JBT Corporation / 2015 Annual Report The Next Level John Bean Technologies Corporation (JBT) is a leading global technology solutions provider. The company designs, develops and delivers solutions for high-value segments of the food production industry with a focus on proteins, liquid foods and automated systems. JBT | 2015 Annual Report If you ate or drank something today… JBT | 2015 Annual Report There’s a good chance JBT technology played a critical role in its preparation. 2 JBT | 2015 Annual Report 3 JBT | 2015 Annual Report Thomas Giacomini, pictured second from left at JBT Facility in Lakeland, Florida 2015: A Global Food Preparation Solutions Leader 2015 Sales $1.1B Consolidated Operating Margin 8.0% 2017: Next Level Objectives Food Businesses 69% of total segment operating profi t Sales Objective $1.2- 1.3B Consolidated Operating Margin Food Businesses 8-10% 80%+ of total segment operating profi t *Operating income in years 2013 and 2014 adjusted for restructuring expense, as well as management succession and consulting costs. 4 Revenue (dollars in millions) $934 $984 $1,107 2013 2014 2015 Operating Income* (dollars in millions) $89 $74 $59 2013 2014 2015 Dear Fellow Stockholders: 2016 AND BEYOND: THE JBT WE’RE BUILDING JBT | 2015 Annual Report Just two years ago, we introduced our Next Level strategy and started building ONE JBT, with a single set of values—integrity, accountability, relentless improvement and teamwork—and a common set of tools focused on operational excellence and growth. In 2015, we made excellent progress implementing our strategy and are on track to achieve the goals we set for 2017. We also posted robust sales growth and margin expansion for the year. At the same time, we have continued to invest in our business, building JBT’s competitive position and enhancing our long- term growth and profi tability. We are pleased to report solid progress and results across our strategy’s three focus areas—fi x our profi tability, strengthen our capabilities and grow our business—as outlined on the pages that follow. RECORD FINANCIAL PERFORMANCE IN 2015 The progress JBT made in 2015 was refl ected in our fi nancial results. We reported record revenue and earnings in the face of signifi cant currency translation headwinds. Revenue for 2015 was $1.1 billion, up 13 percent from 2014, with a solid balance of organic and acquisition-driven growth of 11 percent and 9 percent, respectively, offset by a negative 7 percent currency impact. While we strengthened our core focus on food in 2015, we enjoyed a balanced contribution to JBT’s performance, with 14 percent top-line growth at FoodTech, inclusive of an 11 percent negative currency translation impact, and 9 percent growth at Aerotech. 2015 revenue was ahead in every region, including North and South America, Europe and Asia. Segment operating profi t margin expanded to 11.2 percent, compared with 10.4 percent in 2014. As a result of healthy top-line growth and margin expansion, diluted earnings per share (EPS) from continuing operations was $1.88 for 2015, versus reported EPS of $1.03 and adjusted EPS of $1.56 in 2014. Cash fl ow from operations expanded as well, reaching $112 million in 2015 versus $78 million in 2014, as we improved working capital effi ciency and converted our profi ts into cash. The JBT we envisioned is now emerging. With revenue from our food business approaching 70 percent of our total, we are now primarily a food company. That means JBT is signifi cantly better positioned to capitalize on favorable food and beverage consumption trends. Think about it. If you ate or drank something today—whether from a restaurant or grocery store—there is a good chance that JBT equipment touched it along the way. As the global population increases and the middle class expands across the world, we expect to see a signifi cant shift toward more proteins and higher-value liquid foods. Advantage JBT. Our ability to capitalize on a growing food market is bolstered by our investment in new products and services. Our goal is to provide customers with a comprehensive solution that enhances their profi tability, driven by higher yield and greater food safety. Whether it’s through internal product development or acquisitions, we are expanding the available market. We completed the acquisition of two leading liquid foods solution providers in 2015. The benefi ts of these acquisitions, as well as the three we made in 2014, have exceeded our expectations. With the addition of complementary products and services, JBT has been able to bid on—and win—business that we couldn’t entertain in the past. As we look beyond the Next Level Strategy objectives, we are committed to articulating a new set of goals and supporting actions that build on our solid foundation. Stay tuned, as we will detail our next three-year plan at JBT’s upcoming Investor Day in November of 2016. This is an exciting time for JBT. I would like to thank all of our employees who have embraced and advanced the Next Level strategy. It is their talent and commitment that have enabled us to translate this strategy into success. I very much look forward to continuing on our path of building a great, dynamic company in 2016 and beyond. Sincerely, Thomas W. Giacomini Chairman of the Board, President and Chief Executive Offi cer JBT Corporation 5 JBT | 2015 Annual Report Next Level Progress The Next Level: Accelerating Performance Fix Fixing profi tability to drive economic returns and generate cash for investment in growth initiatives. Strengthen Enhancing our capabilities to achieve disciplined, profi table, sustained long-term growth. Grow Growing through a disciplined focus on select initiatives that move the needle. 