UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 10-K
   (MARK ONE)
      X      ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
             SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED
             DECEMBER 31, 2002

                                                    OR

             TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
             EXCHANGE ACT OF 1934
             FOR THE TRANSITION PERIOD FROM ____________ TO ____________

                        COMMISSION FILE NUMBER 1-9148

                            THE PITTSTON COMPANY
           (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

          VIRGINIA                                     54-1317776
(STATE OR OTHER JURISDICTION OF                      (IRS EMPLOYER
INCORPORATION OR ORGANIZATION)                      IDENTIFICATION NO.)

   P.O. BOX 18100,
  1801 BAYBERRY COURT
  RICHMOND, VIRGINIA                                   23226-8100
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)               (ZIP CODE)

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE    (804) 289-9600

SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:
                                                         NAME OF EXCHANGE ON
               TITLE OF EACH CLASS                         WHICH REGISTERED
PITTSTON BRINK'S GROUP COMMON STOCK, PAR VALUE $1       NEW YORK STOCK EXCHANGE
RIGHTS TO PURCHASE SERIES A PARTICIPATING               NEW YORK STOCK EXCHANGE
CUMULATIVE PREFERRED STOCK

   SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:  NONE

       Indicate by check mark whether the registrant: (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months and (2) has been subject to such
filing requirements for the past 90 days.
                                                       Yes  X       No
         Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. X
         Indicate by check mark whether the registrant is an accelerated filer
(as defined in Exchange Act Rule 12b-2).
                                                       Yes  X       No
         As of March 1, 2003, there were issued and outstanding 54,253,423
shares of common stock. The aggregate market value of shares of common stock
held by nonaffiliates, as of June 28, 2002, was $1,237,810,008.

         Documents incorporated by reference: Part I, Part II and Part IV
incorporate information by reference from the Annual Report of the Company for
the year ended December 31, 2002. Part III incorporates information by reference
from portions of the Registrant's definitive Proxy Statement to be filed
pursuant to Regulation 14A.

PART I

ITEMS 1 AND 2. BUSINESS AND PROPERTIES
- --------------------------------------------------------------------------------

THE PITTSTON COMPANY

The Pittston Company, a Virginia corporation incorporated in 1930, has three
primary operating segments within its "Business and Security Services"
businesses: Brink's, Incorporated ("Brink's"); Brink's Home Security, Inc.
("BHS"); and BAX Global Inc. ("BAX Global").

The fourth operating segment is Other Operations, which consists of gold, timber
and natural gas operations. The Company also has significant assets and
liabilities associated with its former coal operations and expects to have
significant ongoing expenses and cash outflows related to former coal operations
in the future.

The Pittston Company and its subsidiaries are referred to herein as the
"Company". The Company's common stock trades on the New York Stock Exchange
under the symbol "PZB."

Financial information related to the Company's operating segments is included in
Note 2 to the Consolidated Financial Statements in the Company's 2002 Annual
Report, which Note is herein incorporated by reference.

The Company has approximately 50,000 employees in its Business and Security
Services operations, including approximately 37,500 at Brink's, 2,500 at BHS and
10,000 at BAX Global.

A significant portion of the Company's business is conducted outside the United
States. Because the financial results of the Company are reported in U.S.
dollars, they are affected by changes in the value of the various foreign
currencies in relation to the U.S. dollar. The Company, from time to time, uses
foreign currency forward contracts to hedge certain transactional risks
associated with foreign currencies. The Company is also subject to other risks
customarily associated with doing business in foreign countries, including labor
and economic conditions, political instability, controls on repatriation of
earnings and capital, nationalization, expropriation and other forms of
restrictive action by local governments. The future effects of such risks on the
Company cannot be predicted.

The Pittston Company's internet address is www.pittston.com. The Company makes
available, free of charge, through its website, its Annual Report on Form 10-K,
quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to
those reports filed or furnished pursuant to Section 13(a) or 15(d) of the
Exchange Act as soon as reasonably practicable after the Company electronically
files such information with or furnishes it to the Securities and Exchange
Commission.

BUSINESS AND SECURITY SERVICES

BRINK'S, INCORPORATED ("BRINK'S")

GENERAL
The major services offered by Brink's include armored car transportation,
automated teller machine ("ATM") servicing, currency and deposit processing,
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(R) service. Brink's serves customers
through 154 branches in the U.S. and 41 branches in Canada. Service is also
provided through subsidiaries, equity affiliates and associated companies in 48
countries outside the U.S. and Canada. Brink's ownership interest in
subsidiaries and affiliated companies ranges from 20% to 100%. In some instances
local laws limit the extent of Brink's ownership interest.

Brink's customers include banks; industrial, retail and other commercial
businesses; investment banking and brokerage firms; and government agencies,
such as a country's central bank. Brink's provides individualized services under
separate contracts designed to meet the distinct transportation, security and
logistics requirements of its customers. These contracts are usually for an
initial term of one year or less, but continue in effect thereafter until
canceled by either party.

Brink's armored car transportation services generally include secure
transportation of:

o Cash from businesses to banks for deposit.

o Cash, securities and other negotiable items and valuables between commercial
  banks, central banks (such as the U.S. Federal Reserve Banks and their
  branches and correspondents) and brokerage firms.

o New currency, coins and precious metals for a number of central banks
throughout the world.

o Canceled checks between banks or between a clearing house and its member banks
in certain geographic areas.

In late 2001 and early 2002, Brink's participated in the initial distribution of
the euro in Europe.

The trend by banks, retail businesses and others to outsource vaulting and cash
room operations continued in 2002. Brink's provides coin and currency processing
("cash logistics") services primarily to banks and retail customers. Retail
customers use Brink's cash logistics services to count and reconcile coins and
currency in Brink's secure environment, to prepare bank deposit information and
to replenish retail locations' coins and currency in proper denominations.

                                      -1-

Through its proprietary cash processing and information systems, Brink's offers
customers the ability to integrate a full range of cash vault, ATM,
transportation, storage, processing, inventory management and reporting
services. Brink's believes that its cash processing and information systems
differentiate its cash logistics services from its competitors.

For transporting money and other valuables over long distances, Brink's Global
Services offers a combined armored car and secure air transportation service
between many cities around the world. Brink's uses regularly scheduled or
chartered aircraft in connection with its air courier services. Included in
Global Services is a worldwide specialized diamond and jewelry secure
transportation operation, with offices in the major diamond and jewelry centers
of the world.

Brink's CompuSafe(R) services provide retail customers with a proprietary
integrated system of safeguarding and managing cash. Brink's markets its
CompuSafe(R) services to a variety of cash-intensive retail customers, such as
convenience stores, gas stations and restaurants. The service includes
installing a specialized safe in the retail establishment that holds safeguarded
canisters. The customer's employees deposit currency into the canister. The
canister can only be removed by Brink's armored car personnel.

Brink's International operations accounted for approximately 56% of its revenues
and 46% of its operating profits in 2002. Brink's has International operations
in three regions: Europe, South America and Asia/Pacific.

COMPETITION
Brink's is the oldest and largest armored car service company in the U.S. as
well as a market leader in many of the countries in which it operates.
Worldwide, Brink's competes with a number of large multinational companies and
with many smaller companies.

Primary factors in attracting and retaining customers are security, the quality
of services provided and the price charged for services rendered. Brink's
believes its competitive advantages include:

o  Recognizable name

o  Reputation for a high level of service and security

o  Proprietary cash processing and information systems

o  High-quality insurance coverage

o  Ability to serve multiple markets for the same customer in many of the
   countries in which Brink's has operations

Brink's believes its cost structure is generally competitive, although Brink's
believes certain competitors may have lower costs as a result of lower wage and
benefit levels for employees or as a result of different security standards.

To reduce costs, financial institutions frequently use consultants and
purchasing and procurement professionals to negotiate price and frequency of
services with armored car companies. Brink's growth in sales to retail
businesses is partially dependent on the growth in the economy. Recent slow
economic growth has resulted in an increasing focus on the cost of armored car
services by retail customers. Because of Brink's high level of service and
security, and quality insurance coverage, Brink's resists competing on price
alone.

The availability of quality and reliable insurance coverage is an important
factor in the ability of Brink's to obtain and retain customers and to manage
the risks of its business. Brink's purchases "all risk" insurance coverage for
losses in excess of what it considers prudent deductibles and/or retentions. For
losses below deductible or retention levels, Brink's is self-insured. Brink's
insurance policies cover losses from most causes, with the exception of war,
nuclear risk and certain other exclusions typical for such policies. Brink's
generally does not offer its customers protection from losses arising from such
excluded causes.

Insurance is provided by different groups of underwriters at negotiated rates
and terms. Insurance is available to Brink's in major markets although the
premiums charged are subject to fluctuations depending on market conditions. The
loss experience of Brink's and, to a limited extent, other armored carriers
affects premium rates charged to Brink's.

SERVICE MARK, PATENTS AND COPYRIGHTS
BRINKS is a registered service mark in the U.S. and certain foreign countries.
The BRINKS mark, name and related marks are of material significance to Brink's
business. Brink's owns patents with respect to certain coin sorting and counting
machines, which expire in 2007 and 2008, respectively. Brink's has patents
associated with its integrated service, CompuSafe(R), that expire in 2015
through 2018. The patents for CompuSafe(R) and sorting and counting machines
provide important advantages to Brink's in their respective areas of business.
However, Brink's operations are not dependent on the existence of the
aforementioned patents.

The Company has entered into certain agreements to license the Brink's or the
Brink's Home Security name. Examples include licenses to distributors of
security products (padlocks, home safes, door and window hardware, etc.) offered
for sale to consumers through major retail chains.

GOVERNMENT REGULATION
The operations of Brink's are subject to regulation by the U.S. Department of
Transportation with respect to safety of operations and equipment and financial
responsibility. Intrastate operations in the U.S. and intraprovince operations
in Canada are subject to regulation by state and by Canadian and provincial
regulatory authorities, respectively. Brink's International operations are
regulated to varying degrees by the countries in which they operate.

EMPLOYEE RELATIONS
At December 31, 2002, Brink's and its subsidiaries had approximately 37,500
employees, including11,400 employees in North America, (of whom 2,000 were
classified as part-time employees) and 26,100 employees outside North America.
At

                                      -2-

December 31, 2002, Brink's was a party to 14 collective bargaining agreements
in North America with various local unions covering approximately 1,500
employees, almost all of whom are employees in Canada and members of unions
affiliated with the International Brotherhood of Teamsters. Negotiations are
continuing on one agreement that has expired and three agreements expiring in
2003. The remaining agreements will expire after 2003. Outside of North America,
the branch workforce are members of labor or employee organizations in the
majority of the countries of operation. Brink's believes that its employee
relations are satisfactory.

PROPERTIES
In North America, Brink's owns 29 branch offices and leases an additional 166
branch offices, located in 39 states, the District of Columbia and nine Canadian
provinces. Such branches generally include office space and garage or vehicle
terminals. Of the leased branches, 121 facilities are held under long-term
leases. The remaining 45 branches are held under short-term leases or
month-to-month tenancies. Brink's corporate headquarters facility in Darien,
Connecticut, is held under a lease expiring in 2005.

In North America, Brink's owns or leases approximately 2,400 armored vehicles,
300 panel trucks and 200 other vehicles that are primarily service vehicles.
Brink's armored vehicles are of bullet-resistant construction and are specially
designed and equipped to afford security for crew and cargo.

Brink's subsidiaries and affiliated and associated companies located outside
North America operate from approximately 500 branches, the majority of which are
leased, with approximately 4,600 owned or leased armored vehicles.

Approximately 4,000 Brink's-owned CompuSafe(R) devices are located on customers'
premises in North America.

BRINK'S HOME SECURITY ("BHS")

GENERAL
BHS believes that it is the second largest provider of monitored security
services to single family residences in North America. BHS is primarily engaged
in the business of marketing, selling, installing, monitoring and servicing
electronic security systems in owner-occupied, single-family residences. At
December 31, 2002, BHS had approximately 767,000 systems under monitoring
contracts, including approximately 106,000 new subscribers added during the
year. BHS provides services to subscribers located in more than 250 metropolitan
areas in 43 states, the District of Columbia and two western provinces in
Canada.

BHS' typical security system installation consists of sensors and other devices
which are installed at a customer's home. The equipment can be configured to
signal intrusion, fire, medical and other alerts. When an alarm is triggered, a
signal is sent by telephone line to BHS' central monitoring station in Irving,
Texas. The monitoring station holds an Underwriters' Laboratories, Inc. ("UL")
listing. UL specifications for service centers include building integrity,
back-up computer and power systems, staffing and standard operating procedures.
In the event of an emergency, such as fire, tornado, major interruption in
telephone or computer service, or any other event affecting the Irving facility,
monitoring operations can be transferred to a backup facility located in
Carrollton, Texas.

BHS markets its alarm systems primarily through TV and direct mail advertising,
yellow page advertising, alliances with other service companies, inbound
telemarketing and field sales employees. BHS employees install and service most
of the systems; however, subcontractors are utilized on occasion in some service
areas. BHS does not manufacture the equipment used in its security systems.
Equipment is purchased from a limited number of suppliers and no interruptions
in supply are expected. Equipment inventories are maintained at each branch
office.

BHS has an authorized dealer program to expand its geographic coverage and
leverage its national advertising. The dealer program accounted for less than 9%
of new installations during 2002 and, as of December 31, 2002, less than 3% of
BHS' total subscriber base. Approximately 67 dealers were authorized to
participate in the program as of December 31, 2002. BHS requires that its
dealers install the same type of equipment as is installed by its own branches,
and adhere to the same installation quality standards.

In addition to initiating subscriber relationships through its branch and dealer
networks, BHS obtains new residential subscribers through its Brink's Home
Technologies division. Brink's Home Technologies markets residential security
systems, as well as a variety of low-voltage security, home networking,
communications and entertainment options, directly to major home builders.

BHS also provides monitored security to residents of apartment and condominium
complexes; however, such customers currently represent less than 2% of
subscribers.

Although its core business is focused on the monitoring of residential security
systems, BHS installs and monitors commercial security systems on a limited
basis. Such customers represent approximately 4% of subscribers.

GOVERNMENT REGULATION
BHS and its employees are subject to various federal, state and local consumer
protection, licensing and other laws and regulations. BHS' business relies upon
the use of telephone lines to communicate signals, and telephone companies are
currently regulated by both the Federal and state governments. Regulation of the
installation and monitoring of fire detection devices has also increased in
several local markets. BHS' wholly owned Canadian subsidiary, Brink's Home
Security Canada Limited, is subject to the laws of Canada, British Columbia and
Alberta.

The alarm service industry experiences a high incidence of false alarms. BHS
believes its false alarm rate compares favorably to other companies' rates. The
high incidence of false alarms in the industry has caused some local governments
to impose

                                      -3-

assessments, fines and penalties on either subscribers or the alarm
companies. A few municipalities are considering ordinances under which both
permit and alarm dispatch fees would be charged directly to the alarm companies.
BHS alarm service contracts allow BHS to pass these charges on to customers.

Police departments in two major western U.S. cities do not respond to calls from
alarm companies unless an emergency has been visually verified. If more police
departments in the future refuse to respond to calls from alarm companies
without visual verification, this could have an adverse effect on future results
of operations for BHS.

COMPETITION
BHS competes in most major metropolitan markets in the U.S. and several markets
in western Canada through branch operations or its authorized dealer program.
The home security market has a large number of competitors, including many local
and regional companies. Several of BHS' large competitors have placed a heavy
reliance on dealers and acquisitions to increase their subscriber bases, whereas
BHS has gained almost all of its subscribers through internal sales efforts. BHS
believes that it is now the second largest provider of monitored security
services to single-family residences in North America.

Competition is based on a variety of factors including, but not limited to,
price, product quality, company reputation and service quality. There has been
substantial competitive pressure on installation fees in recent years. Several
significant competitors offer installation prices which match or are less than
BHS' prices; however, many of the small local competitors in BHS' markets
continue to charge significantly more for installation. Competitive pressure on
monitoring rates, while less intense than on installation fees, is still
substantial. BHS believes that the monitoring rates it offers are generally
comparable to the rates offered by other major security companies.

BHS believes its customer retention rate is the highest among the major home
security service companies. BHS attributes its relatively high customer
retention rate to the high credit standards for new customers which reduces the
number of subsequent cancellations of service related to nonpayment. BHS also
believes it is more effective than the other major home security services
companies in the area of customer service, which tends to reduce customer
disconnects over time.

EMPLOYEES
BHS has approximately 2,500 employees, none of whom is covered by a collective
bargaining agreement. BHS believes that its employee relations are satisfactory.

PROPERTIES
BHS has approximately 55 leased offices and warehouse facilities located
throughout the U.S. and one leased office in Canada. The central monitoring
station in Irving, Texas is leased for a seven-year term ending in 2005,
including renewal options. This facility also serves as BHS' headquarters and
houses most administrative, technical and marketing services personnel. The
lease for the backup monitoring center in Carrollton, Texas, expires in 2005.
BHS leases approximately 1,300 vehicles which are used in the process of
installing and servicing its security systems.

BHS retains ownership of most of the approximately 767,000 systems currently
under contract. When a customer cancels monitoring services, BHS typically
disables the system. In a limited number of cases, BHS removes the equipment.
When a customer cancels monitoring services because of a move, the retention of
the BHS system in the residence facilitates the marketing of monitoring services
to the new homeowner.

BAX GLOBAL

GENERAL
BAX Global provides transportation and supply chain management services on a
global basis. BAX Global specializes in the heavy freight market for business to
business shipping.

BAX Global's transportation services are provided within North America using a
dedicated fleet of 20 planes with a national sorting hub in Toledo, Ohio. BAX
Global's North American operation also has a ground network that provides
transportation on a regional basis.

Outside North America, BAX Global provides transportation services using
available space on commercial carriers, and on occasion using chartered
aircraft. BAX Global's primary markets outside North America are shipping from
Asia to North America and Europe, and between North America and Europe.

BAX Global continues to expand its ocean shipping business primarily by
marketing its ocean products to its current air freight and supply chain
management customer base.

Air Transport International, LLC ("ATI"), a wholly owned subsidiary of BAX
Global, provides transportation services in North America to BAX Global and also
provides charter transportation services to other customers.

BAX Global provides certain transportation customers with supply chain
management services and operates more than 40 logistics warehouse and
distribution facilities in key world markets. BAX Global specializes in
developing supply chain management programs for companies entering new global
markets or consolidating regional activity.

TRANSPORTATION
BAX Global offers its North American (U.S., Canada and Mexico) transportation
customers a variety of products and pricing options, such as guaranteed and
standard overnight and second-day delivery as well as deferred delivery
(delivery generally within one to three business days). A variety of value-added
ancillary services, such as shipment tracking, inventory control and management
reports are also offered.

Outside North America, BAX Global offers a variety of services including
standard and expedited freight services, ocean forwarding, and door-to-door
delivery.

                                      -4-

BAX Global also frequently acts as customs broker, facilitating the clearance of
goods through customs at international points of entry. BAX Global has the
ability to link its international network with the North American transportation
infrastructure and customs brokerage capabilities to provide seamless
door-to-door delivery and distribution from global markets to virtually any city
in North America.

BAX Global sells its services primarily through its direct sales force. BAX
Global uses various marketing methods, including print media advertising and
direct marketing campaigns.

BAX Global generally picks up or receives freight shipments from its customers,
consolidates the freight of various customers into shipments for common
destinations and arranges for the transportation of the consolidated freight.
BAX Global uses either commercial carriers or, in the case of most of its North
American shipments, its own transportation fleet and regional and national hub
sorting facilities. BAX Global distributes the shipments at the package's
destination. While shipments move long distances on either common carrier or BAX
Global's fleet, the local pickup and delivery of freight are accomplished
principally by independent contractors using trucks dedicated to the BAX Global
network. BAX Global's independent contractors are required to display BAX
Global's logo and colors.

BAX Global has the ability to provide freight service to all North American
business communities as well as to virtually all countries through its network
of 500 company-operated stations and agent locations in 123 countries. BAX
Global's network is composed primarily of controlled subsidiaries and, to a
lesser extent, agents and sales representatives in many non-U.S. locations
typically under short-term contracts.

BAX Global's freight business is tied to the cycles of international trade, with
higher volumes of shipments from August through December than during the other
months of the year. The lowest volume of shipments generally occurs in January
and February.

Including U.S. export and import revenue, BAX Global's international shipments
and logistics services accounted for approximately 76% of its revenues in 2002.
Intra-U.S. shipments accounted for approximately 24% of total revenues in 2002.

BAX Global's network has a worldwide communications and information system which
provides global tracking and tracing of shipments and logistics data for
management information reports, enabling customers to improve efficiency and
control costs. BAX Global's customers are increasingly turning to its online
services offering information management available via its web site,
www.baxglobal.com.

SUPPLY CHAIN MANAGEMENT
BAX Global provides supply chain management services to a growing list of
customers. BAX Global's supply chain management business specializes in
developing solutions that include the design, implementation and management of
inventory, distribution and information processes to improve a customer's
efficiency and productivity.

BAX Global operates value-added logistics warehouse and distribution facilities
in key world markets. Companies in the healthcare, retail, automotive, aerospace
and high technology industries have been targeted as businesses with significant
supply chain management needs.

AIRCRAFT OPERATIONS
BAX Global has a fleet of leased and contracted aircraft providing regularly
scheduled next-day service throughout North America. BAX Global's wholly owned
subsidiary, ATI, is a U.S.-based freight and passenger airline that operates a
certificated fleet of DC-8 aircraft. BAX Global operates Boeing 727s under
contracts that provide the aircraft, crew, maintenance and insurance ("ACMI").
ATI also provides domestic and international service for the U.S. Government Air
Mobility Command and other charter customers.

The following is a summary of BAX Global's fleet as of December 31, 2002.

                        BAX Global's
                       Transportation Charter
                         Network     Customers Grounded  Total
- ------------------------------------------------------------------------
   DC-8:
     Cargo:
       Leased               10          3          -        13
       Owned                 -          -          4         4
     Combi-Configured (a):
       Leased                -          3          -         3
       Owned                 -          2          -         2
   727-CARGO-ACMI           10          -          -        10
- ------------------------------------------------------------------------
   Total Planes             20          8          4        32
- ------------------------------------------------------------------------
(a) Aircraft configured to accommodate both passengers and cargo.

Of the 20 planes in BAX Global's transportation network, 17 are assigned to
regularly scheduled routes. Generally, three planes are held for use as backups
or are in maintenance.

BAX Global's nightly scheduled lift capacity for planes in operation at December
31, 2002 was approximately 1.0 million pounds, based on an average freight
density of 7.5 pounds per cubic foot. BAX Global's nightly lift capacity varies
depending upon the number and type of planes operated by BAX Global at any
particular time. Including trucking capacity available to BAX Global, the
aggregate daily cargo capacity at December 31, 2002, was approximately 1.9
million pounds.

For aircraft held under long-term lease, BAX Global is generally responsible for
all the normal costs of operating and maintaining the aircraft. In addition, BAX
Global is generally responsible for all or a portion of any special maintenance
or modifications which may be required by Federal Aviation Administration
("FAA") regulations or orders (see "Government Regulation" below). BAX Global's
ultimate liability for FAA matters is generally subject to dollar limits,
specific exclusions and sharing arrangements with

                                      -5-

the lessors. Over the last three years, BAX Global spent approximately $97
million on routine heavy maintenance of its aircraft fleet. BAX Global is
generally responsible for fuel costs and other incidental costs such as landing
fees for aircraft operated under ACMI contracts.

See Notes 14 and 21 to the Consolidated Financial Statements in the Company's
2002 Annual Report for information regarding future minimum lease payments and
other purchase commitments related to the Company's aircraft. BAX Global's 16
leased aircraft have various expiration dates extending through 2005, and its 10
planes under ACMI contracts have various expiration dates through 2004. Based on
the current state of the aircraft leasing market, BAX Global believes that it
should be able to renew these leases or enter into new leases on terms
reasonably comparable to those currently in effect.

The average airframe age of the fleet operated by ATI is in excess of 30 years;
however, the condition of a particular aircraft and its fair market value is
dependent on its maintenance history. Factors other than age, such as cycles
(essentially the number of flights) can have a significant impact on an
aircraft's serviceability. Generally, cargo aircraft tend to have fewer cycles
than passenger aircraft over comparable time periods because they are used for
fewer flights per day and longer flight segments.

Fuel costs are a significant element of the total costs of operating BAX
Global's aircraft fleet. Fuel prices are subject to worldwide and local market
conditions. In order to protect against price increases in jet fuel, from time
to time BAX Global enters into hedging agreements, including swap contracts,
options and collars. BAX Global charges a fuel surcharge in the U.S. to its
customers when fuel costs are higher.

CUSTOMERS
BAX Global's customers include thousands of large and small industrial and
commercial businesses. Worldwide, BAX Global's top 10 customers accounted for
less than 16% of total BAX Global revenue in 2002. The Company targets customers
in the automotive, aerospace, healthcare, high technology, retail and other
industries where rapid delivery of high-value products is required.

COMPETITION
The transportation and supply chain management industries have been and are
expected to remain highly competitive. The principal competitive factors in the
transportation industry are price, the ability to provide consistently fast and
reliable delivery of shipments and the ability to provide premium services such
as shipment tracking. The principal competitive factors in the supply chain
industry are price, access to a reliable transportation network, warehousing and
distribution capabilities, and sophisticated information systems.

There is aggressive price competition in the heavy-freight market, particularly
for the business of high volume shippers. BAX Global competes with various types
of transportation companies, including other integrated transportation companies
that operate their own fleets, as well as with freight forwarders, premium
less-than-truckload (or "LTL") carriers, express delivery services, and
passenger airlines.

Domestically, BAX Global also competes with package delivery services provided
by ground transportation companies, including trucking firms and surface freight
forwarders that offer specialized time-specific services within limited
geographical areas. As an international freight forwarder, BAX Global competes
with government-owned or subsidized passenger airlines, postal services and
ocean shipping companies.

BAX Global believes its hub-and-spoke network of aircraft and trucks that serves
the North American market allows it to move freight more reliably than if it
solely used third-party services. The hub, which is located in Toledo, Ohio,
consists of various facilities, including a technologically advanced material
handling system, which is capable of sorting approximately one million pounds of
freight per hour. BAX Global believes its hub-and-spoke system feeds much of its
North American import and export business and believes it provides a competitive
advantage by offering superior, reliable service to its customers, shipping to,
from or within North America.

In supply chain management services, BAX Global competes with many third-party
logistics providers.

EMPLOYEE RELATIONS
BAX Global and its subsidiaries have approximately 10,000 employees worldwide,
of whom about 1,200 are classified as part-time.

As of December 31, 2002, approximately 200 flight crewmembers (captains, first
officers and flight engineers), were represented for purposes of collective
bargaining by the International Brotherhood of Teamsters. Another 100 employees
in the U.S. (principally customer service, clerical and/or dock workers) were
represented by labor unions that in most cases are also affiliated with the
International Brotherhood of Teamsters. BAX Global did not experience any
significant strike or work stoppage in 2002 and believes that its employee
relations are satisfactory.

GOVERNMENT REGULATION
The air transportation industry, including BAX Global, is subject to regulation
by the FAA under the Federal Aviation Act of 1958, as amended, and the
Transportation Security Administration ("TSA") under the Aviation and
Transportation Security Act of 2001. The FAA and TSA are agencies of the
Department of Transportation ("DOT").

BAX Global is subject to various other requirements and regulations in
connection with its operations, including certain safety and security
regulations of the DOT and other federal and state agencies. BAX Global's
international operations are regulated by varying degrees by the countries in
which they operate.

                                      -6-

PROPERTIES
BAX Global has approximately 260 company-operated stations (100 domestic and 160
international) and has agency agreements with approximately 240 stations (50
domestic and 190 international). BAX Global's stations are usually located at or
near airports or other transportation corridors. BAX Global operates domestic
stations, which generally include office space and warehousing facilities
located in 39 states, the District of Columbia and Puerto Rico. BAX Global
operates international facilities in 30 countries. Nearly all company-operated
stations are leased.

BAX Global operates its main distribution facility at Toledo Express Airport in
Ohio, which facilitates a fleet of aircraft and a freight-sorting operation and
related facilities (the "Hub"). The BAX Global Hub has a lease expiring in 2013
with the Toledo-Lucas County Port Authority. The lease provides BAX Global with
rights of renewal for three five-year periods. Other facilities in the U.S. are
held under leases having terms of one to ten years.

BAX Global provides certain transportation customers with supply chain
management services and operates more than 40 leased logistics warehouse and
distribution facilities in key world markets.

During 2002, BAX Global leased a new 116,000 square foot corporate office
facility through 2012 located in Irvine, California.

See "Aircraft Operations" above for information about contracted, leased and
owned aircraft.

OTHER OPERATIONS

The Company's Other Operations include its gold, timber and natural gas
businesses. At the end of 2002, the Company's Other Operations had approximately
60 employees. The Company does not consider its businesses within its Other
Operations to be core businesses. The Company expects to exit these activities
to focus resources on its core Business and Security Services segments.

Each of the gold, timber and natural gas businesses operate in cyclical
commodity business environments where prices are determined based partly on the
local and worldwide economy. The results of operations of each of these
businesses are highly dependent on the price of their respective products.

The Company's Other Operations own properties and interests including land,
hardwood forests, natural gas reserves and a gold mine and reserves.

GOLD
The Company's gold business is directed at locating and acquiring mineral
assets, developing advanced stage projects and operating mines.

At December 31, 2002, the Company had a 45.1% interest in MPI Mines Ltd. ("MPI")
and through its ownership of MPI and a 50% direct interest, the Company had a
72.5% interest in a gold mine in Stawell, Victoria, Australia ("Stawell"). At
December 31, 2002, through its ownership of MPI and a 25% direct interest, the
Company had a 36.3% interest in a gold mine and gold mill tolling operation in
Coolgardie, Western Australia.

In the fourth quarter 2002, the Company entered into an agreement to negotiate
the transfer of its direct interests in its Stawell and Coolgardie gold mining
joint ventures to MPI in exchange for additional shares of MPI and royalties on
future production. The transfer is contingent upon various factors.

In January 2003, MPI registered its shares on the Australian Stock Exchange and
issued additional shares of stock. After the new shares were issued, the Company
owns 30.4% of MPI.

Stawell's and Coolgardie's 2002 production and estimates of proved and probable
gold reserves as of December 31, 2002 were as follows:

                              2002
(Ounces of gold)           Production        Reserves
- --------------------------------------------------------------------------------
Stawell                      101,000          222,000
Coolgardie                     3,000          181,000

TIMBER
The Company's timber business has a sawmill facility that produces products
primarily for the hardwood flooring industry. The timber business also sells
hardwood chips to the paper industry and logs to other sawmill customers that
are used in the high-grade furniture and veneer markets. The Company owns
approximately 140 thousand acres of surface and timberlands in southwest
Virginia.

NATURAL GAS
The Company invests in and receives royalty income from gas development and
operations. Net proved developed natural gas reserves located in Virginia and
West Virginia approximated 57 billion cubic feet including royalty interests and
a small interest purchased in the first quarter of 2003.

FORMER OPERATIONS

During December 2002, the Company concluded its plan to sell or shut down its
remaining coal mining operations and is no longer operating as an active coal
producer.

The Company intends to continue to market its residual coal assets to interested
parties. The Company has retained certain coal-related liabilities and related
expenses. Retained liabilities include obligations related to postretirement
benefits for Company-sponsored plans, black lung benefits, reclamation and other
costs related to idle (shut-down) mines which have been retained, Health Benefit
Act, workers' compensation claims and costs of withdrawal from multi-employer
pension plans. Expenses related to these liabilities have been reflected in the
loss from discontinued operations through the disposal date.  Subsequent to

                                      -7-

the completion of the disposal process (for the period beginning
January 1, 2003), adjustments to coal-related contingent liabilities will be
reflected in discontinued operations, and expenses related to Company-sponsored
pension and postretirement benefit obligations and black lung obligations will
be reflected in continuing operations. In addition, subsequent to the disposal
date, the Company expects to have certain ongoing costs related to the
administration of the retained liabilities and will report those costs in
continuing operations. A portion of the obligations are expected to be assumed
by parties that purchase the Company's residual coal assets. The Company has not
recorded these obligations as liabilities on the balance sheet. The obligations
could be recorded as liabilities on the balance sheet in the future (with an
additional charge to earnings) if the Company no longer believes these
obligations will be assumed by other parties. See Notes 5 and 21 to the
Consolidated Financial Statements, which Notes are herein incorporated by
reference.

At December 31, 2002, the Company had approximately 110 employees related to its
former coal operations. These employees perform various duties including
reclaiming and maintaining residual assets and managing other retained
liabilities related to the former coal operations.

ENVIRONMENTAL MATTERS
The Surface Mining Control and Reclamation Act of 1977 and the regulations
promulgated thereunder ("SMCRA") by the Federal Office of Surface Mining
Reclamation and Enforcement ("OSM") establish mining and reclamation standards
for all aspects of surface mining as well as many aspects of deep mining. OSM
and its state counterparts monitor compliance with SMCRA. The Company's policy
is to correct violations that are the subject of OSM notices or to contest those
believed to be without merit.

The Company is also subject to other federal environmental laws, including the
Resource Conservation and Recovery Act; the Occupational Safety and Health Act;
the Toxic Substances Control Act; the Comprehensive Environmental Resource,
Compensation and Liability Act; the Clean Water Act; the Clean Air Act and the
Safe Drinking Water Act, as well as state laws of similar scope. The Company
believes it is in compliance with all applicable environmental laws.

The Company has agreed to pay 80% of the remediation costs arising from
hydrocarbon contamination at a formerly owned petroleum terminal facility
("Tankport") in Jersey City, New Jersey, which was sold in 1983. The Company is
in the process of remediating the site under an approved plan. The Company
estimates its portion of the actual remaining clean-up and operational and
maintenance costs, on an undiscounted basis, to be between $2.2 million and $4.3
million. The Company is in discussions with another potentially responsible
party to recover a portion of the amount paid and to be paid by the Company
related to this matter.

HEALTH AND SAFETY LAWS
Health and safety standards in the U.S. coal industry, including reclamation and
maintenance activities on the Company's residual coal assets, are legislated by
the Federal Coal Mine Health and Safety Act of 1969 and the Federal Mine Safety
and Health Act of 1977. The Company believes it is in compliance with all
applicable health and safety laws.

PROPERTIES
The residual properties of the Company's former coal operations are (i) unmined
or partially mined coal reserves, (ii) closed or idled coal mines, (iii) an
idled coal preparation plant, (iv) a corporate office in Lebanon, VA, and (v)
various other properties. The Company is attempting to sell coal reserves it
owns or leases primarily in West Virginia. Leases of land or coal mining rights
generally are either for a long-term period or until exhaustion of the reserves.

FORWARD-LOOKING INFORMATION
Certain of the matters discussed herein, including statements regarding
significant ongoing expenses and cash outflows related to former coal operations
in the future (including costs related to the administration of retained
liabilities), the uninterrupted supply of equipment to BHS, the impact that the
refusal of police departments to respond to calls from alarm companies without
visual verification would have on BHS' results of operations, the expected
seasonal impact on the volumes shipped by BAX Global, the ability of BAX Global
to renew certain aircraft leases or enter into new leases on reasonably
comparable terms, the highly competitive nature of the transportation and supply
chain management industries, the Company's plan to exit its gold, timber and
natural gas businesses, the consummation of the transfer of the Company's direct
interests in the Stawell and Coolgardie joint ventures to MPI, the amount of
proved and probable gold reserves, the amount of proved developed atural gas
reserves, the ability to sell residual coal assets and transfer various related
obligations, the possibility that various obligations associated with the
Company's former coal business may be recorded as liabilities on the balance
sheet in the future (with an additional charge to earnings), estimates of
clean-up, operational and maintenance costs relating to the Tankport matter and
possibility that the Company will be able to recover a portion of amounts paid
or to be paid from another potentially responsible party, involve
forward-looking information which is subject to known and unknown risks,
uncertainties, and contingencies which could cause actual results, performance
or achievements, to differ materially from those which are
anticipated.

Such risks, uncertainties and contingencies, many of which are beyond the
control of the Company, include, but are not limited to, actual retirement
experience of the former coal operation's employees, black lung claims
incidence, the number of dependents covered under benefit obligations, coal
industry turnover rates, actual medical and legal costs relating to the
benefits, changes in inflation rates (including the continued volatility of
medical

                                      -8-

inflation), the performance of BHS' equipment suppliers, the incidence
of false alarms, the willingness of BHS' customers to pay for private response
personnel or other alternatives to police responses to alarms, the market for
airplanes, the ability to obtain appropriate value for the gold, timber, and
natural gas businesses and the remaining coal assets. The negotiation of
definitive agreements for such businesses and assets, as well as for the Stawell
and Coolgardie joint ventures, and the satisfaction of any conditions to closing
contained therein, including the receipt of various consents and other
approvals, changes in the Company's strategies regarding the sale of gold,
timber and natural gas businesses, the actual amount of gold reserves and
natural gas reserves held by the Company's Other Operations, the accuracy of the
testing done and the validity of the assumptions used in estimating gold and
natural gas reserves,the completion and processing of permit replacement
documentation and the ability of purchasers of coal assets to post the required
bonds, changes in the Company's belief that various obligations associated with
the former coal business will be assumed by other parties, changes in the scope
or method of remediation or monitoring of the Tankport property, the negotiation
of a mutually acceptable agreement with the potentially responsible party in the
Tankport matter, overall economic and business conditions, foreign currency
exchange rates, the demand for the Company's products and services, the ability
of the Company and its operations to obtain appropriate insurance coverage at
reasonable prices, pricing and other competitive industry factors, fuel prices,
new government regulations and legislative initiatives, issuance of permits,
judicial decisions, variations in costs or expenses including interest rates,
and the ability of counterparties to perform.

                                      -9-

ITEM 3. LEGAL PROCEEDINGS
- --------------------------------------------------------------------------------

Not applicable.

ITEM 4. SUBMISSION OF MATTER TO A VOTE OF SECURITY HOLDERS
- -------------------------------------------------------------------------------

Not applicable.

                                      -10-

EXECUTIVE OFFICERS OF THE REGISTRANT

The following is a list as of March 15, 2003, of the names and ages of the
executive and other officers of Pittston and the names and ages of certain
officers of its subsidiaries, indicating the principal positions and offices
held by each. There is no family relationship between any of the officers named.

Name                              Age      Positions and Offices Held                                           Held Since
- ----------------------------- -------- --- ---------------------------------------------------------------- --------------------
EXECUTIVE OFFICERS:
                                                                                                           
Michael T. Dan                    52       President, Chief Executive Officer and Chairman of the Board            1998
James B. Hartough                 55       Vice President-Corporate Finance and Treasurer                          1988
Frank T. Lennon                   61       Vice President-Human Resources and Administration                       1985
Austin F. Reed                    51       Vice President, General Counsel and Secretary                           1994
Robert T. Ritter                  51       Vice President and Chief Financial Officer                              1998

OTHER OFFICERS:
Matthew A.P. Schumacher           44       Controller                                                              2001
Arthur E. Wheatley                60       Vice President and Director-Risk Management                             1988

SUBSIDIARY OFFICERS:
Joseph L. Carnes                  45       President of BAX Global Inc.                                            2000
Robert B. Allen                   49       President of Brink's Home Security, Inc.                                2001
- ----------------------------- -------- --- ---------------------------------------------------------------- --------------------

Executive and other officers of Pittston are elected annually and serve at the
pleasure of its Board of Directors.

Mr. Dan was elected President, Chief Executive Officer and Director of The
Pittston Company on February 6, 1998 and was elected Chairman of the Board
effective January 1, 1999. He also serves as Chief Executive Officer of Brink's,
Incorporated, a position he has held since July 1993 and as President and Chief
Executive Officer of Brink's Holding Company, a position he has held since
December 31, 1995. He assumed the position of President of Brink's, Incorporated
in December 2002. He also serves as Chairman of the Board of BAX Global Inc., a
position he has held since February 1998. He also serves as Chairman of the
Board of Pittston Mineral Ventures, a position he has held since August 31, 1998
and as Chairman of the Board of Pittston Coal Company, a position he has held
since September 1, 1998. From August 1992 to July 1993 he served as President of
North American operations of Brink's, Incorporated and as Executive Vice
President of Brink's, Incorporated from 1985 to 1992.

Mr. Ritter joined The Pittston Company as Vice President and Chief Financial
Officer in August 1998. From June 1996 to July 1998, he served as Chief
Financial Officer of WLR Foods, Inc. He was a private investor and financial
consultant from April 1995 to May 1996 and was Treasurer at American Cyanamid
Company from March 1991 to January 1994 and Controller from February 1994 to
March 1995.

Messrs. Hartough, Lennon, Reed and Wheatley have served in their present
positions for more than the past five years.

Mr. Schumacher was elected to his current position on July 13, 2001 after
joining the Company in July 2001. For the five years prior to July 2001, he was
employed by NL Industries, Inc. as the Manager of Financial Reporting in 1996
and as the Assistant Controller in 1997 through July 2001.

Mr. Carnes was elected President of BAX Global Inc. in May 2000. He joined BAX
Global Inc. as President - U.S. and Canada in September 1999. Prior to joining
BAX Global Inc., he served as Executive Vice President, North America for Fritz
Companies Inc. where he was employed from 1987 to 1999.

Mr. Allen joined Brink's Home Security, Inc. in August 1999 as Executive Vice
President and Chief Operating Officer. He was promoted to President of Brink's
Home Security, Inc. in March 2001. From January 1997 to August 1999, he held
various positions at Aegis Communications Group (formerly ATC Communications)
including Executive Vice President of Sales and Marketing and Chief Operating
Officer. From 1980 through 1996, he held various domestic and international
positions at Frito-Lay including Vice President of Field Marketing and Country
Manager in Greece and Turkey.

                                      -11-

PART II
- --------------------------------------------------------------------------------

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED SHAREHOLDER MATTERS
- --------------------------------------------------------------------------------

Prior to January 14, 2000, the Company had three classes of common stock:
Pittston Brink's Group Common Stock ("Brink's Stock"), Pittston BAX Group Common
Stock ("BAX Stock") and Pittston Minerals Group Common Stock ("Minerals Stock").
On January 14, 2000, the holders of Minerals Stock received 0.0817 shares of
Brink's Stock for each share of their Minerals Stock, and holders of BAX Stock
received 0.4848 shares of Brink's Stock for each share of their BAX Stock.
Brink's Stock is now the only outstanding class of common stock of the Company
and continues to trade on the New York Stock Exchange under the symbol "PZB."

Reference is made to page 77 of the Company's 2002 Annual Report which is herein
incorporated by reference, for other information required by this item.

ITEM 6. SELECTED FINANCIAL DATA
- --------------------------------------------------------------------------------

Reference is made to pages 78 and 79 of the Company's 2002 Annual Report which
is herein incorporated by reference, for information required by this item.

ITEM 7.  MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OF RESULTS OF  OPERATIONS  AND
FINANCIAL CONDITION
- --------------------------------------------------------------------------------
Reference is made to pages 2 through 36 of the Company's 2002 Annual Report
which is herein incorporated by reference, for information required by this
item.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
- --------------------------------------------------------------------------------

The information regarding quantitative and qualitative disclosures about market
risk is included in this report under Item 7.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
- --------------------------------------------------------------------------------

Reference is made to pages 37 through 77 of the Company's 2002 Annual Report
which is herein incorporated by reference, for information required by this
item.

ITEM  9.  CHANGES  IN AND  DISAGREEMENTS  WITH  ACCOUNTANTS  ON  ACCOUNTING  AND
FINANCIAL DISCLOSURE
- --------------------------------------------------------------------------------

Not applicable.

                                      -12-

PART III
- --------------------------------------------------------------------------------

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
- --------------------------------------------------------------------------------

The information required by this Item regarding directors is herein incorporated
by reference to the Company's definitive proxy statement to be filed pursuant to
Regulation 14A within 120 days after December 31, 2002. The information
regarding executive officers is included in this report following Item 4, under
the caption "Executive Officers of the Registrant."

ITEM 11. EXECUTIVE COMPENSATION
- --------------------------------------------------------------------------------

The information required by Item 11 is incorporated by reference to the
Company's definitive proxy statement to be filed pursuant to Regulation 14A
within 120 days after December 31, 2002.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
- --------------------------------------------------------------------------------

                                                             Equity Compensation Plan Information
- --------------------------------------------------------------------------------------------------------------------------------
                                                                                                 Number of securities remaining
Plan Category            Number of securities to be issued      Weighted average excercise   available for future issuance under
                           upon exercise of outstanding        price of outstanding options, equity compensation plans (excluding
(Shares in millions)        options warrants and rights            warrants and rights       securities reflected in column (a))
- --------------------------------------------------------------------------------------------------------------------------------
                                     (a)                                  (b)                              (c)(1)
                                                                                                   
Equity compensation
   plans approved by
   security holders               4,123,973                         $   23.18                          1,591,479
Equity compensation
   plans not approved
   by security holders                    -                              -                                   -
- -----------------------------------------------------------------------------------------------------------------------------
Total                             4,123,973                         $   23.18                          1,591,479
- -----------------------------------------------------------------------------------------------------------------------------

(1)The Key Employees' Deferred Compensation Program of The Pittston Company, as
approved by shareholders, has no limit as to the number of securities available
for issuance. The Pittston Company Director's Stock Accumulation Plan, as
approved by shareholders, has 17,006 shares available for issuance.

Other information required by Item 12 is incorporated by reference to the
Company's definitive proxy statement to be filed pursuant to Regulation 14A
within 120 days after December 31, 2002.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
- --------------------------------------------------------------------------------

The information required by Item 13 is incorporated by reference to the
Company's definitive proxy statement to be filed pursuant to Regulation 14A
within 120 days after December 31, 2002.

ITEM 14. CONTROLS AND PROCEDURES
- --------------------------------------------------------------------------------

Within the 90 days prior to the filing date of this report, the Company
performed an evaluation under the supervision and with the participation of the
Company's management, including the Chief Executive Officer and the Chief
Financial Officer, of the effectiveness of the design and operation of the
Company's disclosure controls and procedures. Based on that evaluation, the
Company's management, including the Chief Executive Officer and Chief Financial
Officer, concluded that the Company's disclosure controls and procedures were
effective in ensuring that material information relating to the Company was made
known to them, particularly with respect to the period covered by this report.
There have been no significant changes in the Company's internal controls or in
other factors that could significantly affect internal controls subsequent to
date of the evaluation.

                                      -13-

PART IV
- --------------------------------------------------------------------------------

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
- --------------------------------------------------------------------------------

(a)  1.  All financial statements - see index to financial statements and
         schedules.

     2.  Financial statement schedules - see index to financial statements and
         schedules.

     3.  Exhibits - see exhibit index.

(b)  A report on Form 8-K was filed on December 30, 2002. Under Items 2 and
     7 the Company reported the sale of its coal operations in Virginia to
     subsidiaries of Alpha Natural Resources, LLC and provided the required
     pro forma financial information. No other reports on Form 8-K were
     filed during the fourth quarter of 2002 and through the date of this
     report.

UNDERTAKING
For the purposes of complying with the amendments to the rules governing Form
S-8 (effective July 13, 1990) under the Securities Act of 1933, the undersigned
Registrant hereby undertakes as follows, which undertaking shall be incorporated
by reference into Registrant's Registration Statements on Form S-8 Nos. 2-64258,
33-2039, 33-21393, 33-23333, 33-69040, 33-53565, 333-02219, 333-78631,
333-78633, 333-70758, 333-70772, 333-70766 and 333-70762. Insofar as
indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been
advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Securities Act of
1933 and is, therefore, unenforceable. In the event that a claim for
indemnification against liabilities (other than the payment by the Registrant of
expenses incurred or paid by a director, officer or controlling person of the
Registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the
securities being registered, the Registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court
of appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.

                                      -14-

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized, on March 26, 2003.

                      The Pittston Company
                  -----------------------------
                          (Registrant)

             By            /s/ M. T. Dan
                 -----------------------------------
                          (M. T. Dan,
                    Chairman, President and
                   Chief Executive Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the Registrant and
in the capacities indicated, on March 26, 2003.

 Signatures                                      Title
 -----------------                          -----------

  R. G. Ackerman*                                 Director
  B. C. Alewine*                                  Director
  J. R. Barker*                                   Director
  M. C. Breslawsky*                               Director
  J. L. Broadhead*                                Director
  W. F. Craig*                                    Director

  /s/ M. T. Dan
  ------------------------------------------
  (M. T. Dan)                                 Chairman, President and
                                              Chief Executive Officer
                                             (principal executive officer)

  M.L. Grimes*                                    Director
  G. Grinstein*                                   Director
  R. M. Gross*                                    Director

  /s/ R. T. Ritter
  ----------------------------------------------
  (R. T. Ritter)                                  Vice President and
                                              and Chief Financial Officer
                                             (principal financial officer and
                                               principal accounting officer)

  C. S. Sloane*                                   Director
  R. L. Turner*                                   Director

  *By      /s/ M. T. Dan
           -------------------------------------
           (M. T. Dan, Attorney-in-Fact)

                                      -15-

         CERTIFICATIONS

         I, Michael T. Dan, certify that:

         1.       I have reviewed this annual report on Form 10-K of The
                  Pittston Company;

         2.       Based on my knowledge, this annual report does not contain any
                  untrue statement of a material fact or omit to state a
                  material fact necessary to make the statements made, in light
                  of the circumstances under which such statements were made,
                  not misleading with respect to the period covered by this
                  annual report;

         3.       Based on my knowledge, the financial statements, and other
                  financial information included in this annual report, fairly
                  present in all material respects the financial condition,
                  results of operations and cash flows of the registrant as of,
                  and for, the periods presented in this annual report;

         4.       The registrant's other certifying officer and I are
                  responsible for establishing and maintaining disclosure
                  controls and procedures (as defined in Exchange Act Rules
                  13a-14 and 15d-14) for the registrant and have:

                  a)       Designed such disclosure controls and procedures to
                           ensure that material information relating to the
                           registrant, including its consolidated subsidiaries,
                           is made known to us by others within those entities,
                           particularly during the period in which this annual
                           report is being prepared;

                  b)       Evaluated the effectiveness of the registrant's
                           disclosure controls and procedures as of a date
                           within 90 days prior to the filing date of this
                           annual report (the "Evaluation Date"); and

                  c)       Presented in this annual report our conclusions about
                           the effectiveness of the disclosure controls and
                           procedures based on our evaluation as of the
                           Evaluation Date;

         5.       The registrant's other certifying officer and I have
                  disclosed, based on our most recent evaluation, to the
                  registrant's auditors and the audit committee of registrant's
                  board of directors (or persons performing the equivalent
                  functions):

                  a)       All significant deficiencies in the design or
                           operation of internal controls which could adversely
                           affect the registrant's ability to record, process,
                           summarize and report financial data and have
                           identified for the registrant's auditors any material
                           weaknesses in internal controls; and

                  b)       Any fraud, whether or not material, that involves
                           management or other employees who have a significant
                           role in the registrant's internal controls; and

         6.       The registrant's other certifying officer and I have indicated
                  in this annual report whether there were significant changes
                  in internal controls or in other factors that could
                  significantly affect internal controls subsequent to the date
                  of our most recent evaluation, including any corrective
                  actions with regard to significant deficiencies and material
                  weaknesses.

Date:    March 26, 2003                              /s/ Michael T. Dan
                                                     ---------------------------
                                                     Michael T. Dan
                                                     Chief Executive Officer

                                      -16-

         CERTIFICATIONS (CONTINUED)

         I, Robert T. Ritter, certify that:

         1.       I have reviewed this annual report on Form 10-K of The
                  Pittston Company;

         2.       Based on my knowledge, this annual report does not contain any
                  untrue statement of a material fact or omit to state a
                  material fact necessary to make the statements made, in light
                  of the circumstances under which such statements were made,
                  not misleading with respect to the period covered by this
                  annual report;

         3.       Based on my knowledge, the financial statements, and other
                  financial information included in this annual report, fairly
                  present in all material respects the financial condition,
                  results of operations and cash flows of the registrant as of,
                  and for, the periods presented in this annual report;

         4.       The registrant's other certifying officer and I are
                  responsible for establishing and maintaining disclosure
                  controls and procedures (as defined in Exchange Act Rules
                  13a-14 and 15d-14) for the registrant and have:

                  a)       Designed such disclosure controls and procedures to
                           ensure that material information relating to the
                           registrant, including its consolidated subsidiaries,
                           is made known to us by others within those entities,
                           particularly during the period in which this annual
                           report is being prepared;

                  b)       Evaluated the effectiveness of the registrant's
                           disclosure controls and procedures as of a date
                           within 90 days prior to the filing date of this
                           annual report (the "Evaluation Date"); and

                  c)       Presented in this annual report our conclusions about
                           the effectiveness of the disclosure controls and
                           procedures based on our evaluation as of the
                           Evaluation Date;

         5.       The registrant's other certifying officer and I have
                  disclosed, based on our most recent evaluation, to the
                  registrant's auditors and the audit committee of registrant's
                  board of directors (or persons performing the equivalent
                  functions):

                  a)       All significant deficiencies in the design or
                           operation of internal controls which could adversely
                           affect the registrant's ability to record, process,
                           summarize and report financial data and have
                           identified for the registrant's auditors any material
                           weaknesses in internal controls; and

                  b)       Any fraud, whether or not material, that involves
                           management or other employees who have a significant
                           role in the registrant's internal controls; and

         6.       The registrant's other certifying officer and I have indicated
                  in this annual report whether there were significant changes
                  in internal controls or in other factors that could
                  significantly affect internal controls subsequent to the date
                  of our most recent evaluation, including any corrective
                  actions with regard to significant deficiencies and material
                  weaknesses.

Date:    March 26, 2003            /s/ Robert T. Ritter
                                   -----------------------------------
                                   Robert T. Ritter
                                   Vice President and Chief Financial Officer

                                      -17-

INDEX TO FINANCIAL STATEMENTS AND SCHEDULES

FINANCIAL STATEMENTS:

The Consolidated Financial Statements of The Pittston Company, listed in the
index below which are included in the Company's 2002 Annual Report for the year
ended December 31, 2002, are herein incorporated by reference. With the
exception of the pages listed in the index below and the information
incorporated by reference included in Parts I, II and IV, the 2002 Annual Report
of the Shareholders is not deemed filed as part of this report.

THE PITTSTON COMPANY ANNUAL REPORT

                                               Page Numbers in
                                             2002 Annual Report
                                            --------------------
Management's Discussion and Analysis of
   Results of Operations and Financial Condition......2-36
Independent Auditors' Report............................38
Consolidated Balance Sheets.............................39
Consolidated Statements of Operations................40-41
Consolidated Statements of Comprehensive Loss...........42
Consolidated Statements of Shareholders' Equity.........43
Consolidated Statements of Cash Flows...................44
Notes to Consolidated Financial Statements...........45-77
Selected Financial Data .............................78-79

FINANCIAL STATEMENT SCHEDULES:

                                                 Page Numbers
                                                 in Form 10-K
                                                --------------

Independent Auditors' Report
   on Financial Statement Schedule......................19
Schedule II - Valuation and qualifying accounts.........20

                                      -18-

               INDEPENDENT AUDITORS' REPORT ON FINANCIAL STATEMENT
                                    SCHEDULE

The Board of Directors
The Pittston Company

Under date of February 10, 2003, we reported on the consolidated balance sheets
of The Pittston Company and subsidiaries (the "Company") as of December 31, 2002
and 2001, and the related consolidated statements of operations, comprehensive
loss, shareholders' equity and cash flows for each of the years in the
three-year period ended December 31, 2002, as contained in the 2002 annual
report on Form 10-K. In connection with our audits of the aforementioned
consolidated financial statements, we also audited the related financial
statement schedule as included herein. This financial statement schedule is the
responsibility of the Company's management. Our responsibility is to express an
opinion on this financial statement schedule based on our audits.

In our opinion, such financial statement schedule, when considered in relation
to the basic consolidated financial statements taken as a whole, presents
fairly, in all material aspects, the information set forth therein.

As discussed in Note 1 to the consolidated financial statements, effective
January 1, 2002, the Company adopted the provisions of Statement of Financial
Accounting Standards No. 142, "Goodwill and Other Intangible Assets." Also as
discussed in Note 1 to the consolidated financial statements, the Company
changed its method of accounting for nonrefundable installation revenues and the
related direct costs of acquiring new subscribers in 2000 as a result of the
implementation of Staff Accounting Bulletin No. 101, "Revenue Recognition in
Financial Statements."

/s/ KPMG LLP

Richmond, Virginia
February 10, 2003

                                      -19-

                                                The Pittston Company
                               Schedule II - Valuation and Qualifying Accounts
                           For the Years Ending December 31, 2002, 2001 and 2000
                                                (in millions)

                                       Balance at           Charged to                              Currency         Balance at
                                      Beginning of           Costs and                             Translation         End of
                                         Period            Expenses (a)        Deductions (b)      Adjustment          Period
- ------------------------------------------------------------------------------------------------------------------------------------

Allowance for Doubtful Accounts
                                                                                                           
Year Ended December 31, 2000          $    36.2                  22.8                (17.8)             (1.4)              39.8
Year Ended December 31, 2001               39.8                  12.3                 (8.9)             (1.4)              41.8
Year Ended December 31, 2002               41.8                   4.6                (11.8)              0.9               35.5

Valuation Allowance
Year Ended December 31, 2000                7.2                   1.8                  -                 -                  9.0
Year Ended December 31, 2001                9.0                   1.3                  -                 -                 10.3
Year Ended December 31, 2002          $    10.3                   1.5                  -                (2.0)               9.8

(a)   Includes amounts charged to loss from discontinued operations.
(b)   Amounts written off, less recoveries

                                      -20-

EXHIBIT INDEX

Each Exhibit listed previously filed document is hereby incorporated by
reference to such document.

EXHIBIT
NUMBER                   DESCRIPTION

2(i)      Membership Interest Acquisition Agreement
          Among Air Transport International LLC and BAX
          Global Inc., dated February 3, 1998. Exhibit
          2 to the Registrant's Current Report on Form
          8-K filed May 14, 1998.

2(ii)     Share Purchase Agreement, dated as of January 27, 1998, between
          Brink's Security International, Inc., acting as Purchaser, and
          Generale de Transport et D'Industrie, acting as Seller. Exhibit 10(v)
          to the Registrant's Annual Report on Form 10-K for the year ended
          December 31, 1998 (the "1998 Form 10-K").

2(iii)    Shareholders' Agreement, dated as of January
          10, 1997, between Brink's Security
          International, Inc., and Valores Tamanaco,
          C.A. Exhibit 10(w) to the 1998 Form 10-K.

3(i)      The Registrant's Articles of Correction to
          its Articles of Incorporation. Exhibit 3(i)
          to the Registrant's Quarterly Report on Form
          10-Q for the quarter ended March 31, 1998.

3(ii)     The Registrant's Bylaws, as amended through September 12, 2003.
          Exhibit 3(b) to the Registrant's Quarterly Report on Form 10-Q for the
          quarter ended September 30, 2002 (the "Third Quarter 2002 Form 10-Q").

4(a)       (i)      Amended and Restated Rights
                    Agreement dated as of January 14,
                    2000 (the "Rights Agreement"),
                    between the Registrant and Bank
                    Boston, N.A., as Rights Agent.
                    Exhibit 4(a) (i) to the
                    Registrant's Annual Report on
                    Form 10-K for the year ended
                    December 31, 2000 (the "2000 Form
                    10-K").

           (ii)     Form of Right Certificate for
                    Rights. Exhibit 4(a)(ii) to the
                    2000 Form 10-K. Instruments
                    defining the rights of holders of
                    long-term debt of the Registrant
                    and its consolidated subsidiaries
                    have been omitted because the
                    amount of debt under any such
                    instrument does not exceed 10% of
                    the total assets of the
                    Registrant and its consolidated
                    subsidiaries. The Registrant
                    agrees to furnish a copy of any
                    such instrument to the Commission
                    upon request. Exhibit 4(a) to the
                    Registrant's Annual Report on
                    Form 10-K for the year ended
                    December 31, 1999 (the "1999 Form
                    10-K").

           (iii)    Amendment, effective November 30,
                    2001, by and among The Pittston
                    Company, Fleet National Bank (f/k/a
                    BankBoston, N.A.) and EquiServe
                    Trust Company, N.A., to the Amended
                    and Restated Rights Agreement dated
                    as of January 14, 2000 between The
                    Pittston Company and BankBoston,
                    N.A., as Rights Agent. Exhibit 1 to
                    the Registrant's Amendment No. 3 to
                    Form 8-A/A (filed on January 14,
                    2002).

10(a)*       The Key Employees' Incentive Plan, as
             amended. Exhibit 10(a) to the 1998 Form
             10-K.

10(b)*       The Key Employees' Deferred Compensation Program, as amended and
             restated as of January 14, 2000. Exhibit 10(b) to the 1999 Form
             10-K.

10(c)*      (i)     The Registrant's Pension Equalization Plan as amended.
                    Exhibit 10(e)(I) to the Registrant's Annual Report on Form
                    10-K for the year ended December 31, 1997 (the "1997 Form
                    10-K").

             (ii)   Amended and Restated Trust Agreement, dated December 1,
                    1997, between the Registrant and Chase Manhattan Bank, as
                    Trustee (the "Trust Agreement"). Exhibit 10(e)(ii) to the
                    1997 Form 10-K.

             (iii)  Amendment No. 1 to Trust Agreement,
                    dated as of August 18, 1999.  Exhibit 10(c)(iii) to the
                    1999 Form 10-K.

             (iv)   Amendment No. 2 to Trust Agreement,

                                      -21-

                    dated as of July 26, 2001.

             (v)    Amendment No. 3 to Trust Agreement,
                    dated as of September 18, 2002.

             (vi)   Trust Agreement under the Pension
                    Equalization Plan, Retirement Plan
                    for Non-Employee Directors and
                    Certain Contractual Arrangements of
                    The Pittston Company made as of
                    September 16, 1994, by and between
                    the Registrant and Chase Manhattan
                    Bank (National Association), as
                    Trustee. Exhibit 10(i) to the
                    Registrant's Quarterly Report on
                    Form 10-Q for the quarter ended
                    September 30, 1994 (filed November
                    14, 1994 - File No. 1-9148) (the
                    "Third Quarter 1994 Form 10-Q").

             (vii)  Form of letter agreement dated as of September 16, 1994,
                    between the Registrant and one of its officers. Exhibit
                    10(e) to the Third Quarter 1994 Form 10-Q.

             (viii) Form of letter agreement dated as of September 16, 1994,
                    between the Registrant and Participants pursuant to the
                    Pension Equalization Plan. Exhibit 10(f) to the Third
                    Quarter 1994 Form 10-Q.

10(d)*       The Registrant's Executive Salary
             Continuation Plan. Exhibit 10(e) to the
             Registrant's Annual Report on Form 10-K
             for the year ended December 31, 1991
             (filed March 26, 1991 - File No. 1-9148)
             (the "1991 Form 10-K").

10(e)*       The Registrant's Non-Employee Directors' Stock Option Plan, as
             amended and restated as of January 14, 2000. Exhibit 10(e) to the
             1999 Form 10-K.

10(f)*       The Registrant's 1988 Stock Option Plan, as amended and restated as
             of January 14, 2000. Exhibit 10(f) to the 1999 Form 10-K.

10(g)*       The Pittston Company Management
             Performance Improvement Plan. Exhibit
             10(g) to the 1999 Form 10-K.

10(h)*       Form of change in control agreement
             replacing all prior change in control
             agreements and amendments and
             modifications thereto, between the
             Registrant (or a subsidiary) and various
             officers of the Registrant. Exhibit
             10(l)(ii) to the 1997 Form 10-K.

10(i)*       Form of Indemnification Agreement entered
             into by the Registrant with its directors
             and officers. Exhibit 10(l) to the 1991
             Form 10-K.

