr.Robbinshavesharedvotingpowerandshareddispositivepowerwithrespectto9,614,197sharesofManitowocParentCocommonstock.

(4) ThisinformationisbasedsolelyonaSchedule13GregardingManitowocParentCofiledwiththeSECbyLuxorCapitalPartners,LPandcertainaffiliatedpartiesonAugust10,2015.Accordingtothefiling,asofAugust10,2015,(i)LuxorCapitalPartners,LPhassharedvotingpowerandshareddispositivepowerwithrespectto3,033,474sharesofManitowocParentCocommonstock,(ii)LuxorWavefront,LPhassharedvotingpowerandshareddispositivepowerwithrespectto625,526sharesofManitowocParentCocommonstock,(iii)LuxorCapitalPartnersOffshoreMasterFund,LPhassharedvotingpowerandshareddispositivepowerwithrespectto3,016,251sharesofManitowocParentCocommonstock,(iv)LuxorCapitalPartnersOffshore,Ltd.hassharedvotingpowerandshareddispositivepowerwithrespectto3,016,251sharesofManitowocParentCocommonstock,(v)ThebesOffshoreMasterFund,LPhassharedvotingpowerandshareddispositivepowerwithrespectto153,085sharesofManitowocParentCocommonstock,(vi)ThebesPartnersOffshore,Ltd.hassharedvotingpowerandshareddispositivepowerwithrespectto153,085sharesofManitowocParentCocommonstock,(vii)LCGHoldings,LLChassharedvotingpowerandshareddispositivepowerwithrespectto6,828,336sharesofManitowocParentCocommonstock,(viii)LuxorCapitalGroup,LPhassharedvotingpowerandshareddispositivepowerwithrespectto6,828,336sharesofManitowocParentCocommonstock,(ix)LuxorManagement,LLChassharedvotingpowerandshareddispositivepowerwithrespectto6,828,336sharesofManitowocParentCocommonstockand(x)ChristianLeonehassharedvotingpowerandshareddispositivepowerwithrespectto6,828,336sharesofManitowocParentCocommonstock.

(5) ThisinformationisbasedsolelyonaSchedule13G/AregardingManitowocParentCofiledwiththeSECbyAbramsCapitalManagement,L.P.andcertainaffiliatedpartiesonJanuary22,2016.Accordingtothefiling,asofJanuary12,2016,(i)AbramsCapitalPartnersII,L.P.hassharedvotingpowerandshareddispositivepowerwithrespectto7,042,376sharesofManitowocParentCocommonstock,(ii)AbramsCapital,LLChassharedvotingpowerandshareddispositivepowerwithrespectto8,270,011sharesofManitowocParentCocommonstock,(iii)AbramsCapitalManagement,LLChassharedvotingpowerandshareddispositivepowerwithrespectto8,738,242sharesofManitowocParentCocommonstock,(iv)AbramsCapitalManagement,L.P.hassharedvotingpowerandshareddispositivepowerwithrespectto8,738,242sharesofManitowocParentCocommonstockand(v)DavidAbramshassharedvotingpowerandshareddispositivepowerwithrespectto8,738,242sharesofManitowocParentCocommonstock.

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CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS

Agreements with Manitowoc ParentCo

FollowingtheSpin-Off,ManitowocFoodserviceandManitowocParentCowilloperateseparately,eachasanindependentpubliccompany.ManitowocFoodservicewillenterintoaSeparationandDistributionAgreementwithManitowocParentCo.InconnectionwiththeSpin-Off,ManitowocFoodservicewillalsoenterintovariousotheragreementstoeffecttheSpin-OffandprovideaframeworkforitsrelationshipwithManitowocParentCoaftertheseparation,suchasatransitionservicesagreement,ataxmattersagreement,anemployeemattersagreementandanintellectualpropertymattersagreement.TheseagreementswillprovidefortheallocationbetweenManitowocFoodserviceandManitowocParentCoofManitowocParentCo’sassets,employees,liabilitiesandobligations(includinginvestments,propertyandemployeebenefits,andtax-relatedassetsandliabilities)attributabletoperiodspriorto,atandafterManitowocFoodservice’sseparationfromManitowocParentCoandwillgoverncertainrelationshipsbetweenManitowocFoodserviceandManitowocParentCoaftertheSpin-Off.

ThematerialagreementsdescribedbelowwillbefiledasexhibitstotheRegistrationStatementonForm10ofwhichthisInformationStatementisapart.Thesummariesofeachoftheseagreementssetforththetermsoftheagreementsthatwebelievearematerial.Thesesummariesarequalifiedintheirentiretiesbyreferencetothefulltextoftheapplicableagreements,whichareincorporatedbyreferenceintothisInformationStatement.

SeparationandDistributionAgreement

TransferofAssetsandAssumptionofLiabilities

TheSeparationandDistributionAgreementwillidentifytheassetstobetransferred,theliabilitiestobeassumedandthecontractstobeassignedtoeachofManitowocFoodserviceandManitowocParentCoaspartoftheseparationofManitowocParentCointotwocompanies.WearecurrentlyawhollyownedsubsidiaryofManitowocParentCo.InconnectionwiththeSpin-Off,ManitowocParentCoandManitowocFoodservicehaveundertakenorwillundertakeaseriesofinternalreorganizationtransactionssothatweholdtheFoodserviceBusinessassets,liabilitiesandentitiesandManitowocParentCoholdstheCraneBusinessassets,liabilitiesandentities.Werefertothesetransactionscollectivelyasthe“InternalReorganization.”

ExceptasexpresslysetforthintheSeparationandDistributionAgreementoranyancillaryagreement,neitherManitowocFoodservicenorManitowocParentCowillmakeanyrepresentationorwarrantyastotheassets,businessorliabilitiestransferredorassumedaspartoftheSpin-Off,astoanyconsentsrequiredinconnectionwiththetransfers,astothevalueoforthefreedomfromanysecurityinterestsofanyoftheassetstransferred,astotheabsenceorpresenceofanydefensesorrightofsetofforfreedomfromcounterclaimwithrespecttoanyclaimorotherassetofeitherManitowocFoodserviceorManitowocParentCo,orastothelegalsufficiencyofanyassignment,documentorinstrumentdeliveredtoconveytitletoanyassetorthingofvaluetobetransferredinconnectionwiththeSpin-Off.Allassetswillbetransferredonan“asis,whereis”basis,andtherespectivetransfereeswillbeartheeconomicandlegalrisksthatanyconveyancewillprovetobeinsufficienttovestinthetransfereegoodandmarketabletitle,freeandclearofallsecurityinterests.

InformationinthisInformationStatementwithrespecttotheassetsandliabilitiesofthepartiesfollowingtheDistributionispresentedbasedontheallocationofsuchassetsandliabilitiespursuanttotheSeparationandDistributionAgreement,unlessthecontextotherwiserequires.

TheDistribution

TheSeparationandDistributionAgreementwillalsogoverntherightsandobligationsofthepartiesregardingtheDistributionfollowingthecompletionoftheSpin-Off.OntheDistributionDate,ManitowocParentCowilldistributetoitsshareholdersthatholdManitowocParentCocommonstockasoftherecorddatefortheDistributionalloftheissuedandoutstandingsharesofManitowocFoodservicecommonstockonaproratabasis.

ConditionstotheDistribution

TheSeparationandDistributionAgreementwillprovidethatthedistributionissubjecttosatisfaction(orwaiverbyManitowocParentCo)ofcertainconditions,whicharedescribedunder“TheSpin-Off-ConditionstotheSpin-Off.”ManitowocParentCowillhavethesoleandabsolutediscretiontodetermine(andchange)thetermsof,andtodeterminewhethertoproceedwith,theDistributionand,totheextentthatitdeterminestosoproceed,todeterminetherecorddatefortheDistribution,theDistributionDateandthedistributionratio.

Claims

Ingeneral,eachpartytotheSeparationandDistributionAgreementwillassumeliabilityforallpending,threatenedandunassertedlegalmattersrelatedtoitsownbusinessoritsassumedorretainedliabilitiesandwillindemnifytheotherpartyforanyliabilitytotheextentarisingoutoforresultingfromsuchassumedorretainedlegalmatters.

Releases

TheSeparationandDistributionAgreementwillprovidethatManitowocFoodserviceanditsaffiliateswillreleaseanddischargeManitowocParentCoanditsaffiliatesfromallliabilitiestoManitowocFoodserviceanditsaffiliatesexistingorarisingfromactsoccurringorfailingto

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occuronorbeforetheDistributionDate,includinginconnectionwiththeimplementationoftheseparation,exceptassetforthintheSeparationandDistributionAgreement.ManitowocParentCoanditsaffiliateswillreleaseanddischargeManitowocFoodserviceanditsaffiliatesfromallliabilitiestoManitowocParentCoanditsaffiliatesexistingorarisingfromactsoccurringorfailingtooccuronorbeforetheDistributionDate,includinginconnectionwithimplementationoftheseparation,exceptassetforthintheSeparationandDistributionAgreement.

Thesereleaseswillnotextendtoobligationsorliabilitiesunderanyagreementsbetweenthepartiesthatremainineffectfollowingtheseparation,whichagreementsinclude,butarenotlimitedto,theSeparationandDistributionAgreement,theTransitionServicesAgreement,theTaxMattersAgreement,theEmployeeMattersAgreement,andcertainotheragreements,includinganytrademarkandcopyrightlicenseagreementsortransferdocumentsexecutedinconnectionwiththeseparation.

Indemnification

IntheSeparationandDistributionAgreement,ManitowocFoodservicewillagreetoindemnify,defendandholdharmlessManitowocParentCo,eachofManitowocParentCo’saffiliatesandeachofManitowocParentCoanditsaffiliates’respectivedirectors,officersandemployees,fromandagainstallliabilitiesrelatingto,arisingoutoforresultingfrom:

• ManitowocFoodservice’sfailureorthefailureofanyotherpersontopay,performorotherwisepromptlydischargeanyoftheManitowocFoodserviceliabilities,inaccordancewiththeirrespectiveterms;and

• anybreachbyManitowocFoodserviceoftheSeparationandDistributionAgreementoranyoftheancillaryagreements.

ManitowocParentCowillagreetoindemnify,defendandholdharmlessManitowocFoodservice,eachofManitowocFoodservice’saffiliatesandeachofManitowocFoodserviceandManitowocFoodservice’saffiliates’respectivedirectors,officersandemployeesfromandagainstallliabilitiesrelatingto,arisingoutoforresultingfrom:

• thefailureofManitowocParentCooranyotherpersontopay,perform,orotherwisepromptlydischargeanyoftheManitowocParentColiabilities,inaccordancewiththeirrespectiveterms;and

• anybreachbyManitowocParentCooftheSeparationandDistributionAgreementoranyoftheancillaryagreements.

TheSeparationandDistributionAgreementwillalsoestablishprocedureswithrespecttoclaimssubjecttoindemnificationandrelatedmatters.

Insurance

TheSeparationandDistributionAgreementprovidesfortheallocationbetweenthepartiesofrightsandobligationsunderexistinginsurancepolicieswithrespecttooccurrencespriortotheDistributionandsetsforthproceduresfortheadministrationofinsuredclaims.

FurtherAssurances

InadditiontotheactionsspecificallyprovidedforintheSeparationandDistributionAgreement,exceptasotherwisesetforththereinorinanyancillaryagreement,bothManitowocFoodserviceandManitowocParentCoagreeintheSeparationandDistributionAgreementtousecommerciallyreasonableefforts,totakeallactionsastheotherpartymayreasonablyrequest,consistentwiththeSeparationandDistributionAgreementandtheancillaryagreements,toeffecttheprovisionsandpurposesoftheSeparationandDistributionAgreementandancillaryagreements,andthetransactionscontemplatedtherein.

DisputeResolution

TheSeparationandDistributionAgreementcontainsprovisionsthatgovern,exceptasotherwiseprovidedinanyancillaryagreement,theresolutionofdisputes,controversiesorclaimsthatmayarisebetweenManitowocFoodserviceandManitowocParentCorelatedtotheSpin-OffandthatareunabletoberesolvedthroughgoodfaithdiscussionsbetweenManitowocFoodserviceandManitowocParentCo.Theseprovisionscontemplatethateffortswillbemadetoresolvedisputes,controversiesandclaimsbyescalationofthemattertoexecutivesofManitowocFoodserviceandManitowocParentCo.Ifsucheffortsarenotsuccessful,eitherManitowocFoodserviceorManitowocParentComaysubmitthedispute,controversyorclaimtononbindingmediationor,ifsuchnonbindingmediationisnotsuccessful,bindingalternativedisputeresolution,subjecttotheprovisionsoftheSeparationandDistributionAgreement.

Expenses

PriortotheDistribution,ManitowocFoodservicewillberesponsibleforanycosts,feesandexpensesincurredinconnectionwithanyfinancingtransactionsthatweundertakeinconnectionwiththeSpin-Offoranyothercosts,feesandexpensesspecificallyincurredbyus,whileManitowocParentCowillberesponsibleforallothercosts,feesandexpenses.FollowingtheDistribution,allcosts,feesandexpenseswillbebornebythepartyincurringsuchcosts,feesorexpenses.

OtherMatters

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OthermattersgovernedbytheSeparationandDistributionAgreementwillincludeaccesstofinancialandotherinformation,confidentialityandaccesstoandprovisionofrecords.

Termination

TheSeparationandDistributionAgreementwillprovidethatitmaybeterminated,andtheSpin-Offmaybemodifiedorabandoned,atanytimepriortotheDistributionDateinthesolediscretionofManitowocParentCowithouttheapprovalofanyperson,includingManitowocFoodservice.IntheeventofaterminationoftheSeparationandDistributionAgreement,noparty,noranyofitsdirectors,officersoremployees,willhaveanyliabilityofanykindtotheotherpartyoranyotherperson.AftertheDistributionDate,theSeparationandDistributionAgreementmaynotbeterminatedexceptbyanagreementinwritingsignedbybothManitowocParentCoandManitowocFoodservice.

TransitionServicesAgreement

ManitowocFoodserviceandManitowocParentCowillenterintoaTransitionServicesAgreementinconnectionwiththeSpin-Off,pursuanttowhichManitowocParentCoandManitowocFoodservicewill,onaninterim,transitionalbasis,provideeachotherwithvariousservices,including,butnotlimitedto,servicesrelatedtoinsurance,humanresources,finance,salesandmarketing,informationtechnology,legal,taxoradministrativematters,orcertainotherservicesthatManitowocParentCoandManitowocFoodservicemayagreeupon.Ineachcase,thecompanyprovidingtheserviceswillperformtheservicesinamannerandonabasisthatissubstantiallysimilartothatduringthetwelve-monthperiodimmediatelypriortothedateoftheTransitionServicesAgreement.

TheTransitionServicesAgreementwillspecifythetermduringwhichManitowocParentCoandManitowocFoodservicewillprovidetheagreed-uponservices,whenandhowacompanyreceivingservicesmayterminatedifferentcategoriesofservice,thecostoftheservicestothecompanyreceivingsuchservices,andanyadditionalobligationsofManitowocParentCoandManitowocFoodservicetoassistintransitioningservicestoeachother'scontrol.

UndertheTransitionServicesAgreement,eachcompany'sliabilitywillgenerallybelimitedtotheaggregateamountoffeesactuallyreceivedforservicesprovidedundertheagreement.TheTransitionServicesAgreementwillalsoprovidethatManitowocParentCo,ManitowocFoodserviceandtheiraffiliateswillnotbeliableforanypunitive,indirect,incidental,consequentialorspecialdamages.

TaxMattersAgreement

InconnectionwiththeSpin-Off,ManitowocFoodserviceandManitowocParentCowillenterintoaTaxMattersAgreementthatwillgoverntheparties’respectiverights,responsibilitiesandobligationswithrespecttotheallocationoftaxliabilities,thepreparationandfilingoftaxreturns,taxpayments,theparties’entitlementstotaxrefunds,theparties’maintenanceofthetax-freestatusoftheSpin-Off,thecontrolofauditsandothertaxproceedings,assistanceandcooperationwithrespecttotaxmatters,themaintenanceoftax-relatedrecordsandothertax-relatedactivities.

Inaddition,theTaxMattersAgreementwillimposecertainrestrictionsonusandoursubsidiaries(includingrestrictionsonbusinesscombinations,salesofassets,liquidations,stockissuancesorrepurchasesandmodificationsofthevotingrightsofourstock,amongothers)thatcouldpreventusfrompursuingstrategicorothertransactionsthatmaymaximizethevalueofourbusiness.TheTaxMattersAgreementwillprovidespecialrulesallocatingtaxliabilitiesintheeventtheSpin-Off,togetherwithcertainrelatedtransactions,isnottreatedastax-free.Ingeneral,undertheTaxMattersAgreement,eachofManitowocParentCoandManitowocFoodservicewillberesponsiblefortaxesthatarisefromthefailureoftheSpin-Offtoqualifyasatransactionthatisgenerallytax-free,forU.S.federalincometaxpurposes,underSections355,368andrelatedprovisionsoftheCode,totheextentthatsuchfailuretoqualifyisattributabletotheactions,eventsortransactionsrelatedtoeachparty’srespectivestock,assetsorbusiness,orabreachoftherelevantrepresentationsorcovenantsmadebythatpartyintheTaxMattersAgreement.Theserestrictionsandobligationsmaydiscourage,delayorpreventachangeofcontrolthatyoumayconsiderfavorable.Additionally,thoughvalidasbetweenManitowocFoodserviceandManitowocParentCo,theTaxMattersAgreementisnotbindingontheIRS.

EmployeeMattersAgreement

ManitowocFoodserviceandManitowocParentCowillenterintoanEmployeeMattersAgreementinconnectionwiththeSpin-Offtoallocateliabilitiesandresponsibilitiesrelatingtoemploymentmatters,employeecompensationandbenefitsplansandprograms,andotherrelatedmatters.TheEmployeeMattersAgreementwillgoverncertaincompensationandemployeebenefitobligationswithrespecttothecurrentandformeremployeesandnon-employeedirectorsofeachcompany.

TheEmployeeMattersAgreementwillprovidethat,unlessotherwisespecified,ManitowocParentCowillberesponsibleforliabilitiesassociatedwithemployeeswhowillbeemployedbyManitowocParentCofollowingtheseparationandformeremployeeswhoselastemploymentwaswiththebusinessremainingwithManitowocParentCoaftertheseparation,andManitowocFoodservicewillberesponsibleforliabilitiesassociatedwithemployeeswhowillbeemployedbyManitowocFoodservicefollowingtheseparationandformeremployeeswhoselastemploymentwaswithManitowocFoodservice’sbusiness.

Inaddition,theEmployeeMattersAgreementwilladdressthetreatmentofManitowocParentCo'soutstandingequity-basedincentiveawardsheldbyemployeeswhowillbeemployedbyManitowocFoodserviceinconnectionwiththeSpin-Off,whichhasnotyetbeendetermined.WediscloseinformationconcerningthetreatmentofsuchawardsandhowtheEmployeeMattersAgreementwilladdresssuchtreatmentunder"TheSpin-Off-TreatmentofEquity-BasedAwards."

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IntellectualPropertyMattersAgreement

WeintendtoenterintoanIntellectualPropertyMattersAgreementwithManitowocParentCothatwillconfirmtheownershipofourrespectiveintellectualpropertyassets,provideforlicensingofcertainintellectualpropertyassetsandincludeconsentstousecertainintellectualpropertyassets(subjecttocertainlimitationsregardingfieldofuseorcertainchange-of-controleventsinwhichweorManitowocParentCoareacquiredbyacompetitor),stepstoavoidanyconfusioninthemarketplacewithrespecttotheuseofvarioustrademarksandotherarrangementsofcooperationbetweenthepartiesinimplementingthetermsoftheIntellectualPropertyMattersAgreement.

Procedures for Approval of Related Party Transactions

ManitowocFoodservice’sBoardofDirectorswillreviewandapproveorratifythematerialtermsofanytransactioninvolvingManitowocFoodserviceinwhichadirector,anomineefordirector,anexecutiveofficer,animmediatefamilymemberofoneoftheseindividualsoraprincipalstockholder(eachofwhomisknownasa“relatedparty”)hasadirectorindirectmaterialinterest.TheBoardofDirectorswillreviewtodeterminewhetherthetermsofthetransactionareanylessfavorablethanthosegenerallyavailablefromunaffiliatedthirdpartiesandtheextentoftherelatedparty’sinterestinthetransaction.

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DESCRIPTION OF MATERIAL INDEBTEDNESS

AspartoftheSpin-Off,ManitowocFoodserviceexpectstoincuratotalofapproximately$1,400millioninnewindebtedness,andwillhaveanapproximatelyadditional$225millionavailableunderaseniorsecuredrevolvingcreditfacility,limitedbytheamountoflettersofcreditoutstandingatanygivenpointoftime,andexpectedtobeapproximately$2millionatthetimeoftheSpin-off.

WeexpectthattheoutstandingindebtednessatthecompletionoftheSpin-Offwillconsistof:

• a$975millionseniorsecuredtermloanfacility;

• $425millionaggregateprincipalamountof9.5%seniornotesdue2024;and

• $0outstandingundertheseniorsecuredrevolvingcreditfacility

Thefollowingsummarizestheexpectedtermsoftheseniorsecuredtermloanfacilityandseniorsecuredrevolvingcreditfacility(werefertothesecollectivelyasthe“CreditFacilities”)andthetermsofourseniornotes.

Senior Credit Facilities

ManitowocFoodservicehasenteredintoanescrowagreementamongManitowocFoodservice,itssubsidiaryEnodisHoldingsLimited,acorporationorganizedunderthelawsoftheUnitedKingdom(the“UKBorrower”),thelenderspartythereto,andJPMorganChaseBank,N.A.,asadministrativeagent,pursuanttowhichthepartiestheretohavedeliveredinescrowexecutedsignaturepagestoacreditagreementforanewseniorsecuredrevolvingcreditfacilityinanaggregateprincipalamountof$225million(the“RevolvingFacility”)andaseniorsecuredtermloanBfacilityinanaggregateprincipalamountof$975million(the“TermLoanFacility”)withJPMorganChaseBank,N.A,asadministrativeagentandcollateralagent,J.P.MorganSecuritiesLLC,GoldmanSachsBankUSA,HSBCSecurities(USA)Inc.,andCitigroupGlobalMarketsInc.,onbehalfofcertainofitsaffiliates,asjointleadarrangersandjointbookrunners,andcertainlenders,aslenders.TheRevolvingFacilitywillinclude(i)a$20millionsublimitfortheissuanceoflettersofcreditoncustomaryterms,and(ii)a$40millionsublimitforswinglineloansoncustomaryterms.Pursuanttotheescrowagreement,theexecutedsignaturepageswillbereleasedfromescrowonlyuponwrittennoticefromManitowocFoodserviceandtheUKBorrowertoJPMorganChaseBank,N.A.,initscapacityasescrowagentundertheescrowagreement.Theescrowedcreditagreementwillbecomeeffectiveupondeliveryofsuchnotice.ManitowocFoodserviceexpectstoenterintosecurityandotheragreementsrelatingtothecreditagreementgoverningtheRevolvingFacilityandtheTermLoanFacility.

ManitowocFoodserviceexpectsthattheRevolvingFacilitywillbeusedforworkingcapitalandforgeneralcorporatepurposes.ManitowocFoodserviceexpectsthattheRevolvingFacilitywillbeundrawnasoftheconsummationoftheseparationandtherelatedtransactions,andexpectstohaveoutstanding,undrawnlettersofcredittotalingapproximately$1.6million.

TheTermLoanFacilityproceedswillbeusedinparttorepayexistingdebt,andforatransfertoManitowocParentCoinconnectionwiththecontributionofcertainassetstoManitowocFoodserviceimmediatelypriortothecompletionoftheSpin-Off.AnyproceedsremainingaftersuchtransferwillbeusedbyManitowocFoodserviceforgeneralcorporatepurposes.

IncrementalFacilities

ManitowocFoodservicewillhavetherightfromtimetotimetoincreasethesizeoraddcertainincrementalrevolvingortermloanfacilities(the“IncrementalFacilities”)inminimumamountsof$10,000,000andinintegralmultiplesof$5,000,000inexcessthereof.TheaggregateprincipalamountofallsuchIncrementalFacilitiesmaynotexceedanamountequaltothesumof(i)$225millionplus(ii)anadditionalamount,solongas,aftergivingeffecttotheincurrenceofsuchadditionalamount,theproformaseniorsecuredleverageratiodoesnotexceed3.75to1.

InterestRate

BorrowingsundertheCreditFacilitiesareexpectedtobearinterestatarateperannumequalto,attheoptionofManitowocFoodservice,(i)LIBORplustheapplicablemarginofapproximately4.75%fortermloanssubjecttoa1.00%LIBORfloorand1.50%-2.75%forrevolvingloans,basedonconsolidatedtotalleverage,or(ii)analternatebaserateplustheapplicablemargin,whichwillbe1.00%lowerthanforLIBORloans.

MaturityandAmortization

TheloansandcommitmentsundertheRevolvingFacilityareexpectedtomatureorterminateonthefifthanniversaryoftheclosingdate.TheloansandcommitmentsundertheTermLoanFacilityareexpectedtomatureorterminateontheseventhanniversaryoftheclosingdateandwillrequirequarterlyprincipalpaymentsatarateof0.25%oftheoriginalprincipalbalance.

MandatoryPrepayments

MandatoryprepaymentsontheTermLoanFacilitywillberequired,subjecttocustomaryexceptions,(i)fromthereceiptofnetcashproceedsbyManitowocFoodserviceoranyofitsrestrictedsubsidiariesfromcertainassetdispositionsandcasualtyevents,ineachcase,totheextentsuchproceedsarenotreinvestedorcommittedtobereinvestedinassetsusefulinthebusinessofManitowocFoodserviceoranyofitssubsidiarieswithintwelvemonthsofthedateofsuchdispositionorcasualtyevent,(ii)followingthereceiptofnetcashproceedsfromthe

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issuanceorincurrenceofadditionaldebtofManitowocFoodserviceoranyofitssubsidiariesand(iii)inanamountequalto50%ofexcesscashflowofManitowocFoodserviceanditssubsidiarieswithstep-downsto25%iftheseniorsecuredleverageratioislessthanorequalto4.50to1butgreaterthan4.00to1,andto0%iftheseniorsecuredleverageratioislessthanorequalto4.00to1.

GuaranteesandSecurity

ObligationsofManitowocFoodserviceundertheCreditFacilitieswillbejointlyandseverallyguaranteedbycertainofitsexistingandfuturedirectandindirectlywholly-ownedU.S.subsidiaries(butexcluding(i)unrestrictedsubsidiaries,(ii)immaterialsubsidiaries,and(iii)specialpurposesecuritizationvehicles).

TherewillbeafirstpriorityperfectedlienonsubstantiallyalloftheassetsandpropertyofManitowocFoodserviceandguarantorsandproceedstherefromexcludingcertainexcludedassets.ThelienssecuringtheobligationsofManitowocFoodserviceundertheRevolvingFacilityandtheTermLoanFacilitywillbeparipassu.

CertainCovenantsandEventsofDefault

Thecreditagreementcontainscustomaryfinancialcovenantsincluding(a)amaximumconsolidatedtotalleverageratioof6.25to1,withstep-downsof0.25eachfiscalquarterbeginningwiththefiscalquarterendingSeptember30,2016untiltheratioreaches4.00to1inthefiscalquarterendingSeptember30,2018,and(b)aminimumconsolidatedinterestcoverageratioof2.00to1,withincreasesof.25everyotherfiscalquarterbeginningwiththefiscalquarterendingSeptember30,2016untiltheratioreaches3.00to1inthefiscalquarterendingDecember30,2017.OnlylendersholdingatleastamajorityoftheRevolvingFacilitywillhavetheabilitytoamendthefinancialcovenants,waiveabreachofthefinancialcovenantsoracceleratetheRevolvingFacilityuponabreachofthefinancialcovenants,andabreachofthefinancialcovenantswillnotconstituteaneventofdefaultwithrespecttotheTermLoanFacilityortriggeracross-defaultundertheTermLoanFacilityuntilthedateonwhichtheRevolvingFacilityhasbeenacceleratedandterminated.

Inaddition,thecreditagreementisexpectedtocontainanumberofcovenantsthat,amongotherthingsandsubjecttocertainexceptions,willrestrictourabilityandtheabilityofourotherrestrictedsubsidiariesto:

• incuradditionalindebtedness;

• paydividendsandotherdistributions;

• makeinvestments,loansandadvances;

• engageintransactionswithouraffiliates;

• sellassetsorotherwisedisposeofpropertyorassets;

• alterthebusinessweconduct;

• mergeandengageinotherfundamentalchanges;

• prepay,redeemorrepurchasecertaindebt;and

• incurliens.

Thecreditagreementwillalsocontaincertaincustomaryrepresentationsandwarranties,affirmativecovenantsandprovisionsrelatingtoeventsofdefault.

TheforegoingdescriptionoftheCreditFacilitiesandthecreditagreementandisqualifiedinitsentiretybyreferencetothecreditagreement,whichisattachedtotheescrowagreementthatis(1)filedasanexhibittoManitowocFoodservice’sRegistrationStatementonForm10,towhichthisInformationStatementisalsoanexhibit,and(2)incorporatedinthisInformationStatementbyreference.

Senior Notes

InconnectionwiththeSpin-Off,ManitowocFoodserviceanditswhollyownedsubsidiaryMTWFoodserviceEscrowCorp.(the“EscrowIssuer”)enteredintoapurchaseagreement(the“PurchaseAgreement”),datedFebruary5,2016,amongManitowocFoodservice,theEscrowIssuer,oursubsidiaryguarantorsnamedtherein(the“Guarantors”)andGoldman,Sachs&Co.,asrepresentativeoftheinitialpurchasersnamedtherein(the“InitialPurchasers”),pursuanttowhichtheEscrowIssuerwillissue,subjecttocustomaryclosingconditions,approximately$425millioninaggregateprincipalamountoftheEscrowIssuer’s9.5%seniornotesdue2024(the“SeniorNotes”)underanindenturetobeenteredintobetweentheEscrowIssuerandWellsFargoBank,NationalAssociation,astrustee(the“Trustee”).TheSeniorNoteswillbesoldtoqualifiedinstitutionalbuyerspursuanttoRule144A(andoutsidetheUnitedStatesinrelianceonRegulationS)undertheSecuritiesAct.

FollowingtheclosingoftheSeniorNotesoffering,theEscrowIssuerandManitowocFoodservicewilldeposittheproceedsfromtheSeniorNotes,togetherwithamountssufficienttofundaspecialmandatoryredemptionprice,asdescribedbelow,intoasegregatedescrowaccount.Thefundswillbereleasedfromescrow(the“EscrowRelease”)uponthedeliveryofanofficer’scertificatetotheescrowagentcertifying,amongotherthings,that:

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• theSpin-Offwillbeconsummatedwithinfivebusinessdays;

• theescrowedfundswillbeusedtopayacashdividendtoManitowocParentCoinanamountsufficienttorepaycertainofManitowocParentCo’sexistingdebtandcreditfacilities,andManitowocParentCowillusetheproceedsfromsuchdividendaccordingly;

• concurrentlywiththeEscrowRelease,thelendersundertheTermLoanFacilitywillfundthetermloanthereunderinanaggregateprincipalamountofatleast$975million,lessanyapplicablediscounts,feesandexpenses;

• immediatelypriortotheEscrowRelease,theEscrowIssuerwillbemergedwithandintoManitowocFoodservice(the“EscrowMerger”);

• immediatelypriortotheEscrowRelease,ManitowocFoodserviceandtheGuarantorswillhaveexecutedasupplementalindenturepursuanttowhichManitowocFoodservicewillassumetheEscrowIssuer’sobligationsundertheSeniorNotesandtheIndentureandtheGuarantorswillguaranteetheSeniorNotesasoftheEscrowReleasedate;

• immediatelypriortotheEscrowRelease,ManitowocFoodserviceandtheGuarantorswillexecuteajoindertotherelatedregistrationrightsagreement;

• ManitowocFoodservice,theEscrowIssuerandtheGuarantorswilldelivercertainopinionsofcounseltotheTrusteeandtheInitialPurchasers,asrequiredundertheIndentureandthePurchaseAgreement,respectively;and

• noeventofdefaultundertheIndentureshallhaveoccurredandbecontinuing(orwouldresulttherefrom).

IftheEscrowReleasehasnotoccurredbyJuly1,2016,ifManitowocParentCoearlierdeterminestheSpin-OffisnotinthebestinterestsofitsshareholdersorisotherwisenotadvisableorpubliclyannouncesitwillnotpursuethecompletionoftheSpin-Off,oriftheEscrowIssuerearliernotifiestheTrusteethattheconditionsfortheEscrowReleasecannotbesatisfiedbyJuly1,2016,theEscrowIssuerwillberequiredtoredeemtheSeniorNoteswithinfivebusinessdaysafternotifyingnoteholders,atapriceequaltotheprincipalamountoftheSeniorNotes,togetherwiththeinterestaccruedonsuchSeniorNotesfromtheissuedatetobutexcludingthedateofredemption.