6 JBT | 2015 Annual Report 2015: Execution Cultural Transformation Restructuring Results ONE JBT ONE JBT: reaching across business lines to maximize performance One company, one culture, one priority: Profi tably grow JBT. • Value-based pricing • Sourcing • Shared services $10M+ Annualized savings in 2015 • Rightsizing • Reorganization • Consolidation • Simplifi cation Value-Based Pricing Initiative RCI (Lean) Implementation $8M+ Annualized benefi t in 2015 330+ Kaizen events completed 250+ Leaders trained to date $4M+ Annualized RCI benefi t in 2015 11% 11% constant-currency organic growth in 2015 through new- product innovation and improved commercial execution 5/$200M+ Five acquisitions through 2015 in protein and liquid foods, contributing $200M+ in new revenue annually and 9% growth in 2015 7 JBT | 2015 Annual Report Building capabilities in protein and liquid food M&A: Expanding Value Chain Presence (cid:127) Filling JBT gaps in the value chain through acquisition Our M&A program is focused on expanding JBT positions in the protein processing and liquid foods value chains. (cid:127) Pre-acquisition JBT presence Completed Acquisitions Protein Processing Wolf-tec Formcook Primary Portioning Mixing/ Blending Mixing, Grinding, Blending Injecting/ Marination Forming Coating Frying Cooking Freezing Slicing Packaging $11B+ Liquid Foods Raw Material Handling Extraction/ Refi ning Beverage Handling Pasteurizing/ Evaporation/ Bulk Filling Storage Thawing Ingredient & H20 Prep Mixing/ Metering Blending Sterilization CIP/ Controls & Instruments Filling Packaging ICS Solutions Stork Food & Dairy Systems A&B Process Systems $4B+ 8 JBT | 2015 Annual Report 2015: Execution (cid:127) Acquired July, 2015 (cid:127) Acquired October, 2015 Stork Food & Dairy Systems A&B Process Systems Broadens JBT’s liquid foods business with world-class processing and fi lling technologies Adds liquid foods capabilities that position JBT to offer complete solutions and strengthens installation/aftermarket business (cid:127) Based in Amsterdam, The Netherlands (cid:127) Located in Stratford, WI (cid:127) Positions JBT in rapid-growth global dairy, juice and blended dairy/juice beverage categories (cid:127) Secondary processing technologies that adds breadth to JBT solutions to existing customers for enhanced value (cid:127) Expands secondary processing presence (cid:127) Well-established fi eld service operation (cid:127) Further globalizes sales, manufacturing and technical capabilities (cid:127) Leverage opportunity for JBT global sales network Netherlands Stork Food & Dairy Systems Wisconsin, U.S.A. A&B Process Systems + liquid foods + liquid foods 9 JBT | 2015 Annual Report A comprehensive commitment JBT sustainability: Better plants, better business Reduction in kBtu/work hour since 2010 baseline 15% reduction (goal) 25% reduction 2010 2015 by 2020 The U.S. Department of Energy’s Better Plants® program is a collaborative public/private-sector partnership to improve energy effi ciency among industrial companies. A participant since 2013, JBT has joined other Better Plants members in committing to reducing energy intensity in its U.S. manufacturing facilities by 25 percent by 2020. Using 2010 levels as a baseline, we have reduced energy intensity, measured by kBtu per work hour, by 15 percent through 2015. CSR at JBT JBT has always taken a comprehensive approach to sustainability and corporate social responsibility (CSR). We work continuously to operate ethically and improve safety, effi ciency and environmental impact within JBT. Out in the world, JBT products increase effi ciency, help ensure food safety, minimize food waste and reduce the environmental footprint of our customers while JBT people and corporate giving contribute to stronger communities. 10 Inside the JBT fenceline: People and Processes (cid:127) Ethics (cid:127) Safety (cid:127) Environmental Outside the JBT fenceline: Products and People (cid:127) Customer solutions (cid:127) Community volunteerism (cid:127) Corporate giving JBT | 2015 Annual Report Beyond 2017: A Bright Future The trends are with us. As economies expand worldwide, demand for value-added food grows with it. At the same time, food producers are always looking for ways to enhance yield, food safety and productivity. These market forces play to JBT strengths. Our Next Level strategy is working. Beyond 2017, we see many meaningful opportunities to enhance our competitive position, improve our margins and grow our business. There is more to come. 11 JBT | 2015 Annual Report JBT 2015 Board of Directors Pictured (left to right): JAMES M. RINGLER THOMAS W. GIACOMINI EDWARD L . DOHENY Has served as Chairman of Teradata Corporation since 2007; previously held senior management positions with Illinois Tool Works, Inc., Premark International, Inc., White Consolidated Industries and The Tappan Company; currently a Board Member of FMC Technologies, Inc., The Dow Chemical Company and Autoliv, Inc. POLLY B. KAWALEK Served