10(j)*       (i)    Registrant's Retirement Plan for
                    Non-Employee Directors, as amended. Exhibit 10(g) to the
                    Third Quarter 1994 Form 10-Q.

             (ii)   Form of letter agreement dated as of September 16, 1994,
                    between the Registrant and its Non-Employee Directors
                    pursuant to Retirement Plan for Non-Employee Directors.
                    Exhibit 10(h) to the Third Quarter 1994 Form 10-Q.

10(k)*       (i)    Form of severance agreement between
                    the Registrant (or a subsidiary) and
                    various of the Registrant's officers.
                    Exhibit 10(o)(ii) to the 1997 Form
                    10-K.

10(l)*       Registrant's Directors' Stock Accumulation
             Plan, as amended and restated as of January
             14, 2000.  Exhibit 10(l) to the 1999 Form
             10-K.

10(m)*       Registrant's Amended and Restated Plan for
             Deferral of Directors' Fees. Exhibit 10(o)
             to the Registrant's Annual Report on Form
             10-K for the year ended December 31, 1989
             (filed March 24, 1990 - File No. 1-9148).

10(n)        (i)    Lease dated as of April 1, 1989,
                    between Toledo-Lucas County Port
                    Authority (the "Authority"), as
                    Lessor, and Burlington, as Lessee.
                    Exhibit 10(i) to the Registrant's
                    Quarterly Report on Form 10-Q for the
                    quarter ended June 30, 1989 (filed
                    August 11, 1989 - File No. 1-9148)
                    (the "Second Quarter 1989 Form 10-Q").

             (ii)   Lease Guaranty Agreement dated as of
                    April 1, 1989, between Burlington
                    (formerly Burlington Air Express
                    Management Inc.), as Guarantor, and
                    the Authority. Exhibit 10(ii) to the
                    Second Quarter 1989 Form 10-Q.

                                      -22-

             (iii)  Trust Indenture dated as of April 1, 1989 between the
                    Authority and Society Bank & Trust (formerly, Trustcorp.
                    Bank, Ohio) (the "Trustee"), as Trustee. Exhibit 10(iii) to
                    the Second Quarter 1989 Form 10-Q.

             (iv)   Assignment of Basic Rent and Rights Under a Lease and Lease
                    Guaranty dated as of April 1, 1989 from the Authority to the
                    Trustee. Exhibit 10(iv) to the Second Quarter 1989 Form
                    10-Q.

             (v)    Open-End First Leasehold Mortgage and Security Agreement
                    dated as of April 1, 1989 from the Authority to the Trustee.
                    Exhibit 10(v) to the Second Quarter 1989 Form 10-Q.

             (vi)   First Supplement to Lease dated as
                    of January 1, 1990, between the
                    Authority and Burlington, as Lessee.
                    Exhibit 10 to the Registrant's
                    Quarterly Report on Form 10-Q for
                    the quarter ended March 31, 1990
                    (filed May 15, 1990 - File No.
                    1-9148).

             (vii)  Revised and Amended Second Supplement to Lease dated as of
                    September 1, 1990, between the Authority and Burlington.
                    Exhibit 10(i) to the Registrant's Quarterly Report on Form
                    10-Q for the quarter ended September 30, 1990 (filed
                    November 13, 1990 - File No. 1-9148) (the "Third Quarter
                    1990 Form 10-Q").

             (viii) Amendment Agreement dated as of September 1, 1990, among
                    City of Toledo, Ohio, the Authority, Burlington and the
                    Trustee. Exhibit 10(ii) to the Third Quarter 1990 Form 10-Q.

             (ix)   Assumption and Non-Merger Agreement dated as of September 1,
                    1990, among Burlington, the Authority and the Trustee.
                    Exhibit 10(iii) to the Third Quarter 1990 Form 10-Q.

             (x)    First Supplemental Indenture between
                    Toledo-Lucas County Port Authority,
                    and Society National Bank, as
                    Trustee, dated as of March 1, 1994.
                    Exhibit 10.1 to the Registrant's
                    Quarterly Report on Form 10-Q for
                    the quarter ended March 31, 1994
                    (filed May 12, 1994 - File No.
                    1-9148) (the "First Quarter 1994
                    Form 10-Q").

             (xi)   Third Supplement to Lease between
                    Toledo-Lucas County Port Authority,
                    as Lessor, and Burlington Air
                    Express Inc., as Lessee, dated as of
                    March 1, 1994. Exhibit 10.2 to the
                    First Quarter 1994 Form 10-Q.

             (xii)  Fourth Supplement to Lease between
                    Toledo-Lucas County Port Authority,
                    as Lessor, and Burlington Air
                    Express Inc., as Lessee, dated as of
                    June 1, 1991. Exhibit 10.3 to the
                    First Quarter 1994 Form 10-Q.

             (xiii) Fifth Supplement to Lease between Toledo-Lucas County Port
                    Authority, as Lessor, and Burlington Air Express Inc., as
                    Lessee, dated as of December 1, 1996. Exhibit 10(r)(xiii) to
                    the Registrant's Annual Report on Form 10-K for the year
                    ended December 31, 1996.

10(o)               Credit Agreement, dated as of September 6, 2002, among The
                    Pittston Company, as Borrower, Certain of Its Subsidiaries,
                    as Guarantors, Various Lenders, Fleet National Bank, as
                    Co-Arranger and Documentation Agent, Wachovia Bank, National
                    Association, and the Bank of Nova Scotia, as Co-Arrangers
                    and Syndication Agents, JPMorgan Chase Bank, as
                    Administrative Agent, and J.P. Morgan Securities Inc., as
                    Sole Advisor, Lead Arranger and Bookrunner. Exhibit 10 to
                    the Registrant's Third Quarter 2002 Form 10-Q.

                                      -23-

10(p)        (i)    Credit Agreement, dated as of
                    November 12, 2002, among BAX Global
                    Inc., Brink's, Incorporated, and
                    certain of their subsidiaries, as
                    Borrowers, the Registrant as
                    Guarantor and Bayerische Hypo-Und
                    Vereinsbank AG.

             (ii)   Guaranty, dated as of November 12, 2002, between the
                    Registrant, as Guarantor, and Bayerische Hypo-Und
                    Vereinsbank AG.

10(q)        (i)    Credit Agreement, dated as of December 20, 2002, among
                    BAX Global Inc., Brink's, Incorporated and the Registrant,
                    as Borrowers and Guarantors, and ABN AMRO Bank, N.V.

             (ii)   Guaranty between BAX Global, as Guarantor, and ABN AMRO
                    Bank, N.V.

             (iii)  Guaranty between Brink's, Incorporated, as Guarantor, and
                    ABN AMRO Bank, N.V.

             (iv)   Guaranty between the Registrant, as
                    Guarantor, and ABN AMRO Bank, N.V.

10(r)*       (i)     Employment Agreement dated as
                     of May 4, 1998, between the
                     Registrant and M. T. Dan. Exhibit
                     10(a) to the Registrant's Quarterly
                     Report on Form 10-Q for the quarter
                     ended September 30, 1998 (the
                     "Third Quarter 1998 Form 10-Q").

             (ii)    Amendment No. 1 to Employment
                     Agreement between the Registrant
                     and Michael T. Dan.  Exhibit 10 to
                     the Registrant's Quarterly Report
                     on Form 10-Q for the quarter ended
                     June 30, 2002.

10(s)*       Executive Agreement dated as of May 4,
             1998, between the Registrant and M. T. Dan.
             Exhibit 10(b) to the Third Quarter 1998
             Form 10-Q.

10(t)*       Executive Agreement dated as of August 7,
             1998, between the Registrant and R. T.
             Ritter. Exhibit 10(c) to the Third Quarter
             1998 Form 10-Q.

10(u)*       Severance Agreement dated as of August 7,
             1998, between the Registrant and R. T.
             Ritter. Exhibit 10(d) to the Third Quarter
             1998 Form 10-Q.

10(v)        Trust Agreement for The Pittston Company
             Employee Welfare Benefit Trust. Exhibit
             10(t) to the 1999 Form 10-K.

10(w)        (i)   Note Purchase Agreement dated as of January 18, 2001,
                   between the Registrant and the Purchasers listed on Schedule
                   A thereto. Exhibit 10(u)(i) to the 2000 Form 10-K.

             (ii)  Form of Series A Promissory Note.
                   Exhibit 10(u)(ii) to the 2000 Form
                   10-K.

             (iii) Form of Series B Promissory Note.
                   Exhibit 10(u)(iii) to the 2000 Form
                   10-K.

10(x)        (i)   Receivables Purchase Agreement dated
                   as of December 15, 2000, among BAX
                   Funding Corporation, BAX Global Inc.,
                   Liberty Street Funding Corp. and the
                   Bank of Nova Scotia. Exhibit 10(v)(i)
                   to the 2000 Form 10-K.

             (ii)  Purchase and Sale Agreement dated as of December 15, 2000,
                   among the Originators named therein, BAX Funding Corporation
                   and BAX Global Inc. Exhibit 10(v)(ii) to the 2000 Form 10-K.

10(y)        (i)    Note Purchase Agreement dated as
                    of April 11, 2002 between the
                    Registrant and the Purchasers set
                    forth on the signature page.
                    Exhibit 10(a)(i) to the Registrant's
                    Quarterly Report on Form 10-Q for
                    the quarter ended March 31, 2002
                    (the "First Quarter 2002 Form 10-Q).

             (ii)   Form of Promissory Note.
                    Exhibit 10(a)(ii) to the First
                    Quarter 2002 Form 10-Q.

13           Parts of the 2002 Annual Report of the
             Registrant.

21           Subsidiaries of the Registrant.

23           Consent of independent auditors.

                                      -24-

24              Powers of attorney.

99(a)*          Amendment to Registrant's Pension-Retirement Plan relating to
                preservation of assets of the Pension-Retirement Plan upon a
                change in control. Exhibit 99 to the Registrant's Annual Report
                on Form 10-K for the year ended December 31, 1992 (filed March
                20, 1993 - File No. 1-9148).

99(b)           Certifications of Chief Executive Officer and Chief Financial
                Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant
                to Section 906 of the Sarbanes-Oxley Act of 2002.

- --------------------------
*Management contract or compensatory plan or arrangement.

                                      -25-

                                CREDIT AGREEMENT

                          DATED AS OF NOVEMBER 12, 2002

                                      AMONG

                                BAX GLOBAL INC.,
                             BRINK'S, INCORPORATED,
                       AND CERTAIN OF THEIR SUBSIDIARIES,
                                  AS BORROWERS,

                              THE PITTSTON COMPANY,
                                  AS GUARANTOR,

                                       AND

                      BAYERISCHE HYPO- UND VEREINSBANK AG,
                                     AS BANK

                                TABLE OF CONTENTS

 ARTICLE I DEFINITIONS..................................................1

 1.01 Defined Terms.....................................................1
 1.02 Accounting Principles............................................14

ARTICLE II LOANS

  2.01 Amounts and Terms of Commitment..................................14
  2.02 Procedure for Incurring Loans....................................15
  2.03 Conversion and Continuation Elections
  with Respect to Outstanding Loans.....................................16
  2.04 Termination or Reduction of the Commitment by BAX and Brink's....16
  2.05 Optional Prepayments.............................................17
  2.06 Repayment of Principal...........................................17
  2.07 Interest.........................................................18
  2.08 Fees.............................................................19
  2.09 Computation of Fees and Interest.................................20
  2.10 Payments by the Borrowers........................................20
  2.11 Lending Office...................................................20
  2.12 Extension of the Termination Date................................21
  2.13 Certain Obligations Joint and Several............................21

  ARTICLE III LETTERS OF CREDIT.........................................21

  3.01 The Letters of Credit Commitment.................................21
  3.02 Terms of the Letters of Credit...................................22
  3.03 Procedure for Issuance of the Letters of Credit..................22
  3.04 Drawings and Reimbursements......................................23
  3.05 Reimbursement Obligations Absolute...............................23

  ARTICLE IV TAXES, YIELD PROTECTION AND ILLEGALITY.....................24

  4.01  Taxes...........................................................24
  4.02  Illegality......................................................26
  4.03  Increased Costs and Reduction of Return; Additional
        Interest on LIBO Rate Loans.....................................26
  4.04  Funding Losses..................................................27
  4.05  Inability to Determine Rates....................................28
  4.06  Certificate of the Bank.........................................28
  4.07  Survival........................................................28

        ARTICLE V CONDITIONS PRECEDENT..................................28

  5.01  Conditions to Effectiveness of this Agreement...................28
  5.02  Conditions to Subsequent Advances...............................30
  5.03  Conditions for Participation by Additional Covered Subsidiaries.30

        ARTICLE VI REPRESENTATIONS AND WARRANTIES.......................32

  6.01  Corporate Existence.............................................32
  6.02  Non-Contravention...............................................32
  6.03  No Consent......................................................32
  6.04  Binding Obligations.............................................32
  6.05  Title to Properties.............................................32
  6.06  Subsidiaries....................................................32
  6.07  Financial Statements............................................33
  6.08  Litigation......................................................33
  6.09  Taxes...........................................................33
  6.10  ERISA...........................................................33
  6.11  No Default......................................................34
  6.12  Federal Reserve Regulations.....................................34
  6.13  Investment Company Act..........................................34
  6.14  Environmental Matters...........................................34
  6.15  Priority of Debt................................................35
  6.16  Accuracy and Completeness of Information........................35

        ARTICLE VII COVENANTS...........................................35

  7.01  Post-Effective Date Transactions................................35
  7.02  Affirmative Covenants...........................................36
  7.03  Negative Covenants..............................................36
  7.04  Reporting Requirements of the Guarantor.........................42
  7.05  Additional Requirements of the Guarantor and the Borrowers......44

        ARTICLE VIII EVENTS OF DEFAULT..................................44

  8.01  Event of Default................................................44
  8.02  Remedies........................................................46
  8.03  Rights Not Exclusive............................................47

        ARTICLE IX MISCELLANEOUS........................................47

  9.01  Amendments and Waivers..........................................47
  9.02  Notices.........................................................47
  9.03  No Waiver; Cumulative Remedies..................................48
  9.04  Costs and Expenses..............................................48
  9.05  Indemnities.....................................................48
  9.06  Successors and Assigns..........................................49
  9.07  Assignments and Participations..................................49
  9.08  Confidentiality.................................................50
  9.09  Counterparts....................................................50
  9.10  Severability....................................................50
  9.11  Governing Law and Jurisdiction..................................51
  9.12  Waiver of Jury Trial............................................51
  9.13  Inconsistencies with Other Documents............................51
  9.14  Entire Agreement................................................52

                                    SCHEDULES

Schedule 9.02                 Addresses for Notices

                                    EXHIBITS

Exhibit A     Election to Participate for BAX Covered Subsidiaries
Exhibit B     Election to Participate for Brink's Covered Subsidiaries
Exhibit C     Guaranty
Exhibit D-1   Indemnity and Waiver Request for BAX Covered Subsidiary
Exhibit D-2   Indemnity and Waiver Request for Brink's Covered Subsidiary

                                       41
                                CREDIT AGREEMENT

         This CREDIT AGREEMENT is entered into as of November 12, 2002 among (i)
BAX GLOBAL INC., a Delaware corporation ("BAX"), (ii) BRINK'S, INCORPORATED, a
Delaware corporation ("Brink's"), (iii) the following subsidiaries of Brink's
(collectively, the "Brink's Covered Subsidiaries"): BRINK'S DEUTSCHLAND GMBH, a
German limited liability company, BRINK'S BETEILIGUNGSGESELLSCHAFT MBH, a German
limited liability company, BRINK'S DIAMOND & JEWELRY SERVICE NV, a Belgium
corporation, BRINK'S NEDERLAND B.V., a Dutch corporation, and BRINK'S AUSTRALIA
PTY LTD., an Australian corporation (BAX, the BAX Covered Subsidiaries, Brink's,
the Brink's Covered Subsidiaries and any other Covered Subsidiaries that
hereafter become party hereto are hereinafter referred to collectively as the
"Borrowers" and sometimes individually as a "Borrower"), (v) THE PITTSTON
COMPANY, a Virginia corporation (the "Guarantor"), and (vi) BAYERISCHE HYPO- UND
VEREINSBANK AG (the "Bank").

         WHEREAS, to finance working capital needs and capital expenditures, and
for other general corporate purposes, the Borrowers wish to establish with the
Bank a two-year revolving credit facility providing for revolving loans and
letters of credit of up to $35,000,000 in the aggregate maximum amount at any
time outstanding, and the Bank is willing to establish such credit facility on
the terms and conditions set forth herein;

         NOW, THEREFORE, in consideration of the mutual agreements, provisions
and covenants contained herein, the parties hereto hereby agree as follows:

ARTICLE I
                                   DEFINITIONS

     1.01  DEFINED  TERMS.  In addition to the terms  defined in the recitals to
this Agreement, the following terms have the following meanings:

                  "Advances" has the meaning assigned thereto in Section 2.01.

                  "Affiliate" means any Person directly or indirectly
         Controlling, Controlled by, or under direct or indirect common Control
         with, the Bank, including, without limitation, foreign offices of the
         Bank.

                  "Agreement" means this Credit Agreement, as it may be amended,
         supplemented or modified from time to time hereafter.

                  "Applicable LT Rating" means as to each of Moody's and S&P,
         its rating of the Guarantor's senior, unsecured, long-term,
         non-credit-enhanced debt for borrowed money (or of the unsecured
         long-term debt of any other Person, the rating of which by Moody's and
         S&P is based upon a senior, unsecured, non-credit-enhanced guarantee by
         the Guarantor).

                  "Applicable Percentage" means, for purposes of calculating (a)
         the interest rate applicable to Loans under Section 2.07, (b) the
         Facility Fee under Section 2.08(a) or (c)

         the L/C Fees under Section
         2.08(b), the applicable percentage set forth in the following tables
         opposite the Applicable LT Rating:

- ------------ ------------------ ------------------ ---------------------------------- -----------------------

PRICING      APPLICABLE LT                         LOANS AND FEES FOR FINANCIAL       FEES FOR PERFORMANCE
LEVEL        RATING             FACILITY FEE       LETTERS OF CREDIT                  LETTERS OF CREDIT
- ------------ ------------------ ------------------ ---------------------------------- -----------------------
- ------------ ------------------ ------------------ ---------------------------------- -----------------------
                                                                          
I            A-/A3 or above     0.125%                   0.50%                        0.3225%
- ------------ ------------------ ------------------ ---------------------------------- -----------------------
- ------------ ------------------ ------------------ ---------------------------------- -----------------------
II           BBB+/Baa1          0.15%                    0.725%                       0.485%
- ------------ ------------------ ------------------ ---------------------------------- -----------------------
- ------------ ------------------ ------------------ ---------------------------------- -----------------------
III          BBB/Baa2           0.1625%                  0.9625%                      0.6375%
- ------------ ------------------ ------------------ ---------------------------------- -----------------------
- ------------ ------------------ ------------------ ---------------------------------- -----------------------
IV           BBB-/Baa3          0.225%                   1.15%                        0.765%
- ------------ ------------------ ------------------ ---------------------------------- -----------------------
- ------------ ------------------ ------------------ ---------------------------------- -----------------------
V            BB+/Ba1            0.30%                    1.325%                       0.885%
- ------------ ------------------ ------------------ ---------------------------------- -----------------------
- ------------ ------------------ ------------------ ---------------------------------- -----------------------
VI           BB/Ba2 or below    0.40%                    1.475%                       0.9825%
- ------------ ------------------ ------------------ ---------------------------------- -----------------------

                  For purposes of the foregoing, (i) if the Applicable LT
         Ratings established by Moody's and S&P differ but correspond to
         consecutive Pricing Levels, then the Pricing Level with the lower
         number (i.e., corresponding to the better rating) shall apply (i.e., if
         Moody's and S&P's Applicable LT Ratings correspond to Pricing Level I
         and Pricing Level II, then Pricing Level I shall apply), and (ii) if
         the Applicable LT Ratings established by Moody's and S&P differ but
         correspond to non-consecutive Pricing Levels, then the Pricing Level
         with a higher number (i.e., corresponding to the worse rating) minus
         one shall apply (i.e., if Moody's and S&P's Applicable LT Ratings
         correspond to Pricing Levels I and IV, then Pricing Level III shall
         apply).

                  The Applicable Percentage shall be adjusted on the date five
         (5) Business Days after the date of any change in the Applicable LT
         Ratings. Each Applicable Percentage shall be effective from such
         adjustment date until the next such adjustment date. Adjustments in the
         Applicable Percentages shall be effective as to existing Advances as
         well as any new Advance made thereafter.

                  "Approved Currencies" means Dollars and other currencies as
         are available to be lent to a Borrower by the Lending Office and which
         are freely transferable and convertible into Dollars.

                  "Assignee" has the meaning assigned thereto in Section 9.07.

                  "Bank" has the meaning assigned thereto in the preamble.

                  "Bankruptcy  Code"  means the  Federal  Bankruptcy  Reform
         Act of 1978 (12 U.S.C.ss.101, et seq.).

                  "Base Rate" means the higher of:

                           (a) the rate of interest publicly announced from time
                  to time by the Bank as its "reference rate" or its "prime
                  rate" (which publicly announced rate is a rate set by the Bank
                  based upon various factors including the Bank's costs and
                  desired return, general economic conditions and other factors,
                  and is used as a reference point for pricing some loans, which
                  may be priced at, above, or below such announced rate); and

                           (b)      one-half percent per annum above the latest
         Federal Funds Rate.

                  Any change in the reference rate or prime rate announced by
         the Bank shall take effect at the opening of business on the day
         specified in the public announcement of such change.

                  "Base Rate Loan" means a Loan that bears interest based on the
         Base Rate.

                  "BAX" has the meaning assigned thereto in the preamble.

                  "BAX Covered Subsidiaries" means the BAX Covered Subsidiaries
         listed in the recitals to this Agreement, and any other Subsidiary of
         BAX as to which an executed Election to Participate in the form of
         Exhibit A hereto shall have been delivered to and approved by the Bank
         in accordance with Section 5.03.

                  "Borrower" has the meaning assigned thereto in the preamble.

                  "Brink's" has the meaning assigned thereto in the preamble.

                  "Brink's Covered Subsidiaries" means the Brink's Covered
         Subsidiaries listed in the recitals to this Agreement, and any other
         Subsidiary of Brink's as to which an executed Election to Participate
         in the form of Exhibit B hereto shall have been delivered to and
         approved by the Bank in accordance with Section 5.03.

                  "Business Day" means any day other than a Saturday, Sunday or
         other day on which commercial banks in Munich, Germany or the relevant
         Lending Office are authorized or required by law to close.

                  "Capital Adequacy Regulation" means any guideline, request or
         directive of any central bank or other Governmental Authority, or any
         other law, rule or regulation, whether or not having the force of law,
         in each case, regarding capital adequacy of any bank or of any
         corporation controlling a bank.

                  "Capital Lease" means any lease of property which should be
         capitalized on the lessee's balance sheet in accordance with GAAP; and
         "Capital Lease Obligation" means the amount of the liability so
         capitalized.

                  "Change in Control" shall be deemed to have occurred if (i)
         any person or group of persons (within the meaning of Section 13(d) of
         the Securities Exchange Act, as amended) shall obtain, directly or
         indirectly, beneficially or of record, ownership or control in one or
         more series of transactions of shares representing more than 35% of the
         aggregate ordinary voting power represented by the issued and
         outstanding capital stock of the Guarantor, provided that such person
         or group of persons shall be deemed to have obtained such ownership or
         control on the date thirty days after the date that such person or
         group of persons actually obtains such ownership or control; (ii) a
         majority of the seats on the board of directors of the Guarantor shall
         be occupied by persons other than (x) directors of the Guarantor on the
         date of this Agreement or (y) directors initially nominated or
         appointed by action of the board of directors of the Guarantor; or
         (iii) there shall have occurred, under any indenture or other
         instrument evidencing Debt of the Guarantor or any Restricted
         Subsidiary for borrowed money in excess of $25,000,000, a "change in
         control" or similar event (as defined in such indenture or other
         instrument evidencing such Debt) beyond any grace period permitted
         therein obligating the Guarantor or any Restricted Subsidiary to
         repurchase, redeem or repay all or any part of such Debt or any capital
         stock provided for therein.

                  "Code" means the Internal Revenue Code of 1986, as amended.

                  "Commercial Letter of Credit" means a documentary letter of
         credit which is drawable upon presentation of documents evidencing the
         sale or shipment of goods purchased by a Borrower or any Covered
         Subsidiary in the ordinary course of its business.

                  "Commitment" means the commitment of the Bank under this
         Agreement to make Advances in an aggregate principal amount not to
         exceed $35,000,000, as such amount may be reduced from time to time
         pursuant to Section 2.01(a), Section 2.01(b) or Section 2.04(a).

                  "Consolidated Debt", "Consolidated Lease Rentals", and
         "Consolidated Net Worth" means the Debt, Lease Rentals and Net Worth,
         as the case may be, of the Guarantor and its Restricted Subsidiaries,
         if any, all consolidated in accordance with GAAP and after giving
         appropriate effect to any outside minority interests in the Restricted
         Subsidiaries.

                  "Consolidated EBITDA" shall mean, for the Guarantor and its
         Restricted Subsidiaries for any period, an amount equal to the sum of
         (a) Consolidated Net Income for such period plus (b) to the extent
         deducted in determining Consolidated Net Income for such period, (i)
         Consolidated Interest Expense, (ii) income tax expense, (iii)
         depreciation, depletion and amortization, and (iv) all other non-cash
         charges, determined on a consolidated basis in accordance with GAAP
         after giving appropriate effect to any outside minority interests in
         the Restricted Subsidiaries.

                  "Consolidated Interest Expense" means, for any period, as
         applied to the Guarantor and its Restricted Subsidiaries, all interest
         expense (whether paid or accrued) and capitalized interest, including
         without limitation (a) the amortization of debt discount and premium,
         (b) the interest component under Capital Leases, and (c) the implied
         interest component, discount or other similar fees or charges in
         connection with any asset securitization program in each case
         determined on a consolidated basis in accordance with GAAP after giving
         appropriate effect to any outside minority interests in the Restricted
         Subsidiaries.

                "Consolidated Net Income" means, for any period, the net
         income, after taxes, of the Guarantor and its Restricted Subsidiaries
         for such period determined on a consolidated basis in accordance with
         GAAP after giving appropriate effect to any outside minority interests
         in the Restricted Subsidiaries, but excluding, to the extent reflected
         in determining such net income, (a) any extraordinary gains and losses
         for such period, (b) for any period ending before January 1, 2003, any
         loss arising from or relating to the initial classification of any
         portion of the Pittston Minerals Group, Inc., and its Subsidiaries as
         discontinued operations and any subsequent adjustments associated with
         the disposition of such discontinued operations, (c) any non-cash
         impairment, write-down or write-off in the book value of any assets,
         and (d) any non-cash loss in connection with the disposition of any
         assets.

                  "Consolidated Net Worth" means, as of any date, as applied to
         the Guarantor and its Restricted Subsidiaries, shareholders' equity or
         net worth as determined and computed on a consolidated basis in
         accordance with GAAP after giving effect to any outside minority
         interests in the Restricted Subsidiaries, provided that in determining
         "Consolidated Net Worth" there shall be (a) included any issuance of
         preferred stock by the Guarantor and (b) excluded (i) any extraordinary
         gains or losses, (ii) any loss arising from or related to the initial
         classification of any portion of the Pittston Minerals Group, Inc., and
         its Subsidiaries as discontinued operations and any subsequent
         adjustment associated with the disposition of such discontinued
         operations, (iii) any non-cash impairment, write-down or write-off in
         the book value of any assets (including any reduction in shareholders'
         equity in connection with a reduction in the value of a prepaid Plan or
         foreign pension plan), and (iv) any loss in connection with the
         disposition of assets.

                  "Contaminant" shall mean any waste, hazardous material,
         hazardous substance, toxic substance, hazardous waste, special waste,
         petroleum or petroleum derived substance or waste, including any such
         pollutant, material, substance or waste regulated under any
         Environmental Law.

                  "Control", "Controlling" and "Controlled" means the power,
         direct or indirect, of one Person to direct or cause the direction of
         the management and policies of another, whether by contract, through
         voting securities or otherwise.

                  "Covered Subsidiaries" means the BAX Covered Subsidiaries and
         the Brink's Covered Subsidiaries.

                  "Debt" of any Person means all obligations which would, in
         accordance with GAAP, be classified upon its balance sheet as debt, and
         in any event includes any Capital Lease Obligation and all debt of any
         other Person:

                           (a) guaranteed, directly or indirectly in any manner,
                  by the Person or endorsed (otherwise than for collection or
                  deposit in the ordinary course of business) or discounted with
                  recourse or debt which has the substantially equivalent or
                  similar economic effect of being guaranteed by the Person, or
                  of otherwise making the Person contingently liable therefor,
                  through an agreement or otherwise, including, without
                  limitation, an agreement (i) to purchase, or to advance or
                  supply funds for the payment or purchase of, the debt, (ii) to
                  purchase, sell or lease property, products, materials or
                  supplies, or transportation or services, primarily for the
                  purpose of enabling such other Person to pay the debt or to
                  assure the owner of the debt against loss, regardless of the
                  delivery or nondelivery of the property, products, materials
                  or supplies, or transportation or services or (iii) to make
                  any loan, advance, capital contribution or other investment in
                  such other Person to assure a minimum equity, asset base,
                  working capital or other balance sheet condition for any date,
                  or to provide funds for the payment of any liability, dividend
                  or stock liquidation payment, or otherwise to supply funds to
                  or in any manner invest in such other Person, it being
                  expressly understood and agreed, however, the Lease Rentals
                  under Leases shall not be considered Debt; or

                           (b) secured by an Encumbrance in respect of property
                  owned by the Person even through the Person has not assumed or
                  become liable for the payment of such debt.

                  "Default" means any event or circumstance which, with the
         giving of notice, the lapse of time, or both, would (if not cured or
         otherwise remedied) constitute an Event of Default.

                  "Dollars", "dollars" and "$" each mean lawful money of the
         United States.

                  "Dollar Equivalent" means (a) in relation to an amount
         denominated in Dollars, the amount thereof and (b) in relation to an
         amount denominated in any Approved Currency other than Dollars, the
         amount of Dollars that can be purchased with such Approved Currency at
         the spot rate of exchange determined by the Bank in accordance with its
         customary practices on the date of determination.

                  "Effective Date" means the date on which all conditions
         precedent set forth in Section 5.01 are satisfied or waived by the
         Bank.

                  "Encumbrance" means, as to any Person, any mortgage, lien,
         pledge, adverse claim, charge, security interest or other encumbrance
         in or on, or any interest or title of any vendor, lender or other
         secured party to or of the Person under any conditional sale or other
         title retention agreement or Capital Lease with respect to, any
         property or asset of the Person, or the signing or filing of a
         financing statement which names the Person as debtor, or the signing of
         any security agreement authorizing any other party as the secured party
         thereunder to file any financing statement.

                  "Environmental Laws" means any and all federal, state, local
         and foreign statutes, laws, regulations, ordinances, rules, judgements,
         orders, decrees, permits, licenses, agreements or other governmental
         restrictions relating to the environment or to emissions, discharges or
         releases of pollutants, contaminants, petroleum products, or toxic or
         hazardous substances or wastes into the environment, including ambient
         air, surface water, groundwater, or land, or otherwise relating to the
         manufacture, processing, distribution, use, treatment, storage,
         disposal, transport or handling of pollutants, contaminants, petroleum
         or petroleum products, or toxic or hazardous substances or wastes or
         the clean up or other remediation thereof.

                  "ERISA" means the Employee Retirement Income Security Act of
         1974, as amended.

                  "ERISA Affiliate" means any entity or trade or business,
         whether or not incorporated, that, together with any Borrower, is
         treated as a single employer under Section 414 of the Code.

                  "Extension Request" shall have the meaning assigned thereto in
         Section 2.12.

                  "Event of Default" means any of the events or circumstances
         specified in Section 8.01.

                  "Facility Fee" has the meaning assigned thereto in Section
2.08(a).

                  "Federal Funds Rate" means, for any day, the rate set forth in
         the weekly statistical release designated as H.15(519), or any
         successor publication, published by the Federal Reserve Board
         (including any such successor, "H.15(519)") for such day opposite the
         caption "Federal Funds (Effective)". If on any relevant day such rate
         is not yet published in H.15(519), the rate for such day will be the
         rate set forth in the daily statistical release designated as the
         Composite 3:30 p.m. Quotations for U.S. Government Securities, or any
         successor publication, published by the Federal Reserve Bank of New
         York (including any such successor, the "Composite 3:30 p.m.
         Quotation") for such day under the caption "Federal Funds Effective
         Rate". If on any relevant day the appropriate rate for such previous
         day is not yet published in either H.15(519) or the Composite 3:30 p.m.
         Quotations, the rate for such day will be the arithmetic mean of the
         rates for the last transaction in overnight Federal funds arranged
         prior to 9:00 a.m. (New York time) on that day by each of three leading
         brokers of Federal funds transactions in New York City selected by the
         Bank.

                  "Federal Reserve Board" means the Board of Governors of the
         Federal Reserve System or any successor thereof.

                  "Financial Letter of Credit" has the meaning assigned thereto
in Section 3.01(a).

                  "GAAP" means United States generally accepted accounting
         principles set forth from time to time in the opinions and
         pronouncements of the Accounting Principles Board and the American
         Institute of Certified Public Accountants and statements and
         pronouncements of the Financial Accounting Standards Board (or agencies
         with similar

         functions of comparable stature and authority within the
         accounting profession), or in such other statements by such other
         entity as may be in general use by significant segments of the United
         States accounting profession, which are applicable to the circumstances
         as of the date of determination.

                  "Governmental Authority" means any nation or government, any
         state or other political subdivision thereof, any central bank (or
         similar monetary or regulatory authority) thereof, any entity
         exercising executive, legislative, judicial, regulatory or
         administrative functions of or pertaining to government, and any
         corporation or other entity owned or controlled, through stock or
         capital ownership or otherwise, by any of the foregoing.

                  "Guarantor Credit Agreement" means that certain $350,000,000
         Credit Agreement, dated as of September 6, 2002 among the Guarantor (as
         borrower), the lenders party thereto, Fleet National Bank, as a
         co-arranger and documentation agent, Wachovia Bank, National
         Association and The Bank Of Nova Scotia, as co-arrangers and
         syndication agents, and JPMorgan Chase Bank, as administrative agent,
         as it may be amended, supplemented or otherwise modified from time to
         time hereafter.

                  "Guarantor" has the meaning assigned thereto in the preamble.

                  "Guaranty" means the Guaranty of the Guarantor, substantially
in the form of Exhibit C hereto.

                  "Hedging Agreements" means interest rate protection
         agreements, foreign currency exchange agreements, other interest or
         exchange rate hedging, cap or collar arrangements or arrangements
         designed to protect the Guarantor or any of its Subsidiaries against
         fluctuations in the prices of commodities.

                  "Insolvency Proceeding" means (a) any case, action or
         proceeding before any court or other Governmental Authority relating to
         bankruptcy, reorganization, insolvency, liquidation, receivership,
         dissolution, winding-up or relief of debtors, or (b) any general
         assignment for the benefit of creditors, composition, marshalling of
         assets for creditors or other, similar arrangement in respect of its
         creditors generally or any substantial portion of its creditors; and,
         in each case, undertaken under United States federal or State or
         foreign law, including the Bankruptcy Code.

                  "Interest Coverage Ratio" means, as of the last day of any
         fiscal quarter, the ratio of (a) Consolidated EBITDA to (b)
         Consolidated Interest Expense, in each case for the period of four
         consecutive fiscal quarters ending as of such day.

                  "Interest Payment Date" means (i) with respect to all Loans,
         the Termination Date, (ii) with respect to LIBO Rate Loans, the last
         day of the Interest Period applicable to each such Loan, and, if any
         such Interest Period exceeds three months, interest shall also be paid
         on the date which falls three months after the beginning of such
         Interest Period, and (iii) with respect to Base Rate Loans and Optional
         Rate Loans, the last Business Day of each calendar quarter.

                  "Interest Period" means, with respect to any LIBO Rate Loan,
         the period commencing on the Business Day such Loan is disbursed,
         continued or converted to a Base Rate Loan or Optional Rate Loan, and
         in each case ending on the date one, two, three or six months
         thereafter, as selected by the relevant Borrower in its notice of
         borrowing or notice of conversion or continuation, provided that:

                           (i)i if any Interest Period would otherwise end on a
                  day which is not a Business Day, that Interest Period shall be
                  extended to the next succeeding Business Day unless the result
                  of such extension would be to carry such Interest Period into
                  another calendar month, in which event such Interest Period
                  shall end on the immediately preceding Business Day; and

                           (ii)ii any Interest Period that begins on the last
                  Business Day of a calendar month (or on a day for which there
                  is no numerically corresponding day in the calendar month at
                  the end of such Interest Period) shall end on the last
                  Business Day of the calendar month at the end of such Interest
                  Period.

                  "Labor Laws" means any and all federal, state, local and
         foreign statutes, laws, regulations, ordinances, rules, judgements and
         orders relating to employment, equal employment opportunity,
         nondiscrimination, immigration, wages, hours, benefits, collective
         bargaining, the payment of social security and similar taxes,
         occupational safety and health, and plant closing.

                  "L/C Application" has the meaning assigned thereto in Section
3.03(b).

                  "L/C Fee" has the meaning assigned thereto in Section 2.08(b).

                  "L/C Related Documents" has the meaning assigned thereto in
Section 3.05(a).

                  "Lease" means a lease, other than a Capital Lease, of real or
         personal property; and "Lease Rentals" for any period means the sum of
         the rental and other obligations to be paid by the lessee under a Lease
         during the remaining term of such Lease (excluding any extension or
         renewal thereof at the option of the lessor or the lessee unless such
         option has been exercised), excluding any amount required to be paid by
         the lessee (whether or not therein designated as rental or additional
         rental) on account of maintenance and repairs, insurance, taxes,
         assessment, water rater and similar charges.

                  "Lending Office" has the meaning assigned thereto in Section
2.11.

                  "Letter of Credit" means any stand-by letter of credit issued
         by a Lending Office pursuant to Section 3.03 and may be a Financial
         Letter of Credit or a Performance Letter of Credit.

                  "Letter of Credit Obligations" means, in respect of any Letter
         of Credit as at any date of determination, the sum of (a) the maximum
         aggregate amount which is then available to be drawn under such Letter
         of Credit plus (b) the aggregate amount of all Reimbursement
         Obligations then outstanding with respect to such Letter of Credit.

                  "Leverage Ratio" means, as of any date, the ratio of (a) the
         sum of (i) Consolidated Debt as of such date, plus (ii) the amount by
         which (A) the aggregate amount, as of the preceding December 31 (or as
         of such date, if such date is December 31), of Consolidated Lease
         Rentals under noncancellable Leases entered into by the Guarantor or
         any of its Restricted Subsidiaries, discounted to present value at 10%
         and net of aggregate minimum noncancellable sublease rentals,
         determined on a basis consistent with Note 12 to the Guarantor's
         consolidated financial statements at and for the period ended December
         31, 2001, included in the Guarantor's 1992 Annual Report to
         shareholders, exceeds (B) $350,000,000, to (b) the sum of (i) the
         amount determined pursuant to clause (a), plus (ii) Consolidated Net
         Worth as of such date.

                  "LIBO Rate" means, for each Interest Period in respect of any
LIBO Rate Loan:

                           (a) the rate per annum (carried out to the fifth
                  decimal place) equal to the rate determined by the relevant
                  Lending Office to be the offered rate that appears on the page
                  of the Telerate Screen that displays an average British
                  Bankers Association Interest Settlement Rate (such page
                  currently being page number 3750) for deposits in dollars (for
                  delivery on the first day of such Interest Period) with a term
                  equivalent to such Interest Period, determined as of
                  approximately 11:00 a.m. (London time) two Business Days prior
                  to the first day of such Interest Period, or

                           (b) in the event the rate referenced in the preceding
                  subsection (a) does not appear on such page or service or such
                  page or service shall cease to be available, the rate per
                  annum (carried to the fifth decimal place) equal to the rate
                  determined by the Bank to be the offered rate on such other
                  page or other service that displays an average British Bankers
                  Association Interest Settlement Rate for deposits in dollars
                  (for delivery on the first day of such Interest Period) with a
                  term equivalent to such Interest Period, determined as of
                  approximately 11:00 a.m. (London time) two Business Days prior
                  to the first day of such Interest Period, or

                           (c) in the event the rates referenced in the
                  preceding subsections (a) and (b) are not available, the rate
                  per annum determined by the Bank as the rate of interest at
                  which dollar deposits (for delivery on the first day of such
                  Interest Period) in same day funds in the approximate amount
                  of the applicable LIBO Rate Loan and with a term equivalent to
                  such Interest Period would be offered by the Bank's London
                  Branch to major banks in the offshore dollar market at their
                  request at approximately 11:00 a.m. (London time) two Business
                  Days prior to the first day of such Interest Period.

                  "LIBO Rate Loan" means a Loan that bears interest based on the
         LIBO Rate.

                  "Loan" means an advance of funds by a Lending Office to a
         Borrower pursuant to Section 2.02, and may be a Base Rate Loan, an
         Optional Rate Loan or a LIBO Rate Loan.

                  "Loan Documents" means this Agreement and all documents
         delivered to the Bank or any Lending Office in connection herewith,
         including without limitation, the Notes, the Guaranty, any L/C Related
         Documents and any other documentation executed at the request of any
         Lending Office, all as may be amended, restated or modified.

                  "Long Term Debt" of any Person means all Debt which would, in
         accordance with GAAP, be classified upon its balance sheet as long term
         debt, excluding any portion thereof which would, in accordance with
         GAAP, be classified thereon as a current liability, and in any event
         includes (a) any obligation for borrowed money outstanding under a
         revolving credit or similar agreement providing for borrowing (and
         renewals and extensions thereof) over a period of more than one year
         after the creation of such agreement notwithstanding that any
         obligation thereunder may be payable on demand or within one year after
         the creation thereof, (b) any Capital Lease Obligation and (c) any
         guarantee or equivalent or similar obligation under any agreement
         specified in subsection (a) of the definition of Debt with respect to
         Debt of another Person of the kind otherwise described in this
         definition.

                  "Margin Stock" shall have the meaning given such term in
         Regulation U promulgated by the Federal Reserve Board.

                  "Material Adverse Effect" means a material adverse change in,
         or a material adverse effect upon the financial condition or results of
         operations of the Guarantor and its Restricted Subsidiaries taken as a
         whole that would impair the Borrowers' and the Guarantor's ability to
         perform their respective obligations under this Agreement and the
         Guaranty.

                  "Maturity Date" means November 12, 2004.

                  "Minority Owned Borrower" has the meaning assigned thereto in
Section 2.01(b).

                  "Moody's" means Moody's Investors Service, Inc.

                  "Multiemployer Plan" shall mean a multiemployer plan within
         the meaning of Section 4001(a)(3) of ERISA to which any Borrower or any
         ERISA Affiliate contributes or has, on or after September 25, 1980,
         between obligated to contribute.

                  "Munich Office" means the Bank's office in Munich, Germany at
         the address set forth in Section 9.02 hereof.

                  "Net Worth" of any Person means, at any time, its
         shareholders' equity at such time determined in accordance with GAAP,
         provided that in determining "Net Worth" there shall be included any
         issue of preferred stock of such Person and, further provided that, in
         determining "Net Worth" there shall be disregarded (i) any non-cash
         write-down or write-off in the book value of any asset, (ii) any loss
         on the sale of any asset or (iii) any change in shareholders' equity
         attributable to a change in GAAP or the Guarantor's initial
         implementation of a generally accepted accounting principle or a
         Financial Accounting Standard issued by the Financial

         Accounting Standards Board, all after December 31, 1993.

                  "New York Office" means the Bank's office in New York, New
                  York. "Note" has the meaning assigned thereto in Section
                  2.01(c).

                  "Obligations" means all Loans, Letter of Credit Obligations
         and other indebtedness, advances, Debts, liabilities, obligations,
         covenants and duties owing by a Borrower to the Bank, any Lending
         Office or any other Person required to be indemnified by that Borrower
         under any Loan Document, of any kind or nature, present or future,
         whether or not evidenced by any note, guaranty or other instrument,
         arising under this Agreement, under any other Loan Document, whether
         arising under, out of, or in connection with, any checks, notes,
         drafts, bills of exchange, acceptances, orders, instruments of
         guarantee and indemnity or other instruments for the payment of money,
         or in any other manner, and also including any other document made,
         delivered or given in connection therewith, and each other obligation
         and liability, whether direct or indirect, absolute or contingent, due
         or to become due, or now existing or hereafter incurred, of any
         Borrower to the Bank or any Lending Office arising under any Loan
         Document, whether on account of principal, interest, reimbursement
         obligations, fees, indemnities, costs, expenses (including, without
         limitation, all fees and disbursements of counsel to the Bank,
         including, without limitation, allocated costs of staff counsel) or
         otherwise, whether or not for the payment of money, whether arising by
         reason of an extension of credit, loan, guaranty, indemnification or in
         any other manner, whether direct or indirect (including those acquired
         by assignment), absolute or contingent, due or to become due, now
         existing or hereafter arising and however acquired.

                  "Optional Rate" means as to any Optional Rate Loan a rate of
         interest per annum to be determined at the time a Borrower gives a
         notice of borrowing for an Optional Rate Loan, which may be a fixed
         rate or a variable rate, and which shall be at a mutually agreeable
         margin over the cost to the applicable Lending Office to obtain Dollars
         or the Approved Currency in the jurisdiction in which the Optional Rate
         Loan is to be made.

                  "Optional Rate Loan" means any Loan requested by a Borrower
         which does not exceed $1,000,000, which is to be borrowed for a term
         that does not correspond to any available Interest Period or which
         otherwise bears interest at a rate negotiated by a Borrower and the
         Bank.

                  "Performance Letter of Credit" has the meaning assigned
thereto in Section 3.01(a).

                  "Performance Letter of Credit Sublimit" means $3,000,000, as
         such sublimit may be increased or reduced from time to time.

                  "Person" means an individual, partnership, limited liability
         company, corporation, business trust, joint stock company, trust,
         unincorporated association, joint venture or Governmental Authority.

                  "PBGC" shall mean the Pension Benefit Guaranty Corporation and
         any entity succeeding to any or all of its functions under ERISA.

                  "Plan" shall mean a pension plan within the meaning of Section
         3(2) of ERISA subject to Title IV of ERISA which any Borrower or any
         ERISA Affiliate maintains or to which any Borrower or any ERISA
         Affiliate contributes other than a Multiemployer Plan.

                  "Reimbursement Obligation" means in respect of any Letter of
         Credit at any date of determination, the aggregate amount of all
         drawings under such Letter of Credit honored by the issuing Lending
         Office and not theretofore reimbursed by the relevant Borrower or by
         the Guarantor.

                  "Reportable Event" shall have the meaning attributed thereto
         in Section 4043 of ERISA but shall not include any event for which the
         30-30 requirement in Section 4043 of ERISA has been waived under
         regulations of the PBGC.

                  "Requirement of Law" means, as to any Person, any law
         (statutory or common), treaty, rule or regulation or determination of a
         court or an arbitrator or of a Governmental Authority, in each case
         applicable to or binding upon the Person or any of its property or to
         which the Person or any of its property is subject.

                  "Responsible Officer" means the chief executive officer,
         president, chief financial officer or treasurer of a Borrower or the
         Guarantor, or any other officer having substantially the same authority
         and responsibility.

                  "Restricted Subsidiary" means any Person which is defined as a
         "Restricted Subsidiary" from time to time pursuant to the Guarantor
         Credit Agreement.

                  "Sale and Leaseback Transaction" means the sale by the
         Guarantor or a Restricted Subsidiary to any Person (other than the
         Guarantor or a Restricted Subsidiary) of any property or asset and, as
         part of the same transaction or series of transactions, the leasing as
         lessee by the Guarantor or any Restricted Subsidiary of the same or
         another property or asset which it intends to use for substantially the
         same purpose.

                  "S&P" means Standard & Poor's Ratings Services.
                   ---

                  "Subsidiary" of a Person means (i) any corporation of which
         more than 50% of the outstanding stock having by the terms thereof
         ordinary voting power to elect a majority of the members of the board
         of directors of such corporation (irrespective or whether or not at the
         time stock of any other class or classes of such corporation shall have
         or might have voting power by reason of the happening of any
         contingency) is owned or controlled directly or indirectly by the
         Person, or one or more of the Subsidiaries of the Person, or a
         combination thereof, or (ii) any limited liability company of which
         more than 50% of the outstanding equity interests is owned or
         controlled directly or indirectly by the Person, or one or more of the
         Subsidiaries of the Person, or a combination thereof.

                  "Taxes" has the meaning assigned thereto in Section 4.01(a).

                  "Termination Date" has the meaning assigned thereto in Section
2.01.

     "United States" and "U.S." each means the United States of America.

                  "Withholding Taxes" has the meaning assigned thereto in
Section 4.01(a).

1.02     ACCOUNTING PRINCIPLES.
         ---------------------

     (a) Unless the context otherwise clearly requires, all accounting terms not
expressly  defined  herein shall be construed,  and all  financial  computations
required  under  this  Agreement   shall  be  made,  in  accordance  with  GAAP,
consistently  applied.  All  calculations  made for the purposes of  determining
compliance  with this Agreement  shall (except as otherwise  expressly  provided
herein) be made by  application of GAAP applied on a basis  consistent  with the
most recent  annual or  quarterly  financial  statements  delivered  pursuant to
Section  7.04  (or,  prior to the  delivery  of the first  financial  statements
pursuant  to  Section  7.04,   consistent  with  the  annual  audited  financial
statements referenced in Section 6.07); provided,  however, if (a) the Guarantor
shall  object  to  determining  such  compliance  on such  basis  at the time of
delivery  of such  financial  statements  due to any change in GAAP or the rules
promulgated  with  respect  thereto  or (b) the Bank  shall so object in writing
within  60  days  after  delivery  of  such  financial  statements,   then  such
calculations  shall be made on a basis consistent with the most recent financial
statements  delivered by the Guarantor to the Bank as to which no such objection
shall  have been  made.

     (b) References  herein to "fiscal year" and "fiscal  quarter" refer to such
fiscal periods of the Guarantor.

                                    ARTICLE II
                                      LOANS

2.01 AMOUNTS AND TERMS OF COMMITMENT. The Bank agrees to make available to the
Borrowers (upon the request of BAX, in the case of the BAX Covered Subsidiaries,
or Brink's, in the case of the Brink's Covered Subsidiaries), from the Effective
Date until the Maturity Date or such earlier date on which the Bank terminates
the Commitment pursuant to Section 8.02(a) or BAX and Brink's terminate the
Commitment pursuant to Section 2.04(a) or such later date to which the Bank
agrees to extend the Commitment pursuant to Section 2.12 (the "Termination
Date"), committed funds in an aggregate amount of $35,000,000 (subject to
reduction pursuant to Section 2.04(a)), on the terms and conditions set forth in
this Agreement, as follows:

     (a) The  Commitment  may be drawn  upon  for  Loans or  Letters  of  Credit
(collectively,  "Advances") in Approved Currencies from the Effective Date until
the Termination Date in an aggregate  principal amount not to exceed $35,000,000
(subject  to  reduction  pursuant to Section  2.04(a)) at any time  outstanding;
provided  that:  (1) the aggregate  principal  amount of all  outstanding  Loans
(after giving effect to any amount  requested)  shall not exceed the  Commitment
minus the sum of all outstanding Letter of Credit Obligations.

     (b)  Commitment  Unavailable  to Certain  Borrowers;  Acceleration  of such
Borrowers'  Advances.  If at any time while the Commitment is outstanding BAX or
Brink's ceases to be a Subsidiary of the Guarantor,  any BAX Covered  Subsidiary
ceases to be a Subsidiary of BAX or any Brink's Covered  Subsidiary ceases to be
a Subsidiary of Brink's (each such Borrower a "Minority Owned  Borrower"),  then
and in each such event, notwithstanding anything to the contrary herein (i) such
Borrower shall  immediately,  and without  further act of the Bank,  cease to be
permitted to draw upon the Commitment for any Advance, (ii) the unpaid principal
amount of all  outstanding  Loans  and  Reimbursement  Obligations  owed by such
Borrower, together with all interest and other amounts due the Bank with respect
thereto,  shall automatically  become due and payable without further act of the
Bank,  (iii) such Borrower  shall pay to the Bank an amount equal to the maximum
amount then  available to be drawn under all Letters of Credit then  outstanding
for the  account of such  Borrower,  for  deposit in a cash  collateral  account
maintained  by the Bank,  as security for such Letters of Credit,  and (iv) upon
the Bank's receipt of full payment of the amounts  contemplated  by clauses (ii)
and (iii),  such Borrower  shall cease to be a Borrower  hereunder or a party to
this Agreement.

(c)      Documentation for Loans. Each Loan may be evidenced by (a) one or more
         master promissory notes in form and substance acceptable to the
         relevant Lending Office (each a "Note") or (b) by loan accounts
         maintained by such Lending Office. The records attached as grids to the
         Notes and the loan account and account records shall be conclusive
         evidence, absent manifest error, of the amount of the Loans and the
         interest and payments thereon. Any failure to record or any error in
         doing so shall not, however, increase, limit or otherwise affect the
         obligation hereunder of any Borrower to pay any amount owing with
         respect to the Loans.

2.02 PROCEDURE FOR INCURRING LOANS. Each Loan shall be made upon the request of
a Borrower (and, in the case of a Borrower that is a BAX Covered Subsidiary, the
request of BAX, or, in the case of a Borrower that is a Brink's Covered
Subsidiary, the request of Brink's) to the Munich Office (which request must be
received by the Munich Office not later than 11:00 a.m. (Munich time)), unless
otherwise agreed by the Munich Office and such Lending Office, (a) on the
requested borrowing date, in the case of Base Rate Loans and Optional Rate Loans
to be funded to or in jurisdictions in the Munich Office's time zone and in time
zones following the Munich Office's time zone, (b) on the Business Day prior to
the requested borrowing date, in the case of Base Rate Loans and Optional Rate
Loans to be funded to or in jurisdictions in time zones ahead of the Munich
Office's time zone, and (c) three Business Days prior to the requested borrowing
date, in the case of LIBO Rate Loans), in a written notice in a form reasonably
satisfactory to the Munich Office specifying (i) the principal amount of the
Loan and whether it is to be denominated in Dollars or another Approved
Currency, (ii) the requested borrowing date, which shall be a Business Day;
(iii) whether the Loan is to be a Base Rate Loan, an Optional Rate Loan or a
LIBO Rate Loan; and (iv) if the requested Loan is a LIBO Rate Loan, the duration
of the Interest Period applicable to such Loan. If the notice of borrowing shall
fail to specify the duration of the Interest Period for any LIBO Rate Loan, such
Interest Period shall be one month. Each LIBO Rate Loan shall be in an amount of
not less than the Dollar Equivalent of $1,000,000. There shall be no minimum
amount for Optional Rate Loans and Base Rate Loans.

2.03    CONVERSION AND CONTINUATION ELECTIONS WITH RESPECT TO OUTSTANDING LOANS.
        -----------------------------------------------------------------------

(a)      Any Borrower may upon irrevocable written notice to the Bank's Munich
         Office and the applicable Lending Office in accordance with Section
         2.03(b):

(i)               elect to convert, on any Business Day, any Base Rate Loan made
                  to such Borrower into a LIBO Rate Loan or Optional Rate Loan;
                  or

(ii)              elect to convert, on any Business Day, any Optional Rate Loan
                  made to such Borrower into a LIBO Rate Loan or Base Rate Loan;
                  or

(iii)             elect to convert, on the last day of any Interest Period
                  therefor, any LIBO Rate Loan made to such Borrower into a Base
                  Rate Loan or Optional Rate Loan; or

(iv)              elect, on the last day of the Interest Period with respect to
                  any LIBO Rate Loan made to such Person, to continue such Loan
                  as a LIBO Rate Loan denominated in the same currency for an
                  additional Interest Period.

(b)      Any Borrower wishing to convert or continue a Loan as described in
         Section 2.03(a) shall deliver by telex or fax, confirmed immediately in
         writing, a notice of conversion or continuation (which notice must be
         received by the Munich Office not later than 12:00 noon (Munich time),
         unless otherwise agreed by such office) (i) on the date of conversion
         of a LIBO Rate Loan into a Base Rate Loan or Optional Rate Loan, (ii)
         three Business Days prior to the date of conversion of a LIBO Rate
         Loan; and (iii) three Business Days prior to the date of continuation
         of a LIBO Rate Loan, specifying:

(A)      the proposed date of conversion or continuation;

(B)      the aggregate principal amount of Loans to be converted or continued;

(C)      the nature of the proposed conversion or continuation; and

(D)                        the duration of any requested Interest Period. If the
                           notice of conversion or continuation shall fail to
                           specify the duration of the Interest Period for any
                           LIBO Rate Loan, such Interest Period shall be one
                           month.

(c)      During the existence of a Default or Event of Default, the Bank may
         demand that any or all of the then-outstanding LIBO Rate Loans be
         converted upon their expiration into Base Rate Loans. Such conversion
         shall continue to be in effect so long as such Default or Event of
         Default continues to exist.

2.04     TERMINATION OR REDUCTION OF THE COMMITMENT BY BAX AND BRINK'S.
         -------------------------------------------------------------

     (a) BAX and  Brink's  may,  upon not less than three  Business  Days' prior
notice to the Bank and all other  Borrowers  then party hereto (i) terminate the
Commitment upon full  prepayment of all outstanding  Advances on the termination
date, or (ii)  permanently  reduce the Commitment to an amount not less than the
greater of (A) the Dollar  Equivalent of the principal amount of all Advances to
remain outstanding on the reduction date and (B) $25,000,000.  If the Commitment
is terminated  in its entirety  under this Section  2.04(a),  the portion of the
Facility  Fee  accrued  to,  but  not  including,  the  effective  date  of such
termination  shall be payable on the effective date of such termination  without
any premium or penalty.

     (b)  For the  purpose  of  ensuring  compliance  with  the  maximum  amount
available  under the  Commitment,  the Bank  shall on each  date of a  voluntary
reduction of the Commitment  under Section  2.04(a) and on the last Business Day
of each  calendar  quarter,  determine  the Dollar  Equivalent  of the principal
amount of all then-outstanding Advances.

2.05 OPTIONAL PREPAYMENTS. Subject to Section 4.04, any Borrower may, at any
time or from time to time, upon at least three Business Days' notice to the
Munich Office and the applicable Lending Office, prepay Loans made to it in
whole or in part. Such notice of prepayment shall specify the date and amount of
such prepayment and whether such prepayment is of Base Rate Loans, Optional Rate
Loans, LIBO Rate Loans or any combination thereof. No such notice shall be
revocable by any Borrower after being given. Once such notice is given by any
Borrower, such Borrower shall make such prepayment, and the payment amount
specified in such notice shall be due and payable, on the date specified
therein, together (only in the case of prepayments of LIBO Rate Loans) with
accrued interest to each such date on the amount prepaid and the amounts, if
any, required pursuant to Section 4.04.

2.06     REPAYMENT OF PRINCIPAL.
         ----------------------

     (a) Each Borrower shall repay on the Termination  Date the principal amount
of the Loans made to it that are then outstanding.

     (b) In the event that the Bank determines, based on its computation made in
accordance   with  Section   2.04(b),   that  the  Dollar   Equivalent   of  the
then-outstanding  Loans and Letter of Credit Obligations exceeds the Commitment,
the Bank shall give notice to the  Guarantor  and the Borrowers of such fact and
of the  amount  of such  excess.  Within  30 days  after  the date on which  the
Borrowers  receive such notice,  they shall prepay Loans, or  collateralize  the
Letter of Credit  Obligations  with cash (as set forth below),  in the aggregate
amount of such excess.  Any such prepayment  shall be made together with accrued
but unpaid  interest on the  principal  amount  thereof and, in the case of LIBO
Rate Loans, any amounts required to be paid in connection  therewith pursuant to
Section 4.04. Any prepayments pursuant to this Section 2.06(b) shall be applied,
first, to any Base Rate Loans and Optional Rate Loans then outstanding,  second,
to  LIBO  Rate  Loans  having  Interest  Periods  ending  on the  date  of  such
prepayment,  and third,  to the extent that the  amounts  referred to in clauses
"first"  and  "second"  are not  sufficient  to satisfy  the  entire  prepayment
requirement under this Section 2.06(b) or there are no such Loans outstanding on
the date such prepayment would be required, then the remaining amount that would
be required to be prepaid  under this  Section  2.06(b)  shall be deposited in a
cash collateral  account  maintained by the Bank, to be held as security for the
Obligations hereunder pursuant to a cash collateral agreement to be entered into
in form and substance reasonably satisfactory to the Bank and the Borrowers, and
to be applied to the  prepayment of LIBO Rate Loans at the end of the respective
Interest Periods therefor and to the payment of Reimbursement Obligations as the
same become due.

2.07     INTEREST.
         --------

     (a)  Subject  to  Section  2.07(c),  each  Loan  funded  by the Bank or any
Affiliate shall bear interest on the outstanding  principal  amount thereof from
the date when made  until it becomes  due at a rate per annum  equal to the LIBO
Rate, the Optional Rate or the Base Rate, as selected  pursuant to Section 2.02,
plus the Applicable Percentage for Loans.

     (b)  Interest  on each Loan shall be  payable  in arrears on each  Interest
Payment Date.  Interest  shall also be payable on the date of any  prepayment of
LIBO Rate  Loans  pursuant  to  Section  2.05 for the  portion  of such Loans so
prepaid  and upon  payment  (including  prepayment)  in full of LIBO Rate Loans;
provided,  however,  that interest  payable pursuant to Section 2.07(c) shall be
payable on demand.

     (c) While there shall be any default hereunder in the payment of principal,
interest,  fees or any other amount owing hereunder or after acceleration,  each
Borrower shall pay interest  (after as well as before entry of judgment  thereon
to the extent  permitted by law) on the principal  amount of all  Obligations of
such Person that are due and unpaid, at a rate per annum determined by adding 1%
per annum to the interest rate then in effect for the  applicable  type of Loan,
and, in the case of Obligations  other than Loans,  at a rate per annum equal to
the Base Rate  plus the  Applicable  Percentage  for  Loans  plus 1%;  provided,
however,  that, with respect to any Obligation for which the payment of interest
has been  determined  by a Lending  Office to be at a rate other than LIBO Rate,
the late  payment  rate  shall be 1% per annum  over  such  rate;  and  provided
further,  that, on and after the expiration of any Interest Period applicable to
any LIBO  Rate  Loan  outstanding  on the date of  occurrence  of such  Event of
Default or  acceleration,  the principal  amount of such Loan shall,  during the
continuation of such Event of Default or after acceleration,  bear interest at a
rate per annum equal to the Base Rate plus the  Applicable  Percentage for Loans
plus 1%.

     (d) Anything herein to the contrary notwithstanding, the obligations of the
Borrowers hereunder shall be subject to the limitation that payments of interest
shall not be required,  for any period for which interest is computed hereunder,
to the extent (but only to the extent) that  contracting  for or receiving  such
payment by the relevant  Lending  Office would be contrary to the  provisions of
any  applicable  law limiting the highest rate of interest which may be lawfully
contracted for, charged or received by the relevant Lending Office,  and in such
event the  Borrowers  shall pay the  relevant  Lending  Office  interest  at the
highest rate permitted by applicable law.

2.08     FEES.
         ----

(a)      Facility Fee. The Borrowers shall pay to the Bank a facility fee in
         Dollars in an amount equal to the product of (i)i the Applicable
         Percentage for Facility Fee, times (ii)ii 25%, times (iii)iii the
         Commitment, computed on a quarterly basis in arrears on the last
         Business Day of each calendar quarter. Such Facility Fee shall accrue
         from the Effective Date to the Termination Date and shall be due and
         payable quarterly in arrears on the fifth Business Day following
         receipt of an invoice from the Bank, with the final payment to be made
         on the Termination Date.