FromandaftertheEscrowRelease,theSeniorNoteswillbefullyandunconditionallyguaranteed,jointlyandseverally,onanunsecuredbasisbyeachofManitowocFoodservice’sdomesticrestrictedsubsidiariesthatisaborrowerorguarantorundertheCreditFacilities.TheSeniorNotesandthesubsidiaryguaranteeswillbeunsecured,seniorobligations.

TheEscrowIssueror,aftertheEscrowMerger,ManitowocFoodservicemayredeemsomeoralloftheSeniorNotesfromtimetotimeataredemptionpriceequaltotheprincipalamountofthenotestoberedeemedpluscertainpremiumsassetforthintheIndenture.TheEscrowIssueror,aftertheEscrowMerger,ManitowocFoodservicewillgenerallyberequiredtooffertorepurchasealloftheoutstandingSeniorNotesupontheoccurrenceofcertainspecificchangeofcontroleventsatapurchasepriceequalto101%oftheprincipalamountplusaccruedandunpaidinteresttothedateofpurchase.

TheIndenturewillprovideforcustomaryeventsofdefault,includingwithrespecttotheescrowarrangements.Generally,ifaneventofdefaultoccurs(subjecttocertainexceptions),theTrusteeortheholdersofatleast25%inaggregateprincipalamountofthethenoutstandingSeniorNotesmaydeclarealltheSeniorNotestobedueandpayableimmediately.

TheIndenturewillalso,amongotherthings,limitourabilityandtheabilityofourrestrictedsubsidiariestoengageincertainactivities,including:incurringadditionalindebtednessorissuecertainpreferredstock;payingdividendsormakingcertainotherrestrictedpaymentsorpermittingourrestrictedsubsidiariestodothesame;incurringliens;enteringintocertaintypesoftransactionswithouraffiliates;andconsolidatingormergingwithorintoothercompanies.If,inthefuture,theSeniorNoteshaveinvestmentgradecreditratingsandnodefaultoreventofdefaultexistsundertheIndenture,certainofthesecovenantswillnolongerapplytotheSeniorNotesforsolongastheSeniorNotesareratedinvestmentgrade.TheseandothercovenantsthatwillbecontainedintheIndenturearesubjecttoimportantexceptionsandqualifications.

TheforegoingdescriptionoftheSeniorNotesandthePurchaseAgreementisqualifiedinitsentiretybyreferencetothePurchaseAgreement,whichis(1)filedasanexhibittoManitowocFoodservice’sRegistrationStatementonForm10,towhichthisInformationStatementisalsoanexhibit,and(2)incorporatedinthisInformationStatementbyreference.

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DESCRIPTION OF OUR CAPITAL STOCK

General

PriortotheDistributionDate,ManitowocParentCo,asoursolestockholder,willapproveandadoptourCertificateofIncorporation,andourBoardwillapproveandadoptourBylaws.Thefollowingsummarizesinformationconcerningourcapitalstock,includingprovisionsofDelawarelawandourCertificateofIncorporationandBylaws.YouareencouragedtoreadourCertificateofIncorporationandBylaws,whichwewillfileasexhibitstoourRegistrationStatementonForm10ofwhichthisInformationStatementisapart,forgreaterdetailwithrespecttotheseprovisions.

Distribution of Securities

Duringthepastthreeyears,wehavenotsoldanysecurities,includingsalesofreacquiredsecurities,newissues,securitiesissuedinexchangeforproperty,servicesorothersecurities,andnewsecuritiesresultingfromthemodificationofoutstandingsecuritiesthatwerenotregisteredundertheSecuritiesAct.

Authorized Capital Stock

ImmediatelyfollowingtheSpin-Off,ourauthorizedcapitalstockwillconsistof300,000,000sharesofcommonstock,parvalue$0.01pershare,and3,500,000sharesofpreferredstock,parvalue$0.01pershare.Wehavenopresentplanstoissueanysharesofpreferredstock.

Common Stock

SharesOutstanding.ImmediatelyfollowingtheSpin-Off,weestimatethatapproximately136,920,805sharesofourcommonstockwillbeissuedandoutstanding,basedontheapproximately136,617,161sharesofManitowocParentCocommonstockoutstandingasofDecember31,2015.ThedifferenceisduetothenumberofrestrictedstockunitsthatwillvestbetweenDecember31,2015andtheRecordDateandtheestimatednumberofsharestobeissuedpriortotheRecordDateundertheperformanceshareawardsmadeinFebruary2013underthe2013OmnibusIncentivePlan.TheactualnumberofsharesofourcommonstockoutstandingimmediatelyfollowingtheSpin-OffwilldependontheactualnumberofsharesofManitowocParentCocommonstockoutstandingontheRecordDate,andwillreflectanyissuanceofnewsharesorexerciseofoutstandingoptionspursuanttoManitowocParentCo’sequityplans.

Dividends.Holdersofsharesofourcommonstockwillbeentitledtoreceivedividendswhen,asandifdeclaredbyourBoardatitsdiscretionoutoffundslegallyavailableforthatpurpose,subjecttothepreferentialrightsofanyoutstandingsharesofpreferredstock.Thetiming,declaration,amountandpaymentoffuturedividendswilldependonourfinancialcondition,earnings,capitalrequirementsanddebtserviceobligations,aswellaslegalrequirements,regulatoryconstraints,industrypracticeandotherfactorsthatourBoarddeemsrelevant.OurBoardwillmakealldecisionsregardingourpaymentofdividendsfromtime-to-timeinaccordancewithapplicablelaw.See“RiskFactors-RisksRelatingtoOurCommonStockandtheSecuritiesMarkets-Wecannotassureyouthatwewillpaydividendsonourcommonstock,andourindebtednesscouldlimitourabilitytopaydividendsonourcommonstock”and“DividendPolicy.”

VotingRights.Theholdersofourcommonstockwillbeentitledtoonevoteforeachshareheldofrecordonallmatterssubmittedtoavoteofthestockholders.Withcertainexceptions,amajorityofthevotescastatastockholdermeetingatwhichaquorumispresentmustapproveallstockholdermatters.OurCertificateofIncorporationwillprovidethatanamendmenttoourCertificateofIncorporation,amerger,shareexchange,domestication,entityconversion,saleofassetsthatrequiresstockholderapprovalorourdissolutionmustbeapprovedbyamajorityofallthevotesentitledtobecastatastockholdermeeting.Exceptwithrespecttovacanciesornewdirectorships,ourBylawswillprovidethatourdirectorsareelectedbythevoteofthemajorityofthevotescast(meaningthenumberofsharesvoted“for”adirectormustexceedthenumberofsharesvoted“against”thatdirector).However,iftherearemorenomineesforelectionthanthenumberofdirectorstobeelected,directorswillbeelectedbyapluralityofthevotescastontheelectionofdirectorsatastockholdermeetingatwhichaquorumispresent.

OtherRights.Subjecttoanypreferentialliquidationrightsofholdersofpreferredstockthatmaybeoutstanding,uponourdissolution,theholdersofourcommonstockwillbeentitledtoshareratablyinourassetslegallyavailablefordistributiontoourstockholders.

FullyPaid.Theissuedandoutstandingsharesofourcommonstockarefullypaidandnon-assessable.Anyadditionalsharesofcommonstockthatwemayissueinthefuturewillalsobefullypaidandnon-assessable.

Theholdersofourcommonstockwillnothavepreemptiverightsorpreferentialrightstosubscribeforsharesofourcapitalstock.

Preferred Stock

ImmediatelyfollowingtheSpin-Off,wewillbeauthorizedtoissueupto3,500,000sharesofpreferredstock,parvalue$0.01pershare.OurBoard,withoutfurtheractionbytheholdersofourcommonstockmayissuesharesofourpreferredstock.OurBoardisvestedwiththeauthoritytofixbyresolutionthedesignations,preferencesandrelative,participating,optionalorotherspecialrights,andsuchqualifications,limitationsorrestrictionsthereof,including,withoutlimitation,redemptionrights,dividendrights,liquidationpreferencesandconversionorexchangerightsofanyclassorseriesofpreferredstock,andtofixthenumberofclassesorseriesofpreferredstock,thenumberofsharesconstitutinganysuchclassorseriesandthevotingpowersforeachclassorseries.

OurBoard’sauthoritytoissuepreferredstockcouldpotentiallybeusedtodiscourageattemptsbythirdpartiestoobtaincontrolofManitowocFoodservicethroughamerger,tenderoffer,proxycontestorotherwisebymakingsuchattemptsmoredifficultormorecostly.

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OurBoardmayissuepreferredstockwithvotingrightsorconversionrightsthat,ifexercised,couldadverselyaffectthevotingpoweroftheholdersofcommonstock.TherearenocurrentagreementsorunderstandingswithrespecttotheissuanceofpreferredstockandourBoardhasnopresentintentiontoissueanysharesofpreferredstock.

Size of Board and Vacancies; Removal

OurCertificateofIncorporationprovidesthatthenumberofdirectorsontheBoardshallbefixedfromtimetotimebytheBoard,andourBylawsprovidethatthenumberofdirectorsshallbefixedfromtimetotimeexclusivelypursuanttoaresolutionadoptedbyamajorityoftheBoard,butthattheBoardshallatnotimeconsistofgreaterthanninedirectors.AnyvacancyontheBoard,whetherresultingfromthedeath,resignation,retirement,disqualificationorremovalofadirectororfromanewlycreateddirectorship,maybefilledonlybytheaffirmativevoteofamajorityoftheremainingdirectors,eveniflessthanaquorum.

UnderourBylaws,stockholdersmayremoveamemberofourBoardwiththeaffirmativevoteoftheholdersofamajorityofthevotingpowerofalltheoutstandingsharesofcommonstock,votingtogetherasasingleclass.

Stockholder Action by Written Consent

OurCertificateofIncorporationprovidesthatanyactionrequiredorpermittedtobetakenbyourstockholdersatastockholdersmeetingmayonlybeeffectedatsuchameetingandmaynotbeeffectedbyconsentinwritingbysuchstockholders.

Stockholder Meetings

UnderourBylaws,onlyourChairmanoftheBoard,theBoardoranyrecordholdersofsharesofourcommonstockrepresentingintheaggregatenotlessthantenpercent(10%)ofthetotalnumberofvotesentitledtobecastonthematterormatterstobebroughtbeforetheproposedspecialmeetingwillbeabletocallaspecialmeetingofstockholders.Forastockholdertocallaspecialmeeting,thestockholders(s)mustcomplywiththerequirementssetforthinourBylaws,includinggivingnoticetooursecretary,whichnoticemustincludetheinformationdescribedin“RequirementsforAdvanceNotificationofStockholderNominationandProposals”below.

Requirements for Advance Notification of Stockholder Nomination and Proposals

OurBylawsestablishadvancenoticeprocedureswithrespecttostockholderproposalsandnominationofcandidatesfortheelectionofdirectorsotherthannominationsmadebyoratthedirectionofourBoardoracommitteeofourBoard.Propernoticemustbetimely;forannualmeetingsofstockholders,noticemustgenerallybegivenbetween90and120dayspriortothefirstanniversaryoftheprioryear’sannualmeeting,andforspecialmeetingsofstockholders,noticemustgenerallybegivenbetween90and120dayspriortothedateofthespecialmeeting.Propernoticemustinclude,amongotherinformation,thenameandaddressofthestockholdergivingthenotice,arepresentationthatsuchstockholderisaholderofrecordofourcommonstockasofthedateofthenotice,certaininformationrelatingtoeachpersonwhomsuchstockholderproposestonominateforelectionasadirector,abriefdescriptionofanyotherbusinessandthetextofanyproposalsuchstockholderproposestobringbeforethemeetingandthereasonforbringingsuchproposal,andthenameofeachpersonwithwhomthestockholderisactinginconcertwithrespecttoManitowocFoodserviceorwithwhomsuchstockholderhasanyagreement,arrangementorunderstanding(whetherwrittenororal)forthepurposeofacquiring,holding,votingordisposingofourcommonstock,ortocooperateininfluencingthecontrolofManitowocFoodservice,includingdetailsofanysuchagreement,arrangementorunderstanding,allsharesofourcommonstockthatarebeneficiallyownedorownedofrecordbysuchpersons,anyderivativesecuritiesownedbysuchpersonsorothersimilararrangementswithrespecttosharesofourcommonstock(includingalleconomicterms),andanyotherinformationrequestedinourBylaws,includinganyupdateorsupplementdescribedinourBylaws.

No Cumulative Voting

OurCertificateofIncorporationprovidesthatstockholdersshallnothavecumulativevotingrightsfortheelectionofdirectorsorforanyotherpurpose.

Transfer Agent and Registrar

ThetransferagentandregistrarforourcommonstockwillbeComputershare.

NYSE Listing

OurcommonstockhasbeenauthorizedforlistingontheNYSEunderthetickersymbol“MFS.”

Limitation on Liability of Directors and Indemnification of Directors and Officers

Section145oftheDGCLprovidesthatacorporationmayindemnifydirectorsandofficersaswellasotheremployeesandindividualsagainstexpenses(includingattorneys’fees),judgments,finesandamountspaidinsettlementinconnectionwithanythreatened,pendingorcompletedaction,suitorproceeding,whethercivil,criminal,administrativeorinvestigative,inwhichsuchpersonismadeapartybyreasonofthefactthatthepersonisorwasadirector,officer,employeeoragentofthecorporation(otherthananactionbyorintherightofthecorporation-a“derivativeaction”),ifsuchpersonactedingoodfaithandinamannersuchpersonreasonablybelievedtobeinornotopposedtothebestinterestsofthecorporationand,withrespecttoanycriminalactionorproceeding,hadnoreasonablecausetobelievesuchperson’sconductwasunlawful.Asimilarstandardisapplicableinthecaseofderivativeactions,exceptthatindemnificationonlyextendstoexpenses(includingattorneys’fees)incurredinconnectionwiththedefenseorsettlementofsuchaction,andthestatuterequirescourt

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approvalbeforetherecanbeanyindemnificationwherethepersonseekingindemnificationhasbeenfoundliabletothecorporation.Thestatuteprovidesthatitisnotexclusiveofotherindemnificationthatmaybegrantedbyacorporation’sbylaws,disinteresteddirectorvote,stockholdervote,agreementorotherwise.

Ourcertificateofincorporationprovidesthatnodirectorshallbepersonallyliabletousorourstockholdersformonetarydamagesforbreachoffiduciarydutyasadirector,excepttotheextentsuchexemptionfromliabilityorlimitationonliabilityisnotpermittedundertheDGCL,asnowineffectorasamended.Currently,Section102(b)(7)oftheDGCLrequiresthatliabilitybeimposedforthefollowing:

• anybreachofthedirector’sdutyofloyaltytousorourstockholders;• anyactoromissionnotingoodfaithorwhichinvolvedintentionalmisconductoraknowingviolationoflaw;• unlawfulpaymentsofdividendsorunlawfulstockrepurchasesorredemptionsasprovidedinSection174oftheDGCL;and• anytransactionfromwhichthedirectorderivedanimproperpersonalbenefit.

OurBylawsprovidethat,tothefullestextentauthorizedorpermittedbytheDGCL,asnowineffectorasamended,wewillindemnifyanypersonwhowasorisapartyoristhreatenedtobemadeapartytoanythreatened,pendingorcompletedaction,suitorproceedingbyreasonofthefactthatsuchperson,orapersonofwhomheorsheisthelegalrepresentative,isorwasourdirectororofficer,orbyreasonofthefactthatourdirectororofficerisorwasserving,atourrequest,asadirector,officer,employeeoragentofanothercorporationorofapartnership,jointventure,trustorotherenterprise,includingservicewithrespecttoemployeebenefitplansmaintainedorsponsoredbyus.Wewillindemnifysuchpersonsagainstexpenses(includingattorneys’fees),judgments,finesandamountspaidinsettlementactuallyandreasonablyincurredinconnectionwithsuchactionifsuchpersonactedingoodfaithandinamannerreasonablybelievedtobeinourbestinterestsand,withrespecttoanycriminalproceeding,hadnoreasontobelievetheirconductwasunlawful.Asimilarstandardisapplicableinthecaseofderivativeactions,exceptthatindemnificationonlyextendstoexpenses(includingattorneys’fees)incurredinconnectionwiththedefenseorsettlementofsuchactions,andcourtapprovalisrequiredbeforetherecanbeanyindemnificationwherethepersonseekingindemnificationhasbeenfoundliabletous.Anyamendmentofthisprovisionwillnotreduceourindemnificationobligationsrelatingtoactionstakenbeforeanamendment.

Weintendtoobtainpoliciesthatinsureourdirectorsandofficersandthoseofoursubsidiariesagainstcertainliabilitiestheymayincurintheircapacityasdirectorsandofficers.Underthesepolicies,theinsurer,onourbehalf,mayalsopayamountsforwhichwehavegrantedindemnificationtothedirectorsorofficers.

Certain Matters

OnFebruary6,2015,ManitowocParentCoenteredintoaSettlementAgreement(the“SettlementAgreement”)withCarlC.Icahn,IcahnPartnersMasterFundLP,IcahnOffshoreLP,IcahnPartnersLP,IcahnOnshoreLP,BecktonCorp.,HopperInvestmentsLLC,BarberryCorp.,HighRiverLimitedPartnership,IcahnCapitalLP,IPHGPLLC,IcahnEnterprisesHoldingsL.P.andIcahnEnterprisesG.P.Inc.(collectively,the“IcahnShareholders”).ManitowocParentCoandtheIcahnShareholderssubsequentlyagreedtoamendtheSettlementAgreementonDecember31,2015(the“SettlementAgreementAmendment”).TheIcahnShareholdershavedisclosedbeneficialownershipexceeding5%ofManitowocParentCo’scommonstock.See“SecurityOwnershipofCertainBeneficialOwnersAndManagement”above.

Amongotherthings,theSettlementAgreementprovidesthat,inconnectionwiththeSpin-Off,onedesigneeoftheIcahnShareholders(the“IcahnDesignee”)willbeappointedtoourBoard.TheIcahnDesigneeissubjecttotheapprovaloftheManitowocParentCoBoard,whichapprovalmaynotbeunreasonablywithheld,conditionedordelayed.TheIcahnDesigneewillbeentitledtoserveuntilourfirstannualmeetingofstockholders,providedthatsuchannualmeetingmustbeheldnoearlierthanthenine-monthanniversaryoftheSpin-Offandnolaterthanthetwelve-monthanniversaryoftheSpin-Off(unlessthetwelve-monthanniversaryoccurswithinthe90-dayperiodimmediatelyfollowingourfiscalyearend,inwhichcasethedeadlinewillbeextendeduntil135daysafterthatfiscalyearend).TheIcahnDesigneemustpromptlyresignfromourBoardiftheIcahnShareholdersceasetoownanetlongpositioninourvotingsecuritiesofatleast5%ofourvotingshares.Mr.AndrewLanghamistheIcahnDesigneeandhasbeenapprovedbytheManitowocParentCoBoard.See"BoardofDirectors-BoardofDirectorsFollowingtheSpin-Off."

TheSettlementAgreementalsorequiresustosatisfycertaincorporategovernancerequirementsforthedurationofastandstillperiod,whichrunsuntilthelaterof(1)theearlierof(A)thedaythatis15dayspriortotheadvancenoticedeadlinesetforthinourBylawswithrespecttoourfirstannualmeetingofstockholdersand(B)thenine-monthanniversaryoftheSpin-Off,and(2)25daysafterthedatethatnoIcahnDesigneeservesonourBoard.

WhiletheforegoingsummarydescribesallofthematerialtermsoftheSettlementAgreementandtheSettlementAgreementAmendment,suchsummaryisnotcompleteandissubjectto,andqualifiedinitsentiretyby,thefulltextoftheSettlementAgreementandtheSettlementAgreementAmendment,whichareboth(1)filedasexhibitstoManitowocFoodservice'sRegistrationStatementonForm10towhichthisInformationStatementisalsoanexhibitand(2)incorporatedinthisInformationStatementbyreference.

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WHERE YOU CAN FIND MORE INFORMATION

WehavefiledaRegistrationStatementonForm10withtheSECwithrespecttothesharesofourcommonstockthatManitowocParentCo’sshareholderswillreceiveintheDistributionascontemplatedbythisInformationStatement.ThisInformationStatementisapartof,anddoesnotcontainalloftheinformationsetforthin,theRegistrationStatementandtheotherexhibitsandschedulestotheRegistrationStatement.Forfurtherinformationwithrespecttousandourcommonstock,pleaserefertotheRegistrationStatement,includingitsotherexhibitsandschedules.StatementswemakeinthisInformationStatementrelatingtoanycontractorotherdocumentarenotnecessarilycomplete,andyoushouldrefertotheexhibitsattachedtotheRegistrationStatementforcopiesoftheactualcontractordocument.YoumayreviewacopyoftheRegistrationStatement,includingitsexhibitsandschedules,attheSEC’spublicreferenceroom,locatedat100FStreet,N.E.,Washington,D.C.20549,aswellasontheInternetWebsitemaintainedbytheSECatwww.sec.gov.PleasecalltheSECat1-800-SEC-0330formoreinformationonthepublicreferenceroom.InformationcontainedonanyWebsitewerefertointhisInformationStatementdoesnotandwillnotconstituteapartofthisInformationStatementortheRegistrationStatementonForm10ofwhichthisInformationStatementisapart.

AsaresultoftheSpin-Off,wewillbecomesubjecttotheinformationandreportingrequirementsoftheExchangeActand,inaccordancewiththeExchangeAct,wewillfileperiodicreports,proxystatementsandotherinformationwiththeSEC.

YoumayrequestacopyofanyofourfilingswiththeSECatnocostbywritingortelephoningusatthefollowingaddress:

InvestorRelationsManitowocFoodservice,Inc.2227WelbiltBoulevard

NewPortRichey,FL34655Phone:(727)853-3079

Email:investors@mtwfs.com

WeintendtofurnishholdersofourcommonstockwithannualreportscontainingconsolidatedfinancialstatementspreparedinaccordancewithU.S.GAAPandauditedandreportedonbyanindependentregisteredpublicaccountingfirm

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INDEX TO FINANCIAL STATEMENTS

AUDITED COMBINED FINANCIAL STATEMENTS:

ReportofIndependentRegisteredPublicAccountingFirmonFinancialStatements F-1

CombinedStatementsofOperationsfortheYearsEndedDecember31,2014,2013,and2012 F-2

CombinedStatementsofComprehensiveIncomefortheYearsEndedDecember31,2014,2013,and2012 F-3

CombinedBalanceSheetsasofDecember31,2014and2013 F-4

CombinedStatementsofCashFlowsfortheYearsEndedDecember31,2014,2013,and2012 F-5

CombinedStatementsofParentEquityfortheYearsEndedDecember31,2014,2013,and2012 F-6

NotestoAuditedCombinedFinancialStatements F-7

UNAUDITED CONDENSED COMBINED FINANCIAL STATEMENTS:

CondensedCombinedStatementsofOperationsfortheNineMonthsEndedSeptember30,2015and2014 F-42

CondensedCombinedStatementsofComprehensiveIncomefortheNineMonthsEndedSeptember30,2015and2014 F-43

CondensedCombinedBalanceSheetsasofSeptember30,2015andDecember31,2014 F-44

CondensedCombinedStatementsofCashFlowsfortheNineMonthsEndedSeptember30,2015and2014 F-45

NotestoUnauditedCondensedCombinedFinancialStatements F-46

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Report of Independent Registered Public Accounting Firm

TotheStockholdersandBoardofDirectorsofTheManitowocCompany,Inc.:

Inouropinion,theaccompanyingcombinedbalancesheetsandtherelatedcombinedstatementsofoperations,comprehensiveincome,cashflows,andequitypresentfairly,inallmaterialrespects,thefinancialpositionofManitowocFoodservice,Inc.atDecember31,2014and2013,andtheresultsoftheiroperationsandtheircashflowsforeachofthethreeyearsintheperiodendedDecember31,2014,inconformitywiththeaccountingprinciplesgenerallyacceptedintheUnitedStatesofAmerica.ThesefinancialstatementsaretheresponsibilityofthemanagementofManitowocFoodservice,Inc.Ourresponsibilityistoexpressanopiniononthesefinancialstatementsbasedonouraudits.WeconductedourauditsofthesestatementsinaccordancewiththestandardsofthePublicCompanyAccountingOversightBoard(UnitedStates).Thosestandardsrequirethatweplanandperformtheaudittoobtainreasonableassuranceaboutwhetherthefinancialstatementsarefreeofmaterialmisstatement.Anauditincludesexamining,onatestbasis,evidencesupportingtheamountsanddisclosuresinthefinancialstatements,assessingtheaccountingprinciplesusedandsignificantestimatesmadebymanagement,andevaluatingtheoverallfinancialstatementpresentation.Webelievethatourauditsprovideareasonablebasisforouropinion.

/s/PricewaterhouseCoopersLLP Milwaukee,Wisconsin September1,2015

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MANITOWOCFOODSERVICECombined Statements of OperationsFortheyearsendedDecember31,2014,2013,and2012

Millions of dollars 2014 2013 2012

Operations

Netsales $ 1,581.3 $ 1,541.8 $ 1,486.2

Costsandexpenses:

Costofsales 1,073.3 1,030.9 997.6

Engineering,sellingandadministrativeexpenses 299.6 289.7 278.5

Amortizationexpense 31.8 31.4 31.3

Assetimpairmentexpense 1.1 — —

Restructuringexpense 2.6 2.9 2.2

Otherexpense(income) 0.4 (0.8) 1.8

Totalcostsandexpenses 1,408.8 1,354.1 1,311.4

Operatingearningsfromcontinuingoperations 172.5 187.7 174.8

Other(expenses)income:

Interestexpenseoncapitalleases (1.3) (1.0) (1.0)

InterestincomeonnoteswithManitowocParentCo-net 16.6 17.2 4.5

Other(expense)income-net (0.6) 0.7 1.2

Totalotherincome 14.7 16.9 4.7

Earningsfromcontinuingoperationsbeforetaxesonearnings 187.2 204.6 179.5

Provisionfortaxesonearnings 25.9 55.3 47.5

Earningsfromcontinuingoperations 161.3 149.3 132.0

Discontinuedoperations: (Loss)earningsfromdiscontinuedoperations,netofincometaxesof$(0.3),$(1.0),and$0.3,respectively

(0.4) (0.5) 0.6

Lossonsaleofdiscontinuedoperations,netofincometaxesof$(0.6),$4.4and$0.0,respectively (1.1) (2.7) —

Netearnings $ 159.8 $ 146.1 $ 132.6

Theaccompanyingnotesareanintegralpartofthesefinancialstatements.

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MANITOWOCFOODSERVICECombined Statements of Comprehensive IncomeFortheyearsendedDecember31,2014,2013,and2012

Millions of dollars 2014 2013 2012

Netearnings $ 159.8 $ 146.1 $ 132.6

Othercomprehensive(loss)income,netoftax Foreigncurrencytranslationadjustments (16.9) 2.6 4.2

Unrealized(loss)incomeonderivatives,netofincometaxesof$0.2,$0.0,and$(0.6),respectively (0.6) (0.2) 0.4

Employeepensionandpostretirementbenefits,netofincometaxesof$0.3,$(0.6),and$(0.1),respectively (4.4) 5.6 (9.8)

Totalothercomprehensive(loss)income,netoftax (21.9) 8.0 (5.2)

Comprehensiveincome $ 137.9 $ 154.1 $ 127.4

Theaccompanyingnotesareanintegralpartofthesefinancialstatements.

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MANITOWOCFOODSERVICECombined Balance SheetsAsofDecember31,2014and2013

Millions of dollars 2014 2013

Assets

CurrentAssets:

Cashandcashequivalents $ 16.5 $ 9.6

Accountsreceivable,lessallowancesof$3.9and$3.1,respectively 71.0 73.3

Inventories—net 163.2 143.7

Deferredincometaxes 23.7 33.0

Othercurrentassets 15.1 11.8

Totalcurrentassets 289.5 271.4

Property,plantandequipment—net 134.3 140.3

Goodwill 872.8 873.5

Otherintangibleassets—net 584.5 623.7

Othernon-currentassets 17.2 9.3

Totalassets 1,898.3 1,918.2

LiabilitiesandEquity

CurrentLiabilities:

Accountspayableandaccruedexpenses 332.1 322.5

Currentportionofcapitalleases 0.5 2.7

Productwarranties 36.0 30.2

Totalcurrentliabilities 368.6 355.4

Non-CurrentLiabilities:

Long-termcapitalleases 3.6 1.7

Deferredincometaxes 218.0 232.7

Pensionandpostretirementhealthobligations 36.4 29.1

Othernon-currentliabilities 20.3 30.9

Totalnon-currentliabilities 278.3 294.4Commitmentsandcontingencies(Note15)

TotalEquity:

Netparentcompanyinvestment 1,272.1 1,267.2

Accumulatedothercomprehensive(loss)income (20.7) 1.2

Totalequity 1,251.4 1,268.4

Totalliabilitiesandequity $ 1,898.3 $ 1,918.2

Theaccompanyingnotesareanintegralpartofthesefinancialstatements.

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MANITOWOCFOODSERVICECombined Statements of Cash FlowsFortheyearsendedDecember31,2014,2013,and2012

Millions of dollars 2014 2013 2012

Cash Flows From Operations

Netearnings $ 159.8 $ 146.1 $ 132.6

Adjustmentstoreconcilenetearningstocashprovidedbyoperatingactivitiesofcontinuingoperations:

Assetimpairments 1.1 — —

Discontinuedoperations,netofincometaxes 0.4 0.5 (0.6)

Depreciation 21.2 20.0 22.3

Amortizationofintangibleassets 31.8 31.4 31.3

Deferredincometaxes (17.5) (9.6) (8.2)

Lossonsaleofproperty,plant,andequipment 0.3 0.7 0.6

Lossofsaleofdiscontinuedoperations 1.1 2.7 —

Other 2.4 3.6 4.1

Changesinoperatingassetsandliabilities,excludingtheeffectsofbusinessacquisitionsordispositions:

Accountsreceivable (0.3) (3.2) 10.0

Inventories (23.8) (8.8) (3.8)

Otherassets (1.3) (5.7) (1.9)

Accountspayable 21.2 17.0 9.9

Accruedexpensesandotherliabilities 4.2 9.6 (35.3)

Netcashprovidedbyoperatingactivitiesofcontinuingoperations 200.6 204.3 161.0

Netcash(usedfor)providedbyoperatingactivitiesofdiscontinuedoperations (0.4) (2.4) 3.5

Netcashprovidedbyoperatingactivities 200.2 201.9 164.5

Cash Flows From Investing

Capitalexpenditures (25.3) (33.6) (17.5)

Proceedsfromsaleofproperty,plantandequipment — 1.6 —

Businessacquisitions,netofcashacquired — (12.2) —

Proceedsfromsaleofbusiness — 0.7 —

Netcashusedforinvestingactivitiesofcontinuingoperations (25.3) (43.5) (17.5)

Netcashusedforinvestingactivitiesofdiscontinuedoperations — 0.6 (0.2)

Netcashusedforinvestingactivities (25.3) (42.9) (17.7)

Cash Flows From Financing

Paymentsoncapitalleases (3.4) (2.9) (0.4)

Proceedsfromcapitalleases 3.1 3.4 1.7

NettransactionswithManitowocParentCo (166.7) (171.5) (151.8)

Netcashusedforfinancingactivities (167.0) (171.0) (150.5)

Effectofexchangeratechangesoncash (1.0) (0.6) 1.0

Netincrease(decrease)incashandcashequivalents 6.9 (12.6) (2.7)

Balanceatbeginningofyear 9.6 22.2 24.9

Balanceatendofyear $ 16.5 $ 9.6 $ 22.2

Supplemental Cash Flow Information

Incometaxespaid $ 13.2 $ 15.9 $ 6.1

Theaccompanyingnotesareanintegralpartofthesefinancialstatements.

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MANITOWOCFOODSERVICECombined Statements of EquityFortheyearsendedDecember31,2014,2013and2012

Millions of dollars 2014 2013 2012

Net Parent Company Investment Balanceatbeginningofyear $ 1,267.2 $ 1,303.5 $ 1,339.8

Netearnings 159.8 146.1 132.6

Netdecreaseinnetparentcompanyinvestment (154.9) (182.4) (168.9)

Balanceatendofyear $ 1,272.1 $ 1,267.2 $ 1,303.5

Accumulated Other Comprehensive (Loss) Income Balanceatbeginningofyear $ 1.2 $ (6.8) $ (1.6)

Othercomprehensive(loss)income (21.9) 8.0 (5.2)

Balanceatendofyear $ (20.7) $ 1.2 $ (6.8)

Totalequity $ 1,251.4 $ 1,268.4 $ 1,296.7

Theaccompanyingnotesareanintegralpartofthesefinancialstatements.

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MANITOWOC FOODSERVICENotes to Combined Financial Statements

For the Years Ended December 31, 2014, 2013, and 2012

1. Description of the Business and Basis of Presentation

The Proposed Transaction

OnJanuary29,2015,ManitowocParentCoannouncedplanstocreatetwoindependentpubliccompanies:theCraneBusinessandtheFoodserviceBusiness.Toeffecttheseparation,first,ManitowocParentCowillundertakeaninternalreorganization.Followingtheinternalreorganization,ManitowocParentCowillholdtheCraneBusiness,andManitowocFoodservice,ManitowocParentCo'swhollyownedsubsidiary,willholdtheFoodserviceBusiness.Then,ManitowocParentCowilldistributeallofManitowocFoodservice'scommonstocktoManitowocParentCo’sshareholders,andManitowocFoodservice,holdingtheFoodserviceBusiness,willbecomeanindependentpubliclytradedcompany.

