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

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64 Cash Flow Trend  Free cash improving in 2015 as net income improves  Expect continued improvement from net income growth Reported Cash Flow ($MM) 2012 to 2014  Before change in debt  Excluding Venezuela  Excludes customer held cash ($11) ($15) ($12) $30 – 50 2012 2013 2014 2015 Est.  Includes Primary US Pension payments ($123 million outflow)  Includes acquisitions and dispositions and discontinued operations ($45 million inflow) 2015  Negligible legacy liability payments ($6) and discontinued operations  No acquisitions or dispositions Note: See reconciliation to GAAP amounts in Appendix
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