(b)      Letter of Credit Fees.
         ---------------------

(i)               Each Borrower shall pay to the Bank a letter of credit fee
                  ("L/C Fee") with respect to each Letter of Credit issued by
                  the Bank in an amount determined as follows:

(A)                        subject to clause (C) below, as to Performance
                           Letters of Credit, the Dollar Equivalent of the
                           average daily undrawn amount of such issued Letters
                           of Credit as reported by the Bank times the
                           Applicable Percentage for Performance Letters of
                           Credit then in effect;

(B)                        subject to clause (C) below, as to Financial Letters
                           of Credit, the Dollar Equivalent of the average daily
                           undrawn amount of such issued Letters of Credit as
                           reported by the Bank times the Applicable Percentage
                           for Financial Letters of Credit then in effect; and

(C)                        if the original face amount of a Letter of Credit
                           does not exceed $200,000, the L/C Fee will be
                           separately agreed upon by the Borrower and the Bank
                           or applicable Lending Office at the time such Letter
                           of Credit is issued.

                  Such fee shall accrue on such amount from the date of issuance
                  of each Letter of Credit (with such issuance date being deemed
                  to be the Effective Date in the case of the Outstanding LCs
                  that are to be continued hereunder as Performance Letters of
                  Credit or Financial Letters of Credit) until its expiration
                  date, taking into account any extensions of the expiration
                  date beyond the initial expiration date. Such fee shall be
                  payable quarterly in arrears on the last day of each calendar
                  quarter and on the date each Letter of Credit expires or is
                  fully drawn.

(ii)              In addition to the letter of credit fees due the Bank
                  hereunder, each Borrower shall pay to any Lending Office
                  issuing a Letter of Credit (other than the Munich Office or
                  the New York Office) any standard amendment, negotiation or
                  other fees as such Lending Office may request at the time such
                  Letter of Credit is issued or amended.

     (c)  Arrangement  Fee.  The  Borrowers  shall  pay to the  Bank an  initial
arrangement fee in the amount of $35,000 on the Effective Date.

2.09     COMPUTATION OF FEES AND INTEREST.
         --------------------------------

(a)      All computations of interest payable in respect of Base Rate Loans at
         all times as the Base Rate is determined by the Bank's "reference" or
         "prime" rate shall be made on the basis of a year of 365 or 366 days,
         as the case may be, and actual days elapsed. All other computations of
         fees and interest under this Agreement shall be made on the basis of a
         360-day year and actual days elapsed. Interest and fees shall accrue
         during each period during which interest or such fees are computed from
         and including the first day thereof to but excluding the last day
         thereof.

(b)      Each determination of an interest rate by the Bank pursuant to any
         provision of this Agreement shall be conclusive and binding on the
         Borrowers in the absence of manifest error.

2.10     PAYMENTS BY THE BORROWERS.
         -------------------------

(a)      All payments (including prepayments) to be made by any Borrower on
         account of Obligations shall be made without set-off or counterclaim
         and shall, except as otherwise expressly provided herein, be made to
         the relevant Lending Office, in the currency in which the relevant type
         of Obligation was denominated and in immediately available funds, no
         later than 3:00 p.m. (local time) unless otherwise agreed, on the date
         specified herein. Any payment which is received by a Lending Office
         later than 3:00 p.m. (local time) shall be deemed to have been received
         on the immediately succeeding Business Day and any applicable interest
         or fee shall continue to accrue.

(b)      Whenever any payment hereunder shall be stated to be due on a day other
         than a Business Day, such payment shall be made on the next succeeding
         Business Day, and such extension of time shall in such case be included
         in the computation of interest or fees, as the case may be, subject to
         the provisions set forth in the definition of "Interest Period" herein.

2.11 LENDING OFFICE. Notwithstanding anything to the contrary contained herein,
each Advance made for the account of any Borrower incorporated or otherwise
organized in the United States or any political subdivision thereof shall be
made by the Bank's New York Office, unless otherwise agreed to by the parties,
and each Advance made for the account of any Borrower incorporated or otherwise
organized in any foreign country shall be made by an Affiliate of the Bank
located in such country, if applicable, and otherwise as may be mutually agreed
upon by the Bank and such Borrower (the Bank's branch or office or such foreign
Affiliate, as the case may be, which is required to make a given Advance
hereunder is referred to as the "Lending Office" with respect to such Advance).
The Bank agrees to use its best efforts not to change the location of any
Lending Office or to transfer its interest in any Loan to an Assignee so as to
cause payments by any Borrower to be made to a Lending Office outside the
country in which such Borrower is incorporated or otherwise organized. If the
Bank intends to change the location of any such Lending Office and such change
would cause any Borrower to become liable to make payments to the Bank pursuant
to Article IV, such payments shall not be applicable unless the Bank has given
the Borrowers at least 30 days' prior notice of the change, unless the relevant
sections of Article IV provide for a different notice period.

2.12 EXTENSION OF THE TERMINATION DATE. BAX and Brink's, by notice to the Bank
and the other Borrowers then party hereto (an "Extension Request") at any time
not less than 90 days prior to the Termination Date then in effect, request that
such Termination Date be extended for successive one-year terms. If in its sole
discretion the Bank agrees to grant the Extension Request, the Bank shall so
notify Brink's and BAX within 30 days after the Bank's receipt of the Extension
Request, whereupon the Termination Date shall be extended for one year.

2.13 CERTAIN OBLIGATIONS JOINT AND SEVERAL. BAX shall be jointly and severally
liable with each of the BAX Covered Subsidiaries for all Obligations of such BAX
Covered Subsidiary. Brink's shall be jointly and severally liable with each of
the Brink's Covered Subsidiaries for all Obligations of such Brink's Covered
Subsidiary. Other than as set forth herein, no Borrower shall be liable for the
Obligations of any other Borrower.

ARTICLE III
                                LETTERS OF CREDIT

3.01     THE LETTERS OF CREDIT COMMITMENT.
         --------------------------------

     (a) Letters of Credit denominated in Dollars or any other Approved Currency
may be issued under the  Commitment for the following  purposes:  (i) "Financial
Letters of Credit" may be issued to any Person other than an Affiliate to secure
the payment by any Person of its financial obligations, or to provide counter or
"back-up"  guarantees in support of bank guarantees,  Letters of Credit or other
credit  facilities  afforded  to  a  Borrower,  or  to  support  local  currency
borrowings outside the United States,  and (ii) "Performance  Letters of Credit"
may be issued to secure the performance by any Person of its obligations,  or to
guaranty or otherwise secure any Person's obligations relating to a bid, advance
payment or  security  deposit,  retention  release,  custom  and duty  deferment
guaranty  or bond,  warranty or  performance  bond or other  guaranty  and shall
include  Commercial  Letters of Credit.  No Lending Office shall be obligated to
issue any Letter of Credit if, after giving effect to such issuance, (a) the sum
of the (i)  aggregate  amount  of Letter  of  Credit  Obligations  plus (ii) the
aggregate principal amount of outstanding Loans would exceed the Commitment,  or
any Performance  Letter of Credit if, after giving effect to such issuance,  the
aggregate  Letter  of  Credit  Obligations  allocable  to the  then  outstanding
Performance  Letters of Credit  would  exceed the  Performance  Letter of Credit
Sublimit,  provided  that for  --------  purposes of  determining  the amount of
Letter of Credit  Obligations  under  Performance  Letters of Credit at any such
time,  any portion of such amount that is  denominated  in an Approved  Currency
shall be included in such amount as the Dollar Equivalent thereof at such time.

     (b) No  Lending  Office  shall be  obligated  to issue any Letter of Credit
hereunder if such issuance  would conflict with, or cause such Lending Office to
be in violation of, any  Requirements  of Law,  including any prohibition of the
Foreign Assets Control regulations of the United States Treasury Department,  or
after the Bank or any  Lending  Office  has  promptly  notified  the  applicable
Borrower that it cannot, for any reason, issue a particular Letter of Credit.

3.02     TERMS OF THE LETTERS OF CREDIT.
         ------------------------------

     (a) Performance Letters of Credit issued after the Effective Date shall not
have a term exceeding one year.

     (b) No Letter of Credit may expire  (including all rights of renewal) later
than the Termination Date,  provided,  however,  that the Bank in its discretion
may elect to, and may elect to allow any other relevant Lending Office to, issue
Letters of Credit that expire after the relevant  Termination  Date,  upon terms
and  conditions  acceptable  to the Bank,  including  without  limitation,  cash
collateral provisions,  it being understood and agreed that this Agreement shall
remain in full force and effect with respect to all such Letters of Credit until
they have expired and all related Letter of Credit Obligations have been paid in
full. Without limiting the generality of the foregoing,  the applicable Borrower
will cash  collateralize  each Letter of Credit  that  remains  outstanding  and
undrawn as of the Termination Date by deposit of immediately  available funds in
an  amount  equal  to  the  undrawn  amount  of  such  Letter  of  Credit  in  a
non-interest-bearing account maintained with the Bank.

3.03     PROCEDURE FOR ISSUANCE OF THE LETTERS OF CREDIT.
         -----------------------------------------------

     (a) Each Letter of Credit to be issued  after the  Effective  Date shall be
issued upon the request of a Borrower  (and, in the case of a Borrower that is a
BAX Covered  Subsidiary,  the request of BAX, or, in the case of a Borrower that
is a Brink's Covered Subsidiary,  the request of Brink's) received by the Bank's
Munich Office and any other  relevant  Lending  Office not later than 12:00 noon
(local  time),  unless  otherwise  agreed by the Munich  Office and the relevant
Lending Office, three (3) Business Days prior to the requested date of issuance.
Upon receipt of such request,  the Bank and any other  relevant  Lending  Office
will  determine  whether or not the  issuance of such Letter of Credit  would be
permitted pursuant to Section 3.01.

     (b) Each  request  for  issuance  of a Letter  of  Credit  shall be made in
writing by fax and  confirmed  by delivery of the  original  executed  Letter of
Credit Application and Agreement,  in the Bank's standard form or a similar form
if the  relevant  Lending  Office  uses a  different  form  (each,  an "L/C
Application"),  not later than one (1) Business Day thereafter. Each request for
issuance of a Letter of Credit and each L/C  Application  shall  specify,  among
other things: (i) the proposed date of issuance (which shall be a Business Day);
(ii) the face amount of the Letter of Credit;  (iii) the date of  expiration  of
the Letter of Credit; (iv) the name and address of the beneficiary  thereof; (v)
the documents to be presented by the beneficiary of the Letter of Credit in case
of any drawing thereunder; (vi) the full text of any certificate to be presented
by the  beneficiary  in case of any drawing  thereunder;  and (vii)  whether the
Letter of Credit is a Financial Letter of Credit or a Performance
         Letter of Credit.

     (c) Any request for an amendment to any previously-issued  Letter of Credit
shall be received by the Bank and any Lending  Office which issued the Letter of
Credit not later than 12:00 noon (local time),  unless  otherwise  agreed by the
Bank and any such other Lending Office,  two (2) Business Days prior to the date
of the  proposed  amendment  in  writing by fax.  Each  written  request  for an
amendment  to a  previously-issued  Letter of Credit made by fax shall be in the
form of the relevant L/C Application signed by the relevant Borrower and, unless
otherwise  agreed by the Munich  Office and any Lending  Office which issued the
Letter of Credit in accordance with the last sentence of Section 3.02(b),  shall
not request an extension beyond the relevant  Termination Date described in said
Section. Amendments and extensions shall be at the sole discretion of the Munich
Office and any Lending Office which issued the Letter of Credit.

     (d)  Notwithstanding  any provision of any L/C Application to the contrary,
in the event of any conflict  between the terms of any such L/C  Application and
the terms of this  Agreement,  the terms of this  Agreement  shall  control with
respect  to  payment  obligations,   events  of  default,   representations  and
warranties,  and  covenants,  except that such L/C  Application  may provide for
further  warranties   relating   specifically  to  the  transaction  or  affairs
underlying such Letter of Credit.

3.04 DRAWINGS AND REIMBURSEMENTS. Each Borrower hereby unconditionally and
irrevocably agrees to reimburse the relevant Lending Office for each payment
made by such Lending Office under any Letter of Credit issued for the account of
such Borrower. Such reimbursement shall be due and payable on the date the
relevant Lending Office makes such payment under such Letter of Credit. If such
reimbursement payment is not made when due, the amount thereof shall bear
interest from the date such reimbursement payment became due to the date the
relevant Lending Office is reimbursed therefor at a rate per annum equal to the
Base Rate plus 1% per annum or, with respect to any Reimbursement Obligation
denominated in a currency other than Dollars or euros, such other rate per annum
as is determined by the issuing Lending Office to be due pursuant to the
relevant L/C Related Documents, in all cases as permitted by applicable laws.
Such interest shall be payable on demand.

3.05 REIMBURSEMENT OBLIGATIONS ABSOLUTE. The obligations of the Borrowers to
reimburse the relevant Lending Office for payments made by such Lending Office
under any Letter of Credit honoring a demand for payment by the beneficiary
thereunder shall be irrevocable, absolute and unconditional under any and all
circumstances, including the following circumstances:

(a)      any lack of validity or enforceability of this Agreement, any Letter of
         Credit, any L/C Application or any other agreement or instrument
         relating thereto (collectively, the "L/C Related Documents");

(b)      any change in the time, manner or place of payment of, or in any other
         term of, all or any of the obligations of any Borrower in respect of
         any Letter of Credit or any other amendment or waiver of or any consent
         to or departure from all or any of the L/C Related Documents;

(c)      the existence of any claim, set-off, defense or other right that any
         Borrower may have at any time against any beneficiary or any transferee
         of any Letter of Credit (or any Person for whom any such beneficiary or
         any such transferee may be acting), the Bank, any Lending Office or any
         other Person, whether in connection with this Agreement, the
         transactions contemplated by the L/C Related Documents or any unrelated
         transaction;

(d)      any draft, certificate, statement or other document presented under any
         Letter of Credit proving to be forged, fraudulent, invalid or
         insufficient in any respect or any statement therein being untrue or
         inaccurate in any respect other than if such payment resulted from the
         gross negligence or willful misconduct of the relevant Lending Office;

(e)      payment by the relevant Lending Office under any Letter of Credit
         against presentation of a draft or certificate that does not comply
         with the terms of the Letter of Credit other than if such payment
         resulted from the gross negligence or willful misconduct of the
         relevant Lending Office;

(f)      any release or  amendment or waiver of or consent to departure  from
         any  guaranty,  for all or any of the obligations of any Borrower in
         respect of any Letter of Credit; or

(g)      any other circumstance or happening whatsoever, whether or not similar
         to any of the foregoing, including any other circumstance that might
         otherwise constitute a defense available to, or a discharge of, any
         Borrower or any account party other than a circumstance constituting a
         breach of this Agreement by or the gross negligence or willful
         misconduct on the part of the relevant Lending Office.

ARTICLE IV
                     TAXES, YIELD PROTECTION AND ILLEGALITY

4.01     TAXES.
         -----

     (a) Payments made  hereunder and under any  instrument  executed  hereunder
shall be made free and clear of, and without  deduction for, any and all present
or future taxes, levies, imposts,  duties,  deductions,  withholding and similar
charges  ("Taxes")  excluding,  in the case of the Bank, each Lending Office and
each Assignee,  Taxes  (including  franchise or receipts taxes) imposed on or in
respect of its net income,  capital,  or receipts,  by the  jurisdiction (or any
political  subdivision thereof) under the laws of which the Bank or such Lending
Office or Assignee (as the case may be) (A) is organized,  (B) has its principal
place  of  business,  or (C) is,  through  an  office  or other  fixed  place of
business,  deemed to be doing business or maintaining a permanent  establishment
under  any  applicable  income  tax  treaty  (such   non-excluded   Taxes  being
"Withholding  Taxes").  If any Borrower or Guarantor shall be required by law to
deduct any Withholding  Taxes from or in respect of any sum payable hereunder or
under any instrument executed hereunder, such Borrower or Guarantor:

(i)               shall pay to the Bank, Lending Office or Assignee an
                  additional amount so that the net amount received and retained
                  by the Bank, Lending Office or Assignee after taking into
                  account such Withholding Taxes (and any additional Withholding
                  Taxes payable on account of any additional payment called for
                  by this sentence) will equal the full amount which would have
                  been received and retained by the Bank, Lending Office or
                  Assignee as if no such Withholding Taxes been paid, deducted,
                  or withheld;

(ii)     shall make such deductions for Withholding Taxes; and

(iii)             shall pay the full amount deducted to the relevant taxing
                  authority or other authority in accordance with applicable
                  law.

     (b) Borrower shall  indemnify the Bank,  Lending Office or Assignee (as the
case  may be) for  (i) the  full  amount  of any  Withholding  Taxes  (including
interest  and  penalties  thereon)  that the Bank,  Lending  Office or  Assignee
becomes  liable for as a result of a Borrower's  or  Guarantor's  failure to pay
such Withholding Taxes pursuant to Section 4.01 or applicable law.

     (c) Each  Borrower  will  furnish  the Bank,  Lending  Office  or  Assignee
original Withholding Tax receipts,  notarized copies of Withholding Tax receipts
or such other appropriate  documentation as will prove payment of tax in a court
of law  applying  U.S.  Federal  Rules of  Evidence  for all Taxes  paid by such
Borrower  pursuant to Section 4.01(a).  The relevant  Borrower will deliver such
receipts within a reasonable period after payment of any Withholding  Taxes, but
in no event  later than 60 days after the due date for the  related  Withholding
Tax.

     (d) If the Bank,  Lending  Office or  Assignee  is  entitled to a refund or
credit of Withholding Tax, it shall use reasonable efforts to pursue such refund
(and interest with respect  thereto),  and if it receives such refund or credit,
shall pay to the  relevant  Borrower  the  amount of the  refund or credit  (and
interest with respect thereto) actually received.

     (e) The Bank,  Lending  Office or  Assignee  shall use  reasonable  efforts
(consistent with its internal policies and legal and regulatory restrictions) to
change the  jurisdiction  of its  relevant  Lending  Office if such change would
avoid  or  reduce  any  Withholding  Tax;   provided  that  no  such  change  of
jurisdiction  shall be made if, in the  reasonable  judgment  of the Bank,  such
Lending Office or such  Assignee,  such change would be  disadvantageous  to the
Bank, such Lending Office or such Assignee, as the case may be.

     (f) The Bank or its Affiliate,  Lending  Office or Assignee  agrees that it
will  deliver  to the  Guarantor  or the  Borrowers,  within  30 days  after the
execution of this  Agreement  (unless  theretofore  so delivered)  and as may be
reasonably  required from time to time by applicable law or  regulation,  United
States Internal  Revenue Service Forms W-8BEN and/or W-8ECI (or successor Forms)
or such other form, if any, as from time to time may permit the Guarantor or the
Borrowers to demonstrate that payments made by the Guarantor or the Borrowers to
the Bank or its  Affiliate,  Lending  Office or  Assignee  under this  Agreement
either are exempt from United States Federal Withholding Taxes or are payable at
a reduced rate (if any) specified in any applicable tax treaty or convention.

4.02     ILLEGALITY.
         ----------

(a)      If the Bank shall determine that the introduction of any Requirement of
         Law, or any change in any Requirement of Law or in the interpretation
         or administration thereof, has made it unlawful, or that any central
         bank or other Governmental Authority has asserted that it is unlawful,
         for the Bank or any other relevant Lending Office to make LIBO Rate
         Loans or to issue Letters of Credit, then, on notice thereof by the
         Bank to the Borrowers, the obligation of the Bank to make LIBO Rate
         Loans or to issue Letters of Credit, as the case may be, shall be
         suspended until the Bank shall have notified the Borrowers that the
         circumstances giving rise to such determination no longer exist.

(b)      If the Bank shall determine that it is unlawful to maintain any LIBO
         Rate Loan, the affected Borrowers shall prepay in full all LIBO Rate
         Loans then outstanding, together with interest accrued thereon, either
         on the last day of the Interest Period thereof if the Bank may lawfully
         continue to maintain such LIBO Rate Loans to such day, or immediately,
         if the Bank may not lawfully continue to maintain such LIBO Rate Loans,
         together with any amounts required to be paid in connection therewith
         pursuant to Section 4.04.

(c)      The Bank shall immediately notify the Borrowers of any event described
         in (a) or (b) above.

4.03     INCREASED COSTS AND REDUCTION OF RETURN; ADDITIONAL INTEREST ON LIBO
RATE LOANS.

     (a) If the Bank shall determine that, due to either (i) the introduction of
any  Requirement  of Law,  or any  change  in any  Requirement  of Law or in the
interpretation  or  administration  thereof  or (ii)  the  compliance  with  any
guideline  or request  from any  central  bank or other  Governmental  Authority
(whether  or not having the force of law),  there  shall be any  increase in the
cost to the Bank or any Lending Office of agreeing to make or making, funding or
maintaining  any LIBO Rate Loans,  then the relevant  Borrowers  shall be liable
for, and shall from time to time, upon written request therefor by the Bank, pay
to the Bank additional  amounts as are sufficient to compensate the Bank or such
Lending Office for such increased costs.
     (b) If the Bank  shall have  determined  that (i) the  introduction  of any
Capital Adequacy Regulation, (ii) any change in any Capital Adequacy Regulation,
(iii) any change in the interpretation or administration of any Capital Adequacy
Regulation by any central bank or other Governmental  Authority charged with the
interpretation  or  administration  thereof,  or (iv) compliance by the Bank (or
other relevant Lending Office) or any corporation controlling the Bank, with any
Capital  Adequacy  Regulation  affects  or would  affect  the  amount of capital
required or expected to be  maintained  by the Bank,  any Lending  Office or any
corporation  controlling the Bank and (taking into  consideration the Bank's and
such controlling corporation's policies with respect to capital adequacy and the
Bank's desired return on capital) and determines that the amount of such capital
is increased as a  consequence  of Advances  under this  Agreement,  then,  upon
written request of the Bank, the Borrowers shall  immediately pay to the Bank or
the  relevant  Lending  Office,  from  time to time as  specified  by the  Bank,
additional  amounts sufficient to compensate the Bank or such Lending Office for
such increase.

     (c) Each  Borrower  shall  pay to the  Bank,  as long as the Bank  shall be
required  under Federal  Reserve  Board  regulations  to maintain  reserves with
respect to liabilities or assets consisting of or including  Eurocurrency  funds
or deposits (currently known as "Eurocurrency liabilities"), additional costs on
the  unpaid  principal  amount of all LIBO Rate  Loans  made by the Bank to such
Borrower equal to the actual costs of such reserves  allocated to each such Loan
by the Bank (as determined by the Bank in good faith, which  determination shall
be conclusive absent manifest error), payable on each Interest Payment Date with
respect to each such Loan,  provided that such  Borrower  shall have received at
least 15 days' prior --------  written notice of such additional  costs from the
Bank.  If the Bank fails to give notice 15 days prior to the  relevant  Interest
Payment Date, such additional  interest shall accrue and be payable 15 days from
receipt of such notice.
     (d) The Bank will notify each  Borrower  of any event  occurring  after the
date hereof  which will entitle the Bank or any Lending  Office to  compensation
from such  Borrower  pursuant to this  Section  4.03 as promptly as  practicable
after it obtains knowledge thereof and determines to request such  compensation,
and will designate a different Lending Office if such designation will avoid the
need for,  or reduce the  amount of,  such  compensation.  If the Bank  requests
compensation  under this Section 4.03, the relevant  Borrowers may, by notice to
the Bank,  require  that:  (x) the Bank  furnish  to the  relevant  Borrowers  a
statement  setting  forth the basis for  requesting  such  compensation  and the
method  for  determining  the  amount  thereof or (y) the Loans of the type with
respect to which such  compensation  is requested be either prepaid or converted
into another type.

     4.04 FUNDING LOSSES. Each Borrower agrees to reimburse the Bank and to hold
the Bank and any relevant Lending Office harmless from any loss or expense which
the Bank may sustain or incur as a consequence of:

(a)      the failure by such Borrower to make any payment or prepayment of
         principal of any LIBO Rate Loan when due (including payments made after
         any acceleration thereof);

(b)      the failure by such Borrower to borrow, continue or convert a Loan
         after such Borrower has given (or is deemed to have given) a notice of
         borrowing or a notice of conversion or continuation;

(c)      the failure by such Borrower to make any  prepayment  after such
         Borrower has given a notice in accordance with Section 2.05;

(d)      the  prepayment  of a LIBO  Rate  Loan on a day  which  is not the last
         day of the  Interest  Period  with respect thereto; or

(e)      the conversion pursuant to Section 2.03 of any LIBO Rate Loan to a Base
         Rate Loan or Optional Rate Loan on a day that is not the last day of
         the Interest Period with respect to the LIBO Rate Loan;

including any such loss or expense arising from the liquidation or reemployment
of funds obtained by any Lending Office to maintain its LIBO Rate Loans
hereunder or from fees payable to terminate the deposits from which such funds
were obtained.

4.05 INABILITY TO DETERMINE RATES. If the Bank shall have determined that for
any reason adequate and reasonable means do not exist for ascertaining the LIBO
Rate for any requested Interest Period with respect to a LIBO Rate Loan or that
the LIBO Rate for any requested Interest Period with respect thereto does not
adequately and fairly reflect the cost to the Bank or any relevant Lending
Office of funding such Loan, the Bank will forthwith give notice of such
determination to the relevant Borrowers. Thereafter, the obligation of the Bank
or any relevant Lending Office to make or continue LIBO Rate Loans or to convert
Base Rate Loans or Optional Rate Loans to LIBO Rate Loans hereunder, as the case
may be, shall be suspended until the Bank revokes such notice in writing. Upon
receipt of such notice, the relevant Borrower may revoke any notice of borrowing
or notice of conversion or continuation then submitted by it. If the relevant
Borrower does not revoke such notice with respect to a LIBO Rate Loan, the Bank
shall make, convert or continue the Loan, as proposed by such Borrower, in the
amount specified in the applicable notice submitted by such Borrower, but such
Loan shall be made, converted or continued as a Base Rate Loan instead of a LIBO
Rate Loan.

4.06 CERTIFICATE OF THE BANK. If claiming reimbursement or compensation pursuant
to this Article IV, the Bank shall deliver to each relevant Borrower a
certificate setting forth in reasonable detail the amount payable to the Bank or
any relevant Lending Office hereunder, and such certificate shall be conclusive
and binding on each recipient Borrower in the absence of manifest error.

     4.07  SURVIVAL.  The  agreements  and  obligations of the Borrowers in this
Article IV shall survive the payment of all other Obligations.
                                   ARTICLE V
                              CONDITIONS PRECEDENT

5.01 CONDITIONS TO EFFECTIVENESS OF THIS AGREEMENT. The effectiveness of this
Agreement is subject to the condition that the Bank shall have received on or
before the Effective Date all of the following, in form and substance
satisfactory to the Bank and its counsel:

(a)      Credit Agreement.  This Agreement executed by each Borrower and by the
         Guarantor;

(b)      Resolutions; Incumbency.
         -----------------------

(i)               Copies of the resolutions of the board of directors of BAX,
                  Brink's and the Guarantor approving and authorizing the
                  execution, delivery and performance of this Agreement and the
                  other Loan Documents to be delivered by it hereunder, and, in
                  the case of BAX and Brink's, authorizing the borrowing of the
                  Loans and the incurrence of the Reimbursement Obligations,
                  certified as of the Effective Date by the Secretary or an
                  Assistant Secretary of such Borrower or the Guarantor, as the
                  case may be; and

(ii)              A certificate of the Secretary or Assistant Secretary of BAX,
                  Brink's and the Guarantor as of the Effective Date certifying
                  the names and true signatures of the officers of such Borrower
                  or the Guarantor, as the case may be, authorized to execute
                  and deliver this Agreement and all other Loan Documents to be
                  delivered by it hereunder.

(c)      Articles of Incorporation, By-laws and Good Standing.
         Each of the following documents:

(i)               the articles or certificate of incorporation of BAX, Brink's
                  and the Guarantor as in effect on the Effective Date,
                  certified by the Secretary of State of its state of
                  incorporation as of a recent date and by its Secretary or
                  Assistant Secretary as of the Effective Date;

(ii)              the by-laws of BAX, Brink's and the Guarantor as in effect on
                  the Effective Date, certified by the Secretary or Assistant
                  Secretary of such Borrower or the Guarantor, as the case may
                  be, as of the Effective Date; and

(iii)             a good standing certificate for BAX, Brink's and the Guarantor
                  from the Secretary of State of its state of incorporation as
                  of a recent date.

(d)      Guaranty.  The Guaranty executed by the Guarantor.

(e)      Notes. Any Notes requested by the Bank, executed by the applicable
         Borrower.

(f)      Legal  Opinion.  Opinions  in form and  substance  reasonably
         satisfactory  to the  Bank of an  assistant general  counsel of the
         Guarantor  (and in such  capacity,  acting as counsel  to the
         Borrowers)  and of Hunton & Williams, counsel to the Guarantor and the
         Borrowers.

(g)      Payment of Costs and Fees. The Borrowers shall have paid (i) all costs,
         accrued and unpaid fees and expenses incurred by the Bank, to the
         extent due and payable on the Effective Date, including the fees and
         expenses of outside counsel to the Bank, and (ii) the initial
         arrangement fee of $35,000.

(h)      Certificates.  A certificate  signed by a Responsible  Officer of each
         Borrower and the  Guarantor,  date as of the Effective Date, stating
         that:

(i)       the representations and warranties made by such Person in
          Article VI, and the representations and warranties made by the
          Guarantor in the Guaranty, are true and correct on and as of
          such date, as though made on and as of such date;

(ii)     no Default or Event of Default exists as of and after giving effect to
         the Effective Date; and

(iii)    since December 31, 2001, there has occurred no event or
         circumstance that has had or would have a Material Adverse
         Effect; and

(i)      Financial Statements. A copy of the audited and unaudited financial
         statements of the Guarantor and its Subsidiaries referred to in Section
         6.07, accompanied by a copy of the related auditor's report, in the
         case of the audited financial statements, and a certificate of a
         Responsible Officer of the Guarantor, in the case of the unaudited
         financial statements.

(j)      No Legal Bar; Approvals. All governmental and third party approvals
         necessary in connection with the financing contemplated hereby shall
         have been obtained and be in full force and effect, and there shall not
         exist any judgment, order, injunction or other restraint issued or
         filed or a hearing seeking injunctive relief or other restraint pending
         or notified prohibiting the transactions contemplated by this Agreement
         and the other Loan Documents, or any pending or threatened litigation
         seeking such a result.

     5.02 CONDITIONS TO SUBSEQUENT ADVANCES.  The obligation of the Bank to make
any  Advance  after the  Effective  Date is subject to the  satisfaction  of the
following conditions precedent on the date of the relevant extension of credit:

     (a) Notice of Advance.  The Bank shall have  received a notice of borrowing
pursuant to Section 2.02 or an L/C Application pursuant to Section 3.03;

     (b) Continuation of Representations and Warranties. The representations and
warranties  made  by the  Borrowers  and the  Guarantor  in  Article  VI and the
representations  and  warranties  made by the Guarantor in the Guaranty shall be
true and correct on and as of the date of such extension of credit with the same
effect as if made on and as of such date;

     (c) No Existing Default.  No Default or Event of Default shall exist on the
date of such  extension of credit or shall result from such extension of credit;
and
     (d) Additional  Documentation.  The relevant  Borrower shall have delivered
any Note or  other  document  as the  relevant  Lending  Office  may  reasonably
require.

         Each request for an Advance shall constitute a representation and
warranty by the requesting Borrower that, as of the date of such request and as
of the date that the Advance is made, the conditions in this Section 5.02 are
satisfied.

5.03 CONDITIONS FOR PARTICIPATION BY ADDITIONAL COVERED SUBSIDIARIES. The Bank's
acceptance of additional Covered Subsidiaries as parties to and Borrowers under
this Agreement after the Effective Date is subject to the satisfaction of the
following conditions precedent before the effectiveness of each such Covered
Subsidiary's Election to Participate:

(a)      Election to Participate. The Bank shall have received an Election to
         Participate from the Covered Subsidiary, duly executed by such Covered
         Subsidiary, BAX (in the case of a BAX Covered Subsidiary) or Brink's
         (in the case of a Brink's Covered Subsidiary) and the Guarantor, in the
         form of Exhibit A hereto (in the case of a BAX Covered Subsidiary) or
         Exhibit B hereto (in the case of a Brink's Covered Subsidiary);

(b)      Authorization. The Bank shall have received evidence of the authority
         for and the validity of the Election to Participate of such Covered
         Subsidiary including, without limitation, documents of the type listed
         in Sections 5.01(b) and (c) or similar constitutive documents, and any
         other documents the Bank may reasonably request, all in form and
         substance satisfactory to the Bank.

(c)      Continuation of Representations and Warranties. The representations and
         warranties made by the Borrowers and the Guarantor in Article VI and
         the representations and warranties of the Guarantor made in the
         Guaranty shall be true and correct on and as of the date of such
         Election to Participate with the same effect as if made on and as of
         such date.

(d)      Bank Approval. The Bank, in its reasonable discretion, shall have
         accepted such Covered Subsidiary as a Borrower hereunder by returning
         an executed copy of its Election to Participate to such Covered
         Subsidiary, BAX or Brink's, as the case may be, and the Guarantor.

     (e) Indemnity and Waiver. Notwithstanding the requirements of clause (b) of
this Section 5.03,  BAX or Brink's may request that the Bank  temporarily  waive
the  requirements  of such clause (b) by executing and delivering to the Bank an
Indemnity and Waiver Request in the form of Exhibit D-1 hereto (in the case of a
BAX Covered  Subsidiary) or Exhibit D-2 hereto (in the case of a Brink's Covered
Subsidiary).  If such an Indemnity  and Waiver  Request is accepted by the Bank,
then  the  Covered  Subsidiary  to  which it  refers  may  become a party to and
Borrower under this Agreement  notwithstanding its failure to meet the condition
set forth in Section 5.03(b);  provided,  however,  that such Covered Subsidiary
must  subsequently  satisfy  the  requirements  of Section  5.03(b).  If (1) the
condition  set forth in Section  5.03(b) has not been  satisfied  within 75 days
after  such  Covered  Subsidiary  has  become a party to  andBorrower  under the
Agreement,  and (2) the Bank shall have given the  Guarantor  and either BAX (in
the case of a BAX  Covered  Subsidiary)  or  Brink's  (in the case of a  Brink's
Covered  Subsidiary)  15  days'  written  notice  of such  failure  and it shall
nevertheless  continue and (3) the proposed Covered Subsidiary together with BAX
or  Brink's,  as the case may be,  shall  not  have  notified  the Bank of their
respective  decisions that such Subsidiary shall not become a Covered Subsidiary
hereunder,  then all amounts owed to the Bank by the proposed Covered Subsidiary
hereunder,  under any promissory  note or any other loan document  shall, at the
option of the Bank and upon  written  notice from the Bank to BAX or Brink's (as
the case may be) and to the Guarantor,  become  immediately  due and payable and
such proposed Covered  Subsidiary  shall not thereafter be a Covered  Subsidiary
hereunder,  unless  and  until  such  proposed  covered  Subsidiary  shall  have
satisfied fully the requirements of this Section 5.03.

                                   ARTICLE VI
                         REPRESENTATIONS AND WARRANTIES

         Each Borrower, and, to the extent set forth below, the Guarantor,
represents and warrants to the Bank, for its benefit and for the benefit of all
Lending Offices, as follows:

6.01 CORPORATE EXISTENCE. Such Borrower is duly organized, validly existing and
in good standing under the laws of its jurisdiction of incorporation and (i) has
the requisite power and authority to own its property and assets and to carry on
its business as now conducted and (ii) is qualified to do business in every
jurisdiction where such qualification is required, except where the failure so
to qualify would not have a Material Adverse Effect. Such Borrower has the
corporate power to execute and deliver and to perform its obligations under the
Loan Documents to which it is party and to borrow hereunder.

6.02 NON-CONTRAVENTION. The execution, delivery and performance by such Borrower
of the Loan Documents to which it is party have been duly authorized by all
necessary corporate action and do not and will not (i) require any consent or
approval of the shareholders of the Borrower, (ii) violate any provision of any
law, rule, regulation (including, without limitation, Regulation T, U or X of
the Federal Reserve Board), order, writ, judgment, injunction, decree,
determination, or award presently in effect having applicability to the Borrower
or of the charter or by-laws of the Borrower, (iii) result in a material breach
of or constitute a material default under any indenture or loan or credit
agreement or any other agreement, lease, or instrument to which such Borrower is
a party or by which it or its properties may be bound or affected, or (iv)
result in the creation of an Encumbrance of any nature upon or with respect to
any of the properties now owned or hereafter acquired by such Borrower; and such
Borrower is not in default under any such order, writ, judgment, injunction,
decree, determination, or award or any such indenture, agreement, lease, or
instrument or in default under any such law, rule, or regulation, which default
would have a Material Adverse Effect.

6.03 NO CONSENT. No authorization, consent, approval, license, exemption of, or
filing or registration with, or any other action in respect of any Governmental
Authority is or will be necessary for the valid execution, delivery or
performance by such Borrower of the Loan Documents to which it is party.

6.04 BINDING OBLIGATIONS. Each of the Loan Documents to which such Borrower is
party constitute legal, valid, and binding obligations of such Borrower
enforceable against such Borrower in accordance with their respective terms,
except as enforceability may be limited by applicable bankruptcy, insolvency or
similar laws affecting the enforcement of creditors' rights generally or by
equitable principles relating to enforceability.

6.05 TITLE TO PROPERTIES. Such Borrower has good and marketable title to all of
the material assets and properties purported to be owned by it, free and clear
of all liens except those liens permitted by the Guarantor Credit Agreement.

6.06 SUBSIDIARIES. Each BAX Covered Subsidiary is a Subsidiary of BAX, each
Brink's Covered Subsidiary is a Subsidiary of Brink's, and all of such Covered
Subsidiaries' shares which are owned, directly or indirectly, by BAX or Brink's
have been duly authorized and validly issued, are fully paid and nonassessable
and are free and clear of any Encumbrance. The Guarantor represents and warrants
that Pittston Minerals Group Inc., a Virginia corporation, and its Subsidiaries,
Pittston Coal Company, a Virginia corporation, and Pittston Mineral Ventures
Company, a Delaware corporation, and their respective Subsidiaries, are not
direct or indirect Subsidiaries of BAX or Brink's and may not at any time become
Covered Subsidiaries.

6.07     FINANCIAL STATEMENTS.  The Guarantor hereby represents and warrants
that:

     (a) The consolidated balance sheet of the Guarantor and its Subsidiaries as
at December 31, 2001,  and the related  consolidated  statements of  operations,
shareholders'  equity and cash flows for the year then ended,  certified by KPMG
LLP,  independent public  accountants,  copies of which will be delivered to the
Bank on or prior to the Effective Date,  fairly present in all material respects
the consolidated financial condition of the Guarantor and its Subsidiaries as at
such date and the  consolidated  results of their  operations  for the year then
ended, all prepared in accordance with GAAP applied on a consistent basis.

     (b) The  unaudited  consolidated  balance  sheet of the  Guarantor  and its
Subsidiaries as at June 30, 2002, the related unaudited  consolidated  statement
of operations of the Guarantor and its  Subsidiaries for the fiscal quarter year
then ended, and the related  unaudited  consolidated  statement of cash flows of
the Guarantor and its Subsidiaries for the fiscal quarter then ended,  copies of
which will be delivered to the Bank on or prior to the  Effective  Date,  fairly
present in all material  respects the  consolidated  financial  condition of the
Guarantor and its Subsidiaries as at such date and their consolidated results of
operations  for the quarter  then ended,  all prepared in  accordance  with GAAP
(except for the omission of notes and subject to year-end  adjustments)  applied
on a consistent  basis;  and there has been no material  adverse  change in such
condition  or  operations  since June 30,  2002 that has had a Material  Adverse
Effect.

6.08 LITIGATION. Except as otherwise disclosed in writing to the Bank, including
through the delivery to the Bank of copies of reports and statements filed by
the Guarantor with the Securities and Exchange Commission, there are no actions,
suits, or proceedings pending or, to the knowledge of the Borrower, threatened
against or affecting the Borrower or the properties of such Borrower before any
Governmental Authority or arbitrator that would have a Material Adverse Effect,
and such Borrower is not in default (in any respect which would have a Material
Adverse Effect) with respect to any law, rule, regulation, order, writ,
judgment, injunction, decree, determination or award presently in effect and
applicable to such Borrower.

6.09 TAXES. Each Borrower and the Guarantor has filed all material tax returns
(federal, state, and local) required to be filed and paid all taxes shown
thereon to be due, including interest and penalties, or provided adequate
reserves, in accordance with GAAP, for the payment thereof.

6.10 ERISA. Each Plan has complied with and has been administered in all
material respects in accordance with the applicable provisions of ERISA and the
Code. No Plan has terminated under circumstances giving rise to liability of the
Borrower or any ERISA Affiliate to the PBGC under Section 4062, 4063 or 4064 of
ERISA, which liability remains unpaid in whole or in part, and no lien under
Section 4068 of ERISA exists with respect to the assets of the Borrower or any
ERISA Affiliate. No Reportable Event has occurred with respect to any Plan,
except for Reportable Events previously disclosed in writing to the Bank that
would not have a Material Adverse Effect. No accumulated funding deficiency
within the meaning of Section 302 of ERISA or Section 412 of the Code (whether
or not waived) exists with respect to any Plan, nor does any lien under Section
302 of ERISA or Section 412 of the Code exist with respect to any Plan.

         Neither such Borrower nor any ERISA Affiliate has completely or
partially withdrawn from any one or more Multiemployer Plans under circumstances
which would give rise to withdrawal liability which, in the aggregate, could
have a Material Adverse Effect and which has not been fully paid as of the date
hereof. Neither the Borrower nor any ERISA Affiliate has received notice that
any Multiemployer Plan is in reorganization (within the meaning of Section 4241
of ERISA), is insolvent (within the meaning of Section 4245 of ERISA), or has
terminated under Title IV of ERISA, nor, to the best knowledge of the Borrower,
is any such reorganization, insolvency or termination reasonably likely to
occur, where such reorganization, insolvency or termination has resulted or can
reasonably be expected to result in an increase in the contributions required to
be made to such Multiemployer Plan in an amount that would have a Material
Adverse Effect. Neither the Borrower nor any ERISA Affiliate has failed to make
any contribution to a Multiemployer Plan which is required under ERISA or an
applicable collective bargaining agreement in an amount which is material in the
aggregate (except to the extent there is a good faith dispute as to whether any
contribution is owed, the amount owed or the existence of facts that would give
rise to a withdrawal).

6.11      NO DEFAULT. Each Borrower and the Guarantor represent and warrant that
no Default and no Event of Default has occurred and is continuing.

6.12     FEDERAL RESERVE REGULATIONS.
         ---------------------------

(a)      The Borrower is not engaged principally, or as one of its important
         activities, in the business of extending credit for the purpose of
         purchasing or carrying Margin Stock.

(b)      No part of the proceeds of any Advances will be used, whether directly
         or indirectly, and whether immediately, incidentally or ultimately, for
         any purpose which entails a violation of, or which is inconsistent
         with, the provisions of the Regulations promulgated by the Federal
         Reserve Board, including, without limitation, Regulations T, U or X.

6.13     INVESTMENT  COMPANY ACT. None of the Borrowers nor the Guarantor is an
"investment  company"  as  defined  in, or  subject  to  regulation  under,  the
Investment Company Act of 1940.

6.14 ENVIRONMENTAL MATTERS. In the ordinary course of its business, the
Guarantor conducts an ongoing review of the effect of Environmental Laws and
laws relating to occupational safety and health on the business, operations and
properties of the Guarantor and its Subsidiaries, in the course of which it
identifies and evaluates associated liabilities and costs (including any capital
or operating expenditures required for clean-up, closure or restoration of
properties presently or previously owned, any capital or operating expenditures
required to achieve or maintain compliance with environmental protection and
occupational health and safety standards imposed by law or as a condition of any
license, permit or contact, any related constraints on operating activities,
including any periodic or permanent shutdown of any facility or reduction in the
level of or change in the nature of operations conducted thereat and any actual
or potential liabilities to third parties, including employees, and any related
costs and expenses). On the basis of this review, each Borrower and the
Guarantor represents and warrants that applicable Environmental Laws and laws
relating to occupational health and safety do not have a Material Adverse
Effect, and it has obtained and holds all material permits, licenses and
approvals required under Environmental Laws which are necessary for the conduct
of its business and the operation of its facilities, and it has not received any
written notice of any failure to be in compliance with the terms and conditions
of such permits, licenses and approvals, which failure could reasonably be
expected to have a Material Adverse Effect.

6.15 PRIORITY OF DEBT. Each Borrower and the Guarantor hereby represents and
warrants that all Debt created under this Agreement for which it is or may be
liable ranks pari passu with the Debt outstanding under the Guarantor Credit
Agreement.

6.16 ACCURACY AND COMPLETENESS OF INFORMATION. The financial statements
referenced in Section 6.07, the financial statements to be provided pursuant to
Section 7.04 and the written information with respect to the Guarantor and the
Borrowers contained in this Agreement, taken as a whole, do not contain any
material misstatement of fact or omit to state any material fact necessary to
make the statements therein, in light of the circumstances under which such
statements were then made, not misleading.

ARTICLE VII
                                    COVENANTS

7.01 POST-EFFECTIVE DATE TRANSACTIONS. Within 60 days after the Effective Date
each BAX Covered Subsidiary that is a Borrower hereunder as of the Effective
Date, each Brink's Covered Subsidiary that is a Borrower hereunder as of the
Effective Date, and each other Covered Subsidiary that may be a Borrower
hereunder when such documents are delivered, shall furnish to the Bank documents
of the type listed in Sections 5.01(b) and (c) or similar constitutive
documents. Each such Brink's Covered Subsidiary is a Subsidiary of both Brink's
and the Guarantor, and Brink's and the Guarantor each represent and warrant to
the Bank that each of the Representations and Warranties contained in Article VI
which would, by their terms, apply to a Covered Subsidiary are true and correct
with respect to such Brink's Covered Subsidiaries. In addition, the Company and
the Guarantor hereby jointly and severally agree to indemnify the Bank and hold
it harmless from any loss, cost or expense which may arise from: (i) agreeing to
the provisions of this Section 7.01 and (ii) extending credit to such Brink's
Covered Subsidiaries during such 60-day period. In addition (and without
limitation) during such 60-day period, the Guaranty shall secure the obligations
of such Brink's Covered Subsidiaries just as if the requirements of Section
5.03(b) had been fully satisfied.

                                       1

7.02 AFFIRMATIVE COVENANTS. For the benefit of the Bank and all Lending Offices,
so long as any Advance remains outstanding hereunder or the Commitment remains
in effect, each Borrower and the Guarantor shall, unless the Bank otherwise
consents in writing:

(i)               Payment of Taxes, etc. Pay and discharge all taxes,
                  assessments and governmental charges or levies imposed upon it
                  or upon its income or profits, or upon any properties
                  belonging to it, prior to the date on which penalties attach
                  thereto, and all lawful claims which, if unpaid, might become
                  a lien or charge upon any of its properties; provided,
                  however, that neither it shall not be required to pay any such
                  tax, assessment, charge, levy or claim which is being
                  contested in good faith and by proper proceedings and against
                  which it is maintaining adequate reserves in accordance with
                  GAAP.

(ii)              Maintenance of Insurance. Maintain, and cause each Restricted
                  Subsidiary to maintain, insurance with responsible and
                  reputable insurance companies or associations (or, to the
                  extent consistent with prudent business practice, through its
                  own program of self-insurance) in such amounts and covering
                  such risks as is usually carried by companies engaged in
                  similar businesses and owning similar properties in the same
                  general areas in which it operates.

(iii)             Preservation of Corporate Existence, etc. Preserve and
                  maintain its corporate existence, rights, franchises and
                  privileges in the jurisdiction of its incorporation; provided,
                  however, that nothing herein contained shall prevent any
                  merger or consolidation permitted by Section 7.03(ii).

(iv)              Compliance with Laws, etc. Comply with the requirements of all
                  applicable laws, rules, regulations and orders (other than
                  laws, rules, regulations, and orders which are not final and
                  are being contested in good faith by proper proceedings) of
                  any Governmental Authority (including Labor Laws and
                  Environmental Laws) applicable to or binding upon it or its
                  property, noncompliance with which would have a Material
                  Adverse Effect.

(v)               Compliance with ERISA. Comply with the minimum funding
                  standards under ERISA with respect to its Plans and use its
                  best efforts to comply in all material respects with all other
                  applicable provisions of ERISA and the regulations and
                  interpretations promulgated thereunder.

(vi)              Access to Properties. Permit any representatives designated by
                  the Bank, upon reasonable prior notice to it, to visit its
                  properties at reasonable times and as often as reasonably
                  requested.

(vii)             Use of Proceeds. Use the Advances, and any proceeds thereof,
                  for working capital and other general corporate purposes not
                  in contravention of any Requirement of Law or the provisions
                  of Section 6.12(b).

7.03 NEGATIVE COVENANTS. For the benefit of the Bank and all Lending Offices, so
long as any Advance remains outstanding hereunder or the Commitment remains in
effect, none of the Borrowers nor the Guarantor will suffer or permit to any of
the following to exist, unless the Bank otherwise consents in writing:

                                       2

     (i) Debt  Encumbrances.  Have any Debt for  borrowed  money  secured  by an
Encumbrance  on any property of any Borrower or the  Guarantor,  unless (a) such
Borrower's payment obligations hereunder, or the Guarantor's payment obligations
under the  Guaranty,  as the case may be,  shall have  effectively  been secured
equally and ratably with (or, at the option of such  Borrower or the  Guarantor,
as the case may be, in priority to) such secured Debt or (b)  immediately  after
giving effect  thereto and to any  concurrent  repayment of Debt,  the aggregate
amount of all such secured Debt of the Guarantor  and of each of its  Restricted
Subsidiaries, plus the aggregate amount of Consolidated Lease Rentals (excluding
Consolidated  Lease Rentals under Leases in effect as of December 31, 2001,  and
any  renewal,  extension  or  replacement  thereof,  and Leases with  respect to
property not owned by the  Guarantor on such date),  discounted to present value
at 10%, compounded annually,  arising out of all Sale and Leaseback Transactions
to which the Guarantor or any of its  Restricted  Subsidiaries  is then a party,
does not exceed 10% of  Consolidated  Net Worth;  provided,  however,  that this
Section  7.03(i)  shall not apply to, and there shall be excluded  from  secured
Debt in any computation under this Section 7.03(i), Debt secured by
     (A)  Encumbrances  existing on the  Closing  Date and set forth on Schedule
7.03(i);

     (B) Encumbrances for taxes,  assessments and other governmental  charges or
levies not yet due or as to which the period of grace,  if any,  related thereto
has not expired or which are being  contested  in good faith and by  appropriate
proceedings if adequate reserves are maintained to the extent required by GAAP;

     (C)  The  claims  of  materialmen,   mechanics,   carriers,   warehousemen,
processors or landlords for labor,  materials,  supplies or rentals  incurred in
the ordinary course of business,  (i) which are not overdue for a period of more
than 30 days or (ii) which are being  contested in good faith and by appropriate
proceedings if adequate reserves are maintained to the extent required by GAAP;

     (D)  Encumbrances  consisting  of deposits or pledges  made in the ordinary
course of business (i) in connection with, or to secure payment of,  obligations
under workers'  compensation,  unemployment  insurance or similar legislation or
obligations  under customer service  contracts,  or (ii) to secure (or to obtain
letters  of  credit  that  secure)  the   performance   of  tenders,   statutory
obligations,  surety  bonds,  appeal  bonds,  bids,  leases  (other than Capital
Leases), performance bonds, purchase,  construction or sales contracts and other
similar  obligations,  in each case not incurred or made in connection  with the
borrowing  of money,  the  obtaining of advances or credit or the payment of the
deferred purchase price of property;

     (E)  Encumbrances   constituting  encumbrances  in  the  nature  of  zoning
restrictions,  easements and rights or restrictions of record on the use of real
property, which in the aggregate are not substantial in amount and which do not,
in any case,  detract from the value of any material  parcel of real property or
impair the use thereof in the ordinary conduct of business;

     (F) Encumbrances in favor of the Bank;

     (G)  Encumbrances  on the property or assets of any  Restricted  Subsidiary
existing at the time such  Restricted  Subsidiary  becomes a  Subsidiary  of the
Guarantor and not incurred in contemplation  thereof, as long as the outstanding
principal  amount of the Debt secured  thereby is not  voluntarily  increased by
such Restricted  Subsidiary after the date such Restricted  Subsidiary becomes a
Subsidiary of the
                           Guarantor;

     (H)  Encumbrances  on  the  property  or  assets  of the  Borrowers  or the
Guarantor  or any  Restricted  Subsidiary  securing  Debt which is  incurred  to
finance the acquisition of such property or assets,  provided that (i) each such
Encumbrance shall be created simultaneously with, or within twelve months after,
the acquisition of the related  property or assets;  (ii) each such  Encumbrance
does not at any time  encumber any property  other than the related  property or
assets financed by such Debt; (iii) the principal amount of Debt secured by each
such Encumbrance is not increased; and (iv) the principal amount of Debt secured
by each such Encumbrance  shall at no time exceed 100% of the original  purchase
price of such related property or assets at the time acquired;

     (I)   Encumbrances   consisting   of  judgment   or   judicial   attachment
Encumbrances,  provided that (i) the claims giving rise to such Encumbrances are
being  diligently  contested  in good  faith by  appropriate  proceedings,  (ii)
adequate  reserves for the obligations  secured by such  Encumbrances  have been
established and (iii) enforcement of such Encumbrances has been stayed;

     (J)  Encumbrances  created or deemed to exist in connection  with any asset
securitization   program   (including  any  related  filings  of  any  financing
statements),  but only to the extent that such Encumbrances attach to the assets
actually  sold,  contributed,  financed  or  otherwise  conveyed  or  pledged in
connection with such securitization program;

     (K) Encumbrances on property or assets of the Borrowers or the Guarantor or
any Restricted  Subsidiary  securing  indebtedness owing to the Borrowers or the
Guarantor;

     (L)  Encumbrances  on  coal  reserves  leased  by the  Guarantor  or by any
Restricted Subsidiary as lessee,  securing Debt to the lessors thereof,  arising
out of such leases;

     (M)  Encumbrances on any Margin Stock purchased or carried by the Guarantor
or any of its Subsidiaries; and

     (N) The extension,  renewal or replacement of any Encumbrance  permitted by
clauses (A), (G), (H) or (L), but only if the  principal  amount of Debt secured
by  the  Encumbrance   immediately  prior  thereto  is  not  increased  and  the
Encumbrance is not extended to other property.

     For purposes of this Section  7.03(i),  property of a  corporation  when it
becomes a successor or transferee  of the  Guarantor or a Restricted  Subsidiary
shall be deemed to have been acquired at that time and any Encumbrance  existing
on property when acquired shall be deemed to have been created at that time. The
sale or transfer of (A) coal,  oil, gas or other  minerals in place for a period
of time until, or in an amount such that, the transferee will realize  therefrom
a specified  amount of money (however  determined) or a specified amount of such
coal or other  minerals or (B) any other  interest in property of the  character
commonly referred to as a "production payment" shall not be deemed to constitute
Debt secured by an  Encumbrance.  In the event that any Borrower shall hereafter
be required to secure its payment obligations hereunder,  or the Guarantor shall
hereafter  be  required to secure its payment  obligations  under the  Guaranty,
equally and ratably with any other Debt pursuant to this Section  7.03(i),  then
(X) such Borrower,  or the Guarantor,  as the case may be, will promptly deliver
to the Bank a certificate of its Responsible Officer stating that the provisions
of this  Section  7.03(i)  have been  complied  with and an  opinion  of counsel
satisfactory  to the Bank to the  effect  that the  provisions  of this  Section
7.03(i) have been complied with and all  instruments  executed by such Person in
the  performance of the  requirements  of this Section  7.03(i) comply with such
requirements  and have been duly executed and  delivered and are valid,  binding
and  enforceable  and (Y) the Borrowers  and the  Guarantor  shall enter into an
agreement  supplemental  hereto, and the Guarantor shall enter into an agreement
supplemental  to the Guaranty,  and the  Borrowers and the Guarantor  shall take
such other reasonable action, if any, as the Bank deems advisable, to enable the
Bank, as so secured, to enforce its rights hereunder and under the Guaranty.

     (ii) Disposition of Debt and Shares of Restricted Subsidiaries; Issuance of
Shares by  Restricted  Subsidiaries;  Consolidation,  Merger or  Disposition  of
Assets.  None of the  Borrowers  nor the  Guarantor  will (a) sell or  otherwise
dispose of any shares or any Long Term Debt of any Restricted Subsidiary,  other
than the sale of Capital Stock of the Pittston Minerals Group,  Inc., and any of
its Subsidiaries,  (b) in the case of any Restricted Subsidiary,  issue, sell or
otherwise  dispose of any of such  Restricted  Subsidiary's  shares  (other than
directors' qualifying shares, to satisfy preemptive rights or in connection with
a split or  combination  of  shares  or a  dividend  in  shares)  except  to the
Guarantor  or another  Restricted  Subsidiary  or (c)  directly  or  indirectly,
consolidate  with or merge with or into or sell,  lease or otherwise  dispose of
all or  substantially  all of its assets  (other than in the ordinary  course of
business and the sale of all or any part of the assets of the Pittston  Minerals
Group,  Inc., and any of its  Subsidiaries)  to any Person unless,  after giving
effect thereto, all of the following conditions shall be met:

     (w) the Leverage Ratio shall not be greater than 0.55:1.00;

     (x) in the  case  of a  consolidation  or  merger  of  the  Guarantor,  the
Guarantor  shall be the  surviving  corporation,  and,  in the case of a sale or
other  disposition of the Guarantor's  assets as an entirety or substantially as
an entirety to any corporation,  the successor or surviving corporation shall be
a solvent  corporation  organized under the laws of a state of the United States
of America which expressly  assumes in writing the due and punctual  payment and
performance of the obligations of the Guarantor under the Guaranty;

     (y) if any properties or assets of the Guarantor or a Restricted Subsidiary
would thereupon  become subject to an Encumbrance  other than those described in
Section  7.03(i)(A)  through (N),  inclusive,  the  obligations of the Guarantor
under the Guaranty  hereunder  shall have been equally and ratably  secured with
(or, at the option of the  Guarantor,  in priority  to) any Debt  secured by the
Encumbrance  on such  properties  and assets,  and the last paragraph of Section
7.03(i) shall be applicable thereto; and

     (z) no Default or Event of Default has occurred and is continuing.

     Provided that the conditions of this Section  7.03(ii) are met, none of the
foregoing shall be deemed to prohibit the Guarantor and/or its Subsidiaries from
selling, transferring, assigning or otherwise disposing of Margin Stock for fair
market  value or selling,  contributing,  financing  or  otherwise  conveying or
pledging assets in connection with any asset securitization program permitted by
Section 7.03(i)(J).

     (iii)  Transactions  with  Affiliates.  Engage in any transaction  with any
Person that any Borrower or the Guarantor Controls, is Controlled by or is under
common  Control  with (other  than a Borrower,  the  Guarantor  or a  Restricted
Subsidiary) material to any Borrower or the Guarantor on terms more favorable to
such affiliated Person than would have been obtainable in arm's-length dealing.

     (iv) Interest  Coverage Ratio.  Permit the Interest Coverage Ratio for each
fiscal quarter of the Guarantor, to be calculated as at the end of such quarter,
to be less than 3.00:1.00.

     (v) Leverage  Ratio.  Permit the Leverage  Ratio as of the last day of each
fiscal quarter of the Guarantor to be greater than 0.55:1.00.

     (vi) Compliance  with  Regulations T, U and X. Purchase or carry any Margin
Stock or incur,  create or assume any  obligation  for  borrowed  money or other
liability  or make  any  investment,  capital  contribution,  loan,  advance  or
extension  of  credit  or sell or  otherwise  dispose  of any  assets or pay any
dividend or make any other distribution to its shareholders or take or permit to
be taken any other  action or permit to occur or exist any event or condition if
such action,  event or condition would result in this  Agreement,  the Advances,
the use of the proceeds thereof or the other  transactions  contemplated  hereby
violating or being  inconsistent  with  Regulations T, U or X promulgated by the
Federal Reserve Board, including, Section 221.3(f) of said Regulation U.

     (vii) Hedging  Agreements.  Enter into material Hedging  Agreements for the
purpose of speculation and not for the purpose of hedging risks  associated with
the  businesses  of the  Guarantor,  the  Borrowers  and the  Guarantor's  other
Subsidiaries.

     (viii) ERISA.

(A)                        Terminate any Plan under circumstances which would
                           reasonably result in a material liability of the
                           Guarantor, any Borrower or any ERISA Affiliate to the
                           PBGC, or permit to exist the occurrence of any
                           Reportable Event or any other event or condition
                           which presents a material risk of such a termination
                           by the PBGC;

(B)                        engage, or permit any Plan to engage, in a
                           "prohibited transaction" (within the meaning of
                           Section 406 of ERISA or Section 4975 of the Code)
                           that would reasonably result in material liability of
                           the Guarantor, any Borrower or any of the Guarantor's
                           other Restricted Subsidiaries;

(C)                        fail to make any contribution to a Multiemployer Plan
                           which is required by ERISA or an applicable
                           collective bargaining agreement in an amount which is
                           material (except to the extent there is a good faith
                           dispute as to whether any contribution is owed, the
                           amount owed or the existence of facts that would give
                           rise to a withdrawal);

(D)                        completely or partially withdraw from a Multiemployer
                           Plan, if such complete or partial withdrawal would
                           result in any material withdrawal liability under
                           Title IV of ERISA; or

(E)                        enter into any new Plan or modify any existing Plan
                           so as to increase its obligations thereunder which
                           could result in any material liability to the
                           Guarantor or any ERISA Affiliate.

                  For purposes of this Section 7.03(viii), an amount is material
                  if it would have a Material Adverse Effect, and the
                  materiality of any amount described in this Section 7.03(viii)
                  shall be determined after aggregation with all other
                  liabilities described in this Section 7.03(viii).

