To Our Shareholders: In 2006, The Brink’s Company again demonstrated its commitment to delivering shareholder value. Our stock price increased 33%, more than doubling the performance of the major U.S. indexes. Since 2002, our share price has risen 246%.

As we begin 2007, our message to current and prospective shareholders is simple — Brink’s is a proven performer with a powerful brand, a clear strategy and a bright future.

Proven Performance
Our stock’s performance is driven by our ability to execute. Some highlights from 2006 include:

• Record earnings and cash flow
• The sale of our last non-core business, generating $1 billion in after-tax proceeds
• $630 million returned to shareholders by repurchasing 21% of outstanding shares
• $225 million contributed to the VEBA, reinforcing that buffer against our legacy liabilities
• Net debt reduced by more than $180 million
• Dividend increased

Our success reflects a substantial shift in strategic direction. Just a few years ago, Brink’s was a conglomeration of disparate businesses burdened by substantial coal-related legacy liabilities. Our goals were to shed non-core assets, address the legacy liabilities, and improve results from our core security businesses. Each of these goals has been achieved. Today, Brink’s is a financially strong company that is sharply focused on two world-class security businesses.

This ability to execute, to do as we say, is the key to our success with customers and shareholders. Our next challenge is to accelerate growth, and our strategy is based on leveraging a very powerful asset — the Brink’s brand.

A Powerful Brand, A Clear Strategy
Security, integrity, reliability and performance — these attributes are at the core of the Brink’s brand, a globally respected symbol of value and trust. Our name alone is a unique competitive advantage that evokes instant recognition worldwide. We have only scratched the surface of its potential to open new doors.

Our strategic direction is clear. We will use our capital to support growth in our existing businesses and to enter adjacent markets where our brand offers an immediate competitive advantage. For example, providing security for commercial properties is a logical extension of the Brink’s brand. We have a small but growing presence in this market, and we hope to add critical mass through faster organic growth and acquisitions that add new capabilities. We are also exploring opportunities to enter other security-related niches that can leverage our brand, our core competencies, our customer base and our global footprint.

A Bright Future
The Brink’s Company is now a highly focused security company that is easier for investors to understand and value. The next chapter in our long and successful history promises to be an exciting one, full of continued change for the better.

Our directors and management team have a well-established reputation for strategic execution and for delivering exceptional returns to shareholders. The opportunities to create additional value, to extend and enhance our record of proven performance, have never been more compelling. Personally, I am more excited — and more confident — about the future of Brink’s than I have ever been.

I thank the many people who have and will continue to drive our success — the 52,000 Brink’s employees around the world, many of whom operate in difficult and often dangerous conditions. I also thank our board of directors for its constant support and guidance.

Finally, I thank our shareholders. I assure you that we remain committed to enhancing the value of your investment in The Brink’s Company.

Sincerely,

Michael T. Dan
Chairman, President and Chief Executive Officer
The Brink’s Company
March 8, 2007