Is This Brink’s Company’s Response To Activist Jeff Smith?

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56 Note: See reconciliation to GAAP results in Appendix Non‐GAAP Operating Margin Improvement Non-GAAP Operating Profit ($MM) Operating Margin (%) $167 147 124 150 – 160 $200 – 220 5.2% 4.4% 3.7% 5.0% – 5.3% 6.7% – 7.3% 2012 2013 2014 2015 Est. 2016 Est. 2012 to 2014  Unfavorable currency impact ~$35 million  Argentina and Asia growth offset by U.S., Mexico, Colombia decline and higher security costs 2014 to 2015 Outlook  Unfavorable currency impact ~$45 million  Argentina, Mexico and restructuring actions drive organic profit growth ($71 to $81 million) 2016 Outlook  Argentina, U.S., Mexico and Payments drive organic profit growth  Restructuring actions yield ~$25 million savings  Unfavorable currency impact of $25 million from Argentina and Brazil
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