Event Brief of Q3 2003 The Brink`s Company Earnings Conference Call - Final.

Original Source: FD (FAIR DISCLOSURE) WIRE

CORPORATE PARTICIPANTS

. Scott Dudley, The Brink's Company, Director, IR . Michael Dan, The Brink's Company, Chairman, President, & CEO . Robert Ritter, The Brink's Company, VP & CFO

OVERVIEW

Co. has sold off noncore assets and used the proceeds to fund the liabilities, including building the VEBA and pension plan. In July, BCO signed definitive agreements to sell the Natural Gas and Timber business for a total of $119m. BHS business turned in another outstanding quarter. Q&A Focus: Pension funding, Freight Forwarding, balance sheet, VEBA, and BAXSaver.

FINANCIAL DATA

A. Key Data From Call 1. 3Q03 D&A = just under $45m. 2. 3Q03 Capex = little over $50m. 3. Outstanding debt at the end of 3Q03 = approx. $355m. 4. 2003 D&A guidance = $165-175m. 5. 2003 Capex guidance = $200-210m. 6. Normalized effective tax rate for 2003 = 40-41% range.

PRESENTATION SUMMARY

S1. Review Of 3Q03 (M.D.) 1. Divestiture of Noncore Assets: 1. Co.'s strategy has been to focus on core service operations with emphasis on strengthening and growing these businesses. 2. Co. has viewed the noncore businesses as a valuable source of

funding to help address the retained liabilities. 3. Starting in 3Q03, co. announced several important developments in the process of divesting the noncore assets. 4. In July, co. signed definitive agreements to sell the Natural Gas and Timber business for a total of $119m. 1. Co. closed the Gas transaction in August for $81m. 2. Co. expects to close on the Timber deal by the end of 2003. 5. In early October, co. agreed to sell the majority of its remaining West Virginia coal assets, which are also expected

to close this year. 6. Two weeks ago, co. announced the disposition of most of its gold interest, generating proceeds of about $19m from the sale of all the shares BCO held in an Australian gold and nickel mining and exploration co. 7. Co. has sold off noncore assets and used the proceeds to fund

the liabilities, including building the VEBA and pension plan.

8. During 3Q03, co. made a $50m contribution to the VEBA. 1. VEBA balance is now about $100m. 9. With the earlier contributions to the VEBA and the $20m contribution to the pension plan made last week by BCO, the co. has put over $100m to work against liabilities, while reducing net debt by almost $60m due to solid cash flow. 2. 3Q03 Results: 1. Posted significantly improved results led by the international side. 2. Brink's Home Security business turned in another outstanding quarter. 3. BAX Global continued to achieve stronger operating performance in Asia, in supply chain. 3. Brink's Inc.: 1. 3Q03 worldwide revenue increased 10%, driven by international operations, with about half the increase being due to the weaker US dollar. 2. International revenues rose 17%, while North American revenues were up modestly about 2%. 3. Operating profit doubled to more than $33m vs. 3Q02, driven by stronger performance in international operations.

4. Europe: 1. Revenue in Europe was up more than 20%, with about two-thirds of that due to currency effects from the weak dollar. 2. Operating profit in Europe was up sharply over 3Q02,

reflecting a significantly better performance in France and Germany.

3. Overall, the economy in Europe continues to be sluggish, particularly in the UK and Germany. 5. South America: 1. South America was much improved over the slight loss posted last year. 2. Revenues were up 7%, even with the negative currency

impacts. 3. Venezuela, was the biggest contributor to operating profit growth. 4. Columbia, Argentina and Brazil also improved.

6. Asia-Pacific: 1. Revenues were up 21%, with nearly half the increase due to currency effects, while operating profit more than doubled. 2. Margin improvement in Asia-Pacific was largely driven by Global Services in Australia. 7. North America:

1. In North America, operating profit was up YoverY. 1. This reflects better results from cash logistics, partially offset by higher pension and health care expenses in the US. 2. There was also a one-time gain on the sale of some operating assets, and this was largely offset by the cost of the closure of the former US headquarters office in Darien, Connecticut. 8. Product Line: 1. CompuSafe continues to add installations and increase profits. 2. In the US, the core armored car (Phonetic) services (Cash In Transit & ATM), are still being impacted by the economy and high cost, especially in California. 3. US Global Services posted higher profits on flat revenues. 4. Results from the Canadian operations were flat with 3Q02. 9. Outlook: 1. Co. expects Brink's' performance for 4Q03 to continue on track. 2. In North America, co. expects to see continued growth in cash logistics and CompuSafe, but traditional ground operations, including ATM, could be impacted by the still

sluggish economy. 3. Canada had a major bank return to Brink's after four years. 1. This bodes well for 2004 improvement. 4. In Europe, the benefits of the cost reductions and organizational realignments in 1H03 will be visible again in 4Q03. 5. South American conditions seem to be improving. 1. There is still a highly volatile environment in Venezuela. 6. Asia-Pacific should continue to build slowly on its positive momentum. 7. Cash generation remained strong throughout Brink's, Inc. 4. Brink's Home Security (BHS): 1. New installations grew 22%. 2. Revenue was up 9% for 3Q03. 3. Disconnect rate improved to 7.4% from 7.9% in 3Q02.

4. The growth in subscriber base and improved service operations

enabled BHS to achieve record operating profit of $18m in

3Q03, representing YoverY growth of 27%. 5. At the end of 3Q03, co. had more than 813,000 subscribers. 6. Monthly recurring revenue increased to $22.7m from $22.2m at the end of 2Q03.

7. Outlook: 1. Co. will continue to balance new installation volume and profit growth, while working to further lower the installation investment. 2. Co. expects to continue to build subscribers.

3. As a result, the business and recurring cash flow should grow nicely and continue to add economic value. 5. BAX Global:

1. Disappointed with 3Q03. 2. Worldwide revenues were up about 2%, with higher international revenues partially offset by lower revenues in the Americas. 3. On the international side, the Asia-Pacific region was again the growth driver, with a …