Inthesecombinedfinancialstatements,unlessthecontextotherwiserequires:

• "ManitowocFoodservice,""we,""our"and"us"refertoManitowocFoodservice,Inc.anditscombinedsubsidiaries,aftergivingeffecttotheinternalreorganizationandthedistribution,and

• "ManitowocParentCo"referstoTheManitowocCompany,Inc.anditsconsolidatedsubsidiaries,otherthan,forallperiodsfollowingtheSpin-Off,ManitowocFoodservice.

• "Spin-Off"referstoboththeabovedescribedinternalreorganizationanddistribution,collectively.

TheSpin-Offissubjecttothesatisfaction,orManitowocParentCo’swaiver,ofanumberofconditions.Inaddition,ManitowocParentCohastherightnottocompletetheSpin-Offif,atanytime,theManitowocParentCoBoardofDirectorsdetermines,initssoleandabsolutediscretion,thattheSpin-OffisnotinthebestinterestsofManitowocParentCooritsshareholdersorisotherwisenotadvisable.

Nature of the Business

ManitowocFoodserviceisamongtheworld’smostpreferredandinnovativecommercialfoodserviceequipmentcompanies.Itdesigns,manufactures,andservicesanintegratedportfolioofhotandcoldcategoryproducts.Wehaveoneoftheindustry’sbroadestportfoliosofproductsthatcreateoptimalvalueforourchannelspartnerswhiledeliveringsuperiorperformance,quality,reliability,anddurabilityforourcustomers.Ourcapabilitiesspanrefrigeration,ice-making,cooking,holding,food-preparation,andbeverage-dispensingtechnologies,andallowustoequipentirecommercialkitchensandservetheworld’sgrowingdemandforfoodpreparedawayfromhome.Wesupplyfoodserviceequipmenttocommercialandinstitutionalfoodserviceoperatorssuchasfull-servicerestaurants,quick-servicerestaurantchains,hotels,caterers,supermarkets,conveniencestores,businessandindustry,hospitals,schoolsandotherinstitutions.

Basis of Presentation

TheaccompanyingcombinedfinancialstatementshavebeenpreparedinaccordancewithaccountingprinciplesgenerallyacceptedintheUnitedStates(“U.S.GAAP”),andderivedfromtheconsolidatedfinancialstatementsandaccountingrecordsofManitowocParentCo.Theaccompanyingcombinedfinancialstatementsincludethehistoricalcostbasisofassets,liabilities,revenues,andexpensesoftheindividualentitiesthatcompriseManitowocParentCo'shistoricalFoodservicesegment,inadditiontoacorporateentitywhichhistoricallysupportedFoodserviceoperations.AllintercompanybalancesandtransactionswithinManitowocFoodserviceanditsaffiliateshavebeeneliminated.However,interestincomeandexpenserelatedtothenoteswithManitowocParentCohavebeenreflectedonanetbasiswithinthecombinedstatementofoperationsasdescribedinNote21,"NetParentCompanyInvestmentandRelatedPartyTransactions."

AstheseparatelegalentitiesthatcomprisetheFoodservicebusinesswerenothistoricallyheldbyasinglelegalentity,NetParentCompanyInvestmentisshowninlieuofshareholder’sequityinthesecombinedfinancialstatements.BalancesbetweenManitowocFoodserviceandManitowocParentCo(includingitsCranebusiness)thatwerenothistoricallysettledincashareincludedinNetParentCompanyInvestment.NetParentCompanyInvestmentrepresentsManitowocParentCo'sinterestintherecordedassetsofManitowocFoodserviceandrepresentsthecumulativeinvestmentbyManitowocParentCoinitsFoodservicebusinessthroughthedatespresented,inclusiveofoperatingresults.

Duringtheperiodspresented,theFoodservicebusinessfunctionedaspartofthelargergroupofcompaniescontrolledbyManitowocParentCo,accordingly,ManitowocParentCoperformedcertaincorporateoverheadfunctionsfortheFoodservicebusiness.Therefore,certaincostsrelatedtotheFoodservicebusinesshavebeenallocatedfromManitowocParentCo.Theseallocatedcostsareprimarilyrelatedto:1)corporateofficers,2)employeebenefitsandcompensation,3)share-basedcompensation,and4)certainadministrativefunctions,whicharenotprovidedatthebusinesslevelincluding,butnotlimitedto,finance,treasury,tax,audit,legal,informationtechnology,humanresources,andinvestorrelations.Wherepossible,thesecostswereallocatedbasedondirectusage,withtheremainderallocatedonabasisofrevenue,headcount,orothermeasureswehavedeterminedasreasonable.

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ManagementofManitowocFoodservicebelievestheassumptionsunderlyingthecombinedfinancialstatements,includingtheassumptionsregardingtheallocatedexpenses,reasonablyreflecttheutilizationofservicesprovidedtoorthebenefitreceivedbytheFoodservicebusinessduringtheperiodspresented.Nevertheless,theaccompanyingcombinedfinancialstatementsmaynotbeindicativeoftheFoodservicebusiness'sfutureperformance,anddonotnecessarilyincludealltheoftheactualexpensesthatwouldhavebeenincurredbytheFoodservicebusinessandmaynotreflecttheresultsofoperations,financialposition,andcashflowshadManitowocFoodservicebeenastandalonecompanyduringtheperiodspresented.

CashismanagedcentrallyandflowsthroughcentralizedbankaccountscontrolledandmaintainedbyManitowocParentCo.Accordingly,cashandcashequivalentsheldbyManitowocParentCoatthecorporatelevelwerenotattributabletotheFoodservicebusinessforanyoftheperiodspresented.OnlycashamountsspecificallyattributabletotheFoodservicebusinessarereflectedinthecombinedbalancesheets.Transfersofcash,bothtoandfromManitowocParentCo'scentralizedcashmanagementsystem,arereflectedasacomponentofNetParentCompanyInvestmentinthecombinedbalancesheetsandasafinancingactivityontheaccompanyingcombinedstatementsofcashflows.Additionally,noneofManitowocParentCo’sdebthasbeenallocatedtothecombinedfinancialstatementsasManitowocFoodservicehasnolegalobligationforanyofthedebtagreements.ManitowocFoodservicereceivedorprovidedfundingaspartofManitowocParentCo'scentralizedtreasuryprogram.

Incometaxexpenseinthecombinedstatementofoperationsiscomputedonaseparatereturnbasis,asifManitowocFoodservicewasoperatingasaseparateconsolidatedgroupandfiledseparatetaxreturnsinthejurisdictionsinwhichitoperates.Asaresultofpotentialchangestoourbusinessmodelandpotentialpastandfuturetaxplanning,incometaxexpenseincludedinthecombinedfinancialstatementsmaynotbeindicativeofManitowocFoodservice'sfutureexpectedtaxrate.Inaddition,cashtaxpaymentsanditemsofcurrentanddeferredtaxesmaynotbereflectiveofManitowocFoodservice'sactualtaxbalancespriortoorsubsequenttotheSpin-Off.

2. Summary of Significant Accounting Policies

Cash, Cash Equivalents, and Restricted Cash Allshort-terminvestmentspurchasedwithanoriginalmaturityofthreemonthsorlessareconsideredcashequivalents.AllcashismanagedcentrallybyManitowocParentCoandcashheldbyManitowocParentCoatthecorporatelevelwerenotattributedtotheFoodservicebusinessforanyperiodspresented.OnlycashamountsspecificallyattributabletotheFoodservicebusinessarereflectedinthecombinedbalancesheet.

Inventories Inventoriesarevaluedatthelowerofcostormarketvalue.Approximately88.6%and91.8%ofManitowocFoodservice'sinventoriesatDecember31,2014and2013,respectively,werevaluedusingthefirst-in,first-out(FIFO)method.Theremaininginventorieswerevaluedusingthelast-in,first-out(LIFO)method.IftheFIFOinventoryvaluationmethodhadbeenusedexclusively,inventorieswouldhaveincreasedby$3.1millionand$2.8millionatDecember31,2014and2013,respectively.Finishedgoodsandwork-in-processinventoriesincludematerial,laborandmanufacturingoverheadcosts.

Goodwill and Other Intangible Assets ManitowocFoodserviceaccountsforitsgoodwillandotherintangibleassetsundertheguidanceofASCSubtopic350-10,“Intangibles—GoodwillandOther.”UnderASCSubtopic350-10,goodwillisnotamortized,butitistestedforimpairmentannually,ormorefrequently,aseventsdictate.Seeadditionaldiscussionofimpairmenttestingunder“ImpairmentofLong-LivedAssets,”below.ManitowocFoodservice'sotherintangibleassetswithindefinitelives,includingtrademarksandtradenamesandin-placedistributornetworks,arenotamortized,butarealsotestedforimpairmentannually,ormorefrequently,aseventsdictate.ManitowocFoodservice’sotherintangibleassetssubjecttoamortizationaretestedforimpairmentwhenevereventsorchangesincircumstancesindicatethattheircarryingvaluesmaynotberecoverable.Otherintangibleassetsareamortizedstraight-lineoverthefollowingestimatedusefullives:

Useful livesPatents 10-20yearsEngineeringdrawings 15yearsCustomerrelationships 10-20years

Property, Plant and Equipment Property,plantandequipmentarestatedatcost.Expendituresformaintenance,repairsandminorrenewalsarechargedagainstearningsasincurred.Expendituresformajorrenewalsandimprovementsthatsubstantiallyextendthecapacityorusefullifeofanassetarecapitalizedandarethendepreciated.Thecostandaccumulateddepreciationforproperty,plantandequipmentsold,retired,orotherwisedisposedofarerelievedfromtheaccounts,andresultinggainsorlossesarereflectedinearnings.Property,plantandequipmentaredepreciatedovertheestimatedusefullivesoftheassetsusingthestraight-linedepreciationmethodforfinancialreportingandonacceleratedmethodsforincometaxpurposes.

Property,plantandequipmentaredepreciatedoverthefollowingestimatedusefullives:

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YearsBuildingandimprovements 2-40Machinery,equipmentandtooling 2-20Furnitureandfixtures 3-15Computerhardwareandsoftware 2-7

Impairment of Long-Lived Assets ManitowocFoodservicereviewslong-livedassetsforimpairmentwhenevereventsorchangesincircumstancesindicatethattheassets’carryingamountmaynotberecoverable.ManitowocFoodserviceconductsitslong-livedassetimpairmentanalysesinaccordancewithASCSubtopic360-10-5.ASCSubtopic360-10-5requiresthecompanytogroupassetsandliabilitiesatthelowestlevelforwhichidentifiablecashflowsarelargelyindependentofthecashflowsofotherassetsandliabilitiesandtoevaluatetheassetgroupagainstthesumoftheundiscountedfuturecashflows.

Forproperty,plantandequipmentandotherlong-livedassets,otherthangoodwillandotherindefinitelivedintangibleassets,ManitowocFoodserviceperformsundiscountedoperatingcashflowanalysestodetermineimpairments.Ifanimpairmentisdeterminedtoexist,anyrelatedimpairmentlossiscalculatedbaseduponcomparisonofthefairvaluetothenetbookvalueoftheassets.Impairmentlossesonassetsheldforsalearebasedontheestimatedproceedstobereceived,lesscoststosell.

Eachyear,asofJune30,ManitowocFoodservicetestsforimpairmentofgoodwillaccordingtoatwo-stepapproach.Inthefirststep,ManitowocFoodserviceestimatesthefairvaluesofitsreportingunitsusingthepresentvalueoffuturecashflowsapproach.Ifthecarryingamountexceedsthefairvalue,thesecondstepofthegoodwillimpairmenttestisperformedtomeasuretheamountoftheimpairmentloss,ifany.Inthesecondstep,theimpliedfairvalueofthegoodwillisestimatedasthefairvalueofthereportingunitusedinthefirststeplessthefairvaluesofallothernettangibleandintangibleassetsofthereportingunit.Ifthecarryingamountofthegoodwillexceedsitsimpliedfairmarketvalue,animpairmentlossisrecognizedinanamountequaltothatexcess,nottoexceedthecarryingamountofthegoodwill.Inaddition,goodwillofareportingunitistestedforimpairmentbetweenannualtestsifaneventoccursorcircumstanceschangethatwouldmore-likely-than-notreducethefairvalueofareportingunitbelowitscarryingvalue.Forotherindefinitelivedintangibleassets,theimpairmenttestconsistsofacomparisonofthefairvalueoftheintangibleassetstotheircarryingamount.SeeNote9,“GoodwillandOtherIntangibleAssets,”forfurtherdetailsonourimpairmentassessments.

Warranties Estimatedwarrantycostsarerecordedincostofsalesatthetimeofsaleofthewarrantedproductsbasedonhistoricalwarrantyexperiencefortherelatedproductorestimatesofprojectedcostsduetospecificwarrantyissuesonnewproducts.Theseestimatesarereviewedperiodicallyandareadjustedbasedonchangesinfacts,circumstancesoractualexperience.

Environmental Liabilities ManitowocFoodserviceaccruesforlossesassociatedwithenvironmentalremediationobligationswhensuchlossesareprobableandreasonablyestimable.Suchaccrualsareadjustedasinformationdevelopsorcircumstanceschange.Costsoflong-termexpendituresforenvironmentalremediationobligationsarediscountedtotheirpresentvaluewhenthetimingofcashflowsareestimable.

Product Liabilities ManitowocFoodservicerecordsproductliabilityreservesforitsself-insuredportionofanypendingorthreatenedproductliabilityactions.Thereserveisbasedupontwoestimates.First,ManitowocFoodservicetracksthepopulationofalloutstandingpendingandthreatenedproductliabilitycasestodetermineanappropriatecasereserveforeachbaseduponFoodservice'sbestjudgmentandtheadviceoflegalcounsel.Theseestimatesarecontinuallyevaluatedandadjustedbaseduponchangestofactsandcircumstancessurroundingthecase.Second,ManitowocFoodservicedeterminestheamountofadditionalreserverequiredtocoverincurredbutnotreportedproductliabilityobligationsandtoaccountforpossibleadversedevelopmentoftheestablishedcasereserves(collectivelyreferredtoasIBNR).Thisanalysisisperformedatleastonceannually.

Foreign Currency Translation Thefinancialstatementsofthecompany’snon-U.S.subsidiariesaretranslatedusingthecurrentexchangerateforassetsandliabilitiesandtheaverageexchangeratefortheyearforincomeandexpenseitems.ResultingtranslationadjustmentsarerecordedtoAccumulatedOtherComprehensiveIncome(AOCI)asacomponentofequity.

Derivative Financial Instruments and Hedging Activities ManitowocParentCoentersintoderivativeinstrumentsonManitowocFoodservice'sbehalftohedgeManitowocFoodservice'sforeignexchangeandcommodityexposureassociatedwithaluminum,copper,steel,andnaturalgasprices.TheamountsassociatedwiththesederivativecontractshavebeenincludedinthecombinedfinancialstatementsastheyarespecificallyattributabletotheFoodservicebusiness.

ManitowocParentCohaswrittenpoliciesandproceduresthatplaceallfinancialinstrumentsunderthedirectionofcorporatetreasuryandrestrictallderivativetransactionstothoseintendedforhedgingpurposes.Theuseoffinancialinstrumentsfortradingpurposesisstrictlyprohibited.ManitowocParentCousesfinancialinstrumentstomanagethemarketriskfromchangesinforeignexchangerates,commoditiesandinterestrates.ManitowocParentCofollowstheguidanceinaccordancewithASCSubtopic815-10,“DerivativesandHedging.”Thefairvaluesofallderivativesarerecordedinthecombinedbalancesheets.Thechangeinaderivative’sfairvalueisrecordedeachperiodincurrentearningsorAOCIdependingonwhetherthederivativeisdesignatedandqualifiesaspartofahedgetransactionandifso,thetypeofhedgetransaction.During2014,2013and2012,minimalamountswererecognizedinearningsduetoineffectivenessofcertaincommodityhedges.TheamountreportedasderivativeinstrumentfairmarketvalueadjustmentintheAOCIaccountwithinthecombinedstatementsof

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comprehensiveincome(loss)representsthenetgain(loss)onforeigncurrencyexchangecontractsandcommoditycontractsdesignatedascashflowhedges,netofincometaxes.

Cash Flow Hedges ManitowocParentCoselectivelyhedgesanticipatedtransactionsthataresubjecttoforeignexchangeexposureandcommoditypriceexposure,primarilyusingforeigncurrencyexchangeandcommoditycontracts.TheseinstrumentsaredesignatedascashflowhedgesinaccordancewithASCSubtopic815-10andhedgesspecificallyattributabletotheFoodservicebusinessarerecordedinthecombinedbalancesheetsatfairvalue.Theeffectiveportionofthecontracts’gainsorlossesduetochangesinfairvalueareinitiallyrecordedasacomponentofAOCIandaresubsequentlyreclassifiedintoearningswhenthehedgedtransactions,typicallysalesandcostsrelatedtosalesoccurandaffectearnings.Thesecontractsarehighlyeffectiveinhedgingthevariabilityinfuturecashattributabletochangesincurrencyexchangeratesorcommodityprices.

Stock-Based Compensation ManitowocFoodserviceemployeeshavehistoricallyparticipatedinManitowocParentCo’sstock-basedcompensationplans.Stock-basedcompensationexpensehasbeenallocatedtotheFoodservicebusinessbasedontheawardsandtermspreviouslygrantedtoitsemployees.Untilconsummationoftheproposedtransaction,theFoodservicebusinesswillcontinuetoparticipateinManitowocParentCo’sstock-basedcompensationplansandrecordstock-basedcompensationexpensebasedonthestock-basedawardsgrantedtotheManitowocFoodserviceemployees.Accountingguidancerequiresthatthecostresultingfromallstock-basedpaymenttransactionsberecognizedinthefinancialstatements.Guidanceestablishesfairvalueasthemeasurementobjectiveinaccountingforstock-basedpaymentarrangementsandrequiresallcompaniestoapplyafair-value-basedmeasurementmethodinaccountinggenerallyforallstock-basedpaymenttransactionswithemployees.StockbasedcompensationexpenserelatedtoManitowocFoodserviceemployeesof$2.4million,$3.5millionand$4.2millionofcompensationexpensehasbeenrecordedinthecombinedstatementofoperationsfortheyearsendedDecember31,2014,2013,and2012,respectively.

Revenue Recognition Revenueisgenerallyrecognizedandearnedwhenallthefollowingcriteriaaresatisfiedwithregardtoaspecifictransaction:persuasiveevidenceofasalesarrangementexists;thepriceisfixedordeterminable;collectabilityofcashisreasonablyassured;anddeliveryhasoccurredorserviceshavebeenrendered.Shippingandhandlingfeesarereflectedinnetsalesandshippingandhandlingcostsarereflectedincostofsalesinthecombinedstatementsofoperations.

Research and Development Researchanddevelopmentcostsarechargedtoexpenseasincurredandamountedto$31.0million,$28.7millionand$35.6millionfortheyearsendedDecember31,2014,2013,and2012,respectively.Researchanddevelopmentcostsincludesalaries,materials,contractorfeesandotheradministrativecosts.

Income Taxes InManitowocFoodservice’scombinedfinancialstatements,incometaxexpenseanddeferredtaxbalanceshavebeencalculatedonaseparatereturnbasisalthoughManitowocFoodservice’soperationshavehistoricallybeenincludedinthetaxreturnsfiledbytherespectiveManitowocParentCoentities.Inthefuture,asastandaloneentity,ManitowocFoodservicewillfiletaxreturnsonitsownbehalfanditsdeferredtaxesandeffectivetaxratemaydifferfromthoseinhistoricalperiods.

ManitowocFoodservicerecognizesdeferredtaxassetsandliabilitiesfortheexpectedfutureincometaxconsequencesofeventsthathavebeenrecognizedinManitowocFoodservice'sfinancialstatements.Deferredtaxassetsandliabilitiesaredeterminedbasedonthetemporarydifferencebetweenfinancialstatementcarryingamountsandthetaxbasisofassetsandliabilitiesusingenactedtaxratesineffectintheyearsinwhichthetemporarydifferencesareexpectedtoreverse.Valuationallowancesareprovidedfordeferredtaxassetswhereitisconsideredmorelikelythannotthatthecompanywillnotrealizethebenefitofsuchassets.ManitowocFoodserviceevaluatesitsuncertaintaxpositionsasnewinformationbecomesavailable.Taxbenefitsarerecognizedtotheextentapositionismorelikelythannottobesustaineduponexaminationbythetaxingauthority.

ManitowocFoodservicedoesnotmaintainanincometaxpayableto/fromaccountwithManitowocParentCo.WiththeexceptionofcertainseparatefilingFoodserviceU.Sandnon-U.S.entitiesthatwilltransfertoManitowocFoodserviceaftertheSpin-Off,currentincometaxliabilitiesaredeemedtosettleimmediatelywithManitowocParentCotaxpayingentitiesintherespectivejurisdictions.Thesesettlementsarereflectedaschangesinthenetparentcompanyinvestmentaccount.

Comprehensive Income (Loss) Comprehensiveincome(loss)includes,inadditiontonetearnings,otheritemsthatarereportedasdirectadjustmentstoequity.Currently,theseitemsareforeigncurrencytranslationadjustments,employeepostretirementbenefitadjustmentsandthechangeinfairvalueofcertainderivativeinstruments.

Concentration of Credit Risk CreditextendedtocustomersthroughtradeaccountsreceivablepotentiallysubjectstheFoodservicebusinesstorisk.Thisriskislimitedduetothelargenumberofcustomersandtheirdispersionacrossvariousindustriesandmanygeographicalareas.However,asignificantamountoftheFoodservicebusiness'sreceivablesarewithdistributorsandlargecompaniesinthefoodserviceandbeverageindustry.ManitowocFoodservicecurrentlydoesnotforeseeasignificantcreditriskassociatedwiththeseindividualgroupsofreceivables,butcontinuestomonitortheexposure,ifany.

Recent accounting changes and pronouncements InJuly2015,theFASBissuedAccountingStandardsUpdate(“ASU”)No.2015-11,“Inventory(Topic330):SimplifyingtheMeasurementofInventory.”Thisupdatechangestheguidanceonaccountingforinventoryaccountedforonafirst-infirst-outbasis(FIFO).Undertherevisedstandard,anentityshouldmeasureFIFOinventoryatthelowerofcostandnetrealizablevalue.Netrealizablevalueistheestimatedsellingpricesintheordinarycourseofbusiness,lessreasonablypredictablecostsofcompletion,disposal,andtransportation.Subsequentmeasurementisunchangedforinventorymeasuredonalast-in,first-outbasis

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(LIFO).TheamendmentsinthisASUareeffectiveforfiscalyears,andforinterimperiodswithinthosefiscalyears,beginningafterDecember15,2016.WebelievetheadoptionofthisASUwillnothaveamaterialimpactonourcombinedfinancialstatements.

InApril2015,theFASBissuedASUNo.2015-05,“Customer’sAccountingforFeesPaidinaCloudComputingArrangement.”Thisupdateprovidesguidanceonaccountingforasoftwarelicenseinacloudcomputingarrangement.Ifacloudcomputingarrangementincludesasoftwarelicense,thenthecustomershouldaccountforthesoftwarelicenseelementofthearrangementconsistentwiththeacquisitionofothersoftwarelicenses.Ifacloudcomputingarrangementdoesnotincludeasoftwarelicense,thecustomershouldaccountforthearrangementasaservicecontract.Further,allsoftwarelicensesarewithinthescopeofAccountingStandardsCodificationSubtopic350-40andwillbeaccountedforconsistentwithotherlicensesofintangibleassets.TheamendmentsinthisASUareeffectiveforfiscalyears,andforinterimperiodswithinthosefiscalyears,beginningafterDecember15,2015.WebelievetheadoptionofthisASUwillnothaveamaterialimpactonourcombinedfinancialstatements.

InApril2015,theFASBissuedASUNo.2015-03,“SimplifyingthePresentationofDebtIssuanceCosts.”Tosimplifythepresentationofdebtissuancecosts,thisupdaterequiresthatdebtissuancecostsrelatedtoarecognizeddebtliabilitybepresentedinthebalancesheetasadirectdeductionfromthecarryingamountofthatdebtliability,consistentwithdebtdiscounts,ratherthanasadeferredasset.Therecognitionandmeasurementguidancefordebtissuancecostsarenotaffectedbytheamendmentsinthisupdate.TheamendmentsinthisASUareeffectiveforfiscalyears,andforinterimperiodswithinthosefiscalyears,beginningafterDecember15,2015,withearlyapplicationpermitted.Theguidancewillbeappliedonaretrospectivebasis.ManitowocFoodserviceisevaluatingtheimpactthattheadoptionofthisASUwillhaveontheitscombinedfinancialstatements.

InFebruary2015,theFASBissuedASUNo.2015-02,“Consolidation(Topic820)—AmendmentstotheConsolidationAnalysis.”Thisupdateamendsthecurrentconsolidationguidanceforboththevariableinterestentity(VIE)andvotinginterestentity(VOE)consolidationmodels.TheamendmentsinthisASUareeffectiveforfiscalyears,andforinterimperiodswithinthosefiscalyears,beginningafterDecember15,2015.ManitowocFoodservicebelievestheadoptionofthisASUwillnothaveamaterialimpactonitscombinedfinancialstatements.

InJanuary2015,theFASBissuedASUNo.2015-01,“IncomeStatement—ExtraordinaryandUnusualItems.”ThisupdateeliminatesfromGAAPtheconceptofextraordinaryitems.ASU2015-01iseffectiveforthefirstinterimperiodwithinfiscalyearsbeginningafterDecember15,2015,withearlyadoptionpermittedprovidedthattheguidanceisappliedfromthebeginningofthefiscalyearofadoption.Areportingentitymayapplytheamendmentsprospectivelyorretrospectivelytoallpriorperiodspresentedinthefinancialstatements.ManitowocFoodservicebelievestheadoptionofthisASUwillnothaveamaterialimpactonitscombinedfinancialstatements.

InAugust2014,theFASBissuedASUNo.2014-15,“PresentationofFinancialStatements—GoingConcern.”Thisupdateprovidedguidanceonmanagement’sresponsibilityinevaluatingwhetherthereissubstantialdoubtaboutacompany’sabilitytocontinueasagoingconcernandtoproviderelatedfootnotedisclosures.ASU2014-15iseffectiveinthefirstannualperiodendingafterDecember15,2016,withearlyadoptionpermitted.ManitowocFoodservicebelievestheadoptionofthisASUwillnothaveamaterialimpactonitscombinedfinancialstatements.

InMay2014,theFASBissuedASUNo.2014-09,“RevenuefromContractswithCustomers.”Thisupdateprovidedaprinciples-basedapproachtorevenuerecognitiontodepictthetransferofgoodsorservicestocustomersinanamountthatreflectstheconsiderationtowhichtheentityexpectstobeentitledinexchangeforthosegoodsorservices.ThisASUprovidesafive-stepmodeltobeappliedtoallcontractswithcustomers.Thefivestepsaretoidentifythecontract(s)withthecustomer,identifytheperformanceobligationsinthecontact,determinethetransactionprice,allocatethetransactionpricetotheperformanceobligationsinthecontractandrecognizerevenuewheneachperformanceobligationissatisfied.TherevenuestandardiseffectiveforthefirstinterimperiodwithinfiscalyearsbeginningafterDecember15,2017(asfinalizedbytheFASBinAugust2015inASU2015-14),andcanbeappliedeitherretrospectivelytoeachpriorreportingperiodpresentedorretrospectivelywiththecumulativeeffectofinitiallyapplyingtheupdaterecognizedatthedateofinitialapplicationalongwithadditionaldisclosures.Earlyadoptionispermittedasoftheoriginaleffectivedate—thefirstinterimperiodwithinfiscalyearsbeginningafterDecember15,2016.ManitowocFoodserviceisevaluatingtheimpact,ifany,theadoptionofthisASUwillhaveonitscombinedfinancialstatements.

InApril2014,theFASBissuedASUNo.2014-08,“PresentationofFinancialStatementsandProperty,Plant,andEquipment:ReportingDiscontinuedOperationsandDisclosuresofDisposalsofComponentsofanEntity.”ThisASUchangestherequirementsforreportingdiscontinuedoperationsinAccountingStandardsCodificationSubtopic205-20,andnowrequiresadisposalofacomponentofanentityoragroupofcomponentsofanentitytobereportedindiscontinuedoperationsonlyifthedisposalrepresentsastrategicshiftthathas(orwillhave)amajoreffectonanentity’soperationsandfinancialresults.Therewillalsobeadditionaldisclosuresrequired.TheamendmentsinthisASUareeffectiveprospectivelyforfiscalyears(andinterimreportingperiodswithinthoseyears)beginningafterDecember15,2014.ThesignificanceofthisguidanceforManitowocFoodserviceisdependentonanyfuturedisposals.

InJuly2013,theFASBissuedASUNo.2013-11,“PresentationofanUnrecognizedTaxBenefitWhenaNetOperatingLossCarryforward,aSimilarTaxLoss,oraTaxCreditCarryforwardExists.”Thisnewstandardgenerallyrequiresthenettingofunrecognizedtaxbenefits(UTBs)againstadeferredtaxassetforalossorothercarryforwardthatwouldapplyinsettlementoftheuncertaintaxpositions.Underthenewstandard,UTBswillbenettedagainstallavailablesame-jurisdictionlossorothertaxcarryforwardsthatwouldbeutilized,ratherthanonlyagainstcarryforwardsthatarecreatedbytheUTBs.TheamendmentsinthisASUareeffectiveprospectivelyforfiscalyears(andinterim

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reportingperiodswithinthoseyears)beginningafterDecember15,2013.TheadoptionofthisASUdidnothaveamaterialimpactonManitowocFoodservice'scombinedfinancialstatements.

InMarch2013,theFASBissuedASUNo.2013-05,“Parent’sAccountingfortheCumulativeTranslationAdjustmentuponDerecognitionofCertainSubsidiariesorGroupsofAssetswithinaForeignEntityorofanInvestmentinaForeignEntity.”ThisASUchangesaparententity’saccountingforthecumulativetranslationadjustmentuponderecognitionofcertainsubsidiariesorgroupsofassetswithinaforeignentityorofaninvestmentinaforeignentity.Aparententityisrequiredtoreleaseanyrelatedcumulativeforeigncurrencytranslationadjustmentfromaccumulatedothercomprehensiveincomeintonetincomeinthefollowingcircumstances:(i)aparententityceasestohaveacontrollingfinancialinterestinasubsidiaryorgroupofassetsthatisabusinesswithinaforeignentityifthesaleortransferresultsinthecompleteorsubstantiallycompleteliquidationoftheforeignentityinwhichthesubsidiaryorgroupofassetshadresided;(ii)apartialsaleofanequitymethodinvestmentthatisaforeignentity;(iii)apartialsaleofanequitymethodinvestmentthatisnotaforeignentitywherebythepartialsalerepresentsacompleteorsubstantiallycompleteliquidationoftheforeignentitythatheldtheequitymethodinvestment;and(iv)thesaleofaninvestmentinaforeignentity.TheamendmentsinthisASUareeffectiveprospectivelyforfiscalyears(andinterimreportingperiodswithinthoseyears)beginningafterDecember15,2013.TheadoptionofthisASUdidnothaveamaterialimpactonManitowocFoodservice'scombinedfinancialstatements.

3. Acquisitions

OnOctober1,2013,ManitowocFoodserviceacquiredallremainingsharesofInducs,AG(“Inducs”)forapurchaseprice,netofcashacquired,ofapproximately$12.2million.ManitowocFoodservicepreviouslyheldaminorityinterestinInducs.Inducsisaleaderininductioncookingtechnology.Allocationofthepurchasepriceresultedin$5.0millionofgoodwilland$7.0millionofintangibleassets.TheresultsofInducshavebeenincludedintheFoodservicebusinesssincethedateofacquisition.

4. Discontinued Operations

Duringthefourthquarterof2012,ManitowocParentCodecidedtodivestthewarewashingequipmentbusinessofitsFoodservicesegment,whichoperatedunderthebrandnameJackson,andclassifiedthisbusinessasdiscontinuedoperationsintheManitowocFoodservicefinancialstatements.OnJanuary28,2013,ManitowocParentCosoldtheJacksonwarewashingequipmentbusinesstoHoshizakiUSAHoldings,Inc.forapproximately$39.2millionwiththenetproceedsreceivedbyManitowocParentCo.Thepost-closingworkingcapitaladjustmentofapproximately$0.7millionwasreceivedbyManitowocFoodservice.Thetransactionresultedina$2.7millionlossonsale,whichincluded$4.4millionofincometaxexpense.Theresultsoftheseoperationshavebeenclassifiedasdiscontinuedoperations.

ThefollowingselectedfinancialdataoftheJacksonbusinessfortheyearsendedDecember31,2014,2013,and2012,ispresentedforinformationalpurposesonlyanddoesnotnecessarilyreflectwhattheresultsofoperationswouldhavebeenhadthebusinessoperatedasastand-aloneentity.Therewasnogeneralcorporateexpenseorinterestexpenseallocatedtodiscontinuedoperationsforthisbusinessduringtheperiodspresented.