7.04 REPORTING REQUIREMENTS OF THE GUARANTOR. For the benefit of the Bank and
all Lending Offices, so long as any Advance remains outstanding hereunder or the
Commitment remains in effect, the Guarantor will, unless the Bank otherwise
consents in writing:

(i)      furnish to the Bank:

     (1) annually, as soon as available,  but in any event within 120 days after
the last  day of each of the  Guarantor's  fiscal  years,  consolidated  balance
sheets of the Guarantor and its  Subsidiaries  as at the last day of such fiscal
year,  and the related  consolidated  statements  of  operations,  shareholders'
equity  and cash  flows  for the  fiscal  year  then  ended,  each  prepared  in
accordance  with  GAAP,  in  reasonable   detail,  and  each  setting  forth  in
comparative  form  corresponding  figures from the  preceding  annual  financial
statements,  certified by independent certified public accountants of recognized
national standing as fairly presenting in all material respects the consolidated
financial  condition  and results of  operations  for the subject  companies and
whose opinion shall not be qualified with respect to scope  limitations  imposed
by the  Guarantor  or any  Subsidiary,  the  status  of the  Guarantor  and  its
Subsidiaries  as a going concern or the  accounting  principles  followed by the
Guarantor or any Subsidiary not in accordance with GAAP;

     (2) as soon as available,  but in any event within 60 days after the end of
each of the first three fiscal quarters of each of the Guarantor's fiscal years,
consolidated  balance  sheets as at the last day of such quarter and the related
consolidated statements of operations and cash flows for the quarter then ended,
and for the  then-current  fiscal year through the end of such quarter,  for the
Guarantor and its  Subsidiaries,  in each case prepared in accordance  with GAAP
(except for omission of notes and subject to year-end  adjustments)  and setting
forth in  comparative  form  figures for the  corresponding  period in the prior
fiscal  year,  certified  by a  Responsible  Officer of the  Guarantor as fairly
presenting in all material  respects the  consolidated  financial  condition and
results of operations for the subject companies;

     (3) at the same time as it delivers the financial statements required under
the  provisions  of clause  (1) above,  a  certificate  signed by a  Responsible
Officer of the  Guarantor  to the effect that such  Officer has made due inquiry
and that to the best of the knowledge of such Officer  except as stated  therein
no Default or Event of Default has occurred  hereunder and that such officer has
made due inquiry and that to the best of the knowledge of such Officer except as
stated  therein no default has occurred  under any other  agreement to which the
Guarantor or any Borrower is a party or by which it is bound, or by which any of
its  properties or assets may be affected,  which could have a Material  Adverse
Effect and  specifying  in  reasonable  detail the  exceptions,  if any, to such
statements;

     (4) at the same time as it delivers the financial statements required under
the  provisions  of clauses  (1) and (2) above,  a  statement  of a  Responsible
Officer of the Guarantor  showing the Leverage Ratio and Interest Coverage Ratio
as of the last day of the  fiscal  period  to which  such  financial  statements
relate;

     (5) at the same time as it delivers the financial statements required under
the  provisions  of clause  (2) above,  a  certificate  signed by a  Responsible
Officer of the  Guarantor and stating that such Officer has made due inquiry and
that to the best of his knowledge no Default has occurred and is continuing, or,
if such Default has occurred  and is  continuing,  specify the nature and extent
thereof; and

     (6) forthwith  upon the  occurrence  of any Default or Event of Default,  a
certificate of a Responsible  Officer of the Guarantor setting forth the details
thereof and the action which the Guarantor or the Borrower,  as the case may be,
is taking or proposes to take with respect thereto;

(ii)              furnish to the Bank, promptly after the same are available,
                  copies of all current reports on Form 8-K, quarterly reports
                  on Form 10-Q, annual reports on Form 10-K (or similar
                  corresponding reports) and registration statements or
                  statements which the Guarantor or any Restricted Subsidiary
                  may be required to file with the Securities and Exchange
                  Commission (excluding registration statements filed pursuant
                  to employee stock option or benefit plans);

(iii)             furnish to the Bank, as soon as reasonably practicable after
                  receipt by the Guarantor or any of its Subsidiaries, a copy of
                  any written notice or claim to the effect that the Guarantor
                  or any of its Subsidiaries is liable to any Person as a result
                  of the presence or release of any Contaminant which claim
                  could reasonably be expected to have a Material Adverse
                  Effect; and

(iv)              within three (3) Business Days after the Guarantor receives
                  notice of any change in the Applicable LT Rating, furnish
                  written notice of such change and the new Applicable LT Rating
                  to the Bank.

7.05 ADDITIONAL REQUIREMENTS OF THE GUARANTOR AND THE BORROWERS. For the benefit
of the Bank and all Lending Offices, so long as any Advance remains outstanding
hereunder or the Commitment remains in effect, the Guarantor and each Borrower
will, unless the Bank otherwise consents in writing:

(i)               keep proper books of record and accounts in which full, true
                  and correct entries in accordance with GAAP shall be made of
                  all dealings or transactions in relation to its business and
                  activities; and

(ii)              furnish with reasonable promptness such other financial
                  information as the Bank may reasonably request, provided that
                  no Borrower, nor the Guarantor, shall be required to furnish
                  any information that would result in violation of any
                  confidentiality agreement by which it is bound but, at the
                  request of the Bank, shall use its reasonable best efforts to
                  obtain a waiver of such agreement to permit furnishing of such
                  information under this provision.

                                  ARTICLE VIII
                                EVENTS OF DEFAULT

8.0      EVENT OF DEFAULT.  Any of the following shall constitute an .
         "Event of Default":

     (a)  Non-Payment.  Any Borrower fails to pay (i) when and as required to be
paid  herein,  any  amount  of  principal  of  any  Loan  or  any  Reimbursement
Obligation,  or (ii) within three (3) business  days after the same shall become
due, any interest,  fee or any other amount payable hereunder or pursuant to any
other Loan Document to which such Borrower is a party;

     (b) Breach of Representation or Warranty. Any representation or warranty by
any  Borrower or the  Guarantor  made or deemed made herein or in any other Loan
Document,  or which is  contained in any  certificate,  document or financial or
other  statement  by  any  Borrower  or  the  Guarantor,   or  their  respective
Responsible Officers, furnished at any time under this Agreement, or in or under
any other Loan  Document,  shall prove to have been  incorrect  in any  material
respect  on or as of  the  date  made  or  deemed  made;  provided  that  if the
representation  or  warranty  contained  in Section  6.16 or any  representation
 or warranty  contained in any financial  statement  furnished under
this Agreement  shall prove to be incorrect in any material  respect on or as of
the date when  made,  such  breach  shall not  constitute  a Default or Event of
Default unless the Guarantor  fails to correct such default  (including  without
limitation  publicly  correcting any related  material  misstatement  of fact or
disclosing any material omitted fact) within 90 days after a Responsible Officer
obtains actual knowledge of such default;

     (c) Default in Performance of Certain Covenants.  Any Borrower or Guarantor
fails to perform or observe  any  covenant  or  agreement  contained  in Section
7.03(iv),  (v) or (vi), and such default shall continue  unremedied for a period
of 10 days after the earlier of (i) the date upon which a Responsible Officer of
such Borrower or the Guarantor  gives written notice of such failure to the Bank
or (ii) the date upon which written  notice thereof is given to such Borrower or
the Guarantor by the Bank;

     (d) Other  Defaults.  Any  Borrower  or the  Guarantor  fails to perform or
observe any other term or covenant contained in this Agreement or any other Loan
Document,  and such default shall  continue  unremedied  for a period of 30 days
after the  earlier  of (i) the date upon  which a  Responsible  Officer  of such
Borrower or the Guarantor  gives  written  notice of such failure to the Bank or
(ii) the date upon which written notice thereof is given to such Borrower or the
Guarantor by the Bank;

     (e) Insolvency;  Voluntary  Proceedings.  The Guarantor or any Borrower (i)
ceases or fails to be solvent,  or generally  fails to pay, or admits in writing
its inability to pay, its debts as they become due,  subject to applicable grace
periods,  if any,  whether at stated  maturity or  otherwise;  (ii)  voluntarily
ceases operations as a going concern;  (iii) commences any Insolvency Proceeding
with respect to itself;  or (iv) takes any action to effectuate or authorize any
of the foregoing;

     (f) Involuntary Proceedings.

     (i) Any involuntary Insolvency Proceeding is commenced or filed against the
Guarantor  or any  Borrower,  or any  writ,  judgment,  warrant  of  attachment,
execution or similar process,  is issued or levied against a substantial part of
the  property  of  the  Guarantor,  any  Borrower  or any  of  their  respective
Subsidiaries,  and any such  proceeding or petition  shall not be dismissed,  or
such writ, judgment,  warrant of attachment,  execution or similar process shall
not be  released,  vacated or fully  bonded  within 60 days after  commencement,
filing or levy;

     (ii) the Guarantor,  any Borrower or any of their  respective  Subsidiaries
admits  the  material  allegations  of a petition  against it in any  Insolvency
Proceeding,  or an order for  relief  (or  similar  order  under the laws of any
jurisdiction other than the United States of America or a political  subdivision
thereof) is ordered in any Insolvency Proceeding; or

     (iii) the Guarantor,  any Borrower or any of their respective  Subsidiaries
acquiesces in the appointment of a receiver,  trustee,  custodian,  conservator,
liquidator, mortgagee in possession (or agent therefor), or other similar Person
for itself or a substantial portion of its property or business;

(g)      Monetary Judgments. One or more final (non-interlocutory) and
         nonappealable judgments, orders or decrees shall be entered against any
         Borrower, the Guarantor or any of their respective Subsidiaries
         involving in the aggregate a liability (not fully covered by insurance)
         as to any single or related series of transactions, incidents or
         conditions that have a reasonable likelihood of having a Material
         Adverse Effect (which, solely for the purposes hereof, shall be deemed
         to mean at least $25,000,000) and the same shall remain undischarged,
         unvacated and unstayed pending appeal for a period of 60 days after the
         entry thereof;

(h)      Guarantor Defaults. The Guarantor shall fail in any material respect to
         perform or observe any term, covenant or agreement herein or in the
         Guaranty; or the Guaranty shall for any reason be partially (including
         with respect to future advances) or wholly revoked or invalidated, or
         otherwise cease to be in full force and effect, or the Guarantor or any
         other Person shall contest in any manner the validity or enforceability
         thereof or deny that it has any further liability or obligation
         thereunder;

(i)      Guarantor Cross-Acceleration. There shall be any default under any
         agreement or instrument evidencing or securing Debt of any Borrower or
         the Guarantor (including, without limitation, Debt incurred under the
         Guarantor Credit Agreement), if the effect of such default is to permit
         the holder or holders of such Debt (or a trustee on its or their
         behalf) to cause, and such holder or holders (or trustee) do cause,
         such Debt to become due prior to its stated maturity, and the aggregate
         amount of such Debt so accelerated equals or exceeds $25,000,000 (or
         the equivalent thereof);

(j)      Payment Cross-Defaults. Any Borrower or the Guarantor shall default in
         the payment when due, after giving effect to any grace period permitted
         from time to time, of any Debt (including, without limitation, Debt
         incurred under the Guarantor Credit Agreement) and the aggregate amount
         of such Debt is at least $25,000,000 (or the equivalent thereof);

(k)      Change in Control.  A Change in Control shall occur; or

(l)      Material Adverse Effect.  The occurrence of any  circumstance,
         development,  event or condition which has a Material Adverse Effect.

8.02     REMEDIES.  If any Event of Default occurs, the Bank may:

(a)      declare the Commitment to be terminated, whereupon the Commitment shall
         forthwith be terminated;

(b)      declare the unpaid principal amount of all outstanding Loans, all
         interest accrued and unpaid thereon, and all other amounts owing or
         payable hereunder (including all Reimbursement Obligations) or under
         any other Loan Document to be immediately due and payable; without
         presentment, demand, protest or other notice of any kind, all of which
         are hereby expressly waived by the Borrowers;

(c)      exercise all rights and remedies available to it under the Loan
         Documents or applicable law; and

(d)      require the Borrowers to pay to the Bank in immediately available
         funds, in the respective currencies of the applicable Obligations, an
         amount equal to the maximum amount then available to be drawn under all
         Letters of Credit then outstanding, for deposit in a cash collateral
         account maintained by the Bank, as security for the Letters of Credit
         then outstanding,

provided, however, that upon the occurrence of any event specified in Section
8.01(e) or Section 8.01(f) (in the case of Section 8.01(f)(i), upon the
expiration of the 60-day period mentioned therein), the Commitment shall
automatically terminate and the unpaid principal amount of all outstanding
Loans, Reimbursement Obligations and all interest and other amounts as aforesaid
shall automatically become due and payable without further act of the Bank.

8.03 RIGHTS NOT EXCLUSIVE. The rights provided for in this Agreement and the
other Loan Documents are cumulative and are not exclusive of any other rights,
powers, privileges or remedies provided by law or in equity, or under any other
instrument, document or agreement now existing or hereafter arising.

                                   ARTICLE IX
                                  MISCELLANEOUS

9.01 AMENDMENTS AND WAIVERS. No amendment or waiver of any provision of this
Agreement or any other Loan Document to which any Borrower or the Guarantor is
party, and no consent with respect to any departure by any Borrower or the
Guarantor therefrom, shall be effective unless the same shall be in writing and
signed by the Bank, the Borrowers party thereto and the Guarantor, if party
thereto, and then such waiver shall be effective only in the specific instance
and for the specific purpose for which given.

9.02     NOTICES.
         -------

     (a) All notices,  requests and other communications  provided for hereunder
shall be in writing (including, unless the context expressly otherwise provides,
telex or fax) and mailed, sent by overnight delivery service,  telexed or faxed,
to the address or number specified for notices to the applicable party set forth
on Schedule 9.02 (or, in the case of a Covered Subsidiary, the address specified
for notices in its Election to Participate  delivered under Section 5.03(a)); or
to such other address as shall be  designated by such party in a written  notice
to the other parties.

     (b) All  such  notices,  requests  and  other  communications  shall,  when
transmitted by overnight  delivery  service,  telex or fax, be effective the day
after  delivered to the  overnight  delivery  service,  when  confirmed by telex
answerback or when  transmitted  by fax with machine  transmittal  confirmation,
respectively,  or, if  transmitted by mail,  upon delivery,  except that notices
pursuant  to Article II or Article  III shall not be  effective  until  actually
received by the Bank.

     (c) The  Borrowers  acknowledge  and agree  that the  Bank's  agreement  to
receive  notices,  requests  and other  communications  by fax is solely for the
convenience  and at the request of the Borrowers.  The Bank shall be entitled to
rely on the authority of any Person  purporting to be a Person authorized by the
applicable  Borrower to give such communications and the Bank shall not have any
liability  to any Borrower or other Person on account of any action taken or not
taken by the Bank in reliance upon such fax communication. The obligation of the
Borrowers  to repay the  Obligations  shall not be affected in any way or to any
extent by any  failure by the Bank to receive  written  confirmation  of any fax
communication  or by the  receipt  by the  Bank of a  confirmation  which  is at
variance  with  the  terms  understood  by the Bank to be  contained  in the fax
communication.

9.03 NO WAIVER; CUMULATIVE REMEDIES. No failure to exercise and no delay in
exercising, on the part of the Bank, any right, remedy, power or privilege
hereunder, shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, remedy, power or privilege hereunder preclude any other
or further exercise thereof or the exercise of any other right, remedy, power or
privilege.

9.04     COSTS AND EXPENSES.  The Borrowers  shall,  whether or not the
transactions  contemplated  hereby shall be consummated:

(a)      pay or reimburse the Bank within five Business Days after demand (or on
         the Effective Date to the extent provided in Section 5.01(g)) for all
         reasonable costs and expenses incurred by the Bank in connection with
         the delivery and administration of, and any amendment, supplement,
         waiver or modification to, this Agreement, any other Loan Document and
         any other documents prepared in connection herewith or therewith, and
         the consummation of the transactions contemplated hereby and thereby,
         including reasonable counsel fees, incurred by the Bank with respect
         thereto; and

(b)      pay or reimburse the Bank within five Business Days after demand for
         all reasonable costs and expenses incurred by it in connection with the
         enforcement, attempted enforcement, or preservation of any rights or
         remedies (including in connection with any "workout" or restructuring
         regarding the Obligations) under this Agreement or any other Loan
         Document, including reasonable counsel fees (including the allocated
         cost of staff counsel) incurred by the Bank.

     9.05 INDEMNITIES. Whether or not the transactions contemplated hereby shall
be consummated:(a) The Borrowers shall pay, indemnify, and hold the
Bank  and  each of its  officers,  directors,  employees,  counsel,  agents  and
attorneys-in-fact  (each, an "Indemnified Person") harmless from and against any
and  all  liabilities,   obligations,   losses,  damages,  penalties,   actions,
judgments,   suits,  costs,  charges,   expenses  or  disbursements   (including
reasonable  counsel fees,  including the allocated cost of staff counsel) of any
kind or nature whatsoever with respect to the execution, delivery,  enforcement,
performance and administration of this Agreement and any other Loan Document, or
the  transactions  contemplated  hereby  and  thereby,  and with  respect to any
investigation,  litigation or proceeding related to this Agreement, the Loans or
the Letters of Credit,  or the use of the proceeds  thereof,  whether or not any
Indemnified  Person is a party  thereto (all the  foregoing,  collectively,  the
"Indemnified  Liabilities");  provided,  no Borrower  shall have any  obligation
hereunder  to any  Indemnified  Person with respect to  Indemnified  Liabilities
arising from the breach of this Agreement by or the gross  negligence or willful
misconduct of such Indemnified Person.

     (b) The obligations in this Section 9.05 shall survive payment of all other
Obligations.  At the  election of the  Borrowers,  one or more  Borrowers  shall
defend  such  Indemnified  Person  using  legal  counsel  satisfactory  to  such
Indemnified  Person  in such  Person's  sole  discretion,  at the sole  cost and
expense of the  Borrowers;  provided,  further  that no Borrower  may settle any
Indemnified  Liability  without the Bank's  consent  (which consent shall not be
unreasonably  withheld or  delayed).  All amounts  owing under this Section 9.05
shall be paid within 30 days after demand.

     (c) If any sum due from a Borrower  under this  Agreement  or another  Loan
Document  or under any order or  judgment  given or made in  relation  hereto or
thereto has to be converted  from the currency  (the "first  currency") in which
the same is payable hereunder or thereunder or under such order or judgment into
another currency (the "second currency") for the purpose of (i) making or filing
a claim or proof against such Borrower with any Governmental Authority or in any
court or  tribunal  or (ii)  enforcing  any order or  judgment  given or made in
relation  hereto,  such Borrower  shall  indemnify and hold harmless each of the
Persons to whom such sum is due from and against any loss actually suffered as a
result of any  discrepancy  between (a) the rate of exchange used to convert the
amount in question from the first currency into the second  currency and (b) the
rate or rates of  exchange  at which  such  Person,  acting  in good  faith in a
commercially  reasonable  manner,  purchased the first  currency with the second
currency  after  receipt  of a  sum  paid  to  it  in  the  second  currency  in
satisfaction,  in whole or in part, of any such order, judgment, claim or proof.
The foregoing  indemnity shall constitute a separate obligation of each Borrower
distinct  from its other  obligations  hereunder and shall survive the giving or
making  of any  judgment  or  order  in  relation  to all or any of  such  other
obligations.

9.06 SUCCESSORS AND ASSIGNS. The provisions of this Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective
successors and assigns, except that no Borrower nor the Guarantor may assign or
transfer any of its rights or obligations under this Agreement without the prior
written consent of the Bank and any assignment by the Bank must be in compliance
with Section 9.07.

9.07 ASSIGNMENTS AND PARTICIPATIONS. The Bank, with the prior written consent of
the Guarantor, which consent shall not be unreasonably withheld or delayed, may
at any time assign and delegate to one or more Persons (each an "Assignee") all,
or any ratable part of all, of the Advances, the Commitment and the other rights
and obligations of the Bank hereunder; provided, however, that no consent shall
be required for an assignment (i) to an affiliate of the Bank or any approved
Assignee or (ii) during the existence of an Event of Default under Section
8.01(a), (f) or (g); and provided further, that the Borrowers may continue to
deal solely and directly with the Bank in connection with the interest so
assigned to an Assignee until written notice of such assignment, together with
payment instructions, addresses and related information with respect to the
Assignee, shall have been given to the Borrowers by the Bank and the Assignee.
The Bank and any Assignee may, without the consent of the Guarantor or any Bank,
sell participations to one or more banks or other entities (a "Participant") in
all or a portion of the Bank's or Assignee's rights and obligations under this
Agreement (including all or a portion of the Commitment and the Advances owing
to it); provided that (i) the Bank's or Assignee's obligations (including,
without limitation, the Commitment) under this Agreement shall remain unchanged,
(ii) the Bank or Assignee shall remain solely responsible to the other parties
hereto for the performance of such obligations and (iii) the Borrowers and the
Guarantor shall continue to deal solely and directly with the Bank or Assignee
in connection with the Bank's or Assignee's rights and obligations under this
Agreement. Any agreement pursuant to which the Bank or an Assignee sells such a
participation shall provide that the Bank or such Assignee shall retain the sole
right to enforce this Agreement and to approve any amendment, modification or
waiver of any provision of this Agreement. Subject to the next sentence of this
Section, the Guarantor and the Borrowers agree that each Participant shall be
entitled to the benefits and subject to the requirements of Article IV and
Sections 9.04 and 9.05 to the same extent as if it were the Bank or an Assignee
and had acquired its interest by assignment pursuant to this Section. No
Participant shall be entitled to receive any greater payment under Article IV or
Section 9.04 or 9.05 than the Bank or applicable Assignee would have been
entitled to receive with respect to the participation sold to such Participant,
unless the Guarantor specifically consents to such right.

9.08 CONFIDENTIALITY. The Bank agrees to take normal and reasonable precautions
and exercise due care to maintain the confidentiality of all non-public
information provided to it by the Guarantor, any Borrower or any of their
respective Subsidiaries, in connection with this Agreement or any other Loan
Document, and neither it nor any of its Affiliates shall use any such
information for any purpose or in any manner other than pursuant to the terms
contemplated by this Agreement, except to the extent such information (i) was or
becomes generally available to the public other than as a result of a disclosure
by the Bank, or (ii) was or becomes available on a non-confidential basis from a
source other than the Guarantor or a Borrower, provided that such source is not
bound by a confidentiality agreement with the Guarantor or such Borrower to the
knowledge of the Bank; provided further, however that the Bank may disclose such
information (A) at the request or pursuant to any requirement of any
Governmental Authority to which the Bank is subject or in connection with an
examination of the Bank by any such authority; (B) pursuant to subpoena or other
court process; (C) when required to do so in accordance with the provisions of
any applicable Requirement of Law; and (D) to the Bank's independent auditors
and other professional advisors. Notwithstanding the foregoing, the Borrowers
and the Guarantor authorize the Bank to disclose to any Assignee, and to any
prospective Assignee, such financial and other information in the Bank's
possession concerning the Guarantor, the Borrowers or their respective
Subsidiaries which has been delivered to the Bank pursuant to this Agreement or
which has been delivered to the Bank by the Guarantor, a Borrower, or any of
their respective Subsidiaries in connection with the Bank's credit evaluation of
the Guarantor and the Borrowers prior to entering into, or upon review or
renewal of, this Agreement; provided that, unless otherwise agreed by the
Guarantor and the Borrowers, such Assignee or prospective Assignee agrees in
writing to the Bank to keep such information confidential to the same extent
required of the Bank hereunder.

9.09 COUNTERPARTS. This Agreement may be executed by one or more of the parties
to this Agreement in any number of separate counterparts, each of which, when so
executed, shall be deemed an original, and all of said counterparts taken
together shall be deemed to constitute but one and the same instrument.

9.10 SEVERABILITY. The illegality or unenforceability of any provision of this
Agreement or any instrument or agreement required hereunder shall not in any way
affect or impair the legality or enforceability of the remaining provisions of
this Agreement or any instrument or agreement required hereunder.

9.11     GOVERNING LAW AND JURISDICTION.
         ------------------------------

     (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE  WITH,
THE LAWS OF THE STATE OF NEW  YORK;  PROVIDED  THAT THE BANK  SHALL  RETAIN  ALL
RIGHTS ARISING UNDER FEDERAL LAW.

     (b) ANY LEGAL ACTION OR  PROCEEDING  WITH RESPECT TO THIS  AGREEMENT MAY BE
BROUGHT IN THE  COURTS OF THE STATE OF NEW YORK OR OF THE UNITED  STATES FOR THE
SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT,
EACH OF THE PARTIES HERETO CONSENTS,  FOR ITSELF AND IN RESPECT OF ITS PROPERTY,
TO THE IN PERSONAM  JURISDICTION  OF THOSE  COURTS.  EACH OF THE PARTIES  HERETO
IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE
OR BASED ON THE GROUNDS OF FORUM NON  CONVENIENS,  WHICH IT MAY NOW OR HEREAFTER
HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT
OF THIS  AGREEMENT OR ANY DOCUMENT  RELATED  HERETO.  EACH OF THE PARTIES HERETO
WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE
MADE BY ANY OTHER MEANS  PERMITTED BY NEW YORK LAW OR BY REGISTERED OR CERTIFIED
MAIL TO SUCH PARTY'S ADDRESS FOR NOTICES PURSUANT TO SECTION 9.02.

9.12 WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO WAIVES ITS RIGHTS TO A
TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR
RELATED TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS, OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF
ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR PARTIES,
WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. EACH OF THE
PARTIES HERETO AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A
COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER
AGREE THAT THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY ARE WAIVED BY OPERATION OF
THIS SECTION 9.12 AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH
SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS
AGREEMENT OR THE OTHER LOAN DOCUMENTS OR ANY PROVISION HEREOF OR THEREOF. THIS
WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS.

9.13     INCONSISTENCIES  WITH OTHER  DOCUMENTS.  In the event there is a
conflict or  inconsistency  between  this Agreement and any other Loan Document,
the terms of this Agreement shall control.

9.14 ENTIRE AGREEMENT. This Agreement, together with the other Loan Documents,
embodies the entire agreement and understanding between the Borrowers, the
Guarantor and the Bank, and supersedes all prior or contemporaneous agreements
and understandings of such Persons, oral or written, relating to the subject
matter hereof and thereof.

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed and delivered in New York by their proper and duly authorized
officers as of the day and year first above written.

                                    BORROWERS

                   BAX GLOBAL INC.

                   By:      /s/ James B. Hartough
                            -------------------------------------
                   Name:    James B. Hartough
                   Title:   Treasurer and Assistant Secretary

                   BRINK'S, INCORPORATED

                   By:      /s/ Michael T. Dan
                            -------------------------------------
                   Name:    Michael T. Dan
                   Title:   Chairman of the Board and Chief Executive Officer

                   BRINK'S DEUTSCHLAND GMBH

                   By:      /s/ Joseph Eyal
                            -------------------------------------
                   Name:    Joseph Eyal
                   Title:   Managing Director

                   BRINK'S BETEILIGUNGSGESELLSCHAFT MBH

                   By:      /s/ Christopher Corrini
                            -----------------------------------
                   Name:    Christopher Corrini
                   Title:   Managing Director

                   BRINK'S DIAMOND & JEWELRY SERVICE NV

                   By:      /s/ Michael T. Dan
                            -------------------------------------
                   Name:    Michael T. Dan
                   Title:   Chairman and Director

                   BRINK'S NEDERLAND B.V.

                   By:      /s/ Ian Sanders
                            -------------------------------------
                   Name:    Ian Sanders
                   Title:   Director

                   BRINK'S AUSTRALIA PTY LTD.

                   By:      /s/ Christopher Corrini
                            -----------------------------------
                   Name:    Christopher Corrini
                   Title:   Director

  GUARANTOR

                   THE PITTSTON COMPANY

                   By:      /s/ James B. Hartough
                            -------------------------------------
                   Name:    James B. Hartough
                   Title:   Vice President - Corporate Finance
                            and Treasurer

    BANK

                   BAYERISCHE HYPO- UND VEREINSBANK AG

                   By:      /s/ Ricarda Soltanmoradi
                            -----------------------------------
                   Name:    Ricarda Soltanmoradi
                   Title:   Managing Director

                   By:      /s/ Christina Winkler-Kruse
                            -------------------------------------
                   Name:    Christina Winkler-Kruse
                   Title:   Senior Credit Analyst

                                    GUARANTY

GUARANTY, dated as of November 12, 2002 made by THE PITTSTON COMPANY, a Virginia
corporation (the "Guarantor"), in favor of BAYERISCHE HYPO- UND VEREINSBANK AG
(the "Bank"), and each Assignee under the Credit Agreement referred to below
(collectively, the "Lenders").

                              W I T N E S S E T H :

WHEREAS, the Bank is willing, subject to the conclusion of satisfactory
documentation and the satisfaction of other conditions, to extend credit, and to
facilitate the extension of credit by certain of the Bank's foreign lending
offices (as Lending Offices), from time to time to BAX Global Inc., a Delaware
corporation ("BAX") and Brink's, Incorporated, a Delaware corporation
("Brink's"), subsidiaries of the Guarantor, and to certain subsidiaries of BAX
and Brink's which are now or later become parties to the Credit Agreement dated
as of November 12, 2002, among BAX, BRINK'S, BRINK'S DEUTSCHLAND GMBH, a German
limited liability company, BRINK'S BETEILIGUNGSGESELLSCHAFT MBH, a German
limited liability company, BRINK'S DIAMOND & JEWELRY SERVICE NV, a Belgium
corporation, BRINK'S NEDERLAND B.V., a Dutch corporation, and BRINK'S AUSTRALIA
PTY LTD., an Australian corporation and the Covered Subsidiaries that become
parties thereto from time to time as Borrowers, the Guarantor, the Bank and the
other financial institutions that become parties from time to time thereto as
Assignees, as the same may be amended from time to time thereafter (the "Credit
Agreement"); and it is a condition precedent to the extension of credit from
time to time to the Borrowers under the Credit Agreement that the Guarantor
shall have executed and delivered and keep in full force and effect this
Guaranty.

NOW, THEREFORE, in consideration of the premises and to induce the Bank and its
Lending Offices to extend credit from time to time to the Borrowers under the
Credit Agreement, the Guarantor hereby agrees with the Bank as follows:

         1.       DEFINED TERMS.  Capitalized terms not otherwise defined herein
                  -------------
shall have the same meaning given to such terms in the Credit Agreement.

         2. GUARANTY. The Guarantor hereby unconditionally and irrevocably
guarantees to the Lenders the prompt and complete payment in full and
performance by the Borrowers when due (whether at the stated maturity, by
acceleration or otherwise) of the Obligations in the currency or currencies in
which the Obligations are denominated from time to time. The Guarantor further
agrees to pay any and all expenses, including, without limitation, all
reasonable fees and disbursements of counsel (including, without limitation,
allocated costs of staff counsel) which may be paid or incurred by the Lenders
in enforcing and preserving any of their respective rights under this Guaranty
and such as may be incurred by the Bank in connection with the preparation,
negotiation, execution, delivery and administration hereof. This Guaranty shall
remain in full force and effect until the Obligations are paid in full and the
Commitment is terminated, notwithstanding that from time to time prior thereto
any Borrowers may have been free from any Obligations.

The Guarantor agrees that whenever, at any time, or from time to time, it shall
make any payment to the Bank or any Lending Office on account of its liability
hereunder, it will notify the Bank and such relevant Lending Office in writing
that such payment is made under this Guaranty for such purpose. No payment or
payments made by a Borrower or any other Person or received or collected by any
Lender from a Borrower or any other Person by virtue of any action or proceeding
or any set-off or appropriation or application, at any time or from time to
time, in reduction of or in payment of the Obligations shall be deemed to
modify, reduce, release or otherwise affect the liability of the Guarantor
hereunder which shall, notwithstanding any such payment or payments, remain
liable for the amount of the Obligations as aforesaid until the Obligations are
paid in full and the Commitment is terminated.

         3. SUBROGATION. The Guarantor expressly waives any and all rights of
subrogation, reimbursement and contribution (contractual, statutory or
otherwise), including any claim or right of subrogation under the Bankruptcy
Code (Title 11 of the U.S. Code) or any successor statute, arising from the
existence or performance of this Guaranty, and the Guarantor irrevocably waives
any right to enforce any remedy, which any Lender now has or may hereafter have
against any Borrower, and waives any benefit of, and any right to participate
in, any security now or hereafter held by any of them. The provisions of this
paragraph 0 shall survive the termination of this Guaranty and the payment in
full of the Obligations; provided, however, that the foregoing waiver shall be
of no force and effect 370 days following the termination of this Guaranty and
the payment in full of the Obligations, but only if during such 370-day period
no Borrower nor the Guarantor shall have commenced or have commenced against it
a bankruptcy proceeding under the Bankruptcy Code or similar law under any state
or foreign jurisdiction.

         4. AMENDMENTS, ETC. WITH RESPECT TO THE OBLIGATIONS. The Guarantor
shall remain obligated hereunder notwithstanding that, without any reservation
of rights against the Guarantor, and without notice to or further assent by the
Guarantor, any demand for payment of any of the Obligations made by any Lender
may be rescinded, and any of the obligations continued, and the Obligations, or
the liability of any other party upon or for any part thereto, may, from time to
time, in whole or in part, be renewed, extended, amended, modified, accelerated,
compromised, waived, surrendered or released by any Lender, and any agreement or
instrument relating to the extension of credit by any Lender to any Borrower,
any Note, and any other document in connection therewith may be amended,
modified, supplemented or terminated, in whole or in part, as any Lender may
deem advisable from time to time, and any collateral security, guarantee or
right of offset at any time held by any Lender for the payment of the
Obligations may be sold, exchanged, waived, surrendered or released. No Lender
shall have any obligation to protect, secure, perfect or insure any lien at any
time held by it as security for the Obligations or for this Guaranty or any
property subject thereto.

         5. WAIVER OF RIGHTS; GUARANTEE ABSOLUTE AND UNCONDITIONAL. The
Guarantor waives any and all notice of the creation, renewal, extension or
accrual of any of the Obligations and notice of or proof of reliance by the
Lenders upon this Guaranty or acceptance of this Guaranty; the Obligations, and
any of them, shall conclusively be deemed to have been created, contracted or
incurred in reliance upon this Guaranty; and all dealings between any Borrower
or the Guarantor, on the one hand, and any Lender, on the other, shall likewise
be conclusively presumed to have been had or consummated in reliance upon this
Guaranty.

                                      -2-

The Guarantor waives diligence, presentment, protest, demand for
payment and notice of default or nonpayment to or upon any Borrower or the
Guarantor with respect to the Obligations. This Guaranty shall be construed as a
continuing, absolute and unconditional guarantee of payment without regard to
(a) the validity or enforceability of any of the Loan Documents, any of the
Obligations or any collateral security therefor or guarantee or right of offset
with respect thereto at any time or from time to time held by any Lender, (b)
any defense, set-off or counterclaim (other than a defense of payment or
performance) which may at any time be available to or be asserted by any
Borrower against any Lender, or (c) any other circumstance whatsoever (with or
without notice to or knowledge of any Borrower or the Guarantor) which
constitutes, or might be construed to constitute, an equitable or legal
discharge of any Borrower for the Obligations, or of the Guarantor under this
Guaranty, in bankruptcy or in any other instance, and the Obligations may be
declared to be forthwith due and payable as provided under Article VIII of the
Credit Agreement (and shall be deemed to have become automatically due and
payable in case of defaults arising under Sections 8.01(d) or (e) of the Credit
Agreement) notwithstanding any stay, injunction or other prohibition preventing
such declaration as against any other Person and that, in the event of such
declaration (or the Obligations being deemed to have become automatically due
and payable), the Obligations shall forthwith become due and payable by the
Guarantor. When pursuing its rights and remedies hereunder against the
Guarantor, any Lender may, but shall be under no obligation to, pursue such
rights and remedies as it may have against any Borrower or any other Person or
against any collateral security or guarantee for the Obligations or any right of
offset with respect thereto, and any failure by such Lender to pursue such other
rights or remedies or to collect any payments from any Borrower or any such
other Person or to realize upon any such collateral security or guarantee or to
exercise any such right of offset, or any release of any Borrower or any such
other Person or any such collateral security, guarantee or right of offset,
shall not relieve the Guarantor of any liability hereunder, and shall not impair
or affect the rights and remedies, whether express, implied or available as a
matter of law, of any Lender against the Guarantor.

         6. REINSTATEMENT. This Guaranty shall continue to be effective, or be
reinstated, as the case may be, if at any time payment, or any part thereof, of
any of the Obligations is rescinded or must otherwise be restored or returned by
any Lender upon the insolvency, bankruptcy, dissolution, liquidation or
reorganization of any Borrower or upon or as a result of the appointment of a
receiver, intervenor or conservator of, or trustee or similar officer for any
Borrower or any substantial part of its property, or otherwise, all as though
such payments had not been made.

         7. PAYMENTS. The Guarantor hereby agrees that the Obligations will be
paid to the Lenders without set-off or counterclaim in the currency or
currencies in which such Obligations are denominated from time to time at the
Lending Office identified in the documentation governing such Obligations, at
such office of the Bank.

         8.       REPRESENTATIONS AND WARRANTIES.  The Guarantor represents and
warrants that:

         (a) the Guarantor (i) is a corporation duly organized, validly existing
         and in good standing under the laws of the jurisdiction of the
         Commonwealth of Virginia, (ii) has the corporate power and authority
         and the legal right to own and operate its property, to lease the
         property it operates under lease and to conduct the business in which
         it is currently

                                      -3-

         engaged, and (iii) is qualified to do business in every
         jurisdiction where such qualification is required, except where the
         failure to so qualify would not have a Material Adverse Effect;

         (b) the Guarantor has the corporate power and authority and the legal
         right to execute and deliver, and to perform its obligations under,
         this Guaranty, and has taken all necessary corporate action to
         authorize its execution, delivery and performance of this Guaranty;

         (c) this Guaranty constitutes a legal, valid and binding obligation of
         the Guarantor enforceable in accordance with its terms, except as
         enforceability may be limited by bankruptcy, insolvency,
         reorganization, moratorium or similar laws affecting the enforcement of
         creditors' rights generally;

         (d) the execution, delivery and performance of this Guaranty will not
         (i) violate any provision of any law or regulation or of any judgment,
         order, decree, determination or award of any court, arbitrator or
         governmental authority, bureau or agency or of the charter, by-laws or
         other corporate rules of, or any securities issued by, the Guarantor,
         (ii) result in a breach of or constitute a default under any mortgage,
         indenture, loan or security agreement, lease, contract or other
         agreement, instrument or undertaking to which the Guarantor is a party
         or which purports to be binding upon it or any of its properties or
         assets, or (iii) result in or require the creation or imposition of any
         lien on any of the properties or revenues of the Guarantor pursuant to
         the provisions of any of the foregoing;

         (e) no consent or authorization of, filing with, or other act by or in
         respect of, any Governmental Authority, and no consent of any other
         person (including, without limitation, any stockholder or creditor of
         the Guarantor) is required in connection with the execution, delivery,
         performance, validity or enforceability of this Guaranty; and

         (f) except as disclosed to the Bank in writing (including disclosure by
         delivery of financial statements to the Bank pursuant to Section
         5.01(i) of the Credit Agreement), no litigation, investigation or
         proceeding of or before any arbitrator or governmental authority,
         bureau or agency is pending or, to the knowledge of the Guarantor,
         threatened by or against the Guarantor or against any of its properties
         or revenues (i) with respect to this Guaranty or any of the
         transactions contemplated hereby or (ii) the probable outcome of which
         would have a Material Adverse Effect;

         9. STATUS OF BORROWERS. The Guarantor represents and warrants as of the
date hereof that the Guarantor directly or indirectly owns and has the power to
vote at least 51% of the voting interests of each of BAX and Brink's, that BAX
directly or indirectly owns at least 51% of the voting interests of each of the
BAX Covered Subsidiaries that are party to the Credit Agreement, and that
Brink's directly or indirectly owns at least 51% of the voting interests of each
of the Brink's Covered Subsidiaries that are party to the Credit Agreement.
Notwithstanding any sale or transfer of any ownership interest in any Borrower,
the Guarantor will continue to be bound by the terms of this Guaranty in all
respects including without limitation to guaranty the Obligations of each
Minority Owned Borrower.

                                      -4-

The Guarantor hereby acknowledges and agrees that the
representations and warranties contained in the first sentence of this paragraph
0 shall be deemed repeated as of the date of each Advance made after the
Effective Date and as of the date of effectiveness of each Election to
Participate requesting that an additional Covered Subsidiary be made a party to,
and a Borrower under, the Credit Agreement after the Effective Date.

         10. SEVERABILITY. Any provision of this Guaranty which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

         11.      PARAGRAPH HEADINGS.  The paragraph headings used in this
Guaranty are for convenience of reference only and are not to affect the
construction hereof or be taken into consideration in the interpretation
hereof.

         12. NO WAIVER: CUMULATIVE REMEDIES. Neither the Bank nor any Lending
Office affiliates, branches or subsidiaries shall by any act (except by a
written instrument pursuant to paragraph 0 hereof), delay, indulgence, omission
or otherwise be deemed to have waived any right or remedy hereunder or to have
acquiesced in any default or in any breach of any of the terms and conditions
hereof. No failure to exercise, nor any delay in exercising, on the part of the
Bank or any Lending Office, any right, power or privilege hereunder shall
operate as a waiver thereof. No single or partial exercise of any right, power
or privilege hereunder shall preclude any other or further exercise thereof or
the exercise of any other right, power or privilege. A waiver by the Bank or any
Lending Office of any right or remedy hereunder on any one occasion shall not be
construed as a bar to any right or remedy which the Bank or such Lending Office
would otherwise have on any future occasion. The rights and remedies herein
provided are cumulative, may be exercised singly or concurrently and are not
exclusive of any rights or remedies provided by law.

         13. WAIVERS AND AMENDMENTS; SUCCESSORS AND ASSIGNS: GOVERNING LAW.
Except as otherwise set forth in paragraph 0 hereof, none of the terms or
provisions of this Guaranty may be waived, amended, supplemented or otherwise
modified except by a written instrument executed by the Guarantor and the Bank;
provided that any provision of this Guaranty may be waived by the Bank in a
letter or agreement executed by the Bank or by telex or fax transmission by the
Bank. This Guaranty shall be binding upon the successors and assigns of the
Guarantor and shall inure to the benefit of the Bank, all Lending Offices and
their respective successors and assigns. THIS GUARANTY IS A GUARANTEE OF PAYMENT
AND NOT SOLELY OF COLLECTION AND SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

         14.      JUDGMENT CURRENCY.

         (a) The Guarantor's obligations under this Guaranty to make payments to
         any Lenders in the currency or currencies in which the Obligations are
         denominated in the documentation governing such Obligations (the
         "Obligations Currency") shall not be discharged or satisfied by any
         tender or recovery pursuant to any judgment expressed in

                                      -5-

         or converted into any other currency, except to the extent that such
         tender or recovery results in the effective receipt by the Lenders of
         the full amount of the Obligations Currency payable to the Lenders
         under this Guaranty, and the Guarantor shall indemnify the Lenders
         (and the Lenders shall have an additional legal claim) for any
         difference between such full amount and the amount effectively received
         by such Person pursuant to any such tender or recovery. The
         determination by any Lender of amounts effectively received by it shall
         be conclusive absent manifest error.

                  (b) (i)i If for the purpose of obtaining or enforcing any
                  judgment against the Guarantor in any court in any
                  jurisdiction, it becomes necessary to convert into any
                  currency other than the Obligations Currency (such currency
                  being hereinafter in this paragraph 0 referred to as the
                  "Judgment Currency") an amount due in the Obligations Currency
                  under this Guaranty, the conversion shall be made, at the
                  option of the Bank or the relevant Lending Office, at the rate
                  of exchange prevailing on the business day immediately
                  preceding the day on which the judgment is given (such
                  business day being hereinafter in this paragraph 0 referred to
                  as the "Conversion Date").

                  (ii)ii If there is a change in the rate of exchange prevailing
                  between the Conversion Date and the date of actual payment of
                  the amount due, the Guarantor covenants and agrees to pay such
                  additional amounts (if any, but in any event not a lesser
                  amount) as may be necessary to ensure that the amount paid in
                  the Judgment Currency, when converted at the rate of exchange
                  prevailing on the date of payment, will produce the amount of
                  the Obligations Currency which could have been purchased with
                  the amount of Judgment Currency stipulated in the judgment of
                  judicial award at the rate of exchange prevailing on the
                  Conversion Date.

         (c) Any amount due from the Guarantor under the foregoing paragraph
         will be due as a separate debt and shall not be affected by judgment
         being obtained for any other sums due under or in respect of this
         Guaranty.

         (d) The term "rate of exchange" in this paragraph 0 means the Bank's or
         the relevant Lending Office's rate of exchange on the relevant date
         applicable to the purchase of the Obligations Currency with the
         Judgment Currency or, if such rate is not so published by the Bank or
         such Lending Office, such term shall mean the spot rate at which the
         Bank or such Lending Office in accordance with its normal practices is
         able on the relevant date to purchase the Obligations Currency with the
         Judgment Currency and includes in either case any premium and costs of
         exchange payable in connection with such purchase.

         15. SUBMISSION TO JURISDICTION. The Guarantor hereby irrevocably agrees
that any legal action, suit or proceeding against it with respect to its
obligations, liabilities or any other matter under or arising out of or in
connection with this Guaranty or for recognition or enforcement of any judgment
rendered in any such action, suit or proceeding may be brought in the United
States Courts for the Southern District of New York, or in the courts of the
State of New York, as the Bank or, if applicable, any Lending Office may elect,
and, by execution and delivery of this Guaranty, the Guarantor hereby
irrevocably accepts and submits to the non-

                                      -6-

exclusive jurisdiction of each of the
aforesaid courts in personam generally and unconditionally with respect to any
such action, suit or proceeding for itself and in respect of its property. The
Guarantor further agrees that final judgment against it in any action, suit or
proceeding referred to herein shall be conclusive and may be enforced in any
other jurisdiction, within or outside the United States of America, by suit on
the judgment, a certified or exemplified copy of which shall be conclusive
evidence of the fact and of the amount of its indebtedness. The Guarantor hereby
irrevocably designates and appoints Brink's, Incorporated at the address of its
registered agent in the State of New York (which, as of the date hereof, is CT
Corporation System, currently located at 111 Eighth Avenue, New York, New York
10011) as the designee, appointee and agent of the Guarantor to receive, accept
and acknowledge for and on behalf of the Guarantor and its property service of
any and all legal process, summons, notices and documents which may be served in
any such action, suit or proceeding in the case of United States Courts for the
Southern District of New York and the courts of the State of New York, which
service may be made on such designee, appointee and agent in accordance with
legal procedures prescribed for such courts. It is agreed that if any legal
process, summons, notice or document shall be served upon Brink's, Incorporated
at the address of such registered agent with respect to the Guarantor in
connection herewith, notice thereof shall promptly be provided to the Guarantor
at the address set forth on the signature page hereof; provided, that the
failure to provide any such notice shall not affect the validity of such service
upon Brink's, Incorporated as agent for and on behalf of Guarantor, at the
address of such registered agent. The Guarantor agrees to take any and all such
action necessary to continue such designation in full force and effect and to
advise the Bank on its behalf and on behalf of each other Lender of any change
of address of such designee, appointee and agent; and should said designee,
appointee and agent become unavailable for this purpose for any reason, the
Guarantor will forthwith irrevocably designate a new designee, appointee and
agent within the City of New York, New York, which shall irrevocably consent to
act as such, with the powers and for the purposes specified in this paragraph.
The Guarantor further irrevocably consents and agrees to the service of any and
all legal process, summons, notices, and documents out of any of the aforesaid
courts in any such action, suit or proceeding by mailing copies thereof by
registered or certified mail, postage prepaid, to the Guarantor at its address
set forth with its signature below or to its then designee, appointee and agent
for service. The Guarantor agrees that service upon it or any such designee,
appointee, and agent as provided for herein shall constitute a valid and
effective personal service upon it and that the failure of any such designee,
appointee and agent to give any notice of such service to it shall not impair or
affect in any way the validity of such service. Nothing herein contained shall,
or shall be construed so as to, limit the right of the Bank or any other Lender
to bring actions, suits or proceedings with respect to the obligations and
liabilities of the Guarantor under, or any other matter arising out of or in
connection with, this Guaranty, or for recognition or enforcement of any
judgment rendered in any such action, suit or proceeding, in the courts of
whatever jurisdiction in which the office of the Bank or such Lending Office or
Assignee deems appropriate, or to affect the right to service of process in any
jurisdiction in any other manner permitted by the law.

In addition, the Guarantor hereby irrevocably and unconditionally waives any
objection which it may now or hereafter have to the laying of venue of any of
the aforesaid actions, suits or proceedings arising out of or in connection with
this Guaranty brought in any of the aforesaid courts, and hereby further
irrevocably and unconditionally waives and agrees not to plead any

                                      -7-

claim that any such action, suit or proceeding brought in any such court has
been broughtin an inconvenient forum.

Each party hereto waives its rights to a trial by jury of any claim or cause of
action based upon or arising out of or related to this Guaranty, or the
transactions contemplated hereby or thereby, in any action, proceeding or other
litigation of any type brought by any party against the other party.

         16. NOTICES. All notices, requests and other communications provided
for hereunder shall be in writing (including, unless the context expressly
otherwise provides, telex or fax) and mailed, sent by overnight delivery
service, telexed or faxed, to the address or number specified for notices to the
applicable party set forth on Schedule 9.02 to the Credit Agreement or to such
other address as shall be designated by such party in a written notice to the
other parties.

All such notices, requests and other communications shall, when transmitted by
overnight delivery service, telex or fax, be effective the day after delivered
to the overnight delivery service, when confirmed by telex answerback or when
transmitted by fax with machine transmittal confirmation, respectively, or, if
transmitted by mail, upon delivery, except that notices pursuant to Article II
or Article III of the Credit Agreement shall not be effective until actually
received by the Bank.

The Guarantor acknowledges and agrees that the Bank's agreement to receive
notices, requests and other communications by fax is solely for the convenience
and at the request of the Guarantor. Each Lender shall be entitled to rely on
the authority of any Person purporting to be a Person authorized by the
Guarantor to give such communications and no Lender shall have any liability to
Guarantor or any other Person on account of any action taken or not taken by
such Lender in reliance upon such fax communication. The obligations of the
Guarantor hereunder shall not be affected in any way or to any extent by any
failure by the Bank or any other Lender to receive written confirmation of any
fax communication or by the receipt of a confirmation which is at variance with
the terms understood by such Lender to be contained in the fax communication.

         17. COUNTERPARTS; FACSIMILE SIGNATURES. This Guaranty may be executed
by one or more of the parties in separate counterparts, each of which, when so
executed, shall be deemed an original, and all of said counterparts taken
together shall be deemed to constitute but one and the same instrument. The
parties hereto confirm that any facsimile copy of another party's executed
counterpart of this Guaranty (or its signature page thereof) will be deemed to
be an executed original thereof.

                        [SIGNATURES APPEAR ON NEXT PAGE]

                                      -8-

IN WITNESS WHEREOF, the undersigned has caused this Guaranty to be duly executed
and delivered as of the date first above written.

                                  THE PITTSTON COMPANY

                                  By:      /s/ James B.  Hartough
                                           ----------------------------
                                  Name:    James B. Hartough
                                  Title:   Vice President - Corporate Finance
                                            and Treasurer

ACKNOWLEDGED:
BAYERISCHE HYPO- UND VEREINSBANK AG

By:      /s/ Ricarda Soltanmoradi
         --------------------------------------------
Name:    Ricarda Soltanmoradi
Title:   Managing Director

By:      /s/ Christina Winkler-Kruse
         -----------------------------------------------------
Name:    Christina Winkler-Kruse
Title:   Senior Credit Analyst

                                      -9-

                                CREDIT AGREEMENT

                          DATED AS OF DECEMBER 20, 2002

                                      AMONG

                                BAX GLOBAL INC.,

                             BRINK'S, INCORPORATED,

                              THE PITTSTON COMPANY

                                       AND

                               ABN AMRO BANK N.V.

                                CREDIT AGREEMENT

         This CREDIT AGREEMENT is entered into as of December 20, 2002 among (i)
BAX GLOBAL INC., a Delaware corporation formerly known as Burlington Air Express
Inc. ("BAX"), (ii) BRINK'S,  INCORPORATED,  a Delaware corporation  ("Brink's"),
and (iii) THE PITTSTON COMPANY, a Virginia  corporation,  (the "Pittston") (BAX,
Brink's and Pittston are sometimes  hereinafter  referred to as "Borrowers"  and
"Guarantors"), and (iv) ABN AMRO BANK N.V. (the "Bank").

         WHEREAS,  the parties enter into this  Agreement to set forth the terms
and conditions  upon which the Bank will extend to the Borrowers,  a $45,000,000
(the  "Commitment")  revolving  credit  facility for a  three-year  period ( the
"Facility"), in part to refinance facilities currently extended by the Bank;

                  WHEREAS,  upon the written  request of any  Borrower  and upon
written advice from the Bank to the requesting  Borrower agreeing  thereto,  any
portion of the then unused Commitment may be allocated for use by any Subsidiary
of BAX listed on Schedule A-1 hereto or by any  Subsidiary of Brink's  listed on
Schedule A-2 hereto,  as the same may be  supplemented  and amended from time to
time  with the  written  consent  of the  Bank,  at a branch  or  Affiliate  (as
hereinafter defined) of the Bank, provided, that at all times the Guaranties (as
hereinafter  defined) of the  Guarantors  shall apply to all such  extensions of
credit by all such branches and Affiliates of the Bank;

         WHEREAS, pursuant to a Credit Agreement, dated as of December 22, 1999,
as renewed and amended  from time to time  thereafter,  the Bank has  extended a
revolving  credit facility (the "1999 Revolving  Facility") to BAX,  Brink's and
certain of the BAX Covered  Subsidiaries  and Brink's Covered  Subsidiaries  (as
both terms are defined  therein),  which facility is terminating and expiring in
accordance with its terms;

         WHEREAS, the Facility provided hereunder shall be available immediately
upon the  termination  of the 1999  Revolving  Facility in  accordance  with its
terms, provided the conditions precedent set forth below have been satisfied;

         NOW, THEREFORE,  in consideration of the mutual agreements,  provisions
and covenants contained herein, the parties hereto hereby agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

         1.01  Defined  Terms1.01  Defined  Terms.01  Defined  Terms.01  Defined
Terms.  In  addition to the terms defined in the recitals to this Agreement,
the following terms have the following meanings:

                  "Advances" has the meaning assigned thereto in Section 2.01.

                  "Affiliate"  means,  with  respect  to any  Person,  any other
         Person (other than a Subsidiary)  which directly or indirectly  through
         one or more intermediaries,  controls,

         or is controlled by, or is under
         common control with, such first Person or any of its Subsidiaries.  The
         term "control"  means the  possession,  directly or indirectly,  of any
         power to direct or cause the direction of the  management  and policies
         of a  Person,  whether  through  ownership  of  voting  securities,  by
         contract or otherwise.

                  "Agreement" means this Credit Agreement, as it may be amended,
         supplemented or modified from time to time hereafter.

                  "Approved  Currencies"  means Dollars and other  currencies as
         are  available  to a  Borrower  for  Loans and  Letters  of Credit or a
         Covered  Subsidiary  for credit  extensions by a branch or Affiliate of
         the Bank  and  which  are  freely  transferable  and  convertible  into
         Dollars.

                  "Assignee" has the meaning assigned thereto in Section 9.07.

                  "Bankruptcy  Code" means Title 11 of the United  States  Code,
         entitled  "Bankruptcy",  as  now  or  hereinafter  in  effect  and  any
         successor thereto.

                  "Base Rate" means the higher of:

                           (a) the rate of interest publicly announced from time
                  to time by the  Bank as its  "reference  rate"  or its  "prime
                  rate" (which publicly announced rate is a rate set by the Bank
                  based upon  various  factors  including  the Bank's  costs and
                  desired return, general economic conditions and other factors,
                  and is used as a reference point for pricing some loans, which
                  may be priced at, above, or below such announced rate); and

                           (b)  one-half percent per annum above the latest
         Federal Funds Rate. Any change in the  reference  rate or prime rate
         announced  by the Bank shall take effect at the
         opening of business on the day specified in the public  announcement of
         such  change."Base Rate Loan" means a Loan that bears interest based on
         the Base Rate.

                  "Business Day" means any day other than a Saturday,  Sunday or
         other day on which  commercial  banks in New York City and  Chicago are
         authorized or required by law to close except in the case of LIBOR Rate
         Loans,  "Business  Day" means any day other than a Saturday,  Sunday or
         other day on which  commercial  banks in New York,  Chicago and London,
         England are authorized or required by law to close.

                  "Capital Adequacy Regulation" means any guideline,  request or
         directive of any central bank or other Governmental  Authority,  or any
         other law, rule or regulation,  whether or not having the force of law,
         in  each  case,  regarding  capital  adequacy  of  any  bank  or of any
         corporation controlling a bank.

                                      -2-

                  "Capital  Lease"  means any lease of property  which should be
         capitalized on the lessee's  balance sheet in accordance with GAAP; and
         "Capital  Lease  Obligation"  means  the  amount  of the  liability  so
         capitalized.

                  "Code" means the Internal Revenue Code of 1986, as amended.

                  "Commercial  Letter of Credit" means a  documentary  letter of
         credit which is drawable upon presentation of documents  evidencing the
         sale or  shipment  of goods  purchased  by a  Borrower  or any  Covered
         Subsidiary in the ordinary course of its business.

                  "Commitment"  means  the  commitment  of the Bank  under  this
         Agreement  to make  Advances  pursuant to the  Facility in an aggregate
         principal  amount  not to exceed  $45,000,000,  as such  amount  may be
         reduced from time to time pursuant to the terms of this Agreement.

                  "Commitment  Fee Rate"  means the  applicable  percentage  set
         forth  below  based upon the  higher of the S&P  Rating or the  Moody's
         Rating on the last day of the  calendar  quarter  with respect to which
         the commitment fee is being calculated,  provided,  that if on any such
         date the S&P Rating and the Moody's Rating do not fall into  contiguous
         columns under the following  grid,  then the applicable  percentage set
         forth below  based upon the lower of the S&P or the  Moody's  Rating on
         the last day of such calendar quarter (but no lower than the applicable
         percentage in the column  contiguous  with the higher of the S&P or the
         Moody's Rating):

                   -----------  -------------  -------------  ---------------  ---------------  --------------
                                                                                  
       S&P             A-
      Rating                         BBB+           BBB            BBB-              BB+          Below BB+
                    or higher

- -----------------  -----------  -------------  -------------  ---------------  ---------------  --------------
 Moody's Rating        A3           Baa1           Baa2            Baa3              Ba1          Below Ba1
                    or higher

- -----------------  -----------  -------------  -------------  ---------------  ---------------  --------------
 Commitment Fee      0.125%         0.15%         0.175%          0.225%            0.30%           0.40%
      Rate
- ------------------ ------------ -------------- -------------- ---------------- ---------------- ---------------

                  If the rating system used to ascribe  either the S&P Rating or
         the Moody's  Rating  shall change prior to the  Termination  Date,  the
         Borrowers  and the Bank  shall  negotiate  in good  faith to amend  the
         references  to  specific  ratings in this  definition  to reflect  such
         changed rating system.

                                      -3-

                  "Consolidated  Debt"  means  the  Debt  of  Pittston  and  its
         Restricted   Subsidiaries,   determined  on  a  consolidated  basis  in
         accordance  with GAAP after  giving  appropriate  effect to any outside
         minority interests in Restricted Subsidiaries.

                  "Consolidated  EBITDA" means,  for Pittston and its Restricted
         Subsidiaries  for  any  period,  an  amount  equal  to  the  sum of (a)
         Consolidated Net Income for such period plus (b) to the extent deducted
         in   determining   Consolidated   Net  Income  for  such  period,   (i)
         Consolidated   Interest  Expense,   (ii)  income  tax  expense,   (iii)
         depreciation,  depletion and amortization,  and (iv) all other non-cash
         charges,  determined on a  consolidated  basis in accordance  with GAAP
         after giving  appropriate  effect to any outside minority  interests in
         the Restricted Subsidiaries.

                  "Consolidated  Interest  Expense"  means,  for any period,  as
         applied to  Pittston  and its  Restricted  Subsidiaries,  all  interest
         expense (whether paid or accrued) and capitalized  interest,  including
         without  limitation (a) the  amortization of debt discount and premium,
         (b) the interest  component under Capital  Leases,  and (c) the implied
         interest  component,  discount  or other  similar  fees or  charges  in
         connection  with  any  asset   securitization   program  in  each  case
         determined on a consolidated basis in accordance with GAAP after giving
         appropriate  effect to any outside minority interests in the Restricted
         Subsidiaries.

                  "Consolidated  Lease  Rentals" means Lease Rentals of Pittston
         and its Restricted Subsidiaries,  determined on a consolidated basis in
         accordance  with GAAP after  giving  appropriate  effect to any outside
         minority interests in the Restricted Subsidiaries.

                  "Consolidated  Net  Income"  means,  for any  period,  the net
         income,  after taxes, of Pittston and its Restricted  Subsidiaries  for
         such period determined on a consolidated  basis in accordance with GAAP
         after giving  appropriate  effect to any outside minority  interests in
         the Restricted Subsidiaries,  but excluding, to the extent reflected in
         determining such net income, (a) any extraordinary gains and losses for
         such period, (b) for any period ending before January 1, 2003, any loss
         arising from or relating to the initial  classification  of any portion
         of the  Pittston  Minerals  Group as  discontinued  operations  and any
         subsequent   adjustments   associated  with  the  disposition  of  such
         discontinued operations, (c) any impairment, write-down or write-off in
         the book value of any assets  and (d) any loss in  connection  with the
         disposition of any assets.

                  "Consolidated  Net Worth" means, as of any date, as applied to
         Pittston and its Restricted  Subsidiaries,  shareholders' equity or net
         worth as determined and computed on a consolidated  basis in accordance
         with GAAP  after  giving  appropriate  effect to any  outside  minority
         interests in the Restricted Subsidiaries,  provided that in determining
         "Consolidated  Net Worth"  there shall be (a)  included any issuance of
         preferred  stock by Pittston  and (b)  excluded  (i) any  extraordinary
         gains and losses, (ii) any loss arising from or relating to the initial
         classification  of  any  portion  of the  Pittston  Minerals  Group  as
         discontinued  operations and any subsequent adjustments associated with
         the disposition of such discontinued operations, to the extent any such
         loss or adjustment occurs before

                                      -4-

         January 1, 2003, (iii) any impairment,
         write-down or write-off in the book value of any assets  (including any
         reduction in shareholders' equity in connection with a reduction in the
         value of a prepaid  Pension Plan or Foreign  Pension Plan) and (iv) any
         loss in connection with the disposition of any assets.

                  "Consolidated  Total Assets" means, as of any date, the assets
         and properties of Pittston and its Restricted Subsidiaries,  determined
         on  a  consolidated   basis  in  accordance   with  GAAP  after  giving
         appropriate  effect to any outside minority interests in the Restricted
         Subsidiaries.

                  "Contaminant"  shall  mean  any  waste,   hazardous  material,
         hazardous substance,  toxic substance,  hazardous waste, special waste,
         petroleum or petroleum-derived  substance or waste,  including any such
         pollutant,   material,   substance   or  waste   regulated   under  any
         Environmental Law.

                  "Control",  "Controlling"  and  "Controlled"  means the power,
         direct or indirect,  of one Person to direct or cause the  direction of
         the  management and policies of another,  whether by contract,  through
         voting securities or otherwise.

                  "Covered  Subsidiaries"  means  the  Subsidiaries  of BAX  and
         Brink's  listed on Schedule  B-1, as the same may be  supplemented  and
         amended with the written consent of the Bank.

                  Debt" of any Person  means at any date,  without  duplication,
         the sum of the following  determined and calculated in accordance  with
         GAAP: (a) all  obligations of such Person for borrowed  money,  (b) all
         obligations  of such Person issued or assumed as the deferred  purchase
         price of  property  or services  purchased  by such Person  (other than
         trade debt  incurred in the ordinary  course of business and due within
         six months of the incurrence thereof) which would appear as liabilities
         on a balance  sheet of such Person,  (c) all Debt of others  secured by
         (or for which the holder of such Debt has an existing right, contingent
         or  otherwise,  to be secured  by) any Lien on, or  payable  out of the
         proceeds of production from, property owned or acquired by such Person,
         whether  or not the  obligations  secured  thereby  have been  assumed,
         provided  that for  purposes  hereof  the  amount of such Debt shall be
         calculated  at the  greater  of (i) the amount of such Debt as to which
         there is recourse to such Person and (ii) the fair market  value of the
         property which is subject to the Lien,  (d) all Support  Obligations of
         such Person with respect to Debt of others,  (e) the principal  portion
         of all obligations of such Person under Capital Leases, (f) the maximum
         amount of all drafts drawn under  standby  letters of credit  issued or
         bankers' acceptances  facilities created for the account of such Person
         (to  the  extend  unreimbursed),  and (g)  the  outstanding  attributed
         principal amount under any asset securitization program of such Person.
         The Debt of any Person  shall  include the Debt of any  partnership  or
         joint  venture  in which  such  Person is a general  partner or a joint
         venturer,  but only to the extent to which  there is  recourse  to such
         Person for payment of such Debt.

