December 2008 | The Brink's Journal | Page 3 Chairman Message December has always been a time of reflection, a time to look back and consider the year in its entirety. This year gives us much to ponder. It has been a tumultuous year of global economic devastation and financial turmoil unlike any other in recent history. While country and world leaders work tirelessly to calm the panic and limit losses, I think it is important to also consider the positive aspects of this situation. A shift towards restructuring international relations to encompass more regional investment banks may bring stability to the world's financial system. Change in the world investment map and emerging investment hubs may offer new opportunities and solutions for world capitals in this globalization age. And mergers between new and existing institutions promise to lay a foundation for long- term collaboration and sharing of international, financial and economic work. Maintaining public trust and confidence is key to the reestablishment of financial and economic stability. Brink's plays a crucial role in this by assisting governments, financial institutions and customers with their liquidity needs. As we deliver the reliable service for which Brink's is known, we help them meet their demands for cash and other commodities throughout the world. We have endured many hardships over the years, but I believe that in each challenge, there is something positive to be gained. In 2009, Brink's will celebrate its 150th anniversary. This milestone serves as tangible evidence of our company's strength and stability, and the value we've gleaned from adversity. It is also a testament to the people of Brink's, who remain committed to security and to helping customers through this difficult time. Today, we are positioned to weather the toughest of economic and financial turmoil, and we will continue our quest for growth and success in 2009. Michael T. Dan Chairman, President and CEO of The Brink's Company

700 600 500 400 300 200 100 60% 50% 40% 30% 20% 10% 0 % 200220032004200520062007 FIGURE 1. Euro Banknotes in Circulation Source: European Central Bank Annual growth rate (%) Total Value ( EUR billions) Page 4 Brink's Highlight The earliest forms of cash date back to the prehistoric era when shells, primitive tools and other commodities were used as a medium of exchange. Today, banknotes and coins are challenged by a vast array of payment instrument, including checks, credit transfers, cards, mobile phones, biometric devices, and internet-based payment systems. In a world where constant connectivity is all around us, electronic payments should dominate. However, reality is very different. Cash remains the dominating payment instrument. In 2007, six out of seven transactions in Europe were settled in cash1. Since the introduction of euro banknotes and coins on 1 January 2002, the value of euro cash in circulation has trebled reaching 687 billion euros at the end of July 2008. This represents an eight percent yearly increase in value, far in excess of nominal gross domestic product ( GDP) growth. What is driving the ongoing growth of cash? F or years financial experts have predicted the demise of cash and the cashless society. As we move further into the 21st century, this prediction has yet to materialize. In Europe alone, circulated cash has grown in the last year by eight percent, demonstrating that people still use cash. In Europe circulated cash has grown in the last year by eight percent, demonstrating that customers still need to access their cash quickly and easily. Guillaume Lepeca, managing director, AGIS Consulting, has investigated cash, its history, its current status, and its future within Europe and throughout the world. The Humble Beginnings of Cash