2005 Financial Review

MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

RESULTS OF OPERATIONS

Corporate Expense – The Brink’s Company

Corporate expense was higher in 2005 compared to 2004 due to higher professional fees and higher employee pension and medical benefit costs. As previously discussed, corporate expenses in 2006 related to retirement benefit plans are expected to be approximately $2 million lower primarily as a result of the Company’s decision to freeze U.S. defined benefit pension plan benefits at December 31, 2005. In addition, the Company expects professional fees and other corporate costs to decline as the Company becomes more efficient and adapts to a smaller corporate size. These reductions will be partially offset by the recording of stock option expense of between $8 million and $10 million in 2006, of which $5 million to $6 million will be recorded in corporate expense. The Company believes that a significant portion of the estimated 2006 expense will be recorded in the third quarter.

Corporate expense was $14.9 million higher in 2004 than 2003 primarily as a result of higher professional fees of approximately $6 million related to the Company’s documentation and testing of internal controls as required by Section 404 of the Sarbanes-Oxley Act of 2002, and due to higher long term incentive-based compensation expense of approximately $4 million. This increase excludes higher professional fees related to the documentation and testing of internal controls at BAX Global, which have been classified as part of discontinued operations.