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Last updated on April 17, 2014 at 1:21 EDT

Brink’s Reports Fourth-Quarter Results, Restructures European Operations

February 1, 2013




RICHMOND, Va., Feb. 1, 2013 /PRNewswire/ — The Brink’s Company (NYSE: BCO), a global leader in security-related services, today reported fourth-quarter earnings. The company also announced its intent to divest its cash-in-transit (CIT) operations in Germany, and that it has completed the divestitures of guarding operations in France and Morocco. The divestiture of its CIT business in Poland is expected to be completed by March 31.

In 2012, these businesses generated $104 million of revenue and an operating loss of $18 million or $.36 per share. Brink’s will continue to operate its Global Services business in each of these countries. Results from these businesses are now reported in discontinued operations (see table below).

                                                             Quarterly Amounts Reclassified as Discontinued Operations(a)
                                                             -----------------------------------------------------------

      (In millions, except for per share
      amounts)                                                                                               2011                                                          2012
                                                                                                             ----                                                          ----
     GAAP Basis                                                     1Q                        2Q                       3Q                              4Q                       Full Year        1Q        2Q         3Q         4Q     Full Year
                                                                   ---                       ---                       ---                            ---                       ---------        ---      ---        ---        ---     ---------
     Revenue                                                           $29                        32                       30                             29                          119          26         26         26         27        104
     Operating loss                                                     (7)                      (13)                      (4)                            (4)                         (28)         (4)        (4)        (6)        (4)       (18)
     Income taxes                                                        2                         4                        -                             (2)                           5           -          1          -         (1)         1
     Net loss                                                       (5)                       (9)                      (4)                            (6)                         (24)         (4)        (3)        (6)        (4)       (18)
     Diluted EPS                                                 (0.10)                    (0.18)                   (0.08)                         (0.13)                       (0.49)     (0.08)      (0.07)     (0.12)     (0.09)     (0.36)

     Non-GAAP Basis
     Revenue                                                       $29                        32                       30                             29                          119          26         26         26         27        104
     Operating loss                                                 (7)                       (3)                      (4)                            (4)                         (18)         (4)        (4)        (3)        (4)       (16)
     Income taxes                                                    2                         1                        -                             (2)                           1           -          1          -         (1)         1
     Net loss                                                       (5)                       (2)                      (4)                            (6)                         (17)         (4)        (3)        (3)        (4)       (15)
     Diluted EPS                                                 (0.10)                    (0.05)                   (0.08)                         (0.13)                       (0.36)     (0.08)      (0.07)     (0.06)     (0.09)     (0.31)

     (a)               Amounts in the table represent the results of the European operations reclassified to Discontinued Operations in the fourth quarter of 2012.  The
                       consolidated income statement also includes amounts related to operations divested in prior years including the company's former coal operations. Non-
                       GAAP results are reconciled to the applicable GAAP results on page 21.

Page 1

Tom Schievelbein, chairman, president and chief executive officer, said: “Eliminating the operating losses from these businesses improves the overall earnings power of Brink’s by 31 cents per share on a non-GAAP basis, and enables our new leadership team to focus on achieving sustainable returns in our remaining markets, which continue to be very challenging.

“Fourth-quarter earnings from continuing operations declined due primarily to lower operating results in Latin America, partially offset by improvement in Europe and North America. In 2013, it will be very difficult to match 2012 earnings due to an increase in productivity investments and our assumption of currency devaluation in Venezuela. We expect our first-quarter year-over-year comparison to be particularly challenging given the strong Latin America performance last year. In light of these factors, we expect our 2013 segment margin rate to be between 6% and 6.5% on organic revenue growth of 5% to 8%. Our long-term margin goal of 10% is still in place, although it’s clear that achieving it will take longer than originally planned.

“Our recent results are far from satisfactory, and we continue to face challenges on several fronts, but I’m confident that we are making steady progress in our efforts to position Brink’s for strong profit growth in 2014 and beyond.

“In 2013, we will continue to take decisive action to accelerate the execution of our strategy. Eliminating the operating losses in Europe is an important step in our plan to maximize profits in mature, slow-growth CIT markets. Despite recent challenges in Latin America, we are optimistic about that region’s long-term growth prospects and will continue to invest aggressively there. We will also continue to seek opportunities to invest in adjacent markets. Our recent introduction of the Brink’s Money(TM) card and the acquisition of a payments service company in Brazil are the latest additions to our small but growing payments business.

“I can assure you that, with our new leadership team in place, we will continue to be aggressive in our efforts to improve productivity, deliver solutions to our customers and build value for shareholders.”

Fourth-Quarter Highlights

GAAP:

  • Revenue up 4% (6% organic growth), EPS $.67 vs. $.48
  • Segment profit down 6% (4% organic decline), margin 7.2% vs. 7.9%
  • International profit down 9% (6% organic decline), margin 8.4% vs. 9.8%
  • North America margin 3.0% vs. 2.3%

Non-GAAP:

  • Revenue up 4% (6% organic growth), EPS $.60 vs. $.67
  • Segment profit down 6% (4% organic decline), margin 7.4% vs. 8.1%
  • International profit down 10% (8% organic decline), margin 8.4% vs. 10.0%; EMEA improvement more than offset by lower profit in Latin America and Asia-Pacific
  • North America cost reductions drive profit improvement; margin 3.9% vs. 2.6%

Other:

  • Full-year GAAP EPS $2.20 vs. $2.01; Non-GAAP EPS $2.31 vs. $2.32
  • Full-year non-GAAP segment margin 7.0% vs. 7.1%; organic revenue growth 7%
  • Negative currency impact on a GAAP basis: $17 million on revenue, $2 million on profit in fourth quarter; $196 million on revenue, $15 million on profit in 2012
  • Full-year capital spending down $32 million to $203 million

Page 2

                                                                                           Summary Reconciliation of Fourth-Quarter GAAP to Non-GAAP EPS*
                                                                                            -------------------------------------------------------------
                                                                                                                                                             Fourth Quarter            Full Year
                                                                                                                                                                    2012          2011                  2012         2011
                                                                                                                                                                    ----          ----                  ----         ----
     GAAP EPS                                                                                                                                             $0.67             $0.48                $2.20        $2.01
                   Exclude U.S. retirement plan expenses                                                                                                            0.16          0.09                  0.70         0.37
                   Exclude employee benefit settlement, CEO retirement costs and other                                                                              0.01          0.06                  0.06         0.08
                   Exclude additional European operations to be exited                                                                                              0.01          0.01                  0.08         0.06
                   Exclude gains and losses on acquisitions and asset dispositions                                                                                 (0.18)            -                 (0.29)       (0.20)
                   Exclude tax benefit from change in retiree health care funding strategy                                                                             -             -                 (0.43)           -
                   Adjust quarterly tax rate to full-year average rate                                                                                             (0.06)         0.02                     -            -
     Non-GAAP EPS*                                                                                                                                        $0.60             $0.67                $2.31        $2.32
                                                                                                                                                                                                             Summary of Fourth-Quarter and Full-Year Results*
                                                                                                                                                                                                              -----------------------------------------------

                                                                                                                    Fourth Quarter                                                                          Full Year
                                                                                                                    --------------                                                                          ---------
                                                                                                                                                  %                                                                                                    %
                        (In millions, except for per share
                        amounts)                                                                      2012                          2011                     Change                                          2012                             2011                  Change
                       -----------

                       GAAP
                       ----
                       Revenues                                                                                          $1,007                         968                                4%                                               $3,842                         3,766                                2%
                       Segment operating profit (a)                                                                          72                          77                               (6)                                                  260                           259                                -
                       Non-segment expense                                                                                  (21)                        (21)                               1                                                   (89)                          (60)                              49
                       Operating profit                                                                                      51                          56                               (9)                                                  171                           200                              (14)
                       Income from continuing operations (b)                                                                 33                          23                               40                                                   107                            97                               11
                        Diluted EPS from continuing
                        operations (b)                                                                                     0.67                        0.48                               40                                                  2.20                          2.01                                9

                       Non-GAAP
                       --------
                       Revenues                                                                                          $1,004                         966                                4%                                               $3,833                         3,756                                2%
                       Segment operating profit (a)                                                                          74                          79                               (6)                                                  268                           267                                -
                       Non-segment expense                                                                                  (11)                        (11)                              (1)                                                  (42)                          (41)                               4
                       Operating profit                                                                                      63                          68                               (7)                                                  226                           227                                -
                       Income from continuing operations (b)                                                                 29                          32                               (9)                                                  112                           112                                1
                        Diluted EPS from continuing
                        operations (b)                                                                                     0.60                        0.67                              (10)                                                 2.31                          2.32                                -

                       (a)                                                                       Segment operating profit is a non-GAAP measure.Disclosure of segment operating profit enables investors to
                                                                                                 assess operating performance excluding non-segment income and expense.
                                                                                           ---  -----------------------------------------------------------------------------------------------------------
                       (b)                                                                       Amounts reported are attributable to shareholders of The Brink's Company and exclude earnings related to
                                                                                                 noncontrolling interests.
                                                                                           ---  ---------------------------------------------------------------------------------------------------------

    *Non-GAAP results are reconciled to the applicable GAAP results on pages 13 - 19. Amounts may not add due to rounding.
    ----------------------------------------------------------------------------------------------------------------------

Page 3

    The Brink's Company and subsidiaries
    Fourth Quarter 2012 vs. 2011 (Unaudited)
    (In millions)
    ------------
                                                                                                                                                 Segment Results - GAAP
                                                                                                                                                 ----------------------
                                                                                                                                   Organic                  Acquisitions /                                              Currency                                      % Change
                                                                                                                                                                                                                                                                      --------
                                                                                                                                 4Q '11                Change                          Dispositions (b)                            (c)                  4Q '12                     Total                    Organic
                                                                                                                                 ------                ------                          ---------------                             ---                  ------                     -----                    -------
                          Revenues:
                          Latin America                                                                     $393                     47                     1                                                 (9)                    432                    10                            12
                                                                                                                                                                                                                                                                                         ---
                          EMEA                                                                               292                     13                                -                                                (10)                    294                     1                             4
                                                                                                                                                                                                                                                                                                    ---
                          Asia Pacific                                                                        40                      4                                -                                                  -                      44                     9                            10
                                                                                                             ---                    ---                              ---                                                ---                     ---                                                 ---
                                      International                                                           724                     63                     1                                                (19)                    770                     6                             9
                                                                                                                                                                                                                                                                                          ---
                                      North America                                                           244                     (9)                               -                                                  2                     237                    (3)                           (4)
                                                                                                              ---                    ---                              ---                                                ---                     ---                                                 ---
                                                          Total                                                                     $968                    54                                                  1                     (17)                1,007                             4                      6
                                                                                                                                    ----                   ---                                                ---                     ---                 -----                                                  ---
                          Operating profit:
                          International                                                                      $71                     (4)                               -                                                 (2)                     65                    (9)                           (6)
                                                                                                                                                                                                                                                                                                    ---
                          North America                                                                        6                      1                                -                                                  -                       7                    27                            24
                                                                                                             ---                    ---                              ---                                                ---                     ---                                                 ---
                                       Segment operating
                                       profit                                                                  77                     (3)                               -                                                 (2)                     72                    (6)                           (4)
                                                                                                                                                                                                                                                                                                     ---
                                      Non-segment (a)                                                         (21)                     -                                -                                                  -                     (21)                    1                             1
                                                                                                              ---                    ---                              ---                                                ---                     ---                                                 ---
                                                          Total                                                                      $56                    (3)                                                 -                      (2)                   51                            (9)                    (6)
                                                                                                                                     ---                   ---                                                ---                     ---                   ---                                                  ---

