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

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70 Segment Overview: U.S. ($ Millions) Revenue Market Dynamics $707 $708 $728 $356 $368 (3)% 0% 3% 1% 3% (16) (12) (8) (4) 0 4 0 200 400 600 800 1,000 1,200 1,400 2012 2013 2014 1H14 1H15 Organic Growth (%)($)  Strong cash use despite increasing use of non-cash payments  Many banks still rely on insourced cash processing  Middle-tier banks often rely on large banks  Market receptive to outsourcing and is increasingly demanding higher value services to reduce cost / create capacity Operating Profit Overview $32 $13 $23 $7 $15 4.5% 1.8% 3.1% 2.0% 4.0% (12.0) (8.0) (4.0) 0.0 4.0 0 25 50 75 2012 2013 2014 1H14 1H15 OP (%)($)  OP 1H up from $7.2M in 2014 to $14.7M; margins from 2.0% to 4.0%  Margin improvements driven by cost reduction and lower SGA by 7.9%  11.1% productivity and margin improvements in money processing  Quality improvement generating growth opportunities  EBS and mobility deployment complete
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