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

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62 Legacy Liabilities:  U.S. Pension, Coal Miner  Medical and Black Lung Actions taken to minimize future payments to legacy liabilities Actions Taken U.S. Primary Pension  Prepaid $61 million in 2014 — Saved ~$1.5 million annually in PBGC premiums in 2014, ~$1.8 million annually thereafter — No future contributions required based on current actuarial assumptions  Lump sum buyout executed in 2014 — Saved $40 million ($150 million payment permanently lowered liability by $190 million) — Reduced number of participants by 22% (4,300 participants) — Saves ~$300k in PBGC premiums annually  De-risked asset allocation — As funded ratio increases, shift more investments to long duration fixed income — Long duration fixed income allocation from 23% in 2010 to 48% currently Underfunding Status (as of December 31, 2014) $108 No additional contributions required U.S. Primary Pension $57 ~$5 annually until 2019 & then expected to decline Black Lung $197 No payments expected until 2032 UMWA (Coal Miner Medical)
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