                          Segment operating margin:
                          International                                                                      9.8%                                                                                                                               8.4%
                          North America                                                                      2.3%                                                                                                                               3.0%

                          Segment operating margin                                                           7.9%                                                                                                                               7.2%
                          ------------------------                                                           ---                                                                                                                                ---

                                                                                                                                                       Segment Results - Non-GAAP
                                                                                                                                                       --------------------------
                                                                                                                     Organic                           Acquisitions /                       Currency                                  % Change
                                                                                                        4Q '11                     Change                          Dispositions (b)                          (c)            4Q '12             Total        Organic
                                                                                                        ------                     ------                          ---------------                          ---             ------             -----        -------
     Revenues:
            Latin America                                                         $393                         47                         1                     (9)                   432                      10                12
            EMEA                                                                   289                         13                                              -                    (10)                    292                 1                 4
            Asia Pacific                                                            40                          4                                                  -                      -                      44                 9                10
                                                                                   ---                        ---                                                ---                    ---                     ---
                           International                                                        722                         64                       1                      (19)                       767               6                  9
                           North America                                                        244                         (9)                                             -                          2             237                 (3)            (4)
                                                                                                ---                        ---                                            ---                        ---             ---
                                               Total                                                         $966                        55                      1                    (17)                  1,004                 4                 6
                                                                                                             ----                       ---                    ---                    ---                   -----
     Operating profit:
            International                                                          $72                         (6)                        1                     (2)                    65                     (10)               (8)
            North America                                                            6                          3                                              -                      -                       9                44                41
                                                                                   ---                        ---                                            ---                    ---                     ---
                            Segment operating
                            profit                                                               79                         (4)                      1                       (2)                        74              (6)                (4)
                           Non-segment (a)                                                      (11)                         -                                              -                          -             (11)                (1)            (1)
                                                                                                ---                        ---                                            ---                        ---             ---
                                               Total                                                          $68                        (3)                     1                     (2)                     63                (7)               (5)
                                                                                                              ---                       ---                    ---                    ---                     ---

     Segment operating margin:
     International                                                               10.0%                                                                                                                     8.4%
     North America                                                                2.6%                                                                                                                     3.9%
                                                                                  ---                                                                                                                      ---
     Segment operating margin                                                          8.1%                                                                                                                     7.4%
     ------------------------                                                          ---                                                                                                                      ---

     (a)    Includes income and expense not allocated to segments.
     ---    ------------------------------------------------------
     (b)    Includes operating results and gains/losses on acquisitions, sales and exits of businesses.
     ---    -------------------------------------------------------------------------------------------
     (c)     Revenue and Segment Operating Profit: The "Currency" amount in the table is the summation of the monthly currency changes, plus (minus)
             the U.S. dollar amount of remeasurement currency gains (losses) of bolivar fuerte-denominated net monetary assets recorded under
             highly inflationary accounting rules related to the Venezuelan operations.The monthly currency change is equal to the Revenue or
             Operating Profit for the month in local currency, on a country-by-country basis, multiplied by the difference in rates used to
             translate the current period amounts to U.S. dollars versus the translation rates used in the year-ago month.The functional currency
             in Venezuela is the U.S. dollar under highly inflationary accounting rules.Remeasurement gains and losses under these rules are
             recorded in U.S. dollars but these gains and losses are not recorded in local currency.Local currency Revenue and Operating Profit used
             in the calculation of monthly currency change for Venezuela have been derived from the U.S. dollar results of the Venezuelan operations
             under U.S. GAAP (excluding remeasurement gains and losses) using current period currency exchange rates.
       ---   ---------------------------------------------------------------------------------------------------------------------------------------

     Amounts may not add due to rounding.
     ------------------------------------

Page 4

    The Brink's Company and subsidiaries
    Full Year 2012 vs. 2011 (Unaudited)
    (In millions)
    ------------

                                                                                                                                            Segment Results - GAAP
                                                                                                                                            ----------------------
                                                                                                                                   Organic                   Acquisitions /                                              Currency                                      % Change
                                                                                                                                     2011               Change                          Dispositions (b)                             (c)                    2012                    Total                     Organic
                                                                                                                                     ----               ------                          ---------------                             ---                     ----                    -----                     -------
                          Revenues:
                          Latin America                                                                   $1,461                     215                     2                                                (98)                  1,579                     8                             15
                          EMEA                                                                             1,178                      70                                -                                                (90)                  1,158                    (2)                             6
                          Asia Pacific                                                                       154                      10                                -                                                 (5)                    159                     3                              7
                                                                                                             ---                     ---                              ---                                                ---                     ---
                                      International                                                         2,792                     296                     2                                               (193)                  2,897                     4                             11
                                      North America                                                           974                     (24)                   (3)                                                (3)                    945                    (3)                            (2)
                                                                                                              ---                     ---                   ---                                                ---                     ---
                                                          Total                                                                    $3,766                   272                                                 (1)                   (196)                3,842                              2                      7
                                                                                                                                   ------                   ---                                                ---                    ----                 -----
                          Operating profit:
                          International                                                                     $228                      17                    (2)                                               (15)                    228                     -                              7
                          North America                                                                       31                       1                                -                                                  -                      33                     4                              3
                                                                                                             ---                     ---                              ---                                                ---                     ---
                                       Segment operating
                                       profit                                                                 259                      18                    (2)                                               (15)                    260                     -                              7
                                      Non-segment (a)                                                         (60)                    (21)                   (8)                                                 -                     (89)                   49                             35
                                                                                                              ---                     ---                   ---                                                ---                     ---
                                                          Total                                                                      $200                    (3)                                               (11)                    (15)                  171                            (14)                    (1)
                                                                                                                                     ----                   ---                                                ---                     ---                   ---

                          Segment operating margin:
                          International                                                                      8.2%                                                                                                                                7.9%
                          North America                                                                      3.2%                                                                                                                                3.4%

                          Segment operating margin                                                           6.9%                                                                                                                                6.8%
                          ------------------------                                                           ---                                                                                                                                 ---

                                                                                                                                          Segment Results - Non-GAAP
                                                                                                                                          --------------------------
                                                                                                                         Organic                        Acquisitions /                                                    Currency                                      % Change
                                                                                                                                      2011               Change                          Dispositions (b)                            (c)                     2012                    Total                    Organic
                                                                                                                                      ----               ------                          ---------------                             ---                     ----                    -----                    -------
                          Revenues:
                          Latin America                                                                    $1,461                     215                     2                                                (98)                  1,579                     8                            15
                          EMEA                                                                              1,167                      71                                -                                                (89)                  1,149                    (2)                            6
                          Asia Pacific                                                                        154                      10                                   -                                                 (5)                    159                     3                             7
                                                                                                              ---                     ---                                 ---                                                ---                     ---
                                      International                                                          2,781                     296                     2                                               (192)                  2,888                     4                            11
                                      North America                                                            974                     (24)                   (3)                                                (3)                    945                    (3)                           (2)
                                                                                                               ---                     ---                   ---                                                ---                     ---
                                                          Total                                                                     $3,756                   273                                                 (1)                   (194)                3,833                             2                      7
                                                                                                                                    ------                   ---                                                ---                    ----                 -----
                          Operating profit:
                          International                                                                      $233                       8                     1                                                (15)                    227                    (3)                            4
                          North America                                                                        35                       7                                -                                                  -                      41                    19                            19
                                                                                                              ---                     ---                              ---                                                ---                     ---
                                       Segment operating
                                       profit                                                                  267                      15                     1                                                (15)                    268                     -                             6
                                      Non-segment (a)                                                          (41)                     (2)                               -                                                  -                     (42)                    4                             4
                                                                                                               ---                     ---                              ---                                                ---                     ---
                                                          Total                                                                       $227                    13                                                  1                     (15)                  226                             -                      6
                                                                                                                                      ----                   ---                                                ---                     ---                   ---

                          Segment operating margin:
                          International                                                                       8.4%                                                                                                                                7.8%
                          North America                                                                       3.6%                                                                                                                                4.4%

                          Segment operating margin                                                            7.1%                                                                                                                                7.0%
                          ------------------------                                                            ---                                                                                                                                 ---

    Amounts may not add due to rounding. See page 4 for footnote explanations.
    --------------------------------------------------------------------------

Page 5

Non-Segment Expenses
On a GAAP basis, non-segment expenses remained flat versus the year-ago quarter at $21 million as higher retirement plan expenses ($5 million) were offset primarily by the inclusion in last year’s results of the former CEO’s retirement costs ($4 million). On a non-GAAP basis, non-segment expenses were flat.

Capital Expenditures and Capital Leases
Full-year capital expenditures and capital lease additions were $203 million versus $235 million in 2011, reflecting reductions of $17 million in North America and $15 million in International.

Income Taxes
On a GAAP basis, fourth-quarter tax expense was $5 million (10% effective rate) versus $20 million in 2011 (38% effective rate). The full-year 2012 tax expense was $27 million (17% effective rate) versus $64 million in 2011 (35% effective rate). The full-year 2012 effective rate was favorably affected by a $21 million non-cash tax benefit related to a change in retiree health care funding strategy and a $7.5 million tax benefit related to a change in judgment of an income tax accrual, partially offset by tax expense resulting from repatriation and the mix of earnings. The full-year 2011 effective rate was favorably affected by an $8 million valuation allowance release in the U.S., partially offset by tax expense resulting from repatriation and the mix of earnings. On a non-GAAP basis, the full-year rate for 2012 was 37% versus 35% in 2011.

2013 Outlook
See page 9 for a summary of selected 2012 results and 2013 outlook items including guidance on revenue, segment margin, non-segment expense, interest expense, tax rate, non-controlling interest expense, capital expenditures, capital leases and depreciation and amortization.