                                      -5-

                  "Default"  means any  event or  circumstance  which,  with the
         giving of notice,  the lapse of time,  or both,  would (if not cured or
         otherwise remedied) constitute an Event of Default.

                  "Dollar  Equivalent"  means  (a)  in  relation  to  an  amount
         denominated  in Dollars,  the amount  thereof and (b) in relation to an
         amount  denominated in any Approved  Currency  other than Dollars,  the
         amount of Dollars that can be purchased with such Approved  Currency at
         the spot rate of exchange determined by the Bank in accordance with its
         customary practices on the date of determination.

                  "Dollars",  "dollars"  and "$" each mean  lawful  money of the
United States.

                  "Effective  Date"  means  the  date on  which  all  conditions
         precedent  set forth in  Section  5.01 are  satisfied  or waived by the
         Bank.

                  Environmental  Laws" means any and all federal,  state,  local
         and foreign statutes, laws, regulations, ordinances, rules, judgements,
         orders, decrees,  permits,  licenses,  agreements or other governmental
         restrictions relating to the environment or to emissions, discharges or
         releases of pollutants,  contaminants,  petroleum products, or toxic or
         hazardous substances or wastes into the environment,  including ambient
         air, surface water, groundwater,  or land, or otherwise relating to the
         manufacture,   processing,   distribution,   use,  treatment,  storage,
         disposal, transport or handling of pollutants,  contaminants, petroleum
         or petroleum  products,  or toxic or hazardous  substances or wastes or
         the clean-up or other remediation thereof.

                  "ERISA" means the Employee  Retirement  Income Security Act of
1974, as amended.

                  "ERISA  Affiliate"  means  any  entity  or trade or  business,
         whether or not  incorporated,  that,  together  with any  Borrower,  is
         treated as a single employer under Section 414 of the Code.

                  "Event of  Default"  means any of the events or  circumstances
specified in Section 8.01.

                  "Federal Funds Rate" means, for any day, the rate set forth in
         the  weekly  statistical  release  designated  as  H.15(519),   or  any
         successor   publication,   published  by  the  Federal   Reserve  Board
         (including any such successor,  "H.15(519)")  for such day opposite the
         caption "Federal Funds  (Effective)".  If on any relevant day such rate
         is not yet  published in  H.15(519),  the rate for such day will be the
         rate set  forth in the  daily  statistical  release  designated  as the
         Composite 3:30 p.m. Quotations for U.S. Government  Securities,  or any
         successor  publication,  published  by the Federal  Reserve Bank of New
         York   (including  any  such   successor,   the  "Composite  3:30  p.m.
         Quotation")  for such day

                                      -6-

         under the caption  "Federal  Funds  Effective
         Rate".  If on any relevant day the  appropriate  rate for such previous
         day is not yet published in either H.15(519) or the Composite 3:30 p.m.
         Quotations,  the rate for such day will be the  arithmetic  mean of the
         rates for the last  transaction  in overnight  Federal  funds  arranged
         prior to 9:00 a.m. (New York time) on that day by each of three leading
         brokers of Federal funds  transactions in New York City selected by the
         Bank.

                  "Federal  Reserve  Board"  means the Board of Governors of the
         Federal Reserve System or any successor thereof.

                  "Financial  Letter of Credit" has the meaning assigned thereto
in Section 3.01(a).

                  "Fiscal  Year"  means the fiscal  year of  Pittston  ending on
December 31 in any year.

                  "Foreign  Pension  Plan"  means  any  plan,  fund  (including,
         without limitation,  any superannuation  fund) or other similar program
         established  or  maintained  outside  the  United  States of America by
         Pittston  or any  one or  more of its  Subsidiaries  primarily  for the
         benefit of employees of Pittston or such Subsidiaries  residing outside
         the United States of America, which plan, fund or other similar program
         provides,  or results in,  retirement  income,  a deferral of income in
         contemplation  of retirement or payments to be made upon termination of
         employment, and which plan is not subject to ERISA or the Code.

                  "GAAP" means generally accepted  accounting  principles in the
         United  States,  as recognized  by the American  Institute of Certified
         Public  Accountants  and  the  Financial  Accounting  Standards  Board,
         consistently  applied and maintained on a consistent  basis  throughout
         the period indicated, subject to Section 1.02(a).

                  "Governmental  Authority" means any nation or government,  any
         state or other  political  subdivision  thereof,  any central  bank (or
         similar  monetary  or  regulatory   authority)   thereof,   any  entity
         exercising   executive,    legislative,    judicial,    regulatory   or
         administrative  functions  of or  pertaining  to  government,  and  any
         corporation  or other  entity  owned or  controlled,  through  stock or
         capital ownership or otherwise, by any of the foregoing.

                  "Guaranties"  mean the Guaranty of Pittston,  substantially in
         the form of Exhibit A-1 hereto,  the Guaranty of BAX,  substantially in
         the  form  of  Exhibit  A-2  hereto,   and  the  Guaranty  of  Brink's,
         substantially in the form of Exhibit A-3 hereto.

                  "Hedging    Agreements"   means   interest   rate   protection
         agreements,  foreign currency  exchange  agreements,  other interest or
         exchange  rate  hedging,  cap or collar  arrangements  or  arrangements
         designed to protect the  Guarantor or any of its  Subsidiaries  against
         fluctuations in the prices of commodities.

                                      -7-

                  "Insolvency   Proceeding"   means  (a)  any  case,  action  or
         proceeding before any court or other Governmental Authority relating to
         bankruptcy,  reorganization,   insolvency,  liquidation,  receivership,
         dissolution,  winding-up  or  relief  of  debtors,  or (b) any  general
         assignment  for the benefit of  creditors,  composition,  marshaling of
         assets for creditors or other,  similar  arrangement  in respect of its
         creditors generally or any substantial  portion of its creditors;  and,
         in each  case,  undertaken  under  United  States  federal  or State or
         foreign law, including the Bankruptcy Code.

                  "Interest  Coverage  Ratio"  means,  as of the last day of any
         fiscal  quarter,   the  ratio  of  (a)   Consolidated   EBITDA  to  (b)
         Consolidated  Interest Expense, in each case for the period of four (4)
         consecutive fiscal quarters ending as of such day.

                  "Interest  Payment Date" means (i) the Termination Date , (ii)
         with respect to LIBOR Rate Loans,  the last day of the Interest  Period
         applicable to each such Loan,  and, if any such Interest Period exceeds
         three months, interest shall also be paid on the date which falls three
         months after the  beginning  of such  Interest  Period,  and (iii) with
         respect to Base Rate  Loans,  the last  Business  Day of each  calendar
         quarter.

                  "Interest  Period" means, with respect to any LIBOR Rate Loan,
         the  period  commencing  on the  Business  Day such Loan is  disbursed,
         continued or converted to a Base Rate Loan,  and in each case ending on
         the date one, two, three or six months  thereafter,  as selected by the
         relevant Borrower in its notice of borrowing or notice of conversion or
         continuation, provided that:

     (i) if any  Interest  Period  would  otherwise  end on a day which is not a
Business  Day,  that  Interest  Period shall be extended to the next  succeeding
Business Day unless the result of such extension would be to carry such Interest
Period into another  calendar  month,  in which event such Interest Period shall
end on the immediately preceding Business Day;

     (ii) any Interest Period that begins on the last Business Day of a calendar
month (or on a day for which there is no  numerically  corresponding  day in the
calendar  month  at the end of  such  Interest  Period)  shall  end on the  last
Business Day of the calendar month at the end of such Interest Period; and

     (iii) no Interest  Period for any Loan shall extend beyond the  Termination
Date.

                  "Labor  Laws"  means  any and all  federal,  state,  local and
         foreign statutes, laws, regulations,  ordinances, rules, judgements and
         orders   relating  to   employment,   equal   employment   opportunity,
         nondiscrimination,  immigration,  wages,  hours,  benefits,  collective
         bargaining,   the  payment  of  social   security  and  similar  taxes,
         occupational safety and health, and plant closing.

                                      -8-

                  "L/C  Application" has the meaning assigned thereto in Section
3.03(b).

                  Section 3.05(a).  "Lease" means a lease,  other than a Capital
                  Lease, of real or personal property.

                  "Lease Rentals" for any period means the sum of the rental and
         other  obligations  to be paid by the lessee  under a Lease  during the
         remaining  term of such  Lease  (excluding  any  extension  or  renewal
         thereof at the option of the lessor or the lessee  unless  such  option
         has been  exercised),  excluding any amount  required to be paid by the
         lessee  (whether  or not  therein  designated  as rental or  additional
         rental)  on account  of  maintenance  and  repairs,  insurance,  taxes,
         assessments, water rates and similar charges.

                  "Lending  Office" shall mean the particular  Chicago office of
         the Bank for Base Rate Loans, Letters of Credit or for LIBOR Rate Loans
         at its respective address set forth on Schedule 9.02 hereto.

                  "Letter of Credit" means any stand-by  letter of credit issued
         by a Lending  Office  pursuant  to Section  3.03 and may be a Financial
         Letter of Credit or a Performance Letter of Credit.

                  "Letter of Credit Obligations" means, in respect of any Letter
         of Credit as at any date of  determination,  the sum of (a) the maximum
         aggregate  amount which is then available to be drawn under such Letter
         of  Credit  plus  (b)  the  aggregate   amount  of  all   Reimbursement
         Obligations then outstanding with respect to such Letter of Credit.

                  "Leverage  Ratio" means, as of the date of any  determination,
         the ratio of (a) the sum of (i) Consolidated Debt as of such date, plus
         (ii) the amount by which (A) the aggregate  amount, as of the preceding
         December  31 (or as of such  date if such  date  is  December  31),  of
         Consolidated Lease Rentals under non-cancelable  Leases entered into by
         Pittston or any of its Subsidiaries, discounted to present value at 10%
         and  net  of  aggregate   minimum   non-cancelable   sublease  rentals,
         determined   on  a  basis   consistent   with  Note  12  to  Pittston's
         consolidated  financial statements at and for the period ended December
         31, 2001,  included in Pittston's  2001 Annual Report to  shareholders,
         exceeds (B)  $350,000,000,  to (b) the sum of (i) the amount determined
         pursuant to clause  (a),  plus (ii)  Consolidated  Net Worth as of such
         date.

                  "LIBOR Rate" means, for each Interest Period in respect of any
LIBOR Rate Loan:

                           (a) the  rate per  annum  (carried  out to the  fifth
                  decimal  place) equal to the rate  determined  by the relevant
                  Lending Office to be the offered rate that appears on the page
                  of the  Telerate  Screen  that  displays  an  average  British
                  Bankers

                                      -9-

                  Association   Interest  Settlement  Rate  (such  page
                  currently being page number 3750) for deposits in dollars (for
                  delivery on the first day of such Interest Period) with a term
                  equivalent   to  such  Interest   Period,   determined  as  of
                  approximately 11:00 a.m. (London time) two Business Days prior
                  to the first day of such Interest Period, or

                           (b) in the event the rate referenced in the preceding
                  subsection (a) does not appear on such page or service or such
                  page or  service  shall  cease to be  available,  the rate per
                  annum  (carried to the fifth decimal  place) equal to the rate
                  determined  by the Bank to be the  offered  rate on such other
                  page or other service that displays an average British Bankers
                  Association  Interest  Settlement Rate for deposits in dollars
                  (for delivery on the first day of such Interest Period) with a
                  term  equivalent  to such  Interest  Period,  determined as of
                  approximately 11:00 a.m. (London time) two Business Days prior
                  to the first day of such Interest Period, or

                           (c)  in  the  event  the  rates   referenced  in  the
                  preceding subsections (a) and (b) are not available,  the rate
                  per annum  determined  by the Bank as the rate of  interest at
                  which dollar  deposits  (for delivery on the first day of such
                  Interest  Period) in same day funds in the approximate  amount
                  of the applicable  LIBOR Rate Loan and with a term  equivalent
                  to such Interest  Period would be offered by the Bank's London
                  Branch to major banks in the offshore  dollar  market at their
                  request at approximately 11:00 a.m. (London time) two Business
                  Days prior to the first day of such Interest Period.

                  "LIBOR  Rate Loan" means a Loan that bears  interest  based on
         the LIBOR Rate.

                  "Lien" means,  with respect to any asset, any mortgage,  lien,
         pledge, charge, security interest or encumbrance of any kind in respect
         of such asset.  For the purposes of this  Agreement,  a Person shall be
         deemed to own  subject  to a Lien any asset  which it has  acquired  or
         holds  subject  to  the  interest  of a  vendor  or  lessor  under  any
         conditional  sale  agreement,  Capital  Lease or other title  retention
         agreement relating to such asset.

                  "Loan"  means an  advance  of funds by a  Lending  Office to a
         Borrower  pursuant  to Section  2.03,  and may be a Base Rate Loan or a
         LIBOR Rate Loan.

                  "Loan  Documents"  means  this  Agreement  and  all  documents
         delivered  to the  Bank  or any  other  Lending  Office  in  connection
         herewith,  including without limitation,  the Notes, the Guaranty,  any
         L/C  Related  Documents  and any other  documentation  executed  at the
         request of any Lending Office.

                  "Long Term Debt" of any Person means all Debt which would,  in
         accordance with GAAP, be classified upon its balance sheet as long term
         debt,  excluding any portion  thereof which would,  in accordance  with
         GAAP, be classified  thereon as a current

                                      -10-

         liability,  and in any event
         includes (a) any  obligation  for borrowed  money  outstanding  under a
         revolving  credit or similar  agreement  providing for  borrowing  (and
         renewals and  extensions  thereof)  over a period of more than one year
         after  the  creation  of  such  agreement   notwithstanding   that  any
         obligation thereunder may be payable on demand or within one year after
         the  creation  thereof,  (b) any  Capital  Lease  Obligation  and 8 any
         guarantee  or  equivalent  or similar  obligation  under any  agreement
         specified in subsection  (a) of the  definition of Debt with respect to
         Debt  of  another  Person  of the  kind  otherwise  described  in  this
         definition.

                  "Margin" means the applicable percentage set forth below based
         upon the higher of the S&P Rating or the Moody's Rating on the last day
         of the  calendar  quarter,  or other due date,  with  respect  to which
         interest is being  calculated,  provided,  that if on any such date the
         S&P Rating and the Moody's Rating do not fall into  contiguous  columns
         under the following  grid,  then the  applicable  percentage  set forth
         below based upon the lower of the S&P Rating or the Moody's Rating (but
         no lower than the applicable  percentage in the column  contiguous with
         the higher of the S&P Rating or the Moody's Rating) shall be used:

- -----------------  -----------  -------------  -------------  ---------------  ---------------  --------------
                                                                                  
     bla               0              0              0              0                0              0
     S&P
                       A-            BBB+           BBB            BBB-              BB+          Below BB+
    Rating
- ----------------   or higher
                  -----------  -------------  -------------  ---------------  ---------------  --------------
    Moody's
    Rating            A3             Baa1           Baa2            Baa3              Ba1          Below Ba1
                   or higher

- ---------------- -------------  -------------  ---------------  ---------------  ------------- --------------
    Margin           0.625%         0.875%         1.125%          1.375%           1.625%           1.875%
- ------------------------------------------------------------------------------------------------------------------

                  If the rating system used to ascribe  either the S&P Rating or
         the Moody's  Rating  shall change prior to the  Termination  Date,  the
         Borrowers  and the Bank  shall  negotiate  in good  faith to amend  the
         references  to  specific  ratings in this  definition  to reflect  such
         changed rating system.

                  "Margin  Stock"  shall  have the  meaning  given  such term in
         Regulation U promulgated by the Federal Reserve Board.

                  "Material  Adverse Effect" means a material adverse change in,
         or a material adverse effect upon the financial condition or results of
         operations of Pittston and its Subsidiaries taken as a whole that would
         impair  the  Borrowers'   and  Pittston's   ability  to  perform  their
         respective obligations under this Agreement and the Guaranties.

                                      -11-

                  "Material   Domestic   Subsidiary"  means  any  Subsidiary  of
         Pittston  which (a) is organized  under the laws of the United  States,
         any state thereof or the District of Columbia and (b) together with its
         Subsidiaries,  (i) owns more than twenty percent (20%) of  Consolidated
         Total  Assets or (ii)  accounts for more than twenty  percent  (20%) of
         Consolidated EBITDA.

                  "Multiemployer  Plan" shall mean a  Multiemployer  plan within
         the meaning of Section  4001(a)  (3) of ERISA to which any  Borrower or
         any ERISA Affiliate is making,  has made, is accruing or has accrued an
         obligation to make, contributions within the preceding six years.

                  "Moody's  Rating"  means  the  rating  ascribed  by  Moody's
         Investors  Service,   Inc.  to  the Guarantor's  unsecured,  non
         credit-enhanced  long-term  debt  for  borrowed  money  (whether
         senior  or subordinated).

                  "Note"  means any  promissory  note  executed by a Borrower in
         favor of the Bank or any  other  Lending  Office  pursuant  to  Section
         2.01(e).

                  "Obligations"  means all Loans,  Letter of Credit  Obligations
         and other  indebtedness,  advances,  Debts,  liabilities,  obligations,
         covenants  and duties  owing by a  Borrower  to the Bank,  any  Lending
         Office or any other Person  required to be indemnified by that Borrower
         under any Loan  Document,  of any kind or  nature,  present  or future,
         whether or not  evidenced  by any note,  guaranty or other  instrument,
         arising under this  Agreement,  under any other Loan Document,  whether
         arising  under,  out of, or in  connection  with,  any  checks,  notes,
         drafts,  bills  of  exchange,   acceptances,   orders,  instruments  of
         guarantee and indemnity or other  instruments for the payment of money,
         or in any other  manner and also  including  any other  document  made,
         delivered or given in connection  therewith,  and each other obligation
         and liability,  whether direct or indirect, absolute or contingent, due
         or to  become  due,  or now  existing  or  hereafter  incurred,  of any
         Borrower to the Bank or any other Lending Office arising under any Loan
         Document,  whether  on account of  principal,  interest,  reimbursement
         obligations,  fees,  indemnities,  costs, expenses (including,  without
         limitation,  all  fees  and  disbursements  of  counsel  to  the  Bank,
         including,  without  limitation,  allocated  costs of staff counsel) or
         otherwise,  whether or not for the payment of money, whether arising by
         reason of an extension of credit, loan, guaranty, indemnification or in
         any other manner,  whether direct or indirect (including those acquired
         by  assignment),  absolute or  contingent,  due or to become  due,  now
         existing or hereafter arising and however acquired.

                  "PBGC" shall mean the Pension Benefit Guaranty Corporation and
         any entity succeeding to any or all of its functions under ERISA.

                  "Pension Plan" means any employee pension benefit plan (within
         the meaning of Section 3(2) of ERISA), other than a Multiemployer Plan,
         which is subject to the

                                      -12-

         provisions of Title IV of ERISA or Section 412
         of the Code and is  maintained  for the employees of Pittston or any of
         its ERISA Affiliates.

                  "Person" means an individual,  partnership,  limited liability
         company,  corporation,  business  trust,  joint stock  company,  trust,
         unincorporated association, joint venture or Governmental Authority.

                  "Pittston Credit  Agreement"  means that certain  $350,000,000
         Credit  Agreement,  dated as of September 6, 2002,  among  Pittston (as
         borrower),  certain of its  subsidiaries,  as  guarantors,  the lenders
         party thereto, and JPMorganChase, as administrative agent, as it may be
         amended,   supplemented  or  otherwise   modified  from  time  to  time
         hereafter.

                  "Pittston Minerals Group" means Pittston Minerals Group, Inc.,
         and its Subsidiaries.

                  "Plan" shall mean a pension plan within the meaning of Section
         3 (2) of ERISA  subject to Title IV of ERISA which any  Borrower or any
         ERISA  Affiliate  maintains  or to  which  any  Borrower  or any  ERISA
         Affiliate contributes other than a Multiemployer Plan.

                  "Reimbursement  Obligation"  means in respect of any Letter of
         Credit  at any  date of  determination,  the  aggregate  amount  of all
         drawings  under such Letter of Credit  honored by the  issuing  Lending
         Office and not  theretofore  reimbursed by the relevant  Borrower or by
         the Guarantor.

                  "Reportable  Event" shall have the meaning  attributed thereto
         in Section  4043 of ERISA but shall not include any event for which the
         30-30  requirement  in  Section  4043 of ERISA  has been  waived  under
         regulations of the PBGC.

                  "Requirement  of  Law"  means,  as  to  any  Person,  any  law
         (statutory or common), treaty, rule or regulation or determination of a
         court or an arbitrator  or of a  Governmental  Authority,  in each case
         applicable  to or binding  upon the Person or any of its property or to
         which the Person or any of its property is subject.

                  "Responsible  Officer"  means  the  chief  executive  officer,
         president,  chief  financial  officer or treasurer of a Borrower or the
         Guarantor, or any other officer having substantially the same authority
         and responsibility.

                  "Restricted Subsidiary" means:

     (i) any Subsidiary of Pittston at the date of this  Agreement  other than a
Subsidiary  designated as an  Unrestricted  Subsidiary in Schedule 1.1(b) to the
Pittston Credit Agreement;

     (ii) any Material Domestic Subsidiary of the Borrower;
                                      -13-

     (iii) any Subsidiary of Pittston that is a Guarantor;

     (iv) any Subsidiary of Pittston that owns,  directly or indirectly,  any of
the capital stock of any Guarantor; and

                           (v) any Person that becomes a Subsidiary  of Pittston
         after the date hereof unless prior to such Person becoming a Subsidiary
         the board of directors of Pittston  designates  such  Subsidiary  as an
         Unrestricted Subsidiary, in accordance with the following paragraph.

         A Restricted  Subsidiary (other than any Material Domestic  Subsidiary,
         any  Subsidiary  that  is a  Guarantor  or any  Subsidiary  that  owns,
         directly or indirectly,  any of the capital stock of any Guarantor) may
         be designated by the board of directors of Pittston as an  Unrestricted
         Subsidiary  by  written  notice  to the  Bank,  but  only  if  (a)  the
         Subsidiary owns no shares,  directly or indirectly,  of Pittston or any
         Restricted  Subsidiary and (b) immediately after such designation,  the
         Leverage  Ratio  is not  greater  than  0.55 to 1.00  and the  Interest
         Coverage Ratio is at least 3.00 to 1.00. An Unrestricted Subsidiary may
         be  designated  by the board of  directors  of Pittston as a Restricted
         Subsidiary by written notice to the Bank, but only if immediately after
         such  designation  (x) the Borrower shall be in compliance with Section
         7.02(b) and (y) the Leverage Ratio is not greater than 0.55 to 1.00 and
         the Interest Coverage Ratio is at least 3.00 to 1.00.

                  "Sale and Leaseback Transaction" means the sale by Pittston or
         a Restricted Subsidiary to any Person (other than the Borrowers) of any
         property  or asset and,  as part of the same  transaction  or series of
         transactions,  the  leasing  as lessee by  Pittston  or any  Restricted
         Subsidiary of the same or another property or asset which it intends to
         use for substantially the same purpose.

                  "S&P  Rating"  means the rating  ascribed by Standard & Poor's
         Corporation to the Guarantor's unsecured, non credit-enhanced long-term
         debt for borrowed money (whether senior or subordinated).

                  "Subsidiary"  means, with respect to any Person (the "parent")
         at any date, any corporation,  limited liability company,  partnership,
         association or other entity the accounts of which would be consolidated
         with  those  of the  parent  in  the  parent's  consolidated  financial
         statements  if such  financial  statements  were prepared in accordance
         with GAAP as of such date,  as well as any other  corporation,  limited
         liability  company,  partnership,  association  or other  entity (a) of
         which securities or other ownership  interests  representing  more than
         fifty  percent  (50%) of the equity or more than fifty percent (50%) of
         the ordinary  voting power or, in the case of a partnership,  more than
         fifty percent  (50%) of the general  partnership  interests  are, as of
         such date, owned,  controlled or held, or (b) that is, as of such date,
         otherwise controlled,  by the parent or one or more subsidiaries of the

                                      -14-

         parent or by the parent  and one or more  subsidiaries  of the  parent.
         Unless   otherwise    qualified,    references   to   "Subsidiary"   or
         "Subsidiaries" herein shall refer to those of Pittston.

                  "Support Obligation" means, with respect to any person, at any
         date  without   duplication,   any  Debt  of  another  Person  that  is
         guaranteed,  directly or  indirectly  in any manner,  by such Person or
         endorsed  (otherwise  than for  collection  or deposit in the  ordinary
         course of business) or  discounted  with recourse by such Person or any
         Debt of another Person that has the substantially equivalent or similar
         economic  effect of being  guaranteed  by such  Person or of  otherwise
         making such Person contingently  liable therefor,  through an agreement
         or  otherwise,  including,  without  limitation,  an  agreement  (i) to
         purchase, or to advance or supply funds for the payment or purchase of,
         such Debt, or (ii) to make any loan, advance,  capital  contribution or
         other investment in such other Person to assure a minimum equity, asset
         base, working capital or other balance sheet condition for any date, or
         to provide  funds for the payment of any  liability,  dividend or stock
         liquidation  payment,  or otherwise to supply funds to or in any manner
         invest in such other  Person  (unless  such  investment  is expected to
         constitute a permitted investment under Section 7.02(j)).

     "Taxes" has the meaning assigned thereto in Section 4.01(a).

     "Termination  Date" has the  meaning  assigned  thereto  in  Section  2.01.
"United States" and "U.S." each means the United States of America.

     "Unrestricted  Subsidiary"  means any  Subsidiary  other than a  Restricted
Subsidiary.

     "Withholding Taxes" has the meaning assigned thereto in Section 4.01(a).

         1.02  Accounting   Principles.02  Accounting  Principles.02  Accounting
Principles.02  Accounting  Principles.  Except as otherwise  expressly  provided
herein, all accounting terms used herein shall be interpreted, and all financial
statements and certificates  and reports as to financial  matters required to be
delivered to the Bank  hereunder  shall be  prepared,  in  accordance  with GAAP
applied  on a  consistent  basis.  All  calculations  made for the  purposes  of
determining  compliance with this Agreement shall (except as otherwise expressly
provided  herein) be made by application  of GAAP applied on a basis  consistent
with the most recent annual or quarterly financial statements delivered pursuant
to  Section  7.03,  consistent  with the  annual  audited  financial  statements
referenced in Section 6.07); provided, however, if (a) the Borrower shall object
to  determining  such  compliance  on such basis at the time of delivery of such
financial  statements  due to any change in GAAP or the rules  promulgated  with
respect  thereto or (b) the Bank shall so object in writing within 60 days after
delivery of such financial statements, then such calculations shall be made on a
basis consistent with the most recent financial statements delivered by Pittston
to the Bank as to which no such objection shall have been made.

                                      -15-

                                   ARTICLE
                             LOANS AND ALLOCATIONS

         2.01  Amounts  and  Terms  of   Commitment.01   Amounts  and  Terms  of
Commitment.01   Amounts  and  Terms  of  Commitment.01   Amounts  and  Terms  of
Commitment. Bank agrees to make available to the Borrowers,  including Pittston,
from the  Effective  Date until  December 20, 2005 or until such earlier date on
which the Bank  terminates  the Commitment  pursuant to Section  8.02(a) or BAX,
Brink's and Pittston  terminate the Commitment  pursuant to Section 2.05(a) (the
"Termination  Date"),  committed  funds in an  aggregate  amount of  $45,000,000
(subject to reduction pursuant to Section 2.05(a) and Section 7.01) on the terms
and conditions set forth in this Agreement, as follows:

                  (a)  Facility   Advances(a)   Facility   Advances(a)  Facility
         Advances(a)  Facility  Advances.  The Facility may be drawn upon by the
         Borrowers  for Loans or  Letters of Credit  (collectively,  "Advances")
         from the  Effective  Date until the  Termination  Date in an  aggregate
         principal  amount  not to  exceed  $45,000,000  (subject  to  reduction
         pursuant to Section 2.05(a)) at any time outstanding.

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                  (b)  Facility   Allocations
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                           (i) The initial  allocations of the Commitment  among
         the Covered Subsidiaries on Schedule B-1 attached hereto in the amounts
         set forth  thereon.  The allocation of a portion of the Commitment to a
         Covered  Subsidiary  shall not affect the availability to the Borrowers
         of any unused and unallocated portion of the Commitment.

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                           (ii) At any  time  and from  time to time  after  the
         Effective  Date,  BAX and  Brink's  may by  written  notice to the Bank
         request the  amendment of Schedule B-1 to modify the  allocation of the
         Commitment  among the Borrowers and Covered  Subsidiaries,  as Schedule
         B-1 may be amended or  supplemented by the Borrowers from time to time.
         Any such  request  shall  state the name and  address  of the  relevant
         Subsidiary and the country in which a credit extension is contemplated.
         The Bank,  after  consultation  with the relevant  branch or Affiliate,
         shall notify the requesting Borrower as soon as reasonably  practicable
         whether it accepts such re-allocation and shall advise the Borrowers in
         writing  of the  amount of such  re-allocation.  The Bank  shall not be
         obligated in any way to accept any requested amendment to Schedule B-1.
         The  determination by the Bank of the Dollar Equivalent with respect to
         any  credit  extensions  in a currency  other than US Dollars  shall be
         conclusive  and binding upon the  Borrowers;  the Bank may readjust the
         Dollar  Equivalent  periodically  as provided  in Section  2.04 (b) and
         Section  2.06(b)(provided  it agrees not to make any such  readjustment
         unless the Dollar Equivalent of Loans, Letter of Credit Obligations and
         allocations exceeds the Commitment by 3% or more and the Bank agrees to
         give the Borrowers prompt written notice of any such readjustment). The
         Bank's relevant branch or Affiliate and the relevant Covered Subsidiary
         shall  be free to  structure  each  individual  credit  transaction  in
         accordance with all relevant law, local custom and practice,  including
         pricing  and  collateral,  provided  the  Guaranties  of  the  relevant
         Guarantors  shall apply to all such

                                      -16-

         extensions of credit.  Any portions
         of  the  Commitment   allocated  as   hereinabove   provided  shall  be
         unavailable for use by any of the Borrowers and for further  allocation
         until  such  time as the Bank  notifies  the  Borrowers  of  reinstated
         availability. The Bank shall be entitled to demand cash collateral from
         the relevant Guarantor with respect to the principal of any obligations
         of any Covered Subsidiaries (but not with respect to interest, fees and
         the like with respect to any such  obligations)  incurred in respect to
         credit  extensions  contemplated  by  this  Agreement  which  the  Bank
         reasonably determines may be outstanding beyond the Termination Date or
         outstanding  after any such Covered  Subsidiary  ceases to qualify as a
         Subsidiary (in the latter case, the providing of cash collateral  shall
         not be  required  until  30 days  after  the  Bank so  requests).  Cash
         collateral  shall be by means of a  deposit  of  immediately  available
         funds in an amount equal to the aggregate  principal amount of any such
         obligations  in a  non-interest  bearing  account  with the  Bank.  Any
         failure to provide  cash  collateral  in  accordance  with this Section
         2.01(b)(ii)  shall,  upon written  notice from the Bank, be an Event of
         Default hereunder.

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                                     - 53 -

- --------------------------------------------------------------------------------
                  (c)     Documentation     for      LoansDocumentation      for
         LoansDocumentation  for  LoansDocumentation for Loans. Each Loan may be
         evidenced  by (a) one or  more  master  promissory  notes  in form  and
         substance  acceptable  to the  relevant  Lending  Office or (b) by loan
         accounts  maintained by such Lending  Office.  The records  attached as
         grids to the promissory  notes and the loan account and account records
         shall be conclusive  evidence,  absent manifest error, of the amount of
         the Loans and the interest and payments thereon.  Any failure to record
         or any  error  in  doing  so shall  not,  however,  increase,  limit or
         otherwise  affect the  obligation  hereunder of any Borrower to pay any
         amount owing with respect to the Loans.

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
        2.02 Procedure for Incurring  Loans.02  Procedure for Incurring Loans.02
Procedure for Incurring  Loans.02 Procedure for Incurring Loans. Each Loan shall
be made upon the request of a Borrower to the  relevant  Lending  Office  (which
request must be received by such Lending Office not later than 11:00 a.m. (local
time),  unless  otherwise  agreed by such Lending  Office,  (a) on the requested
borrowing  date,  in the case of Base Rate Loans,  and (b) three  Business  Days
prior  to the  requested  borrowing  date,  in the  case of  LIBOR  Rate  Loans,
specifying (i) the principal  amount of the Loan,  (ii) the requested  borrowing
date, which shall be a Business Day; (iii) whether the Loan is to be a Base Rate
Loan or a LIBOR Rate Loan;  and (iv) if the requested Loan is a LIBOR Rate Loan,
the duration of the Interest  Period  applicable  to such Loan. If the notice of
borrowing  shall fail to specify  the  duration of the  Interest  Period for any
LIBOR Rate Loan, such Interest Period shall be one month.

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
         2.03 Conversion and Continuation  Elections with Respect to Outstanding
Loans.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                  (a) Any Borrower may upon  irrevocable  written  notice to the
         applicable Lending Office in accordance with Section 2.03(b):

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                  (i) elect to convert,  on any Business Day, any Base Rate Loan
                  made to such Borrower into a LIBOR Rate Loan; or

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                  (ii) elect to convert,  on the last day of any Interest Period
                  therefor,  any LIBOR  Rate Loan made to such  Borrower  into a
                  Base Rate Loan; or

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                  (iii)  elect,  on the last  day of the  Interest  Period  with
                  respect  to any  LIBOR  Rate  Loan  made  to such  Person,  to
                  continue  such Loan as a LIBOR  Rate Loan  denominated  in the
                  same currency for an additional Interest Period.

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                  (b) Any  Borrower  wishing to  convert  or  continue a Loan as
         described  in  Section  2.03(a)  shall  deliver  by fax,  a  notice  of
         conversion  or  continuation  (which  notice  must be  received  by the
         applicable  Lending  Office not later than  11:00  a.m.  (local  time),
         unless  otherwise  agreed by such  Lending  Office)  (i) on the date of
         conversion  of a LIBOR  Rate  Loan  into a Base  Rate  Loan,  (ii) four
         Business Days prior to the date of conversion of a LIBOR Rate Loan; and
         (iii) four Business Days prior to the date of  continuation  of a LIBOR
         Rate Loan, specifying:

- -----------------------------------------------------------------
- -----------------------------------------------------------------
            (A)  the proposed date of conversion or continuation;
- -----------------------------------------------------------------
- --------------------------------------------------------------------------------
            (B)  the aggregate amount of Loans to be converted or continued;
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
            (C)  the nature of the proposed conversion or continuation; and
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
            (D) the duration of any requested Interest Period. If
   the notice of conversion or continuation shall fail to specify
   the duration of the  Interest  Period for any LIBOR Rate Loan,
   such Interest Period shall be one month.

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
           (c) During the  existence  of a Default or Event of  Default,
         the Bank may demand that any or all of the then-outstanding  LIBOR Rate
         Loans be converted  upon their  expiration  into Base Rate Loans.  Such
         conversion  shall  continue to be in effect so long as such  Default or
         Event of Default continues to exist.

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
         2.04  Termination  or Reduction  of the  Commitment.04  Termination  or
Reduction of the  Commitment.04  Termination  or Reduction of the  Commitment.04
Termination or Reduction of the Commitment.

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                  (a) The Borrowers may, upon not less than three Business Days'
         prior  notice  to the Bank  (i)  terminate  the  Commitment  upon  full
         prepayment of all outstanding  Advances and upon the termination of all
         allocations  theretofore  accepted by the Bank or the providing of cash
         collateral in all respects  satisfactory  to the Bank in order to fully
         collateralize the obligations of the Guarantors under the Guaranties or
         (ii)  permanently  reduce the Commitment to an amount not less than the
         Dollar  Equivalent of the principal amount of all Advances  outstanding
         on the reduction date and all allocations of Commitment not theretofore
         terminated.  If the Commitment is terminated in its entirety under this
         Section  2.04(a),  all accrued and unpaid  commitment  fees to, but not
         including,  the effective date of such termination  shall be payable on
         the effective date of such termination without any premium or penalty.

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                  (b) For the  purpose of ensuring  compliance  with the maximum
         amount available under the Commitment, the Bank shall on each date of a
         voluntary  reduction of the Commitment under Section 2.04(a) and on the
         last  Business  Day of each  calendar  quarter,  determine  the  Dollar
         Equivalent  of the  principal  amount of all existing  allocations  and
         then-outstanding Advances.

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         2.05   Optional   Prepayments.05   Optional   Prepayments.05   Optional
Prepayments.05 Optional Prepayments.  Subject to Section 4.04, any Borrower may,
at any time or from time to time,  upon at least three  Business Days' notice to
the applicable Lending Office, prepay Loans made to it in whole or in part. Such
notice of prepayment  shall specify the date and amount of such  prepayment  and
whether  such  prepayment  is of  Base  Rate  Loans,  LIBOR  Rate  Loans  or any
combination  thereof.  No such notice shall be  revocable by any Borrower  after
being given. Once such notice is given by any Borrower, such Borrower shall make
such  prepayment,  and the payment amount  specified in such notice shall be due
and  payable,  on the  date  specified  therein,  together  (only in the case of
prepayments of LIBOR Rate Loans) with accrued  interest to each such date on the
amount prepaid and the amounts, if any, required pursuant to Section 4.04.

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         2.06  Repayment  of  Principa
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                  (a) Each  Borrower  shall  repay on the  Termination  Date the
         principal amount of the Loans made to it.

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                  (b) In the  event  that  the  Bank  determines,  based  on its
         computation  made in  accordance  with Section  2.04(b) or at any other
         time that the Dollar Equivalent of the  then-outstanding  Loans, Letter
         of Credit Obligations and allocations exceeds the Commitment,  the Bank
         shall give  notice to the  Borrowers  of such fact and of the amount of
         such excess (provided that the Bank agrees that no such notice shall be
         given  unless the  Dollar  Equivalent  of the  Loans,  Letter of Credit
         Obligations  and  allocations  exceeds the  Commitment  by 3% or more).
         Within  30 days  after  the date on which the  Borrowers  receive  such
         notice,  they shall prepay Loans or collateralize  the Letter of Credit
         Obligations  or  allocations  with  cash (as set forth  below),  in the
         aggregate  amount of such  excess.  Any such  prepayment  of LIBOR Rate
         Loans shall be made  together  with  interest on the  principal  amount
         thereof  and any amount  required  to be paid in  connection  therewith
         pursuant to Section  4.04.  Any  prepayments  pursuant to this  Section
         2.06(b)  shall  be  applied,   first,  to  any  Base  Rate  Loans  then
         outstanding, second, to LIBOR Rate Loans having Interest Periods ending
         on the date of such  prepayment,  and  third,  to the  extent  that the
         amounts  referred to in clauses "first" and "second" are not sufficient
         to satisfy the entire prepayment requirement under this Section 2.06(b)
         or there are no such  Loans  outstanding  on the date  such  prepayment
         would be required,  then the remaining amount that would be required to
         be prepaid  under this  Section  2.06(b)  shall be  deposited in a cash
         collateral  account  maintained by the Bank, to be held as security for
         the Obligations hereunder pursuant to a cash collateral agreement to be
         entered into in form and substance reasonably  satisfactory to the Bank
         and the  Borrowers,  and to be applied to the  prepayment of LIBOR Rate
         Loans at the end of the respective Interest Periods therefor and to the
         payment of Reimbursement Obligations as the same become due.

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         2.07  Interest.07  Interest.07  Interest.07  Interest.
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                  (a)  Subject  to Section  2.07(c),  each Loan made by the Bank
         shall bear interest on the  outstanding  principal  amount thereof from
         the date when made  until it becomes  due at a rate per annum  equal to
         the LIBOR Rate plus the applicable Margin or the Base Rate per annum.

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                   (b) Interest on each Loan shall be payable in arrears on each
         Interest  Payment Date.  Interest  shall also be payable on the date of
         any  prepayment  of LIBOR Rate Loans  pursuant to Section  2.05 for the
         portion  of  such  Loans  so  prepaid  and  upon   payment   (including
         prepayment)  in full of  LIBOR  Rate  Loans;  provided,  however,  that
         interest  payable  pursuant  to  Section  2.07(c)  shall be  payable on
         demand.

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                  (c) While there shall be any default  hereunder in the payment
         of  principal,  interest,  fees or any other amount owing  hereunder or
         after acceleration,  each Borrower shall pay interest (after as well as
         before entry of judgment thereon to the extent permitted by law) on the
         principal  amount of all  Obligations  of such  Person that are due and
         unpaid,  at a rate per annum  determined  by adding 2% per annum to the
         interest rate then in effect for the applicable type of Loan and in the
         case of Obligations  other than Loans, at a rate per annum equal to the
         Base Rate plus 2%; provided, however, that, on and after the expiration
         of any Interest Period applicable to any LIBOR Rate Loan outstanding on
         the date of  occurrence of such Event of Default or  acceleration,  the
         principal  amount of such Loan shall,  during the  continuation of such
         Event of Default or after  acceleration,  bear  interest  at a rate per
         annum equal to the Base Rate plus 2%.

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                  (d)  Anything  herein  to the  contrary  notwithstanding,  the
         obligations  of  the  Borrowers  hereunder  shall  be  subject  to  the
         limitation  that  payments of interest  shall not be required,  for any
         period for which  interest  is computed  hereunder,  to the extent (but
         only to the extent) that  contracting  for or receiving such payment by
         the relevant  Lending Office would be contrary to the provisions of any
         applicable  law  limiting  the highest  rate of  interest  which may be
         lawfully  contracted for,  charged or received by the relevant  Lending
         Office,  and in such event the Borrowers shall pay the relevant Lending
         Office interest at the highest rate permitted by applicable law.

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         2.08  Fees.
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                  (a) Commitment  Fee(a)  Commitment  Fee(a)  Commitment  Fee(a)
         Commitment  Fee.  Pittston  shall pay to the Bank a  commitment  fee in
         Dollars  computed at a rate per annum equal to the  Commitment Fee Rate
         on the average daily unused and unallocated  portion of the Commitment,
         computed  on a  quarterly  basis  in  arrears  on the  last day of each
         calendar quarter.  Such commitment fees shall accrue from the Effective
         Date to the Termination Date and shall be due and payable  quarterly in
         arrears on the fifth Business Day following  receipt of an invoice from
         the Bank,  with the final payment to be made on the  Termination  Date.
         The commitment fee shall accrue at all times after the Effective  Date,
         including at any time during which one or more  conditions in Article V
         are not met. For purposes of computing  utilization  and allocations of
         the Commitment, the Dollar Equivalent of any outstanding amount that is
         not  denominated  in Dollars  shall be determined as of the last day of
         each calendar quarter.

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                  (b)  Letter  of  Credit  Fees
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                           (i) Each  Borrower  shall pay to the Bank a letter of
                  credit fee equal to (A) in the case of a Performance Letter of
                  Credit issued by the Bank for the account of such Borrower, an
                  amount equal to one half of the Margin per annum on the amount
                  from time to time available to be drawn under such Performance
                  Letter of Credit, and (B) in the case of a Financial Letter of
                  Credit  issued by the Bank for the  account of such  Borrower,
                  equal to the Margin per annum on the amount  from time to time
                  available to be drawn under such  Financial  Letter of Credit.
                  Such fee shall accrue on such amount from the date of issuance
                  of each Letter of Credit (with such issuance date being deemed
                  to be the  Effective  Date  in  the  case  of the  Outstanding
                  Letters  of  Credit  that  are to be  continued  hereunder  as
                  Performance  Letters of Credit or Financial Letters of Credit)
                  until its expiration date,  taking into account any extensions
                  of the  expiration  date beyond the initial  expiration  date.
                  Such fee shall be payable quarterly in arrears on the last day
                  of each calendar quarter and on the date each Letter of Credit
                  expires or is fully drawn.

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                           (ii) In addition to the letter of credit fees due the
                  Bank hereunder,  each Borrower shall pay to any Lending Office
                  issuing a Letter of Credit any standard amendment, negotiation
                  or other fees as such  Lending  Office may request at the time
                  such Letter of Credit is issued or amended.

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                    (c)  Arrangement  Fee. The Borrowers shall pay
         to the Bank an arrangement fee in the amount of $115,000 on the
         Effective Date.
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                  (d)  Administrative   Fee.  In  the  event  the  Bank  permits
         Obligations  of any of the  Guarantors  to be  cash  collateralized  as
         contemplated  in  Section  2.01(b) or to permit any Letter of Credit to
         expire after the Termination  Date as contemplated in Section  3.02(b),
         the Bank may in its  discretion  notify  Pittston  in  writing  that it
         elects to  collect an  administrative  fee of up to $5000 for each such
         collateralized  Obligation  and each  extension  of a Letter  of Credit
         beyond the  Termination  Date.  All such  administrative  fees shall be
         payable  upon  demand  and  prior  to the  Bank's  acceptance  of  cash
         collateral or any such extension.

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                  2.09  Computation  of Fees and  Interest.
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                  (a) All  computations  of interest  payable in respect of Base
         Rate  Loans at all times as the Base Rate is  determined  by the Bank's
         "reference" or "prime" rate shall be made on the basis of a year of 365
         or 366 days,  as the case may be, and actual  days  elapsed.  All other
         computations of fees and interest under this Agreement shall be made on
         the basis of a 360-day year and actual days elapsed.  Interest and fees
         shall accrue during each period during which  interest or such fees are
         computed  from and including the first day thereof to but excluding the
         last day thereof.

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                  (b)  Each  determination  of an  interest  rate  by  the  Bank
         pursuant to any provision of this  Agreement  shall be  conclusive  and
         binding on the Borrowers in the absence of manifest error.

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         2.10 Payments by the  Borrowers.
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                  (a) All  payments  (including  prepayments)  to be made by any
         Borrower on account of  Obligations  shall be made  without  set-off or
         counterclaim and shall,  except as otherwise expressly provided herein,
         be made to the relevant  Lending  Office,  in the currency in which the
         relevant  type  of  Obligation  was   denominated  and  in  immediately
         available funds, no later than 12:00 noon (local time) unless otherwise
         agreed, on the date specified herein.  Any payment which is received by
         a Lending  Office later than 12:00 noon (local time) shall be deemed to
         have been received on the immediately  succeeding  Business Day and any
         applicable interest or fee shall continue to accrue.

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                  (b) Whenever any payment  hereunder  shall be stated to be due
         on a day other than a Business  Day,  such payment shall be made on the
         next succeeding  Business Day, and such extension of time shall in such
         case be included in the  computation  of interest or fees,  as the case
         may be,  subject  to the  provisions  set  forth in the  definition  of
         "Interest Period" herein.

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         2.11  Certain   Obligations   Guaranteed.
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                                   ARTICLE III

                                LETTERS OF CREDIT
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         3.01 The  Letters of Credit  Commitment.
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                  (a)  Letters  of Credit  denominated  in  Dollars or any other
         Approved  Currency may be issued under the Commitment for the following
         purposes: (i) "Financial Letters of Credit" may be issued to any Person
         other  than an  Affiliate  to secure  the  payment by any Person of its
         financial obligations, or to provide counter or "back-up" guarantees in
         support  of  bank  guarantees,   Letters  of  Credit  or  other  credit
         facilities  afforded  to a  Borrower,  or  to  support  local  currency
         borrowings outside the United States, and (ii) "Performance  Letters of
         Credit"  may be issued to secure the  performance  by any Person of its
         obligations,   or  to  guaranty  or   otherwise   secure  any  Person's
         obligations  relating to a bid,  advance  payment or security  deposit,
         retention release, custom and duty deferment guaranty or bond, warranty
         or  performance  bond or other  guaranty and shall  include  Commercial
         Letters of Credit.

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                  (b) The Letter of Credit Obligations set forth on Schedule B-2
         hereto are  outstanding  under the 1999  Revolving  Facility.  All such
         Letter of Credit Obligations shall be deemed outstanding hereunder upon
         the  Effective  Date.  With  respect  to  any  such  Letter  of  Credit
         Obligations  that are not  Letter of Credit  Obligations  of a Borrower
         hereunder, they shall, upon the effectiveness of this Agreement, become
         joint and several  obligations  of BAX or Brink's,  as the case may be,
         upon the terms and conditions  hereof and as particularly  set forth on
         Schedule  B-2. It is  understood  and agreed by the Bank and by Brink's
         and BAX, respectively, that Brink's shall only be jointly and severally
         liable with the entities set opposite its name on Schedule B-2 and that
         BAX shall only be jointly and  severally  liable with the  entities set
         opposite  its name on Schedule  B-2;  Brink's  shall not be jointly and
         severally  liable with any entity set opposite BAX's name and BAX shall
         not be jointly  and  severally  liable  with any  entity  set  opposite
         Brink's  name;  nor shall BAX be  jointly  and  severally  liable  with
         Brink's.

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         3.02  Terms  of the  Letters  of  Credit.02  Terms  of the  Letters  of
Credit.02 Terms of the Letters of Credit.02 Terms of the Letters of Credit.

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                  (a)  Performance  Letters of Credit issued after the Effective
         Date shall not have a term exceeding one year.

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                  (b) No Letter of Credit  may expire  (including  all rights of
         renewal) later than the Termination Date, provided,  however,  that the
         Bank in its  discretion  may elect to,  issue  Letters  of Credit  that
         expire after the Termination Date, upon terms and conditions acceptable
         to the Bank, including without limitation,  cash collateral provisions,
         it being understood and agreed that this Agreement shall remain in full
         force and effect with  respect to all such Letters of Credit until they
         have  expired and all related  Letter of Credit  Obligations  have been
         paid in full.  Without  limiting the generality of the  foregoing,  the
         applicable  Borrower will cash collateralize each Letter of Credit that
         remains  outstanding and undrawn as of the Termination  Date by deposit
         of immediately available funds in an amount equal to the undrawn amount
         of such Letter of Credit in a  non-interest-bearing  account maintained
         with the Bank;  provided,  however,  that  subject  to the  proviso  in
         Section 8.02,  the  obligation to so cash  collateralize  any Letter of
         Credit having a stated expiry date occurring after the Termination Date
         shall arise only upon the Bank's request to the applicable Borrower. If
         any Letter of Credit that is to be cash  collateralized  is denominated
         in an Approved  Currency  other than  Dollars,  the amount so deposited
         shall,  if  requested  by the Bank,  be the  Dollar  Equivalent  of the
         undrawn amount of such Letter of Credit as of the Termination Date. The
         Bank may, at any time and from time to time after the  initial  deposit
         of cash collateral, require that additional cash collateral be provided
         in order to protect against the results of exchange rate fluctuations.

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         3.03  Procedure for Issuance of the Letters of Credit.03  Procedure for
Issuance of the Letters of  Credit.03  Procedure  for Issuance of the Letters of
Credit.03 Procedure for Issuance of the Letters of Credit.

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                  (a) Each  Letter of Credit  to be issued  after the  Effective
         Date shall be issued  upon the  request of a Borrower  received  by the
         Bank and any other  relevant  Lending  Office not later than 12:00 noon
         (local time),  three (3) Business  Days prior to the requested  date of
         issuance.

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                  (b) Each  request for  issuance of a Letter of Credit shall be
         made in  writing  by fax and  confirmed  by  delivery  of the  original
         executed  Letter of Credit  Application  and  Agreement,  in the Bank's
         standard form or a similar form if the relevant  Lending  Office uses a
         different  form (each,  an "L/C  Application"),  not later than one (1)
         Business  Day  thereafter.  Each  request  for  issuance of a Letter of
         Credit and each L/C Application shall specify,  among other things: (i)
         the proposed date of issuance (which shall be a Business Day); (ii) the
         face amount of the Letter of Credit;  (iii) the date of  expiration  of
         the Letter of  Credit;  (iv) the name and  address  of the  beneficiary
         thereof;  (v) the documents to be presented by the  beneficiary  of the
         Letter of Credit in case of any drawing thereunder;  (vi) the full text
         of any  certificate  to be presented by the  beneficiary in case of any
         drawing  thereunder;  and (vii) whether the Letter of Credit is to be a
         Financial Letter of Credit or a Performance Letter of Credit.

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                  (c)Any  request  for an  amendment  to  any  previously-issued
         Letter of Credit  shall be received by the Lending  Office which issued
         the Letter of Credit not later than  12:00 noon  (local  time),  unless
         otherwise agreed by the Lending Office,  two (2) Business Days prior to
         the date of the  proposed  amendment  in writing by fax.  Each  written
         request for an amendment to a  previously-issued  Letter of Credit made
         by fax shall be in the form of the relevant L/C  Application  signed by
         the  relevant  Borrower  and,  unless  otherwise  agreed by the Lending
         Office  which  issued  the  Letter  of Credit  in  accordance  with the
         provisions of Section  3.02(b),  shall not request an extension  beyond
         the relevant Termination Date described in said Section. Amendments and
         extensions  shall be at the sole discretion of the Lending Office which
         issued the Letter of Credit.

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                  (d)  Notwithstanding  any provision of any L/C  Application to
         the  contrary,  in the event of any  conflict  between the terms of any
         such L/C Application and the terms of this Agreement, the terms of this
         Agreement shall control with respect to payment obligations,  events of
         default,  representations  and warranties,  and covenants,  except that
         such L/C  Application  may  provide  for  further  warranties  relating
         specifically  to the  transaction or affairs  underlying such Letter of
         Credit.

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         3.04 Drawings and  Reimbursements..04  Drawings and  Reimbursements..04
Drawings and  Reimbursements..04  Drawings  and  Reimbursements.  Each  Borrower
hereby  unconditionally and irrevocably agrees to reimburse the relevant Lending
Office for each payment  made by such Lending  Office under any Letter of Credit
issued for the account of such  Borrower;  such  reimbursement  shall be due and
payable on the date the relevant  Lending  Office makes such payment  under such
Letter of  Credit.  If such  reimbursement  payment  is not made  when due,  the
Borrower  shall be deemed to have  timely  made a request to the Bank for a Base
Rate Loan on such date in an amount equal to the Dollar Equivalent of the amount
of such draft paid, together with any fees owing to the Bank pursuant to Section
2.08(b)  (to the extent such drawn  amount and fees,  when  aggregated  with the
principal  amount of all other Advances then  outstanding and  allocations  then
existing,  do not exceed the Commitment)  and,  regardless of whether or not the
conditions   precedent  specified  in  Article  V  (except  5.02(c))  have  been
satisfied,  the Bank  shall be  deemed  to have  made a Base  Rate  Loan in such
amount,  the  proceeds  of which shall be deemed to have  satisfied  the related
Reimbursement Obligations.  Interest shall be payable on any such Base Rate Loan
at the Base Rate.

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         3.05 Reimbursement  Obligations Absolute.05  Reimbursement  Obligations
Absolute.05  Reimbursement  Obligations  Absolute.05  Reimbursement  Obligations
Absolute.  The  obligations of the Borrowers to reimburse the Lending Office for
payments  made by such  Lending  Office  under any  Letter of Credit  honoring a
demand for payment by the beneficiary thereunder shall be irrevocable,  absolute
and  unconditional  under any and all  circumstances,  including  the  following
circumstances:

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     (a) any lack of validity or enforceability of this Agreement, any Letter of
Credit,  any L/C  Application  or any other  agreement  or  instrument  relating
thereto (collectively, the "L/C Related Documents");
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     (b) any change in the time,  manner or place of payment of, or in any other
term of, all or any of the  obligations of any Borrower in respect of any Letter
of Credit or any other  amendment  or waiver of or any  consent to or  departure
from all or any of the L/C Related Documents;

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     (c) the  existence of any claim,  set-off,  defense or other right that any
Borrower may have at any time against any  beneficiary  or any transferee of any
Letter  of  Credit  (or any  Person  for whom any such  beneficiary  or any such
transferee  may be acting),  the Bank,  any Lending  Office or any other Person,
whether in connection with this Agreement, the transactions  contemplated by the
L/C Related Documents or any unrelated transaction;

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     (d) any draft, certificate, statement or other document presented under any
Letter of Credit proving to be forged,  fraudulent,  invalid or  insufficient in
any respect or any  statement  therein being untrue or inaccurate in any respect
other  than if such  payment  resulted  from the  gross  negligence  or  willful
misconduct of the relevant Lending Office;

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     (e)  payment  by the  relevant  Lending  Office  under any Letter of Credit
against  presentation  of a draft or  certificate  that does not comply with the
terms of the Letter of Credit other than if such payment resulted from the gross
negligence or willful misconduct of the relevant Lending Office;
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     (f) any release or amendment or waiver of or consent to departure  from any
guaranty,  for all or any of the  obligations  of any Borrower in respect of any
Letter of Credit; or
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     (g) any other circumstance or happening whatsoever,  whether or not similar
to any of the foregoing,  including any other  circumstance that might otherwise
constitute  a defense  available  to, or a  discharge  of, any  Borrower  or any
account party other than a circumstance constituting gross negligence or willful
misconduct on the part of the relevant Lending Office.

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                                   ARTICLE IV

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                    TAXES, YIELD PROTECTION AND ILLEGALITY

         4.01  Taxes.
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                  (a) Payments made hereunder and under any instrument  executed
         hereunder  shall be made free and clear of, and without  deduction for,
         any  and  all  present  or  future  taxes,  levies,  imposts,   duties,
         deductions, withholding and similar charges ("Taxes") excluding, in the
         case  of the  Bank,  each  Lending  Office  and  each  Assignee,  Taxes
         (including franchise or receipts taxes) imposed on or in respect of its
         net income, capital, or receipts, by the jurisdiction (or any political
         subdivision  thereof)  under the laws of which the Bank or such Lending
         Office or Assignee (as the case may be) (A) is  organized,  (B) has its
         principal  place of  business,  or (C) is,  through  an office or other
         fixed place of business,  deemed to be doing  business or maintaining a
         permanent  establishment  under any applicable  income tax treaty (such
         non-excluded Taxes being "Withholding Taxes"). If any Borrower shall be
         required by law to deduct any  Withholding  Taxes from or in respect of
         any sum payable hereunder or under any instrument  executed  hereunder,
         such Borrower:

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     (i) shall pay to the Bank,  Lending Office or Assignee an additional amount
so that the net amount  received  and  retained by the Bank,  Lending  Office or
Assignee  after taking into account such  Withholding  Taxes (and any additional
Withholding  Taxes payable on account of any  additional  payment  called for by
this  sentence)  will equal the full amount  which would have been  received and
retained by the Bank, Lending Office or Assignee as if no such Withholding Taxes
been paid, deducted, or withheld;

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     (ii) shall make such deductions; and
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     (iii) shall pay the full amount deducted to the relevant  taxing  authority
or other authority in accordance with applicable law.

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                  (b) Each  Borrower  will furnish the Bank,  Lending  Office or
         Assignee  original  Withholding  Tax  receipts,   notarized  copies  of
         Withholding  Tax receipts or such other  appropriate  documentation  as
         will prove payment of tax in a court of law applying U.S. Federal Rules
         of  Evidence  for all Taxes paid by such  Borrower  pursuant to Section
         4.01(a).  The relevant  Borrower  will deliver such  receipts  within a
         reasonable  period after payment of any  Withholding  Taxes,  but in no
         event later than 60 days after the due date for the related Withholding
         Tax.

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                  (c) If the Bank,  Lending  Office or Assignee is entitled to a
         refund or credit of Withholding Tax, it shall use reasonable efforts to
         pursue such refund  (and  interest  with  respect  thereto),  and if it
         receives such refund or credit,  shall pay to the relevant Borrower the
         amount of the refund or credit  (and  interest  with  respect  thereto)
         actually received.

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                  (d) The Bank,  Lending Office or Assignee shall use reasonable
         efforts   (consistent  with  its  internal  policies,   and  legal  and
         regulatory  restrictions)  to change the  jurisdiction  of its relevant
         Lending  Office if such change  would  avoid or reduce any  Withholding
         Tax; provided that no such change of jurisdiction  shall be made if, in
         the  reasonable  judgment  of the  Bank,  such  Lending  Office or such
         Assignee,  such  change  would be  disadvantageous  to the  Bank,  such
         Lending Office or such Assignee, as the case may be.

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                  (e) The Bank  agrees  that it will  deliver to the  Borrowers,
         within  30  days  after  the  execution  of  this   Agreement   (unless
         theretofore so delivered)  and as may be reasonably  required from time
         to time by applicable law or regulation, United States Internal Revenue
         Service Forms W-8BEN  and/or W-8EC1 (or successor  Forms) or such other
         form,  if  any,  as from  time to time  may  permit  the  Borrowers  to
         demonstrate  that payments made by the Borrowers to the Bank under this
         Agreement  either are exempt from  United  States  Federal  Withholding
         Taxes or are  payable  at a  reduced  rate (if  any)  specified  in any
         applicable tax treaty or convention.

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         4.02  Illegality.02  Illegality.02  Illegality.02  Illegality.
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- --------------------------------------------------------------------------------
     (a) If the Bank shall determine that the introduction of any Requirement of
Law,  or any  change  in any  Requirement  of  Law or in the  interpretation  or
administration  thereof, has made it unlawful, or that any central bank or other
Governmental  Authority  has asserted  that it is unlawful,  for the Bank or any
other  relevant  Lending  Office to make LIBOR Rate Loans or to issue Letters of
Credit, then, on notice thereof by the Bank to the Borrowers,  the obligation of
the Bank to make LIBOR Rate Loans or to issue Letters of Credit, as the case may
be, shall be suspended until the Bank shall have notified the Borrowers that the
circumstances giving rise to such determination no longer exist.

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     (b) If the Bank shall  determine  that it is unlawful to maintain any LIBOR
Rate Loan, the affected Borrowers shall prepay in full all LIBOR Rate Loans then
outstanding,  together with interest accrued thereon,  either on the last day of
the Interest  Period thereof if the Bank may lawfully  continue to maintain such
LIBOR  Rate  Loans to such day,  or  immediately,  if the Bank may not  lawfully
continue to maintain such LIBOR Rate Loans,  together with any amounts  required
to be paid in connection therewith pursuant to Section 4.04.

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     (c) The Bank shall immediately  notify the Borrowers of any event described
in (a) or (b) above.
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         4.03 Increased  Costs and Reduction of Return;  Additional  Interest on
LIBOR Rate Loans.03 Increased Costs and Reduction of Return; Additional Interest
on LIBOR Rate  Loans.03  Increased  Costs and  Reduction  of Return;  Additional
Interest  on LIBOR  Rate  Loans.03  Increased  Costs and  Reduction  of  Return;
Additional Interest on LIBOR Rate Loans.

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                  (a) If the Bank shall  determine  that,  due to either (i) the
         introduction   of  any  Requirement  of  Law,  or  any  change  in  any
         Requirement of Law or in the  interpretation or administration  thereof
         or (ii) the  compliance  with any guideline or request from any central
         bank or other  Governmental  Authority (whether or not having the force
         of law),  there  shall be any  increase  in the cost to the Bank or any
         Lending  Office of agreeing to make or making,  funding or  maintaining
         any LIBOR Rate Loans, then the relevant  Borrowers shall be liable for,
         and shall from time to time, upon written request therefor by the Bank,
         pay to the Bank additional  amounts as are sufficient to compensate the
         Bank or such Lending Office for such increased costs.

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                  (b)  If  the  Bank   shall  have   determined   that  (i)  the
         introduction of any Capital Adequacy Regulation, (ii) any change in any
         Capital Adequacy Regulation,  (iii) any change in the interpretation or
         administration  of any Capital Adequacy  Regulation by any central bank
         or other  Governmental  Authority  charged with the  interpretation  or
         administration  thereof,  or (iv)  compliance  by the  Bank  (or  other
         relevant Lending Office) or any corporation  controlling the Bank, with
         any Capital Adequacy  Regulation  affects or would affect the amount of
         capital  required or expected to be maintained by the Bank, any Lending
         Office  or any  corporation  controlling  the  Bank  and  (taking  into
         consideration  the Bank's and such controlling  corporation's  policies
         with  respect to capital  adequacy  and the  Bank's  desired  return on
         capital) and determines that the amount of such capital is increased as
         a consequence  of Advances  under this  Agreement,  then,  upon written
         request of the Bank, the Borrowers shall immediately pay to the Bank or
         the  relevant  Lending  Office,  from time to time as  specified by the
         Bank,  additional  amounts  sufficient to  compensate  the Bank or such
         Lending Office for such increase.