as President of PepsiCo’s Quaker Foods Division from 2002 to 2004; previously held various positions for 25 years within Quaker Oats. ALAN D. FELDMAN Served as the President and Chief Executive Offi cer of Midas, Inc. from 2003 to 2012 and as its Chairman from 2006 to 2012; previously held senior management positions within McDonald’s and PepsiCo; currently a Board Member of Foot Locker, Inc.and GNC Holdings, Inc. Became the President and Chief Executive Offi cer of JBT Corporation as well as a member of the JBT Board of Directors in September 2013. In May 2014, Mr. Giacomini was elected Chairman of the Board. Prior to joining JBT, served as Vice President of Dover Corporation and the President and Chief Executive Offi cer of Dover Engineered Systems. Previously, served as President and Chief Executive Offi cer of Dover Industrial Products and President of Dover’s Material Handling Platform. Joined Dover in 2003 following its acquisition of Warn Industries. During 12 year tenure at Warn Industries held a variety of leadership roles including President and Chief Operating Offi cer. In August 2015, Mr. Giacomini joined the Board of Directors of Clarcor, Inc. C. MAURY DEVINE Served in various positions within Exxon Mobil Corporation from 1994 to 2000 including President and Managing Director of Exxon Mobil Norway and Secretary of Mobil Corporation; previously held positions within the U.S. Government; currently a Board Member of FMC Technologies, Inc., Technip and Valeo. Has served as the President and Chief Executive Offi cer of Joy Global, Inc. since 2013; previously, served as an Executive Vice President of Joy Global, Inc. and Chief Operating Offi cer of Joy Mining Machinery since 2006; prior to joining Joy Global, Mr. Doheny spent 21 years with Ingersoll-Rand Corporation, where he held a variety of senior executive positions domestically and internationally. JAMES E . GOODWIN Served as Chairman and Chief Executive Offi cer of UAL Corporation and United Airlines from 1999 to 2001; currently a Board Member of AAR Corporation and Federal Signal Corporation. 12 Executive Offi cers Annual Meeting Stock Transfer Agent Thomas W. Giacomini Chairman of the Board, President and Chief Executive Offi cer Brian A. Deck Executive Vice President and Chief Financial Offi cer Steven R. Smith Executive Vice President and Division President, JBT FoodTech David C. Burdakin Executive Vice President and Division President, JBT AeroTech James L. Marvin Executive Vice President, General Counsel and Secretary Mark K. Montague Executive Vice President, Human Resources Megan J. Rattigan Vice President and Controller Corporate Offi ce John Bean Technologies Corporation 70 West Madison Street Suite 4400 Chicago, Illinois 60602 +1.312.861.5900 Investor Relations John Bean Technologies Corporation Investor Relations Debarshi Sengupta 70 West Madison Street Suite 4400 Chicago, Illinois 60602 +1.312.861.6933 ir.jbtcorporation.com The Annual Meeting will be held at 9:30am Central Time on Friday, May 13, 2016 at Three First National Plaza, 70 West Madison Street, Suite 450, Chicago, IL 60602. Notice of the meeting, together with proxy materials, will be mailed to stockholders in advance of the meeting. Form 10-K A copy of the company’s 2015 Annual Report on Form 10-K, as fi led with the U.S. Securities and Exchange Commission, is available at ir.jbtcorporation.com or upon written request to: JBT Corporation Corporate Communications 70 West Madison Street Suite 4400 Chicago, Illinois 60602 However, certain information required under Parts II and III of the company’s 2015 Annual Report on Form 10-K has been incorporated by reference from the company’s Proxy Statement for its 2016 Annual Meeting of Stockholders. JBT Corporation was originally incorporated as Frigoscandia, Inc. in the State of Delaware in May 1994. Stock Exchange JBT Corporation is listed on the New York Stock Exchange under the symbol JBT. Auditors KPMG LLP 200 East Randolph Street Chicago, IL 60601 Address stockholder inquiries, including requests for stock transfers, to: First Class/Registered/Certifi ed Mail: Computershare PO Box 30170 College Station, TX 77842 Courier Services: Computershare 211 Quality Circle Suite 210 College Station, TX 77845 Shareholder Services Number(s): +1.877.581.5548 E-Mail: web.queries@computershare.com Investor Centre™ portal: www.computershare.com/investor Additional Information Additional information about JBT Corporation, including news and fi nancial data, is available by visiting the company’s website: www.jbtcorporation.com An email alert service is available by request under the Investor Relations section of the website. This service will provide an automatic alert, via email, each time a news release is posted to the site or a new fi ling is made with the U.S. Securities and Exchange Commission. Information may also be obtained by writing to Investor Relations in Chicago, IL. This report is printed on FSC® Certifi ed paper, SFI® Certifi ed Sourcing and Rainforest Alliance Certifi ed™. Featuring 10% post consumer recycled content and certifi ed fi ber. e v i t c A : g n i t n i r P f p e n h c S m J i : y h p a r g o t o h P n a M i o g a c h C i , i k o t S d e T : l a i r o t i d E o g a c h C i , i n g s e D z o W : i n g s e D 70 West Madison Street Suite 4400 Chicago, IL 60602 www.jbtcorporation.com ®