Recent Events
On December 31, Mel Parker joined Brink’s as president of Brink’s North America. Parker most recently served as vice president and general manager of Dell’s North American consumer, small business and member loyalty division. Prior to his tenure at Dell, Parker served in a variety of leadership positions at Newell Rubbermaid, Staples and Pepsico.

On January 7, Patty Watson joined Brink’s as chief information officer. Before joining Brink’s, Watson served as the senior technology executive for the treasury, credit and payments division of Bank of America. Prior to her tenure at Bank of America, Watson was an officer in the United States Air Force, where she last served as director of operations.

On January 28, Brink’s announced that Darren McCue will join the company as the chief commercial strategy officer on February 19. McCue will join Brink’s from Aetna, where he served as executive vice president of strategy and business development for consumer financial solutions. Before Aetna, McCue held leadership roles at Payflex and FlexAmerica and spent eight years with Booz Allen Hamilton and Manugistics in their management and supply chain optimization consulting practices.

Page 6

On January 8, Brink’s announced that it has entered into an agreement with NetSpend Holdings, Inc. (NASDAQ: NTSP), to sell its Brink’s Money prepaid payroll card to U.S. employers. The initial rollout of Brink’s Money is scheduled for the first quarter of 2013.

On January 10, Brink’s acquired the remaining 26% ownership interest in our cash logistics business in Chile for $18 million and now owns 100% of the business.

On January 31, Brink’s acquired Brazil-based Rede Transacoes Eletronicas Ltda. (Redetrel). Redetrel distributes electronic prepaid products, including mobile phone airtime, via a network of approximately 20,000 retail locations across Brazil. Redetrel’s strong distribution network supplements Brink’s existing payments business, ePago, which has operations in Brazil, Mexico, Colombia and Panama.

On January 17, Brink’s declared a quarterly dividend of 10 cents per share on its common stock. The dividend is payable on March 1, 2013, to shareholders of record on February 1, 2013.

Conference Call
Brink’s will host a conference call on February 1 at 11:00 a.m. Eastern Time to review fourth-quarter results. Interested parties can listen by calling (800) 860-2442 (domestic), (412) 858-4600 (international) and (866) 605-3852 in Canada, or via live webcast at www.Brinks.com. Please call in at least five minutes prior to the start of the call. A replay will be available through February 15, 2013, by calling (877) 344-7529 (domestic) or + (412) 317-0088 (international). The conference account number is 10023432. A webcast replay will also be available at www.Brinks.com.

About The Brink’s Company
The Brink’s Company (NYSE:BCO) is the world’s premier provider of secure transportation and cash management services. For more information, please visit The Brink’s Company website at www.Brinks.com or call 804-289-9709.

Non-GAAP Results
Non-GAAP results described in this earnings release are financial measures that are not required by, or presented in accordance with U.S. generally accepted accounting principles (“GAAP”). The purpose of the non-GAAP results is to report financial information without certain income and expense items and adjust the quarterly non-GAAP tax rates so that the non-GAAP tax rate in each of the quarters is equal to the full-year non-GAAP tax rate. The full year non-GAAP tax rate in both years excludes certain pretax and tax income and expense amounts. The non-GAAP information provides information to assist comparability and estimates of future performance. Brink’s believes these measures are helpful in assessing operations and estimating future results and enable period-to-period comparability of financial performance. In addition, Brink’s believes the measures will help investors assess the ongoing operation and provides an alternative for valuing our legacy liabilities. Non-GAAP results should not be considered as an alternative to revenue, income or earnings per share amounts determined in accordance with GAAP and should be read in conjunction with their GAAP counterparts.

Page 7

Forward-Looking Statements
Financial information for the fourth quarter and full year 2012 included in this release is unaudited and remains subject to the completion of the external audit. This release contains both historical and forward-looking information. Words such as “anticipates,” “assumes,” “estimates,” “expects,” “projects,” “predicts,” “intends,” “plans,” “believes,” “potential,” “may,” “should” and similar expressions may identify forward-looking information. Forward-looking information in this release includes, but is not limited to, anticipated revenue, segment profit, segment margin, non-segment expense, interest expense, tax rate, non-controlling interest expense, capital expenditures, productivity investments and improvement, capital leases and depreciation and amortization for 2013, as well as long-term profit growth and margin rate results and the execution of the Company’s strategy, including planned divestitures. Forward-looking information in this document is subject to known and unknown risks, uncertainties and contingencies, which are difficult to predict or quantify, and which could cause actual results, performance or achievements to differ materially from those that are anticipated.

These risks, uncertainties and contingencies, many of which are beyond our control, include, but are not limited to:

  • continuing market volatility and commodity price fluctuations and their impact on the demand for our services,
  • our ability to continue profit growth in Latin America,
  • our ability to maintain or improve volumes at favorable pricing levels and increase cost efficiencies in the United States and Europe,
  • investments in information technology and value-added services and their impact on revenue and profit growth,
  • our ability to implement high-value solutions,
  • risks customarily associated with operating in foreign countries including changing labor and economic conditions, currency devaluations, safety and security issues, political instability, restrictions on repatriation of earnings and capital, nationalization, expropriation and other forms of restrictive government actions,
  • the strength of the U.S. dollar relative to foreign currencies and foreign currency exchange rates,
  • the stability of the Venezuelan economy, changes in Venezuelan policy regarding foreign-owned businesses, and changes in exchange rates,
  • fluctuations in value of the Venezuelan bolivar fuerte,
  • regulatory and labor issues in many of our global operations, including negotiations with organized labor,
  • our ability to identify and execute further cost and operational improvements and efficiencies in our core businesses,
  • our ability to integrate successfully recently acquired companies and improve their operating profit margins,
  • the actions of competitors, our ability to identify acquisitions and other strategic opportunities in emerging markets,
  • the willingness of our customers to absorb fuel surcharges and other future price increases,
  • the impact of turnaround actions responding to current conditions in Europe and our productivity and cost control efforts in that region,
  • our ability to obtain necessary information technology and other services at favorable pricing levels from third party service providers,
  • variations in costs or expenses and performance delays of any public or private sector supplier, service provider or customer,
  • our ability to obtain appropriate insurance coverage, positions taken by insurers with respect to claims made and the financial condition of insurers, safety and security performance, our loss experience, changes in insurance costs,
  • security threats worldwide and losses of customer valuables,
  • costs associated with the purchase and implementation of cash processing and security equipment, employee and environmental liabilities in connection with our former coal operations, black lung claims incidence,
  • the impact of the Patient Protection and Affordable Care Act on black lung liability and the Company’s ongoing operations,
  • changes to estimated liabilities and assets in actuarial assumptions due to payments made, investment returns, interest rates and annual actuarial revaluations, the funding requirements, accounting treatment, investment performance and costs and expenses of our pension plans, the VEBA and other employee benefits, mandatory or voluntary pension plan contributions, the nature of our hedging relationships,
  • changes in estimates and assumptions underlying our critical accounting policies,
  • the outcome of pending and future claims and litigation,
  • access to the capital and credit markets,
  • seasonality, pricing and other competitive industry factors.

This list of risks, uncertainties and contingencies is not intended to be exhaustive. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found under “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the period ended December 31, 2011, and in our other public filings with the Securities and Exchange Commission. The forward looking information included in this document is representative only as of the date of this document and The Brink’s Company undertakes no obligation to update any information contained in this document.

Page 8

    The Brink's Company and subsidiaries
    Outlook Summary (Unaudited)
    (In millions)

                                                                                                                       GAAP                                                   Non-GAAP
                                                                                                                       ----                                                   --------
                                                                                                                                                                             2013                                                                                      2013
                                                                                                                                                 2012                  Estimate                                                            2012                  Estimate
                                                                                                                                                 ----                  --------                                                            ----                  --------
    Organic revenue growth
                                                        International                                                                              11%                    7% - 9%                                                           11%                    7% - 9%
                                                        North America                                                                             (2)%                    0% - 2%                                                          (2)%                    0% - 2%
                                                        Total                                                                                       7%                    5% - 8%                                                            7%                    5% - 8%

    Currency impact on revenue
                                                        International                                                                             (7)%               (2%) - (4%)                                                           (7)%
                                                                                                                                                                                                                                                              (2%) - (4%)
                                                        North America                                                                    flat                            flat                                                      flat                            flat
                                                        Total                                                                                     (5)%               (1%) - (3%)                                                           (5)%               (1%) - (3%)

    Segment margin
                                                        International (a)                                                                         7.9%                6.0% - 6.5%                                                          7.8%                7.0% - 7.5%
                                                        North America (b)                                                                         3.4%                2.8% - 3.3%                                                          4.4%                4.0% - 4.5%
                                                        Total                                                                                     6.8%                5.0% - 5.5%                                                          7.0%                6.0% - 6.5%

    Non-segment expense:
                                                        General and administrative                                                                $44                          45                                                           $44                          45
                                                        Retirement plans (b)                                                                       47                          42                                                             -                           -
                                                        Royalty income                                                                             (2)                         (2)                                                           (2)                         (2)

                                                        Total                                                                                     $89                          85                                                           $42                          43
                                                                                                                                                  ---                         ---                                                           ---                         ---

    Effective income tax rate (a)                                                                              17%                          44% - 47%                                                   37%                          36% - 39%

    Interest expense                                                                                          $24                       27 - 29                                                         $24                       27 - 29

    Net income attributable to
                                                        noncontrolling interests (a)                                                              $21                   8 - 10                                                              $19                  17 - 20

    Fixed assets acquired:
                                                        Capital expenditures                                                                     $185                         195                                                          $185                         195
                                                        Capital leases (c)                                                                         18                          10                                                            18                          10

                                                        Total                                                                                    $203                         205                                                          $203                         205
                                                                                                                                                 ----                         ---                                                          ----                         ---

    Depreciation and amortization                                                                            $166                      180 - 190                                                       $166                      180 - 190

                            (a)                          Projected remeasurement losses on net monetary assets in Venezuela in the 2013 estimate, and the
                                                         related effect on income tax rates and net income attributable to noncontrolling interest, have been
                                                         excluded from non-GAAP results.
                            (b)                          Costs related to U.S. retirement plans have been excluded from non-GAAP results including $9 million
                                                         in 2012 and $12 million in 2013 related to North America, and $47 million in 2012 and $42 million in
                                                         2013 related to Non-segment.
                            (c)                         Includes capital leases for newly acquired assets only.

    Amounts may not add due to rounding.