(in millions) 2014 2013 2012Netsales $ — $ 2.5 $ 32.6

Pretaxearningsfromdiscontinuedoperation $ — $ 0.1 $ 1.7

(Benefit)provisionfortaxesonearnings — (0.4) 0.7

Netearningsfromdiscontinuedoperation $ — $ 0.5 $ 1.0

Duringthethirdquarterof2014,ManitowocParentCosettledapensionobligationrelatedtoapreviouslydisposedentity,whichresultedina$1.1millionlossonsaleofdiscontinuedoperations,netofincometaxbenefitof$0.6million,duringtheperiod.

Thefollowingselectedfinancialdataofvariousbusinessesdisposedofpriorto2012,primarilyconsistingofadministrativecosts,fortheyearsendedDecember31,2014,2013,and2012ispresentedforinformationalpurposesonlyanddoesnotnecessarilyreflectwhattheresultsofoperationswouldhavebeenhadthebusinessesoperatedasstand-aloneentities.Therewasnogeneralcorporateexpenseorinterestexpenseallocatedtodiscontinuedoperationsforthesebusinessesduringtheperiodspresented.

-F-12-

(in millions) 2014 2013 2012Netsales $ — $ — $ —

Pretaxlossfromdiscontinuedoperations $ (0.7) $ (1.6) $ (0.8)

Provisionfortaxesonearnings (0.3) (0.6) (0.4)

Netlossfromdiscontinuedoperations $ (0.4) $ (1.0) $ (0.4)

-F-13-

5. Fair Value of Financial Instruments

ThefollowingtablessetsforthfinancialassetsandliabilitieswhichwereattributabletotheFoodservicebusinessandwereaccountedforatfairvalueonarecurringbasisasofDecember31,2014and2013bylevelwithinthefairvaluehierarchy.Financialassetsandliabilitiesareclassifiedintheirentiretybasedonthelowestlevelofinputthatissignificanttothefairvaluemeasurement.

Fair Value as of December 31, 2014

(in millions) Level 1 Level 2 Level 3 TotalCurrent Assets:

Foreigncurrencyexchangecontracts $ — $ — $ — $ —

Total current assets at fair value $ — $ — $ — $ —

Total assets at fair value $ — $ — $ — $ —

Current Liabilities:

Foreigncurrencyexchangecontracts $ — $ 0.7 $ — $ 0.7

Commoditycontracts — 0.7 — 0.7

Total current liabilities at fair value $ — $ 1.4 $ — $ 1.4

Non-current Liabilities:

Commoditycontracts $ — $ 0.3 $ — $ 0.3

Total non-current liabilities at fair value $ — $ 0.3 $ — $ 0.3

Total liabilities at fair value $ — $ 1.7 $ — $ 1.7

Fair Value as of December 31, 2013

(in millions) Level 1 Level 2 Level 3 TotalCurrent Assets:

Foreigncurrencyexchangecontracts $ — $ — $ — $ —

Commoditycontracts — 0.1 — 0.1

Total current assets at fair value $ — $ 0.1 $ — $ 0.1

Total assets at fair value $ — $ 0.1 $ — $ 0.1

Current Liabilities:

Foreigncurrencyexchangecontracts $ — $ 0.4 $ — $ 0.4

Commoditycontracts — 0.4 — 0.4

Total current liabilities at fair value $ — $ 0.8 $ — $ 0.8

Non-current Liabilities:

Interestrateswapcontracts:Fixed-to-float $ — $ — $ — $ —

Total non-current liabilities at fair value $ — $ — $ — $ —

Total liabilities at fair value $ — $ 0.8 $ — $ 0.8

ASCSubtopic820-10,"FairValueMeasurement,"definesfairvalueasthepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdate.ASCSubtopic820-10classifiestheinputsusedtomeasurefairvalueintothefollowinghierarchy:

Level1 Unadjustedquotedpricesinactivemarketsforidenticalassetsorliabilities

Level2 Unadjustedquotedpricesinactivemarketsforsimilarassetsorliabilities,or

Unadjustedquotedpricesforidenticalorsimilarassetsorliabilitiesinmarketsthatarenotactive,or

Inputsotherthanquotedpricesthatareobservablefortheassetorliability

Level3 Unobservableinputsfortheassetorliability

ManitowocFoodserviceendeavorstoutilizethebestavailableinformationinmeasuringfairvalue.Financialassetsandliabilitiesareclassifiedintheirentiretybasedonthelowestlevelofinputthatissignificanttothefairvaluemeasurement.Thecarryingvaluesofcashand

-F-14-

cashequivalents,accountsreceivable,accountspayable,anddeferredpurchasepricenotesonreceivablessold(seeNote11,“AccountsReceivableSecuritization”),approximatefairvalue,withoutbeingdiscountedasofDecember31,2014andDecember31,2013duetotheshort-termnatureoftheseinstruments.

Asaresultofitsglobaloperatingandfinancingactivities,ManitowocFoodserviceisexposedtomarketrisksfromchangesinforeigncurrencyexchangerates,andcommodityprices,whichmayadverselyaffectitsoperatingresultsandfinancialposition.Whendeemedappropriate,ManitowocFoodserviceminimizestheserisksthroughtheuseofderivativefinancialinstruments.Derivativefinancialinstrumentsareusedtomanageriskandarenotusedfortradingorotherspeculativepurposes,andManitowocFoodservicedoesnotuseleveragedderivativefinancialinstruments.Theforeigncurrencyexchangeandcommoditycontractsarevaluedthroughanindependentvaluationsourcewhichusesanindustrystandarddataprovider,withresultingvaluationsperiodicallyvalidatedthroughthird-partyorcounterpartyquotes.Assuch,thesederivativeinstrumentsareclassifiedwithinLevel2.

6. Derivative Financial Instruments

ManitowocFoodservice'sriskmanagementobjectiveistoensurethatbusinessexposurestorisksthathavebeenidentifiedandmeasuredandarecapableofbeingcontrolledareminimizedormanagedusingwhatitbelievestobethemosteffectiveandefficientmethodstoeliminate,reduce,ortransfersuchexposures.Operatingdecisionsconsidertheseassociatedrisksandstructuretransactionstominimizeormanagetheseriskswheneverpossible.

UseofderivativeinstrumentsisconsistentwiththeoverallbusinessandriskmanagementobjectivesofManitowocFoodservice.DerivativeinstrumentsmaybeusedtomanagebusinessriskwithinlimitsspecifiedbyManitowocParentCo’sriskpolicyandmanageexposuresthathavebeenidentifiedthroughtheriskidentificationandmeasurementprocess,providedthattheyclearlyqualifyas“hedging”activitiesasdefinedintheriskpolicy.Useofderivativeinstrumentsisnotautomatic,norisitnecessarilytheonlyresponsetomanagingpertinentbusinessrisk.Useispermittedonlyaftertherisksthathavebeenidentifiedaredeterminedtoexceeddefinedtolerancelevelsandareconsideredtobeunavoidable.

TheprimaryrisksmanagedbyManitowocParentCoonManitowocFoodservice'sbehalfusingderivativeinstrumentsarecommoditypriceriskandforeigncurrencyexchangerisk.SwapcontractsonvariouscommoditiesareusedtomanagethepriceriskassociatedwithforecastedpurchasesofmaterialsusedinManitowocFoodservice’smanufacturingprocess.ManitowocParentCoalsoentersintovariousforeigncurrencyderivativeinstrumentsonManitowocFoodservice'sbehalftohelpmanageforeigncurrencyriskassociatedwithManitowocFoodservice'sprojectedpurchasesandsalesandforeigncurrencydenominatedreceivableandpayablebalances.

ASCSubtopic815-10,"DerivativesandHedges,"requirescompaniestorecognizeallderivativeinstrumentsaseitherassetsorliabilitiesatfairvalueinthestatementoffinancialposition.InaccordancewithASCSubtopic815-10,ManitowocFoodservicedesignatescommodityswapsandforeigncurrencyexchangecontractsascashflowhedgesofforecastedpurchasesofcommoditiesandcurrencies.

Forderivativeinstrumentsthataredesignatedandqualifyascashflowhedges,theeffectiveportionofthegainorlossonthederivativeisreportedasacomponentofothercomprehensiveincome(loss)andreclassifiedintoearningsinthesameperiodorperiodsduringwhichthehedgedtransactionaffectsearnings.Gainsandlossesonthederivativeinstrumentsrepresentingeitherhedgeineffectivenessorhedgecomponentsexcludedfromtheassessmentofeffectivenessarerecognizedincurrentearnings.InthenexttwelvemonthsManitowocFoodserviceestimates$0.8millionofunrealizedlosses,netoftax,relatedtocommoditypriceandcurrencyratehedgingwillbereclassifiedfromothercomprehensiveincome(loss)intoearnings.Foreigncurrencyandcommodityhedgingisgenerallycompletedprospectivelyonarollingbasisfortwelveandtwenty-fourmonths,respectively,dependingonthetypeofriskbeinghedged.

AsofDecember31,2014,ManitowocFoodservicehadthefollowingoutstandingcommodityandcurrencyforwardcontractsthatwereenteredintoashedgeforecastedtransactions:

Commodity Units Hedged Type

Aluminum 1,657 MT Cashflow

Copper 820 MT Cashflow

Naturalgas 56,792 MMBtu Cashflow

Steel 12,634 ShortTons Cashflow

Currency Units Hedged Type

CanadianDollar 7,984,824 Cashflow

MexicanPeso 52,674,383 Cashflow

-F-15-

ForderivativeinstrumentsthatarenotdesignatedashedginginstrumentsunderASCSubtopic815-10,thegainsorlossesonthederivativesarerecognizedincurrentearningswithinother(expense)income,netinthecombinedstatementofoperations.AsofDecember31,2014,ManitowocFoodservicehadthefollowingoutstandingcurrencyforwardcontractsthatwerenotdesignatedashedginginstruments:

Currency Units Hedged Recognized Location Purpose

EuropeanEuro 2,172,068 Other(expense)income,net Accountspayableandreceivablesettlement

MexicanPeso 3,151,000 Other(expense)income,net Accountspayableandreceivablesettlement

CanadianDollar 2,516 Other(expense)income,net Accountspayableandreceivablesettlement

ThefairvalueofoutstandingderivativecontractsrecordedasliabilitiesintheaccompanyingcombinedbalancesheetasofDecember31,2014wasasfollows:

LIABILITY DERIVATIVES

(in millions) Balance Sheet Location Fair Value

Derivatives designated as hedging instruments

Foreignexchangecontracts Accountspayableandaccruedexpenses $ 0.6

Commoditycontracts Accountspayableandaccruedexpenses 0.7

Commoditycontracts Othernon-currentliabilities 0.3

Total derivatives designated as hedging instruments $ 1.6

LIABILITY DERIVATIVES

(in millions) Balance Sheet Location Fair Value

Derivatives NOT designated as hedging instruments

Foreignexchangecontracts Accountspayableandaccruedexpenses $ 0.1

Total derivatives NOT designated as hedging instruments $ 0.1

Total liability derivatives $ 1.7

TheeffectofderivativeinstrumentsonthecombinedstatementofoperationsforthetwelvemonthsendedDecember31,2014andgainsorlossesinitiallyrecognizedinaccumulatedothercomprehensiveincome(AOCI)inthecombinedbalancesheetwasasfollows:

Derivatives in Cash Flow HedgingRelationships (in millions)

Amount of Gain or(Loss) Recognized inAOCI on Derivative

(Effective Portion, net oftax)

Location of Gain or(Loss) Reclassified

from AOCI into Income(Effective Portion)

Amount of Gain or(Loss) Reclassified from

AOCI intoIncome (Effective

Portion)

Foreignexchangecontracts $ (0.1) Costofsales $ (0.9)

Commoditycontracts (0.5) Costofsales (0.3)

Total $ (0.6) $ (1.2)

Derivatives Relationships (in millions)

Location of Gain or (Loss)Recognized in Income on

Derivative (Ineffective Portionand Amount Excluded from

Effectiveness Testing)

Amount of Gain or (Loss)Recognized in Income on

Derivative (Ineffective Portionand Amount Excluded from

Effectiveness Testing)

Commoditycontracts Costofsales $ 0.1

Total $ 0.1

Derivatives Not Designated asHedging Instruments (in millions)

Location of Gain or (Loss)Recognized in Income on

Derivative

Amount of Gain or (Loss)Recognized in Income on

Derivative

Foreignexchangecontracts Other(expense)income,net $ —

Total $ —

AsofDecember31,2013,ManitowocFoodservicehadthefollowingoutstandingcommodityandcurrencyforwardcontractsthatwereenteredintoashedgeforecastedtransactions:

-F-16-

Commodity Units Hedged Type

Aluminum 1,622 MT Cashflow

Copper 382 MT Cashflow

Naturalgas 149,994 MMBtu Cashflow

Steel 8,806 ShortTons Cashflow

Currency Units Hedged Type

CanadianDollar 10,422,932 CashFlow

EuropeanEuro 13,447,750 CashFlow

UnitedStatesDollar 2,100,000 CashFlow

ForderivativeinstrumentsthatarenotdesignatedashedginginstrumentsunderASCSubtopic815-10,thegainsorlossesonthederivativesarerecognizedincurrentearningswithinother(expense)income,net.AsofDecember31,2013,ManitowocFoodservicehadthenooutstandingcurrencyforwardcontractsthatwerenotdesignatedashedginginstruments.

ThefairvalueofoutstandingderivativecontractsrecordedasassetsintheaccompanyingcombinedbalancesheetasofDecember31,2013,wasasfollows:

ASSET DERIVATIVES

(in millions) Balance Sheet Location Fair Value

Derivatives designated as hedging instruments

Foreignexchangecontracts Othercurrentassets $ —

Commoditycontracts Othercurrentassets 0.1

Total derivatives designated as hedging instruments $ 0.1

ASSET DERIVATIVES

(in millions) Balance Sheet Location Fair Value

Derivatives NOT designated as hedging instruments

Foreignexchangecontracts Othercurrentassets $ —

Total derivatives NOT designated as hedging instruments $ —

Total asset derivatives $ 0.1

ThefairvalueofoutstandingderivativecontractsrecordedasliabilitiesintheaccompanyingcombinedbalancesheetasofDecember31,2013,wasasfollows:

LIABILITIES DERIVATIVES

(in millions) Balance Sheet Location Fair Value

Derivatives designated as hedging instruments Foreignexchangecontracts Accountspayableandaccruedexpenses $ 0.4Commoditycontracts Accountspayableandaccruedexpenses 0.4

Total derivatives designated as hedging instruments $ 0.8

LIABILITY DERIVATIVES

(in millions) Balance Sheet Location Fair Value

Derivatives NOT designated as hedging instruments

Foreignexchangecontracts Accountspayableandaccruedexpenses $ —

Total derivatives NOT designated as hedging instruments $ —

Total liability derivatives $ 0.8

-F-17-

TheeffectofderivativeinstrumentsonthecombinedstatementofoperationsforthetwelvemonthsendedDecember31,2013,andgainsorlossesinitiallyrecognizedinAOCIinthecombinedbalancesheetwasasfollows:

Derivatives in Cash Flow HedgingRelationships (in millions)

Amount of Gain or(Loss) Recognized inAOCI on Derivative

(Effective Portion, net oftax)

Location of Gain or(Loss) Reclassified

from AOCI into Income(Effective Portion)

Amount of Gain or(Loss) Reclassified from

AOCI intoIncome (Effective

Portion)

Foreignexchangecontracts $ (0.3) Costofsales $ (0.4)

Commoditycontracts 0.3 Costofsales (1.5)

Total $ — $ (1.9)

Derivatives Relationships (in millions)

Location of Gain or (Loss)Recognized in Income on

Derivative (Ineffective Portionand Amount Excluded from

Effectiveness Testing)

Amount of Gain or (Loss)Recognized in Income on

Derivative (IneffectivePortion and Amount

Excluded from EffectivenessTesting)

Commoditycontracts Costofsales $ 0.1

Total $ 0.1

TheeffectofderivativeinstrumentsonthecombinedstatementofoperationsforthetwelvemonthsendedDecember31,2012,andgainsorlossesinitiallyrecognizedinAOCIinthecombinedbalancesheetwasasfollows:

Derivatives in Cash Flow Hedging Relationships (in millions)

Amount of Gain or (Loss) Recognized in AOCI on Derivative

(Effective Portion, net of tax)

Location of Gain or (Loss) Reclassified

from AOCI into Income (Effective Portion)

Amount of Gain or (Loss) Reclassified from

AOCI into Income (Effective

Portion)

Foreignexchangecontracts $ 0.1 Costofsales $ 0.4

Commoditycontracts 0.9 Costofsales (2.2)

Total $ 1.0 $ (1.8)

Derivatives Relationships (in millions)

Location of Gain or (Loss)Recognized in Income on

Derivative (Ineffective Portionand Amount Excluded from

Effectiveness Testing)

Amount of Gain or (Loss)Recognized in Income on

Derivative (IneffectivePortion and Amount

Excluded from EffectivenessTesting)

Commoditycontracts Costofsales $ —

Total $ —

-F-18-

7. Inventories

ThecomponentsofinventoriesatDecember31,2014andDecember31,2013aresummarizedasfollows:

(in millions) 2014 2013Inventories—gross:

Rawmaterials $ 77.2 $ 74.6

Work-in-process 21.5 19.0

Finishedgoods 87.9 72.8

Totalinventories—gross 186.6 166.4

Excessandobsoleteinventoryreserve (20.3) (19.9)

NetinventoriesatFIFOcost 166.3 146.5

ExcessofFIFOcostsoverLIFOvalue (3.1) (2.8)

Inventories—net $ 163.2 $ 143.7

8. Property, Plant and Equipment

Thecomponentsofproperty,plantandequipmentatDecember31,2014andDecember31,2013aresummarizedasfollows:

(in millions) 2014 2013Land $ 6.6 $ 8.6

Buildingandimprovements 100.1 102.5

Machinery,equipmentandtooling 237.0 237.2

Furnitureandfixtures 6.6 6.6

Computerhardwareandsoftware 58.5 49.6

Constructioninprogress 12.7 24.1

Totalcost 421.5 428.6

Lessaccumulateddepreciation (287.2) (288.3)

Property,plantandequipment-net $ 134.3 $ 140.3

9. Goodwill and Other Intangible Assets

ManitowocFoodservicehasthreereportablesegments:Americas,EMEA,andAPAC.ThechangesincarryingamountofgoodwillbyreportablesegmentfortheyearsendedDecember31,2014andDecember31,2013areasfollows:

(in millions) Americas EMEA APAC Total

GrossbalanceasofJanuary1,2013 $ 1,172.8 $ 204.5 $ 7.4 $ 1,384.7

AcquisitionofInducs — 5.0 — 5.0

Restructuringreserveadjustment (0.7) — — (0.7)

Foreigncurrencyimpact 0.6 (0.6) 0.1 0.1

GrossbalanceasofDecember31,2013 1,172.7 208.9 7.5 1,389.1

Accumulatedassetimpairments (312.2) (203.5) — (515.7)

NetbalanceasofDecember31,2013 860.5 5.4 7.5 873.4

Foreigncurrencyimpact — (0.5) (0.1) (0.6)

GrossbalanceasofDecember31,2014 1,172.7 208.4 7.4 1,388.5

Accumulatedassetimpairments (312.2) (203.5) — (515.7)

NetbalanceasofDecember31,2014 $ 860.5 $ 4.9 $ 7.4 $ 872.8

-F-19-

ManitowocFoodserviceaccountsforgoodwillandotherintangibleassetsundertheguidanceofASCTopic350,“Intangibles-GoodwillandOther.”ManitowocFoodserviceperformsanannualimpairmenttestatJune30ofeveryyearormorefrequentlyifeventsorchangesincircumstancesindicatethattheassetmightbeimpaired.ManitowocFoodservicetestsitsreportingunitsandindefinite-livedintangibleassetsusingafair-valuemethodbasedonthepresentvalueoffuturecashflows,whichinvolvesmanagement’sjudgmentsandassumptionsabouttheamountsofthosecashflowsandthediscountratesused.Theestimatedfairvalueisthencomparedwiththecarryingamountofthereportingunit,includingrecordedgoodwill,orindefinite-livedintangibleasset.Theintangibleassetisthensubjecttoriskofwrite-downtotheextentthatthecarryingamountexceedstheestimatedfairvalue.

AsofJune30,2014,2013,and2012,ManitowocFoodserviceperformedtheannualimpairmenttestforitsreportingunits,whichwereAmericas;EMEA;andAPAC,aswellasitsindefinite-livedintangibleassets,andbasedonthoseresults,noimpairmentwasindicatedinanyofthoseperiods.

AsdiscussedinNote3,“Acquisitions,”onOctober1,2013,ManitowocFoodserviceacquiredallremainingsharesofInducsinwhichManitowocParentCopreviouslyheldaminorityinterest.Theaggregatepurchasepriceof$12.2million,netofcash,resultedin$7.0millionofidentifiableintangibleassetsand$5.0millionofgoodwill.Ofthe$7.0millionofacquiredintangibleassets,$0.7millionwasassignedtotrademarksthatarenotsubjecttoamortization,$1.2millionwasassignedtocustomerrelationshipswithausefullifeof19years,and$5.1millionwasassignedtodevelopedtechnologywithausefullifeof12years.

ThegrosscarryingamountandaccumulatedamortizationofManitowocFoodservice’sintangibleassetsotherthangoodwillareasfollowsasofDecember31,2014andDecember31,2013.

December 31, 2014 December 31, 2013

(in millions)

GrossCarryingAmount

AccumulatedAmortization

Amount

NetBookValue

GrossCarryingAmount

AccumulatedAmortization

Amount

NetBookValue

Trademarksandtradenames $ 199.4 $ — $ 199.4 $ 203.9 $ — $ 203.9

Customerrelationships 415.0 (129.5) 285.5 415.2 (108.6) 306.6

Patents 1.7 (1.4) 0.3 1.7 (1.2) 0.5

Otherintangibles 160.7 (61.4) 99.3 165.1 (52.4) 112.7

Total $ 776.8 $ (192.3) $ 584.5 $ 785.9 $ (162.2) $ 623.7

AmortizationexpensefortheyearsendedDecember31,2014,2013and2012was$31.8million,$31.4millionand$31.3million,respectively.Excludingtheimpactofanyfutureacquisitionsordivestitures,ManitowocFoodserviceanticipatesamortizationwillbeapproximately$32millionperyearfornextfiveyears.

10. Accounts Payable and Accrued Expenses

AccountspayableandaccruedexpensesatDecember31,2014andDecember31,2013aresummarizedasfollows:

(in millions) 2014 2013Tradeaccountspayableandinterestpayable $ 161.6 $ 143.0

Employeerelatedexpenses 31.1 36.7

Restructuringexpenses 15.6 16.3

Profitsharingandincentives 4.1 17.3

Accruedrebates 52.3 44.2

Deferredrevenue-current 3.8 4.1

DividendpayabletoManitowocParentCo 6.2 10.9

Incometaxespayable 5.2 3.4

Customeradvances 3.9 2.9

Productliability 2.2 2.4

Miscellaneousaccruedexpenses $ 46.1 $ 41.3

Totalaccountspayableandaccruedexpenses $ 332.1 $ 322.5

-F-20-

11. Accounts Receivable Securitization

Theaccountsreceivablesecuritizationfacility,("TheSecuritizationProgram"),iscomprisedoftwofundingentities:ManitowocFunding,LLC(“U.S.Seller”)andManitowocCaymanIslandsFundingLtd.(“CaymanSeller”).TheU.S.SellerhashistoricallyserviceddomesticentitiesofboththeFoodserviceandCranesegmentsofManitowocParentCoandremittedallfundsreceiveddirectlytoManitowocParentCo.TheCaymanSellerhashistoricallyservicedsolelyManitowocFoodserviceforeignentitiesandremittedallfundstoManitowocFoodserviceentities.TheU.S.SellerentitywillremainwithManitowocParentCosubsequenttotheSpin-Off,whiletheCaymanSellerwillbetransferredtoManitowocFoodservicesubsequenttotheSpin-Off.AstheU.S.SellerisnotdirectlyattributabletoManitowocFoodservice,onlythereceivableswhichweretransferredtotheU.S.SellerbutnotsoldarereflectedinManitowocFoodservicecombinedbalancesheet.AportionoftheU.S.Seller’shistoricalexpensesrelatedtobondadministrationfeesandsettlementfeesareallocatedtoManitowocFoodservice.AstheCaymanSellerisdirectlyattributabletoManitowocFoodservice,theassets,liabilities,income,andexpensesoftheCaymanSellerareincludedinManitowocFoodservice’scombinedstatementofoperationsandbalancesheet.

OnDecember15,2014,ManitowocParentCoexecutedaFifthAmendedandRestatedReceivablesPurchaseAgreement(the“ReceivablesPurchaseAgreement”)amongtheU.S.SellerandCaymanSeller,assellers,ManitowocParentCo,GarlandCommercialRangesLimited(“Garland”),ConvothermElektrogeräteGmbH(“Convotherm”),ManitowocDeutschlandGmbH(“ManitowocDeutschland”),ManitowocFoodserviceUKLimited(“FoodserviceUK”),andtheotherpersonsfromtimetotimepartythereto,asservicers,andWellsFargoBank,N.A.(“WellsFargo”or“Purchaser”),aspurchaserandagent.Pursuanttothisamendment,(i)thecommitmentsizeofthisfacilityincreasedfromupto$150milliontoupto$185million;and(ii)aGermansubsidiary(ManitowocDeutschland)andaUnitedKingdomsubsidiary(FoodserviceUK)wereaddedas“originators”underthefacility.ManitowocParentCo'scostoffundsunderthefacilitycontinuestouseaLIBORindexrateplusa1.25%fixedspread.

UndertheReceivablesPurchaseAgreement(andtherelatedPurchaseandSaleAgreementsreferencedintheReceivablesPurchaseAgreement),certainofManitowocFoodservice'snon-U.S.tradeaccountsreceivablearesoldtoCaymanSellerwhich,inturn,willsell,convey,transferandassigntoPurchaser,alloftheCaymanSeller’sright,titleandinterestinandtoapoolofreceivablestothePurchaser.

ThePurchaserreceivesownershipofthepoolofreceivables,ineachinstance.NewreceivablesarepurchasedbyCaymanSellerandresoldtothePurchaserascashcollectionsreducepreviouslysoldinvestments.Garland,Convotherm,ManitowocDeutschland,andFoodserviceUKactastheservicersofthereceivablesandassuchadminister,collectandotherwiseenforcethereceivables.Theservicersarecompensatedfordoingsoontermsthataregenerallyconsistentwithwhatwouldbechargedbyanunrelatedservicer.Asservicers,theyinitiallyreceivepaymentsmadebyobligorsonthereceivablesbutarerequiredtoremitthosepaymentstothePurchaserinaccordancewiththeReceivablesPurchaseAgreement.ThePurchaserhasnorecourseforuncollectiblereceivables.Thesecuritizationprogramalsocontainscustomaryaffirmativeandnegativecovenants.AsofDecember31,2014,ManitowocParentCowasincompliancewithallaffirmativeandnegativecovenantspertainingtotheReceivablesPurchaseAgreement,asamended.

Duetoashortaveragecollectioncycleoflessthan60daysforsuchaccountsreceivableaswellasManitowocFoodservice'scollectionhistory,thefairvalueofManitowocFoodservice'sdeferredpurchasepricenotesapproximatesbookvalue.ThefairvalueofthedeferredpurchasepricenotesrecordedatDecember31,2014and2013was$33.1millionand$7.0million,respectively,andisincludedinaccountsreceivableintheaccompanyingcombinedbalancesheets.

TradeaccountsreceivablessoldtothePurchaserandbeingservicedbythecompanytotaled$21.1millionatDecember31,2014and$22.8millionatDecember31,2013.

TransactionsundertheaccountsreceivablessecuritizationprogramareaccountedforassalesinaccordancewithASCTopic860,“TransfersandServicing.”SalesoftradereceivablestothePurchaserarereflectedasareductionofaccountsreceivableintheaccompanyingcombinedbalancesheetsandtheproceedsreceived,includingcollectionsonthedeferredpurchasepricenotes,areincludedincashflowsfromoperatingactivitiesintheaccompanyingcombinedstatementsofcashflows.ManitowocFoodservicedeemstheinterestrateriskrelatedtothedeferredpurchasepricenotestobedeminimis,primarilyduetotheshortaveragecollectioncycleoftherelatedreceivables(i.e.,60days)asnotedabove.

12. Income Taxes

Inthecombinedfinancialstatements,incometaxexpenseanddeferredtaxbalanceshavebeencalculatedonaseparatereturnbasisalthoughtheManitowocFoodserviceoperationshavehistoricallybeenincludedinthetaxreturnsfiledbytherespectiveManitowocParentCoentities.ManitowocFoodservicedoesnotmaintainanincometaxpayableto/fromaccountwithManitowocParentCo.WiththeexceptionofcertainseparatefilingFoodserviceentitiesthatwilltransfertoManitowocFoodserviceaftertheSpin-Off,currentincometaxliabilitiesaredeemedtosettleimmediatelywithManitowocParentCotaxpayingentitiesintherespectivejurisdictions.Thesesettlementsarereflectedaschangesinthenetparentcompanyinvestmentaccount.Inthefuture,asastandaloneentity,ManitowocFoodservicewillfiletaxreturnsonitsownbehalfanditsdeferredtaxesandeffectivetaxratemaydifferfromthoseinhistoricalperiods.

-F-21-

Earnings(loss)fromcontinuingoperationsaresummarizedbelow:

(in millions) 2014 2013 2012Earnings(loss)fromcontinuingoperationsbeforeincometaxes:

Domestic $ 123.3 $ 157.2 $ 147.4

Foreign 63.9 47.4 32.1

Total $ 187.2 $ 204.6 $ 179.5

Provisionforincometaxesfromcontinuingoperationsissummarizedbelow:

(in millions) 2014 2013 2012Current:

Federalandstate $ 28.3 $ 51.9 $ 46.1

Foreign 15.1 13.0 9.6

Totalcurrent $ 43.4 $ 64.9 $ 55.7

Deferred:

Federalandstate $ (12.0) $ (9.0) $ (7.8)

Foreign (5.5) (0.6) (0.4)

Totaldeferred $ (17.5) $ (9.6) $ (8.2)

Provisionfortaxesonearnings $ 25.9 $ 55.3 $ 47.5

ThedifferencesbetweentheU.S.federalstatutoryincometaxrateandManitowocFoodservice'seffectivetaxratewereasfollows:

2014 2013 2012Federalincometaxatstatutoryrate 35.0% 35.0% 35.0%

Stateincomeprovision(benefit) 1.4 1.9 1.2

Manufacturing&researchincentives (1.7) (2.9) (2.0)

TaxesonforeignincomewhichdifferfromtheU.S.statutoryrate (2.4) (3.2) (3.1)

Adjustmentsforunrecognizedtaxbenefits 4.3 (3.5) (7.2)

Adjustmentsforvaluationallowances 21.5 (0.3) 1.6

Capitallossgeneration (41.4) — —

Otheritems (2.9) — 1.0

Effectivetaxrate 13.8% 27.0% 26.5%

The2014,2013and2012effectivetaxrateswerefavorablyimpactedbyincomeearnedinjurisdictionswherethestatutoryratewaslessthan35%.

Inthethirdquarterof2014,ManitowocFoodservicemadeanelectionwiththeIRStotreatEnodisHoldings,Ltd,ManitowocFoodservice’sUKHoldingCompany,asapartnershipforU.S.incometaxpurposes.Asaresultofthisstatuschange,ManitowocFoodservicerealizeda$25.6millioncapitallosstaxbenefit.Thistransactionresultedinaneffectivetaxratebenefitof13.7%uniqueto2014.

The2013and2012effectivetaxratesbenefitedfromthereleaseofuncertaintaxpositionreservesrelatedtofavorableauditsettlements.

Thesignificantcomponentsofdeferredtaxassetsanddeferredtaxliabilitieswereasfollows:

-F-22-

(in millions) 2014 2013Currentdeferredtaxassets(liabilities):

Inventories 5.1 5.4

Accountsreceivable 1.2 1.3

Productwarrantyreserves 10.9 10.3

Productliabilityreserves 0.8 0.9

Deferredrevenue,currentportion (0.2) (0.1)

Deferredemployeebenefits 4.7 5.9

Otherreservesandallowances 5.4 8.0

Lessvaluationallowance (8.3) (0.5)

Netdeferredtaxassets,current 19.6 31.2

Non-currentdeferredtaxassets(liabilities): Property,plantandequipment (8.3) (9.8)

Intangibleassets (242.4) (253.4)

Deferredemployeebenefits 12.7 10.8

Productwarrantyreserves 3.9 2.9

Losscarryforwards 119.1 84.1

Deferredrevenue 1.5 2.4

Other 9.7 12.3

Totalnon-currentdeferredtaxliabilities (103.8) (150.7)

Lessvaluationallowance (104.9) (79.7)

Netdeferredtaxliabilities,non-current (208.7) (230.4)

Currentandlong-termtaxassetsandliabilitiesincludedinthecombinedbalancesheetswereasfollows:

(in millions) 2014 2013Currentincometaxasset $ 23.7 $ 33.0

Long-termincometaxassets,includedinothernon-currentassets 9.3 2.3

Currentdeferredincometaxliability,includedinaccountspayableandaccruedexpenses (4.1) (1.8)

Long-termdeferredincometaxliability (218.0) (232.7)

Netdeferredincometaxliability $ (189.1) $ (199.2)

ManitowocFoodservicehasnotprovidedforadditionalU.S.incometaxesonapproximately$73.0millionofundistributedearningsofcombinednon-U.S.subsidiariesasofDecember31,2014becauseitintendstoreinvestsuchearningsindefinitelyoutsideoftheUnitedStates.Suchearningscouldbecometaxableuponsaleorliquidationofthesenon-U.S.subsidiariesorupondividendrepatriationofcashbalances.Itisnotpracticabletoestimatetheamountoftheunrecognizedtaxliabilityonsuchearnings.

