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

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73 Segment Overview:  France  Stagnant economic environment  Banking consolidations, reductions in bank branches and ATMs  Difficult labor environment and price sensitive market  Mature cash cycles and outsourcing in both FI and retail segments  Year over year cash volume reductions  Lower volumes in core services  Productivity gains not enough to off-set price and volume declines (2014)  H1 2015 OP $11M vs $12M and 0.7% margin improvement from cash management and BGS  OP margin improvements FY 2015 and 2016 from expanded cash services – unique selling points $40 $45 $39 $12 $11 7.8% 8.6% 7.6% 4.4% 5.1% 2012 2013 2014 1H14 1H15 $511 $518 $517 $262 $213 7% (2)% 0% 0% 0% 2012 2013 2014 1H14 1H15 Organic Growth OP% ($ Millions) Revenue Market Dynamics Operating Profit Overview
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