Page 9

    The Brink's Company and subsidiaries
    Condensed Consolidated Statements of Income (Unaudited)
    (In millions, except for per share amounts)
                                                                                                                        Fourth Quarter                  Full Year
                                                                                                       2012                             2011                        2012                           2011
                                                                                                       ----                             ----                        ----                           ----

             Revenues                                                                                        $1,006.5                           968.3                     3,842.1                        3,766.3

             Costs and expenses:
             Cost of revenues                                                                                   811.7                           773.4                     3,118.5                        3,057.8
             Selling, general and administrative expenses                                                                 145.2                          139.3                        561.7                          526.6
                                                                                                            -----                           -----                       -----                          -----
                      Total costs and expenses                                                                  956.9                           912.7                     3,680.2                        3,584.4
             Other operating income (expense)                                                                    1.1                             0.2                         9.3                           17.6
                                                                                                              ---                             ---                         ---                           ----

                      Operating profit                                                                        50.7                            55.8                       171.2                          199.5

             Interest expense                                                                                (6.5)                           (5.9)                      (23.8)                         (24.0)
             Interest and other income (expense)                                                                    0.8                             2.1                         7.1                            8.9
                                                                                                              ---                             ---                         ---                            ---
                      Income from continuing operations before tax                                                                  45.0                           52.0                       154.5                          184.4
             Provision for income taxes                                                                       4.7                            19.6                        26.9                           63.9
                                                                                                              ---                            ----                        ----                           ----

                      Income from continuing operations                                                                  40.3                           32.4                        127.6                          120.5

             Loss from discontinued operations, net of tax                                                                  (4.7)                          (7.5)                       (17.9)                         (22.0)
                                                                                                             ----                            ----                       -----                          -----

                      Net income                                                                              35.6                            24.9                       109.7                           98.5

                                              Less net income attributable to noncontrolling interests                                (7.7)                       (9.1)                         (20.8)                         (24.0)
                                                                                                                                      ----                        ----                          -----                          -----

                      Net income attributable to Brink's                                                                 $27.9                           15.8                         88.9                           74.5
                                                                                                             -----                            ----                        ----                           ----

             Amounts attributable to Brink's:
             Income from continuing operations                                                                  $32.6                            23.3                       106.8                           96.5
             Loss from discontinued operations                                                                   (4.7)                           (7.5)                      (17.9)                         (22.0)
                                                                                                             ----                            ----                       -----                          -----

                      Net income attributable to Brink's                                                                 $27.9                           15.8                         88.9                           74.5
                                                                                                             -----                            ----                        ----                           ----

             Earnings (loss) per share attributable to Brink's common shareholders (a):
                      Basic:
                                              Continuing operations                                                                  $0.67                        0.49                           2.21                           2.02
                                              Discontinued operations                                                                (0.10)                      (0.16)                         (0.37)                         (0.46)
                                                                                                                                     -----                       -----                          -----                          -----
                                              Net income                                                                             $0.58                        0.33                           1.84                           1.56
                                                                                                                                     -----                        ----                           ----                           ----

                      Diluted:
                                              Continuing operations                                                                  $0.67                        0.48                           2.20                           2.01
                                              Discontinued operations                                                                (0.10)                      (0.16)                         (0.37)                         (0.46)
                                                                                                                                     -----                       -----                          -----                          -----
                                              Net income                                                                             $0.57                        0.33                           1.83                           1.55
                                                                                                                                     -----                        ----                           ----                           ----
                               (a)              Earnings per share may not add due to rounding.

             Weighted-average shares
                      Basic                                                                                   48.5                            48.0                        48.4                           47.8
                      Diluted                                                                                 48.8                            48.2                        48.6                           48.1

Page 10

    The Brink's Company and subsidiaries
    Supplemental Financial Information (Unaudited)
    (In millions)
                                                                                                                                               Fourth Quarter                  Full Year
                                                                                                                                                2012              2011              2012              2011
                                                                                                                                                ----              ----              ----              ----
                           DISCONTINUED OPERATIONS

    Discontinued European Operations:
                                                                           Loss from operations before tax (a)                                 $(3.7)             (4.2)            (18.3)            (28.0)

    Adjustments to contingencies of former operations (b):
                                                                           Workers' compensation                                                (0.4)             (2.2)             (0.2)             (1.4)
                                                                            Gain from Federal Black Lung Excise Tax
                                                                            refunds                                                                -                 -                 -               4.2
                                                                           Other                                                                (0.2)             (0.4)             (0.3)             (0.6)

    Loss from discontinued operations before income taxes                                                                                       (4.3)             (6.8)            (18.8)            (25.8)
    Provision (credit) for income taxes                                                                                                          0.4               0.7              (0.9)             (3.8)
                                                                                                                                                 ---               ---              ----              ----
    Loss from discontinued operations, net of tax                                                                                              $(4.7)             (7.5)            (17.9)            (22.0)
                                                                                                                                               -----              ----             -----             -----

                                                                      (a)   Discontinued operations include cash-in-transit operations in Germany and Poland,
                                                                            and guarding operation in France and Morocco.Revenues from these European
                                                                            operations were $27.1 million in the fourth quarter of 2012, $28.8 million in the
                                                                            fourth quarter of 2011, $104.4 million in 2012, and $119.2 million in 2011.
                                                                      (b)  Primarily relates to former coal businesses

                                                                                                                                                 Full Year
                                                                  SELECTED CASH FLOW
                                                                      INFORMATION                                                      2012             2011

    Property and Equipment Acquired During the Period
                                                        Capital
                                                        expenditures
                                                       International                                                                 $130.3            140.6
                                                       North America                                                                   54.2             51.4
                                                                                                                                       ----             ----
                                                                                                Capital expenditures                           184.5            192.0

                                                       Capital Leases (a)
                                                       International                                                                    2.7              7.6
                                                       North America                                                                   15.4             35.4
                                                                                                                                       ----             ----
                                                                                                Capital leases                                  18.1             43.0

                                                       Total
                                                       International                                                                  133.0            148.2
                                                       North America                                                                   69.6             86.8
                                                                                                                                       ----             ----
                                                                                                Total                                         $202.6            235.0
                                                                                                                                              ------            -----

    Depreciation and amortization
                                                       International                                                                 $102.3            100.0
                                                       North America                                                                   63.2             56.6
                                                                                                                                       ----             ----
                                                                                                Depreciation and amortization                 $165.5            156.6
                                                                                                                                              ------            -----

                                                  (a)   Represents the amount of property and
                                                        equipment acquired using capital
                                                        leases.Since these assets are acquired
                                                        without using cash, the acquisitions
                                                        are not reflected in the consolidated
                                                        cash flow statement.Amounts are
                                                        provided here to assist in the
                                                        comparison of assets acquired in the
                                                        current year versus prior years.Sales
                                                        leaseback transactions are excluded
                                                        from "Capital leases" in this table.

Page 11

    The Brink's Company and subsidiaries
    GAAP and Non-GAAP Results (Unaudited)
    (In millions, except for per share amounts)
                                                                                                                                                   2011                                                                 2012
                                                                                                                                                   ----                                                                 ----
                                                                                                                 1Q                            2Q                            3Q                            4Q                            Full Year                                        1Q                            2Q                            3Q                             4Q                              Full Year
                                                                                                                ---                           ---                           ---                           ---                            ---------                                       ---                           ---                           ---                             ---                             ---------

                                                                                                                                                       GAAP Basis
                                                                                                                                                       ----------
    Revenue:
                        Latin America                                                                              $332.3                         360.5                         375.1                         392.8                              1,460.7                                    $386.3                         375.9                         385.2                            432.0                              1,579.4
                        EMEA                                                                                        278.5                         302.0                         305.6                         291.6                              1,177.7                                     280.4                         289.4                         294.6                            294.0                              1,158.4
                        Asia Pacific                                                                                 34.9                          38.5                          40.3                          40.0                                153.7                                      37.6                          38.5                          39.1                             43.7                                158.9

                        International                                                                               645.7                         701.0                         721.0                         724.4                              2,792.1                                     704.3                         703.8                         718.9                            769.7                              2,896.7
                        North America                                                                               239.0                         246.8                         244.5                         243.9                                974.2                                     236.4                         237.6                         234.6                            236.8                                945.4

                        Revenues                                                                                   $884.7                         947.8                         965.5                         968.3                              3,766.3                                    $940.7                         941.4                         953.5                          1,006.5                              3,842.1
                                                                                                                   ------                         -----                         -----                         -----                              -------                                    ------                         -----                         -----                          -------                              -------

    Operating profit:
                        International                                                                               $51.7                          39.4                          65.5                          71.3                                227.9                                     $65.2                          40.5                          56.9                             65.0                                227.6
                        North America                                                                                 6.8                          10.4                           8.7                           5.5                                 31.4                                       5.8                          11.4                           8.3                              7.0                                 32.5

                        Segment operating profit                                                                     58.5                          49.8                          74.2                          76.8                                259.3                                      71.0                          51.9                          65.2                             72.0                                260.1
                        Non-segment                                                                                 (15.0)                        (16.2)                         (7.6)                        (21.0)                               (59.8)                                    (24.3)                        (21.3)                        (22.0)                           (21.3)                               (88.9)

                        Operating profit                                                                            $43.5                          33.6                          66.6                          55.8                                199.5                                     $46.7                          30.6                          43.2                             50.7                                171.2

    Amounts attributable to Brink's:
    Income from continuing operations                                                                               $23.6                          14.0                          35.6                          23.3                                 96.5                                     $20.9                          33.8                          19.5                             32.6                                106.8
    Diluted EPS - continuing operations                                                                              0.49                          0.29                          0.74                          0.48                                 2.01                                      0.43                          0.69                          0.40                             0.67                                 2.20
    -----------------------------------                                                                              ----                          ----                          ----                          ----                                 ----                                      ----                          ----                          ----                             ----                                 ----
                                                                                                                                                    Non-GAAP Basis
                                                                                                                                                    --------------
    Revenue:
                                         Latin America                              $332.3             360.5          375.1       392.8        1,460.7                   $386.3       375.9       385.2         432.0        1,579.4
                                         EMEA                                        276.0             299.3          302.7       288.9        1,166.9                    278.0       287.2       292.3         291.7        1,149.2
                                         Asia Pacific                                 34.9              38.5           40.3        40.0          153.7                     37.6        38.5        39.1          43.7          158.9

                                         International                               643.2             698.3          718.1       721.7        2,781.3                    701.9       701.6       716.6         767.4        2,887.5
                                         North America                               239.0             246.8          244.5       243.9          974.2                    236.4       237.6       234.6         236.8          945.4

                                         Revenues                                   $882.2             945.1          962.6       965.6        3,755.5                   $938.3       939.2       951.2       1,004.2        3,832.9
                                                                                    ------             -----          -----       -----        -------                   ------       -----       -----       -------        -------

    Operating profit:
                                         International                               $52.6              41.2           66.7        72.1          232.6                    $66.6        41.5        53.8          64.7          226.6
                                         North America                                 7.5              11.2            9.5         6.4           34.6                      8.0        13.6        10.5           9.2           41.3