AsofDecember31,2014,ManitowocFoodservicehasapproximately$365.7millionofforeignlosscarryforwards,whichareavailabletoreducefutureforeigntaxliabilities.Substantiallyalloftheforeignlosscarryforwardsarenotsubjecttoanytimerestrictionsontheirfutureuse,and$344.1millionareoffsetbyavaluationallowance.ManitowocFoodservicealsohasapproximately$139.1millionofU.S.capitallosscarryforwardswhichexpirein2019andareoffsetbyavaluationallowance.

ManitowocFoodservicecontinuestorecordvaluationallowancesonthedeferredtaxassetsintheUnitedKingdom,asitremainsmorelikelythannotthattheywillnotbeutilized.In2014,managementdeterminedthatitwasmorelikelythannotthatdeferredtaxesof$4.2millionrelatedtoitsSpanishoperationswererealizable,andreducedtherelatedvaluationallowance.

ManitowocFoodservicewillcontinuetoperiodicallyevaluateitsvaluationallowancerequirementsinlightofchangingfactsandcircumstances,andmayadjustitsdeferredtaxassetvaluationallowancesaccordingly.ItisreasonablypossiblethatManitowocFoodservicewilleitheraddto,orreverseaportionofitsexistingdeferredtaxassetvaluationallowancesinthefuture.SuchchangesinthedeferredtaxassetvaluationallowanceswillbereflectedinthecurrentoperationsthroughManitowocFoodservice’sincometaxprovision,andcouldhaveamaterialeffectonoperatingresults.

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AreconciliationofManitowocFoodservice’sunrecognizedtaxbenefitsisasfollows:

(in millions) 2014 2013 2012Balanceatbeginningofyear $ 7.8 $ 17.1 $ 28.7

Additionsbasedontaxpositionsrelatedtothecurrentyear 14.1 1.0 0.1

Additionsfortaxpositionsofprioryears — 0.1 0.9

Reductionsfortaxpositionsofprioryears — — —

Reductionsbasedonsettlementswithtaxingauthorities (2.8) (8.0) (11.2)

Reductionsforlapseofstatute (2.5) (2.4) (1.4)

Balanceatendofyear $ 16.6 $ 7.8 $ 17.1

SubstantiallyallofManitowocFoodservice’sunrecognizedtaxbenefitsasofDecember31,2014,2013and2012,ifrecognized,wouldaffecttheeffectivetaxrate.

ManitowocFoodservicerecognizesinterestandpenaltiesrelatedtotaxliabilitiesasapartofincometaxexpense.AsofDecember31,2014and2013,ManitowocFoodservicehasaccruedinterestandpenaltiesof$0.8millionand$4.7million,respectively.

ManitowocParentCoconcludedanexaminationofits2007through2009U.S.taxreturnsduringthethirdquarterof2014aswellasanexaminationits2010and2011U.S.taxreturnsinthefourthquarterof2014.Theadjustmentsdidnothaveamaterialimpactonthefinancialstatements.

ManitowocFoodservicefilestaxreturnsintheU.Sandvariousstateandforeignjurisdictions.The2011through2014taxyearsremainsubjecttoexaminationbytheIRS;the2011yearduetoanamendedreturnfiling.The2010though2014taxyearsgenerallyremainsubjecttoexaminationbystateauthorities,andtaxyears2010through2014remainsubjecttoexaminationinGermany.Taxyears2007through2014remainsubjecttoauditinChina.

ManitowocFoodserviceregularlyassessesthelikelihoodofanadverseoutcomeresultingfromexaminationstodeterminetheadequacyofitstaxreserves.AsofDecember31,2014,ManitowocFoodservicebelievesthatitismorelikelythannotthatthetaxpositionsithastakenwillbesustainedupontheresolutionofitsauditsresultinginnomaterialimpactonitsconsolidatedfinancialpositionandtheresultsofoperationsandcashflows.However,thefinaldeterminationwithrespecttoanytaxaudits,andanyrelatedlitigation,couldbemateriallydifferentfromitsestimatesand/orfromitshistoricalincometaxprovisionsandaccrualsandcouldhaveamaterialeffectonoperatingresultsand/orcashflowsintheperiodsforwhichthatdeterminationismade.Inaddition,futureperiodearningsmaybeadverselyimpactedbylitigationcosts,settlements,penalties,and/orinterestassessments.

Duringthenexttwelvemonths,itisreasonablypossiblethatfederal,stateandforeigntaxauditresolutionscouldreduceunrecognizedtaxbenefitsandincometaxexpensebyupto$0.2million,eitherbecauseManitowocFoodservice'staxpositionsaresustainedonauditorsettled,ortheapplicablestatuteoflimitationscloses.

13. Accumulated Other Comprehensive Income (“AOCI”)

Thecomponentsofaccumulatedothercomprehensiveincome(loss)asofDecember31,2014and2013areasfollows:

(in millions) 2014 2013Foreigncurrencytranslation $ 17.3 $ 34.2

Derivativeinstrumentfairmarketvalue,netofincometaxesof$0.4and$0.2 (1.0) (0.4)

Employeepensionandpostretirementbenefitadjustments,netofincometaxesof$0.8and$0.5 (37.0) (32.6)

$ (20.7) $ 1.2

Summariesofthechangesinaccumulatedothercomprehensiveincome(loss),netoftax,bycomponentfortheyearsendedDecember31,2012,December31,2013andDecember31,2014areasfollows:

-F-24-

(in millions) Foreign Currency

Translation Gains and Losses onCash Flow Hedges

Pension &Postretirement Total

BalanceatDecember31,2012 $ 31.6 $ (0.2) $ (38.2) $ (6.8)

Othercomprehensivelossbeforereclassifications $ 2.6 $ (1.4) $ 4.4 $ 5.6

Amountsreclassifiedfromaccumulatedothercomprehensiveincome — 1.2 1.2 2.4

Netcurrentperiodothercomprehensiveincome 2.6 (0.2) 5.6 8.0

BalanceatDecember31,2013 $ 34.2 $ (0.4) $ (32.6) $ 1.2

Othercomprehensivelossbeforereclassifications (16.9) (1.4) (4.8) (23.1)

Amountsreclassifiedfromaccumulatedothercomprehensiveincome — 0.8 0.4 1.2

Netcurrentperiodothercomprehensiveloss (16.9) (0.6) (4.4) (21.9)

BalanceatDecember31,2014 $ 17.3 $ (1.0) $ (37.0) $ (20.7)

Areconciliationofthereclassificationsoutofaccumulatedothercomprehensiveincome,netoftax,fortheyearendedDecember31,2014isasfollows:

(in millions)

Amount Reclassified fromAccumulated Other Comprehensive

Income Recognized Location

Gainsandlossesoncashflowhedges Foreignexchangecontracts $ (0.9) Costofsales

Commoditycontracts (0.3) Costofsales

(1.2) Totalbeforetax

0.4 Taxexpense

$ (0.8) Netoftax

Amortizationofpensionandpostretirementitems Amortizationofpriorservicecost 0.3 (a) Actuariallosses (0.8) (a)

(0.5) Totalbeforetax

0.1 Taxbenefit

$ (0.4) NetofTax

Totalreclassificationsfortheperiod $ (1.2) NetofTax

(a)Theseothercomprehensiveincomecomponentsareincludedinthenetperiodicpensioncost(seeNote18,“EmployeeBenefitPlans,”forfurtherdetails).

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Areconciliationofthereclassificationsoutofaccumulatedothercomprehensiveincome,netoftax,fortheyearendedDecember31,2013isasfollows:

(in millions)

Amount Reclassified fromAccumulated Other Comprehensive

Income Recognized Location

Gainsandlossesoncashflowhedges Foreignexchangecontracts $ (0.4) Costofsales

Commoditycontracts (1.5) Costofsales

(1.9) Totalbeforetax

0.7 Taxexpense

$ (1.2) Netoftax

Amortizationofpensionandpostretirementitems Amortizationofpriorservicecost 0.1 (a) Actuariallosses (1.3) (a)

(1.2) Totalbeforetax

— Taxbenefit

$ (1.2) NetofTax

Totalreclassificationsfortheperiod $ (2.4) NetofTax

(a)Theseothercomprehensiveincomecomponentsareincludedinthenetperiodicpensioncost(seeNote18,“EmployeeBenefitPlans,”forfurtherdetails).

14. Stock-Based Compensation

DuringtheperiodspresentedcertainemployeesofManitowocFoodserviceparticipatedinstock-basedcompensationplanssponsoredbyManitowocParentCo.Underthesestock-basedcompensationplans,ManitowocParentCoprovidedawardstoemployeesofManitowocFoodservicewithrestrictedcommonstock,restrictedstockunits,andstockoptionstopurchasesharesofManitowocParentCo.BecauseManitowocFoodserviceemployeesprovideservicesinconsiderationfortheirparticipationinManitowocParentCo’splans,thestock-basedcompensationexpensefortheawardsgrantedtoManitowocFoodserviceemployeeshasbeenreflectedinthecombinedfinancialstatements.SeeNote21,“NetParentCompanyInvestmentandRelatedPartyTransactions”forfurtherinformationoncorporateallocations.

ManitowocFoodservicerecognizesexpenseforallstock-basedcompensationonastraight-linebasisoverthevestingperiodoftheentireaward.

Totalstock-basedcompensationexpensebeforetaxwas$2.4million,$3.5millionand$4.2millionduring2014,2013,and2012,respectively.

StockOptions

AnyoptiongrantedtodirectorsofManitowocParentCowereexercisableimmediatelyupongrantingandexpiretenyearssubsequenttothegrantdate.Foralloutstandinggrantsmadetoofficersandemployeespriorto2011,optionsbecomeexercisablein25%incrementsannuallyoverafour-yearperiodbeginningonthesecondanniversaryofthegrantdateandexpiretenyearssubsequenttothegrantdate.Startingwith2011grantstoofficersanddirectors,suchoptionsbecomeexercisablein25%incrementsannuallyoverafour-yearperiodbeginningonthefirstanniversaryofthegrantdateandexpiretenyearssubsequenttothegrantdate.

ManitowocParentCograntedoptionstoFoodserviceemployeestoacquire0.1million,0.1millionand0.1millionsharesofcommonstockduring2014,2013,and2012,respectively.Stock-basedcompensationexpenseiscalculatedbyestimatingthefairvalueofincentiveandnon-qualifiedstockoptionsatthetimeofgrantandisamortizedoverthestockoptions’vestingperiod.ManitowocFoodservicerecognized$0.9million($0.5millionaftertaxes),$1.7million($1.0millionaftertaxes)and$1.3million($0.8millionaftertaxes)ofcompensationexpenseassociatedwithstockoptionsduring2014,2013,and2012,respectively.

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AsummaryofManitowocFoodservice'sstockoptionactivityisasfollows(inmillions,exceptweightedaverageexercisepricepershare):

Shares

WeightedAverage

Exercise Price

AggregateIntrinsic

ValueOptionsoutstandingasofJanuary1,2014 1.2 $ 14.30

Granted 0.1 29.07 Exercised (0.5) 13.00

Cancelled (0.1) 38.41 OptionsoutstandingasofDecember31,2014 0.7 $ 15.90 $ 6.4

Optionsexercisableasof:

December31,2014 0.5 $ 14.19 $ 5.6

TheoutstandingstockoptionsatDecember31,2014havearangeofexercisepricesfrom$4.41to$43.33pershare.ThefollowingtableshowstheoptionsoutstandingandexercisablebyrangeofexercisepricesatDecember31,2014(inmillions,exceptrangeofexercisepricepershare,weightedaverageremainingcontractuallifeandweightedaverageexerciseprice):

Range of Exercise Price per Share Outstanding

Options

WeightedAverage

RemainingContractualLife (Years)

WeightedAverage

Exercise Price Exercisable

Options

WeightedAverage

Exercise Price$4.41-$10.21 0.2 3.8 $ 4.41 0.2 $ 4.41

$10.22-$18.13 0.2 4.7 12.78 0.1 12.29

$18.14-$29.06 0.2 4.8 19.06 0.1 19.19

$29.07-$38.86 0.1 6.0 29.25 0.1 29.52

$38.87-$43.33 — 2.9 39.34 — 39.34

0.7 4.6 $ 15.90 0.5 $ 14.19

ManitowocFoodserviceusestheBlack-Scholesvaluationmodeltovaluestockoptions.ManitowocFoodserviceusedhistoricalstockpricesforManitowocParentCosharesofcommonstockasthebasisforitsvolatilityassumption.Theassumedrisk-freerateswerebasedonten-yearU.S.Treasuryratesineffectatthetimeofgrant.Theexpectedoptionliferepresentstheperiodoftimethattheoptionsgrantedareexpectedtobeoutstandingandisbasedonhistoricalexperience.

AsofDecember31,2014,ManitowocFoodservicehas$1.0millionofunrecognizedcompensationexpensebeforetaxrelatedtostockoptions,whichwillberecognizedoveraweightedaverageperiodof2.6years.

TheweightedaveragefairvalueofoptionsgrantedpershareduringtheyearsendedDecember31,2014,2013,and2012was$14.83,$9.00,and$7.97,respectively.ThefairvalueofeachoptiongrantwasestimatedatthedateofgrantusingtheBlack-Scholesoption-pricingmethodwiththefollowingassumptions:

2014 2013 2012ExpectedLife(years) 6.0 6.0 6.0

Risk-freeInterestrate 1.9% 1.1% 1.1%

Expectedvolatility 55.0% 56.0% 55.0%

Expecteddividendyield 0.4% 0.6% 0.6%

FortheyearsendedDecember31,2014,2013,and2012thetotalintrinsicvalueofstockoptionsexercisedwas$8.0million,$1.5million,and$0.5million,respectively.

RestrictedStockUnits

ManitowocParentCograntedrestrictedperformancestockunitsof0.1million,0.1millionand0.1millionin2014,2013,and2012,respectively.Therestrictedstockunitsareearnedbasedonserviceoverthevestingperiodandontheextenttowhichperformancegoalsaremetovertheapplicableperformanceperiod(“performanceshares”).Theperformancegoalsandtheapplicableperformanceperiodvaryforeachgrantyear.ManitowocFoodservicerecognized$0.9million($0.6millionaftertaxes),$1.0million($0.6millionaftertaxes)and$1.0million($0.6millionaftertaxes)ofcompensationexpenseassociatedwithrestrictedstockunitsduring2014,2013and2012,respectively.

Therestrictedstockunitsgrantedtoemployeesin2014vestonthethirdanniversaryofthegrantdate.Therestrictedstockunitsgrantedtodirectorsin2014vestonthesecondanniversaryofthegrantdate.Theperformancesharesgrantedin2014areearnedbasedontheextentto

-F-27-

whichperformancegoalsaremetbyManitowocFoodserviceoverathree-yearperiodfromJanuary1,2014toDecember31,2016.Theperformancegoalsfortheperformancesharesgrantedin2014arebasedfiftypercent(50%)ontotalshareholderreturnrelativetoapeergroupofcompaniesoverthethree-yearperiodandfiftypercent(50%)onEVA®improvementoverthethree-yearperiod.Dependingontheforegoingfactors,thenumberofsharesawardedcouldrangefromzeroto0.1millionforthe2014performancesharegrants.Fortheseawards,theexpenseisbasedonthefairvalueofManitowocParentCo'ssharesasofthegrantdatefortheEVA®improvementcriteriaandaMonteCarlomodelforthetotalshareholderreturncriteria.

Theperformancesharesgrantedin2013areearnedbasedontheextenttowhichperformancegoalsaremetbyManitowocFoodserviceoverathree-yearperiodfromJanuary1,2013toDecember31,2015.Theperformancegoalsfortheperformancesharesgrantedin2013arebasedfiftypercent(50%)ontotalshareholderreturnrelativetoapeergroupofcompaniesoverthethree-yearperiodandfiftypercent(50%)ondebtreductionoverthethree-yearperiod.Dependingontheforegoingfactors,thenumberofsharesawardedcouldrangefromzeroto0.1millionforthe2013performancesharegrants.Fortheseawards,theexpenseisbasedonthefairvalueofManitowocParentCo'ssharesasofthegrantdateforthedebtreductioncriteriaandaMonteCarlomodelforthetotalshareholderreturncriteria.

Theperformancesharesgrantedin2012wereearnedbasedontheextenttowhichperformancegoalsweremetbyManitowocFoodserviceoverathree-yearperiodfromJanuary1,2012toDecember31,2014.Theperformancegoalsfortheperformancesharesgrantedin2012werebasedfiftypercent(50%)ontotalshareholderreturnrelativetoapeergroupofcompaniesoverthethree-yearperiodandfiftypercent(50%)onimprovementinthecompany’stotalleverageratiooverthethree-yearperiod.Dependingontheforegoingfactors,thenumberofsharesawardedcouldhaverangedfromzeroto0.1millionforthe2012performancesharegrants.Fortheseawards,theexpenseisbasedonthefairvalueofManitowocFoodservice'ssharesasofthegrantdateforthetotalleverageratiocriteriaandaMonteCarlomodelforthetotalshareholderreturncriteria.

AsummaryofactivityforrestrictedstockunitsfortheyearendedDecember31,2014isasfollows(inmillionsexceptweightedaveragegrantdatefairvalue):

Shares

Weighted Average

Grant Date FairValue

UnvestedasofJanuary1,2014 0.1 $ 21.58

Granted 0.1 37.10Vested — 17.62

Cancelled — 15.95UnvestedasofDecember31,2014 0.2 $ 30.72

AsofDecember31,2014,ManitowocFoodservicehas$1.1millionofunrecognizedcompensationexpensebeforetaxrelatedtorestrictedperformancestockunitswhichwillberecognizedoveraweightedaverageperiodof1.7years.

15. Contingencies and Significant Estimates

AsofDecember31,2014,ManitowocFoodserviceheldreservesforenvironmentalmattersrelatedtoEnodislocationsofapproximately$0.7million.AtcertainofManitowocFoodservice’sotherfacilities,ManitowocFoodservicehasidentifiedpotentialcontaminantsinsoilandgroundwater.Theultimatecostofanyremediationrequiredwilldependupontheresultsoffutureinvestigation.Baseduponavailableinformation,ManitowocFoodservicedoesnotexpecttheultimatecostsatanyoftheselocationswillhaveamaterialadverseeffectonitsfinancialcondition,resultsofoperations,orcashflowsindividuallyorintheaggregate.

ManitowocFoodservicebelievesthatithasobtainedandisinsubstantialcompliancewiththosematerialenvironmentalpermitsandapprovalsnecessarytoconductitsvariousbusinesses.Basedonthefactspresentlyknown,ManitowocFoodservicedoesnotexpectenvironmentalcompliancecoststohaveamaterialadverseeffectonitsfinancialcondition,resultsofoperations,orcashflows.

AsofDecember31,2014,variousproduct-relatedlawsuitswerepending.Totheextentpermittedunderapplicablelaw,alloftheseareinsuredwithself-insuranceretentionlevels.ManitowocFoodservice’sself-insuranceretentionlevelsvarybybusiness,andhavefluctuatedoverthelasttenyears.TherangeofManitowocFoodservice’sself-insuredretentionlevelsis$0.1millionto$0.3millionperoccurrence.AsofDecember31,2014,thelargestself-insuredretentionlevelfornewoccurrencescurrentlymaintainedbyManitowocFoodserviceis$0.3millionperoccurrenceandappliestoproductliabilityclaimsforthehotcategoryproductsmanufacturedintheUnitedStates.

ProductliabilityreservesinthecombinedbalancesheetsatDecember31,2014andDecember31,2013were$2.2millionand$2.4million,respectively;$0.2millionand$0.3million,respectively,wasreservedspecificallyforactualcases,and$2.0millionand$2.1million,respectively,forclaimsincurredbutnotreported,whichwereestimatedusingactuarialmethods.BasedonManitowocFoodservice’sexperienceindefendingproductliabilityclaims,managementbelievesthecurrentreservesareadequateforestimatedcaseresolutionson

-F-28-

aggregateself-insuredclaimsandinsuredclaims.Anyrecoveriesfrominsurancecarriersaredependentuponthelegalsufficiencyofclaimsandsolvencyofinsurancecarriers.

AtDecember31,2014andDecember31,2013,ManitowocFoodservicehadreserved$42.0millionand$38.3million,respectively,forwarrantyclaimsincludedinproductwarrantiesandothernon-currentliabilitiesinthecombinedbalancesheets.Certainofthesewarrantyandotherrelatedclaimsinvolvemattersindisputethatultimatelyareresolvedbynegotiations,arbitration,orlitigation.SeeNote16,“Guarantees,”forfurtherinformation.

Itisreasonablypossiblethattheestimatesforenvironmentalremediation,productliabilityandwarrantycostsmaychangeinthenearfuturebaseduponnewinformationthatmayariseormattersthatarebeyondthescopeofManitowocFoodservice’shistoricalexperience.Presently,therearenoreliablemethodstoestimatetheamountofanysuchpotentialchanges.

ManitowocFoodserviceisalsoinvolvedinvariouslegalactionsarisingoutofthenormalcourseofbusiness,which,takingintoaccounttheliabilitiesaccruedandlegalcounsel’sevaluationofsuchactions,intheopinionofmanagement,theultimateresolutionofallmattersisnotexpectedtohaveamaterialadverseeffectonManitowocFoodservice’sfinancialcondition,resultsofoperations,orcashflows.

16. Guarantees

Inthenormalcourseofbusiness,ManitowocFoodserviceprovidesitscustomersawarrantycoveringworkmanship,andinsomecasesmaterials,onproductsmanufacturedbythecompany.Suchwarrantygenerallyprovidesthatproductswillbefreefromdefectsforperiodsrangingfrom12monthsto60monthswithcertainequipmenthavinglonger-termwarranties.IfaproductfailstocomplywithManitowocFoodservice’swarranty,ManitowocFoodservicemaybeobligated,atitsexpense,tocorrectanydefectbyrepairingorreplacingsuchdefectiveproducts.ManitowocFoodserviceprovidesforanestimateofcoststhatmaybeincurredunderitswarrantyatthetimeproductrevenueisrecognized.Thesecostsprimarilyincludelaborandmaterials,asnecessary,associatedwithrepairorreplacement.TheprimaryfactorsthataffectManitowocFoodservice’swarrantyliabilityincludethenumberofunitsshippedandhistoricalandanticipatedwarrantyclaims.Asthesefactorsareimpactedbyactualexperienceandfutureexpectations,ManitowocFoodserviceassessestheadequacyofitsrecordedwarrantyliabilityandadjuststheamountsasnecessary.BelowisatablesummarizingthewarrantyactivityfortheyearsendedDecember31,2014and2013:

(in millions) 2014 2013Balanceatbeginningofperiod $ 38.3 $ 38.3

Accrualsforwarrantiesissuedduringtheperiod 27.9 22.6

Settlementsmade(incashorinkind)duringtheperiod (23.7) (22.6)

Currencytranslation (0.5) —

Balanceatendofperiod $ 42.0 $ 38.3

ManitowocFoodservicealsooffersextendedwarranties,whicharerecordedasdeferredrevenueandareamortizedtoincomeonastraight-linebasisoveraperiodequaltothatofthewarrantyperiod.Thedeferredrevenueonwarrantiesincludedinothercurrentandnon-currentliabilitiesatDecember31,2014andDecember31,2013,was$5.4millionand$4.6million,respectively.

17. Restructuring

InconjunctionwiththeacquisitionofEnodisinOctober2008,certainrestructuringactivitieswereundertakentorecognizecostsynergiesandrationalizethenewcoststructureoftheFoodservicebusiness.TherestructuringreservebalanceasofDecember31,2013andDecember31,2014,includescertainofthesecosts,includingapensionwithdrawalliability.ManitowocFoodservicerecordedadditionalamountsin2014primarilyrelatedtoemployeeterminationbenefitsduetothemovementofcertainIcemanufacturingactivitiesfromManitowoc,Wisconsin,toMonterrey,Mexico.

ThefollowingisarollforwardofallrestructuringactivitiesrelatedtoManitowocFoodserviceforthetwelve-monthperiodendedDecember31,2014(inmillions):

RestructuringReserve Balance as

ofDecember 31, 2013

RestructuringCharges Use of Reserve

RestructuringReserve Balance as

ofDecember 31, 2014

$ 16.3 $ 2.6 $ (3.3) $ 15.6

-F-29-

18. Employee Benefit Plans

Defined Contribution Plans

ManitowocParentComaintainsthreedefinedcontributionretirementplansforitsemployees:(1)TheManitowocCompany,Inc.401(k)RetirementPlan(the“Manitowoc401(k)RetirementPlan”);(2)TheManitowocCompany,Inc.RetirementSavingsPlan(the“ManitowocRetirementSavingsPlan”);and(3)TheManitowocCompany,Inc.DeferredCompensationPlan(the“ManitowocDeferredCompensationPlan”).EachplanresultsinindividualparticipantbalancesthatreflectacombinationofamountscontributedbyManitowocParentCoordeferredbytheparticipant,amountsinvestedatthedirectionofeitherthecompanyortheparticipant,andthecontinuingreinvestmentofreturnsuntiltheaccountsaredistributed.

Manitowoc 401(k) Retirement Plan TheManitowoc401(k)RetirementPlanisatax-qualifiedretirementplanthatisavailabletosubstantiallyallnon-unionU.S.employeesofManitowocParentCo,itssubsidiariesandrelatedentities.Thecompanymergedtheaccountsofnon-unionparticipantsintheEnodisCorporation401(k)PlanwithandintotheManitowoc401(k)RetirementPlanonDecember31,2009.

TheManitowoc401(k)RetirementPlanallowsemployeestomakebothpre-andpost-taxelectivedeferrals,subjecttocertainlimitationsundertheInternalRevenueCodeof1986,asamended(the“TaxCode”).ManitowocParentCoalsohastherighttomakethefollowingadditionalcontributions:(1)amatchingcontributionbaseduponindividualemployeedeferralsand(2)anadditionalcontributionbasedonManitowocParentCo’sperformancemetrics.EachparticipantintheManitowoc401(k)RetirementPlanisallowedtodirecttheinvestmentofthatparticipant’saccountamongadiversemixofinvestmentfunds,includingacompanystockalternative.TotheextentthatanyfundsareinvestedinManitowocParentCostock,thatportionoftheManitowoc401(k)RetirementPlanisanemployeestockownershipplan,asdefinedundertheTaxCode(an“ESOP”).

ThetermsgoverningtheretirementbenefitsundertheManitowoc401(k)RetirementPlanarethesameforManitowocParentCo’sexecutiveofficersastheyareforothereligibleemployeesintheUnitedStates.

Manitowoc Retirement Savings Plan TheManitowocRetirementSavingsPlanisatax-qualifiedretirementplanthatisavailabletocertaincollectivelybargainedU.S.employeesofManitowocParentCo,itssubsidiariesandrelatedentities.ManitowocParentComergedthefollowingplanswithandintotheManitowocRetirementSavingsPlanonDecember31,2009:(1)TheManitowocCranes,Inc.Hourly-PaidEmployees’DeferredProfit-SharingPlan;(2)theManitowocIce,Inc.Hourly-PaidEmployees’DeferredProfit-SharingPlan;and(3)theaccountsofcollectivelybargainedparticipantsintheEnodisCorporation401(k)Plan.

TheManitowocRetirementSavingsPlanallowsemployeestomakebothpre-andpost-taxelectivedeferrals,subjecttocertainlimitationsundertheTaxCode.ManitowocParentCoalsohastherighttomakethefollowingadditionalcontributions:(1)amatchingcontributionbaseduponindividualemployeedeferrals;and(2)anadditionaldiscretionaryorfixedcompanycontribution.EachparticipantintheManitowocRetirementSavingsPlanisallowedtodirecttheinvestmentofthatparticipant’saccountamongadiversemixofinvestmentfunds,includingacompanystockalternative.TotheextentthatanyfundsareinvestedinManitowocParentCostock,thatportionoftheManitowocRetirementSavingsPlanisanESOP.

ManitowocParentCo’sexecutiveofficersarenoteligibletoparticipateintheManitowocRetirementSavingsPlan.ManitowocParentCocontributionstotheplansarebaseduponformulascontainedintheplans.Forbothplansmentionedabove,ManitowocFoodservice'sportionoftotalcostsincurredundertheseplanswere$3.7million,$4.0millionand$2.1millionfortheyearsendedDecember31,2014,2013and2012,respectively.

Manitowoc Deferred Compensation Plan TheManitowocDeferredCompensationPlanisanon-tax-qualifiedsupplementaldeferredcompensationplanforhighlycompensatedandkeymanagementemployeesandfordirectors.OnDecember31,2009,ManitowocParentComergedtheEnodisCorporationSupplementalExecutiveRetirementPlan,anotherdefinedcontributiondeferredcompensationplan,withandintotheManitowocDeferredCompensationPlan.ManitowocParentComaintainstheManitowocDeferredCompensationPlantoalloweligibleindividualstosaveforretirementinatax-efficientmannerdespiteTaxCoderestrictionsthatwouldotherwiseimpairtheirabilitytodosoundertheManitowoc401(k)RetirementPlan.TheManitowocDeferredCompensationPlanalsoassistsManitowocParentCoinretainingthosekeyemployeesanddirectors.

TheManitowocDeferredCompensationPlanaccountsarecreditedwith:(1)electivedeferralsmadeattherequestoftheindividualparticipant;and/or(2)adiscretionarycompanycontributionforeachindividualparticipant.AlthoughunfundedwithinthemeaningoftheTaxCode,theManitowocDeferredCompensationPlanutilizesarabbitrusttoholdassetsintendedtosatisfyManitowocParentCo’scorrespondingfuturebenefitobligations.EachparticipantintheManitowocDeferredCompensationPlaniscreditedwithinterestbaseduponindividualelectionsfromamongstadiversemixofinvestmentfundsthatareintendedtoreflectinvestmentfundssimilartothoseofferedundertheManitowoc401(k)RetirementPlan,includingcompanystock.Participantsdonotreceivepreferentialorabove-marketratesofreturnundertheManitowocDeferredCompensationPlan.

Defined Benefit Plans

Shared Plans

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CertainU.S.employeesofManitowocFoodserviceparticipateinpensionandotherpostretirementbenefitplans(the“SharedPlans”)sponsoredbyManitowocParentCo,whichincludeparticipantsofotherManitowocParentCosubsidiaries.ManitowocFoodserviceaccountsfortheseSharedPlansforthepurposeofthecombinedfinancialstatementsasamultiemployerplan.Accordingly,ManitowocFoodservicedoesnotrecordanassetorliabilitytorecognizethefundedstatusoftheSharedPlans.However,thecostsassociatedwiththeseSharedPlansof$1.0million,$0.8million,and$0.9million,fortheyearsendedDecember31,2014,2013,and2012,respectively,arereflectedontheManitowocFoodservicecombinedstatementofoperations.ThisexpensereflectsanapproximationofManitowocFoodservice’sportionofthecostsoftheSharedPlansaswellascostsattributabletoManitowocParentCocorporateemployees,whichhavebeenallocatedtotheManitowocFoodservicecombinedstatementofoperationsbasedonmethodologydeemedreasonablebymanagement.

Direct Plans

CertainManitowocFoodservicesubsidiariessponsortheirownpensionandotherpostretirementbenefitplans(the“DirectPlans”),whichareaccountedforasdefinedbenefitplans.Accordingly,thefundedandunfundedpositionofeachDirectPlanisrecordedinourcombinedbalancesheets.Actuarialgainsandlossesthathavenotyetbeenrecognizedthroughincomearerecordedinaccumulatedothercomprehensiveincomenetoftaxesuntiltheyareamortizedasacomponentofnetperiodicbenefitcost.ThedeterminationofbenefitobligationsandtherecognitionofexpensesrelatedtotheDirectPlansaredependentonvariousassumptions.Themajorassumptionsprimarilyrelatetodiscountrates,long-termexpectedratesofreturnonplanassets,andfuturecompensationincreases.Managementdevelopseachassumptionusingrelevantcompanyexperienceinconjunctionwithmarket-relateddataforeachindividualcountryinwhichsuchplansexist.