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                  (c) Each  Borrower  shall pay to the Bank, as long as the Bank
         shall be required under Federal  Reserve Board  regulations to maintain
         reserves  with  respect  to  liabilities  or  assets  consisting  of or
         including   Eurocurrency   funds  or  deposits   (currently   known  as
         "Eurocurrency  liabilities"),  additional costs on the unpaid principal
         amount of all LIBOR Rate Loans made by the Bank to such Borrower  equal
         to the actual costs of such reserves allocated to each such Loan by the
         Bank (as  determined  by the Bank in good  faith,  which  determination
         shall be conclusive  absent manifest  error),  payable on each Interest
         Payment  Date  with  respect  to each  such  Loan,  provided  that such
         Borrower  shall have received at least 15 days' prior written notice of
         such  additional  costs from the Bank. If the Bank fails to give notice
         15 days prior to the relevant  Interest  Payment Date,  such additional
         interest  shall  accrue  and be  payable  15 days from  receipt of such
         notice.

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                  (d) The Bank will notify each Borrower of any event  occurring
         after the date hereof which will entitle the Bank or any Lending Office
         to  compensation  from such  Borrower  pursuant to this Section 4.03 as
         promptly  as  practicable   after  it  obtains  knowledge  thereof  and
         determines to request such compensation, and will designate a different
         Lending Office if such  designation  will avoid the need for, or reduce
         the amount of, such  compensation.  If the Bank  requests  compensation
         under this Section 4.03,  the relevant  Borrowers may, by notice to the
         Bank,  require that:  (x) the Bank furnish to the relevant  Borrowers a
         statement  setting forth the basis for requesting such compensation and
         the method for  determining  the amount thereof or (y) the Loans of the
         type with  respect to which such  compensation  is  requested be either
         prepaid or converted into another type.

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         4.04 Funding  Losses.04  Funding  Losses.04  Funding  Losses.04 Funding
Losses.  Each Borrower agrees to reimburse the Bank and to hold the Bank and any
relevant  Lending  Office  harmless  from any loss or expense which the Bank may
sustain or incur as a consequence of:

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     (a) the  failure by such  Borrower  to make any  payment or  prepayment  of
principal  of any LIBOR Rate Loan when due  (including  payments  made after any
acceleration thereof);

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     (b) the  failure by such  Borrower  to borrow,  continue  or convert a Loan
after such Borrower has given (or is deemed to have given) a notice of borrowing
or a notice of conversion or continuation;

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     (c) the failure by such Borrower to make any prepayment after such Borrower
has given a notice in accordance with Section 2.05;

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     (d) the  prepayment of a LIBOR Rate Loan on a day which is not the last day
of the Interest Period with respect thereto; or
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     (e) the  conversion  pursuant  to Section  2.03 of any LIBOR Rate Loan to a
Base Rate  Loan on a day that is not the last day of the  Interest  Period  with
respect to the LIBOR Rate Loan;
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including any such loss or expense  arising from the liquidation or reemployment
of funds  obtained  by any  Lending  Office to  maintain  its LIBOR  Rate  Loans
hereunder or from fees payable to terminate  the deposits  from which such funds
were obtained.

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         4.05 Inability to Determine  Rates.05  Inability to Determine  Rates.05
Inability to Determine  Rates.05 Inability to Determine Rates. If the Bank shall
have determined  that for any reason adequate and reasonable  means do not exist
for ascertaining  the LIBOR Rate for any requested  Interest Period with respect
to a LIBOR Rate Loan or that the LIBOR Rate for any  requested  Interest  Period
with respect thereto does not adequately and fairly reflect the cost to the Bank
or any relevant  Lending  Office of funding such Loan,  the Bank will  forthwith
give notice of such  determination to the relevant  Borrowers.  Thereafter,  the
obligation of the Bank or any relevant  Lending Office to make or continue LIBOR
Rate Loans or to convert Base Rate Loans to LIBOR Rate Loans  hereunder,  as the
case may be, shall be  suspended  until the Bank revokes such notice in writing.
Upon  receipt of such  notice,  the  relevant  Borrower may revoke any notice of
borrowing or notice of conversion or  continuation  then submitted by it. If the
relevant Borrower does not revoke such notice with respect to a LIBOR Rate Loan,
the Bank shall make, convert or continue the Loan, as proposed by such Borrower,
in the amount specified in the applicable notice submitted by such Borrower, but
such Loan shall be made, converted or continued as a Base Rate Loan instead of a
LIBOR Rate Loan.

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         4.06 Certificate of the Bank.06  Certificate of the Bank.06 Certificate
of  the  Bank.06   Certificate  of  the  Bank.  If  claiming   reimbursement  or
compensation  pursuant  to this  Article  IV,  the Bank  shall  deliver  to each
relevant  Borrower a certificate  setting forth in reasonable  detail the amount
payable  to  the  Bank  or any  relevant  Lending  Office  hereunder,  and  such
certificate  shall be conclusive and binding on each  recipient  Borrower in the
absence of manifest error.

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         4.07  Survival.

     The  agreements  and  obligations of the Borrowers in this Article IV shall
survive the payment of all other Obligations.
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                                    ARTICLE V

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                               CONDITIONS PRECEDENT
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- --------------------------------------------------------------------------------
         5.01 Conditions to  Effectiveness  of this  Agreement.01  Conditions to
Effectiveness  of  this   Agreement.01   Conditions  to  Effectiveness  of  this
Agreement.01 Conditions to Effectiveness of this Agreement. The effectiveness of
this  Agreement is subject to the condition that the Bank shall have received on
or  before  the  Effective  Date all of the  following,  in form  and  substance
satisfactory to the Bank and its counsel:

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                  (a)  Credit  Agreement
     This Agreement shall be duly executed and delivered by each Borrower ;
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                  (b)   Resolutions; Incumbency
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                           (i)  Copies  of  the  resolutions  of  the  board  of
                  directors  of  BAX,   Brink's  and  Pittston   approving   and
                  authorizing  the execution,  delivery and  performance of this
                  Agreement,   its  respective   Guaranty  and  the  other  Loan
                  Documents to be delivered by it hereunder, certified as of the
                  Effective  Date by the Secretary or an Assistant  Secretary of
                  such Borrower or the Guarantor, as the case may be; and

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                           (ii) A  certificate  of the  Secretary  or  Assistant
                  Secretary  of BAX,  Brink's and  Pittston as of the  Effective
                  Date  certifying the names and true signatures of the officers
                  of such  Borrower  authorized  to  execute  and  deliver  this
                  Agreement,   its  respective   Guaranty  and  all  other  Loan
                  Documents to be delivered by it hereunder.

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                  (c) 1999 Revolving Facility. The 1999 Revolving Facility shall
         have terminated or expired in accordance with its terms.

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                  (d)  Guaranties.
     The Guaranties duly executed and delivered by BAX, Brink's and Pittston.
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- --------------------------------------------------------------------------------
                  (e) Legal  Opinions(e)  Legal  Opinions(e)  Legal  Opinions(e)
         Legal Opinions.  Opinions in form and substance reasonably satisfactory
         to the Bank of the general  counsel of Pittston (and in such  capacity,
         acting as counsel for Borrowers) and, as to matters of New York law, of
         Hunton & Williams.

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                  (f) Payment of Costs and Fees(f)  Payment of Costs and Fees(f)
         Payment of Costs and Fees(f)  Payment of Costs and Fees.  The Borrowers
         shall have paid (i) all costs,  accrued  and unpaid  fees and  expenses
         incurred by the Bank,  to the extent due and  payable on the  Effective
         Date,  including the fees and expenses of outside  counsel to the Bank,
         and (ii) the arrangement fee of $115,000.

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                  (g)  Certificates.
     A certificate signed by a Responsible Officer of each Borrower, dated as of
the Effective Date, stating that:
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     (i) the  representations  and warranties made by such Person in Article VI,
and the representations and warranties made in the respective Guaranty, are true
and correct on and as of such date, as though made on and as of such date;
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     (ii) no Default or Event of Default exists as of the Effective Date; and
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     (iii) since December 31, 2001,  there has occurred no event or circumstance
that could reasonably be expected to result in a Material Adverse Effect.

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                  (h) Financial  Statements(h) Financial Statements(h) Financial
         Statements(h) Financial Statements. A copy of the audited and unaudited
         financial statements of the Guarantor and its Subsidiaries  referred to
         in Section 6.07, accompanied by a copy of the related auditor's report,
         in the case of the audited financial statements, and a certificate of a
         Responsible  Officer  of the  Guarantor,  in the case of the  unaudited
         financial statements.

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         5.02 Conditions to Subsequent Advances and Allocations.02 Conditions to
Subsequent  Advances and  Allocations.02  Conditions to Subsequent  Advances and
Allocations.02 Conditions to Subsequent Advances and Allocations. The obligation
of the Bank to make any  Advance  and accept any  allocation  request  after the
Effective  Date is  subject  to the  satisfaction  of the  following  conditions
precedent on the date of the relevant extension of credit:

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                  (a) Notice of  Advance or  Allocation.
     The Bank shall  have  received a notice of  borrowing  pursuant  to Section
2.02, an allocation  request  pursuant to Section  2.01(b) or an L/C Application
pursuant to Section 3.03;
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                  (b)   Continuation  of   Representations   and   Warranties(b)
         Continuation  of  Representations  and  Warranties(b)  Continuation  of
         Representations  and Warranties(b)  Continuation of Representations and
         Warranties. The representations and warranties made by the Borrowers in
         Article  VI  and  the  representations  and  warranties  made  by  each
         Guarantor  in its  Guaranty  shall be true and correct on and as of the
         date of such extension of credit with the same effect as if made on and
         as of such date;

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                  (c)  No  Existing  Default  No  Existing   DefaultNo  Existing
         DefaultNo Existing Default.  No Default or Event of Default shall exist
         on the date of such Advance or acceptance of any allocation  request or
         shall result from such Advance or acceptance of any allocation request;
         and

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                  (d)  Additional   Documentation.
     The relevant  Borrower  shall have  delivered any Note or other document as
the relevant Lending Office may reasonably require.
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         Each  request  for  an  Advance  or  allocation   shall   constitute  a
representation  and warranty by the requesting  Borrower that, as of the date of
such  request  and as of the date  that the  Advance  is made or  allocation  is
accepted by the Bank, the conditions in this Section 5.02 are satisfied.

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                                   ARTICLE VI

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- --------------------------------------------------------------------------------
                         REPRESENTATIONS AND WARRANTIES

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- --------------------------------------------------------------------------------
         Each Borrower (or, as  specifically  provided  below,  Pittston  only),
represents and warrants to the Bank, as follows:

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         6.01   Corporate   Existence6.01   Corporate   Existence.01   Corporate
Existence.01  Corporate Existence.  (a) The Borrower is duly organized,  validly
existing  and  in  good  standing  under  the  laws  of  its   jurisdiction   of
incorporation; (b) the Borrower (i) has the requisite power and authority to own
its property and assets and to carry on its business as now  conducted  and (ii)
is qualified to do business in every  jurisdiction  where such  qualification is
required,  except  where the  failure  so to  qualify  would not have a Material
Adverse Effect.  The Borrower has the corporate power to execute and deliver and
to perform its obligations  under the Loan Documents to which it is party and to
borrow hereunder and to provide its Guaranty.

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         6.02  Non-Contravention6.02  Non-Contravention.02  Non-Contravention.02
Non-Contravention.  The execution,  delivery and  performance by the Borrower of
the Loan  Documents  to  which it is party  have  been  duly  authorized  by all
necessary  corporate  action and do not and will not (i)  require any consent or
approval of the shareholders of the Borrower,  (ii) violate any provision of any
law, rule, regulation  (including,  without limitation,  Regulation G, U or X of
the  Federal  Reserve  Board),  order,  writ,  judgment,   injunction,   decree,
determination, or award presently in effect having applicability to the Borrower
or of the charter or by-laws of the Borrower,  (iii) result in a material breach
of or  constitute  a  material  default  under any  indenture  or loan or credit
agreement or any other agreement,  lease, or instrument to which the Borrower is
a party or by  which it or its  properties  may be  bound or  affected,  or (iv)
result in the  creation of a Lien of any nature  upon or with  respect to any of
the properties now owned or hereafter acquired by the Borrower; and the Borrower
is not in default  under any such order,  writ,  judgment,  injunction,  decree,
determination,  or award or any such indenture,  agreement, lease, or instrument
or in default under any such law, rule, or regulation,  which default would have
a Material Adverse Effect.

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         6.03  No  Consent6.03  No  Consent.03  No  Consent.03  No  Consent.  No
authorization,   consent,   approval,   license,  exemption  of,  or  filing  or
registration with, or any other action in respect of any Governmental  Authority
is or will be necessary for the valid execution,  delivery or performance by the
Borrower of the Loan Documents to which it is party.

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         6.04   Binding    Obligations6.04    Binding   Obligations.04   Binding
Obligations.04  Binding  Obligations..  Each of the Loan  Documents to which the
Borrower  is party  constitute  legal,  valid,  and binding  obligations  of the
Borrower  enforceable  against the Borrower in accordance with their  respective
terms,  except  as  enforceability  may be  limited  by  applicable  bankruptcy,
insolvency  or similar laws  affecting  the  enforcement  of  creditors'  rights
generally or by equitable principles relating to enforceability.

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         6.05  Title  to   Properties6.05   Title  to  Properties.05   Title  to
Properties.05 Title to Properties. The Borrower has good and marketable title to
all of the material assets and properties  purported to be owned by it, free and
clear of all liens except those permitted by the Pittston Credit Agreement.

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         6.06 Subsidiaries6.06  Subsidiaries.06 Subsidiaries.06 Subsidiaries. As
of  the  Effective  Date,  each  BAX  Subsidiary  listed  on  Schedule  A-1 is a
Subsidiary  of  BAX,  each  Brink's  Subsidiary  listed  on  Schedule  A-2  is a
Subsidiary  of Brink's,  and all of such  Subsidiaries'  shares which are owned,
directly or indirectly,  by BAX or Brink's have been duly authorized and validly
issued,  are fully  paid and  nonassessable  and are free and clear of any Lien.
Pittston  represents and warrants that no member of the Pittston  Minerals Group
is direct or indirect  Subsidiary  of BAX or Brink's and agrees that it will not
request that any be added as a Covered Subsidiary on Schedule B-1.

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         6.07 Financial  Statements.
     Pittston hereby represents and warrants that:
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                  (a)  The  consolidated  balance  sheet  of  Pittston  and  its
         Subsidiaries  as at December  31,  2001,  and the related  consolidated
         statements of operations,  shareholders'  equity and cash flows for the
         year then ended,  certified by KPMG Peat  Marwick,  independent  public
         accountants,  copies  of  which  will be  delivered  to the Bank on the
         Effective   Date,   fairly   present  in  all  material   respects  the
         consolidated financial condition of Pittston and its Subsidiaries as at
         such date and the consolidated results of their operations for the year
         then  ended,  all  prepared  in  accordance  with  GAAP  applied  on  a
         consistent basis.

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- --------------------------------------------------------------------------------
                  (b) The unaudited  consolidated  balance sheet of Pittston and
         its  Subsidiaries  as at  September  30,  2002,  the related  unaudited
         consolidated  statement of operations of Pittston and its  Subsidiaries
         for the fiscal  quarter  year then  ended,  and the  related  unaudited
         consolidated  statement of cash flows of Pittston and its  Subsidiaries
         for the fiscal quarter then ended, copies of which will be delivered to
         the Bank on the Effective Date, fairly present in all material respects
         the consolidated  financial  condition of Pittston and its Subsidiaries
         as at such date and their  consolidated  results of operations  for the
         quarter then ended,  all prepared in  accordance  with GAAP (except for
         the omission of notes and subject to year-end adjustments) applied on a
         consistent basis; and there has been no material adverse change in such
         condition or operations since September 30, 2002.

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         6.08 Litigation6.08  Litigation.08 Litigation.08 Litigation.  Except as
otherwise  disclosed in writing to the Bank,  including  through the delivery to
the  Bank of  copies  of  reports  and  statements  filed by  Pittston  with the
Securities and Exchange  Commission,  there are no material  actions,  suits, or
proceedings pending or, to the knowledge of the Borrower,  threatened against or
affecting the Borrower or the properties of the Borrower before any Governmental
Authority  or  arbitrator,  and the  Borrower  is not in default (in any respect
which might have a material  adverse  effect on the  ability of the  Borrower to
perform  its  obligations  under the Loan  Documents  to which it is party) with
respect to any law, rule, regulation, order, writ, judgment, injunction, decree,
determination or award presently in effect and applicable to the Borrower.

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- --------------------------------------------------------------------------------
         6.09  Taxes6.09  Taxes.09  Taxes.09  Taxes.  The Borrower has filed all
material tax returns  (federal,  state, and local) required to be filed and paid
all taxes shown thereon to be due, including interest and penalties, or provided
adequate reserves, in accordance with GAAP, for the payment thereof.

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- --------------------------------------------------------------------------------
         6.10 ERISA6.10 ERISA.10 ERISA.10 ERISA. Each Plan has complied with and
has been administered in all material respects in accordance with the applicable
provisions of ERISA and the Code.  No Plan has  terminated  under  circumstances
giving rise to  liability  of the  Borrower of any ERISA  Affiliate  to the PBGC
under Section 4062,  4063 or 4064 of ERISA,  which  liability  remains unpaid in
whole or in part, and no lien under Section 4068 of ERISA exists with respect to
the assets of the Borrower. No Reportable Event has occurred with respect to any
Plan, except for Reportable  Events previously  disclosed in writing to the Bank
that would not have a Material Adverse Effect. No accumulated funding deficiency
within the meaning of Section  302 of ERISA or Section 412 of the Code  (whether
or not waived)  exists with respect to any Plan, nor does any lien under Section
302 of ERISA or Section 412 of the Code exist with respect to any Plan.

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
         Neither  the  Borrower  nor  any  ERISA  Affiliate  has  completely  or
partially withdrawn from any one or more Multiemployer Plans under circumstances
which would give rise to withdrawal  liability  which,  in the aggregate,  could
have a Material  Adverse Effect and which has not been fully paid as of the date
hereof.  Neither the Borrower nor any ERISA  Affiliate has received  notice that
any Multiemployer Plan is in reorganization  (within the meaning of Section 4241
of ERISA),  is insolvent  (within the meaning of Section 4245 of ERISA),  or has
terminated under Title IV of ERISA,  nor, to the best knowledge of the Borrower,
is any such  reorganization,  insolvency  or  termination  reasonably  likely to
occur, where such reorganization,  insolvency or termination has resulted or can
reasonably be expected to result in an increase in the contributions required to
be made to such  Multiemployer  Plan in an amount  that  would  have a  Material
Adverse Effect.  Neither the Borrower nor any ERISA Affiliate has failed to make
any  contribution  to a  Multiemployer  Plan which is required under ERISA or an
applicable collective bargaining agreement in an amount which is material in the
aggregate  (except to the extent there is a good faith dispute as to whether any
contribution  is owed, the amount owed or the existence of facts that would give
rise to a withdrawal).

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         6.11 No  Default
     The  Borrower  represents  and  warrants  that no  Default  and no Event of
Default has occurred and is continuing.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
         6.12 Federal  Reserve  Regulations.

     (a) The  Borrower is not engaged  principally,  or as one of its  important
activities, in the business of extending credit for the purpose of purchasing or
carrying Margin Stock.
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- --------------------------------------------------------------------------------
     (b) No part of the proceeds of any Advances will be used,  whether directly
or indirectly,  and whether  immediately,  incidentally  or ultimately,  for any
purpose  which  entails a  violation  of,  or which is  inconsistent  with,  the
provisions  of  the  Regulations  promulgated  by  the  Federal  Reserve  Board,
including, without limitation, Regulations G, U or X.

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         6.13 Investment  Company Act6.13  Investment  Company Act.13 Investment
Company Act.13  Investment  Company Act. None of the Borrowers is an "investment
company" as defined in, or subject to regulation  under, the Investment  Company
Act of 1940.

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         6.14 Environmental  Matters6.14  Environmental Matters.14 Environmental
Matters.14  Environmental  Matters.  In the  ordinary  course  of its  business,
Pittston conducts an ongoing review of the effect of Environmental Laws and laws
relating  to  occupational  safety and health on the  business,  operations  and
properties  of  Pittston  and  its  Subsidiaries,  in the  course  of  which  it
identifies and evaluates associated liabilities and costs (including any capital
or operating  expenditures  required for  clean-up,  closure or  restoration  of
properties presently or previously owned, any capital or operating  expenditures
required to achieve or maintain  compliance  with  environmental  protection and
occupational health and safety standards imposed by law or as a condition of any
license,  permit or contact,  any related  constraints on operating  activities,
including any periodic or permanent shutdown of any facility or reduction in the
level of or change in the nature of operations  conducted thereat and any actual
or potential liabilities to third parties,  including employees, and any related
costs and expenses).  On the basis of this review,  each Borrower represents and
warrants that  applicable  Environmental  Laws and laws relating to occupational
health  and  safety  do not have a  material  adverse  effect  on its  business,
financial condition or results of operations,  and it has obtained and holds all
material permits, licenses and approvals required under Environmental Laws which
are  necessary  for  the  conduct  of its  business  and  the  operation  of its
facilities,  and it has not received any written  notice of any failure to be in
compliance  with  the  terms  and  conditions  of  such  permits,  licenses  and
approvals, which failure could reasonably be expected to have a material adverse
effect on it.

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         6.15  Priority  of  Debt6.15  Priority  of Debt.15  Priority of Debt.15
Priority of Debt.  Each Borrower  hereby  represents  and warrants that all Debt
created  under this  Agreement for which it is or may be liable ranks pari passu
with all other Debt for  borrowed  money which such person owes or may be liable
for to any Person other than the Bank.

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                                   ARTICLE VII

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                                    COVENANTS

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         7.01 Affirmative  Covenants7.01  Affirmative  Covenants.01  Affirmative
Covenants.01  Affirmative Covenants. For the benefit of the Bank, so long as any
Advance remains outstanding  hereunder or the Commitment remains in effect, each
Borrower shall, unless the Bank otherwise consents in writing:

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                  (a)  Payment  of Taxes,  etc.(a)  Payment  of  Taxes,  etc.(a)
         Payment of Taxes,  etc.(a) Payment of Taxes, etc. Pay and discharge all
         taxes,  assessments and governmental  charges or levies imposed upon it
         or upon its income or profits, or upon any properties  belonging to it,
         prior to the date on which  penalties  attach  thereto,  and all lawful
         claims which, if unpaid,  might become a lien or charge upon any of its
         properties; provided, however, that neither it shall not be required to
         pay any such  tax,  assessment,  charge,  levy or claim  which is being
         contested in good faith and by proper  proceedings and against which it
         is maintaining adequate reserves in accordance with GAAP.

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                  (b)  Maintenance of  Insurance(b)  Maintenance of Insurance(b)
         Maintenance of  Insurance(b)  Maintenance of Insurance.  Maintain,  and
         cause  each   Restricted   Subsidiary  to  maintain,   insurance   with
         responsible and reputable  insurance  companies or associations (or, to
         the extent consistent with prudent business  practice,  through its own
         program of  self-insurance)  in such amounts and covering such risks as
         is usually  carried by  companies  engaged  in similar  businesses  and
         owning  similar  properties  in the  same  general  areas  in  which it
         operates.

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                  (c) Preservation of Corporate Existence, etc.8 Preservation of
         Corporate   Existence,   etc.   Preservation  of  Corporate  Existence,
         etc.Preservation of Corporate Existence, etc. Preserve and maintain its
         corporate   existence,   rights,   franchises  and  privileges  in  the
         jurisdiction  of its  incorporation;  provided,  however,  that nothing
         herein contained shall prevent any merger or consolidation permitted by
         Section 7.03(ii).

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                  (d)  Compliance  with  Laws,  etc.(d)  Compliance  with  Laws,
         etc.(d) Compliance with Laws, etc.(d) Compliance with Laws, etc. Comply
         with the  requirements of all applicable laws,  rules,  regulations and
         orders (other than laws, rules,  regulations,  and orders which are not
         final and are being  contested in good faith by proper  proceedings) of
         any  Governmental  Authority  (including  Labor Laws and  Environmental
         Laws)  applicable to or binding upon it or its property,  noncompliance
         with which would materially adversely affect its business or credit.

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                  (e)  Compliance   with  ERISA(e)   Compliance   with  ERISA(e)
         Compliance with ERISA(e) Compliance with ERISA. Comply with the minimum
         funding  standards  under  ERISA with  respect to its Plans and use its
         best  efforts  to  comply  in all  material  respects  with  all  other
         applicable  provisions of ERISA and the regulations and interpretations
         promulgated thereunder.

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                  (f) Access to Properties(f)  Access to Properties(f) Access to
         Properties(f)   Access  to  Properties.   Permit  any   representatives
         designated by the Bank,  upon  reasonable  prior notice to it, to visit
         its  properties  at  reasonable   times  and  as  often  as  reasonably
         requested.

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                  (g) Use of Proceeds(g)  Use of Proceeds(g)  Use of Proceeds(g)
         Use of  Proceeds.  Use the  Advances,  and any  proceeds  thereof,  for
         working   capital  and  other   general   corporate   purposes  not  in
         contravention  of any  Requirement  of Law or the provisions of Section
         6.12(b).

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         7.02 Negative  Covenants.02 Negative Covenants.02 Negative Covenants.02
Negative Covenants.  So long as any Advance remains outstanding hereunder or any
of the  Commitment  remains  in  effect,  Pittston  will  not,  unless  the Bank
otherwise consents in writing:

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                  (a)  Financial Covenants.
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     (i) Maximum  Leverage  Ratio.  Commencing  with the end of the first fiscal
quarter ending after the date hereof, permit the Leverage Ratio as of the end of
each fiscal quarter to be greater than 55%.
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     (ii) Minimum Interest Coverage Ratio.  Commencing with the end of the first
fiscal quarter ending after the date hereof,  permit the Interest Coverage Ratio
as of the end of each fiscal quarter to be less than 3.00 to 1.00.

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                  (b)  Limitations on Liens.
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                  Create,  incur,  assume  or suffer  to  exist,  or permit  any
         Restricted  Subsidiary to create, incur, assume or suffer to exist, any
         Lien  on,  or with  respect  to,  any of  their  assets  or  properties
         (including   without  limitation  shares  of  capital  stock  or  other
         ownership interests),  real or personal, whether now owned or hereafter
         acquired, except:

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     (i) Liens  existing on the date hereof and set forth on Schedule 9.2 to the
Pittston Agreement;
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     (ii) Liens for taxes,  assessments and other governmental charges or levies
not yet due or as to which the period of grace, if any,  related thereto has not
expired  or  which  are  being  contested  in  good  faith  and  by  appropriate
proceedings if adequate reserves are maintained to the extent required by GAAP;
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     (iii)  The  claims  of  materialmen,   mechanics,  carriers,  warehousemen,
processors or landlords for labor,  materials,  supplies or rentals  incurred in
the ordinary course of business,  (A) which are not overdue for a period of more
than  thirty  (30) days or (B) which are being  contested  in good  faith and by
appropriate  proceedings  if  adequate  reserves  are  maintained  to the extent
required by GAAP;
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     (iv) Liens consisting of deposits or pledges made in the ordinary course of
business (A) in connection  with,  or to secure  payment of,  obligations  under
workers'   compensation,   unemployment  insurance  or  similar  legislation  or
obligations  under customer  service  contracts,  or (B) to secure (or to obtain
letters  of  credit  that  secure)  the   performance   of  tenders,   statutory
obligations,  surety  bonds,  appeal  bonds,  bids,  leases  (other than Capital
Leases), performance bonds, purchase,  construction or sales contracts and other
similar  obligations,  in each case not incurred or made in connection  with the
borrowing  of money,  the  obtaining of advances or credit or the payment of the
deferred purchase price of property.

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                  (v) Liens  constituting  encumbrances  in the nature of zoning
         restrictions, easements and rights or restrictions of record on the use
         of real property,  which in the aggregate are not substantial in amount
         and which do not, in any case,  detract  from the value of any material
         parcel of real  property  or impair  the use  thereof  in the  ordinary
         conduct of business.

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                  (vi)  Liens in favor of the Bank;
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                  (vii)  Liens  on the  property  or  assets  of any  Restricted
         Subsidiary  existing at the time such Restricted  Subsidiary  becomes a
         Subsidiary of a Borrower and not incurred in contemplation  thereof, as
         long as the outstanding principal amount of the Debt secured thereby is
         not voluntarily  increased by such Restricted Subsidiary after the date
         such Restricted Subsidiary becomes a Subsidiary of Borrower;

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                  (viii) Liens on the property or assets of the Borrowers or any
         Restricted  Subsidiary  securing  Debt which is incurred to finance the
         acquisition  of such  property or assets,  provided  that (A) each such
         Lien shall be created  simultaneously  with,  or within  twelve  months
         after, the acquisition of the related property or assets; (B) each such
         Lien does not at any time encumber any property  other than the related
         property or assets  financed by such Debt; (C) the principal  amount of
         Debt secured by each such Lien is not increased;  and (D) the principal
         amount of Debt  secured by each such Lien shall at no time  exceed 100%
         of the original  purchase  price of such related  property or assets at
         the time acquired.

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     (ix) Liens consisting of judgment or judicial  attachment  Liens,  provided
that (A) the claims giving rise to such Liens are being diligently  contested in
good faith by appropriate proceedings, (B) adequate reserves for the obligations
secured by such Liens have been  established  and (C)  enforcement of such Liens
has been stayed;
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     (x)  Liens  created  or  deemed  to exist  in  connection  with  any  asset
securitization   program   (including  any  related  filings  of  any  financing
statements),  but only to the  extent  that  such  Liens  attach  to the  assets
actually  sold,  contributed,  financed  or  otherwise  conveyed  or  pledged in
connection with such securitization program;

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     (xi)  Liens  on  property  or  assets  of any  Borrower  or any  Restricted
Subsidiary     securing      indebtedness     owing     to     any     Borrower;
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(xii)  Liens  on coal  reserves  leased  by any  Borrower  or by any  Restricted
Subsidiary as lessee, securing Debt to the lessors thereof,  arising out of such
leases; (xiii) Liens on any Margin Stock purchased or carried by Pittston or any
of its Subsidiaries;
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                  (xiv)  The  extension,  renewal  or  replacement  of any  Lien
         permitted  by  clauses  (i),  (vii),  (viii) or (xii),  but only if the
         principal amount of Debt secured by the Lien immediately  prior thereto
         is not increased and the Lien is not extended to other property; and

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                  (xv) In addition to any Lien  permitted by clauses (i) through
         (xiv),  immediately after giving effect to any concurrent  repayment of
         secured  Debt,  Liens  securing  Debt  of  Pittston  or any  Restricted
         Subsidiary so long as the sum of (A) the aggregate  principal amount of
         all such secured  Debt plus (B) the  aggregate  amount of  Consolidated
         Lease  Rentals  (excluding  Consolidated  Lease Rentals under Leases in
         effect  as of  December  31,  2001  (and  any  renewal,  extension,  or
         replacement  thereof)  and Leases with respect to property not owned by
         the Borrower on such date),  discounted to present value at ten percent
         (10%),  compounded  annually,  arising  out of all Sale  and  Leaseback
         Transactions to which Pittston or any of its Restricted Subsidiaries is
         then a  party  (including  Sale  and  Leaseback  Transactions,  if any,
         entered  into  pursuant  to  Section  7.02(i)),  does not exceed 10% of
         Consolidated Net Worth; provided that the sale or transfer of (x) coal,
         oil, gas or other  minerals in place for a period of time until,  or in
         an amount such that, the transferee will realize  therefrom a specified
         amount of money (however determined) or a specified amount of such coal
         or  other  minerals  or (y)  any  other  interest  in  property  of the
         character  commonly referred to as a "production  payment" shall not be
         deemed to constitute Debt secured by a Lien.

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     (c) Disposition of Debt and Shares of Restricted Subsidiaries;  Issuance of
Shares by  Restricted  Subsidiaries;  Consolidation,  Merger or  Disposition  of
Assets.
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                  (i) Sell or  otherwise  dispose  of, or permit any  Restricted
         Subsidiary  to sell or otherwise  dispose of, any capital  stock or any
         Debt of any Restricted  Subsidiary,  other than the sale of the capital
         stock of any member of the Pittston Minerals Group, (ii) in the case of
         any Restricted  Subsidiary,  issue, sell or otherwise dispose of any of
         such  Restricted  Subsidiary's  capital  stock  (other than  directors'
         qualifying shares, to satisfy preemptive rights or in connection with a
         split or  combination  of shares or a dividend in shares) except to the
         Borrower or another Restricted Subsidiary,  (iii) liquidate, wind-up or
         dissolve  itself (or suffer any  liquidation or  dissolution) or permit
         any Restricted Subsidiary to liquidate,  wind-up or dissolve itself (or
         suffer any liquidation or dissolution), or (iv) directly or indirectly,
         or  permit  any  Restricted   Subsidiary  to  directly  or  indirectly,
         consolidate  with or  merge  with or into or sell,  lease or  otherwise
         dispose of all or substantially  all of its assets (other than the sale
         of all or any part of the assets of any member of the Pittston Minerals
         Group) to any Person,  unless,  after giving effect thereto, all of the
         following conditions shall be met:

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                           (A) the Leverage  Ratio shall not be greater than .55
                  to 1.00 and the Interest Coverage Ratio shall not be less than
                  3.00 to 1.00;

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                           (B) in the case of a merger or  consolidation  (x) if
                  Pittston is a party  thereto,  Pittston shall be the surviving
                  corporation,  (y) if  Pittston  is  not a  party  thereto  and
                  another  Borrower is a party thereto,  a Borrower shall be the
                  surviving  corporation  and  (z)  if no  Borrower  is a  party
                  thereto,  a  Restricted  Subsidiary  shall  be  the  surviving
                  corporation;

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                           (C) in  the  case  of a  liquidation,  winding-up  or
                  dissolution,   any  Borrower  (other  than  Pittston)  or  any
                  Restricted  Subsidiary  may  liquidate,  wind-up  or  dissolve
                  itself into a Borrower or a Restricted Subsidiary; and

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                           (D) no Default or Event of Default has  occurred  and
is continuing.

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         Provided  that the  conditions of this Section  7.02(c) are  satisfied,
         none of the foregoing  provisions shall be deemed to prohibit  Pittston
         or  any of  its  Restricted  Subsidiaries  from  selling,  transferring
         assigning or otherwise  disposing of Margin Stock for fair market value
         or selling, contributing,  financing or otherwise conveying or pledging
         assets in connection with any asset securitization program permitted by
         Section 7.02(b)(x).

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                  (d)  Transactions with Affiliates.
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                  Engage,  or  permit  any  Restricted   Subsidiary  to  engage,
         directly or indirectly,  in any  transaction  with an Affiliate  (other
         than a Borrower) on terms more  favorable to the  Affiliate  than would
         have been obtainable in arm's-length dealing.

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                  (e)  Compliance with Regulations T, U and X.
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                  In the case of Pittston and any  Subsidiary  of the  Borrower,
         purchase  or carry  any  Margin  Stock or incur,  create or assume  any
         obligation  for  borrowed   money  or  other   liability  or  make  any
         investment, capital contribution,  loan, advance or extension of credit
         or sell or otherwise  dispose of any assets or pay any dividend or make
         any  other  distribution  to its  shareholders  or take or permit to be
         taken  any  other  action  or  permit  to occur or exist  any  event or
         condition  if such  action,  event or  condition  would  result in this
         Agreement,  the  Loans,  the use of the  proceeds  thereof or the other
         transactions contemplated hereby violating Regulation T, U or X.

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                  (f)  Hedging Agreements.
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                  Enter into or permit any  Restricted  Subsidiary to enter into
         or permit to exist,  Hedging  Agreements for the purpose of speculation
         and not for the purpose of hedging risks associated with the businesses
         of Pittston and its Restricted Subsidiaries.

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                  (g)  ERISA.
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                  (i)  Terminate,  or  permit  any of its  ERISA  Affiliates  to
         terminate any Pension Plan under  circumstances  which would reasonably
         result in a material  liability of the Borrower or any ERISA  Affiliate
         to the PBGC, or permit to exist the occurrence of any Reportable  Event
         or any other event or condition  which presents a material risk of such
         a  termination  by  the  PBGC;  (ii)  engage,  or  permit  any  of  its
         Subsidiaries   or  any  Pension  Plan  to  engage,   in  a  "prohibited
         transaction"  (within  the  meaning of Section  406 of ERISA or Section
         4975 of the Code) that would reasonably result in material liability of
         the  Borrower or any of its  Restricted  Subsidiaries;  (iii) fail,  or
         permit  any of  its  Restricted  Subsidiaries  to  fail,  to  make  any
         contribution to a  Multiemployer  Plan which is required by ERISA or an
         applicable  collective  bargaining  agreement  in an  amount  which  is
         material  (except  to the extent  there is a good  faith  dispute as to
         whether any  contribution  is owed, the amount owed or the existence of
         facts that  would give rise to a  withdrawal);  or (iv)  completely  or
         partially withdraw, or permit any of its ERISA Affiliates to completely
         or partially  withdraw from a  Multiemployer  Plan, if such complete or
         partial  withdrawal  will result in any material  withdrawal  liability
         under  Title IV of ERISA;  or (v) enter into any new Plan or modify any
         existing Plan so as to increase its obligations  thereunder which could
         result  in  any  material  liability  to  the  Borrower  or  any  ERISA
         Affiliate.  For purposes of this Section 7.02(g), an amount is material
         if it would have a Material  Adverse Effect after  aggregation with all
         other liabilities described in this Section 7.02(g).

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                  (h)  Limitations on Acquisitions.
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                  Acquire, or permit any Restricted  Subsidiary to acquire,  all
         or any portion of the capital stock or other ownership  interest in any
         Person  which  is  not  then a  Restricted  Subsidiary  or  any  assets
         collectively constituting a business unit of a Person which is not then
         a Restricted Subsidiary, unless:

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                  (i) the aggregate  consideration  paid by the acquiror in such
         transaction does not exceed 20% of Consolidated  Total Assets as of the
         end of the Fiscal Year most recently ended; or

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                  (ii) in the event that the aggregate  consideration to be paid
         by the acquiror in such transaction  exceeds 20% of Consolidated  Total
         Assets  as of the end of the  Fiscal  Year  most  recently  ended,  (A)
         Pittston shall have notified the Bank at least five Business Days prior
         to the  consummation  thereof  that  such  an  acquisition  is  pending
         (furnishing  with such  information  reasonably  acceptable to the Bank
         demonstrating  pro forma  compliance  with the financial  covenants set
         forth  in  Section  7.02(a)),  and  (B)  after  giving  effect  to such
         acquisition on a pro forma basis,  no Default or Event of Default would
         exist under Section 7.02(a).  Any notice delivered to the Bank pursuant
         to this  Section  7.02(h)  shall  be kept  confidential  by the Bank in
         accordance with Section 9.08 below.

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                  (i)  Sale Leaseback Transactions.
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                  Sell or transfer,  or permit any  Restricted  Subsidiaries  to
         sell or transfer,  any material property or assets owned by Pittston or
         any Restricted  Subsidiary on the date hereof to any Person (other than
         any  Borrower)  with  the  intention  of  taking  back a lease  of such
         property or assets or any similar property or assets, if the sum of (A)
         the amount of Consolidated  Lease Rentals,  discounted to present value
         at 10%,  compounded  annually,  which would arise out of such  proposed
         Sale and  Leaseback  Transaction,  plus  (B) the  aggregate  amount  of
         Consolidated Lease Rentals (excluding  Consolidated Lease Rentals under
         Leases in effect as of December 31, 2001 (and any renewal, extension or
         replacement  thereof)  and Leases with respect to property not owned by
         the Borrower on such date),  discounted to present value at ten percent
         (10%), compounded annually, arising out of all other Sale and Leaseback
         Transactions to which Pittston or any of its Restricted Subsidiaries is
         then a party,  plus (C) the aggregate  principal  amount of all Debt of
         Pittston  or any  Restricted  Subsidiary  secured by Liens  incurred in
         reliance on Section  7.02(b)(o),  would exceed 15% of Consolidated  Net
         Worth.

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         7.03 Reporting  Requirements of PittstonSell or transfer, or permit any
Restricted  Subsidiaries  to sell or transfer,  any material  property or assets
owned by Pittston or any Restricted  Subsidiary on the date hereof to any Person
(other  than any  Borrower)  with the  intention  of taking back a lease of such
property  or assets or any  similar  property  or assets,  if the sum of (A) the
amount of  Consolidated  Lease  Rentals,  discounted  to  present  value at 10%,
compounded  annually,  which would arise out of such proposed Sale and Leaseback
Transaction,  plus  (B) the  aggregate  amount  of  Consolidated  Lease  Rentals
(excluding  Consolidated Lease Rentals under Leases in effect as of December 31,
2001 (and any renewal, extension or replacement thereof) and Leases with respect
to property not owned by the Borrower on such date), discounted to present value
at ten percent  (10%),  compounded  annually,  arising out of all other Sale and
Leaseback  Transactions to which Pittston or any of its Restricted  Subsidiaries
is then a party,  plus 8 the aggregate  principal amount of all Debt of Pittston
or any  Restricted  Subsidiary  secured by Liens incurred in reliance on Section
7.02(b)(o),  would  exceed 15% of  Consolidated  Net  Worth.(j)  Limitations  on
Investments.Make or permit to exist, or permit any Restricted Subsidiary to make
or permit to exist, any Investment,  other than  Investments  which are:(i) cash
and Cash  Equivalents;(ii)  current assets  generated in the ordinary  course of
business;(iii)  accounts  receivable  created,  acquired or made in the ordinary
course of business and payable or  dischargeable  in accordance  with  customary
trade  terms;(iv)   Investments   consisting  of  capital  stock,   obligations,
securities  or other  property  received in  settlement  of accounts  receivable
(created in the ordinary course of business) from bankrupt obligors;(v) advances
to  employees  for moving and travel  expenses,  drawing  accounts  and  similar
expenditures  in the  ordinary  course  of  business;(vi)  advances  or loans to
directors,  officers  and  employees  that  do  not  exceed  $25,000,000  in the
aggregate at any one time  outstanding;(vii)  advances or loans to customers and
suppliers in the ordinary course of business in an aggregate  amount  consistent
with the past practice of the Person making such advance or loan;(viii) loans to
shareholders  intended to constitute dividends on, or payment on account of, any
capital  stock;(ix)  Investments  or Support  Obligations  by  Pittston  and its
Restricted  Subsidiaries existing on the date hereof;(x) Investments by Pittston
or its Restricted Subsidiaries in any Borrower or any other Subsidiary (provided
that  such  Investment  would  not  otherwise  constitute  a breach  of  Section
7.02(h));(xi) Support Obligations of Pittston or its Restricted Subsidiaries for
the benefit of any Borrower or any other Subsidiary;(xii) acquisitions permitted
by Section  7.02(h) and  Investments  consisting of capital stock,  obligations,
securities  or other  property  received in  connection  with any merger or sale
permitted  by  Section   7.02(o);(xiii)   Investments  in  connection  with  the
management  of  Pension  Plans  and  other  benefit  plans of  Pittston  and its
Subsidiaries (including without limitation The Pittston Company Employee Welfare
Benefit Trust);(xiv)  Hedging Agreements  permitted by Section 7.02(b);  and(xv)
Investments  of a nature not  contemplated  in the foregoing  subsections  in an
amount not to exceed 15% of Consolidated Net Worth.7.03  Reporting  Requirements
of  PittstonSell or transfer,  or permit any Restricted  Subsidiaries to sell or
transfer,  any material  property or assets owned by Pittston or any  Restricted
Subsidiary on the date hereof to any Person  (other than any Borrower)  with the
intention  of taking  back a lease of such  property  or  assets or any  similar
property or assets, if the sum of (A) the amount of Consolidated  Lease Rentals,
discounted to present value at 10%, compounded  annually,  which would arise out
of such proposed Sale and Leaseback  Transaction,  plus (B) the aggregate amount
of Consolidated Lease Rentals (excluding Consolidated Lease Rentals under Leases
in effect as of December  31, 2001 (and any renewal,  extension  or  replacement
thereof)  and Leases with  respect to property not owned by the Borrower on such
date),  discounted to present value at ten percent (10%),  compounded  annually,
arising out of all other Sale and Leaseback  Transactions  to which  Pittston or
any  of its  Restricted  Subsidiaries  is  then a  party,  plus 8 the  aggregate
principal amount of all Debt of Pittston or any Restricted Subsidiary secured by
Liens  incurred  in  reliance  on  Section  7.02(b)(o),   would  exceed  15%  of
Consolidated Net Worth.(j)  Limitations on  Investments.Make or permit to exist,
or permit any Restricted  Subsidiary to make or permit to exist, any Investment,
other than  Investments  which  are:(i) cash and Cash  Equivalents;(ii)  current
assets generated in the ordinary course of  business;(iii)  accounts  receivable
created,  acquired or made in the  ordinary  course of  business  and payable or
dischargeable  in  accordance  with  customary  trade   terms;(iv)   Investments
consisting of capital stock, obligations,  securities or other property received
in  settlement  of  accounts  receivable  (created  in the  ordinary  course  of
business) from bankrupt obligors;(v) advances to employees for moving and travel
expenses,  drawing  accounts and similar  expenditures in the ordinary course of
business;(vi) advances or loans to directors, officers and employees that do not
exceed $25,000,000 in the aggregate at any one time  outstanding;(vii)  advances
or loans to customers  and  suppliers  in the ordinary  course of business in an
aggregate  amount  consistent  with the past  practice of the Person making such
advance or loan;(viii)  loans to shareholders  intended to constitute  dividends
on, or payment on account  of, any  capital  stock;(ix)  Investments  or Support
Obligations  by Pittston and its  Restricted  Subsidiaries  existing on the date
hereof;(x)  Investments  by  Pittston  or  its  Restricted  Subsidiaries  in any
Borrower  or any  other  Subsidiary  (provided  that such  Investment  would not
otherwise  constitute a breach of Section  7.02(h));(xi)  Support Obligations of
Pittston or its Restricted  Subsidiaries  for the benefit of any Borrower or any
other Subsidiary;(xii) acquisitions permitted by Section 7.02(h) and Investments
consisting of capital stock, obligations,  securities or other property received
in  connection  with any  merger or sale  permitted  by  Section  7.02(o);(xiii)
Investments in connection with the management of Pension Plans and other benefit
plans  of  Pittston  and its  Subsidiaries  (including  without  limitation  The
Pittston  Company  Employee  Welfare  Benefit  Trust);(xiv)  Hedging  Agreements
permitted by Section 7.02(b);  and(xv)  Investments of a nature not contemplated
in the foregoing  subsections in an amount not to exceed 15% of Consolidated Net
Worth.7.03  Reporting  Requirements of  PittstonSell or transfer,  or permit any
Restricted  Subsidiaries  to sell or transfer,  any material  property or assets
owned by Pittston or any Restricted  Subsidiary on the date hereof to any Person
(other  than any  Borrower)  with the  intention  of taking back a lease of such
property  or assets or any  similar  property  or assets,  if the sum of (A) the
amount of  Consolidated  Lease  Rentals,  discounted  to  present  value at 10%,
compounded  annually,  which would arise out of such proposed Sale and Leaseback
Transaction,  plus  (B) the  aggregate  amount  of  Consolidated  Lease  Rentals
(excluding  Consolidated Lease Rentals under Leases in effect as of December 31,
2001 (and any renewal, extension or replacement thereof) and Leases with respect
to property not owned by the Borrower on such date), discounted to present value
at ten percent  (10%),  compounded  annually,  arising out of all other Sale and
Leaseback  Transactions to which Pittston or any of its Restricted  Subsidiaries
is then a party,  plus 8 the aggregate  principal amount of all Debt of Pittston
or any  Restricted  Subsidiary  secured by Liens incurred in reliance on Section
7.02(b)(o),  would  exceed 15% of  Consolidated  Net  Worth.(j)  Limitations  on
Investments.Make or permit to exist, or permit any Restricted Subsidiary to make
or permit to exist, any Investment,  other than  Investments  which are:(i) cash
and Cash  Equivalents;(ii)  current assets  generated in the ordinary  course of
business;(iii)  accounts  receivable  created,  acquired or made in the ordinary
course of business and payable or  dischargeable  in accordance  with  customary
trade  terms;(iv)   Investments   consisting  of  capital  stock,   obligations,
securities  or other  property  received in  settlement  of accounts  receivable
(created in the ordinary course of business) from bankrupt obligors;(v) advances
to  employees  for moving and travel  expenses,  drawing  accounts  and  similar
expenditures  in the  ordinary  course  of  business;(vi)  advances  or loans to
directors,  officers  and  employees  that  do  not  exceed  $25,000,000  in the
aggregate at any one time  outstanding;(vii)  advances or loans to customers and
suppliers in the ordinary course of business in an aggregate  amount  consistent
with the past practice of the Person making such advance or loan;(viii) loans to
shareholders  intended to constitute dividends on, or payment on account of, any
capital  stock;(ix)  Investments  or Support  Obligations  by  Pittston  and its
Restricted  Subsidiaries existing on the date hereof;(x) Investments by Pittston
or its Restricted Subsidiaries in any Borrower or any other Subsidiary (provided
that  such  Investment  would  not  otherwise  constitute  a breach  of  Section
7.02(h));(xi) Support Obligations of Pittston or its Restricted Subsidiaries for
the benefit of any Borrower or any other Subsidiary;(xii) acquisitions permitted
by Section  7.02(h) and  Investments  consisting of capital stock,  obligations,
securities  or other  property  received in  connection  with any merger or sale
permitted  by  Section   7.02(o);(xiii)   Investments  in  connection  with  the
management  of  Pension  Plans  and  other  benefit  plans of  Pittston  and its
Subsidiaries (including without limitation The Pittston Company Employee Welfare
Benefit Trust);(xiv)  Hedging Agreements  permitted by Section 7.02(b);  and(xv)
Investments  of a nature not  contemplated  in the foregoing  subsections  in an
amount not to exceed 15% of Consolidated Net Worth.7.03  Reporting  Requirements
of  Pittston.  For the  benefit  of the  Bank,  so long as any  Advance  remains
outstanding hereunder or the Commitment remains in effect, Pittston will, unless
the Bank otherwise consents in writing:

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                  (a) furnish to the Bank:
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     (i) annually, as soon as available,  but in any event within 120 days after
the last day of each of Pittston's fiscal years,  consolidated balance sheets of
Pittston and its  Subsidiaries  as at the last day of such fiscal year,  and the
related  consolidated  statements of operations,  shareholders'  equity and cash
flows for the fiscal  year then  ended,  prepared in  accordance  with GAAP,  in
reasonable detail,  and setting forth in comparative form corresponding  figures
from  the  preceding  annual  financial  statements,  certified  by  independent
certified  public   accountants  of  recognized   national  standing  as  fairly
presenting in all material  respects the  consolidated  financial  condition and
results of operations for Pittston and its Subsidiaries;
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     (ii) as soon as available, but in any event within 60 days after the end of
each of the first three  fiscal  quarters of each of  Pittston's  fiscal  years,
consolidated  balance  sheets as at the last day of such quarter and the related
consolidated statements of operations and cash flows for the quarter then ended,
and for the  then-current  fiscal  year  through  the end of such  quarter,  for
Pittston  and its  Subsidiaries,  prepared in  accordance  with GAAP (except for
omission  of notes and  subject to year-end  adjustments)  and setting  forth in
comparative form figures for the corresponding  period in the prior fiscal year,
and certified by a Responsible  Officer of Pittston as fairly  presenting in all
material respects the consolidated financial condition and results of operations
for Pittston and its Subsidiaries;
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     (iii) at the same time as it delivers  the  financial  statements  required
under the provisions of clause (i) above, a certificate  signed by a Responsible
Officer of  Pittston  to the effect  that such  Officer has made due inquiry and
that to the best of the  knowledge of such Officer  except as stated  therein no
Default or Event of Default has  occurred  hereunder  and that such  officer has
made due inquiry and that to the best of the knowledge of such Officer except as
stated  therein no  default  has  occurred  under any other  agreement  to which
Pittston or any Borrower is a party or by which it is bound,  or by which any of
its  properties or assets may be affected,  which could have a Material  Adverse
Effect and  specifying  in  reasonable  detail the  exceptions,  if any, to such
statements;

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     (iv) at the same time as it  delivers  the  financial  statements  required
under the provisions of clauses (i) and (ii) above, a statement of a Responsible
Officer of Pittston showing the Leverage Ratio and Interest Coverage Ratio as of
the last day of the fiscal period to which such financial statements relate;

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     (v) at the same time as it delivers the financial statements required under
the  provisions  of clause (ii) above,  a  certificate  signed by a  Responsible
Officer of Pittston  and stating that such Officer has made due inquiry and that
to the best of his knowledge no Default has occurred and is  continuing,  or, if
such  Default  has  occurred  and is  continuing,  specify the nature and extent
thereof; and

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     (vi) forthwith  upon the  occurrence of any Default or Event of Default,  a
certificate  of a  Responsible  Officer of  Pittston  setting  forth the details
thereof and the action which  Pittston or any  Borrower,  as the case may be, is
taking or proposes to take with respect thereto;
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                  (b)  furnish  to  the  Bank,   promptly  after  the  same  are
         available, copies of all current reports on Form 8-K, quarterly reports
         on Form 10-Q,  annual  reports on Form 10-K (or  similar  corresponding
         reports) and  registration  statements or statements  which Pittston or
         any  Restricted  Subsidiary may be required to file with the Securities
         and  Exchange  Commission  (excluding   registration  statements  filed
         pursuant to employee stock option or benefit plans); and

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                  (c)  furnish to the Bank,  as soon as  reasonably  practicable
         after  receipt by  Pittston or any of its  Subsidiaries,  a copy of any
         written  notice  or claim to the  effect  that  Pittston  or any of its
         Subsidiaries  is liable to any  Person as a result of the  presence  or
         release of any Contaminant  which claim could reasonably be expected to
         have a Material Adverse Effect.

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         7.04  Additional  Requirements  of the Guarantor and the  Borrowers7.04
Additional  Requirements  of  the  Guarantor  and  the  Borrowers.04  Additional
Requirements of the Guarantor and the  Borrowers.04  Additional  Requirements of
the  Guarantor  and the  Borrowers.  For the benefit of the Bank, so long as any
Advance  remains  outstanding  hereunder  or the  Commitment  remains in effect,
Pittston and each Borrower will, unless the Bank otherwise consents in writing:

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                  (a) keep  proper  books of record and  accounts in which full,
         true and correct  entries in accordance  with GAAP shall be made of all
         dealings or  transactions  in relation to its business and  activities;
         and

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                  (b) furnish with  reasonable  promptness  such other financial
         information  as the  Bank  may  reasonably  request,  provided  that no
         Borrower shall be required to furnish any information that would result
         in violation of any confidentiality agreement by which it is bound but,
         at the request of the Bank,  shall use its  reasonable  best efforts to
         obtain  a  waiver  of  such  agreement  to  permit  furnishing  of such
         information under this provision.

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                                  ARTICLE VIII

                               EVENTS OF DEFAULT
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         8.01  Event  of  Default
     Any of the following shall constitute an "Event of Default":
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                  (a)  Non-Payment.
     Any Borrower  fails to pay (i) when and as required to be paid herein,  any
amount of principal of any Loan, any  Reimbursement  Obligation,  or (ii) within
three (3) business  days after the same shall become due, any  interest,  fee or
any other amount  payable  hereunder  or pursuant to any other Loan  Document to
which such Borrower is a party;
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     (b) Breach of Representation or Warranty. Any representation or warranty by
any  Borrower or any  Guarantor  made or deemed made herein or in any other Loan
Document,  or which is  contained in any  certificate,  document or financial or
other  statement  by  any  Borrower  or  any  Guarantor,   or  their  respective
Responsible Officers, furnished at any time under this Agreement, or in or under
any other Loan  Document,  shall prove to have been  incorrect  in any  material
respect on or as of the date made or deemed made;
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     (c) Other  Defaults.  Any  Borrower  or any  Guarantor  fails to perform or
observe any other term or covenant contained in this Agreement or any other Loan
Document,  and such default shall  continue  unremedied  for a period of 30 days
after the  earlier  of (i) the date upon  which a  Responsible  Officer  of such
Borrower or any Guarantor  gives  written  notice of such failure to the Bank or
(ii) the date upon which written notice thereof is given to such Borrower or any
Guarantor by the Bank;
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     (d) Insolvency;  Voluntary  Proceedings.  Any Guarantor or any Borrower (i)
ceases or fails to be solvent,  or generally  fails to pay, or admits in writing
its inability to pay, its debts as they become due,  subject to applicable grace
periods,  if any,  whether at stated  maturity or  otherwise;  (ii)  voluntarily
ceases operations as a going concern;  (iii) commences any Insolvency Proceeding
with respect to itself;  or (iv) takes any action to effectuate or authorize any
of the foregoing;
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     (e) Involuntary  Proceedings.  (i) Any involuntary Insolvency Proceeding is
commenced or filed against any Guarantor or any Borrower, or any writ, judgment,
warrant of attachment, execution or similar process, is issued or levied against
a  substantial  part of the  property of any  Guarantor,  any Borrower or any of
their respective Subsidiaries,  and any such proceeding or petition shall not be
dismissed, or such writ, judgment,  warrant of attachment,  execution or similar
process  shall not be  released,  vacated or fully  bonded  within 60 days after
commencement,  filing or levy; (ii) any Guarantor,  any Borrower or any of their
respective Subsidiaries admits the material allegations of a petition against it
in any Insolvency Proceeding, or an order for relief (or similar order under the
laws of any jurisdiction  other than the United States of America or a political
subdivision  thereof)  is ordered  in any  Insolvency  Proceeding;  or (iii) any
Guarantor,  any Borrower or any of their respective  Subsidiaries  acquiesces in
the  appointment of a receiver,  trustee,  custodian,  conservator,  liquidator,
mortgagee in possession (or agent therefor),  or other similar Person for itself
or a substantial portion of its property or business;
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     (f)  Monetary  Judgments.   One  or  more  final   (non-interlocutory)  and
nonappealable  judgments,  orders  or  decrees  shall  be  entered  against  any
Borrower, any Guarantor or any of their respective Subsidiaries involving in the
aggregate  a  liability  (not fully  covered by  insurance)  as to any single or
related series of  transactions,  incidents or conditions that have a reasonable
likelihood of having a Material  Adverse Effect (which,  solely for the purposes
hereof, shall be deemed to mean at least $25,000,000 ) and the same shall remain
undischarged,  unvacated  and  unstayed  pending  appeal for a period of 30 days
after the entry thereof;

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     (g) Guarantor Defaults. Any Guarantor shall fail in any material respect to
perform or observe any term, covenant or agreement herein or in its Guaranty; or
any Guaranty shall for any reason be partially (including with respect to future
advances) or wholly  revoked or  invalidated,  or otherwise  cease to be in full
force and effect,  or any  Guarantor or any other  Person  shall  contest in any
manner the  validity or  enforceability  thereof or deny that it has any further
liability or obligation thereunder; or

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     (h)  Guarantor  Cross-Acceleration.  There shall be any  default  under any
agreement  or  instrument  evidencing  or securing  Debt of any  Borrower or any
Guarantor  (including,  without  limitation,  Debt  incurred  under the Pittston
Credit  Agreement),  if the  effect of such  default  is to permit the holder or
holders  of such Debt (or a trustee on its or their  behalf) to cause,  and such
holder or holders (or  trustee)  do cause,  such Debt to become due prior to its
stated maturity,  and the aggregate amount of such Debt so accelerated equals or
exceeds $25,000,000 (or the equivalent thereof).

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     (i) Payment Cross-Defaults.  Any Borrower or the Guarantor shall default in
the payment when due,  after giving  effect to any grace period  permitted  from
time to time, of any Debt (including,  without  limitation,  Debt incurred under
the Pittston Credit Agreement) and the aggregate amount of such Debt is at least
$25,000,000 (or the equivalent thereof).

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     (j) Cross Default to Subsidiary  Obligations.  Any Subsidiary shall default
in any payment obligation to the Bank or any branch or Affiliate thereof and any
such default shall continue  beyond any period of grace  applicable  thereto and
the aggregate of all such  defaulted  payment  obligations  shall be equal to or
greater than  $5,000,000,  or any such Subsidiary shall be in material breach of
any  agreement  between  any  such  Subsidiary  and the  Bank or any  branch  or
Affiliate thereof; and, in either event, either such condition shall continue to
exist 30 days after written notice thereof is given by the Bank to Pittston, BAX
and Brink's.

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         8.02  Remedies(j)   Cross  Default  to  Subsidiary   Obligations.   Any
Subsidiary shall default in any payment  obligation to the Bank or any branch or
Affiliate thereof and any such default shall continue beyond any period of grace
applicable  thereto and the aggregate of all such defaulted payment  obligations
shall be equal to or greater than $5,000,000, or any such Subsidiary shall be in
material breach of any agreement between any such Subsidiary and the Bank of any
branch or Affiliate thereof;  and, in either event,  either such condition shall
continue to exist 30 days after written  notice  thereof is given by the Bank to
Pittston,   BAX  and  Brink=s.8.02   Remedies(j)  Cross  Default  to  Subsidiary
Obligations.  Any Subsidiary shall default in any payment obligation to the Bank
or any branch or Affiliate  thereof and any such default shall  continue  beyond
any period of grace  applicable  thereto and the aggregate of all such defaulted
payment  obligations  shall be equal to or greater than $5,000,000,  or any such
Subsidiary  shall  be in  material  breach  of any  agreement  between  any such
Subsidiary  and the Bank of any  branch or  Affiliate  thereof;  and,  in either
event,  either such  condition  shall  continue  to exist 30 days after  written
notice  thereof  is  given  by  the  Bank  to  Pittston,  BAX  and  Brink=s.8.02
Remedies(j)  Cross  Default to  Subsidiary  Obligations.  Any  Subsidiary  shall
default in any payment obligation to the Bank or any branch or Affiliate thereof
and any such  default  shall  continue  beyond  any  period of grace  applicable
thereto and the aggregate of all such  defaulted  payment  obligations  shall be
equal to or greater than $5,000,000, or any such Subsidiary shall be in material
breach of any agreement  between any such  Subsidiary and the Bank of any branch
or Affiliate thereof; and, in either event, either such condition shall continue
to exist 30 days after written  notice thereof is given by the Bank to Pittston,
BAX and Brink=s.8.02 Remedies. If any Event of Default occurs, the Bank may:

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     (a) declare the Commitment to be terminated, whereupon the Commitment shall
forthwith be terminated;
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     (b) declare  the unpaid  principal  amount of all  outstanding  Loans,  all
interest  accrued and unpaid  thereon,  and all other  amounts  owing or payable
hereunder  (including  all  Reimbursement  Obligations)  or under any other Loan
Document to be immediately due and payable; without presentment, demand, protest
or other  notice of any kind,  all of which are hereby  expressly  waived by the
Borrowers;

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     (c)  exercise  all  rights  and  remedies  available  to it under  the Loan
Documents or applicable law;
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     (d)  require  the  Borrowers  to pay to the Bank in  immediately  available
funds,  in the respective  currencies of the applicable  Obligations,  an amount
equal to the  maximum  amount  then  available  to be drawn under all Letters of
Credit then outstanding,  for deposit in a cash collateral account maintained by
the Bank, as security for the Letters of Credit then outstanding, and

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     (e)  require  the  Guarantors  to  deposit  in  cash  collateral   accounts
maintained  by the  Bank  amounts  equal  to any  outstanding  Obligations  then
guaranteed and remaining outstanding and unterminated.
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provided,  however,  that upon the occurrence of any event specified in Sections
8.01(d)  or  Section  8.01(e)  (in the  case of  Section  8.01(e)(i),  upon  the
expiration  of the  60-day  period  mentioned  therein),  the  Commitment  shall
automatically  terminate  and the  unpaid  principal  amount of all  outstanding
Loans, Reimbursement Obligations and all interest and other amounts as aforesaid
shall automatically become due and payable without further act of the Bank.