                                         Segment operating profit                     60.1              52.4           76.2        78.5          267.2                     74.6        55.1        64.3          73.9          267.9
                                         Non-segment                                  (9.2)            (10.0)         (10.7)      (10.7)         (40.6)                    (9.6)      (11.7)      (10.4)        (10.6)         (42.3)

                                         Operating profit                            $50.9              42.4           65.5        67.8          226.6                    $65.0        43.4        53.9          63.3          225.6

    Amounts attributable to Brink's:
    Income from continuing operations                                       $25.0              20.7              33.8        32.1        111.6                     $32.0         22.9        28.0        29.3          112.2
    Diluted EPS - continuing operations                          0.52                 0.43              0.70           0.67        2.32                    0.66            0.47        0.58        0.60          2.31
    -----------------------------------                          ----                 ----              ----           ----        ----                    ----            ----        ----        ----          ----

    Amounts may not add due to rounding. Non-GAAP results are reconciled to applicable GAAP results on pages 13-19.
    ---------------------------------------------------------------------------------------------------------------

Page 12

    The Brink's Company and subsidiaries
    Non-GAAP Results Reconciled to GAAP (Unaudited)
    (In millions, except for per share amounts)
    ------------------------------------------
                                                                                                            GAAP Basis                         Additional                           Gains and Losses on                 Employee Benefit Settlement                                                                                               Adjust Income Tax
                                                                                                                                                                             Acquisitions and Dispositions                and Severance Losses                                                                                                        Rate
                                                                                                                                                                                          (b)                                                                   U.S. Retirement Plans                            Tax                                                            Non-GAAP Basis
                                                                                                                                                European                                                                            (c)                                    (d)                                  Benefit on                              (f)
                                                                                                                                               Operations                                                                                                                                                        Change in
                                                                                                                                              to be Exited                                                                                                                                                        Health
                                                                                                                                                   (a)                                                                                                                                                             Care
                                                                                                                                                                                                                                                                                                               Funding
                                                                                                                                                                                                                                                                                                             Strategy (e)
                                                                                                                                                                                                                                                                                                             -----------

                                                                                                                                       First Quarter 2012
                                                                                                                                       ------------------
    Revenue:
                             Latin America                                                                        $386.3                                        -                                        -                                      -                                      -                                         -                               -                         386.3
                             EMEA                                                                                  280.4                                     (2.4)                                       -                                      -                                      -                                         -                               -                         278.0
                             Asia Pacific                                                                           37.6                                        -                                        -                                      -                                      -                                         -                               -                          37.6

                             International                                                                         704.3                                     (2.4)                                       -                                      -                                      -                                         -                               -                         701.9
                             North America                                                                         236.4                                        -                                        -                                      -                                      -                                         -                               -                         236.4

                             Revenues                                                                             $940.7                                     (2.4)                                       -                                      -                                      -                                         -                               -                         938.3
                                                                                                                  ------                                     ----                                      ---                                    ---                                    ---                                       ---                             ---                         -----

    Operating profit:
                             International                                                                         $65.2                                      0.6                                        -                                    0.8                                      -                                         -                               -                          66.6
                             North America                                                                           5.8                                        -                                        -                                      -                                    2.2                                         -                               -                           8.0

                             Segment operating profit                                                               71.0                                      0.6                                        -                                    0.8                                    2.2                                         -                               -                          74.6
                             Non-segment                                                                           (24.3)                                       -                                        -                                      -                                   14.7                                         -                               -                          (9.6)

                             Operating profit                                                                      $46.7                                      0.6                                        -                                    0.8                                   16.9                                         -                               -                          65.0

    Amounts attributable to Brink's:
    Income from continuing operations                                                                              $20.9                                      0.7                                     (1.2)                                   0.6                                   10.2                                         -                             0.8                          32.0
    Diluted EPS - continuing operations                                                                             0.43                                     0.01                                    (0.02)                                  0.01                                   0.21                                         -                            0.02                          0.66
    -----------------------------------                                                                             ----                                     ----                                    -----                                   ----                                   ----                                       ---                            ----                          ----

                                                                                                                                      Second Quarter 2012
                                                                                                                                      -------------------
    Revenue:
                             Latin America                                                                        $375.9                                        -                                        -                                      -                                      -                                         -                               -                         375.9
                             EMEA                                                                                  289.4                                     (2.2)                                       -                                      -                                      -                                         -                               -                         287.2
                             Asia Pacific                                                                           38.5                                        -                                        -                                      -                                      -                                         -                               -                          38.5

                             International                                                                         703.8                                     (2.2)                                       -                                      -                                      -                                         -                               -                         701.6
                             North America                                                                         237.6                                        -                                        -                                      -                                      -                                         -                               -                         237.6

                             Revenues                                                                             $941.4                                     (2.2)                                       -                                      -                                      -                                         -                               -                         939.2
                                                                                                                  ------                                     ----                                      ---                                    ---                                    ---                                       ---                             ---                         -----

    Operating profit:
                             International                                                                         $40.5                                      0.7                                        -                                    0.3                                      -                                         -                               -                          41.5
                             North America                                                                          11.4                                        -                                        -                                      -                                    2.2                                         -                               -                          13.6

                             Segment operating profit                                                               51.9                                      0.7                                        -                                    0.3                                    2.2                                         -                               -                          55.1
                             Non-segment                                                                           (21.3)                                       -                                     (0.9)                                     -                                   10.5                                         -                               -                         (11.7)

                             Operating profit                                                                      $30.6                                      0.7                                     (0.9)                                   0.3                                   12.7                                         -                               -                          43.4

    Amounts attributable to Brink's:
    Income from continuing operations                                                                              $33.8                                      0.7                                     (0.9)                                   0.2                                    7.6                                     (20.9)                            2.4                          22.9
    Diluted EPS - continuing operations                                                                             0.69                                     0.01                                    (0.02)                                     -                                   0.16                                     (0.43)                           0.05                          0.47
    -----------------------------------                                                                             ----                                     ----                                    -----                                    ---                                   ----                                     -----                            ----                          ----

    See page 15 for notes.
    ----------------------

Page 13

    The Brink's Company and subsidiariesNon-GAAP Results Reconciled to GAAP (Unaudited)
    (In millions, except for per share amounts)
    ------------------------------------------
                                                                                                             GAAP Basis                           Additional                           Gains and Losses on                 Employee Benefit Settlement                                                                                               Adjust Income Tax
                                                                                                                                                                                Acquisitions and Dispositions                and Severance Losses                                                                                                        Rate
                                                                                                                                                                                             (b)                                                                   U.S. Retirement Plans                            Tax                                                             Non-GAAP Basis
                                                                                                                                                   European                                                                            (c)                                    (d)                                  Benefit on                              (f)
                                                                                                                                                  Operations                                                                                                                                                        Change in
                                                                                                                                                 to be Exited                                                                                                                                                        Health
                                                                                                                                                      (a)                                                                                                                                                             Care
                                                                                                                                                                                                                                                                                                                    Funding
                                                                                                                                                                                                                                                                                                                Strategy (e)
                                                                                                                                                                                                                                                                                                                -----------

                                                                                                                                        Third Quarter 2012
                                                                                                                                        ------------------
    Revenue:
                             Latin America                                                                           $385.2                                        -                                        -                                      -                                      -                                         -                               -                            385.2
                             EMEA                                                                                     294.6                                     (2.3)                                       -                                      -                                      -                                         -                               -                            292.3
                             Asia Pacific                                                                              39.1                                        -                                        -                                      -                                      -                                         -                               -                             39.1

                             International                                                                            718.9                                     (2.3)                                       -                                      -                                      -                                         -                               -                            716.6
                             North America                                                                            234.6                                        -                                        -                                      -                                      -                                         -                               -                            234.6

                             Revenues                                                                                $953.5                                     (2.3)                                       -                                      -                                      -                                         -                               -                            951.2
                                                                                                                     ------                                     ----                                      ---                                    ---                                    ---                                       ---                             ---                            -----

    Operating profit:
                             International                                                                            $56.9                                      2.1                                     (7.2)                                   2.0                                      -                                         -                               -                             53.8
                             North America                                                                              8.3                                        -                                        -                                      -                                    2.2                                         -                               -                             10.5

                             Segment operating profit                                                                  65.2                                      2.1                                     (7.2)                                   2.0                                    2.2                                         -                               -                             64.3
                             Non-segment                                                                              (22.0)                                       -                                      0.1                                      -                                   11.5                                         -                               -                            (10.4)

                             Operating profit                                                                         $43.2                                      2.1                                     (7.1)                                   2.0                                   13.7                                         -                               -                             53.9

    Amounts attributable to Brink's:
    Income from continuing operations                                                                                 $19.5                                      2.2                                     (3.0)                                   1.4                                    8.2                                         -                            (0.3)                            28.0
    Diluted EPS - continuing operations                                                                                0.40                                     0.04                                    (0.06)                                  0.03                                   0.17                                         -                           (0.01)                            0.58
    -----------------------------------                                                                                ----                                     ----                                    -----                                   ----                                   ----                                       ---                           -----                             ----

                                                                                                                                        Fourth Quarter 2012
                                                                                                                                        -------------------
    Revenue:
                             Latin America                                                                           $432.0                                        -                                        -                                      -                                      -                                         -                               -                            432.0
                             EMEA                                                                                     294.0                                     (2.3)                                       -                                      -                                      -                                         -                               -                            291.7
                             Asia Pacific                                                                              43.7                                        -                                        -                                      -                                      -                                         -                               -                             43.7

                             International                                                                            769.7                                     (2.3)                                       -                                      -                                      -                                         -                               -                            767.4
                             North America                                                                            236.8                                        -                                        -                                      -                                      -                                         -                               -                            236.8

                             Revenues                                                                              $1,006.5                                     (2.3)                                       -                                      -                                      -                                         -                               -                          1,004.2
                                                                                                                   --------                                     ----                                      ---                                    ---                                    ---                                       ---                             ---                          -------

    Operating profit:
                             International                                                                            $65.0                                      0.2                                     (1.3)                                   0.8                                      -                                         -                               -                             64.7
                             North America                                                                              7.0                                        -                                        -                                      -                                    2.2                                         -                               -                              9.2

                             Segment operating profit                                                                  72.0                                      0.2                                     (1.3)                                   0.8                                    2.2                                         -                               -                             73.9
                             Non-segment                                                                              (21.3)                                       -                                        -                                      -                                   10.7                                         -                               -                            (10.6)

                             Operating profit                                                                         $50.7                                      0.2                                     (1.3)                                   0.8                                   12.9                                         -                               -                             63.3