ThecomponentsofperiodbenefitcostsfortheDirectPlansfortheyearsendedDecember31,2014,2013and2012areasfollows:

Pension Plans Postretirement Health

and Other

(in millions) 2014 2013 2012 2014 2013 2012Servicecost-benefitsearnedduringtheyear $ 0.5 $ 0.5 $ 0.4 $ — $ 0.1 $ 0.1

Interestcostofprojectedbenefitobligation 8.1 6.8 7.2 0.2 0.2 0.3

Expectedreturnonassets (7.1) (5.5) (6.2) — — —

Amortizationofpriorservicecost — — — (0.3) (0.1) —

Amortizationofactuarialnetloss(gain) 0.9 1.3 0.8 (0.1) — 0.1

Curtailmentgainrecognized — — — — (0.8) —

Settlementgainrecognized — — (1.6) — — —

Netperiodicbenefitcost $ 2.4 $ 3.1 $ 0.6 $ (0.2) $ (0.6) $ 0.5

Weightedaverageassumptions:

Discountrate 4.4% 4.0% 4.7% 4.5% 3.6% 4.4%

Expectedreturnonplanassets 4.5% 3.9% 4.6% N/A N/A N/A

Rateofcompensationincrease 4.0% 3.5% 3.5% 1.5% 3.0% 3.0%

Thepriorservicecostsareamortizedonastraight-linebasisovertheaverageremainingserviceperiodofactiveparticipants.Gainsandlossesinexcessof10%ofthegreaterofthebenefitobligationandthemarket-relatedvalueofassetsareamortizedovertheaverageremainingserviceperiodofactiveparticipants.

Todeveloptheexpectedlong-termrateofreturnonassetsassumptions,ManitowocFoodserviceconsideredthehistoricalreturnsandfutureexpectationsforreturnsineachassetclass,aswellastargetedassetallocationpercentageswithinthepensionportfolio.

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Thefollowingisareconciliationofthechangesinbenefitobligation,thechangesinplanassets,andthefundedstatusoftheDirectPlansasofDecember31,2014and2013:

Pension Plans

PostretirementHealth

and Other

(in millions) 2014 2013 2014 2013Change in Benefit Obligation

Benefitobligation,beginningofyear $ 186.0 $ 179.6 $ 3.3 $ 5.6

Servicecost 0.5 0.5 — 0.1

Interestcost 8.1 6.8 0.2 0.2

Participantcontributions 0.1 0.1 0.3 0.3

Medicaresubsidiesreceived — — 0.1 —

Plancurtailments — — — (0.7)

Plansettlements 1.7 — — —

Planamendments — — — (0.4)

Actuarial(gain)loss 19.3 5.2 (0.5) (1.2)

Currencytranslationadjustment (10.0) 2.7 (0.1) (0.2)

Benefitspaid (10.7) (8.9) (0.5) (0.4)

Benefitobligation,endofyear $ 195.0 $ 186.0 $ 2.8 $ 3.3

Change in Plan Assets

Fairvalueofplanassets,beginningofyear $ 159.5 $ 148.8 $ — $ —

Actualreturnonplanassets 18.6 14.7 — —

Employercontributions 3.1 2.3 0.1 0.1

Participantcontributions 0.1 0.1 0.3 0.3

Medicaresubsidiesreceived — — 0.1 —

Currencytranslationadjustment (8.5) 2.5 — —

Benefitspaid (10.7) (8.9) (0.5) (0.4)

Fairvalueofplanassets,endofyear 162.1 159.5 — —

Fundedstatus $ (32.9) $ (26.5) $ (2.8) $ (3.3)

Amounts recognized in the Consolidated Balance sheet at December 31

Pensionasset $ — $ — $ — $ —

Pensionobligation (32.9) (26.5) — —

Postretirementhealthandotherbenefitobligations — — (2.8) (3.3)

Netamountrecognized $ (32.9) $ (26.5) $ (2.8) $ (3.3)

Weighted-Average Assumptions

Discountrate 3.5% 4.4% 3.7% 4.5%

Expectedreturnonplanassets 4.5% 3.9% N/A N/A

Rateofcompensationincrease 4.0% 4.3% 1.5% 1.5%

AmountsrecognizedinaccumulatedothercomprehensiveincomeasofDecember31,2014and2013,consistofthefollowing:

Pensions Postretirement

Health and Other

(in millions) 2014 2013 2014 2013Netactuarialgain(loss) $ (38.7) $ (33.8) $ 0.9 $ 0.5

Priorservicecredit — — — 0.3

Totalamountrecognized $ (38.7) $ (33.8) $ 0.9 $ 0.8

Theamountsinaccumulatedothercomprehensiveincomethatareexpectedtoberecognizedascomponentsofnetperiodicbenefitcostduringthenextfiscalyearare$1.2millionforthepensionplanandgainof$0.1millionforthepostretirementhealthandotherplans.

Formeasurementpurposes,a7.0%annualrateofincreaseinthepercapitacostofcoveredhealthcarebenefitswasassumedfor2014.Theratewasassumedtodecreasegraduallyto4.5%for2027andremainatthatlevelthereafter.Assumedhealthcarecosttrendrateshavea

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significanteffectontheamountsreportedforthehealthcareplans.ThefollowingtablesummarizesthesensitivityofourDecember31,2014retirementobligationsand2015retirementbenefitcostsofourplanstochangesinthekeyassumptionsusedtodeterminethoseresults(inmillions):

Change in assumption: Estimated increase

(decrease) in 2015 Pension Cost

Estimated increase(decrease) in Projected

Benefit Obligation for theyear ended December 31, 2014

Estimated increase(decrease) in 2015 OtherPostretirement Benefit

Costs

Estimated increase(decrease) in Other

Postretirement BenefitObligation

for the year endedDecember 31, 2014

0.50%increaseindiscountrate $ (0.1) $ (11.1) $ — $ (0.1)

0.50%decreaseindiscountrate 0.6 14.1 — 0.1

0.50%increaseinlong-termreturnonassets (0.8) N/A N/A N/A

0.50%decreaseinlong-termreturnonassets 0.8 N/A N/A N/A

1%increaseinmedicaltrendrates N/A N/A — 0.2

1%decreaseinmedicaltrendrates N/A N/A — (0.2)

Itisreasonablypossiblethattheestimateforfutureretirementandhealthcostsmaychangeinthenearfutureduetochangesinthehealthcareenvironmentorchangesininterestratesthatmayarise.Presently,thereisnoreliablemeanstoestimatetheamountofanysuchpotentialchanges.

Theweighted-averageassetallocationsofthepensionplansatDecember31,2014and2013,byassetcategoryareasfollows:

2014 2013Equity 15.0% 16.7%

DebtSecurities 23.8% 21.3%

Other 61.2% 62.0%

100.0% 100.0%

Investment Strategy TheoverallobjectiveofManitowocFoodservice'spensionassetsistoearnarateofreturnovertimetosatisfythebenefitobligationsofthepensionplansandtomaintainsufficientliquiditytopaybenefitsandaddressothercashrequirementsofthepensionfund.Specificinvestmentobjectivesforourlong-terminvestmentstrategyincludereducingthevolatilityofpensionassetsrelativetopensionliabilities,achievingacompetitive,totalinvestmentreturn,achievingdiversificationbetweenandwithinassetclassesandmanagingotherrisks.Investmentobjectivesforeachassetclassaredeterminedbasedonspecificrisksandinvestmentopportunitiesidentified.

ManitowocFoodservicereviewsitslong-term,strategicassetallocationsannually.ManitowocFoodserviceusesvariousanalyticstodeterminetheoptimalassetmixandconsiderplanliabilitycharacteristics,liquiditycharacteristics,fundingrequirements,expectedratesofreturnandthedistributionofreturns.ManitowocFoodserviceidentifiesinvestmentbenchmarksfortheassetclassesinthestrategicassetallocationthataremarket-basedandinvestablewherepossible.

Actualallocationstoeachassetclassvaryfromtargetallocationsduetoperiodicinvestmentstrategychanges,marketvaluefluctuations,thelengthoftimeittakestofullyimplementinvestmentallocationpositionsandthetimingofbenefitpaymentsandcontributions.Theassetallocationismonitoredandrebalancedonamonthlybasis.

TheactualallocationsforthepensionassetsatDecember31,2014,andtargetallocationsbyassetclass,areasfollows:

Target Allocations Weighted AverageAsset Allocations

EquitySecurities 14.0% 15.0%

DebtSecurities 23.0% 23.8%

Other 63.0% 61.2%

Risk Management Inmanagingtheplanassets,wereviewandmanageriskassociatedwithfundedstatusrisk,interestraterisk,marketrisk,counterpartyrisk,liquidityriskandoperationalrisk.Liabilitymanagementandassetclassdiversificationarecentraltoourriskmanagementapproachandareintegraltotheoverallinvestmentstrategy.Further,assetclassesareconstructedtoachievediversificationbyinvestmentstrategy,byinvestmentmanager,byindustryorsectorandbyholding.Investmentmanagerguidelinesforpubliclytradedassetsarespecifiedandaremonitoredregularly.

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Fair Value Measurements ThefollowingtablepresentsourplanassetsusingthefairvaluehierarchyasofDecember31,2014and2013.Thefairvaluehierarchyhasthreelevelsbasedonthereliabilityoftheinputsusedtodeterminefairvalue.Level1referstofairvaluesdeterminedbasedonquotedpricesinactivemarketsforidenticalassets.Level2referstofairvaluesestimatedusingsignificantotherobservableinputs,andLevel3includesfairvaluesestimatedusingsignificantnon-observableinputs.

December 31, 2014

Assets (in millions)

Quoted Prices in ActiveMarkets for Identical Assets

(Level 1)

Significant OtherObservable Inputs

(Level 2) Unobservable Inputs

(Level 3) TotalCash $ 0.3 $ — $ — $ 0.3

Insurancegroupannuitycontracts — — 98.9 98.9Common/collectivetrustfunds—Government,corporateandothernon-governmentdebt — 21.1 — 21.1

Common/collectivetrustfunds—Corporateequity — 37.5 — 37.5Common/collectivetrustfunds—Customizedstrategy — 4.3 — 4.3

Total $ 0.3 $ 62.9 $ 98.9 $ 162.1

December 31, 2013

Assets (in millions)

Quoted Prices in ActiveMarkets for Identical Assets

(Level 1)

Significant OtherObservable Inputs

(Level 2) Unobservable Inputs

(Level 3) TotalCash $ 0.2 $ — $ — $ 0.2

Insurancegroupannuitycontracts — — 98.7 98.7Common/collectivetrustfunds—Government,corporateandothernon-governmentdebt — 20.8 — 20.8

Common/collectivetrustfunds—Corporateequity — 34.6 — 34.6Common/collectivetrustfunds—Customizedstrategy — 5.2 — 5.2

Total $ 0.2 $ 60.6 $ 98.7 $ 159.5

Cashequivalentsandothershort-terminvestments,whichareusedtopaybenefits,areprimarilyheldinregisteredmoneymarketfundswhicharevaluedusingamarketapproachbasedonthequotedmarketpricesofidenticalinstruments.Othercashequivalentandshort-terminvestmentsarevalueddailybythefundusingamarketapproachwithinputsthatincludequotedmarketpricesforsimilarinstruments.

Insurancegroupannuitycontractsarevaluedatthepresentvalueofthefuturebenefitpaymentsowedbytheinsurancecompanytotheplans’participants.

Common/collectivefundsaretypicallycommonorcollectivetrustsvaluedattheirnetassetvaluesthatarecalculatedbytheinvestmentmanagerorsponsorofthefundandhavedailyormonthlyliquidity.

Areconciliationofthefairvaluesmeasurementsofplanassetsusingsignificantunobservableinputs(Level3)fromthebeginningoftheyeartotheendoftheyearisasfollows:

Insurance Contracts

Year Ended December 31,

(in millions) 2014 2013BeginningBalance $ 98.7 $ 91.3

Actualreturnonassets 11.2 11.3

Benefitpayments (5.8) (5.5)

Foreigncurrencyimpact (5.2) 1.6

EndingBalance $ 98.9 $ 98.7

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Theexpected2015contributionsforpensionplansareasfollows:theminimumcontributionfor2015is$3.3million;andnoplanneddiscretionaryornon-cashcontributions.Expectedcompanypaidclaimsforthepostretirementhealthandlifeinsuranceplansare$0.2millionfor2015.

ProjectedbenefitpaymentsfromtheplansasofDecember31,2014areestimatedasfollows:

(in millions) Pension Plans Postretirement

Health and Other2015 $ 10.6 $ 0.2

2016 11.0 0.2

2017 11.5 0.2

2018 12.0 0.2

2019 12.5 0.2

2020—2024 70.3 0.9

ThefairvalueofplanassetsforwhichtheaccumulatedbenefitobligationisinexcessoftheplanassetsasofDecember31,2014and2013isasfollows:

Pension Plans

(in millions) 2014 2013Projectedbenefitobligation $ 195.0 $ 186.0

Accumulatedbenefitobligation 194.1 184.9

Fairvalueofplanassets 162.1 159.5

TheaccumulatedbenefitobligationforallpensionplansasofDecember31,2014and2013was$194.1millionand$184.9million,respectively.

ThemeasurementdateforallplansisDecember31,2014.

ManitowocParentCo,throughitsLincolnFoodserviceoperation,participatedinamultiemployerdefinedbenefitpensionplanunderacollectivebargainingagreementthatcoveredcertainofitsunion-representedemployees.In2013,withthefinalizationofthereorganizationandplantrestructuringthataffectedtheLincolnFoodserviceoperation,ManitowocParentCowasdeemedtohaveeffectivelywithdrawnitsparticipationinthemultiemployerdefinedbenefitpensionplan.Thiswithdrawalobligationispartoftherestructuringaccrualinourcombinedbalancesheet.Thewithdrawalobligation($14.2millionasofDecember31,2014)ispayablein48quarterlyinstallmentsof$0.5millionthroughApril2025.

ThecontributionsbyManitowocParentCotothemultiemployerplanfortheyearsendedDecember31,2014,2013and2012areasfollows:

(in millions)

Pension Fund EIN / Pension Plan

Number 2014 2013 2012SheetMetalWorkers’NationalPensionFund 52-6112463/001 $ — $ 0.3 $ 0.9

TotalContributions $ — $ 0.3 $ 0.9

19. Leases

ManitowocFoodserviceleasesvariousproperty,plantandequipment.Termsoftheleasesvary,butgenerallyrequireManitowocFoodservicetopaypropertytaxes,insurancepremiums,andmaintenancecostsassociatedwiththeleasedproperty.Rentalexpenseattributedtooperatingleaseswas$13.8million,$10.8millionand$14.8millionin2014,2013and2012,respectively.

Futureminimumrentalobligationsundernon-cancelableoperatingleases,asofDecember31,2014,arepayableasfollows:

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(in millions) 2015 $ 12.62016 9.02017 5.82018 3.12019 2.3Thereafter 1.6

Total $ 34.4

20. Business Segments

ManitowocFoodserviceidentifiesitssegmentsusingthe“managementapproach,”whichdesignatestheinternalorganizationthatisusedbymanagementformakingoperatingdecisionsandassessingperformanceasthesourceofManitowocFoodservice’sreportablesegments.Managementorganizesthebusinessbasedongeography,andhasdesignatedtheregionsAmericas,EMEA,andAPACasreportablesegments.

ManitowocFoodservicedesigns,manufacturesandsellsrefrigeration,ice-making,cooking,holding,food-preparation,andbeverage-dispensingequipment.ManitowocFoodservice'ssuiteofproductsisusedbycommercialandinstitutionalfoodserviceoperatorssuchasfull-servicerestaurants,quick-servicechains,hotels,industrialcaterers,supermarkets,conveniencestores,hospitals,schoolsandotherinstitutions.

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Theaccountingpoliciesofthesegmentsarethesameasthosedescribedinthesummaryofsignificantaccountingpoliciesexceptthatcertainexpensesarenotallocatedtothesegments.Theseunallocatedexpensesarecorporateoverhead,stock-basedcompensationexpense,amortizationexpenseofintangibleassetswithdefinitelives,assetimpairmentexpense,restructuringexpense,andothernon-operatingexpenses.ManitowocFoodserviceevaluatessegmentperformancebaseduponprofitandlossbeforetheaforementionedexpenses.FinancialinformationrelatingtoManitowocFoodservice’sreportablesegmentsfortheyearsendedDecember31,2014,2013and2012isasfollows:

(in millions) 2014 2013 2012

Net sales from continuing operations:

Americas $ 1,301.9 $ 1,282.6 $ 1,233.5

EMEA 315.1 312.6 214.1

APAC 198.2 129.4 136.0

Eliminationofintersegmentsales (233.9) (182.8) (97.4)

Totalnetsales $ 1,581.3 $ 1,541.8 $ 1,486.2

Operating earnings (loss) from continuing operations:

Americas $ 201.8 $ 214.3 $ 216.0

EMEA 20.7 22.5 8.5

APAC 20.8 16.0 17.9

Corporateexpense (34.9) (31.6) (32.3)

Amortizationexpense (31.8) (31.4) (31.3)

Assetimpairmentexpense (1.1) — —

Restructuringexpense (2.6) (2.9) (2.2)

Other(expense)income (0.4) 0.8 (1.8)

Operatingearningsfromcontinuingoperations $ 172.5 $ 187.7 $ 174.8

Other(expense)income: Interestexpenseoncapitalleases $ (1.3) $ (1.0) $ (1.0)

InterestincomeonnoteswithManitowocParentCo-net 16.6 17.2 4.5

Other(expense)income-net (0.6) 0.7 1.2

Totalotherincome $ 14.7 $ 16.9 $ 4.7

Earningsfromcontinuingoperationsbeforetaxesonearnings $ 157.8 $ 170.8 $ 170.1

Capital expenditures:

Americas $ 12.4 $ 23.8 $ 9.1

EMEA 0.8 1.6 2.1

APAC 2.9 3.7 3.8

Corporate 9.2 4.5 2.5

Totalcapitalexpenditures $ 25.3 $ 33.6 $ 17.5

Depreciation:

Americas $ 14.1 $ 13.6 $ 15.1

EMEA 2.3 2.4 2.1

APAC 3.0 3.4 4.5

Corporate 1.8 0.6 0.6

Totaldepreciation $ 21.2 $ 20.0 $ 22.3

Assets:

Americas $ 1,636.2 $ 1,642.3 $ 1,652.2

EMEA 158.3 181.5 160.3APAC

96.7 81.5 88.8

Corporate 7.1 12.9 67.7

Totalassets $ 1,898.3 $ 1,918.2 $ 1,969.0

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Netsalesbyproductclassarecategorizedintocommercialfoodservicewholegoodsandaftermarketpartsandsupport.NetsalesbyproductclassfortheyearsendedDecember31areasfollows:

Net Sales

(in millions) 2014 (2) 2013 (1) 2012 (1)

Commercialfoodservicewholegoods $ 1,293.6 $ 1,355.3 $ 1,486.2

Aftermarketpartsandsupport 287.7 186.5 n/a

Total $ 1,581.3 $ 1,541.8 $ 1,486.2

(1)ManitowocFoodservicebegantrackingsalesbyproductclassduring2013intheAmericasregion;theaftermarketpartsandsupportclassshownfor2013representstheAmericasonly.Salesbyproductclassarenotavailablefor2012.(2)ManitowocFoodservicebegantrackingsalesbyproductclassforEMEAandAPACduring2014;theaftermarketpartsandsupportsalesfor2014representssalesfromallregions.

Netsalesinthetablebelowareattributedtogeographicregionsbasedonlocationofcustomer.Netsalesfromcontinuingoperationsandlong-livedassetinformationbygeographicareaasofandfortheyearsendedDecember31areasfollows:

Net Sales Long-Lived Assets

(in millions) 2014 2013 2012 2014 2013

UnitedStates $ 996.4 $ 949.2 $ 930.9 $ 1,464.3 $ 1,497.4

OtherAmericas 127.4 132.4 133.9 16.6 13.6

TotalAmericas 1,123.8 1,081.6 1,064.8 1,480.9 1,511.0

EMEA 280.3 283.2 229.9 90.2 103.2

APAC 177.2 177.0 191.5 28.5 30.4

Total $ 1,581.3 $ 1,541.8 $ 1,486.2 $ 1,599.6 $ 1,644.6

Netsalesfromcontinuingoperationsandlong-livedassetinformationforEuropeprimarilyrelatetoFrance,GermanyandtheUnitedKingdom.

ManitowocFoodservicesellsprimarilythroughdistributorsanddealers("directcustomers"),whoultimatelyselltoendcustomers.Nosingledirectcustomerrepresented10%orgreaterofManitowocFoodservice'snetsalesintheyearsendedDecember31,2014,2013,or2012.Thereisoneendcustomerwhichrepresentedapproximately10%ofManitowocFoodservice'snetsalesintheyearsendedDecember31,2014,2013,and2012.

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21. Net Parent Company Investment and Related Party Transactions

RelatedPartyTransactionsandCashManagement: ManitowocFoodservicedoesnotenterintotransactionswithrelatedpartiestopurchaseand/orsellgoodsorservicesintheordinarycourseofbusiness.TransactionsbetweenManitowocFoodserviceandManitowocParentCo(includingitsCranesbusiness)arereflectedinNetParentCompanyInvestmentinthecombinedbalancesheetsandinthecombinedstatementsofcashflowsasafinancingactivityin“Nettransfers(to)fromParentandaffiliates”.ManitowocFoodserviceparticipatedinManitowocParentCo’scentralizedcashmanagementprograminwhichcashisswepteachdayandheldinacentralizedaccountatthecorporatelevel.CashheldinthesecentralizedaccountshasnotbeenallocatedtoManitowocFoodservice.TheonlycashreflectedinthecombinedbalancesheetsisthatwhichishelddirectlybyspecificManitowocFoodserviceentities.

NetParentCompanyInvestmentandCorporateCostAllocations:Historically,ManitowocParentCoperformscertaingeneralandcorporatefunctionsonManitowocFoodservice’sbehalf.Thesecostsinclude,butarenotlimitedto,accounting,treasury,tax,legal,humanresources,audit,andinformationtechnology(“generalcorporateexpenses”).Forpurposesofpreparingthecombinedfinancialstatementsthesecostshavebeenallocatedonabasisofdirectusage,whereidentifiable,orthroughtheuseofallocationmethodologiesbasedonpercentageofsales,headcount,orothermethodologiesdeemedappropriatebymanagement.Thesegeneralcorporateexpensesareincludedwithin“Engineering,selling,andadministrative”costsandNetParentCompanyInvestment,accordingly.Managementbelievestheassumptionsassociatedwithallocatingthesecostsarereasonable.Nevertheless,thecombinedfinancialstatementsmaynotincludealloftheactualexpensethatwouldhavebeenincurredandmaynotrepresentManitowocFoodservice’sresultsofoperations,financialposition,orcashflowshaditbeenastand-alonecompanyduringtheperiodspresented.ActualcoststhatwouldhavebeenincurredifManitowocFoodservicehadbeenastandalonecompanywoulddependonmultiplefactors,includingorganizationalstructureandstrategicdecisionsmadeinvariousareas,includinginformationtechnologyandinfrastructure.GeneralcorporateexpensesallocatedtoManitowocFoodserviceduringthefiscalyearsendedDecember31,2014,2013and2012were$22.1million,$26.3millionand$26.6million,respectively.

NoneofManitowocParentCo’sdebthasbeenreflectedinthecombinedbalancesheetofManitowocFoodservice,becauseManitowocFoodserviceisnotapartytotheobligationbetweenManitowocParentCoandthedebtholders.NofinancingcostsorinterestexpenseassociatedwithManitowocParentCo’sdebthasbeenallocatedtothecombinedfinancialstatements.

AllsignificantintercompanytransactionsbetweenManitowocFoodserviceandManitowocParentCo(includingitsCranesbusiness),havebeenincludedwithinNetParentCompanyInvestmentinthecombinedbalancesheets.Thetotaleffectofthesettlementoftheseintercompanytransactionsisreflectedasafinancingactivityinthecombinedstatementsofcashflows.However,theinterestincomeandexpenserelatedtothenoteswithManitowocParentCoispresentedonanetbasisinthecombinedstatementofoperations.InterestincomeonthenoteswithManitowocParentCofortheyearsendedDecember31,2014,2013,and2012,isnetofinterestexpenseonthenoteswithManitowocParentCoof$1.3million,$0.6million,and$11.9million,respectively.ThenotesreceivablebalancesfromManitowocParentCoasoftheyearsendedDecember31,2014,2013,and2012,were$273.9million,$248.3million,and$321.9million,respectively.ThenotespayablebalancestoManitowocParentCoasoftheyearsendedDecember31,2014,2013,and2012,were$6.2million,$12.4million,and$85.4million,respectively.

Guarantees:CertainofManitowocParentCo’ssubsidiaries,whichincludesselectedentitiesthatarepartofManitowocFoodservice,haveenteredintoguaranteeagreementswithManitowocParentCowherebythesesubsidiariespledgetheirassetsascollateralintheeventofdefaultbyManitowocParentCoonitsdebtorinterestobligations.However,noneoftheseManitowocFoodservicesubsidiariesarenamedasobligorsinthedebtagreementsheldinthenameofManitowocParentCo.Forthatreason,ManitowocParentCohasnothistoricallyallocateddebtbalancesand/orchargedoutthird-partydebtrelatedexpensestoitsFoodserviceSegment.

Furthermore,weexpecttheseguaranteeagreementswillbeterminatedpursuanttothecloseoftheSpin-Off.Therefore,ManitowocFoodservicehasnotrecognizedanyliabilityassociatedwiththedebtheldbyManitowocParentCoortheassetcollateralguaranteeinitscombinedfinancialstatements.NofinancingcostsorinterestexpenseassociatedwithManitowocParentCo’sdebthasbeenallocatedthecombinedfinancialstatements.

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22. Supplement Financial Information

ThevaluationandqualifyingaccountsfortheyearsendedDecember31,2014,2013and2012areasfollows:

(in millions)

Balance atBeginning of

Year

Charge toCosts andExpenses

Utilization ofReserve

Other, PrimarilyImpact ofForeign

ExchangeRates

Balance at endof Year

Year End December 31, 2012

Allowancefordoubtfulaccounts $ 3.8 $ 1.3 $ (1.9) $ 0.1 $ 3.3

Deferredtaxvaluationallowance 54.9 29.0 — 2.0 85.9

Year End December 31, 2013

Allowancefordoubtfulaccounts 3.3 1.7 (1.9) — 3.1

Deferredtaxvaluationallowance 85.9 (5.4) (0.2) (0.1) 80.2

Year End December 31, 2014

Allowancefordoubtfulaccounts 3.1 4.2 (3.2) (0.2) 3.9

Deferredtaxvaluationallowance $ 80.2 $ 36.3 $ (0.4) $ (3.0) $ 113.1

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23. Subsequent Events

Thecombinedfinancialstatementsreflectmanagement’sevaluationofsubsequenteventsthroughSeptember1,2015,thedateManitowocFoodservice'sauditedcombinedfinancialstatementsasofandfortheyear-endedDecember31,2014,wereavailabletobeissued.

OnAugust31,2015,ManitowocParentCofinalizedchangestoitsaccountsreceivablesecuritizationprogram.Amongotheractions,ManitowocParentCoenteredintoanamendmenttotheReceivablesPurchaseAgreement,theresultsofwhichwerethat(i)FoodserviceAsiawasaddedasanoriginatorandasaservicerunderthefacility;and(ii)ManitowocFoodservice'sdomesticoriginatorswereeffectivelyreleasedfromtheirobligationsundertherelatedpurchaseandsaleagreementandwillnowselltheiraccountsreceivabletotheCaymanSeller(priortothesechanges,thesereceivablesweresoldtotheU.S.Seller).Themaximumcommitmentsizeofthesecuritizationfacilitydidnotchangeand,therefore,remainsat$185.0million.

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MANITOWOCFOODSERVICECondensed Combined Statements of OperationsFortheNineMonthsEndedSeptember30,2015and2014

Unaudited Nine Months Ended September 30,

Millions of dollars 2015 2014

Netsales $ 1,178.4 $ 1,207.1

Costsandexpenses: Costofsales 809.6 811.7

Engineering,sellingandadministrativeexpenses 223.3 229.5

Amortizationexpense 23.6 23.9

Restructuringexpense 1.3 2.2

Separationexpense 1.1 —

Otherexpense 0.4 —

Totalcostsandexpenses 1,059.3 1,067.3

Operatingearningsfromcontinuingoperations 119.1 139.8

Other(expense)income:

Interestexpenseoncapitalleases (1.0) (0.9)

InterestincomeonnoteswithManitowocParentCo-net 13.5 12.1

Otherincome(expense)-net 1.9 (1.5)

Totalotherincome 14.4 9.7

Earningsfromcontinuingoperationsbeforetaxesonincome 133.5 149.5

Provisionfortaxesonincome 41.8 15.6

Earningsfromcontinuingoperations 91.7 133.9

Discontinuedoperations: Earnings(loss)fromdiscontinuedoperations,netofincometaxesof$0.0and$(0.3),respectively 0.3 (0.4)

Lossonsaleofdiscontinuedoperations,netofincometaxesof$0.0and$(0.6),respectively — (1.1)

Netearnings $ 92.0 $ 132.4

Theaccompanyingnotesareanintegralpartofthesecondensedcombinedfinancialstatements.

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MANITOWOCFOODSERVICECondensed Combined Statements of Comprehensive IncomeFortheNineMonthsEndedSeptember30,2015and2014

Unaudited Nine Months Ended September 30,

Millions of dollars 2015 2014

Netearnings $ 92.0 $ 132.4

Othercomprehensive(loss)income,netoftax Foreigncurrencytranslationadjustments (19.0) (7.9)

Unrealized(loss)incomeonderivatives,netofincometaxesof$0.9and$(0.1),respectively (1.6) 0.1

Employeepensionandpostretirementbenefits,netofincometaxesof$0.0and$0.0,respectively 0.8 0.4

Totalothercomprehensiveloss,netoftax (19.8) (7.4)

Comprehensiveincome $ 72.2 $ 125.0

Theaccompanyingnotesareanintegralpartofthesecondensedcombinedfinancialstatements.

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MANITOWOCFOODSERVICECondensed Combined Balance SheetsAsofSeptember30,2015andDecember31,2014

Unaudited September 30, 2015

December 31, 2014Millions of Dollars

Assets CurrentAssets: Cashandcashequivalents $ 47.3 $ 16.5

Restrictedcash 0.6 —

Accountsreceivable,lessallowancesof$3.6and$3.9,respectively 97.3 71.0

Inventories-net 159.1 163.2

Deferredincometaxes 23.7 23.7

Othercurrentassets 11.7 10.0

Currentassetsheldforsale 8.1 5.1

Totalcurrentassets 347.8 289.5

Property,plantandequipment-net 127.0 134.3

Goodwill 844.6 872.8

Otherintangibleassets-net 524.6 584.5

Othernon-currentassets 16.7 17.2

Long-termassetsheldforsale 64.0 —

Totalassets $ 1,924.7 $ 1,898.3

LiabilitiesandEquity CurrentLiabilities: Accountspayableandaccruedexpenses $ 277.6 $ 332.1

Currentportionofcapitalleases 0.4 0.5

Productwarranties 34.2 36.0

Currentliabilitiesheldforsale 20.2 —Totalcurrentliabilities 332.4 368.6

Non-CurrentLiabilities: Long-termcapitalleases 2.5 3.6

Deferredincometaxes 217.1 218.0

Pensionandpostretirementhealthobligations 37.8 36.4

Othernon-currentliabilities 18.8 20.3

Long-termliabilitiesheldforsale 0.7 —

Totalnon-currentliabilities 276.9 278.3Commitmentsandcontingencies(Note14)

TotalEquity: Netparentcompanyinvestment 1,355.9 1,272.1

Accumulatedothercomprehensiveloss (40.5) (20.7)

Totalequity 1,315.4 1,251.4

Totalliabilitiesandequity $ 1,924.7 $ 1,898.3

Theaccompanyingnotesareanintegralpartofthesecondensedcombinedfinancialstatements.

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MANITOWOCFOODSERVICECondensed Combined Statements of Cash FlowsFortheNineMonthsEndedSeptember30,2015and2014

Unaudited Nine Months Ended September 30,

Millions of dollars 2015 2014

Cash Flows From Operations Netearnings $ 92.0 $ 132.4

Adjustmentstoreconcilenetearningstocashprovidedbyoperatingactivitiesofcontinuingoperations: Discontinuedoperations,netofincometaxes (0.3) 0.4

Depreciation 14.9 16.0

Amortizationofintangibleassets 23.6 23.9

Deferredincometaxes 3.0 (4.1)

Lossonsaleofdiscontinuedoperations — 1.1

Lossonsaleofproperty,plantandequipment 0.5 0.2

Other 2.2 2.1

Changesinoperatingassetsandliabilities,excludingtheeffectsofbusinessacquisitionsordispositions: Accountsreceivable (28.9) (14.7)

Inventories (7.7) (18.9)

Otherassets (4.2) (2.0)

Accountspayable (23.6) (2.6)

Accruedexpensesandotherliabilities (3.0) (0.6)

Netcashprovidedbyoperatingactivitiesofcontinuingoperations 68.5 133.2

Netcashprovidedby(usedfor)operatingactivitiesofdiscontinuedoperations 0.3 (0.4)

Netcashprovidedbyoperatingactivities 68.8 132.8

Cash Flows From Investing Capitalexpenditures (9.6) (17.7)

Proceedsfromsaleofproperty,plantandequipment 0.1 —

Restrictedcash (0.6) —

Netcashusedforinvestingactivities (10.1) (17.7)

Cash Flows From Financing Paymentsoncapitalleases (0.4) (3.1)

Proceedsfromcapitalleases 0.5 1.0

NettransactionswithManitowocParentCo (26.1) (107.6)

Netcashusedforfinancingactivities (26.0) (109.7)

Effectofexchangeratechangesoncash (1.9) (0.5)

Netincreaseincashandcashequivalents 30.8 4.9

Balanceatbeginningofyear 16.5 9.6

Balanceatendofyear $ 47.3 $ 14.5

Theaccompanyingnotesareanintegralpartofthesecondensedcombinedfinancialstatements.

