Q1 2017 Earnings Conference Call

May 9, 2017Barry Pennypacker – President & Chief Executive Officer

Dave Antoniuk – SVP & Chief Financial Officer

Ion Warner – VP Marketing & Investor Relations

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Forward- Looking Statements

Safe Harbor Statement

Any statements contained in this presentation that are not historical facts are “forward-looking statements.” These statements are based on the current expectations of the management of the company, only speak as of the date on which they are made, and are subject to uncertainty and changes in circumstances.

We undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements include, without limitation, statements typically containing words such as “intends,” “expects,” “anticipates,” “targets,” “estimates,” and words of similar import. By their nature, forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future.

There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. For a list of factors that could cause actual results to differ materially from those discussed or implied, please see the company’s periodic filings with the SEC, particularly those disclosed in “Risk Factors” in the company’s Form 10-K for the fiscal year ended December 31, 2016. Any “forward-looking statements” in this presentation are intended to qualify for the safe harbor from liability under the Private Securities Litigation Reform Act of 1995.

Non-GAAP Measures

The company uses certain non-GAAP measures in discussing the company’s performance. The company believes that these non-GAAP financial measures provide important supplemental information to both management and investors regarding financial and business trends used in assessing its results of operations; however, these measures are not substitutes for GAAP financial measures. The reconciliation of those measures to the most comparable GAAP measures is detailed in Manitowoc’s press release for the first-quarter of 2017, which is available at www.manitowoc.com, together with this presentation.

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• Strong customer reception to new products at ConExpo• Mobile cranes: Soft market conditions in Americas &

Middle East• Tower cranes: stable, in line with expectations

Q1 2017 Summary

• Backlog up 56% sequentially• Nearly half of order from new products• Revenue down 28.5 percent• Focused actions to manage costs and right-size the

business• Improved cash flow YOY with no borrowings on ABL

facility at quarter end

FinancialSummary

BusinessHighlights

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Financial & Other Key Metrics

(1) Please see appendix for reconciliation of GAAP to non-GAAP measures(2) Cash Flow from Operating Activities of continuing operations (3) Reflects the retrospective change in accounting for inventories from LIFO to FIFO in 2016

Q1 2017 Q1 2016 (3) YoY ∆

Orders 488.3$ 417.1$ 17.1 %

Net Sales 305.8$ 427.4$ (28.5)%

SG&A Expense 63.3$ 72.4$ (12.5)%

Operating (loss) income (23.7)$ 0.8$ n/m

Non-GAAP adjusted operating

(loss) income (1)

(11.4)$ 7.3$ n/m

Net Loss from contiuing

operations

(36.0)$ (192.7)$ 81.3 %

Non-GAAP adjusted net loss from

continuing operations (1)

(24.2)$ (7.6)$ n/m

Non-GAAP Adjusted EBITDA (1) (0.8)$ 19.5$ n/m

CFOA (2) (32.5)$ (163.4)$ 80.1 %

Capital Expenditures 3.8$ 10.9$ (65.2)%

Backlog 506.3$ 502.3$ 0.8 %

Book-to-bill 1.60 0.98 63.6 %

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2017 Guidance - Unchanged

2017 Guidance

RevenueDown approximately 8 - 10% year-over-year

Adjusted EBITDA Approximately $41 to $59 million

Depreciation Approximately $40 to $45 million

Capital expenditures Approximately $30 million

Income tax expense Approximately $7 to $10 million

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Progress on Strategic Priorities

• Eight new crane introductions at ConExpo

• Two cranes developed from ground up in six months

• Aligning capacity to current demand -- plant relocations on schedule

• Unwavering focus on cost management and to eliminate waste

• Key account management program• Military project on schedule • Aftermarket initiatives

Margin Expansion

Innovation

Growth

Velocity• Implement The Manitowoc Way• Kaizen-driven success stories

Actions to Target Double Digit Operating Margins (EBITA) by 2020

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ConExpo Trade Show

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The Manitowoc Way Success Stories

Automated Mast line - Moulins

Boom Assembly -- Wilhelmshaven

Outrigger Box Cell – Shady Grove

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Appendix- GAAP to Non-GAAP ReconciliationNon-GAAP Adjusted Net Loss and Loss Per Share from Continuing Operations

2017 2016

Net loss (36.0)$ (195.9)$

Special items, net of tax:

Loss from discontinued operations, net of income taxes - 3.2

Loss on debt extinguishment - 76.3

Restructuring expense 11.7 4.4

Separation equity awards 0.1 1.4

Tax valuation allowance and one time tax items - 103.3

Tax on special items - (0.3)

Non-GAAP adjusted net loss from continuing operations (24.2)$ (7.6)$

Diluted loss per share (0.26)$ (1.43)$

Special items, net of tax:

Loss from discontinued operations, net of income taxes - 0.02

Loss on debt extinguishment - 0.56

Restructuring expense 0.08 0.03

Separation equity awards 0.00 0.01

Tax valuation allowance and one time tax items - 0.76

Diluted non-GAAP adjusted net loss

per share from continuing operations (0.17)$ (0.05)$

Non-GAAP Adjusted Operating (Loss) Income

2017 2016

Operating (loss) income (23.7)$ 0.8$

Adjustments:

Restructuring expense 11.7 4.4

Amortization of intangible assets 0.4 0.7

Other expense 0.2 1.4

Non-GAAP adjusted operating (loss) income (11.4)$ 7.3$

Margin on non-GAAP adjusted operating (loss) income -3.7% 1.7%

March 31,

Three Months Ended

March 31,

Three Months Ended

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