    Amounts attributable to Brink's:
    Income from continuing operations                                                                                 $32.6                                      0.3                                     (8.9)                                   0.6                                    7.8                                      (0.2)                           (2.9)                            29.3
    Diluted EPS - continuing operations                                                                                0.67                                     0.01                                    (0.18)                                  0.01                                   0.16                                         -                           (0.06)                            0.60
    -----------------------------------                                                                                ----                                     ----                                    -----                                   ----                                   ----                                       ---                           -----                             ----

    See page 15 for notes.
    ----------------------

Page 14

    The Brink's Company and subsidiaries
    Non-GAAP Results Reconciled to GAAP (Unaudited)
    (In millions, except for per share amounts)
    ------------------------------------------
                                                                                                             GAAP Basis                             Additional                             Gains and Losses on                   Employee Benefit Settlement                                                                                                     Adjust Income Tax
                                                                                                                                                                                    Acquisitions and Dispositions                  and Severance Losses                                                                                                              Rate
                                                                                                                                                                                                 (b)                                                                       U.S. Retirement Plans                              Tax                                                                 Non-GAAP Basis
                                                                                                                                                     European                                                                                (c)                                      (d)                                    Benefit on                                (f)
                                                                                                                                                    Operations                                                                                                                                                                Change in
                                                                                                                                                   to be Exited                                                                                                                                                                Health
                                                                                                                                                        (a)                                                                                                                                                                     Care
                                                                                                                                                                                                                                                                                                                            Funding
                                                                                                                                                                                                                                                                                                                          Strategy (e)
                                                                                                                                                                                                                                                                                                                          -----------

                                                                                                                                            Full Year 2012
                                                                                                                                            --------------
    Revenue:
                            Latin America                                                                          $1,579.4                                          -                                          -                                        -                                        -                                           -                                 -                            1,579.4
                            EMEA                                                                                    1,158.4                                       (9.2)                                         -                                        -                                        -                                           -                                 -                            1,149.2
                            Asia Pacific                                                                              158.9                                          -                                          -                                        -                                        -                                           -                                 -                              158.9

                            International                                                                           2,896.7                                       (9.2)                                         -                                        -                                        -                                           -                                 -                            2,887.5
                            North America                                                                             945.4                                          -                                          -                                        -                                        -                                           -                                 -                              945.4

                            Revenues                                                                               $3,842.1                                       (9.2)                                         -                                        -                                        -                                           -                                 -                            3,832.9
                                                                                                                   --------                                       ----                                        ---                                      ---                                      ---                                         ---                               ---                            -------

    Operating profit:
                            International                                                                            $227.6                                        3.6                                       (8.5)                                     3.9                                        -                                           -                                 -                              226.6
                            North America                                                                              32.5                                          -                                          -                                        -                                      8.8                                           -                                 -                               41.3

                            Segment operating profit                                                                  260.1                                        3.6                                       (8.5)                                     3.9                                      8.8                                           -                                 -                              267.9
                            Non-segment                                                                               (88.9)                                         -                                       (0.8)                                       -                                     47.4                                           -                                 -                              (42.3)

                            Operating profit                                                                         $171.2                                        3.6                                       (9.3)                                     3.9                                     56.2                                           -                                 -                              225.6

    Amounts attributable to Brink's:
    Income from continuing operations                                                                                $106.8                                        3.9                                      (14.0)                                     2.8                                     33.8                                       (21.1)                                -                              112.2
    Diluted EPS - continuing operations                                                                                2.20                                       0.08                                      (0.29)                                    0.06                                     0.70                                       (0.43)                                -                               2.31
    -----------------------------------                                                                                ----                                       ----                                      -----                                     ----                                     ----                                       -----                               ---                               ----

    Amounts may not add due to rounding.
    ------------------------------------

    (a)                      To eliminate results of additional European operations we intend to exit in 2013.Operations do not currently meet requirements to be classified as
                             discontinued operations.
    ---                     ---------------------------------------------------------------------------------------------------------------------------------------------------
    (b)                     To eliminate:
                             Gains related to the sale of investments in mutual fund securities ($1.9 million in the first quarter and $0.5 million in the third
                             quarter).Proceeds from the sales were used to fund the settlement of pension obligations related to our former chief executive officer and chief
                             administrative officer. Gains and losses related to business acquisitions and dispositions.A $0.9 million gain was recognized in the second
                             quarter and a $0.1 million loss was recognized in the third quarter.In the fourth-quarter of 2012, tax expense included a benefit of $7.5 million
                             related to a reduction in an income tax accrual established as part of the 2010 acquisition of subsidiaries in Mexico, and pretax income included
                             a $2.1 million favorable adjustment to the local profit sharing accrual as a result of the change in tax expectation.Third quarter gain on the
                             sale of real estate in Venezuela ($7.2 million).Selling costs related to certain operations expected to be sold in the near term and costs related
                             to an acquisition completed in first quarter 2013.A $0.8 million loss was recognized in the fourth quarter.
    ---                     ---------------------------------------------------------------------------------------------------------------------------------------------------
    (c)                      To eliminate employee benefit settlement and acquisition-related severance losses (Mexico and Argentina).Employee termination benefits in Mexico
                             are accounted for under FASB ASC Topic 715, Compensation - Retirement Benefits.
    ---                     -------------------------------------------------------------------------------------------------------------------------------------------------
    (d)                     To eliminate expenses related to U.S. retirement plans.
    ---                     -------------------------------------------------------
    (e)                     To eliminate tax benefit related to change in retiree health care funding strategy.
    ---                     -----------------------------------------------------------------------------------
    (f)                      To adjust effective income tax rate in the interim period to be equal to the full-year non-GAAP effective income tax rate.The full-year non-
                             GAAP effective tax rate for 2012 is 36.6%.
    ---                     ---------------------------------------------------------------------------------------------------------------------------------------------

Page 15

    The Brink's Company and subsidiaries
    Non-GAAP Results Reconciled to GAAP (Unaudited)
    (In millions, except for per share amounts)
    ------------------------------------------
                                                                                                            GAAP Basis                         Additional                        Gains on Acquisitions and                Mexico Employee Benefit                 CEO Retirement Costs                   U.S. Retirement Plans                 Adjust Income Tax
                                                                                                                                                                                 Asset Dispositions (b)                    Settlement Losses                                                                                                       Rate                      Non-GAAP Basis
                                                                                                                                                European                                                                            (c)                                    (d)                                    (e)                                (f)
                                                                                                                                               Operations
                                                                                                                                              to be Exited
                                                                                                                                                   (a)
                                                                                                                                                   ---

                                                                                                                                       First Quarter 2011
                                                                                                                                       ------------------
    Revenue:
                             Latin America                                                                        $332.3                                        -                                        -                                      -                                      -                                      -                               -                         332.3
                             EMEA                                                                                  278.5                                     (2.5)                                       -                                      -                                      -                                      -                               -                         276.0
                             Asia Pacific                                                                           34.9                                        -                                        -                                      -                                      -                                      -                               -                          34.9

                             International                                                                         645.7                                     (2.5)                                       -                                      -                                      -                                      -                               -                         643.2
                             North America                                                                         239.0                                        -                                        -                                      -                                      -                                      -                               -                         239.0

                             Revenues                                                                             $884.7                                     (2.5)                                       -                                      -                                      -                                      -                               -                         882.2
                                                                                                                  ------                                     ----                                      ---                                    ---                                    ---                                    ---                             ---                         -----

    Operating profit:
                             International                                                                         $51.7                                      0.9                                        -                                      -                                      -                                      -                               -                          52.6
                             North America                                                                           6.8                                        -                                        -                                      -                                      -                                    0.7                               -                           7.5

                             Segment operating profit                                                               58.5                                      0.9                                        -                                      -                                      -                                    0.7                               -                          60.1
                             Non-segment                                                                           (15.0)                                       -                                     (0.4)                                     -                                      -                                    6.2                               -                          (9.2)

                             Operating profit                                                                      $43.5                                      0.9                                     (0.4)                                     -                                      -                                    6.9                               -                          50.9

    Amounts attributable to Brink's:
    Income from continuing operations                                                                              $23.6                                      0.9                                     (3.0)                                     -                                      -                                    4.4                            (0.8)                         25.0
    Diluted EPS - continuing operations                                                                             0.49                                     0.02                                    (0.06)                                     -                                      -                                   0.09                           (0.02)                         0.52
    -----------------------------------                                                                             ----                                     ----                                    -----                                    ---                                    ---                                   ----                           -----                          ----

                                                                                                                                      Second Quarter 2011
                                                                                                                                      -------------------
    Revenue:
                             Latin America                                                                        $360.5                                        -                                        -                                      -                                      -                                      -                               -                         360.5
                             EMEA                                                                                  302.0                                     (2.7)                                       -                                      -                                      -                                      -                               -                         299.3
                             Asia Pacific                                                                           38.5                                        -                                        -                                      -                                      -                                      -                               -                          38.5

                             International                                                                         701.0                                     (2.7)                                       -                                      -                                      -                                      -                               -                         698.3
                             North America                                                                         246.8                                        -                                        -                                      -                                      -                                      -                               -                         246.8

                             Revenues                                                                             $947.8                                     (2.7)                                       -                                      -                                      -                                      -                               -                         945.1
                                                                                                                  ------                                     ----                                      ---                                    ---                                    ---                                    ---                             ---                         -----

    Operating profit:
                             International                                                                         $39.4                                      0.8                                        -                                    1.0                                      -                                      -                               -                          41.2
                             North America                                                                          10.4                                        -                                        -                                      -                                      -                                    0.8                               -                          11.2

                             Segment operating profit                                                               49.8                                      0.8                                        -                                    1.0                                      -                                    0.8                               -                          52.4
                             Non-segment                                                                           (16.2)                                       -                                        -                                      -                                      -                                    6.2                               -                         (10.0)

                             Operating profit                                                                      $33.6                                      0.8                                        -                                    1.0                                      -                                    7.0                               -                          42.4

    Amounts attributable to Brink's:
    Income from continuing operations                                                                              $14.0                                      1.0                                        -                                    0.7                                      -                                    4.4                             0.5                          20.7
    Diluted EPS - continuing operations                                                                             0.29                                     0.02                                        -                                   0.01                                      -                                   0.09                            0.01                          0.43
    -----------------------------------                                                                             ----                                     ----                                      ---                                   ----                                    ---                                   ----                            ----                          ----