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         8.03  Rights  Not  Exclusive.03  Rights  Not  Exclusive.03  Rights  Not
Exclusive.03 Rights Not Exclusive. The rights provided for in this Agreement and
the other Loan  Documents  are  cumulative  and are not  exclusive  of any other
rights,  powers,  privileges or remedies  provided by law or in equity, or under
any other instrument, document or agreement now existing or hereafter arising.

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                                   ARTICLE IX

                                  MISCELLANEOUS

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         9.01 Amendments and Waivers.01 Amendments and Waivers.01 Amendments and
Waivers.01  Amendments  and Waivers.  No amendment or waiver of any provision of
this Agreement or any other Loan Document to which any Borrower or any Guarantor
is party,  and no consent with  respect to any  departure by any Borrower or any
Guarantor therefrom,  shall be effective unless the same shall be in writing and
signed by the Bank,  the Borrowers  party thereto and the  Guarantors,  if party
thereto,  and then such waiver shall be effective only in the specific  instance
and for the specific purpose for which given.

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         9.02  Notices.
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                  (a) All notices,  requests and other  communications  provided
         for  hereunder  shall be in  writing  (including,  unless  the  context
         expressly  otherwise  provides  fax)  and  mailed,  sent  by  overnight
         delivery  service  or faxed,  to the  address or number  specified  for
         notices to the applicable  party set forth on Schedule 9.02; or to such
         other address as shall be designated by such party in a written  notice
         to the other parties.

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                  (b) All such notices, requests and other communications shall,
         when transmitted by overnight delivery service or fax, be effective the
         day after delivered to the overnight delivery service, when transmitted
         by fax with machine  transmittal  confirmation  or, if  transmitted  by
         mail,  upon  delivery,  except that  notices  pursuant to Article II or
         Article III shall not be effective until actually received by the Bank.

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                  (c) The  Borrowers  acknowledge  and  agree  that  the  Bank's
         agreement to receive notices,  requests and other communications by fax
         is solely for the convenience and at the request of the Borrowers.  The
         Bank  shall  be  entitled  to  rely  on the  authority  of  any  Person
         purporting to be a Person authorized by the applicable Borrower to give
         such  communications  and the Bank shall not have any  liability to any
         Borrower or other Person on account of any action taken or not taken by
         the Bank in reliance upon such fax communication. The obligation of the
         Borrowers to repay the Obligations  shall not be affected in any way or
         to  any  extent  by  any  failure  by  the  Bank  to  receive   written
         confirmation of any fax  communication or by the receipt by the Bank of
         a  confirmation  which is at variance with the terms  understood by the
         Bank to be contained in the fax communication.

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         9.03  No  Waiver;   Cumulative   Remedies.03   No  Waiver;   Cumulative
Remedies.03 No Waiver; Cumulative Remedies.03 No Waiver; Cumulative Remedies. No
failure to exercise  and no delay in  exercising,  on the part of the Bank,  any
right, remedy, power or privilege hereunder,  shall operate as a waiver thereof;
nor  shall  any  single or  partial  exercise  of any  right,  remedy,  power or
privilege  hereunder  preclude  any other or  further  exercise  thereof  or the
exercise of any other right, remedy, power or privilege.

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     9.04 Costs and  Expenses.04  Costs and  Expenses.04  Costs and  Expenses.04
Costs  and  Expenses.  The  Borrowers  shall,  whether  or not the  transactions
contemplated hereby shall be consummated:
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                  (a) pay or reimburse  the Bank within five Business Days after
         demand  (or on the  Effective  Date to the extent  provided  in Section
         5.01(f)) for all reasonable costs and expenses  incurred by the Bank in
         connection with the development,  preparation, delivery, administration
         and execution of, and any amendment, supplement, waiver or modification
         to, this  Agreement,  any other Loan  Document and any other  documents
         prepared in connection  herewith or therewith,  and the consummation of
         the transactions contemplated hereby and thereby,  including reasonable
         counsel fees, incurred by the Bank with respect thereto; and

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- --------------------------------------------------------------------------------
                  (b) pay or reimburse  the Bank within five Business Days after
         demand  for  all  reasonable  costs  and  expenses  incurred  by  it in
         connection with the enforcement, attempted enforcement, or preservation
         of any rights or remedies  (including in connection  with any "workout"
         or restructuring regarding the Obligations) under this Agreement or any
         other Loan Document,  including  reasonable counsel fees (including the
         allocated cost of staff counsel) incurred by the Bank.

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- --------------------------------------------------------------------------------
     9.05 Indemnities.05 Indemnities.05  Indemnities.05 Indemnities.  Whether or
not the transactions contemplated hereby shall be consummated:
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- --------------------------------------------------------------------------------
                  (a) The Borrowers shall pay, indemnify,  and hold the Bank and
         each  of  its  officers,  directors,  employees,  counsel,  agents  and
         attorneys-in-fact  (each,  an "Indemnified  Person")  harmless from and
         against  any  and  all  liabilities,   obligations,   losses,  damages,
         penalties,  actions,  judgments,  suits,  costs,  charges,  expenses or
         disbursements   (including   reasonable  counsel  fees,  including  the
         allocated cost of staff counsel) of any kind or nature  whatsoever with
         respect  to  the  execution,  delivery,  enforcement,  performance  and
         administration  of this Agreement and any other Loan  Document,  or the
         transactions  contemplated hereby and thereby,  and with respect to any
         investigation,  litigation or proceeding related to this Agreement, the
         Loans or the  Letters of Credit,  or the use of the  proceeds  thereof,
         whether  or not any  Indemnified  Person  is a party  thereto  (all the
         foregoing,  collectively, the "Indemnified Liabilities");  provided, no
         Borrower shall have any obligation  hereunder to any Indemnified Person
         with  respect  to  Indemnified  Liabilities  arising  from the or gross
         negligence  or willful  misconduct  of such  Indemnified  Person,  and,
         provided,  further, no Borrower shall have any indemnity  obligation to
         the Bank  under  this  Section  9.05(a)  with  respect  to  Indemnified
         Liabilities  arising as a result of the  failure of the Bank to make an
         Advance   notwithstanding  the  full  satisfaction  of  the  conditions
         precedent contained in Section 5.02.

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- --------------------------------------------------------------------------------
                  (b) The obligations in this Section 9.05 shall survive payment
         of all other Obligations. At the election of the Borrowers, one or more
         Borrowers  shall defend such  Indemnified  Person  using legal  counsel
         satisfactory  to  such   Indemnified   Person  in  such  Person's  sole
         discretion,  at the sole cost and  expense of the  Borrowers,  provided
         that no conflict  between the interests of the Bank and such  Borrowers
         exists  with  respect to the  Indemnified  Liabilities,  and  provided,
         further that no Borrower may settle any Indemnified  Liability  without
         the Bank's consent (which consent shall not be unreasonably withheld or
         delayed).  All  amounts  owing  under this  Section  9.05 shall be paid
         within 30 days after demand.

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                  (c) If any sum due from a  Borrower  under this  Agreement  or
         another Loan  Document or under any order or judgment  given or made in
         relation  hereto or thereto has to be converted  from the currency (the
         "first  currency") in which the same is payable hereunder or thereunder
         or under such order or judgment  into  another  currency  (the  "second
         currency")  for the  purpose  of (i)  making or filing a claim or proof
         against such Borrower with any  Governmental  Authority or in any court
         or tribunal or (ii)  enforcing  any order or judgment  given or made in
         relation  hereto,  such Borrower shall indemnify and hold harmless each
         of the  Persons  to whom  such  sum is due from  and  against  any loss
         actually  suffered as a result of any discrepancy  between (a) the rate
         of  exchange  used to  convert  the amount in  question  from the first
         currency into the second currency and (b) the rate or rates of exchange
         at which such Person, acting in good faith in a commercially reasonable
         manner,  purchased the first  currency with the second  currency  after
         receipt of a sum paid to it in the second currency in satisfaction,  in
         whole or in part,  of any such  order,  judgment,  claim or proof.  The
         foregoing  indemnity  shall  constitute a separate  obligation  of each
         Borrower  distinct  from its  other  obligations  hereunder  and  shall
         survive  the giving or making of any  judgment  or order in relation to
         all or any of such other obligations.

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- --------------------------------------------------------------------------------
         9.06 Successors and Assigns.06 Successors and Assigns.06 Successors and
Assigns.06  Successors and Assigns.  The  provisions of this Agreement  shall be
binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns,  except that no Borrower nor any Guarantor may assign or
transfer any of its rights or obligations under this Agreement without the prior
written consent of the Bank and any assignment by the Bank must be in compliance
with Section 9.07.

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- --------------------------------------------------------------------------------
         9.07  Assignments.07  Assignments.07  Assignments.07  Assignments.  The
Bank,  with the prior  written  consent of Pittston,  may at any time assign and
delegate to one or more Persons (each an "Assignee") all, or any ratable part of
all, of the Advances, the Commitment and the other rights and obligations of the
Bank  hereunder;  provided,  however,  that the  Borrowers  may continue to deal
solely and directly with the Bank in connection with the interest so assigned to
an Assignee  until  written  notice of such  assignment,  together  with payment
instructions,  addresses and related  information  with respect to the Assignee,
shall have been given to the Borrowers by the Bank and the Assignee.

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
         9.08    Confidentiality.08     Confidentiality.08    Confidentiality.08
Confidentiality.  The Bank agrees to take normal and reasonable  precautions and
exercise due care to maintain the confidentiality of all non-public  information
provided  to it by any  Guarantor,  any  Borrower  or any  of  their  respective
Subsidiaries,  in connection with this Agreement or any other Loan Document, and
neither  it nor any of its  Affiliates  shall use any such  information  for any
purpose or in any manner other than pursuant to the terms  contemplated  by this
Agreement,  except to the extent such  information (i) was or becomes  generally
available to the public other than as a result of a disclosure  by the Bank,  or
(ii) was or becomes  available on a  non-confidential  basis from a source other
than a  Guarantor  or a  Borrower,  provided  that such source is not bound by a
confidentiality  agreement with such Guarantor or such Borrower to the knowledge
of the  Bank;  provided  further,  however  that  the  Bank  may  disclose  such
information   (A)  at  the  request  or  pursuant  to  any  requirement  of  any
Governmental  Authority  to which the Bank is subject or in  connection  with an
examination of the Bank by any such authority; (B) pursuant to subpoena or other
court process;  (C) when required to do so in accordance  with the provisions of
any applicable  Requirement of Law; and (D) to the Bank's  independent  auditors
and other professional  advisors.  Notwithstanding the foregoing,  the Borrowers
and the  Guarantors  authorize the Bank to disclose to any Assignee,  and to any
prospective  Assignee,  such  financial  and  other  information  in the  Bank's
possession  concerning  the  Guarantors,   the  Borrowers  or  their  respective
Subsidiaries  which has been delivered to the Bank pursuant to this Agreement or
which has been delivered to the Bank by a Guarantor, a Borrower, or any of their
respective  Subsidiaries in connection with the Bank's credit  evaluation of the
Guarantors  and the Borrowers  prior to entering into, or upon review or renewal
of, this Agreement; provided that, unless otherwise agreed by the Guarantors and
the Borrowers,  such Assignee or prospective  Assignee  agrees in writing to the
Bank to keep such  information  confidential  to the same extent required of the
Bank hereunder.

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

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- --------------------------------------------------------------------------------
         9.09 Counterparts.09 Counterparts.09 Counterparts.09 Counterparts. This
Agreement may be executed by one or more of the parties to this Agreement in any
number of  separate  counterparts,  each of which,  when so  executed,  shall be
deemed an original,  and all of said counterparts taken together shall be deemed
to constitute but one and the same instrument  (notwithstanding that the Brink's
Thailand counterpart shall be delivered after the Effective Date).

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- --------------------------------------------------------------------------------
         9.10 Severability.10  Severability.10 Severability.10 Severability. The
illegality  or  unenforceability  of any  provision  of  this  Agreement  or any
instrument or agreement required hereunder shall not in any way affect or impair
the legality or enforceability of the remaining  provisions of this Agreement or
any instrument or agreement required hereunder.

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- --------------------------------------------------------------------------------
         9.11   Governing  Law  and   Jurisdiction.11
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- --------------------------------------------------------------------------------
     (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE  WITH,
THE LAWS OF THE STATE OF NEW YORK.
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- --------------------------------------------------------------------------------
     (b) ANY LEGAL ACTION OR  PROCEEDING  WITH RESPECT TO THIS  AGREEMENT MAY BE
BROUGHT IN THE  COURTS OF THE STATE OF NEW YORK OR OF THE UNITED  STATES FOR THE
SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT,
EACH OF THE PARTIES HERETO CONSENTS,  FOR ITSELF AND IN RESPECT OF ITS PROPERTY,
TO THE IN PERSONAM  JURISDICTION  OF THOSE  COURTS.  EACH OF THE PARTIES  HERETO
IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE
OR BASED ON THE GROUNDS OF FORUM NON  CONVENIENS,  WHICH IT MAY NOW OR HEREAFTER
HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT
OF THIS  AGREEMENT OR ANY DOCUMENT  RELATED  HERETO.  EACH OF THE PARTIES HERETO
WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE
MADE BY ANY OTHER MEANS  PERMITTED BY NEW YORK LAW OR BY REGISTERED OR CERTIFIED
MAIL TO SUCH PARTY'S ADDRESS FOR NOTICES PURSUANT TO SECTION 9.02.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
         9.12 Waiver of Jury  Trial.12  Waiver of Jury  Trial.12  Waiver of Jury
Trial.12 Waiver of Jury Trial. EACH OF THE PARTIES HERETO WAIVES ITS RIGHTS TO A
TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION  BASED UPON OR  ARISING  OUT OF OR
RELATED  TO THIS  AGREEMENT,  THE  OTHER  LOAN  DOCUMENTS,  OR THE  TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF
ANY TYPE  BROUGHT BY ANY OF THE  PARTIES  AGAINST  ANY OTHER  PARTY OR  PARTIES,
WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE.  EACH OF THE
PARTIES HERETO AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A
COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING,  THE PARTIES FURTHER
AGREE THAT THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY ARE WAIVED BY OPERATION OF
THIS  SECTION  9.12 AS TO ANY ACTION,  COUNTERCLAIM  OR OTHER  PROCEEDING  WHICH
SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR  ENFORCEABILITY OF THIS
AGREEMENT OR THE OTHER LOAN DOCUMENTS OR ANY PROVISION  HEREOF OR THEREOF.  THIS
WAIVER  SHALL  APPLY TO ANY  SUBSEQUENT  AMENDMENTS,  RENEWALS,  SUPPLEMENTS  OR
MODIFICATIONS TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS.

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         9.13 Entire Agreement.13 Entire Agreement.13 Entire Agreement.13 Entire
Agreement. This Agreement,  together with the other Loan Documents, embodies the
entire agreement and understanding between the Borrowers, the Guarantors and the
Bank, and supersedes all prior or contemporaneous  agreements and understandings
of such  Persons,  oral or written,  relating to the subject  matter  hereof and
thereof,  except that (i) the 1999  Revolving  Facility shall continue in effect
pursuant  to  its  terms  until  the  Effective  Date,  and  (ii)  that  certain
$20,000,000  uncommitted  credit  facility  extended  by  the  Bank  to  various
subsidiaries  of Pittston is hereby  acknowledged  to be separate  and apart and
shall not be affected in any way by this Agreement.

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- --------------------------------------------------------------------------------

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly  executed and  delivered  in New York by their  proper and duly  authorized
officers as of the day and year first above written.

- --------------------------------------------------------------------------------
                                    BORROWERS

                           BAX GLOBAL INC.
                          By:      /s/ James B. Hartough
                                  --------------------------

                           Name:    James B. Hartough
                           Title:   Treasurer and Assistant Secretary

                                BRINK'S, INCORPORATED

                                By:      /s/ Michael T. Dan
                                        -----------------------
                                 Name:   Michael T. Dan
                                Title:   Chairman and CEO

                                THE PITTSTON COMPANY

                                By:      /s/ James B. Hartough
                                        ------------------------
                                Name:    James B.  Hartough
                                 Title:  Vice President - Corporate Finance

                                         and Treasurer

                                      BANK

                                 ABN AMRO BANK N.V.

                                 By:      /s/ Helen Clarke-Hepp
                                          ----------------------
                                  Name:   Helen Clarke-Hepp

                                 Title:   Vice President

                                 By:      /s/ James S. Kreitler
                                         ------------------------

                                  Name:   James S. Kreitler

                                 Title:   Senior Vice President

- --------------------------------------------------------------------------------

                                    GUARANTY

         For valuable  consideration,  the receipt and  sufficiency of which are
hereby  acknowledged,  and to induce  ABN AMRO  Bank,  N.V.  through  any of its
offices,  subsidiaries  or affiliates  (hereinafter  called the "Bank") to make,
grant,  renew,  extend  or  continue  to  grant  allocations,  loans,  advances,
overdraft  facilities,  letters of credit or other banking or credit  facilities
("Credit  Arrangements")  from time to time as provided in the Credit  Agreement
dated as of December 20, 2002 among the Bank, The Pittston Company,  BAX Global,
Inc. ("BAX") and Brink's Incorporated  (Brink's) (the "Credit Agreement") to BAX
and its Covered Subsidiaries (as defined in the Credit Agreement) and to Brink's
and its  Covered  Subsidiaries  (as  defined  in the Credit  Agreement)  (each a
"Borrower")  and in  recognition  of such Credit  Arrangements  entered  into or
hereafter to be entered into  between any Borrower and the Bank,  provided  such
Credit Arrangements are pursuant to or contemplated by the Credit Agreement, BAX
Global Inc.,  a  corporation  organized  under the laws of the State of Delaware
(the "Guarantor"),  hereby,  for itself, its successors and assigns,  absolutely
and  unconditionally  guarantees to the Bank that all  obligations now or at any
time hereafter  owing by its Covered  Subsidiaries to the Bank in respect of all
such  Credit  Arrangements  will be promptly  paid in full when due,  whether at
maturity or by acceleration, in accordance with their respective terms, together
with any and all expenses and costs (including reasonable attorneys' fees) which
may be paid or incurred by or on behalf of the Bank in  collecting  or enforcing
such  indebtedness or enforcing any rights hereunder or for the preservation and
protection  of or in  realizing  upon any  security  therefor  (the  "Guaranteed
Obligations"). All capitalized terms not otherwise defined herein shall have the
meanings ascribed to such terms in the Credit Agreement. Promptly upon notice by
the Bank to the Guarantor that a Guaranteed  Obligation due to the Bank from any
of BAX's Covered Subsidiaries has not been paid and without the necessity of any
demand whatsoever upon any such Borrower,  the Guarantor will pay such amount to
the Bank at the Bank's office listed above or at any other address  specified in
writing or by telefax by the Bank, without the necessity of any suit, proceeding
or formality of any kind whatsoever on the Bank's part against the Borrower, the
Guarantor  or any other  person  or  against  any  security  for the  Guaranteed
Obligations of any such Borrower, the Guarantor or any other person to the Bank.
The Guarantor  agrees to accept as prima facie evidence of the amount payable by
the  Guarantor  the  balance  appearing  due to the Bank from any BAX's  Covered
Subsidiaries   according  to  the  Bank's  books  and  records  except  in  such
jurisdictions where further proofs are required as a matter of law.

         No payments by the Guarantor hereunder shall entitle the Guarantor,  by
subrogation  to the  rights  of the Bank or  otherwise,  to any  payment  by any
Borrower  or out of the assets or revenues of any such  Borrower,  except  after
full payment of all  Guaranteed  Obligations  which may be or become  payable by
such Borrower to the Bank.

         Any payment made  hereunder or received by the Bank with respect to the
Guaranteed Obligations of any Borrower may be applied by the Bank to the payment
or reduction, in whole or in part, to the extent same may suffice, in such order
as the  Bank  may  elect  at  its  sole  option

and  discretion,  of any of the
Guaranteed  Obligations  of such Borrower to the Bank,  whether or not then due,
whether  absolute  or  contingent,  and (in the case of payments  received  from
persons  other  than  the  Guarantor),  whether  or not  guaranteed  hereby.  No
amendment  or  waiver of any  provision  of this  Guaranty  nor  consent  to any
departure by the Guarantor  therefrom shall in any event be effective unless the
same shall be in writing and signed by the Bank, and then such waiver or consent
shall be effective  only in the specific  instance and for the specific  purpose
for which given.

         If any payment is recovered from, or repaid by, the Bank in whole or in
part in any  bankruptcy,  insolvency  or  similar  proceeding  instituted  by or
against any Borrower or the Guarantor, this Guarantee shall continue to be fully
applicable  to such  Guaranteed  Obligation  to the same  extent as  though  the
payment so recovered or repaid had never been originally made on such Guaranteed
Obligation.

         The Guarantor  consents  that without  notice to it the maturity of any
Guaranteed  Obligation  of any  Borrower may be extended or renewed or the terms
thereof waived, increased, or varied, or any security therefor including but not
limited to guarantees, sureties or collateral of whatever nature and description
whether  of  any  Borrower  or the  Guarantor,  may be  released,  exchanged  or
otherwise dealt with, all as the Bank may determine. The granting of credit from
time to time by the Bank to any Borrower  pursuant to, and as  contemplated  by,
the Credit Agreement and the incurrence of Guaranteed Obligations to the Bank by
any Borrower without notice to the Guarantor are hereby  authorized and shall in
no way affect or impair this  Guaranty.  The Guarantor  agrees that, at any time
and from time to time,  in  accordance  with and as  contemplated  by the Credit
Agreement,  the Bank, at its  discretion,  may increase  credit  extended to any
Borrower  or may make new  loans to any  Borrower,  regardless  of  whether  the
original Guaranteed Obligation hereunder has been paid, and the Guarantor agrees
that this Guaranty shall remain in full force as to any such future increases or
new Guaranteed Obligations, even though the Guaranteed Obligations of any or all
Borrowers to the Bank may, from time to time, be reduced to zero.  This Guaranty
shall not be affected by any law  (including,  without  limitation,  statutes of
limitation),  regulation or order of any  governmental or  administrative  body,
purporting to amend or affect any  Guaranteed  Obligation of the Borrower or the
terms of payment  thereof,  including  any  "Country  Risk  Event" or "New Money
Event," and shall be absolute and  unconditional  irrespective  of the actual or
alleged  invalidity of any such  Guaranteed  Obligation and of any  circumstance
which might otherwise  constitute a discharge of a surety or guarantor including
but  not  limited  to  extension,  modification  or  renewal  and  shall  not be
discharged  except by payment.  "Country Risk Event" shall mean (a) the adoption
of any law,  rule or  regulation  or the  action  or  failure  of  action by any
authority (de facto or de jure) in any Borrower's  country which (i) changes the
Guaranteed  Obligations of such Borrower to the Bank, (ii) changes the ownership
or control by any  Borrower  of its  business  or assets,  or (iii)  prevents or
restricts the  conversion  into or transfer of the agreed  currency;  or (b) the
occurrence of any force  majeure or similar event which,  directly or indirectly
prevents or restricts the payment or transfer in the agreed  currency of amounts
owing into an account  designated by the Bank or the free  availability  of such
payments to the Bank.  "New Money  Credit  Event" shall mean the adoption of any
law, rule or regulation or the action or  requirement of any authority (de facto
or de jure) in any Borrower's  country  pursuant to which the Bank must increase
its credit extension to such Borrower.

         The Guarantor  hereby  waives  notice of  acceptance of this  Guaranty,
notice of the  granting  of any credit,  and  diligence,  presentment,  protest,
notice of protest or dishonor of any evidences of indebtedness hereby guaranteed
and notice of any other nature whatsoever.

         This is a  guaranty  of  payment  and not of  collection  and  shall be
governed by and construed in  accordance  with the laws of the State of New York
(without regard to principles of conflicts of law).

         The Guarantor agrees that all payments to be made by it hereunder shall
be made at the places and in the  currencies  as agreed by the  Borrower  at the
time credit was extended (or, in case payment in any such currency is prohibited
by applicable law or regulation, then in U.S. dollars, the amount of which shall
be  calculated  at the  Bank's  spot  buying  rate  (in U.S.  dollars)  for such
currency).

         No delay by the Bank in exercising any power or right  hereunder  shall
operate as a waiver  thereof,  nor shall any single or partial  exercise  of any
power or right  hereunder  preclude  other or  further  exercise  thereof or the
exercise  of any  other  power  or  right,  nor  shall  the Bank be  liable  for
exercising or failing to exercise any such power or right,  nor shall any action
by the Bank omitted hereunder in any way impair or affect this Guaranty.

         All  notices and other  communications  under this  Guarantee  shall be
deemed to have been  given  when  deposited  in the mail,  first  class  postage
prepaid,   or  transmitted   by  telefax  with  a  confirmation   of  successful
transmission  addressed  to the party to which such  notice is  directed  at its
address set forth in the Credit Agreement.

         This  Guaranty  may be  executed  by one or more of the parties to this
Guaranty  in any  number  of  separate  counterparts,  each  of  which,  when so
executed,  shall be  deemed  an  original,  and all of said  counterparts  taken
together shall be deemed to constitute but one and the same instrument.

         ANY LEGAL ACTION OR  PROCEEDING  WITH  RESPECT TO THIS  GUARANTY MAY BE
BROUGHT  IN THE  COURTS OF THE STATE OF NEW YORK OF THE  UNITED  STATES  FOR THE
SOUTHERN  DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS GUARANTY,
THE GUARANTOR  CONSENTS,  FOR ITSELF AND IN RESPECT OF ITS  PROPERTY,  TO THE IN
PERSONAM  JURISDICTION  OF THOSE COURTS.  THE GUARANTOR  IRREVOCABLY  WAIVES ANY
OBJECTION,  INCLUDING  ANY  OBJECTION  TO THE  LAYING  OF  VENUE OR BASED ON THE
GROUNDS  OF FORUM  NON  CONVENIENS,  WHICH IT MAY NOW OR  HEREAFTER  HAVE TO THE
BRINGING OF ANY ACTION OR  PROCEEDING  IN SUCH  JURISDICTION  IN RESPECT OF THIS
AGREEMENT OR ANY DOCUMENT RELATED HERETO.  THE GUARANTOR WAIVES PERSONAL SERVICE
OF ANY SUMMONS,  COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY AN OTHER MEANS
PERMITTED BY NEW YORK LAW OR BY REGISTERED OR CERTIFIED  MAIL TO ITS ADDRESS FOR
NOTICES PURSUANT TO THE CREDIT AGREEMENT.

         EACH OF THE GUARANTOR AND THE BANK WAIVES ITS RIGHTS TO A TRIAL BY JURY
OF ANY CLAIM OR CAUSE OF ACTION  BASED UPON OR ARISING OUT OF OR RELATED TO THIS
GUARANTY, OR THE TRANSACTIONS  CONTEMPLATED HEREBY, IN ANY ACTION, PROCEEDING OR
OTHER  LITIGATION  OF ANY TYPE  BROUGHT BY ANY OF THE PARTIES  AGAINST ANY OTHER
PARTY OR PARTIES,  WHETHER WITH  RESPECT TO CONTRACT  CLAIMS,  TORT  CLAIMS,  OR
OTHERWISE.  EACH OF THE  GUARANTOR  AND THE BANK  AGREES  THAT ANY SUCH CLAIM OR
CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING
THE FOREGOING,  THE GUARANTOR  FURTHER  AGREES THAT ITS  RESPECTIVE  RIGHTS TO A
TRIAL BY JURY ARE  WAIVED  BY  OPERATION  OF THIS  PARAGRAPH  AS TO ANY  ACTION,
COUNTERCLAIM OR OTHER  PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE
THE  VALIDITY OR  ENFORCEABILITY  OF THIS  GUARANTY OR ANY  PROVISION  HEREOF OR
THEREOF.  THIS  WAIVER  SHALL  APPLY  TO ANY  SUBSEQUENT  AMENDMENTS,  RENEWALS,
SUPPLEMENTS OR MODIFICATIONS HEREOF.

             The remainder of this page is intentionally left blank.

         IN WITNESS WHEREOF,  we have executed this Guaranty and caused our seal
to be affixed hereto as of this 26th day of December, 2002.

                               BAX GLOBAL INC.

                               By:      /s/ James B. Hartough
                                        ------------------------------------
                               Title:   Treasurer and Assistant Secretary

Accepted and Agreed:
ABN AMRO BANK, N.V.

By:      /s/ Helen Clarke-Hepp
         -----------------------------------
Name:    Helen Clarke-Hepp
Title:   Vice President

By:      /s/ James S. Kreitler
         -----------------------------------
Name:    James S. Kreitler
Title:   Senior Vice President

                                    GUARANTY

         For valuable  consideration,  the receipt and  sufficiency of which are
hereby  acknowledged,  and to induce  ABN AMRO  Bank,  N.V.  through  any of its
offices,  subsidiaries  or affiliates  (hereinafter  called the "Bank") to make,
grant,  renew,  extend  or  continue  to  grant  allocations,  loans,  advances,
overdraft  facilities,  letters of credit or other banking or credit  facilities
("Credit  Arrangements")  from time to time as provided in the Credit  Agreement
dated as of December 20, 2002 among the Bank, The Pittston Company,  BAX Global,
Inc. ("BAX") and Brink's Incorporated  (Brink's) (the "Credit Agreement") to BAX
and its Covered Subsidiaries (as defined in the Credit Agreement) and to Brink's
and its  Covered  Subsidiaries  (as  defined  in the Credit  Agreement)  (each a
"Borrower")  and in  recognition  of such Credit  Arrangements  entered  into or
hereafter to be entered into  between any Borrower and the Bank,  provided  such
Credit  Arrangements  are pursuant to or contemplated  by the Credit  Agreement,
Brink's,  Incorporated,  a corporation  organized under the laws of the State of
Delaware (the  "Guarantor"),  hereby,  for itself,  its  successors and assigns,
absolutely and  unconditionally  guarantees to the Bank that all obligations now
or at any time hereafter owing by any of its Covered Subsidiaries to the Bank in
respect of all such Credit  Arrangements will be promptly paid in full when due,
whether at maturity or by  acceleration,  in  accordance  with their  respective
terms,  together  with any and all  expenses  and  costs  (including  reasonable
attorneys'  fees)  which may be paid or  incurred by or on behalf of the Bank in
collecting or enforcing such  indebtedness or enforcing any rights  hereunder or
for the  preservation  and  protection  of or in  realizing  upon  any  security
therefor (the  "Guaranteed  Obligations").  All capitalized  terms not otherwise
defined  herein  shall have the  meanings  ascribed  to such terms in the Credit
Agreement.  Promptly upon notice by the Bank to the Guarantor  that a Guaranteed
Obligation  due to the Bank from any of its  Covered  Subsidiaries  has not been
paid and without the necessity of any demand  whatsoever upon any such Borrower,
the Guarantor will pay such amount to the Bank at the Bank's office listed above
or at any other address specified in writing or by telefax by the Bank,  without
the necessity of any suit, proceeding or formality of any kind whatsoever on the
Bank's part against the  Borrower,  the Guarantor or any other person or against
any security for the Guaranteed  Obligations of any such Borrower, the Guarantor
or any other person to the Bank.  The Guarantor  agrees to accept as prima facie
evidence of the amount payable by the Guarantor the balance appearing due to the
Bank from any of its  Covered  Subsidiaries  according  to the Bank's  books and
records  except in such  jurisdictions  where  further  proofs are required as a
matter of law.

         No payments by the Guarantor hereunder shall entitle the Guarantor,  by
subrogation  to the  rights  of the Bank or  otherwise,  to any  payment  by any
Borrower  or out of the assets or revenues of any such  Borrower,  except  after
full payment of all  Guaranteed  Obligations  which may be or become  payable by
such Borrower to the Bank.

         Any payment made  hereunder or received by the Bank with respect to the
Guaranteed Obligations of any Borrower may be applied by the Bank to the payment
or reduction, in whole or in part, to the extent same may suffice, in such order
as the  Bank  may  elect  at  its  sole  option

and  discretion,  of any of the
Guaranteed  Obligations  of such Borrower to the Bank,  whether or not then due,
whether  absolute  or  contingent,  and (in the case of payments  received  from
persons  other  than  the  Guarantor),  whether  or not  guaranteed  hereby.  No
amendment  or  waiver of any  provision  of this  Guaranty  nor  consent  to any
departure by the Guarantor  therefrom shall in any event be effective unless the
same shall be in writing and signed by the Bank, and then such waiver or consent
shall be effective  only in the specific  instance and for the specific  purpose
for which given.

         If any payment is recovered from, or repaid by, the Bank in whole or in
part in any  bankruptcy,  insolvency  or  similar  proceeding  instituted  by or
against any Borrower or the Guarantor, this Guarantee shall continue to be fully
applicable  to such  Guaranteed  Obligation  to the same  extent as  though  the
payment so recovered or repaid had never been originally made on such Guaranteed
Obligation.

         The Guarantor  consents  that without  notice to it the maturity of any
Guaranteed  Obligation  of any  Borrower may be extended or renewed or the terms
thereof waived, increased, or varied, or any security therefor including but not
limited to guarantees, sureties or collateral of whatever nature and description
whether  of  any  Borrower  or the  Guarantor,  may be  released,  exchanged  or
otherwise dealt with, all as the Bank may determine. The granting of credit from
time to time by the Bank to any Borrower  pursuant to, and as  contemplated  by,
the Credit Agreement and the incurrence of Guaranteed Obligations to the Bank by
any Borrower without notice to the Guarantor are hereby  authorized and shall in
no way affect or impair this  Guaranty.  The Guarantor  agrees that, at any time
and from time to time,  in  accordance  with and as  contemplated  by the Credit
Agreement,  the Bank, at its  discretion,  may increase  credit  extended to any
Borrower  or may make new  loans to any  Borrower,  regardless  of  whether  the
original Guaranteed Obligation hereunder has been paid, and the Guarantor agrees
that this Guaranty shall remain in full force as to any such future increases or
new Guaranteed Obligations, even though the Guaranteed Obligations of any or all
Borrowers to the Bank may, from time to time, be reduced to zero.  This Guaranty
shall not be affected by any law  (including,  without  limitation,  statutes of
limitation),  regulation or order of any  governmental or  administrative  body,
purporting to amend or affect any  Guaranteed  Obligation of the Borrower or the
terms of payment  thereof,  including  any  "Country  Risk  Event" or "New Money
Event," and shall be absolute and  unconditional  irrespective  of the actual or
alleged  invalidity of any such  Guaranteed  Obligation and of any  circumstance
which might otherwise  constitute a discharge of a surety or guarantor including
but  not  limited  to  extension,  modification  or  renewal  and  shall  not be
discharged  except by payment.  "Country Risk Event" shall mean (a) the adoption
of any law,  rule or  regulation  or the  action  or  failure  of  action by any
authority (de facto or de jure) in any Borrower's  country which (i) changes the
Guaranteed  Obligations of such Borrower to the Bank, (ii) changes the ownership
or control by any  Borrower  of its  business  or assets,  or (iii)  prevents or
restricts the  conversion  into or transfer of the agreed  currency;  or (b) the
occurrence of any force  majeure or similar event which,  directly or indirectly
prevents or restricts the payment or transfer in the agreed  currency of amounts
owing into an account  designated by the Bank or the free  availability  of such
payments to the Bank.  "New Money  Credit  Event" shall mean the adoption of any
law, rule or regulation or the action or  requirement of any authority (de facto
or de jure) in any Borrower's  country  pursuant to which the Bank must increase
its credit extension to such Borrower.

         The Guarantor  hereby  waives  notice of  acceptance of this  Guaranty,
notice of the  granting  of any credit,  and  diligence,  presentment,  protest,
notice of protest or dishonor of any evidences of indebtedness hereby guaranteed
and notice of any other nature whatsoever.

         This is a  guaranty  of  payment  and not of  collection  and  shall be
governed by and construed in  accordance  with the laws of the State of New York
(without regard to principles of conflicts of law).

         The Guarantor agrees that all payments to be made by it hereunder shall
be made at the places and in the  currencies  as agreed by the  Borrower  at the
time credit was extended (or, in case payment in any such currency is prohibited
by applicable law or regulation, then in U.S. dollars, the amount of which shall
be  calculated  at the  Bank's  spot  buying  rate  (in U.S.  dollars)  for such
currency).

         No delay by the Bank in exercising any power or right  hereunder  shall
operate as a waiver  thereof,  nor shall any single or partial  exercise  of any
power or right  hereunder  preclude  other or  further  exercise  thereof or the
exercise  of any  other  power  or  right,  nor  shall  the Bank be  liable  for
exercising or failing to exercise any such power or right,  nor shall any action
by the Bank omitted hereunder in any way impair or affect this Guaranty.

         All  notices and other  communications  under this  Guarantee  shall be
deemed to have been  given  when  deposited  in the mail,  first  class  postage
prepaid,   or  transmitted   by  telefax  with  a  confirmation   of  successful
transmission  addressed  to the party to which such  notice is  directed  at its
address set forth in the Credit Agreement.

         This  Guaranty  may be  executed  by one or more of the parties to this
Guaranty  in any  number  of  separate  counterparts,  each  of  which,  when so
executed,  shall be  deemed  an  original,  and all of said  counterparts  taken
together shall be deemed to constitute but one and the same instrument.

         ANY LEGAL ACTION OR  PROCEEDING  WITH  RESPECT TO THIS  GUARANTY MAY BE
BROUGHT  IN THE  COURTS OF THE STATE OF NEW YORK OF THE  UNITED  STATES  FOR THE
SOUTHERN  DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS GUARANTY,
THE GUARANTOR  CONSENTS,  FOR ITSELF AND IN RESPECT OF ITS  PROPERTY,  TO THE IN
PERSONAM  JURISDICTION  OF THOSE COURTS.  THE GUARANTOR  IRREVOCABLY  WAIVES ANY
OBJECTION,  INCLUDING  ANY  OBJECTION  TO THE  LAYING  OF  VENUE OR BASED ON THE
GROUNDS  OF FORUM  NON  CONVENIENS,  WHICH IT MAY NOW OR  HEREAFTER  HAVE TO THE
BRINGING OF ANY ACTION OR  PROCEEDING  IN SUCH  JURISDICTION  IN RESPECT OF THIS
AGREEMENT OR ANY DOCUMENT RELATED HERETO.  THE GUARANTOR WAIVES PERSONAL SERVICE
OF ANY SUMMONS,  COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY AN OTHER MEANS
PERMITTED BY NEW YORK LAW OR BY REGISTERED OR CERTIFIED  MAIL TO ITS ADDRESS FOR
NOTICES PURSUANT TO THE CREDIT AGREEMENT.

         EACH OF THE GUARANTOR AND THE BANK WAIVES ITS RIGHTS TO A TRIAL BY JURY
OF ANY CLAIM OR CAUSE OF ACTION  BASED UPON OR ARISING OUT OF OR RELATED TO THIS
GUARANTY, OR THE TRANSACTIONS  CONTEMPLATED HEREBY, IN ANY ACTION, PROCEEDING OR
OTHER  LITIGATION  OF ANY TYPE  BROUGHT BY ANY OF THE PARTIES  AGAINST ANY OTHER
PARTY OR PARTIES,  WHETHER WITH  RESPECT TO CONTRACT  CLAIMS,  TORT  CLAIMS,  OR
OTHERWISE.  EACH OF THE  GUARANTOR  AND THE BANK  AGREES  THAT ANY SUCH CLAIM OR
CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING
THE FOREGOING,  THE GUARANTOR  FURTHER  AGREES THAT ITS  RESPECTIVE  RIGHTS TO A
TRIAL BY JURY ARE  WAIVED  BY  OPERATION  OF THIS  PARAGRAPH  AS TO ANY  ACTION,
COUNTERCLAIM OR OTHER  PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE
THE  VALIDITY OR  ENFORCEABILITY  OF THIS  GUARANTY OR ANY  PROVISION  HEREOF OR
THEREOF.  THIS  WAIVER  SHALL  APPLY  TO ANY  SUBSEQUENT  AMENDMENTS,  RENEWALS,
SUPPLEMENTS OR MODIFICATIONS HEREOF.

             The remainder of this page is intentionally left blank.

         IN WITNESS WHEREOF,  we have executed this Guaranty and caused our seal
to be affixed hereto as of this 26th day of December, 2002.

                                BRINK'S, INCORPORATED

                                By:      /s/ Michael T. Dan
                                         ------------------------------------
                                Title:   Chairman and CEO

Accepted and Agreed:
ABN AMRO BANK, N.V.

By:      /s/ Helen Clarke-Hepp
         -----------------------------------
Name:    Helen Clarke-Hepp
Title:   Vice President

By:      /s/ James S. Kreitler
         -----------------------------------
Name:    James S. Kreitler
Title:   Senior Vice President

                                    GUARANTY

         For valuable  consideration,  the receipt and  sufficiency of which are
hereby  acknowledged,  and to induce  ABN AMRO  Bank,  N.V.  through  any of its
offices,  subsidiaries  or affiliates  (hereinafter  called the "Bank") to make,
grant,  renew,  extend  or  continue  to  grant  allocations,  loans,  advances,
overdraft  facilities,  letters of credit or other banking or credit  facilities
("Credit  Arrangements")  from time to time as provided in the Credit  Agreement
dated as of December 20, 2002 among the Bank, The Pittston Company,  BAX Global,
Inc. ("BAX") and Brink's Incorporated  (Brink's) (the "Credit Agreement") to BAX
and its Covered Subsidiaries (as defined in the Credit Agreement) and to Brink's
and its  Covered  Subsidiaries  (as  defined  in the Credit  Agreement)  (each a
"Borrower")  and in  recognition  of such Credit  Arrangements  entered  into or
hereafter to be entered into  between any Borrower and the Bank,  provided  such
Credit Arrangements are pursuant to or contemplated by the Credit Agreement, The
Pittston Company, a corporation  organized under the laws of the Commonwealth of
Virginia (the  "Guarantor"),  hereby,  for itself,  its  successors and assigns,
absolutely and  unconditionally  guarantees to the Bank that all obligations now
or at any time  hereafter  owing by any  Borrower  to the Bank in respect of all
such  Credit  Arrangements  will be promptly  paid in full when due,  whether at
maturity or by acceleration, in accordance with their respective terms, together
with any and all expenses and costs (including reasonable attorneys' fees) which
may be paid or incurred by or on behalf of the Bank in  collecting  or enforcing
such  indebtedness or enforcing any rights hereunder or for the preservation and
protection  of or in  realizing  upon any  security  therefor  (the  "Guaranteed
Obligations"). All capitalized terms not otherwise defined herein shall have the
meanings ascribed to such terms in the Credit Agreement. Promptly upon notice by
the Bank to the Guarantor that a Guaranteed  Obligation due to the Bank from any
Borrower has not been paid and without the  necessity  of any demand  whatsoever
upon any such  Borrower,  the Guarantor  will pay such amount to the Bank at the
Bank's office  listed above or at any other  address  specified in writing or by
telefax by the Bank, without the necessity of any suit,  proceeding or formality
of any kind whatsoever on the Bank's part against the Borrower, the Guarantor or
any other person or against any security for the  Guaranteed  Obligations of any
such  Borrower,  the  Guarantor or any other person to the Bank.  The  Guarantor
agrees to accept as prima facie  evidence of the amount payable by the Guarantor
the balance appearing due to the Bank from any Borrower  according to the Bank's
books and records except in such jurisdictions where further proofs are required
as a matter of law.

         No payments by the Guarantor hereunder shall entitle the Guarantor,  by
subrogation  to the  rights  of the Bank or  otherwise,  to any  payment  by any
Borrower  or out of the assets or revenues of any such  Borrower,  except  after
full payment of all  Guaranteed  Obligations  which may be or become  payable by
such Borrower to the Bank.

         Any payment made  hereunder or received by the Bank with respect to the
Guaranteed Obligations of any Borrower may be applied by the Bank to the payment
or reduction, in whole or in part, to the extent same may suffice, in such order
as the  Bank  may  elect  at  its  sole  option  and  discretion,  of any of the
Guaranteed  Obligations  of such Borrower to the Bank,  whether

or not then due,
whether  absolute  or  contingent,  and (in the case of payments  received  from
persons  other  than the  Guarantor),  whether  or not  guaranteed  hereby.  The
Guaranty of the Guarantor for the Guaranteed  Obligations of BAX and its Covered
Subsidiaries  shall  be  joint  and  several  with  BAX and  for the  Guaranteed
Obligations of Brink's and its Covered  Subsidiaries  shall be joint and several
with  Brink's.  No  amendment or waiver of any  provision  of this  Guaranty nor
consent  to any  departure  by the  Guarantor  therefrom  shall in any  event be
effective  unless the same shall be in writing and signed by the Bank,  and then
such waiver or consent shall be effective only in the specific  instance and for
the specific purpose for which given.

         If any payment is recovered from, or repaid by, the Bank in whole or in
part in any  bankruptcy,  insolvency  or  similar  proceeding  instituted  by or
against any Borrower or the Guarantor, this Guarantee shall continue to be fully
applicable  to such  Guaranteed  Obligation  to the same  extent as  though  the
payment so recovered or repaid had never been originally made on such Guaranteed
Obligation.

         The Guarantor  consents  that without  notice to it the maturity of any
Guaranteed  Obligation  of any  Borrower may be extended or renewed or the terms
thereof waived, increased, or varied, or any security therefor including but not
limited to guarantees, sureties or collateral of whatever nature and description
whether  of  any  Borrower  or the  Guarantor,  may be  released,  exchanged  or
otherwise dealt with, all as the Bank may determine. The granting of credit from
time to time by the Bank to any Borrower  pursuant to, and as  contemplated  by,
the Credit Agreement and the incurrence of Guaranteed Obligations to the Bank by
any Borrower without notice to the Guarantor are hereby  authorized and shall in
no way affect or impair this  Guaranty.  The Guarantor  agrees that, at any time
and from time to time,  in  accordance  with and as  contemplated  by the Credit
Agreement,  the Bank, at its  discretion,  may increase  credit  extended to any
Borrower  or may make new  loans to any  Borrower,  regardless  of  whether  the
original Guaranteed Obligation hereunder has been paid, and the Guarantor agrees
that this Guaranty shall remain in full force as to any such future increases or
new Guaranteed Obligations, even though the Guaranteed Obligations of any or all
Borrowers to the Bank may, from time to time, be reduced to zero.  This Guaranty
shall not be affected by any law  (including,  without  limitation,  statutes of
limitation),  regulation or order of any  governmental or  administrative  body,
purporting to amend or affect any  Guaranteed  Obligation of the Borrower or the
terms of payment  thereof,  including  any  "Country  Risk  Event" or "New Money
Event," and shall be absolute and  unconditional  irrespective  of the actual or
alleged  invalidity of any such  Guaranteed  Obligation and of any  circumstance
which might otherwise  constitute a discharge of a surety or guarantor including
but  not  limited  to  extension,  modification  or  renewal  and  shall  not be
discharged  except by payment.  "Country Risk Event" shall mean (a) the adoption
of any law,  rule or  regulation  or the  action  or  failure  of  action by any
authority (de facto or de jure) in any Borrower's  country which (i) changes the
Guaranteed  Obligations of such Borrower to the Bank, (ii) changes the ownership
or control by any  Borrower  of its  business  or assets,  or (iii)  prevents or
restricts the  conversion  into or transfer of the agreed  currency;  or (b) the
occurrence of any force  majeure or similar event which,  directly or indirectly
prevents or restricts the payment or transfer in the agreed  currency of amounts
owing into an account  designated by the Bank or the free  availability  of such
payments to the Bank.  "New Money  Credit  Event" shall mean the adoption of any
law, rule or regulation or the action or  requirement of any authority (de facto

or de jure) in any Borrower's  country  pursuant to which the Bank must increase
its credit extension to such Borrower.

         The Guarantor  hereby  waives  notice of  acceptance of this  Guaranty,
notice of the  granting  of any credit,  and  diligence,  presentment,  protest,
notice of protest or dishonor of any evidences of indebtedness hereby guaranteed
and notice of any other nature whatsoever.

         This is a  guaranty  of  payment  and not of  collection  and  shall be
governed by and construed in  accordance  with the laws of the State of New York
(without regard to principles of conflicts of law).

         The Guarantor agrees that all payments to be made by it hereunder shall
be made at the places and in the  currencies  as agreed by the  Borrower  at the
time credit was extended (or, in case payment in any such currency is prohibited
by applicable law or regulation, then in U.S. dollars, the amount of which shall
be  calculated  at the  Bank's  spot  buying  rate  (in U.S.  dollars)  for such
currency).

         No delay by the Bank in exercising any power or right  hereunder  shall
operate as a waiver  thereof,  nor shall any single or partial  exercise  of any
power or right  hereunder  preclude  other or  further  exercise  thereof or the
exercise  of any  other  power  or  right,  nor  shall  the Bank be  liable  for
exercising or failing to exercise any such power or right,  nor shall any action
by the Bank omitted hereunder in any way impair or affect this Guaranty.

         All  notices and other  communications  under this  Guarantee  shall be
deemed to have been  given  when  deposited  in the mail,  first  class  postage
prepaid,   or  transmitted   by  telefax  with  a  confirmation   of  successful
transmission  addressed  to the party to which such  notice is  directed  at its
address set forth in the Credit Agreement.

         This  Guaranty  may be  executed  by one or more of the parties to this
Guaranty  in any  number  of  separate  counterparts,  each  of  which,  when so
executed,  shall be  deemed  an  original,  and all of said  counterparts  taken
together shall be deemed to constitute but one and the same instrument.

         ANY LEGAL ACTION OR  PROCEEDING  WITH  RESPECT TO THIS  GUARANTY MAY BE
BROUGHT  IN THE  COURTS OF THE STATE OF NEW YORK OF THE  UNITED  STATES  FOR THE
SOUTHERN  DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS GUARANTY,
THE GUARANTOR  CONSENTS,  FOR ITSELF AND IN RESPECT OF ITS  PROPERTY,  TO THE IN
PERSONAM  JURISDICTION  OF THOSE COURTS.  THE GUARANTOR  IRREVOCABLY  WAIVES ANY
OBJECTION,  INCLUDING  ANY  OBJECTION  TO THE  LAYING  OF  VENUE OR BASED ON THE
GROUNDS  OF FORUM  NON  CONVENIENS,  WHICH IT MAY NOW OR  HEREAFTER  HAVE TO THE
BRINGING OF ANY ACTION OR  PROCEEDING  IN SUCH  JURISDICTION  IN RESPECT OF THIS
AGREEMENT OR ANY DOCUMENT RELATED HERETO.  THE GUARANTOR WAIVES PERSONAL SERVICE
OF ANY SUMMONS,  COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY AN OTHER MEANS
PERMITTED

BY NEW YORK LAW OR BY REGISTERED OR CERTIFIED  MAIL TO ITS ADDRESS FOR
NOTICES PURSUANT TO THE CREDIT AGREEMENT.

         EACH OF THE GUARANTOR AND THE BANK WAIVES ITS RIGHTS TO A TRIAL BY JURY
OF ANY CLAIM OR CAUSE OF ACTION  BASED UPON OR ARISING OUT OF OR RELATED TO THIS
GUARANTY, OR THE TRANSACTIONS  CONTEMPLATED HEREBY, IN ANY ACTION, PROCEEDING OR
OTHER  LITIGATION  OF ANY TYPE  BROUGHT BY ANY OF THE PARTIES  AGAINST ANY OTHER
PARTY OR PARTIES,  WHETHER WITH  RESPECT TO CONTRACT  CLAIMS,  TORT  CLAIMS,  OR
OTHERWISE.  EACH OF THE  GUARANTOR  AND THE BANK  AGREES  THAT ANY SUCH CLAIM OR
CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING
THE FOREGOING,  THE GUARANTOR  FURTHER  AGREES THAT ITS  RESPECTIVE  RIGHTS TO A
TRIAL BY JURY ARE  WAIVED  BY  OPERATION  OF THIS  PARAGRAPH  AS TO ANY  ACTION,
COUNTERCLAIM OR OTHER  PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE
THE  VALIDITY OR  ENFORCEABILITY  OF THIS  GUARANTY OR ANY  PROVISION  HEREOF OR
THEREOF.  THIS  WAIVER  SHALL  APPLY  TO ANY  SUBSEQUENT  AMENDMENTS,  RENEWALS,
SUPPLEMENTS OR MODIFICATIONS HEREOF.

             The remainder of this page is intentionally left blank.

         IN WITNESS WHEREOF,  we have executed this Guaranty and caused our seal
to be affixed hereto as of this 26th day of December, 2002.

                                                     THE PITTSTON COMPANY

                                       By:      /s/ James B. Hartough
                                             ----------------------------------
                                    Title:   Vice President - Corporate Finance
                                             and Treasurer
Accepted and Agreed:
ABN AMRO BANK, N.V.

By:      /s/ Helen Clarke-Hepp
         -----------------------------------
Name:    Helen Clarke-Hepp
Title:   Vice President

By:      /s/ James S. Kreitler
         -----------------------------------
Name:    James S. Kreitler
Title:   Senior Vice President

FINANCIAL REVIEW
- --------------------------------------------------------------------------------

      TABLE OF CONTENTS

      Management's Discussion and Analysis...............................2

      Statement of Management Responsibility............................37

      Independent Auditors' Report......................................38

      Consolidated Balance Sheets.......................................39

      Consolidated Statements of Operations.............................40

      Consolidated Statements of Comprehensive Loss.....................42

      Consolidated Statements of Shareholders' Equity...................43

      Consolidated Statements of Cash Flows.............................44

      Notes to Consolidated Financial Statements........................45

      Selected Financial Data...........................................78

      Board of Directors and Senior Management..........................80

                                      -1-

MANAGEMENT'S DISCUSSION AND ANALYSIS OF
RESULTS OF OPERATIONS AND FINANCIAL CONDITION
- --------------------------------------------------------------------------------
The Pittston Company ("Pittston") has three primary operating segments within
its "Business and Security Services" businesses: Brink's, Incorporated
("Brink's"), Brink's Home Security, Inc. ("BHS") and BAX Global Inc. ("BAX
Global"). The fourth operating segment is Other Operations, which consists of
Pittston's gold, timber and natural gas operations. The Company also has
significant assets and liabilities associated with its former coal operations
and expects to have significant ongoing expenses and cash outflows related to
former coal operations in the future. Pittston and its subsidiaries are referred
to herein as the "Company."

During 2002, the Company completed its planned exit of the coal business by
selling or shutting down its remaining coal operations. The results of
operations of the Company's former coal operations have been reported as
discontinued operations for all years reported. The Company defines certain of
the liabilities associated with its former coal operations as its "legacy"
liabilities. Information about the Company's legacy liabilities is contained in
several sections of Management's Discussion and Analysis, including
"Applications of Critical Accounting Policies and Recent Accounting
Pronouncements," "Liquidity and Capital Resources - Legacy Liabilities and
Assets," "Liquidity and Capital Resources - Significant Contractual Obligations"
and "Results of Operations - Former Coal Operations." Disclosures in these
sections discuss critical estimates used, provide a sensitivity analysis,
reconcile the legacy liability components to U.S. generally accepted accounting
principles ("GAAP") measures and show five-year projections for estimated future
payments and expense associated with the legacy liabilities.

For the year ended December 31, 2002, the Company reported net income of $26.1
million, or $0.48 per diluted share, compared with $16.6 million, or $0.31 per
diluted share, for 2001 and a net loss of $256.6 million, or $5.12 per diluted
share, in 2000.

Net income in 2002 included $19.2 million ($12.5 million after tax) of
impairment and other charges associated with the Company's former coal business
and $7.1 million ($5.0 million after tax) of impairment and other charges
related to its gold mining and exploration interests. Also included in 2002 net
income was a charge of $42.9 million (after tax) related to the Company's
discontinued operations and $3.7 million (after tax) income related to a
Stabilization Act compensation payment.

RESULTS OF OPERATIONS

                                            Revenues                                   Operating Profit (Loss)
- ---------------------------------------------------------------------------------------------------------------------------------
                                                                  2002     2001                                   2002     2001
                                     Years Ended December 31       VS.      Vs.        Years Ended December 31     VS.      Vs.
(In millions)                       2002      2001      2000      2001     2000       2002     2001     2000      2001     2000
- ---------------------------------------------------------------------------------------------------------------------------------
                                                                  (%)       (%)                                   (%)      (%)

BUSINESS SEGMENTS

Brink's                        $  1,579.9  1,536.3   1,462.9       3         5   $    96.1     92.0    108.5       4      (15)
BHS                                 282.4    257.6     238.1      10         8        60.9     54.9     54.3      11        1
BAX Global                        1,871.5  1,790.1   2,097.6       5       (15)       17.6    (27.6)   (99.6)     NM       72
- ---------------------------------------------------------------------------------------------------------------------------------
 Business and Security Services   3,733.8  3,584.0   3,798.6       4        (6)      174.6    119.3     63.2      46       89
Other Operations                     42.9     40.2      35.5       7        13         0.4      7.6      5.7     (95)      33
Former coal operations                -         -         -        -         -       (19.2)      -        -       NM        -
General corporate expense             -         -         -        -         -       (23.1)   (19.3)   (21.2)    (20)       9
- ---------------------------------------------------------------------------------------------------------------------------------
                               $  3,776.7  3,624.2   3,834.1       4        (5)  $   132.7    107.6     47.7      23      126
- ---------------------------------------------------------------------------------------------------------------------------------

                                      -2-

Net income in 2001 included a charge of $29.2 million (after tax) reflecting
adjustments to the estimated loss on disposition of the discontinued operations.
Results in 2000 included a $207.3 million loss (after tax) from discontinued
operations, a $52.0 million (after tax) charge to record the cumulative effect
of an accounting change and a $35.7 million (after tax) restructuring charge.

Revenue from continuing operations in 2002 increased primarily due to higher BAX
Global air export volumes from Asia-Pacific, largely due to improved economic
conditions in that region. In addition, revenue increased in 2002 at Brink's and
BHS. Operating profit increased in 2002 due to improved operating performance in
the Company's business and security services segments, particularly at BAX
Global, partially offset by the charges related to the Company's former coal
operations and gold mining and exploration interests.

Revenue from continuing operations in 2001 decreased compared to 2000 primarily
due to lower volumes at BAX Global resulting from weak economic conditions.
Operating profit in 2000 included a pretax $57.5 million restructuring charge at
BAX Global (see discussion below). In 2001, improved operating performance at
BAX Global (even after excluding the 2000 restructuring charge) was partially
offset by a decrease in operating profit at Brink's.

BRINK'S

                                                                           2002     2001
                                            Years Ended December 31         VS.      Vs.
(In millions, except percentages)        2002       2001         2000      2001     2000
- ------------------------------------------------------------------------------------------
                                                                            (%)      (%)
REVENUES
                                                                       
North America (a)                   $    694.9      680.3        642.4       2        6
International                            885.0      856.0        820.5       3        4
- ------------------------------------------------------------------------------------------
                                    $  1,579.9    1,536.3      1,462.9       3        5
- ------------------------------------------------------------------------------------------

OPERATING PROFIT

North America (a)                   $     52.2       42.4         55.5      23      (24)
International                             43.9       49.6         53.0     (11)      (6)
- ------------------------------------------------------------------------------------------
                                    $     96.1       92.0        108.5       4      (15)
- ------------------------------------------------------------------------------------------

OPERATING MARGIN (IN PERCENTAGES)          (%)        (%)          (%)

North America (a)                          7.5        6.2          8.6
International                              5.0        5.8          6.5
Total                                      6.1        6.0          7.4
- ------------------------------------------------------------------------------------------

Depreciation and amortization,
   excluding goodwill amortization  $     61.3       60.1         58.2       2        3
Goodwill amortization                     N/A         2.1          2.0      NM        5
Capital expenditures                      79.3       71.3         73.9      11       (4)
- ------------------------------------------------------------------------------------------

(a)  Comprises U.S. and Canada.

                                      -3-

Comparison of 2002 and 2001
Brink's revenues increased in both North America and International operations,
and although operating profit increased in North America, operating profit was
lower in the International operations, primarily due to lower operating profits
in South America.

Revenue increases from North American operations in 2002 were primarily related
to increased currency processing and armored transportation activities (which
includes ATM services). Operating profit increased in 2002 primarily due to
improved performance in U.S. Global Services and, to a lesser extent, armored
transportation operations and currency processing.

Revenues from International operations in 2002 increased 5% over 2001 excluding
the effects of changes in foreign currency exchange rates. International
revenues in 2002 decreased a net $14 million due to changes in exchange rates as
South American currencies weakened relative to the U.S. dollar while most
European currencies strengthened. Revenues in Europe reflected increased volumes
in armored transportation, ATM servicing, currency processing and Global
Services operations. South American revenues in 2002 were negatively impacted by
the continuing effects of difficult economic and operating conditions.

The decrease in International operating profit was primarily due to lower
results in South America, which more than offset improved results in
Asia-Pacific and Europe. Lower operating profits in South America reflect the
previously mentioned difficult economic and operating conditions, which are
expected to continue into 2003. Absent improvement in such conditions,
management expects lower year-over-year performance in the first half of 2003.

Europe's operating profits in the fourth quarter of 2001 and the first quarter
of 2002 were higher as a result of nonrecurring euro-related processing and
transportation work, and in 2002, by the transportation and processing work
associated with the final return of the legacy currencies. The first nine months
of 2001 reflected upfront costs associated with preparations for the euro work,
and results throughout 2002 reflected higher than normal labor expenses as
staffing levels remained high following the euro work performed in the first
half of the year. Brink's incurred severance expense associated with a reduction
in staffing levels in Germany in the second half of 2002. Brink's expects to
further reduce staffing levels in Europe in 2003 and incur additional severance
expense. European operating performance reflected higher volume and operational
improvements in certain countries despite softness in European economies. Such
softness has continued into 2003.

Asia-Pacific operating profits in 2002 were well above the prior year,
reflecting higher pricing in Australia. International operating profits for 2001
included approximately $2 million of pretax gains on the sale of two
non-strategic international affiliates.

Brink's North American operating results in 2003 are expected to be adversely
affected by approximately $10 million higher pension expense for its primary
U.S. pension plan due to the effects of unfavorable returns on plan assets over
the last three years and a lower discount rate used to determine projected
benefit obligations.

                                      -4-

Comparison of 2001 and 2000
Brink's worldwide consolidated revenues increased $73.4 million (5%) in 2001 as
compared to 2000. This increase was attributable to both the North America and
International operations and was partially offset by the impact of the stronger
U.S. dollar relative to 2000. Brink's 2001 operating profit of $92.0 million
represented a 15% decrease from 2000, with decreases in both the North America
and International regions. Operating profit in 2000 benefited from a $4.9
million settlement associated with an insurance recovery related to a prior
year's robbery loss.

Revenues and operating profit from North American operations in 2001 increased
$37.9 million and decreased $13.1 million, respectively, from 2000. The 6%
increase in revenues for 2001 primarily related to higher revenues from armored
car operations, which includes ATM services. Excluding the $4.9 million gain in
2000 from an insurance settlement related to a prior year's robbery loss,
operating profit decreased 16% in 2001 primarily due to increased employee
benefits, particularly for medical benefits and workers' compensation costs, all
risk costs, higher operating losses incurred by the Global Services business in
the U.S. (partly due to lower volumes and higher transportation costs) and a
downturn in performance of the armored car business in Canada due to the loss of
certain customer contracts and the effects of a labor dispute during the first
nine months of 2001.

