Management’s Discussion and Analysis

Operations Results of Operations Liquidity and Capital Resources Market Risk Exposures Application of Critical Accounting Pronouncements Recent Accounting Pronouncements Forward-Looking Information

Operations

The Brink’s Company (along with its subsidiaries, the “Company”) has three operating segments within its “Business and Security Services” businesses:

• Brink’s, Incorporated (“Brink’s”)
  Brink’s offers services globally including armored car transportation, automated teller machine (“ATM”) replenishment and servicing, currency and deposit processing including its “Cash Logistics” operations, coin sorting and wrapping, arranging the secure air transportation of valuables (“Global Services”) and the deploying and servicing of safes and safe control devices, including its patented CompuSafe‚ service.
• Brink’s Home Security, Inc. (“BHS”)
  BHS offers monitored security services in North America primarily for owner-occupied, single-family residences. To a lesser extent, BHS offers security services for commercial properties. BHS typically installs and owns the on-site security systems, and charges fees to monitor and service the systems.
• BAX Global Inc. (“BAX Global”)
  BAX Global provides freight transportation and supply chain management services on a global basis, specializing in the heavy freight market for business-to-business shipping.

The Company has significant liabilities associated with its former coal operations and expects to have significant ongoing expenses and cash outflows related to former coal operations. At December 31, 2003, the Company had approximately $105 million of assets held by a Voluntary Employees’ Beneficiary Association trust (“VEBA”) available to pay a portion of these liabilities. Information about the Company’s liabilities related to its former coal business is contained in a number of sections of this report, including:

• Retained Liabilities and Assets of Former Natural Resource Operations
• Application of Critical Accounting Policies

Disclosures in these sections show five-year projections for estimated ongoing payments and expense associated with the former coal business, reconcile a Company-defined term, “Legacy Value”, to U.S. generally accepted accounting principles (“GAAP”) measures, and discuss critical estimates used, providing a sensitivity analysis for these estimates.

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