    See page 18 for notes.
    ----------------------

Page 16

    The Brink's Company and subsidiaries
    Non-GAAP Results Reconciled to GAAP (Unaudited)
    (In millions, except for per share amounts)
    ------------------------------------------
                                                                                                            GAAP Basis                         Additional                        Gains on Acquisitions and                Mexico Employee Benefit                 CEO Retirement Costs                   U.S. Retirement Plans                 Adjust Income Tax
                                                                                                                                                                                 Asset Dispositions (b)                    Settlement Losses                                                                                                       Rate                      Non-GAAP Basis
                                                                                                                                                European                                                                            (c)                                    (d)                                    (e)                                (f)
                                                                                                                                               Operations
                                                                                                                                              to be Exited
                                                                                                                                                   (a)
                                                                                                                                                   ---

                                                                                                                                       Third Quarter 2011
                                                                                                                                       ------------------
    Revenue:
                             Latin America                                                                        $375.1                                        -                                        -                                      -                                      -                                      -                               -                         375.1
                             EMEA                                                                                  305.6                                     (2.9)                                       -                                      -                                      -                                      -                               -                         302.7
                             Asia Pacific                                                                           40.3                                        -                                        -                                      -                                      -                                      -                               -                          40.3

                             International                                                                         721.0                                     (2.9)                                       -                                      -                                      -                                      -                               -                         718.1
                             North America                                                                         244.5                                        -                                        -                                      -                                      -                                      -                               -                         244.5

                             Revenues                                                                             $965.5                                     (2.9)                                       -                                      -                                      -                                      -                               -                         962.6
                                                                                                                  ------                                     ----                                      ---                                    ---                                    ---                                    ---                             ---                         -----

    Operating profit:
                             International                                                                         $65.5                                      0.5                                        -                                    0.7                                      -                                      -                               -                          66.7
                             North America                                                                           8.7                                        -                                        -                                      -                                      -                                    0.8                               -                           9.5

                             Segment operating profit                                                               74.2                                      0.5                                        -                                    0.7                                      -                                    0.8                               -                          76.2
                             Non-segment                                                                            (7.6)                                       -                                     (9.3)                                     -                                      -                                    6.2                               -                         (10.7)

                             Operating profit                                                                      $66.6                                      0.5                                     (9.3)                                   0.7                                      -                                    7.0                               -                          65.5

    Amounts attributable to Brink's:
    Income from continuing operations                                                                              $35.6                                      0.5                                     (6.6)                                   0.5                                      -                                    4.4                            (0.6)                         33.8
    Diluted EPS - continuing operations                                                                             0.74                                     0.01                                    (0.14)                                  0.01                                      -                                   0.09                           (0.01)                         0.70
    -----------------------------------                                                                             ----                                     ----                                    -----                                   ----                                    ---                                   ----                           -----                          ----

                                                                                                                                      Fourth Quarter 2011
                                                                                                                                      -------------------
    Revenue:
                             Latin America                                                                        $392.8                                        -                                        -                                      -                                      -                                      -                               -                         392.8
                             EMEA                                                                                  291.6                                     (2.7)                                       -                                      -                                      -                                      -                               -                         288.9
                             Asia Pacific                                                                           40.0                                        -                                        -                                      -                                      -                                      -                               -                          40.0

                             International                                                                         724.4                                     (2.7)                                       -                                      -                                      -                                      -                               -                         721.7
                             North America                                                                         243.9                                        -                                        -                                      -                                      -                                      -                               -                         243.9

                             Revenues                                                                             $968.3                                     (2.7)                                       -                                      -                                      -                                      -                               -                         965.6
                                                                                                                  ------                                     ----                                      ---                                    ---                                    ---                                    ---                             ---                         -----

    Operating profit:
                             International                                                                         $71.3                                      0.4                                        -                                    0.4                                      -                                      -                               -                          72.1
                             North America                                                                           5.5                                        -                                        -                                      -                                      -                                    0.9                               -                           6.4

                             Segment operating profit                                                               76.8                                      0.4                                        -                                    0.4                                      -                                    0.9                               -                          78.5
                             Non-segment                                                                           (21.0)                                       -                                        -                                      -                                    4.1                                    6.2                               -                         (10.7)

                             Operating profit                                                                      $55.8                                      0.4                                        -                                    0.4                                    4.1                                    7.1                               -                          67.8

    Amounts attributable to Brink's:
    Income from continuing operations                                                                              $23.3                                      0.5                                        -                                    0.3                                    2.6                                    4.5                             0.9                          32.1
    Diluted EPS - continuing operations                                                                             0.48                                     0.01                                        -                                   0.01                                   0.05                                   0.09                            0.02                          0.67
    -----------------------------------                                                                             ----                                     ----                                      ---                                   ----                                   ----                                   ----                            ----                          ----

    See page 18 for notes.
    ----------------------

Page 17

    The Brink's Company and subsidiaries
    Non-GAAP Results Reconciled to GAAP (Unaudited)
    (In millions, except for per share amounts)
    ------------------------------------------
                                                                                                             GAAP Basis                           Additional                        Gains on Acquisitions and                Mexico Employee Benefit                 CEO Retirement Costs                   U.S. Retirement Plans                 Adjust Income Tax
                                                                                                                                                                                    Asset Dispositions (b)                    Settlement Losses                                                                                                       Rate                       Non-GAAP Basis
                                                                                                                                                   European                                                                            (c)                                    (d)                                    (e)                                (f)
                                                                                                                                                  Operations
                                                                                                                                                 to be Exited
                                                                                                                                                      (a)
                                                                                                                                                      ---

                                                                                                                                          Full Year 2011
                                                                                                                                          --------------
    Revenue:
                                 Latin America                                                                     $1,460.7                                        -                                        -                                      -                                      -                                      -                               -                          1,460.7
                                 EMEA                                                                               1,177.7                                    (10.8)                                       -                                      -                                      -                                      -                               -                          1,166.9
                                 Asia Pacific                                                                         153.7                                        -                                        -                                      -                                      -                                      -                               -                            153.7

                                 International                                                                      2,792.1                                    (10.8)                                       -                                      -                                      -                                      -                               -                          2,781.3
                                 North America                                                                        974.2                                        -                                        -                                      -                                      -                                      -                               -                            974.2

                                 Revenues                                                                          $3,766.3                                    (10.8)                                       -                                      -                                      -                                      -                               -                          3,755.5
                                                                                                                   --------                                    -----                                      ---                                    ---                                    ---                                    ---                             ---                          -------

    Operating profit:
                                 International                                                                       $227.9                                      2.6                                        -                                    2.1                                      -                                      -                               -                            232.6
                                 North America                                                                         31.4                                        -                                        -                                      -                                      -                                    3.2                               -                             34.6

                                 Segment operating profit                                                             259.3                                      2.6                                        -                                    2.1                                      -                                    3.2                               -                            267.2
                                 Non-segment                                                                          (59.8)                                       -                                     (9.7)                                     -                                    4.1                                   24.8                               -                            (40.6)

                                 Operating profit                                                                    $199.5                                      2.6                                     (9.7)                                   2.1                                    4.1                                   28.0                               -                            226.6

    Amounts attributable to Brink's:
    Income from continuing operations                                                                                 $96.5                                      2.9                                     (9.6)                                   1.5                                    2.6                                   17.7                               -                            111.6
    Diluted EPS - continuing operations                                                                                2.01                                     0.06                                    (0.20)                                  0.03                                   0.05                                   0.37                               -                             2.32
    -----------------------------------                                                                                ----                                     ----                                    -----                                   ----                                   ----                                   ----                             ---                             ----

    Amounts may not add due to rounding.
    ------------------------------------

    (a)                           To eliminate results of additional European operations we intend to exit in 2013.Operations do not currently meet requirements to be
                                  classified as discontinued operations.
    ---                           ------------------------------------------------------------------------------------------------------------------------------------
    (b)                          To eliminate gains as follows:
    ---                          ------------------------------

                                                                               First Quarter 2011 Third Quarter 2011 Full Year 2011
                                                                                                           Operating Profit EPS Operating Profit   EPS    Operating   EPS
                                                                                                                                                       Profit
                                                                                                                                                       ------
         Sale of U.S. Document Destruction business                                                                               $    -      -  (6.7) (0.09)       (6.7) (0.09)
         Gains on available-for-sale equity and debt securities                                                                        -  (0.05)    -      -           -  (0.05)
         Acquisition of controlling interests                                                                                       (0.4) (0.01) (2.1) (0.04)       (2.5) (0.05)
         Sale of former operating assets                                                                                               -      -  (0.5) (0.01)       (0.5) (0.01)
                                                                                                                                     ---    ---  ----  -----        ----  -----
                                                                                                                                   $(0.4) (0.06) (9.3) (0.14)       (9.7) (0.20)
                                                                                                                                    ===== =====  ====  =====        ====  =====

     (c)  To eliminate employee benefit settlement loss related to Mexico.Portions of Brink's Mexican subsidiaries' accrued employee
          termination benefit were paid in the second and third quarters of 2011.The employee termination benefit is accounted for
          under FASB ASC Topic 715, Compensation - Retirement Benefits. Accordingly, the severance payments resulted in settlement
          losses.
     (d) To eliminate the costs related to the retirement of the former chief executive officer.
     (e) To eliminate expenses related to U.S. retirement liabilities.
     (f)  To adjust effective income tax rate to be equal to the full-year non-GAAP effective income tax rate.The non-GAAP
          effective tax rate for 2011 is 35.1%.