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MANITOWOC FOODSERVICENotes to Unaudited Condensed Combined Financial Statements

For the Nine Months Ended September 30, 2015 and 2014

1. Description of the Business and Basis of Presentation

The Proposed Transaction:

OnJanuary29,2015,ManitowocParentCoannouncedplanstocreatetwoindependentpubliccompanies:theCraneBusinessandtheFoodserviceBusiness.Toeffecttheseparation,first,ManitowocParentCowillundertakeaninternalreorganization.Followingtheinternalreorganization,ManitowocParentCowillholdtheCraneBusiness,andManitowocFoodservice,ManitowocParentCo'swhollyownedsubsidiary,willholdtheFoodserviceBusiness.Then,ManitowocParentCowilldistributeallofManitowocFoodservice'scommonstocktoManitowocParentCo’sshareholders,andManitowocFoodservice,holdingtheFoodserviceBusiness,willbecomeanindependentpubliclytradedcompany.

Inthesecondensedcombinedfinancialstatements,unlessthecontextotherwiserequires:

• "ManitowocFoodservice,""we,""our"and"us"refertoManitowocFoodservice,Inc.anditscombinedsubsidiaries,aftergivingeffecttotheinternalreorganizationandthedistribution,and

• "ManitowocParentCo"referstoTheManitowocCompany,Inc.anditsconsolidatedsubsidiaries,otherthan,forallperiodsfollowingtheSpin-Off,ManitowocFoodservice.

• "Spin-Off"referstoboththeabovedescribedinternalreorganizationanddistribution,collectively.

TheSpin-Offissubjecttothesatisfaction,orManitowocParentCo’swaiver,ofanumberofconditions.Inaddition,ManitowocParentCohastherightnottocompletetheSpin-Offif,atanytime,theManitowocParentCoBoardofDirectorsdetermines,initssoleandabsolutediscretion,thattheSpin-OffisnotinthebestinterestsofManitowocParentCooritsshareholdersorisotherwisenotadvisable.

Nature of the Business

ManitowocFoodserviceisamongtheworld’sleadingdesignersandmanufacturersofcommercialfoodserviceequipment.Itdesigns,manufactures,andservicesanintegratedportfolioofcarefully-selected,high-margin,hotandcoldcategoryproducts.Wehaveoneoftheindustry'sbroadestportfoliosofproductsthatcreateoptimalvalueforourchannelspartnerswhiledeliveringsuperiorperformance,quality,reliability,anddurabilityforourcustomers.Ourcapabilitiesspanrefrigeration,ice-making,cooking,holding,food-preparation,andbeverage-dispensingtechnologies,andallowustoequipentirecommercialkitchensandservetheworld’sgrowingdemandforfoodpreparedawayfromhome.Wesupplyfoodserviceequipmenttocommercialandinstitutionalfoodserviceoperatorssuchasfull-servicerestaurants,quick-servicerestaurantchains,hotels,caterers,supermarkets,conveniencestores,businessandindustry,hospitals,schoolsandotherinstitutions.

Basis of Presentation TheaccompanyingcondensedcombinedfinancialstatementshavebeenpreparedinaccordancewithaccountingprinciplesgenerallyacceptedintheUnitedStates(“U.S.GAAP”),andderivedfromtheconsolidatedfinancialstatementsandaccountingrecordsofManitowocParentCo.Theaccompanyingcondensedcombinedfinancialstatementsincludethehistoricalcostbasisofassetsandliabilities,revenues,andexpensesoftheindividualentitiesthatcompriseManitowocParentCo’shistoricalFoodservicesegment,inadditiontoacorporateentitywhichhistoricallysupportedManitowocFoodserviceoperations.AllintercompanybalancesandtransactionswithinManitowocFoodservicehavebeeneliminated.However,interestincomeandexpenserelatedtothenoteswithManitowocParentCohavebeenreflectedonanetbasiswithinthecombinedstatementofoperationsasdescribedinNote20,"NetParentCompanyInvestmentandRelatedPartyTransactions."

AstheseparatelegalentitiesthatcomprisetheFoodservicebusinesswerenothistoricallyheldbyasinglelegalentity,NetParentCompanyInvestmentisshowninlieuofshareholder’sequityinthesecondensedcombinedfinancialstatements.BalancesbetweenManitowocFoodserviceandManitowocParentCo(includingitsCranebusiness)thatwerenothistoricallysettledincashareincludedinNetParentCompanyInvestment.NetParentCompanyInvestmentrepresentsManitowocParentCo’sinterestintherecordedassetsofManitowocFoodserviceandrepresentsthecumulativeinvestmentbyManitowocParentCointheFoodservicebusinessthroughthedatespresented,inclusiveofoperatingresults.

Duringtheperiodspresented,theFoodservicebusinessfunctionedaspartofthelargergroupofcompaniescontrolledbyManitowocParentCo,accordingly,ManitowocParentCoperformedcertaincorporateoverheadfunctionsfortheFoodservicebusiness.Therefore,certaincostsrelatedtotheFoodservicebusinesshavebeenallocatedfromManitowocParentCo.Theseallocatedcostsareprimarilyrelatedto:1)corporateofficers,2)employeebenefitsandcompensation,3)share-basedcompensation,and4)certainadministrativefunctions,whicharenotprovidedatthebusinesslevelincluding,butnotlimitedto,finance,audit,legal,informationtechnology,humanresources,andinvestorrelations.Wherepossible,thesecostswereallocatedbasedondirectusage,withtheremainderallocatedonabasisofrevenue,headcount,orothermeasureswehavedeterminedasreasonable.

ManagementofManitowocFoodservicebelievestheassumptionsunderlyingthecondensedcombinedfinancialstatements,includingtheassumptionsregardingtheallocatedexpenses,reasonablyreflecttheutilizationofservicesprovidedtoorthebenefitreceivedbythe

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Foodservicebusinessduringtheperiodspresented.Nevertheless,theaccompanyingcondensedcombinedfinancialstatementsmaynotbeindicativeoftheFoodservicebusiness'sfutureperformance,anddonotnecessarilyincludealltheoftheactualexpensesthatwouldhavebeenincurredbyFoodserviceandmaynotreflecttheresultsofoperations,financialposition,andcashflowshadManitowocFoodservicebeenastandalonecompanyduringtheperiodspresented.

CashismanagedcentrallyandflowsthroughcentralizedbankaccountscontrolledandmaintainedbyManitowocParentCo.Accordingly,cashandcashequivalentsheldbyManitowocParentCoatthecorporatelevelwerenotattributabletotheFoodservicebusinessforanyoftheperiodspresented.OnlycashamountsspecificallyattributableManitowocFoodservicearereflectedinthecondensedcombinedbalancesheets.Transfersofcash,bothtoandfromManitowocParentCo’scentralizedcashmanagementsystem,arereflectedasacomponentofNetParentCompanyInvestmentinManitowocFoodservice’scondensedcombinedbalancesheetsandasafinancingactivityontheaccompanyingcondensedcombinedstatementsofcashflows.Additionally,noneofManitowocParentCo’sdebthasbeenallocatedtothecondensedcombinedfinancialstatementsasManitowocFoodservicehasnolegalobligationforanyofthedebtagreements.ManitowocFoodservicereceivedfundingaspartofManitowocParentCo'scentraltreasuryprogram.

Incometaxexpenseinthecondensedcombinedstatementofoperationsiscomputedonaseparatereturnbasis,asifManitowocFoodservicewasoperatingasaseparateconsolidatedgroupandfiledseparatetaxreturnsinthejurisdictionsinwhichitoperates.Asaresultofpotentialchangestoourbusinessmodelandpotentialpastandfuturetaxplanning,incometaxexpenseincludedinthecondensedcombinedfinancialstatementsmaynotbeindicativeofManitowocFoodservice'sfutureexpectedtaxrate.Inaddition,cashtaxpaymentsanditemsofcurrentanddeferredtaxesmaynotbereflectiveofManitowocFoodservice'sactualtaxbalancespriortoorsubsequenttotheSpin-Off.

2. Accounting Policies

Intheopinionofmanagement,theaccompanyingunauditedcondensedcombinedfinancialstatementscontainalladjustmentsnecessaryforafairstatementoftheresultsofoperationsandcomprehensiveincomefortheninemonthsendedSeptember30,2015and2014,thecashflowsforthesamenine-monthperiods,andthefinancialpositionatSeptember30,2015andDecember31,2014,andexceptasotherwisediscussedsuchadjustmentsconsistofonlythoseofanormalrecurringnature.TheinterimresultsarenotnecessarilyindicativeofresultsforafullyearanddonotcontaininformationincludedinManitowocFoodservice’sannualcombinedfinancialstatementsandnotesfortheyearendedDecember31,2014.Certaininformationandfootnotedisclosures,normallyincludedinfinancialstatementspreparedinaccordancewithgenerallyacceptedaccountingprinciples,havebeencondensedoromittedpursuanttoSEC’srulesandregulationsdealingwithinterimfinancialstatements.However,ManitowocFoodservicebelievesthatthedisclosuresmadeinthecondensedcombinedfinancialstatementsincludedhereinareadequatetomaketheinformationpresentednotmisleading.

3. Discontinued Operations

Thefollowingselectedfinancialdataofvariousbusinessesdisposedofpriorto2014,primarilyconsistingofadministrativecosts,fortheninemonthsendedSeptember30,2015and2014,ispresentedforinformationalpurposesonlyanddoesnotnecessarilyreflectwhattheresultsofoperationswouldhavebeenhadthebusinessesoperatedasstand-aloneentities.Therewasnogeneralcorporateexpenseorinterestexpenseallocatedtodiscontinuedoperationsforthesebusinessesduringtheperiodspresented.

Nine months ended September 30,

(in millions) 2015 2014

Netsales $ — $ —

Pretaxearnings(loss)fromdiscontinuedoperations $ 0.3 $ (0.7)

Benefitfortaxesonearnings — (0.3)

Netearnings(loss)fromdiscontinuedoperations $ 0.3 $ (0.4)

Duringthethirdquarterof2014,ManitowocParentCosettledapensionobligationrelatedtoapreviouslydisposedentity,whichresultedina$1.1millionlossonsaleofdiscontinuedoperations,netofincometaxbenefitof$0.6million,duringtheperiod.

4. Disposals

Duringthethirdquarterof2015,ManitowocParentCo'sboardofdirectorsapprovedaplantoholdforsaleanon-materialManitowocFoodservicesubsidiary.InaccordancewithASCTopic360,“Property,Plant,andEquipment,”theassetsandliabilitiesofthisbusinesshavebeenclassifiedasheldforsaleonthecondensedcombinedbalancesheetasofSeptember30,2015.

5. Fair Value of Financial Instruments

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ThefollowingtablessetforthfinancialassetsandliabilitieswhichwereattributabletoManitowocFoodserviceandwereaccountedforatfairvalueonarecurringbasisasofSeptember30,2015andDecember31,2014bylevelwithinthefairvaluehierarchy.Financialassetsandliabilitiesareclassifiedintheirentiretybasedonthelowestlevelofinputthatissignificanttothefairvaluemeasurement.

Fair Value as of September 30, 2015

(in millions) Level 1 Level 2 Level 3 TotalCurrent Liabilities: Foreigncurrencyexchangecontracts $ — $ 0.4 $ — $ 0.4

Commoditycontracts — 3.1 — 3.1

Total current liabilities at fair value $ — $ 3.5 $ — $ 3.5

Non-current Liabilities: Commoditycontracts $ — $ 0.5 $ — $ 0.5

Total non-current liabilities at fair value $ — $ 0.5 $ — $ 0.5

Total liabilities at fair value $ — $ 4.0 $ — $ 4.0

Fair Value as of December 31, 2014

(in millions) Level 1 Level 2 Level 3 TotalCurrent Liabilities: Foreigncurrencyexchangecontracts $ — $ 0.7 $ — $ 0.7

Commoditycontracts — 0.7 — 0.7

Total current liabilities at fair value $ — $ 1.4 $ — $ 1.4

Non-current Liabilities: Commoditycontracts: $ — $ 0.3 $ — $ 0.3

Total non-current liabilities at fair value $ — $ 0.3 $ — $ 0.3

Total liabilities at fair value $ — $ 1.7 $ — $ 1.7

ASCSubtopic820-10,“FairValueMeasurement,”definesfairvalueasthepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdate.ASCSubtopic820-10classifiestheinputsusedtomeasurefairvalueintothefollowinghierarchy:

Level1 Unadjustedquotedpricesinactivemarketsforidenticalassetsorliabilities

Level2 Unadjustedquotedpricesinactivemarketsforsimilarassetsorliabilities,or

Unadjustedquotedpricesforidenticalorsimilarassetsorliabilitiesinmarketsthatarenotactive,or

Inputsotherthanquotedpricesthatareobservablefortheassetorliability

Level3 Unobservableinputsfortheassetorliability

ManitowocFoodserviceendeavorstoutilizethebestavailableinformationinmeasuringfairvalue.Financialassetsandliabilitiesareclassifiedintheirentiretybasedonthelowestlevelofinputthatissignificanttothefairvaluemeasurement.Thecarryingvaluesofcashandcashequivalents,accountsreceivable,accountspayable,deferredpurchasepricenotesonreceivablessold(seeNote10,“AccountsReceivableSecuritization”)andshort-termvariabledebt,approximatefairvalue,withoutbeingdiscountedasofSeptember30,2015andDecember31,2014,duetotheshort-termnatureoftheseinstruments.

Asaresultofitsglobaloperatingandfinancingactivities,ManitowocFoodserviceisexposedtomarketrisksfromchangesininterestrates,foreigncurrencyexchangerates,andcommodityprices,whichmayadverselyaffectitsoperatingresultsandfinancialposition.Whendeemedappropriate,ManitowocFoodserviceminimizestheserisksthroughtheuseofderivativefinancialinstruments.Derivativefinancialinstrumentsareusedtomanageriskandarenotusedfortradingorotherspeculativepurposes,andManitowocFoodservicedoesnotuseleveragedderivativefinancialinstruments.Theforeigncurrencyexchange,commodity,andinterestratecontractsarevaluedthroughanindependentvaluationsourcethatusesanindustrystandarddataprovider,withresultingvaluationsperiodicallyvalidatedthroughthird-partyorcounterpartyquotes.Assuch,thesederivativeinstrumentsareclassifiedwithinLevel2.

6. Derivative Financial Instruments

ManitowocFoodservice’sriskmanagementobjectiveistoensurethatbusinessexposurestorisksthathavebeenidentifiedandmeasuredandarecapableofbeingcontrolledareminimizedormanagedusingwhatitbelievestobethemosteffectiveandefficientmethodstomanage,

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eliminate,reduce,ortransfersuchexposures.Operatingdecisionsconsiderassociatedrisksandtransactionsarestructuredtominimizeormanageriskwheneverpossible.

UseofderivativeinstrumentsisconsistentwiththeoverallbusinessandriskmanagementobjectivesofManitowocFoodservice.DerivativeinstrumentsmaybeusedtomanagebusinessriskwithinlimitsspecifiedbyManitowocParentCo’sriskpolicyandtomanageexposuresthathavebeenidentifiedthroughtheriskidentificationandmeasurementprocess,providedthattheyclearlyqualifyas“hedging”activitiesasdefinedintheriskpolicy.Useofderivativeinstrumentsisnotautomatic,norisitnecessarilytheonlyresponsetomanagingpertinentbusinessrisk.Useispermittedonlyaftertherisksthathavebeenidentifiedaredeterminedtoexceeddefinedtolerancelevelsandareconsideredtobeunavoidable.

TheprimaryrisksmanagedbyManitowocParentCoonManitowocFoodservice'sbehalfusingderivativeinstrumentsarecommoditypriceriskandforeigncurrencyexchangerisk.SwapcontractsonvariouscommoditiesareusedtomanagethepriceriskassociatedwithforecastedpurchasesofmaterialsusedinManitowocFoodservice'smanufacturingprocesses.ManitowocParentCoalsoentersintovariousforeigncurrencyderivativeinstrumentsonManitowocFoodservice’sbehalftomanageforeigncurrencyriskassociatedwithManitowocFoodservice’sprojectedforeigncurrencydenominatedpurchases,sales,andreceivableandpayablebalances.

ASCSubtopic815-10,“DerivativesandHedging,”requirescompaniestorecognizeallderivativeinstrumentsaseitherassetsorliabilitiesatfairvalueinthestatementoffinancialposition.InaccordancewithASCSubtopic815-10,ManitowocFoodservicedesignatescommodityswapsandforeigncurrencyexchangecontractsascashflowhedgesofforecastedpurchasesofcommoditiesandcurrencies.

Forderivativeinstrumentsthataredesignatedandqualifyascashflowhedges,theeffectiveportionofthegainorlossonthederivativeisreportedasacomponentofothercomprehensiveincome(loss)andisreclassifiedintoearningsinthesameperiodorperiodsduringwhichthehedgedtransactionaffectsearnings.Gainsandlossesonthederivativeinstrumentsrepresentingeitherhedgeineffectivenessorhedgecomponentsexcludedfromtheassessmentofeffectivenessarerecognizedincurrentearnings.InthenexttwelvemonthsManitowocFoodserviceestimatesthat$2.2millionofunrealizedlossesnetoftaxrelatedtocommoditypriceandcurrencyexchangeratehedgingwillbereclassifiedfromothercomprehensiveincomeintoearnings.Foreigncurrencyandcommodityhedgingisgenerallycompletedprospectivelyonarollingbasisforbetweentwelveandtwenty-fourmonths,respectively,dependingonthetypeofriskbeinghedged.

AsofSeptember30,2015andDecember31,2014,ManitowocFoodservicehadthefollowingoutstandingcommodityandforeigncurrencyexchangecontractsthatwereintendedtohedgeforecastedtransactions:

Units Hedged Commodity September 30, 2015 December 31, 2014 Unit Type

Aluminum 1,510 1,657 MT Cashflow

Copper 583 820 MT Cashflow

Naturalgas 52,618 56,792 MMBtu Cashflow

Steel 15,145 12,364 Tons Cashflow

Units Hedged Short Currency September 30, 2015 December 31, 2014 Type

CanadianDollar 1,783,060 7,984,824 Cashflow

EuropeanEuro 821,490 — Cashflow

BritishPound 571,100 — Cashflow

MexicanPeso 46,263,687 52,674,383 Cashflow

ForderivativeinstrumentsthatarenotdesignatedashedginginstrumentsunderASCSubtopic815-10,thegainsorlossesonthederivativesarerecognizedincurrentearningswithinother(expense)income,netinthecondensedcombinedstatementsofoperations.AsofSeptember30,2015andDecember31,2014,ManitowocFoodservicehadthefollowingoutstandingforeigncurrencyexchangecontractsthatwerenotdesignatedashedginginstruments:

Units Hedged

Short Currency September 30, 2015 December 31, 2014 Recognized Location Purpose

Euro 1,232,000 2,172,068 Otherincome,net AccountsPayableandReceivableSettlement

CanadianDollar — 2,516 Otherincome,net AccountsPayableandReceivableSettlement

MexicanPeso 2,288,431 3,151,000 Otherincome,net AccountsPayableandReceivableSettlement

ThefairvalueofoutstandingderivativecontractsrecordedasassetsintheaccompanyingcondensedcombinedbalancesheetsasofSeptember30,2015andDecember31,2014wasasfollows:

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ASSET DERIVATIVES

September 30,

2015 December 31,

2014

(in millions) Balance Sheet Location Fair Value

Derivatives designated as hedging instruments Foreignexchangecontracts Othercurrentassets $ — $ —

Total derivatives designated as hedging instruments $ — $ —

ASSET DERIVATIVES

September 30,

2015 December 31,

2014

(in millions) Balance Sheet Location Fair Value

Derivatives NOT designated as hedging instruments Foreignexchangecontracts Othercurrentassets $ — $ —

Total derivatives NOT designated as hedging instruments $ — $ —

Total asset derivatives $ — $ —

ThefairvalueofoutstandingderivativecontractsrecordedasliabilitiesintheaccompanyingcondensedcombinedbalancesheetsasofSeptember30,2015andDecember31,2014wasasfollows:

LIABILITY DERIVATIVES

September 30,

2015 December 31,

2014

(in millions) Balance Sheet Location Fair Value

Derivatives designated as hedging instruments

Foreignexchangecontracts Accountspayableandaccrued

expenses $ 0.4 $ 0.6

Commoditycontracts Accountspayableandaccrued

expenses 3.1 0.7

Commoditycontracts Othernon-currentliabilities 0.5 0.3

Total derivatives designated as hedging instruments $ 4.0 $ 1.6

LIABILITY DERIVATIVES

September 30,

2015 December 31,

2014

(in millions) Balance Sheet Location Fair Value

Derivatives NOT designated as hedging instruments

Foreignexchangecontracts Accountspayableandaccrued

expenses $ — $ 0.1

Total derivatives NOT designated as hedging instruments $ — $ 0.1

Total liability derivatives $ 4.0 $ 1.7

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TheeffectofderivativeinstrumentsonthecondensedcombinedstatementsofoperationsfortheninemonthsendedSeptember30,2015andSeptember30,2014forgainsorlossesinitiallyrecognizedinaccumulatedothercomprehensiveincome(AOCI)inthecondensedcombinedbalancesheetswasasfollows:

Amount of Gain or (Loss) on Derivative

Recognized in AOCI (Effective Portion,net of tax)

Location of Gain or (Loss)

Reclassified fromAOCI into Income(Effective Portion)

Amount of Gain or (Loss) Reclassified

from AOCI into Income(Effective Portion)

Derivatives in Cash Flow HedgingRelationships (in millions)

September 30, 2015

September 30, 2014

September 30, 2015

September 30, 2014

Foreignexchangecontracts $ 0.1 $ 0.1 Costofsales $ (1.2) $ (0.7)

Commoditycontracts (1.6) 0.1 Costofsales (2.2) (0.2)

Total $ (1.5) $ 0.2 $ (3.4) $ (0.9)

Derivatives

Location of Gain or (Loss)on Derivative Recognized inIncome (Ineffective Portionand Amount Excluded from

Effectiveness Testing)

Amount of Gain or (Loss) on Derivative Recognized inIncome (Ineffective Portion and Amount Excluded

from Effectiveness Testing)

Relationships (in millions) September 30, 2015 September 30, 2014

Commoditycontracts Costofsales $ 0.1 $ 0.1

Total $ 0.1 $ 0.1

Derivatives Not Designated asHedging Instruments (in millions)

Location of Gain or (Loss)on Derivative Recognized inIncome (Ineffective Portionand Amount Excluded from

Effectiveness Testing)

Amount of Gain or (Loss) on Derivative Recognized inIncome (Ineffective Portion and Amount Excluded

from Effectiveness Testing)

Relationships (in millions) September 30, 2015 September 30, 2014

Foreignexchangecontracts OtherIncome $ 0.1 $ —

Total $ 0.1 $ —

7. Inventories

ThecomponentsofinventoriesasofSeptember30,2015andDecember31,2014aresummarizedasfollows:

(in millions) September 30,

2015 December 31,

2014

Inventories-gross: Rawmaterials $ 68.2 $ 77.2

Work-in-process 21.1 21.5

Finishedgoods 97.8 87.9

Totalinventories-gross 187.1 186.6

Excessandobsoleteinventoryreserve (24.9) (20.3)

NetinventoriesatFIFOcost 162.2 166.3

ExcessofFIFOcostsoverLIFOvalue (3.1) (3.1)

Inventories-net $ 159.1 $ 163.2

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8. Goodwill and Other Intangible Assets

ManitowocFoodservicehasthreereportablesegments:Americas,EMEA,andAPAC.ThechangesinthecarryingamountofgoodwillbyreportablesegmentfortheyearendedDecember31,2014andtheninemonthsendedSeptember30,2015areasfollows:

(in millions) Americas EMEA APAC TotalGrossbalanceasofJanuary1,2014 $ 1,172.7 $ 208.9 $ 7.5 $ 1,389.1

Accumulatedassetimpairments (312.2) (203.5) — (515.7)

NetbalanceasofJanuary1,2014 860.5 5.4 7.5 873.4

Foreigncurrencyimpact — (0.5) (0.1) (0.6)

GrossBalanceatDecember31,2014 1,172.7 208.4 7.4 1,388.5

Accumulatedassetimpairments (312.2) (203.5) — (515.7)

NetBalanceatDecember31,2014 860.5 4.9 7.4 872.8

Foreigncurrencyimpact — — (0.3) (0.3)

Reclasstoheldforsale (27.9) — — (27.9)

GrossBalanceasofSeptember30,2015 1,144.8 208.4 7.1 1,360.3

Accumulatedassetimpairments (312.2) (203.5) — (515.7)

NetBalanceasofSeptember30,2015 $ 832.6 $ 4.9 $ 7.1 $ 844.6

ManitowocFoodserviceaccountsforgoodwillandotherintangibleassetsundertheguidanceofASCTopic350,“Intangibles-GoodwillandOther.”ManitowocFoodserviceperformsanannualimpairmenttestatJune30ofeveryyearormorefrequentlyifeventsorchangesincircumstancesindicatethattheassetmightbeimpaired.ManitowocFoodservicetestsitsreportingunitsandindefinite-livedintangibleassetsusingafair-valuemethodbasedonthepresentvalueoffuturecashflows,whichinvolvesmanagement’sjudgmentsandassumptionsabouttheamountsofthosecashflowsandthediscountratesused.Theestimatedfairvalueisthencomparedwiththecarryingamountofthereportingunit,includingrecordedgoodwill,orindefinite-livedintangibleasset.Theintangibleassetisthensubjecttoriskofwrite-downtotheextentthatthecarryingamountexceedstheestimatedfairvalue.

AsofJune30,2015,ManitowocFoodserviceperformedtheannualimpairmenttestforitsreportingunitsaswellasitsindefinite-livedintangibleassets,andbasedonthoseresults,noimpairmentwasindicated.

Thegrosscarryingamount,accumulatedamortizationandnetbookvalueofManitowocFoodservice’sintangibleassetsotherthangoodwillatSeptember30,2015andDecember31,2014areasfollows:

September 30, 2015 December 31, 2014

(in millions)

GrossCarryingAmount

AccumulatedAmortization

NetBookValue

GrossCarryingAmount

AccumulatedAmortization

NetBookValue

Trademarksandtradenames $ 172.1 $ — $ 172.1 $ 199.4 $ — $ 199.4

Customerrelationships 415.1 (145.3) 269.8 415.0 (129.5) 285.5

Patents 1.7 (1.6) 0.1 1.7 (1.4) 0.3

Otherintangibles 143.9 (61.3) 82.6 160.7 (61.4) 99.3

Total $ 732.8 $ (208.2) $ 524.6 $ 776.8 $ (192.3) $ 584.5

AmortizationexpensefortheninemonthsendedSeptember30,2015andSeptember30,2014was$23.6millionand$23.9millionrespectively.

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9. Accounts Payable and Accrued Expenses

AccountspayableandaccruedexpensesatSeptember30,2015andDecember31,2014aresummarizedasfollows:

(in millions) September 30,

2015 December 31,

2014

Tradeaccountspayableandinterestpayable $ 120.9 $ 161.6

Employeerelatedexpenses 29.4 31.1

Restructuringexpenses 14.8 15.6

Profitsharingandincentives 3.2 4.1

Accruedrebates 47.3 52.3

Deferredrevenue-current 3.8 3.8

DividendpayabletoManitowocParentCo — 6.2

Incometaxespayable 5.2 5.2

Customeradvances 4.2 3.9

Productliability 2.8 2.2

Miscellaneousaccruedexpenses 46.0 46.1

Totalaccountspayableandaccruedexpenses $ 277.6 $ 332.1

10. Accounts Receivable Securitization

Theaccountsreceivablesecuritizationfacility,("TheSecuritizationProgram"),iscomprisedoftwofundingentities:ManitowocFunding,LLC(“U.S.Seller”)andManitowocCaymanIslandsFundingLtd.(“CaymanSeller”).PriortotheamendmentofthesecuritizationprogramonAugust31,2015,(“SecuritizationAmendment”asdiscussedbelow),theU.S.SellerhadhistoricallyserviceddomesticentitiesofboththeFoodserviceandCranesegmentsofManitowocParentCoandremittedallfundsreceiveddirectlytoManitowocParentCo.AsofAugust31,2015,theU.S.SellerservicedonlythedomesticentitiesoftheCranesegmentofManitowocParentCo.PriortheSecuritizationAmendment,theCaymanSellerhadhistoricallyservicedsolelyManitowocFoodserviceforeignentitiesandremittedallfundstoManitowocFoodserviceentities.AsofAugust31,2015,theCaymanSellerservicedthedomesticandforeignentitiesoftheFoodservicesegmentofManitowocParentCo.TheU.S.SellerentitywillremainwithManitowocParentCosubsequenttotheSpin-Off,whiletheCaymanSellerwillbetransferredtoManitowocFoodservicesubsequenttotheSpin-Off.AstheU.S.SellerisnotdirectlyattributabletoManitowocFoodservice,onlythereceivableswhichweretransferredtotheU.S.SellerbutnotsoldarereflectedintheManitowocFoodservicecondensedcombinedbalancesheetasofDecember31,2014.AportionoftheU.S.Seller’shistoricalexpensesrelatedtobondadministrationfeesandsettlementfeeswereallocatedtoManitowocFoodservicefortheperiodduringwhichtheU.S.SellerservicedtheFoodservicedomesticentities,priortotheSecuritizationAmendment.AstheCaymanSellerisdirectlyattributabletoManitowocFoodservice,theassets,liabilities,income,andexpensesoftheCaymanSellerareincludedinManitowocFoodservice’scombinedstatementofoperationsandbalancesheet.

OnAugust31,2015,ManitowocParentCofinalizedchangestoitsaccountsreceivablesecuritizationprogram.Amongotheractions,ManitowocParentCoenteredintoanamendmenttotheReceivablesPurchaseAgreement,theresultsofwhichwerethat(i)FoodserviceAsiawasaddedasanoriginatorandasaservicerunderthefacility;and(ii)ManitowocFoodservice'sdomesticoriginatorswereeffectivelyreleasedfromtheirobligationsundertherelatedpurchaseandsaleagreementandwillnowselltheiraccountsreceivabletotheCaymanSeller(priortothesechanges,thesereceivablesweresoldtotheU.S.Seller).Themaximumcommitmentsizeofthesecuritizationfacilitydidnotchange.

ManitowocParentComaintainsanaccountsreceivablesecuritizationprogramwithacommitmentsizeof$185million,wherebytransactionsundertheprogramareaccountedforassalesinaccordancewithASCTopic860,“TransfersandServicing.”Salesoftradereceivablesundertheprogramarereflectedasareductionofaccountsreceivableintheaccompanyingcombinedbalancesheetsandtheproceedsreceived,includingcollectionsonthedeferredpurchasepricenotes,areincludedincashflowsfromoperatingactivitiesintheaccompanyingcondensedcombinedstatementsofcashflows.ManitowocFoodservicedeemstheinterestrateriskrelatedtothedeferredpurchasepricenotestobedeminimis,primarilyduetotheshortaveragecollectioncycleoftherelatedreceivables(i.e.,lessthan60days)asnotedbelow.Tradeaccountsreceivablessoldtoathird-partyfinancialinstitution(“Purchaser”)andbeingservicedbythecompanytotaled$102.5millionasofSeptember30,2015and$21.1millionatDecember31,2014.

Duetoashortaveragecollectioncycleoflessthan60daysforsuchaccountsreceivableaswellasManitowocFoodservice’scollectionhistory,thefairvalueofManitowocFoodservice’sdeferredpurchasepricenotesapproximatesbookvalue.ThefairvalueofthedeferredpurchasepricenotesrecordedasofSeptember30,2015andDecember31,2014was$84.7millionand$33.1million,respectively,andisincludedinaccountsreceivableintheaccompanyingcondensedcombinedbalancesheets.

Theaccountsreceivablesecuritizationprogramalsocontainscustomaryaffirmativeandnegativecovenants.AsofSeptember30,2015,ManitowocParentCowasincompliancewithallaffirmativeandnegativecovenantspertainingtotheaccountsreceivablesecuritizationprogram.

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11. Income Taxes

FortheninemonthsendedSeptember30,2015,ManitowocFoodservicerecordedincometaxexpenseof$41.8million,comparedtoincometaxexpenseof$15.6millionfortheninemonthsendedSeptember30,2014.TheincreaseinManitowocFoodservice'staxexpensefortheninemonthsendedSeptember30,2015relativetotheprioryearrelatesprimarilytoanelectionmadewiththeIRSinthethirdquarterof2014totreatEnodisHoldingsLtd,ManitowocFoodservice’sUKHoldingCompany,asapartnershipforU.S.federalincometaxpurposes.Asaresultofthisstatuschange,ManitowocFoodservicerecordeda$25.6millioncapitallosstaxbenefit.ManitowocFoodservice'seffectivetaxrateislowerthantheU.S.federalstatutoryrateof35%duetoresultsofforeignoperationsthataresubjecttoincometaxesatlowerstatutoryrates.

