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

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61 Investing in Our Business Expect to maintain 1.0 reinvestment ratio (or lower) through lower IT spend and better match of vehicle to operating environment Capital Expenditure and Reinvestment Ratio(1) ($MM) Note: See reconciliation to GAAP amounts in Appendix 1. Excluding Venezuela 82 53 33 36 28 18 64 36 $207 $143 1.7x 1.0x ~1.0x 1.0x 0.0x 1.0x 0 50 100 150 200 250 300 350 2011 2014 2015E 2016E Other IT Building Vehicles reinvestment ratio $130 – $140 $130 – $140
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