Page 18

    The Brink's Company and subsidiaries
    Non-GAAP Results Reconciled to GAAP (Unaudited)
    (In millions, except for per share amounts)
    ------------------------------------------
                                                                                                           GAAP Basis                           Additional                           Gains and Losses on                                                    Remeasure Venezuelan Net                                                     U.S. Healthcare Legislation
                                                                                                                                                                                Acquisitions and Dispositions                                                    Monetary Assets                                                                Tax Charge (f)
                                                                                                                                                                                             (b)                              Royalty (c)                                                            U.S. Retirement Plans                                                         Non-GAAP Basis
                                                                                                                                                 European                                                                                                              (d)                                    (e)
                                                                                                                                                Operations
                                                                                                                                               to be Exited
                                                                                                                                                    (a)
                                                                                                                                                    ---

                                                                                                                                          Full Year 2010
                                                                                                                                          --------------
    Revenue:
                                 Latin America                                                                       $877.4                                        -                                        -                                -                                       -                                      -                                      -                            877.4
                                 EMEA                                                                               1,054.5                                     (9.9)                                       -                                -                                       -                                      -                                      -                          1,044.6
                                 Asia Pacific                                                                         126.5                                        -                                        -                                -                                       -                                      -                                      -                            126.5

                                 International                                                                      2,058.4                                     (9.9)                                       -                                -                                       -                                      -                                      -                          2,048.5
                                 North America                                                                        917.8                                        -                                        -                                -                                       -                                      -                                      -                            917.8

                                 Revenues                                                                          $2,976.2                                     (9.9)                                       -                                -                                       -                                      -                                      -                          2,966.3
                                                                                                                   --------                                     ----                                      ---                              ---                                     ---                                    ---                                    ---                          -------

    Operating profit:
                                 International                                                                       $195.0                                      2.2                                        -                                -                                     3.2                                      -                                      -                            200.4
                                 North America                                                                         44.1                                        -                                        -                                -                                       -                                   (1.0)                                     -                             43.1

                                 Segment operating profit                                                             239.1                                      2.2                                        -                                -                                     3.2                                   (1.0)                                     -                            243.5
                                 Non-segment                                                                          (62.6)                                       -                                      8.6                             (4.9)                                      -                                   22.7                                      -                            (36.2)

                                 Operating profit                                                                    $176.5                                      2.2                                      8.6                             (4.9)                                    3.2                                   21.7                                      -                            207.3

    Amounts attributable to Brink's:
    Income from continuing operations                                                                                 $81.6                                      2.3                                      5.6                             (3.0)                                    2.0                                   13.5                                   13.7                            115.7
    Diluted EPS - continuing operations                                                                                1.69                                     0.05                                     0.12                            (0.06)                                   0.04                                   0.28                                   0.29                             2.39
    -----------------------------------                                                                                ----                                     ----                                     ----                            -----                                    ----                                   ----                                   ----                             ----

    Amounts may not add due to rounding.
    ------------------------------------

    (a)                           To eliminate results of additional European operations we intend to exit in 2013.Operations do not currently meet requirements to be
                                  classified as discontinued operations.
    ---                          -------------------------------------------------------------------------------------------------------------------------------------
    (b)                          To eliminate
                                  Loss recognized related to acquisition of controlling interest in subsidiary previously accounted for as cost method investment and bargain
                                  purchase gain in Mexico.Exchange of marketable equity securities.
    ---                          --------------------------------------------------------------------------------------------------------------------------------------------
    (c)                          To eliminate royalty income from former home security business.
    ---                          ---------------------------------------------------------------
    (d)                           To reverse remeasurement gains and losses in Venezuela.For accounting purposes, Venezuela is considered a highly inflationary economy.Under
                                  U.S. GAAP, subsidiaries that operate in Venezuela record gains and losses in earnings for the remeasurement of bolivar fuerte-denominated
                                  net monetary assets.
    ---                          --------------------------------------------------------------------------------------------------------------------------------------------
    (e)                          To eliminate expenses related to U.S. retirement liabilities.
    ---                          -------------------------------------------------------------
    (f)                          To eliminate $13.7 million of tax expense related to the reversal of a deferred tax asset as a result of U.S. healthcare legislation.
    ---                          -------------------------------------------------------------------------------------------------------------------------------------

Page 19

    The Brink's Company and subsidiaries
    Other Reconciliations to GAAP (Unaudited)
    (In millions)

    NON-GAAP CASH FLOWS FROM OPERATING ACTIVITIES - RECONCILED TO U.S. GAAP

                                                                    2012     2011
                                                                    ----     ----
    Cash flows
     from
     operating
     activities -
     GAAP                                                         $250.5    247.0
    Decrease (increase) in
     certain customer
     obligations (a)                                               (15.7)    11.7
    Cash outflows (inflows)
     related to
     discontinued
     operations (b)                                                 11.3     11.4
                                                                    ----     ----

                   Cash flows from operating
                   activities - Non-GAAP                          $246.1    270.1
                                                            ---

             (a)   To eliminate the change in the
                   balance of customer obligations
                   related to cash received and
                   processed in certain of our
                   secure cash logistics
                   operations. The title to this
                   cash transfers to us for a short
                   period of time.The cash is
                   generally credited to
                   customers'accounts the following
                   day and we do not consider it as
                   available for general corporate
                   purposes in the management of
                   our liquidity and capital
                   resources.
             (b)   To eliminate cash flows related
                   to our discontinued operations.

    Non-GAAP cash flows from operating activities are supplemental
     financial measures that are not required by, or presented in
     accordance with GAAP. The purpose of the non-GAAP cash flows from
     operating activities is to report financial information excluding the
     impact of cash received and processed in certain of our secure cash
     logistics operations and without cash flows from discontinued
     operations. Brink's believes these measures are helpful in assessing
     cash flows from operations, enable period-to-period comparability
     and are useful in predicting future operating cash flows. Non-GAAP
     cash flows from operating activities should not be considered as an
     alternative to cash flows from operating activities determined in
    NET DEBT - RECONCILED TO U.S. GAAP                                                             December 31,
                                                                                                   2012              2011
                                                                                                   ----              ----
    Debt:
                          Short-term debt                                                $26.7              25.4
                          Long-term debt                                                 362.6             364.0

                          Total Debt                                                     389.3             389.4
                                                                                         -----             -----
    Less:
                           Cash and cash
                           equivalents                                                   201.7             182.9
                           Amounts held by
                           certain cash
                           logistics
                           operations (a)                                                (44.0)            (25.1)

                                             Cash and cash equivalents
                                             available for general
                                             corporate purposes                                   157.7             157.8
                                                                                                  -----             -----

                          Net Debt                                                      $231.6             231.6
                                                                                        ------             -----

                     (a)   Title to cash received and processed in
                           certain of our secure cash logistics
                           operations transfers to us for a short
                           period of time.The cash is generally
                           credited to customers' accounts the
                           following day and we do not consider it as
                           available for general corporate purposes in
                           the management of our liquidity and capital
                           resources and in our computation of Net
                           Debt.

    Net Debt is a supplemental financial measure that is not required by, or presented in accordance with GAAP.We use Net Debt
     as a measure of our financial leverage.We believe that investors also may find Net Debt to be helpful in evaluating our
     financial leverage. Net Debt should not be considered as an alternative to Debt determined in accordance with GAAP and
     should be reviewed in conjunction with our consolidated balance sheets.Set forth above is a reconciliation of Net Debt, a
     non-GAAP financial measure, to Debt, which is the most directly comparable financial measure calculated and reported in
     accordance with GAAP.Net Debt excluding cash and debt in Venezuelan operations was $280 million at December 31, 2012, and
     $242 million at December 31, 2011.

Page 20

    The Brink's Company and subsidiaries
    Other Reconciliations to GAAP (Unaudited)
    (In millions)

    DISCOUNTED CASH FLOWS AT PLAN DISCOUNT RATES - RECONCILED TO U.S. GAAP

                                                                                                                                                                                  December 31, 2012
                                                                                                                                                                                  -----------------
                                                                                                                                                                                                                   UMWA                              Other unfunded                                             Total
                                                                                                                                                                       Primary U.S.                             plans (c)                              U.S. plans
                                                                                                                                                                       pension plan
                                                                                                                                                                            (b)
                                                                                                                                                                      -------------

                             Funded status of U.S. retirement plans - GAAP                                                                                                                               $263                                   257                                                      65                             585
                              Present value of projected earnings of plan assets
                              (a)                                                                                                                                                                         (65)                                  (15)                                                      -                             (80)

                             Discounted cash flows at plan discount rates - Non-GAAP                                                                                                                     $198                                   242                                                      65                             505
                                                                                                                                                                                                         ----                                   ---                                                     ---                             ---

                             Plan discount rate                                                                                                                                                          4.20%                                 3.90%
                             Expected return of assets                                                                                                                                                   8.00%                                 8.25%

                                                                                                                                                   (a)   Under GAAP, the funded status of a benefit plan is reduced by the fair market value of plan assets at the balance
                                                                                                                                                         sheet date, and the present value of the projected earnings on plan assets does not reduce the funded status at
                                                                                                                                                         the balance sheet date.The non-GAAP measure presented above additionally reduces the funded status as computed
                                                                                                                                                         under GAAP by the present value of projected earnings of plan assets using the expected return on asset
                                                                                                                                                         assumptions of the respective plan.
                                                                                                                                                   (b)   For the primary U.S. pension plan, we are required by ERISA regulations to maintain minimum funding levels, and as
                                                                                                                                                         a result, we estimate we will be required to make minimum required contributions from 2012 to 2021.We have
                                                                                                                                                         estimated that we will achieve the required funded ratio after the 2021 contribution.
                                                                                                                                                   (c)   There are no minimum funding requirements for the UMWA plans because they are not covered by ERISA funding
                                                                                                                                                         regulations.Using assumptions at the end of 2012, we project that the plan assets plus expected earnings on those
                                                                                                                                                         investments will cover the benefit payments for these plans until 2022.We project that Brink's will be required
                                                                                                                                                         to contribute cash to the plan beginning in 2022 to pay beneficiaries.

    Discounted cash flows at plan discount rates are supplemental financial measures that are not required by, or presented in accordance with GAAP.The purpose of the discounted cash flows at plan discount rate is to present our retirement obligations after giving effect to the benefit of earning a return on
     plan assets.We believe this measure is helpful in assessing the present value of future funding requirements of the company in order to meet plan benefit obligations.Discounted cash flows at plan discount rates should not be considered as an alternative to the funded status of the U.S. retirement plans at
     December 31, 2012, as determined in accordance with GAAP and should be read in conjunction with our consolidated balance sheets.

    NON-GAAP DISCONTINUED OPERATIONS - RECONCILED TO U.S. GAAP

                                                                                                                     2011             2012
                                                                                                                     ----             ----
                                                                                                                2Q        Full Year         3Q       Full Year
                                                                                                               ---        ---------        ---       ---------

                  GAAP Basis
                   Operating loss                                                                                  $(13)             (28)        (6)            (18)
                   Income taxes                                                                                       4                5          -               1
                   Net loss                                                                                          (9)             (24)        (6)            (18)
                   Diluted EPS                                                                                    (0.18)           (0.49)     (0.12)          (0.36)

                  Amounts excluded from Non-GAAP (a)
                   Operating loss                                                                                   $10               10          3               3
                   Income taxes                                                                                      (4)              (4)         -               -
                   Net loss                                                                                           6                6          3               3
                   Diluted EPS                                                                                     0.13             0.13       0.06            0.06

                  Non-GAAP Basis
                   Operating loss                                                                                   $(3)             (18)        (3)            (16)
                   Income taxes                                                                                       1                1          -               1
                   Net loss                                                                                          (2)             (17)        (3)            (15)
                   Diluted EPS                                                                                    (0.05)           (0.36)     (0.06)          (0.31)

    Amounts may not add due to rounding.

             (a)   Amounts excluded from Non-GAAP basis of Discontinued Operations including a settlement loss
                   in Belgium in second quarter of 2011 and an impairment loss in Poland in third quarter of
                   2012.These amounts had previously been excluded from Non-GAAP continuing operations.

Contact:
Investor Relations
804.289.9709

Page 21

SOURCE The Brink’s Company


Source: PR Newswire