ManitowocFoodservicewillcontinuetoperiodicallyevaluateitsvaluationallowancerequirementsinlightofchangingfactsandcircumstances,andmayadjustitsdeferredtaxassetvaluationallowancesaccordingly.ItisreasonablypossiblethatManitowocFoodservicewilleitheraddto,orreverseaportionofitsexistingdeferredtaxassetvaluationallowancesinthefuture.SuchchangesinthedeferredtaxassetvaluationallowanceswillbereflectedinthecurrentoperationsthroughManitowocFoodservice’sincometaxprovision,andcouldhaveamaterialeffectonoperatingresults.

ManitowocFoodservice’sunrecognizedtaxbenefits,excludinginterestandpenalties,were$16.6millionasofSeptember30,2015,and$16.6millionasofDecember31,2014.Duringthenexttwelvemonths,itisreasonablypossiblethat$0.1millionoftheunrecognizedtaxbenefits,ifrecognized,wouldaffecttheannualeffectivetaxrate.

ManitowocFoodserviceregularlyassessesthelikelihoodofanadverseoutcomeresultingfromexaminationstodeterminetheadequacyofitstaxreserves.AsofSeptember30,2015,ManitowocFoodservicebelievesthatitismorelikelythannotthatthetaxpositionsithastakenwillbesustainedupontheresolutionofitsauditsresultinginnomaterialimpactonitsconsolidatedfinancialpositionandtheresultsofoperationsandcashflows.However,thefinaldeterminationwithrespecttoanytaxaudits,andanyrelatedlitigation,couldbemateriallydifferentfromitsestimatesand/orfromitshistoricalincometaxprovisionsandaccrualsandcouldhaveamaterialeffectonoperatingresultsand/orcashflowsintheperiodsforwhichthatdeterminationismade.Inaddition,futureperiodearningsmaybeadverselyimpactedbylitigationcosts,settlements,penalties,and/orinterestassessments.

12. Equity

ThefollowingisarollforwardofnetparentcompanyinvestmentfortheninemonthsendedSeptember30,2015and2014:

(in millions)

Net ParentCompany

InvestmentBalanceatDecember31,2014 $ 1,272.1

Netearnings 92.0

Netdecreaseinnetparentcompanyinvestment (8.2)

BalanceatSeptember30,2015 $ 1,355.9

(in millions)

Net ParentCompany

InvestmentBalanceatDecember31,2013 $ 1,267.2

Netearnings 132.4

Netdecreaseinnetparentcompanyinvestment (91.7)

BalanceatSeptember30,2014 $ 1,307.9

Summariesofthechangesinaccumulatedothercomprehensiveincome(loss),netoftax,bycomponentfortheninemonthsendedSeptember30,2015and2014areasfollows:

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(in millions) Foreign Currency

Translation Gains and Losses onCash Flow Hedges

Pension &Postretirement Total

BalanceatDecember31,2014 $ 17.3 $ (1.0) $ (37.0) $ (20.7)

Othercomprehensive(loss)incomebeforereclassifications (19.0) (3.7) — (22.7)

Amountsreclassifiedfromaccumulatedothercomprehensiveincome(loss) — 2.1 0.8 2.9

Netcurrentperiodothercomprehensive(loss)income (19.0) (1.6) 0.8 (19.8)

BalanceatSeptember30,2015 $ (1.7) $ (2.6) $ (36.2) $ (40.5)

(in millions) Foreign Currency

items Gains and Losses onCash Flow Hedges

Pension &Postretirement Total

BalanceatDecember31,2013 $ 34.2 $ (0.4) $ (32.6) $ 1.2

Othercomprehensiveincome(loss)beforereclassifications (7.9) (0.5) — (8.4)

Amountsreclassifiedfromaccumulatedothercomprehensiveincome(loss) — 0.6 0.4 1.0

Netcurrentperiodothercomprehensive(loss)income (7.9) 0.1 0.4 (7.4)

BalanceatSeptember30,2014 $ 26.3 $ (0.3) $ (32.2) $ (6.2)

Thefollowingisareconciliationofthereclassificationsoutofaccumulatedothercomprehensiveincome(loss),netoftax,fortheninemonthsendedSeptember30,2015:

Nine Months Ended September 30,

2015

(in millions)

Amount Reclassified fromAccumulated Other Comprehensive

Income Recognized Location

Gainsandlossesoncashflowhedges Foreignexchangecontracts $ (1.2) Costofsales

Commoditycontracts (2.2) Costofsales

(3.4) Totalbeforetax

1.3 Taxbenefit

$ (2.1) Netoftax

Amortizationofpensionandpostretirementitems Actuariallosses (0.8) (a) (0.8) Totalbeforetax

— Taxbenefit

$ (0.8) Netoftax

Totalreclassificationsfortheperiod $ (2.9) Netoftax

(a)Theseaccumulatedothercomprehensiveincome(loss)componentsareincludedinthecomputationofnetperiodicpensioncost(seeNote16,“EmployeeBenefitPlans,”forfurtherdetails).

Thefollowingisareconciliationofthereclassificationsoutofaccumulatedothercomprehensiveincome(loss),netoftax,fortheninemonthsendedSeptember30,2014:

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Nine Months Ended September 30,

2014

(in millions)

Amount Reclassified fromAccumulated Other Comprehensive

Income Recognized Location

Gainsandlossesoncashflowhedges Foreignexchangecontracts $ (0.7) Costofsales

Commoditycontracts (0.2) Costofsales

(0.9) Totalbeforetax

0.3 Taxbenefit

$ (0.6) NetoftaxAmortizationofpensionandpostretirementitems

Actuariallosses (0.4) (a) (0.4) Totalbeforetax

— Taxbenefit

$ (0.4) Netoftax

Totalreclassificationsfortheperiod $ (1.0) Netoftax

(a)Theseaccumulatedothercomprehensiveincome(loss)componentsareincludedinthecomputationofnetperiodicpensioncost(seeNote16,“EmployeeBenefitPlans,”forfurtherdetails).

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13. Stock-Based Compensation

DuringtheperiodspresentedcertainemployeesofManitowocFoodserviceparticipatedinstock-basedcompensationplanssponsoredbyManitowocParentCo.Underthesestock-basedcompensationplansManitowocParentCoprovidesawardstoemployeesofManitowocFoodservicewithrestrictedcommonstock,restrictedstockunits,andstockoptionstopurchasesharesofManitowocParentCo.BecauseManitowocFoodserviceprovidesemployeeservicesinconsiderationsforparticipationinManitowocParentCo’splans,astock-basedcompensationexpensefortheawardsgrantedtoManitowocFoodserviceemployeeshasbeenreflectedinthecondensedcombinedfinancialstatements.SeeNote19,“NetParentCompanyInvestmentandRelatedPartyTransactions”forfurtherinformationoncorporateallocations.

Stock-basedcompensationexpensewas$2.3millionand$2.0millionfortheninemonthsendedSeptember30,2015and2014,respectively.ManitowocParentCograntedoptionstoacquire0.2millionand0.1millionsharesofcommonstocktoemployeesduringtheninemonthsendedSeptember30,2015and2014,respectively.Inaddition,ManitowocParentCoissuedatotalof0.1millionrestrictedstockunitstoemployeesanddirectorsduringtheninemonthsendedSeptember30,2015,and0.1millionsharesofrestrictedstockunitstoemployeesanddirectorsduringtheninemonthsendedSeptember30,2014.Therestrictedstockunitsgrantedtoemployeesvestonthethirdanniversaryofthegrantdate.Therestrictedstockunitsgrantedtodirectorsvestonthesecondanniversaryofthegrantdate.

ManitowocFoodservicerecognizesstock-basedcompensationexpenseoverthestock-basedawards’vestingperiod.

14. Contingencies and Significant Estimates

AsofSeptember30,2015,ManitowocFoodserviceheldreservesforenvironmentalmattersrelatedtoEnodislocationsofapproximately$0.6million.AtcertainofManitowocFoodservice’sotherfacilities,ManitowocFoodservicehasidentifiedpotentialcontaminantsinsoilandgroundwater.Theultimatecostofanyremediationrequiredwilldependupontheresultsoffutureinvestigation.Baseduponavailableinformation,ManitowocFoodservicedoesnotexpecttheultimatecostsatanyoftheselocationswillhaveamaterialadverseeffectonitsfinancialcondition,resultsofoperations,orcashflowsindividuallyorintheaggregate.

ManitowocFoodservicebelievesthatithasobtainedandisinsubstantialcompliancewiththosematerialenvironmentalpermitsandapprovalsnecessarytoconductitsvariousbusinesses.Basedonthefactspresentlyknown,ManitowocFoodservicedoesnotexpectenvironmentalcompliancecoststohaveamaterialadverseeffectonitsfinancialcondition,resultsofoperations,orcashflows.

AsofSeptember30,2015,variousproduct-relatedlawsuitswerepending.Totheextentpermittedunderapplicablelaw,alloftheseareinsuredwithself-insuranceretentionlevels.ManitowocFoodservice’sself-insuranceretentionlevelsvarybybusiness,andhavefluctuatedoverthelasttenyears.TherangeofManitowocFoodservice’sself-insuredretentionlevelsis$0.1millionto$0.3millionperoccurrence.AsofSeptember30,2015,thelargestself-insuredretentionlevelfornewoccurrencescurrentlymaintainedbyManitowocFoodserviceis$0.3millionperoccurrenceandappliestoproductliabilityclaimsforthehotandcoldcategoryproductsmanufacturedintheUnitedStates.

ProductliabilityreservesinthecombinedbalancesheetsasofSeptember30,2015andDecember31,2014were$2.8millionand$2.2million,respectively;$0.4millionand$0.2million,respectively,wasreservedspecificallyforactualcasesand$2.3millionand$2.0millionrespectively,forclaimsincurredbutnotreported,whichwereestimatedusingactuarialmethods.BasedonManitowocFoodservice’sexperienceindefendingproductliabilityclaims,managementbelievesthecurrentreservesareadequateforestimatedcaseresolutionsonaggregateself-insuredclaimsandinsuredclaims.Anyrecoveriesfrominsurancecarriersaredependentuponthelegalsufficiencyofclaimsandsolvencyofinsurancecarriers.

AsofSeptember30,2015andDecember31,2014,ManitowocFoodservicehadreserved$39.9millionand$42.0million,respectively,forwarrantyclaimsincludedinproductwarrantiesandothernon-currentliabilitiesinthecombinedbalancesheets.Certainofthesewarrantyandotherrelatedclaimsinvolvemattersindisputethatultimatelyareresolvedbynegotiation,arbitration,orlitigation.SeeNote14,"Guarantees,"formoreinformation.

Itisreasonablypossiblethattheestimatesforenvironmentalremediation,productliabilityandwarrantycostsmaychangeinthenearfuturebaseduponnewinformationthatmayariseormattersthatarebeyondthescopeofManitowocFoodservice’shistoricalexperience.Presently,therearenoreliablemethodstoestimatetheamountofanysuchpotentialchanges.

ManitowocFoodserviceisalsoinvolvedinvariouslegalactionsarisingoutofthenormalcourseofbusiness,which,takingintoaccounttheliabilitiesaccruedandlegalcounsel’sevaluationofsuchactions,intheopinionofmanagement,theultimateresolution,individuallyandintheaggregate,isnotexpectedtohaveamaterialadverseeffectonManitowocFoodservice’sfinancialcondition,resultsofoperations,orcashflows.

15. Guarantees

Inthenormalcourseofbusiness,ManitowocFoodserviceprovidesitscustomersawarrantycoveringworkmanship,andinsomecasesmaterials,onproductsmanufacturedbythecompany.Suchwarrantygenerallyprovidesthatproductswillbefreefromdefectsforperiodsrangingfrom12monthsto60monthswithcertainequipmenthavinglonger-termwarranties.IfaproductfailstocomplywithManitowoc

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Foodservice’swarranty,ManitowocFoodservicemaybeobligated,atitsexpense,tocorrectanydefectbyrepairingorreplacingsuchdefectiveproducts.ManitowocFoodserviceprovidesforanestimateofcoststhatmaybeincurredunderitswarrantyatthetimeproductrevenueisrecognized.Thesecostsprimarilyincludelaborandmaterials,asnecessary,associatedwithrepairorreplacement.TheprimaryfactorsthataffectManitowocFoodservice’swarrantyliabilityincludethenumberofunitsshippedandhistoricalandanticipatedwarrantyclaims.Asthesefactorsareimpactedbyactualexperienceandfutureexpectations,ManitowocFoodserviceassessestheadequacyofitsrecordedwarrantyliabilityandadjuststheamountsasnecessary.BelowisatablesummarizingthewarrantyactivityfortheninemonthsendedSeptember30,2015andtheyearendedDecember31,2014:

(in millions) Nine Months EndedSeptember 30, 2015

Year Ended December 31,2014

Balanceatbeginningofperiod $ 42.0 $ 38.3

Accrualsforwarrantiesissuedduringtheperiod 17.1 27.9

Settlementsmade(incashorinkind)duringtheperiod (18.5) (23.7)

Currencytranslation (0.7) (0.5)

Balanceatendofperiod $ 39.9 $ 42.0

16. Employee Benefit Plans

ManitowocParentComaintainsthreedefinedcontributionretirementplansforitsemployees:(1)TheManitowocCompany,Inc.401(k)RetirementPlan(the“Manitowoc401(k)RetirementPlan”);(2)TheManitowocCompany,Inc.RetirementSavingsPlan(the“ManitowocRetirementSavingsPlan”);and(3)TheManitowocCompany,Inc.DeferredCompensationPlan(the“ManitowocDeferredCompensationPlan”).EachplanresultsinindividualparticipantbalancesthatreflectacombinationofamountscontributedbyManitowocParentCoordeferredbytheparticipant,amountsinvestedatthedirectionofeitherthecompanyortheparticipant,andthecontinuingreinvestmentofreturnsuntiltheaccountsaredistributed.

Inaddition,ManitowocFoodserviceemployeesparticipateinthedefinedbenefitplans,whichare(1)sharedwiththeemployeesofotherManitowocParentCosubsidiaries(the“SharedPlans”)and(2)aresponsoreddirectlybyManitowocFoodservicesubsidiaries(the“DirectPlans”).

ManitowocFoodserviceaccountsfortheseSharedPlansforthepurposeofthecondensedcombinedfinancialstatementsasamultiemployerplan.Accordingly,ManitowocFoodservicedoesnotrecordanassetorliabilitytorecognizethefundedstatusoftheSharedPlans.However,thecostsassociatedwiththeseSharedPlansof$0.9millionand$0.6millionfortheninemonthsendedSeptember30,2015,and2014,respectively,arereflectedontheManitowocFoodservicecombinedstatementofoperations.ThisexpensereflectsanapproximationofManitowocFoodservice’sportionofthecostsoftheSharedPlansaswellascostsattributabletoManitowocParentCocorporateemployees,whichhavebeenallocatedtotheManitowocFoodservicecondensedcombinedstatementofoperationsbasedonmethodologydeemedreasonablebymanagement.

TheDirectPlansareaccountedforasdefinedbenefitplans.Accordingly,thefundedandunfundedpositionofeachDirectPlanisrecordedinManitowocFoodservicecombinedbalancesheetsandtheincomeandexpensesrecordedinthecombinedstatementsofoperations.Actuarialgainsandlossesthathavenotyetbeenrecognizedthroughincomearerecordedinaccumulatedothercomprehensiveincomenetoftaxesuntiltheyareamortizedasacomponentofnetperiodicbenefitcost.ThedeterminationofbenefitobligationsandtherecognitionofexpensesrelatedtotheDirectPlansaredependentonvariousassumptions.Themajorassumptionsprimarilyrelatetodiscountrates,long-termexpectedratesofreturnonplanassets,andfuturecompensationincreases.Managementdevelopseachassumptionusingrelevantcompanyexperienceinconjunctionwithmarket-relateddataforeachindividualcountryinwhichsuchplansexist.

ThecomponentsofperiodicbenefitcostsfortheDirectPlansfortheninemonthsendedSeptember30,2015andSeptember30,2014areasfollows:

Nine Months Ended September 30, 2015

(in millions) Pension Plans

PostretirementHealth andOther Plans

Servicecost-benefitsearnedduringtheperiod $ 0.3 $ —

Interestcostofprojectedbenefitobligations 4.9 0.1

Expectedreturnonplanassets (4.1) —

Amortizationofactuarialnetloss 0.9 (0.1)

Netperiodicbenefitcosts $ 2.0 $ —

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Nine Months Ended September 30, 2014

(in millions) Pension Plans

Postretirement Health and Other Plans

Servicecost-benefitsearnedduringtheperiod $ 0.3 $ —

Interestcostofprojectedbenefitobligations 6.0 0.1

Expectedreturnonplanassets (5.2) —

Amortizationofactuarialnetloss 0.7 (0.3)

Netperiodicbenefitcosts $ 1.8 $ (0.2)

17. Restructuring

Thefollowingisaroll-forwardofallrestructuringactivitiesrelatingtoManitowocFoodservicefortheninemonthsendedSeptember30,2015(inmillions):

Restructuring Reserve Restructuring Reserve

Balance as of December 31, 2014

RestructuringCharges Use of Reserve

Balance as of September 30, 2015

$ 15.6 $ 1.3 $ (2.1) $ 14.8

18. Recent Accounting Changes and Pronouncements

InAugust2015,theFASBissuedAccountingStandardsUpdate(“ASU”)No.2015-15,“PresentationandSubsequentMeasurementofDebtIssuanceCostsAssociatedwithLine-of-CreditArrangements.”Thisupdateclarifiestheguidancerelatedtoaccountingfordebtissuancecostsrelatedtoline-of-creditarrangements.InApril2015,theFASBissuedASU2015-03whichrequiresentitiestopresentdebtissuancecostsrelatedtoarecognizeddebtliabilityasadirectdeductionfromthecarryingamountofthatdebtliability,seefurtherdiscussionofASU2015-03below.TheguidanceinASU2015-03didnotaddresspresentationorsubsequentmeasurementofdebtissuancecostsrelatedtoline-of-creditarrangements.GiventheabsenceofauthoritativeguidancewithinASU2015-03fordebtissuancecostsrelatedtoline-of-creditarrangements,theSECstaffwouldnotobjecttoanentitydeferringandpresentingdebtissuancecostsasanassetandsubsequentlyamortizingthedeferreddebtissuancecostsratablyoverthetermoftheline-of-creditarrangement,regardlessofwhetherthereareanyoutstandingborrowingsontheline-of-creditarrangement.ThecompanybelievestheadoptionofthisASUwillnothaveamaterialimpactonitsconsolidatedfinancialstatements.

InJuly2015,theFASBissuedASUNo.2015-11,“Inventory(Topic330):SimplifyingtheMeasurementofInventory.”Thisupdatechangestheguidanceonaccountingforinventoryaccountedforonafirst-infirst-outbasis(FIFO).Undertherevisedstandard,anentityshouldmeasureFIFOinventoryatthelowerofcostandnetrealizablevalue.Netrealizablevalueistheestimatedsellingpricesintheordinarycourseofbusiness,lessreasonablypredictablecostsofcompletion,disposal,andtransportation.Subsequentmeasurementisunchangedforinventorymeasuredonalast-in,first-outbasis(LIFO).TheamendmentsinthisASUareeffectiveforfiscalyears,andforinterimperiodswithinthosefiscalyears,beginningafterDecember15,2016.WebelievetheadoptionofthisASUwillnothaveamaterialimpactonourcombinedfinancialstatements.

InApril2015,theFASBissuedASUNo.2015-05,“Customer’sAccountingforFeesPaidinaCloudComputingArrangement.”Thisupdateprovidesguidanceonaccountingforasoftwarelicenseinacloudcomputingarrangement.Ifacloudcomputingarrangementincludesasoftwarelicense,thenthecustomershouldaccountforthesoftwarelicenseelementofthearrangementconsistentwiththeacquisitionofothersoftwarelicenses.Ifacloudcomputingarrangementdoesnotincludeasoftwarelicense,thecustomershouldaccountforthearrangementasaservicecontract.Further,allsoftwarelicensesarewithinthescopeofAccountingStandardsCodificationSubtopic350-40andwillbeaccountedforconsistentwithotherlicensesofintangibleassets.TheamendmentsinthisASUareeffectiveforfiscalyears,andforinterimperiodswithinthosefiscalyears,beginningafterDecember15,2015.WebelievetheadoptionofthisASUwillnothaveamaterialimpactonourcombinedfinancialstatements.

InApril2015,theFASBissuedASUNo.2015-03,“SimplifyingthePresentationofDebtIssuanceCosts.”Tosimplifythepresentationofdebtissuancecosts,thisupdaterequiresthatdebtissuancecostsrelatedtoarecognizeddebtliabilitybepresentedinthebalancesheetasadirectdeductionfromthecarryingamountofthatdebtliability,consistentwithdebtdiscounts,ratherthanasadeferredasset.Therecognitionandmeasurementguidancefordebtissuancecostsarenotaffectedbytheamendmentsinthisupdate.TheamendmentsinthisASUareeffectiveforfiscalyears,andforinterimperiodswithinthosefiscalyears,beginningafterDecember15,2015,withearlyapplicationpermitted.Theguidancewillbeappliedonaretrospectivebasis.ManitowocFoodserviceisevaluatingtheimpactthattheadoptionofthisASUwillhaveontheitscondensedcombinedfinancialstatements.

InFebruary2015,theFASBissuedASUNo.2015-02,“Consolidation(Topic820)—AmendmentstotheConsolidationAnalysis.”Thisupdateamendsthecurrentconsolidationguidanceforboththevariableinterestentity(VIE)andvotinginterestentity(VOE)consolidation

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models.TheamendmentsinthisASUareeffectiveforfiscalyears,andforinterimperiodswithinthosefiscalyears,beginningafterDecember15,2015.ManitowocFoodservicebelievestheadoptionofthisASUwillnothaveamaterialimpactonitscondensedcombinedfinancialstatements.

InJanuary2015,theFASBissuedASUNo.2015-01,“IncomeStatement—ExtraordinaryandUnusualItems.”ThisupdateeliminatesfromGAAPtheconceptofextraordinaryitems.ASU2015-01iseffectiveforthefirstinterimperiodwithinfiscalyearsbeginningafterDecember15,2015,withearlyadoptionpermittedprovidedthattheguidanceisappliedfromthebeginningofthefiscalyearofadoption.Areportingentitymayapplytheamendmentsprospectivelyorretrospectivelytoallpriorperiodspresentedinthefinancialstatements.ManitowocFoodservicebelievestheadoptionofthisASUwillnothaveamaterialimpactonitscondensedcombinedfinancialstatements.

InAugust2014,theFASBissuedASUNo.2014-15,“PresentationofFinancialStatements—GoingConcern.”Thisupdateprovidedguidanceonmanagement’sresponsibilityinevaluatingwhetherthereissubstantialdoubtaboutacompany’sabilitytocontinueasagoingconcernandtoproviderelatedfootnotedisclosures.ASU2014-15iseffectiveinthefirstannualperiodendingafterDecember15,2016,withearlyadoptionpermitted.ManitowocFoodservicebelievestheadoptionofthisASUwillnothaveamaterialimpactonitscondensedcombinedfinancialstatements.

InMay2014,theFASBissuedASUNo.2014-09,“RevenuefromContractswithCustomers.”Thisupdateprovidedaprinciples-basedapproachtorevenuerecognitiontodepictthetransferofgoodsorservicestocustomersinanamountthatreflectstheconsiderationtowhichtheentityexpectstobeentitledinexchangeforthosegoodsorservices.ThisASUprovidesafive-stepmodeltobeappliedtoallcontractswithcustomers.Thefivestepsaretoidentifythecontract(s)withthecustomer,identifytheperformanceobligationsinthecontact,determinethetransactionprice,allocatethetransactionpricetotheperformanceobligationsinthecontractandrecognizerevenuewheneachperformanceobligationissatisfied.TherevenuestandardiseffectiveforthefirstinterimperiodwithinfiscalyearsbeginningafterDecember15,2017(asfinalizedbytheFASBinAugust2015inASU2015-14),andcanbeappliedeitherretrospectivelytoeachpriorreportingperiodpresentedorretrospectivelywiththecumulativeeffectofinitiallyapplyingtheupdaterecognizedatthedateofinitialapplicationalongwithadditionaldisclosures.Earlyadoptionispermittedasoftheoriginaleffectivedate—thefirstinterimperiodwithinfiscalyearsbeginningafterDecember15,2016.ManitowocFoodserviceisevaluatingtheimpact,ifany,theadoptionofthisASUwillhaveonitscondensedcombinedfinancialstatements.

InApril2014,theFASBissuedASUNo.2014-08,“PresentationofFinancialStatementsandProperty,Plant,andEquipment:ReportingDiscontinuedOperationsandDisclosuresofDisposalsofComponentsofanEntity.”ThisASUchangestherequirementsforreportingdiscontinuedoperationsinAccountingStandardsCodificationSubtopic205-20,andnowrequiresadisposalofacomponentofanentityoragroupofcomponentsofanentitytobereportedindiscontinuedoperationsonlyifthedisposalrepresentsastrategicshiftthathas(orwillhave)amajoreffectonanentity’soperationsandfinancialresults.Therewillalsobeadditionaldisclosuresrequired.TheamendmentsinthisASUareeffectiveprospectivelyforfiscalyears(andinterimreportingperiodswithinthoseyears)beginningafterDecember15,2014.ThesignificanceofthisguidanceforManitowocFoodserviceisdependentonanyfuturedisposals.

19. Business Segments

ManitowocFoodserviceidentifiesitssegmentsusingthe“managementapproach,”whichdesignatestheinternalorganizationthatisusedbymanagementformakingoperatingdecisionsandassessingperformanceasthesourceofManitowocFoodservice’sreportablesegments.Managementorganizesthebusinessbasedongeography,andhasdesignatedtheregionsAmericas,EMEA,andAPACasreportablesegments.Netsalesandearningsfromoperationsbysegmentaresummarizedasfollows:

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Nine Months Ended September 30,

(in millions) 2015 2014

Net sales from continuing operations: Americas $ 999.8 $ 1,003.5

EMEA 214.9 244.2

APAC 135.5 145.0

Eliminations (171.8) (185.6)

Totalnetsales $ 1,178.4 $ 1,207.1

Operating earnings (loss) from continuing operations: Americas $ 142.3 $ 165.4

EMEA 15.7 12.9

APAC 16.5 15.4

Corporateexpenses (29.0) (27.8)

Amortizationexpense (23.6) (23.9)

Restructuringexpense (1.3) (2.2)

Separationexpense (1.1) —

Otherexpense (0.4) —

Operatingearningsfromcontinuingoperations $ 119.1 $ 139.8

Other(expenses)income: Interestexpenseoncapitalleases $ (1.0) $ (0.9)

InterestincomeonnoteswithManitowocParentCo-net 13.5 12.1

Otherincome(expense),net 1.9 (1.5)

Totalotherincome $ 14.4 $ 9.7

Earningsfromcontinuingoperationsbeforetaxesonearnings $ 133.5 $ 149.5

AsofSeptember30,2015,andDecember31,2014,thetotalassetsbysegmentwereasfollows:

(in millions) September 30,

2015 December 31,

2014Americas $ 1,595.0 $ 1,636.2

EMEA 153.8 158.3

APAC 100.9 96.7

Corporate 75.0 7.1

Totalassets $ 1,924.7 $ 1,898.3

Netsalesinthetablebelowareattributedtogeographicregionsbasedonlocationofcustomer.NetsalesfromcontinuingoperationsinformationbygeographicareaasofSeptember30,2015andSeptember30,2014areasfollows:

Nine Months Ended September 30,

(in millions) 2015 2014UnitedStates $ 808.8 $ 762.6

OtherAmericas 80.5 93.5

TotalAmericas 889.3 856.1

EMEA 177.2 222.4

APAC 111.9 128.6

Totalnetsales $ 1,178.4 $ 1,207.1

20. Net Parent Company Investment and Related Party Transactions

RelatedPartyTransactionsandCashManagement:ManitowocFoodservicedoesnotenterintotransactionswithrelatedpartiestopurchaseand/orsellgoodsorservicesintheordinarycourseofbusiness.TransactionsbetweenManitowocFoodserviceandManitowocParentCo(includingitsCranesbusiness)arereflectedinNetParentCompanyInvestmentinthecombinedbalancesheetsandinthecombinedstatementsofcashflowsasafinancingactivityin“Nettransfers(to)fromParentandaffiliates”.ManitowocFoodserviceparticipatedinManitowocParentCo’scentralizedcashmanagementprograminwhichcashisswepteachdayandheldinacentralizedaccountatthe

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corporatelevel.CashheldinthesecentralizedaccountshasnotbeenallocatedtoManitowocFoodservice.TheonlycashreflectedinthecombinedbalancesheetsisthatwhichishelddirectlybyspecificManitowocFoodserviceentities.

NetParentCompanyInvestmentandCorporateCostAllocations:Historically,ManitowocParentCoperformscertaingeneralandcorporatefunctionsonManitowocFoodservice’sbehalf.Thesecostsinclude,butarenotlimitedto,accounting,legal,humanresources,audit,andinformationtechnology(“generalcorporateexpenses”).Forpurposesofpreparingthecondensedcombinedfinancialstatementsthesecostshavebeenallocatedonabasisofdirectusage,whereidentifiable,orthroughtheuseofallocationmethodologiesbasedonpercentageofsales,headcount,orothermethodologiesdeemedappropriatebymanagement.Thesegeneralcorporateexpensesareincludedwithin“Engineering,selling,andadministrative”costsandNetParentCompanyInvestment,accordingly.Managementbelievestheassumptionsassociatedwithallocatingthesecostsarereasonable.Nevertheless,thecondensedcombinedfinancialstatementsmaynotincludealloftheactualexpensethatwouldhavebeenincurredandmaynotrepresentManitowocFoodservice’sresultsofoperations,financialposition,orcashflowshaditbeenastand-alonecompanyduringtheperiodspresented.ActualcoststhatwouldhavebeenincurredifManitowocFoodservicehadbeenastandalonecompanywoulddependonmultiplefactors,includingorganizationalstructureandstrategicdecisionsmadeinvariousareas,includinginformationtechnologyandinfrastructure.GeneralcorporateexpensesallocatedtoManitowocFoodserviceduringtheninemonthsendedSeptember30,2015and2014were$19.0millionand$17.9million,respectively.

AllsignificantintercompanytransactionsbetweenManitowocFoodserviceandManitowocParentCo(includingitsCranesbusiness)havebeenincludedwithinNetParentCompanyInvestmentinthecondensedcombinedbalancesheets.Thetotaleffectofthesettlementoftheseintercompanytransactionsisreflectedasafinancingactivityinthecondensedcombinedstatementsofcashflows.However,theinterestincomeandexpenserelatedtothenoteswithManitowocParentCoispresentedonanetbasisinthecombinedstatementofoperations.InterestincomeonthenoteswithManitowocParentCofortheninemonthsendedSeptember30,2015,and2014isnetofinterestexpenseonthenoteswithManitowocParentCoof$0.3millionand$0.9million,respectively.ThenotesreceivablebalancesfromManitowocParentCoasoftheperiodsendedSeptember30,2015,andDecember31,2014,were$278.9millionand$273.9million,respectively.ThenotespayablebalancestoManitowocParentCoasoftheperiodsendedSeptember30,2015,andDecember31,2014,were$0.0millionand$6.2million,respectively.

Guarantees:CertainofManitowocParentCo’ssubsidiaries,whichincludesselectedentitiesthatarepartofManitowocFoodservice,haveenteredintoguaranteeagreementswithManitowocParentCowherebythesesubsidiariespledgetheirassetsascollateralintheeventofdefaultbyManitowocParentCoonitsdebtorinterestobligations.However,noneoftheseManitowocFoodservicesubsidiariesarenamedasobligorsinthedebtagreementsheldinthenameofManitowocParentCo.Forthatreason,ManitowocParentCohasnothistoricallyallocateddebtbalancesand/orchargedoutthird-partydebtrelatedexpensestoitsFoodserviceSegment.

Furthermore,weexpecttheseguaranteeagreementswillbeterminatedpursuanttothecloseoftheSpin-Off.Therefore,ManitowocFoodservicehasnotrecognizedanyliabilityassociatedwiththedebtheldbyManitowocParentCoortheassetcollateralguaranteeinitscondensedcombinedfinancialstatements.NofinancingcostsorinterestexpenseassociatedwithManitowocParentCo’sdebthasbeenallocatedcondensedcombinedfinancialstatements.

21. Subsequent Events

Thecondensedcombinedfinancialstatementsreflectmanagement’sevaluationofsubsequenteventsthroughFebruary5,2016,thedateManitowocFoodservice'sunauditedcondensedcombinedfinancialstatementsasofandfortheninemonthsendedSeptember30,2015,wereavailabletobeissued.InDecember2015,ManitowocParentCodisposedofanon-materialManitowocFoodservicesubsidiary,KysorPanelSystems.

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