Notes to Consolidated Financial Statements

Note 1 - Summary of Significant Accounting Policies Note 2 - Segment Information Note 3 - Earnings Per Share Note 4 - Employee and Retiree Benefits Note 5 - Investments Held by VEBA Trust Note 6 - Former Natural Resource Operations Note 7 - Costs Associated With Exit Activities Note 8 - Property and Equipment Note 9 - Impairment of Long-Lived Assets Note 10 - Other Assets Note 11 - Accrued Liabilities Note 12 - Other Liabilities Note 13 - Long-Term Debt Note 14 - Accounts Receivable and Asset Securitization Note 15 - Operating Leases Note 16 - Equity-Based Compensation Plans Note 17 - Capital Stock Note 18 - Income Taxes Note 19 - Supplemental Cash Flow Information Note 20 - Other Operating Income, Net Note 21 - Other Nonoperating Income (Expense), Net Note 22 - Risk Management Note 23 - Other Commitments and Contingencies Note 24 - Selected Quarterly Financial Data (unaudited)

Note 7 - Costs Associated With Exit Activities

In 2003, management initiated a plan to close Brink’s corporate headquarters in Darien, Connecticut and relocate employees to either Brink’s U.S. headquarters in Coppell, Texas or The Brink’s Company headquarters in Richmond, Virginia. The following summarizes the 2003 expense, payments and liability for costs associated with the closure:

One-time termination benefits of $6.5 million were paid and expensed in 2003 ($1.8 million were paid and expensed in 2002), associated with European work force reductions at Brink’s.