Revenues and operating profit from International operations in 2001 increased
$35.5 million and decreased $3.4 million, respectively, from 2000. International
revenues in 2001 were reduced by approximately $50 million as a result of the
year-over-year strengthening of the U.S. dollar relative to certain local
currencies, primarily in Latin America and, to a lesser extent, Europe.
Excluding these foreign currency effects, International revenues increased 10%,
primarily due to operations in Europe and, to a lesser extent, Latin America and
Asia-Pacific. The increase in Europe reflected revenues associated with armored
car services performed under contracts with central banks and other banks to
distribute the euro currency throughout Europe, as well as increased volumes in
armored transportation, ATM servicing, currency processing and air courier
operations. Increases in Latin America (excluding foreign currency effects) were
primarily due to higher revenues in Brazil and Venezuela.

The net decrease in International operating profit was due to lower results in
Latin America which more than offset improved results in Europe and
Asia-Pacific. Lower operating profits in Latin America reflected severe pricing
competition and unfavorable exchange rate effects in Brazil as well as high
labor costs and deteriorating economic conditions in Argentina. Improved results
in Europe included the higher margin euro transportation and distribution work
as well as volume increases in armored transportation, ATM services and currency
processing. Revenues and operating profits for euro transportation and
distribution were primarily earned during the fourth quarter of 2001. Operating
results in the United Kingdom were well below the prior year primarily due to
costs associated with expansion into the ATM business, a decline in air courier
volumes and reduced armored transportation business. International operating
profits for 2001 benefited from approximately $2 million of pretax gains on the
sale of the Company's investments in two non-strategic international affiliates.

                                      -5-

BRINK'S HOME SECURITY

                                                                           2002    2001
(Dollars in millions,                           Years Ended December 31     VS.     Vs.
subscriber data in thousands)                   2002      2001     2000    2001    2000
- ---------------------------------------------------------------------------------------
                                                                            (%)    (%)
                                                                     
REVENUES                                    $  282.4     257.6     238.1    10      8
- ---------------------------------------------------------------------------------------

OPERATING PROFIT

Recurring services (a)                         109.5     100.9      96.4     9      5
Investment in new subscribers (b)              (48.6)    (46.0)    (42.1)   (6)    (9)
- ---------------------------------------------------------------------------------------
                                            $   60.9      54.9      54.3    11      1
- ---------------------------------------------------------------------------------------

OPERATING MARGIN (IN PERCENTAGES)               21.6%     21.3%     22.8%

Monthly recurring revenues (c)              $   21.1      19.2      18.0
Annualized disconnect rate                       7.1%      7.6%      7.6%
- ---------------------------------------------------------------------------------------

Number of subscribers:
   Beginning of period                         713.5     675.3     643.3
   Installations                               105.8      90.9      82.0    16     11
   Disconnects                                 (52.6)    (52.7)    (50.0)   -      (5)
- ---------------------------------------------------------------------------------------
   End of period                               766.7     713.5     675.3     7      6
- ---------------------------------------------------------------------------------------
   Average                                     739.0     693.5     659.8     7      5
- ---------------------------------------------------------------------------------------

Depreciation and amortization (d)           $   43.9      36.8      32.0    19     15
Impairment charges from subscriber
   disconnects                                  32.3      33.8      30.1    (4)    12
Amortization of deferred revenue               (23.9)    (23.9)    (20.6)    -     16
Net cash deferrals on new subscribers (e)        9.4      12.1      13.1   (22)    (8)
Capital expenditures                        $   86.9      81.3      74.5     7      9
- ---------------------------------------------------------------------------------------

(a) Reflects monthly operating profit generated from the existing subscriber
    base plus the amortization of deferred revenues less the amortization of
    deferred subscriber acquisition costs (primarily direct selling expenses).

(b) Primarily  marketing  and selling  expenses,  net of the deferral of direct
    selling expenses, incurred in the acquisition of new subscribers.

(c) Calculated based on the number of subscribers at period end multiplied by
    the average fee per subscriber received in the last month of the period for
    contractual monitoring and maintenance services. The amortization of
    deferred revenues is excluded. See "Reconciliation of Non-GAAP Measures".

(d) Includes amortization of deferred subscriber acquisition costs of $6.6
    million, $5.8 million and $5.3 million in 2002, 2001 and 2000, respectively.

(e) Consists of nonrefundable payments received from customers for new
    installations for which revenue recognition has been deferred, net of
    payments for direct selling costs for which expense recognition has been
    deferred. The amount is equal to "Deferred subscriber acquisition costs" and
    "Deferred revenue from new subscribers" as reported in the Company's
    Consolidated Statements of Cash Flows.

Operating profit comprises  recurring  services minus the cost of the investment
in new  subscribers.  Recurring  services  reflects the monthly  monitoring  and
service   earnings   generated  from  the  existing   subscriber  base  and  the
amortization of deferred revenues and deferred direct costs from  installations.
Impairment charges from subscriber disconnects and depreciation and amortization
expenses are charged to recurring services.
                                      -6-

Recurring services is affected by changes in the average monitoring fee per
subscriber, the amount of operational costs including depreciation, the size of
the subscriber base and the level of subscriber disconnect activity. Investment
in new subscribers is the net expense (primarily marketing and selling expenses)
incurred in adding to the subscriber base every year.

The amount of such investment charged to income may be influenced by several
factors, including the growth rate of new subscriber installations and the level
of costs incurred in attracting new subscribers. As a result, increases in the
rate of investment (the addition of new subscribers) may have a negative effect
on current segment operating profit but a positive impact on long-term operating
profit, cash flow and economic value.

Comparison of 2002 and 2001
Revenues increased 10% in 2002 primarily due to a 7% larger average subscriber
base, as well as higher average monitoring rates, higher revenues from home
builders and higher service revenues. These factors also contributed to a 10%
increase in monthly recurring revenues as measured at year end. Installations in
2002 were 16% higher than in 2001, primarily as a result of successful marketing
efforts and new distribution channels.

Operating profit for 2002 increased 11% as higher profit from recurring services
was partially offset by an increased investment in new subscribers. Higher
profit from recurring services was due to increased monitoring and service
revenues resulting from a larger average subscriber base and 4% lower impairment
charges reflecting a lower disconnect rate, partially offset by increased
depreciation from the larger number of security systems and higher monitoring
costs. Investment in new subscribers increased only 6% on 16% higher
installations during 2002, reflecting more effective marketing and installation
efforts and the use of new distribution channels. The Company believes the
improvement in the 2002 annualized disconnect rate of 7.1% over the 7.6% of 2001
was due primarily to the effects of higher credit standards established for new
customers in recent years.

Police departments in two major western U.S. cities do not respond to calls from
alarm companies unless an emergency has been visually verified. If more police
departments in the future refuse to respond to calls from alarm companies
without visual verification, this could have an adverse effect on future results
of operations for BHS.

BHS's operating results in 2003 are expected to be adversely affected by
approximately $1 million higher pension expense for its primary U.S. pension
plan, due to the effects of unfavorable returns on plan assets over the last
three years and a lower discount rate used to determine projected benefit
obligations.

Comparison of 2001 and 2000
Revenues for BHS increased 8% in 2001 versus 2000, primarily due to the 5%
growth in the average subscriber base. Monthly recurring revenues, measured at
year end, grew 7% from 2000 to 2001 as the subscriber base grew 6% from year end
to year end. Installations in 2001 were 11% higher than in 2000 and disconnects
were 5% higher in 2001 compared to 2000 on the higher subscriber base as the
disconnect rate stayed the same.

Segment operating profit for 2001 grew by $0.6 million to $54.9 million as
subscriber volume-related growth in recurring services was partially offset by
increased field service costs and the $3.9 million increase (9%) in the
investment in new subscribers (the number of installations increased 11% in 2001
versus 2000).

2000 Accounting Change
BHS defers all new installation revenue and the portion of the new installation
costs deemed to be direct costs of subscriber acquisition. Such revenues and
costs are amortized over the expected term of the relationship with the
subscriber.

BHS accounted for the adoption of Staff Accounting Bulletin No. 101, "Revenue
Recognition in Financial Statements," as a change in accounting principle,
effective January 1, 2000. The Company recorded a noncash, pretax charge of
$84.7 million ($52.0 million after tax) in 2000 to reflect the cumulative effect
of the change in accounting principle on years prior to 2000.

                                      -7-

BAX GLOBAL

                                                                          2002   2001
                                                Years Ended December 31    VS.    Vs.
(In millions)                                 2002       2001       2000  2001   2000
- ---------------------------------------------------------------------------------------
                                                                           (%)    (%)
REVENUES

Americas                                $    989.9    1,008.1    1,236.6   (2)   (18)
International                                951.7      845.0      917.3   13     (8)
Eliminations/other                           (70.1)     (63.0)     (56.3) (11)   (12)
- ---------------------------------------------------------------------------------------
                                        $  1,871.5    1,790.1    2,097.6    5    (15)
- ---------------------------------------------------------------------------------------

OPERATING PROFIT (LOSS)

Americas (a)                            $    (15.1)     (46.0)     (96.2)  67     52
International (a)                             43.8       35.6       33.2   23      7
Corporate and other                          (11.1)     (17.2)     (36.6)  35     53
- ---------------------------------------------------------------------------------------
                                        $     17.6      (27.6)     (99.6)  NM     72
- ---------------------------------------------------------------------------------------

OPERATING MARGIN (IN PERCENTAGES)               (%)        (%)        (%)

Americas                                      (1.5)      (4.6)      (7.8)
International                                  4.6        4.2        3.6
Total                                          0.1       (1.5)      (4.7)
- ---------------------------------------------------------------------------------------

Depreciation and amortization,
   excluding goodwill amortization      $     44.4       49.4       53.8  (10)    (8)
Goodwill amortization                          N/A        7.4        7.5   NM     (1)
Capital expenditures                          27.1       33.1       60.1  (18)   (45)
- ---------------------------------------------------------------------------------------

Intra U.S. revenue                      $    445.4      457.3      604.6   (3)   (24)
Worldwide expedited freight services:
   Revenues                             $  1,452.4    1,427.2    1,724.2    2    (17)
   Weight in pounds                        1,559.3    1,453.4    1,764.9    7    (18)
- ---------------------------------------------------------------------------------------

(a) Operating loss includes restructuring charges in 2000 of $54.6 million
    for Americas and $2.9 million for International.

BAX Global operates throughout most of the world. The Americas includes
operations in the U.S., Latin America and Canada; International includes BAX
Global's Atlantic and Asia-Pacific operating regions. Each region includes both
expedited and non-expedited freight services. Non-expedited freight services
primarily include deferred delivery freight shipments, supply chain management
and ocean freight services. Revenues and profits are shared among the origin and
destination countries on most export volumes.

BAX Global's U.S. business, the region with the largest export and domestic
volume, significantly affects the results of BAX Global's worldwide expedited
freight services.

In addition, BAX Global's operations include an international customs brokerage
business as well as a federally certificated airline, Air Transport
International ("ATI"). ATI's results include the results of charter air service
and are included in the Americas region. Eliminations/other revenues primarily
include intercompany revenue eliminations on shared services. Corporate and
other operating profit (loss) primarily consists of global support costs
including global information technology costs and, in 2001 and 2000, goodwill
amortization.

                                      -8-

Comparison of 2002 and 2001
The 5% increase in BAX Global's worldwide operating revenues in 2002 as compared
to 2001 was attributable to the addition of new business and economic recovery
in Asia-Pacific. Worldwide operating profit in 2002 improved $45.2 million,
primarily reflecting the benefit of ongoing efforts in the Americas to better
align transportation costs and operating expenses with market demands and
economic conditions, and the volume improvement in Asia-Pacific.

Americas revenues decreased 2% in 2002 as compared to 2001 due to a lower volume
of domestic and outbound international expedited airfreight services associated
with the continuing weak economies in the U.S. and Europe. Americas 2002
revenues from charter activity were $15 million higher than 2001.

Despite the reduction in revenues, the operating loss in the Americas was
reduced by 67% in 2002 as compared to 2001. The improvement was primarily due to
reductions in Americas transportation costs. Costs per pound shipped in 2002
decreased as compared to 2001 as a result of fleet reductions undertaken during
2001 and an increased use of ground transportation. Recent increases in carrier
rates on export shipments and higher employee benefit costs are expected to
increase costs in 2003. ATI is renegotiating most of its aircraft leases and, if
successful, expects further reductions in transportation costs in 2003 as a
result of more favorable lease terms.

In 2002, International revenues increased 13% and operating profit increased 23%
as compared to 2001. The increases were primarily due to improved economic
conditions and new business in several Asia-Pacific countries which resulted in
increased air export volumes to the U.S., primarily associated with the high
technology industry. In addition, a port dispute on the West Coast of the U.S.
resulted in a higher volume of air export freight from Asia-Pacific during the
fourth quarter of 2002. Margins on such shipments were lower due to higher
airline transportation costs, not all of which were passed on to customers. In
the Atlantic region, low export and import air-freight volumes and lower prices
caused by the continuing weak European economy resulted in a decrease in
revenues and operating profit for 2002 as compared to 2001. The Company expects
this weakness to continue into 2003.

The decrease in Corporate and other expenses in 2002 as compared to 2001 was
primarily due to the amortization of goodwill in 2001 ($7.4 million). See Note 1
to the Consolidated Financial Statements.

BAX Global's operating results in 2003 are expected to be adversely affected by
approximately $5 million higher pension expense for its primary U.S. pension
plan, due to the effects of unfavorable returns on plan assets over the last
three years and a lower discount rate used to determine projected benefit
obligations.

Comparison of 2001 and 2000
The 15% decrease in BAX Global's worldwide operating revenues in 2001 as
compared to 2000 was attributable to both the Americas and International
regions. Worldwide operating loss in 2001 was $27.6 million, compared to $99.6
million in 2000. The 2000 operating loss included a restructuring charge of
$57.5 million (discussed below).

Revenues in the Americas decreased $228.5 million (18%) in 2001 compared to 2000
as a result of lower  demand  for  expedited  freight  primarily  caused by weak
economic  conditions  during 2001,  particularly in the U.S. and Asia.  Domestic
expedited  volumes and yields in 2001 declined  over the prior year.  Results in
2000  for  the  Americas  included  a  restructuring  charge  of  $54.6  million
(discussed  below), a bad debt provision related to one customer of $4.5 million
and a charge of approximately $4 million relating to the decision to terminate a
logistics  contract  due to  inadequate  operating  returns.  Beginning in 2001,
certain U.S.-based  logistics revenues and costs were refocused from a global to
a largely  Americas  role,  resulting  in certain  revenues  and costs that were
classified  as  Corporate  and other  during  2000 being  classified  within the
Americas  results in 2001.  Corporate  and other  expense in 2000  included $7.1
million of such costs. Excluding the effects of the above-mentioned 2000 charges
and the effects of the change in allocation, the Americas operating loss in 2001
increased $5.8 million over 2000. Although lower freight volume reduced revenues
significantly,  the effect on  operating  profit of the lower volume was largely
offset by cost savings  associated with the 2000  restructuring plan and ongoing
cost reduction efforts.

                                      -9-

In 2001, International revenues decreased $72.3 million (8%) and operating
profit increased $2.4 million (7%) as compared to 2000. The decrease in revenues
was primarily a result of weak economic conditions during 2001 in the U.S. and
Asia-Pacific. Results for the Atlantic region in 2000 included a $2.9 million
restructuring charge (see discussion below). Although International operating
profit in 2001 was impacted by lower export volumes from the Asia-Pacific
region, cost savings from the previously mentioned 2000 restructuring plan and
continuing efforts to reduce overhead costs resulted in essentially flat profit
performance from 2000 to 2001 despite the decline in revenue.

The decrease in 2001 eliminations/other revenue was largely due to the
refocusing of certain U.S.-based logistics revenues from a global to an Americas
role.

Eliminations/other revenue in 2000 included $5.8 million of these logistics
revenues. Such revenues in 2001 are included within the Americas. Corporate and
other expense for 2001 decreased $19.4 million as compared to 2000. The
improvement was primarily due to lower global administrative expenses stemming
from cost control efforts, as well as the reclassification of the U.S.-based
logistics costs noted above. Corporate and other expense included goodwill
amortization of $7.4 million in 2001 and $7.5 million in 2000.

2000 Restructuring Plan
BAX Global finalized a restructuring plan in 2000 aimed at reducing the capacity
and cost of its airlift capabilities in the U.S. as well as reducing station
operating expenses, sales, general and administrative costs in the Americas and
Atlantic regions. The actions taken included:

o    The removal of ten planes from the fleet, nine of which were dedicated to
     providing lift capacity in BAX Global's commercial cargo system.
o    The closure of nine operating stations and realignment of domestic
     operations.
o    The reduction of employee-related costs through the elimination of
     approximately 300 full-time positions including aircraft crew and station
     operating, sales and business unit overhead positions.

In addition, certain Atlantic region operations were streamlined in order to
reduce overhead costs and improve overall performance in that region. The
Atlantic region planned restructuring efforts involved severance costs and
station closing costs in the UK, Denmark, Italy and South Africa. Approximately
50 positions were eliminated, most of which were positions at or above manager
level.

The following is a summary of the 2000 restructuring charges:

                             Americas  Atlantic   Total
(In millions)                 Region     Region  BAX Global
- ----------------------------------------------------------------

Fleet related charges       $    49.7        -        49.7
Severance costs                   1.1       1.2        2.3
Station and other closure costs   3.8       1.7        5.5
- ----------------------------------------------------------------
Restructuring charge        $    54.6       2.9       57.5
- ----------------------------------------------------------------

Approximately $45.2 million of the restructuring charge was noncash and
approximately $0.3 million of the charge was paid in 2000. The following
analyzes the changes in the remaining liabilities for such costs:

                                              Station
                         Fleet                  and
(In millions)           Charges   Severance    Other  Total
- ----------------------------------------------------------------

December 31, 2000       $  6.6        2.0       3.4   12.0
Adjustments                0.6       (0.4)     (0.4)  (0.2)
Payments                  (5.1)      (1.5)     (0.9)  (7.5)
- ----------------------------------------------------------------
December 31, 2001          2.1        0.1       2.1    4.3
Payments                  (2.1)      (0.1)     (0.6)  (2.8)
- ----------------------------------------------------------------
December 31, 2002       $   -          -        1.5    1.5
- ----------------------------------------------------------------

The remaining accrual includes contractual commitments for facilities and is
expected to be paid by the end of 2007.

The Company decreased its accrual for restructuring in 2001 by a net $0.2
million as a result of changes in the estimate of certain liabilities.

                                      -10-

FORMER COAL OPERATIONS

During December 2002, the Company concluded its plan to sell or shut down its
coal mining operations. The Company recorded charges to both continuing
operations and discontinued operations in 2002 related to its former coal
operations.

Continuing Operations
The proposed sale of the Company's remaining West Virginia coal operations and
reserves did not occur in the fourth quarter 2002 as planned. The Company shut
down its West Virginia coal mining operations prior to the end of 2002 and is no
longer operating as an active coal producer. Residual assets have been
reclassified by the Company as held and used and were tested for impairment on
an individual property basis with a resulting net impairment loss of $14.1
million recorded within operating profit from continuing operations in 2002.
Prior to December 2002, the Company's expectation was to sell the majority of
the West Virginia assets as a group and, as such, these assets were not
previously considered to be impaired. The Company also accrued $5.1 million of
future lease payments related to advance royalty agreements associated with
properties it no longer believes will be transferred to purchasers.

Ongoing Expenses Related to Legacy Liabilities
After completing the disposal of its coal business, the Company has retained
certain coal-related liabilities and related expenses. Retained liabilities
include obligations related to postretirement benefits for Company-sponsored
plans, black lung benefits, reclamation and other costs related to idle
(shut-down) mines which have been retained, Health Benefit Act, workers'
compensation claims and costs of withdrawal from multi-employer pension plans.
Expenses related to these liabilities have been reflected in the loss from
discontinued operations through the disposal date. Subsequent to the completion
of the disposal process (for the period beginning January 1, 2003), adjustments
to coal-related contingent liabilities will be reflected in discontinued
operations, and expenses related to Company-sponsored pension and postretirement
benefit obligations and black lung obligations will be reflected in continuing
operations. In addition, subsequent to the disposal date, the Company expects to
have certain ongoing costs related to the administration of the retained
liabilities and will report those costs in continuing operations.

The following table reflects the Company's current estimates of projected
expenses for the next five years based on actuarial and operational assumptions
as of December 31, 2002. Such assumptions usually are adjusted annually and the
actual amount of expense reported in future periods may be materially different
than amounts presented below:

                                                              Projected Expenses for the Years Ending December 31 (a)
- ---------------------------------------------------------------------------------------------------------------------------------
(In millions)                                            2003             2004             2005          2006         2007
- ---------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
Company-sponsored coal-related postretirement
   benefits other than pensions                 $          49               49               49            50           50
Black lung                                                  7                6                6             6            5
Pension                                                     1                3                7             9            7
Administrative and legal expenses                         5-8              3-4              2-3           2-3          2-3
- ---------------------------------------------------------------------------------------------------------------------------------
Projected legacy expenses                       $       62-65            61-62            64-65         67-68        64-65
- ---------------------------------------------------------------------------------------------------------------------------------

(a)  Excludes operating lease payments, advance minimum royalty payments,
     property taxes and insurance related to assets that are projected to be
     sold. The timing of the sales and the amount of expenses each year of these
     assets is not determinable. The above table does not include any potential
     future adjustments to contingent liabilities or assets.

The above table does not include certain costs of assets expected to be sold.
Such costs may be significant in early 2003. Further, administrative and other
costs are expected to be incurred more heavily in early quarters of 2003.

The amounts to be ultimately  recorded in 2004 and later years will be dependent
on many factors,  including  inflation in health care and other costs,  discount
rates,  the market value of pension plan assets,  the number of  participants in
various benefit programs,  the number of idle mine sites ultimately  transferred
and the timing of such transfers,  and the amount of administrative costs needed
to manage the retained liabilities.

                                      -11-

Discontinued Operations
Proceeds received from the sales transactions in 2002 approximated $88 million
including cash of $42 million, notes receivable of $8 million (six-month term),
$16 million representing the present value of royalties (five-year term, $20
million total payments), and liabilities assumed by the purchasers of
approximately $22 million.

The assets disposed of primarily included operations including coal reserves,
property, plant and equipment, the Company's economic interest in Dominion
Terminal Associates ("DTA") and inventory. Certain liabilities, primarily
reclamation costs related to properties disposed of, were assumed by the
purchasers.

The losses from discontinued operations in the Company's Consolidated Statements
of Operations were as follows:

                                   Years Ended December 31
(In millions)                        2002    2001     2000
- -------------------------------------------------------------------
Pretax loss from the operations of
   the discontinued segment      $     -       -    (32.4)
Income tax benefit                     -       -    (14.2)
- -------------------------------------------------------------------
Loss from the operations of the
   discontinued segment, after tax     -       -    (18.2)
- -------------------------------------------------------------------

Loss on the disposal                 13.2   (15.9)  (85.9)
Operating losses during
   the disposal period              (28.1)  (22.2)  (45.0)
Health Benefit Act liabilities and
   curtailment of benefit plans     (24.0)   (8.0) (163.3)
Withdrawal liabilities              (26.8)   (8.2)     -
- -------------------------------------------------------------------
Pretax loss on the disposal
   of the discontinued segment      (65.7)  (54.3) (294.2)
Income tax benefit                  (22.8)  (25.1) (105.1)
- -------------------------------------------------------------------
Loss on the disposal of the
   discontinued segment, after tax  (42.9)  (29.2) (189.1)
- -------------------------------------------------------------------
Loss from discontinued
   operations                    $  (42.9)  (29.2) (207.3)
- -------------------------------------------------------------------

Loss on the  Disposal
During  2000,  an  estimated  loss of $85.9  million  was
recorded to reflect the difference  between  expected  proceeds and the carrying
value of assets to be sold.  During 2001,  an estimated  additional  net loss of
$15.9  million  was  recorded  to reflect  changes in  expected  proceeds  to be
received and changes in the expected  values of assets and  liabilities  through
the  anticipated  dates of sale or  shutdown.  A $13.2  million  reversal of the
previously  estimated loss on sale was recorded during 2002 to reflect the final
adjustment  based on the actual proceeds and values of assets and liabilities at
the dates of sale.

Operating Losses
Discontinued Operations accounting required the accrual of expenses expected to
be incurred through the end of the disposal period. Accordingly, operating
losses (including significant expenses the Company expects to retain and
classify in continuing operations subsequent to the disposal date related to
Company-sponsored pension and postretirement benefit obligations and black lung
obligations) were recognized within discontinued operations in different periods
than they would have been recorded if coal were a continuing operation. Total
recorded charges for Company-sponsored pension and postretirement benefit
obligations and black lung obligations were approximately $2 million, $53
million and $48 million in 2002, 2001 and 2000, respectively. The year 2000
included expenses incurred in 2000 and those expected to be incurred in 2001,
while 2001 (which included expenses expected to be incurred in 2002) included
only one year of expenses. The amount in 2002 represents the difference between
the estimated amount of expenses relating to 2002 that were accrued in 2001 and
the amount actually incurred in 2002. The increase in the average amount of
annual expense for 2002 (recorded in 2001) versus prior years primarily resulted
from the effects of actuarial assumption changes on postretirement medical and
pension benefits.

Estimated operating losses, including the above employee expenses, through the
originally anticipated period of disposal of $45.0 million were recorded in
2000.

The Company increased the estimated operating losses in 2001 by $22.2 million.
The $22.2 million increase included the effect of extending the anticipated
period of disposal through the end of 2002, which resulted in $53 million of
additional postretirement, pension, and black lung benefit expenses. Also
included in the $22.2 million increase was a refund of $23.4 million (including
interest) of Federal Black Lung Excise Tax ("FBLET") received during 2001 and an
accrual of $9.5 million for litigation settlements that were paid during early
2002.

                                      -12-

The Company recorded an additional $28.1 million of operating losses during
2002, primarily reflecting worse-than-expected price, volume and costs per ton
of coal as a result of adverse coal market conditions during the year and the
sale of coal operations and reserves in 2002.

Health Benefit Act Liabilities and Curtailment of Benefit Plans
In 2000, the Company recorded a $161.7 million liability for its obligations
under the Coal Industry Retiree Health Benefit Act of 1992 (the "Health Benefit
Act"). In 2002 and 2001, the Company recorded additional charges of $24.0
million and $8.0 million, respectively, to reflect changes in the estimates of
the undiscounted liability. This liability will be adjusted in future periods as
assumptions change.

The $24.0 million of additional 2002 expense primarily resulted from the
Company's being able to obtain and use Company-specific information regarding
the age of the beneficiaries covered by the Health Benefit Act rather than using
averages relating to the entire population of beneficiaries covered, slightly
higher per-beneficiary health care premiums, and slightly lower mortality than
was estimated at the end of 2001 for the plan year ended September 30, 2002.

The $8.0 million additional 2001 expense was primarily the result of a higher
number of assigned beneficiaries as of October 1, 2001 than was estimated at the
end of 2000. The Combined Fund premium per beneficiary for the plan year
beginning October 1, 2001 was essentially equal to that estimated at the end of
2000.

During 2000, the Company also recorded a net curtailment loss of $1.6 million,
comprising a $6.0 million net curtailment loss on the Company's medical benefit
plans and a $4.4 million net curtailment gain on the Company's pension plans.

Withdrawal Liabilities
At December 31, 2001, the Company recorded estimated withdrawal liabilities for
coal-related multi-employer pension plans of $8.2 million associated with its
planned exit from the coal business. At December 31, 2002, the Company increased
the estimated liabilities by $26.8 million to $35.0 million.

The estimated liabilities at December 31, 2002 increased because the funded
status of the multi-employer plans deteriorated as of the most recent
measurement date. The actual withdrawal liability, if any, is subject to several
factors, including funding and benefit levels of the plans as of annual
measurement dates (June 30 each year) and the date that the Company is
determined to have completely withdrawn from the plans. Accordingly, the
ultimate obligation could change materially.

Income Taxes
Income tax benefits attributable to the loss on the disposal of the discontinued
segment include the benefits of percentage depletion generated from the active
operations during the sale period.

Operating Performance of Former Coal Operations
Since estimated operating losses from the measurement date to the date of
disposal of the former coal operations were recorded as part of the estimated
loss on the disposal, actual operating results of operations during the disposal
period are not included in Consolidated Statements of Operations in the period
that they are earned. The following table shows selected financial information
for former coal operations during 2002, 2001 and 2000.

(In millions)                       2002     2001     2000
- --------------------------------------------------------------------------------
Sales                        $      266.5    384.0     401.0
Operating loss                      (77.5)   (31.7)    (37.0)
- --------------------------------------------------------------------------------

Sales in 2002 of $266.5 million for the Company's former coal operations were
$117.5 million lower than in 2001 primarily due to a decrease in sales volume
because of weak demand in the coal industry and the sale of coal operations and
reserves in 2002. The operating loss of $77.5 million in 2002 was $45.8 million
higher than in 2001, primarily due to the lower sales volumes, lower Federal
Black Lung Excise Tax ("FBLET") refunds and higher benefit costs in 2002. See
"Liquidity and Capital Resources - Other Contingent Gains and Losses" for a
discussion of FBLET refunds.

Sales in 2001 for the discontinued coal operations decreased $17.0 million as
compared to 2000, primarily due to a decrease in volumes, partially offset by
higher realizations. The operating loss in 2001 of $31.7 million was $5.3
million lower than in 2000. Results in 2001 included a pretax gain on the
receipt of $23.4 million of FBLET refunds during the fourth quarter, partially
offset by increased costs associated with difficult geological conditions, an
accrual for litigation settlements of $9.5 million as well as higher idle and
closed mine costs.

                                      -13-

OTHER OPERATIONS

Other Operations comprises the Company's gold, timber and natural gas
operations. The Company expects to exit these activities to focus resources on
its core Business and Security Services segments. The nature and timing of the
exit and any interim actions could result in gains or losses material to
operating results in one or more periods.

                                           Revenues                                Operating Profit (Loss)
- ------------------------------------------------------------------------------------------------------------------
                                                   2002      2001                                   2002    2001
                        Years Ended December 31     VS.       vs.      Years Ended December 31       VS.     vs.
(In millions)            2002     2001    2000     2001      2000       2002    2001   2000         2001    2000
- ------------------------------------------------------------------------------------------------------------------
OTHER OPERATIONS                                    (%)       (%)                                    (%)     (%)

   Gold              $   15.2     14.6    16.6       4       (12)     $ (7.6)   (1.0)  (1.6)         NM      38
   Timber                20.9     18.2    13.0      15        40        (1.0)   (2.7)  (1.6)         63     (69)
   Natural gas (a)        6.8      7.4     5.9      (8)       25         9.0    11.3    8.9         (20)     27
- ------------------------------------------------------------------------------------------------------------------
                     $   42.9     40.2    35.5       7        13      $  0.4     7.6    5.7         (95)     33
- ------------------------------------------------------------------------------------------------------------------

(a)  Natural gas royalties are included within other operating income.

Gold
In the fourth quarter 2002, the Company entered into an agreement to negotiate
the sale of its interests in its gold mining joint ventures to MPI Mines Ltd.
("MPI"), a publicly traded equity affiliate in which the Company has a minority
interest, in exchange for additional shares of MPI and other consideration. The
transfer is contingent upon various factors. The Company does not presently
control MPI and does not expect to control MPI after the exchange.

The 4% increase in revenues for the Company's gold operations in 2002 resulted
from an 8% stronger Australian dollar compared to the U.S. dollar, partially
offset by a 4% decrease in the ounces of gold sold. Gold prices in U.S. dollar
terms were 8% higher in 2002 over 2001, however Australian dollar gold prices
were even with prior year due to the stronger Australian dollar. The 2002
operating loss reflected a $5.7 million impairment of long-lived assets and the
recognition of $1.4 million of previously deferred losses on certain gold
forward sales contracts. The losses on these contracts, which had previously
been accounted for as hedges, were recognized in earnings since the hedged
transactions were no longer deemed probable as a result of the potential
transfer of the Company's interest in its joint ventures to MPI.

Lower net sales for the Company's gold operations during 2001 as compared to
2000 primarily resulted from a decrease in ounces of gold sold and a strong U.S.
dollar, partially offset by higher gold realizations. The lower operating loss
in 2001 as compared to 2000 reflected the effects of a stronger U.S. dollar and
higher gold realizations, partially offset by a reduction in sales and
production volume. In addition, the operating loss in 2000 included expenses of
$0.4 million associated with the discontinuation of exploration activities in
Nevada and a charge of $1.1 million relating to the impairment of an open pit
project in Australia.

Timber
Revenues from the Company's timber operations are primarily from the sale of
wood chips, logs and lumber. Revenues for the Company's timber operations were
higher in 2002 as compared to 2001 primarily due to a 95% increase in the volume
of logs sold. In addition, higher revenues in 2002 resulting from a 12% increase
in the volume of wood chips sold were partially offset by a 12% decrease in the
volume of lumber sold. The improved operating results in 2002 were primarily due
to the higher revenues discussed above.

                                      -14-

The increase in revenues from the Company's timber operations in 2001 as
compared to 2000 was primarily due to increased timber sales volumes, partially
offset by a decline in lumber prices. The increase in operating loss for 2001 as
compared to 2000 was largely the result of the lower lumber prices.

Natural Gas
The decrease in revenues and operating profit including royalty income from the
Company's natural gas operations in 2002 as compared to 2001 resulted from a 7%
reduction in natural gas prices and a 4% reduction in volumes sold. Prices of
natural gas increased in the fourth quarter of 2002 and were 15% higher than the
third quarter of 2002.

The increase in revenues and operating profit in 2001 compared to 2000 resulted
from higher natural gas prices and increases in productive assets.

FOREIGN OPERATIONS

A portion of the Company's financial results is derived from activities in over
100 countries, each with a local currency other than the U.S. dollar. Because
the financial results of the Company are reported in U.S. dollars, its results
are affected by changes in the value of the various foreign currencies in
relation to the U.S. dollar. Changes in exchange rates may also affect
transactions which are denominated in currencies other than the functional
currency. The diversity of foreign operations helps to mitigate a portion of the
impact that foreign currency fluctuations in any one country may have on the
translated results.

Brink's Venezuelan subsidiary was considered highly inflationary in 2000, 2001
and 2002, however Venezuela will no longer be treated as highly inflationary
effective January 1, 2003. The Company estimates that had Venezuela not been
treated as highly inflationary effective January 1, 2002, revenues in 2002 would
have decreased by $1.1 million and operating profit and pretax income would have
increased by $2.4 million and $1.9 million, respectively. It is possible that
Venezuela may be considered highly inflationary again at some time in the
future.

The Company is exposed to certain risks when it operates in highly inflationary
economies, including the risk that

o  the rate of price increases for services will not keep pace with cost
   inflation,
o  adverse economic conditions in the highly inflationary country may
   discourage business growth which could affect the demand for the
   Company's services and;
o  the devaluation of the currency may exceed the rate of inflation and reported
   U.S dollars revenues and profits may decline.

The Company, from time to time, uses foreign currency forward contracts to hedge
transactional risks associated with foreign currencies. (See "Market Risk
Exposures" below.)

The Company is also subject to other risks customarily associated with doing
business in foreign countries, including labor and economic conditions,
political instability, controls on repatriation of earnings and capital,
nationalization, expropriation and other forms of restrictive action by local
governments. The future effects, if any, of such risks on the Company cannot be
predicted.

CORPORATE EXPENSES

In 2002, general corporate expenses totaled $23.1 million compared with $19.3
million and $21.2 million in 2001 and 2000, respectively. Year-over-year
variances primarily reflected lower employee-related costs in 2001.

INTEREST EXPENSE

Interest expense decreased $9.3 million in 2002 and $11.0 million in 2001 as
compared to 2001 and 2000, respectively. These decreases were primarily due to
lower average borrowings and borrowing costs.

OTHER EXPENSE, NET

Other expense, net, of $2.6 million in 2002 decreased from $6.7 million in 2001,
primarily due to the receipt of $5.9 million in Stabilization Act compensation
in 2002, partially offset by a $3.9 million gain on the sale of marketable
securities in 2001.

                                      -15-

Minority interest expense in 2002 decreased $3.6 million as compared to 2001.
Discounts and other fees associated with the sale of a revolving interest in
certain of BAX Global's accounts receivable decreased $2.4 million as a result
of lower borrowing costs of the conduit that purchased BAX Global's accounts
receivable. The discount on the sale of the receivables is based on its
conduits' borrowing costs.

Other expense, net, of $6.7 million in 2001 increased from $3.9 million in 2000,
primarily due to an increase of $3.4 million in discounts and other fees related
to BAX Global's accounts receivables (the securitization program began at the
end of 2000) and a $3.2 million increase in minority interest expense, partially
offset by a 2001 gain of $3.9 million on the sale of marketable securities.

INCOME TAXES

The provision for income taxes from continuing operations was greater than the
statutory federal rate primarily due to the changes in valuation allowances
($1.5 million in 2002, $1.3 million in 2001 and $1.8 million in 2000) related to
foreign deferred tax assets, and certain differences in foreign tax rates versus
the statutory federal tax rate. The 2002 effective tax rate was even with 2001,
reflecting the reversal of certain accruals for U.S. tax contingencies in 2002,
offset by the tax effects of the Company's change in the method of accounting
for goodwill (See Note 1 to the Consolidated Financial Statements).

In 2001 and 2000, the provision for income taxes from continuing operations was
greater than the statutory federal income tax rate of 35% primarily due to
goodwill amortization, partially offset by lower taxes on foreign income. In
2000, the $57.5 million BAX Global restructuring charge and lower consolidated
pretax income caused non-deductible items (principally goodwill amortization) to
be a more significant factor in calculating the effective tax rate. As a result
of Coal Operations being reported as discontinued operations, the tax benefits
of percentage depletion are not reflected in the effective tax rate of
continuing operations.

Based on the Company's historical and future expected taxable earnings,
management believes it is more likely than not that the Company will realize the
benefit of the deferred tax assets, net of the valuation allowance, recorded at
December 31, 2002.

RECONCILIATION OF NON-GAAP MEASURES

Monthly Recurring Revenues

                                    Years Ended December 31
 (In millions)                       2002     2001    2000
- ----------------------------------------------------------------------
Monthly recurring
   revenues  ("MRR")             $   21.1     19.2    18.0
Amounts excluded from MRR:
   Amortization of deferred revenue   2.0      1.8     2.0
   Other revenues (a)                 1.2      1.6     0.6
- ----------------------------------------------------------------------
Revenues (GAAP basis):
   December                          24.3     22.6    20.6
   January - November               258.1    235.0   217.5
- ----------------------------------------------------------------------
   January - December            $  282.4    257.6   238.1
- ----------------------------------------------------------------------

(a)      Revenues that are not pursuant to monthly contractual billings.

The Company believes the presentation of MRR is useful to investors because the
measure is used to assess the amount of recurring revenues a home security
business produces.

                                      -16-

LIQUIDITY AND CAPITAL RESOURCES

Summary of cash flows before financing activities:

                                    Years Ended December 31
(In millions)                       2002     2001    2000
- -------------------------------------------------------------------------
OPERATING ACTIVITIES

Before changes in operating
   assets and liabilities        $  286.6    275.0   275.5
Changes in assets and
   liabilities                       21.3     38.2    63.9
Discontinued operations             (66.6)     6.9    30.4
- -------------------------------------------------------------------------
     Operating activities           241.3    320.1   369.8
- -------------------------------------------------------------------------
INVESTING ACTIVITIES

Capital and aircraft heavy
   maintenance expenditures        (235.2)  (208.6) (264.9)
Proceeds from disposition of
   assets and investments            48.0      9.3     4.1
Other                                (1.5)   (14.7)   (5.5)
Discontinued operations             (19.7)   (11.1)   (7.4)
- -------------------------------------------------------------------------
     Investing activities          (208.4)  (225.1) (273.7)
- -------------------------------------------------------------------------
Cash flows before
   financing activities          $   32.9     95.0    96.1
- -------------------------------------------------------------------------

OPERATING ACTIVITIES

Cash provided by operating activities was $78.8 million lower in 2002 than in
2001. The primary reason was an increase of $73.5 million in cash used by
discontinued operations as a result of higher losses from discontinued
operations. In addition, $40.7 million higher income from continuing operations
(before $17.5 million of after-tax impairment and other charges) was more than
offset by a $35.1 million contribution to the Company's primary U.S. pension
plan and the lower level of cash provided by changes in net working capital. The
after-tax impairment and other charges of $17.5 million were related to the
Company's former coal operations ($12.5 million) and its gold interests ($5.0
million).

Cash provided by net working capital in 2001 reflected lower receivable levels
at BAX Global associated with lower 2001 revenue. Higher cash used by the
Company's discontinued coal operations in 2002 was primarily related to higher
operating losses resulting from weak coal market conditions and the sale of coal
operations and reserves in 2002, lower FBLET refunds and the payment of
litigation settlements.

Changes in cash as a result of the Company's accounts receivable securitization
program are included in "changes in assets and liabilities" within operating
activities. The Company sold its initial interest in BAX Global's accounts
receivables for $85.0 million in 2000. During 2001, the net amount of revolving
interest sold decreased by $16.0 million to $69.0 million. During 2002, the net
amount of revolving interest sold increased by $3.0 million to $72.0 million.

INVESTING ACTIVITIES

Capital Expenditures and Aircraft Heavy Maintenance Activities

                                    Years Ended December 31
(In millions)                        2002     2001    2000
- --------------------------------------------------------------------------------
CAPITAL EXPENDITURES

Brink's                          $   79.3     71.3    73.9
BHS                                  86.9     81.3    74.5
BAX Global                           27.1     33.1    60.1
Other                                10.8      7.2     5.1
Corporate                             0.1      0.2     0.8
- --------------------------------------------------------------------------------
Total                            $  204.2    193.1   214.4
- --------------------------------------------------------------------------------
Aircraft heavy
   maintenance expenditures      $   31.0     15.5    50.5
- --------------------------------------------------------------------------------

                                      -17-

Higher capital expenditures in 2002 as compared to 2001 were primarily due to an
increase in spending on armored vehicles, facilities and information technology
at Brink's and an increase in customer installations at BHS.

Aircraft heavy maintenance expenditures increased $15.5 million during 2002 as
compared to 2001 as a result of the timing of regularly scheduled maintenance
for airplanes. The Company expects to spend between $25 million and $35 million
on aircraft heavy maintenance in 2003.

Capital expenditures for continuing operations in 2003 are currently expected to
range from $200 million to $230 million, depending on operating results
throughout the year. Expected capital expenditures for 2003 reflect an increase
in customer installations at BHS and information technology spending at Brink's
and BAX Global.

Proceeds from Disposition of Assets and Investments
Proceeds from disposition of assets and investments in 2002 included
approximately $42 million of cash proceeds associated with the disposal of the
Company's former coal operations.

BUSINESS SEGMENT CASH FLOWS

The Company's consolidated cash flows available for financing depends on each of
the operating segments' cash flows.

                                   Years Ended December 31
(In millions)                        2002     2001     2000
- ----------------------------------------------------------------------
CASH FLOWS BEFORE FINANCING ACTIVITIES

Brink's                          $   57.6     40.7    37.1
BHS                                  26.3     25.8    22.1
BAX Global                           13.4     32.1    (3.2)
Corporate and Other Operations      (20.4)     0.6    17.1
Former coal operations
   sales proceeds                    42.3      -       -
Discontinued operations             (86.3)    (4.2)   23.0
- ----------------------------------------------------------------------
Cash flows before
   financing activities          $   32.9     95.0    96.1
- ----------------------------------------------------------------------

Comparison of 2002 and 2001
Cash flows before financing activities at Brink's in 2002 were above the 2001
period primarily due to an increase in cash generated by working capital during
2002, and an improvement in operating performance.

Cash flows before financing activities at BHS in 2002 increased slightly,
primarily due to higher operating profit and noncash depreciation in 2002,
partially offset by higher capital expenditures and deferred subscriber
acquisition costs associated with a higher number of installations.

The decrease in cash flows before financing activities at BAX Global in 2002 as
compared to 2001 is primarily due to $15.5 million of higher aircraft heavy
maintenance expenditures and a decrease in cash provided from changes in working
capital levels discussed above, partially offset by improved operating results
and lower capital expenditures. Cash flows before financing for BAX Global in
2001 included $3.9 million of proceeds from the sale of marketable securities.

Cash flows before financing for Corporate and Other Operations in the 2002
period reflect a contribution of $35.1 million to the Company's primary U.S.
pension plan.

Discontinued operations' cash flow before financing was lower in 2002 than 2001
primarily due to a larger operating loss resulting from weak coal market
conditions and the sale of coal operations and reserves in 2002, necessary
spending on the development of a deep mine, lower FBLET refunds and payments of
litigation settlements. Discontinued operations' cash flows before financing in
2001 included $23.4 million of FBLET refunds. Included in the discontinued
operations cash flows before financing are payments for benefits for inactive
coal employees, reclamation and other liabilities. Following the disposition of
its discontinued operations, the Company expects to continue to be liable for
such payments (See Significant Contractual Obligations below).

                                      -18-

Comparison of 2001 to 2000
The improvement in cash flows before financing activities at Brink's in 2001 as
compared to 2000 was primarily due to higher cash generated by working capital,
partly offset by lower operating results in 2001. Cash flows before financing
activities at BHS in 2001 approximated those in 2000.

The improvement in cash flows before financing at BAX Global in 2001 over 2000
is primarily due to $62.1 million lower spending for capital expenditures and
aircraft heavy maintenance and a reduction in net working capital.

Discontinued operations' cash flow before financing in 2000 was higher than 2001
primarily as a result of a $44.4 million reduction in working capital used in
2000. Discontinued operations in 2001 included a $23.4 million refund of FBLET.

FINANCING ACTIVITIES

Net cash flows used by financing activities were $16.7 million for 2002 compared
with $101.7 million in 2001 and $124.5 million in 2000. The Company's cash
provided by financing activities are typically from short-term borrowings or
from net borrowings under the Company's revolving bank credit facility,
discussed below. The Company also borrowed $20 million during 2002 and $75
million during 2001 under long-term issuances of Senior Notes, as discussed
below. During 2002 the Company redeemed all outstanding shares of its
convertible preferred stock at an aggregate redemption price of $10.8 million.

Net cash flows used in financing activities in 2000 reflected repayments under a
bank credit facility (described below) with the proceeds from the sale of $85.0
million of accounts receivable at BAX Global, as well as from the proceeds of
increased borrowings in late 1999 and repayments of a portion of the debt of
Brink's France and Venezuela affiliates during 2000.

In September 2002, the Company entered into an unsecured $350 million bank
credit facility (the "Facility") which replaced the previous bank credit
agreement of $362.5 million. The Company may borrow on a revolving basis over a
three-year term ending September 2005. At December 31, 2002, $199.8 million was
available for borrowing under the Facility.

The Company has three unsecured multi-currency revolving bank credit facilities
that total $110 million in available credit, of which $43.5 million was
available at December 31, 2002 for additional borrowing. Various foreign
subsidiaries maintain other secured and unsecured lines of credit and overdraft
facilities with a number of banks.

Amounts borrowed under these agreements are included in short-term borrowings.
During November 2002, the Company entered into a new multi-currency facility
totaling $35 million and during December 2002, the Company renegotiated a $45
million multi-currency revolving bank facility (to replace an existing $60
million facility). These facilities are included in the $110 million noted
above.

In April 2002, the Company completed a $20.0 million private placement of 7.17%
Senior Notes with maturities ranging from four to six years. The Company also
has $75.0 million of Senior Notes issued in 2001, that are scheduled to be
repaid in 2005 through 2008. The Company has the option to prepay all or a
portion of the Notes prior to maturity with a prepayment penalty. The proceeds
from issuance of the Senior Notes were used to repay borrowings under the
Company's U.S. revolving bank credit facility in each year. The Notes are
unsecured.

                                      -19-

The U.S. bank credit agreement, the agreement under which the Senior Notes were
issued and the multi-currency revolving bank credit facilities each contain
various financial and other covenants. The financial covenants limit the
Company's total indebtedness, provide for minimum coverage of interest costs,
and require the Company to maintain a minimum level of net worth. A failure to
comply with the terms of one of these loan agreements could result in the
acceleration of the repayment terms in that agreement as well as the Company's
other agreements. At December 31, 2002, the Company was in compliance with all
financial covenants.

The Company believes it has adequate sources of liquidity to meet its near-term
requirements.

As of December 31, 2002, debt as a percentage of capitalization (total debt and
shareholders' equity) was 49% compared to 38% at December 31, 2001. The increase
was due to $95 million lower equity and $61 million higher debt. The Company
recorded a $131 million charge to equity in 2002 related to minimum pension
liabilities. The Company also reclassified $43 million associated with DTA to
long-term debt in 2002 from other liabilities. See Notes 11 and 12.

During 2002, 2001 and 2000, the Company paid dividends on Pittston Common Stock
of $5.2 million ($0.10 per share), $5.1 million ($0.10 per share) and $5.0
million ($0.10 per share), respectively. In 2002, 2001, and 2000, dividends paid
on the Convertible Preferred Stock amounted to $0.5 million, $0.7 million and
$0.9 million, respectively.

Future regular dividends are dependent on the Company's earnings, financial
condition, cash flow and business requirements and must be declared by the
Board. At present, the annual dividend rate for Pittston Common Stock is $0.10
per share. In February 2003, the Board declared a quarterly cash dividend of
$0.025 per share on Pittston Common Stock, payable on March 3, 2003 to
shareholders of record on February 18, 2003.

Under a share repurchase program authorized by the Board, the Company purchased
$2.2 million of Convertible Preferred Stock during 2000 and redeemed all its
outstanding shares of Convertible Preferred Stock for $10.8 million in 2002. See
Capitalization below for further information on the Company's share repurchase
program.

                                      -20-

SIGNIFICANT CONTRACTUAL OBLIGATIONS

The following table includes certain significant contractual obligations of the
Company. See Notes 12, 14 and 21 to the Consolidated Financial Statements for
additional information related to these and other obligations.

                                                         Payments Due by Period
- ---------------------------------------------------------------------------------------------
                                                           2004-   2006-  Later
(In millions)                                      2003    2005    2007   Years     Total
- ---------------------------------------------------------------------------------------------
CONTRACTUAL OBLIGATIONS WITH FIXED MINIMUM PAYMENTS

ONGOING BUSINESSES:
                                                                     
   Operating leases (a)                        $  123.6   161.9    82.1   144.6     512.2
   Unconditional purchase obligations (b):
     ACMI (c)                                      32.5     6.6      -       -       39.1
     Service contracts                              6.1     5.9      -       -       12.0
     Property and equipment                          -     13.2      -       -       13.2
   Long-term debt (d)                              13.3   170.5    57.7    76.0     317.5
   Aircraft lease obligations                      13.4    42.1      -       -       55.5

FORMER COAL OPERATIONS:
   Operating leases expected to be:
     Assumed by purchasers                          0.5     0.2     0.1      -        0.8
     Retained (e)                                   1.2      -       -       -        1.2
   Advance minimum royalties expected to be:
     Assumed by purchasers                          0.7     1.9     1.5    21.0      25.1
     Retained (e)                                   2.2     5.2     2.1    19.6      29.1
- ---------------------------------------------------------------------------------------------
   Total                                       $  193.5   407.5   143.5   261.2   1,005.7
- ---------------------------------------------------------------------------------------------

(a) Payments for operating leases in ongoing businesses are recognized as an
    expense in the Consolidated Statement of Operations as incurred.
(b) Payments made pursuant to unconditional purchase obligations are recognized
    as an expense in the Consolidated Statement of Operations as incurred.
    Unconditional purchase obligations generally specify a minimum amount of
    service or product to be consumed by the Company, and the Company currently
    expects to consume at least the minimum levels specified in its contracts.
(c) Aircraft, crew, maintenance and insurance agreements.
(d) Long-term debt (including capital lease obligations) is reduced when
    payments of principal are made. Table excludes interest payments.
(e) Former coal operations' obligations that have been or are expected to be
    retained have been recorded as liabilities.  See "Legacy Liabilities" below.

                                      -21-

The following table includes certain other significant estimated payments
related to the Company's former coal operations for the next five years where
minimum payments are not fixed. The amounts are based on actuarial and
operations assumptions as of December 31, 2002. The actual amount of payments
made in future periods may be materially different than amounts presented below:

                                           Estimated Payments by Period
- --------------------------------------------------------------------------
                                                        2004-    2006-
(In millions)                                   2003    2005     2007
- --------------------------------------------------------------------------
 Postretirement benefits other than pensions:
    Company-sponsored medical plans              $31      68      76
    Health Benefit Act                             9      19      20
    Black lung                                     6      12      12
 Workers' compensation                             6       8       5
 Reclamation and inactive mine costs              12       4       2
 Administrative                                    5       7       4
- --------------------------------------------------------------------------
    Total (a)                                    $69     118     119
- --------------------------------------------------------------------------

(a) Excludes the Company's estimated withdrawal obligations of $35.0 million
    from coal-related multi-employer pension plans. The timing and the actual
    amount to be paid, if any, will be based on the funded status of the plans
    as of the beginning of the plan year that a withdrawal has deemed to have
    occurred.

Pension Plans
The Company has noncontributory defined benefit pension plans covering
substantially all nonunion employees in the U.S. who meet certain requirements.
Information regarding these plans and the Company's other pension plans can be
found in Note 15 to the Consolidated Financial Statements.

Due to the continuing weak performance of U.S. and international investment
markets during 2002, the Company made a voluntary contribution of $35.1 million
to its primary U.S. pension plan trust in September 2002.

Based on the plan's liabilities and asset position as of December 31, 2002 as
well as actuarial assumptions as of that date, there is no requirement for the
Company to contribute additional amounts through 2005, but it could be required
to make significant contributions after 2005.

Funding requirements depend on applicable regulations and laws, future returns
on plan assets and future discount rates and other factors. The Company may
elect to contribute to its U.S. pension plan prior to any future required
funding date. Amounts which are required to be funded in future periods could
change materially from current estimates.

As discussed in Results of Operations, each of the Company's business segments
and its former coal operations expects to report higher pension expense in 2003.
On a consolidated basis, the increase in pension expense for 2003 is expected to
be approximately $23 million, including $6 million related to former coal
operations. The Company also expects approximately $13 million in average
increases in each of 2004 and 2005 based on assumptions as of December 31, 2002.
For additional information regarding the assumptions that the Company has used
to project further pension expense, see "Application of Critical Accounting
Policies and Recent Accounting Pronouncements."

                                      -22-

Other Commercial Commitments
The following table includes certain commercial commitments of the Company as of
December 31, 2002. See Notes 12, 14 and 21 of the Consolidated Financial
Statements for additional information related to these and other commitments.

                   Amount of Commitment Expiring each Period
                 ----------------------------------------------
                               2004-  2006-   Later
(In millions)           2003   2005   2007    Years   Total
- --------------------------------------------------------------------------

Undrawn letters
   of credit         $  58.4      -      -      4.0    62.4
Operating leases (a)     3.4   12.1      -        -    15.5
- --------------------------------------------------------------------------

(a) Maximum residual guarantees of certain operating leases.  See Note 14
    in the Consolidated Financial Statements.

Accounts Receivable Securitization
At December 31, 2002, the Company has sold an undivided interest in certain of
its BAX Global U.S. accounts receivable balances, which amounts are not included
in the Consolidated Balance Sheets or in the previous table. See Note 13 to the
Consolidated Financial Statements. Under this program, the Company sells without
recourse an undivided ownership interest in a pool of accounts receivable to a
third party (the "conduit"). The conduit issues debt to fund their purchase, and
the Company used the proceeds it received from the initial purchase primarily to
pay down its outstanding debt. The Company has no obligation related to the
conduit's debt, and there is no existing obligation to repurchase sold
receivables. Upon termination of the program, the conduit would cease purchasing
new receivables and collections related to the sold receivables would be
retained by the conduit. If the program is terminated, the Company would more
than likely use its credit sources to finance the higher level of receivables.

Surety Bonds
The Company is required by various state and federal laws to provide security
with regard to its obligations to pay workers' compensation, to reclaim lands
used for mining by the Company's former coal operations and to satisfy other
benefits. As of December 31, 2002, the Company had outstanding surety bonds with
third parties totaling approximately $235 million that it has arranged in order
to satisfy the various security requirements. Most of these bonds provide
financial security for previously recorded liabilities. Because some of the
Company's reclamation obligations have been assumed by purchasers of the
Company's former coal operations, $67 million of the Company's surety bonds are
expected to be replaced by purchasers' surety bonds. These bonds are typically
renewable on a yearly basis, however there can be no assurance the bonds will be
renewed or that premiums in the future will not increase. If the surety bonds
are not renewed, the Company believes that it has adequate available borrowing
capacity under its U.S. credit facility to provide letters of credit or other
collateral to secure its obligations.

                                      -23-

LEGACY LIABILITIES AND ASSETS

Under U.S. generally accepted accounting principles ("GAAP"), some of the
Company's assets and liabilities from its former coal operations ("Legacy"
assets and liabilities) are not fully recorded on the balance sheet because
certain losses have been deferred. In addition, some of the liabilities under
GAAP are discounted to reflect a present value, while others have not been
discounted. To facilitate an understanding of the estimated present value of the
Company's legacy liabilities as of December 31, 2002, the following table
presents a "Legacy Value" that includes the full value of the Company's
liabilities, discounted to a present value (for those liabilities with extended
payment dates). PLEASE NOTE THAT THIS IS NOT A GAAP PRESENTATION AND THIS TABLE
SHOULD ONLY BE READ IN CONJUNCTION WITH THE CONSOLIDATED FINANCIAL STATEMENTS.
The Legacy Values are considered non-GAAP measures, and the table below
reconciles each Legacy Value to its GAAP counterpart.

                                                                              December 31, 2002
- -----------------------------------------------------------------------------------------------------------------------
                                                 Legacy         Add Back Present  Losses Not Yet Recognized       GAAP
(In millions)                                    Value (e)        Value Effect           Under GAAP              Amount
- -----------------------------------------------------------------------------------------------------------------------
Legacy liabilities:
                                                                                                    
   Company-sponsored retiree medical (a)      $  518.3                 -                 (250.6)                267.7
   Health Benefit Act (b)                         90.2                83.9                -                     174.1
   Black lung (c)                                 60.0                 -                  (14.6)                 45.4
   Workers' compensation                          37.4                 -                  -                      37.4
   Reclamation and inactive mines                 21.5                 -                  -                      21.5
   Advance minimum royalties                      14.7                 -                  -                      14.7
- -----------------------------------------------------------------------------------------------------------------------
Legacy liabilities (d)                           742.1                83.9               (265.2)                560.8
- -----------------------------------------------------------------------------------------------------------------------
Legacy assets:
   VEBA                                       $   18.2                 -                  -                      18.2
   Present value of royalties receivable          15.7                 -                  -                      15.7
   Deferred tax assets (f)                       247.8                29.4                (92.8)                184.4
- -----------------------------------------------------------------------------------------------------------------------

(a) Company-sponsored retiree medical liabilities are accounted for in the
    Company's Consolidated Financial Statements in accordance with SFAS No. 106,
    "Employers' Accounting for Postretirement Benefits Other Than Pensions."
    Generally, SFAS No. 106 requires a liability be recorded for the present
    value of future obligations, although SFAS No. 106 requires an exception for
    actuarial gains and losses. Actuarial gains and losses occur as a result of
    actual events differing from assumptions and changes in assumptions used to
    estimate the liability, including assumptions as to the discount rate used
    to compute the present value, expected health care inflation rates and life
    expectancy rates. Actuarial gains and losses are not immediately recognized
    in earnings because SFAS No. 106 requires employers to defer these gains and
    losses and then amortize these gains and losses into earnings in future
    periods if the total unrecognized net gains and losses exceed 10% of the
    accumulated postretirement benefit obligation. As a result, the Company's
    balance sheet does not reflect these liabilities at the full present value
    of the ultimate projected obligations at the end of the year. The Legacy
    Value in the table reflects the Company's liability had the Company's total
    projected obligations been fully accrued at the end of the year. The Company
    discloses the projected amount of its obligation before the required
    deferral of unrecognized gains and losses as "accumulated plan benefit
    obligation" in Note 15 to the Consolidated Financial Statements.

(b) Health Benefit Act liabilities are accounted for in accordance with EITF No.
    92-13, "Accounting for Estimated Payments in Connection with the Coal
    Industry Retiree Health Benefit Act of 1992" and accordingly, the Company
    has accrued the undiscounted estimate of its projected obligation. As
    discussed in Note 15 to the Consolidated Financial Statements, the Company
    uses various assumptions to estimate its liability to The United Mine
    Workers of America Combined Fund (the "Combined Fund") for future annual
    premiums, including the number of assigned and unassigned beneficiaries in
    future periods, medical inflation, and the amount of funding of the Combined
    Fund to be provided from the Abandoned Mine Reclamation Fund in future
    periods. The estimated annual payments are expected to be paid out over the
    next seventy or more years. To determine its Legacy Value, the Company's
    actuaries discounted the estimated future cash flows to a present value
    amount using a discount rate of 6.75%. The Company's estimates of annual
    payments may change materially due to changes in future assumptions.
    Statutory changes to the 1992 law under which such benefits are paid also
    could materially affect the Company's estimate of its liability in the
    future. The estimation of the Legacy Value should not be considered a
    precise estimate because of the many variables that have been used to
    determine the estimate, including the discount rate and the amount of
    expected annual cash flows. There are many factors that may change and cause
    the amount recorded in the balance sheet to not be representative of the
    amount the Company may actually pay.

                                      -24-

(c) Actuarial gains and losses resulting from changes in estimates of the Company's
    black lung liabilities are deferred and amortized into earnings in future
    periods. As a result, the Company's balance sheet does not report these
    liabilities as if the Company's projected obligation had been fully accrued
    at the end of the year. The Legacy Value in the table reflects the Company's
    projected obligations had it been fully accrued at the end of the year. Of
    the Company's $60.0 million of present value of self-insured black lung
    benefit obligations at December 31, 2002, approximately $45.4 million had
    been recognized on the balance sheet, with the difference relating to
    deferred unrecognized actuarial losses (see Note 15 to the Consolidated
    Financial Statements).

(d) Legacy liabilities above exclude the Company's estimated withdrawal
    obligations of $35.0 million from coal-related multi-employer pension plans.
    The timing and actual amount to be paid, if any, will be based on the funded
    status of the plans as of the beginning of the plan year in which a
    withdrawal has deemed to have occurred. See "Results of Operations - Former
    Coal Operations" and "Application of Critical Accounting Policies and Recent
    Accounting Pronouncements."

(e) The Legacy Value table includes the Company's significant long-term
    coal-related assets and liabilities. Other shorter-term coal-related assets
    and liabilities have been excluded from the total amount of the Legacy Value
    table.

(f) The Company has not yet taken deductions in its tax returns for most of the
    accrued legacy liabilities. The Company has recorded a deferred tax asset
    for the amount of taxes on future taxable income it will not have to pay
    resulting from the payment/tax deductions of the legacy liabilities. An
    estimate of the incremental tax effect of the pretax reconciling items have
    been included in the deferred tax assets (Legacy Value basis) assuming a 35%
    incremental tax rate.

The above estimated Legacy Value and GAAP amounts are as of December 31, 2002.
These estimated amounts will be adjusted annually to reflect actual experience,
annual actuarial revaluations and periodic revaluations of reclamation
liabilities. The amounts are based on a variety of estimates, including
actuarial assumptions, as described below in the Application of Critical
Accounting Policies and in the Notes to the Consolidated Financial Statements.

Under the Health Benefit Act, the Company and various subsidiaries are jointly
and severally liable for approximately $386 million, at Legacy Value, of
postretirement medical and Health Benefit Act obligations in the above table.

OTHER CONTINGENT GAINS AND LOSSES

Federal Black Lung Excise Tax ("FBLET")
On February 10, 1999, the U.S. District Court of the Eastern District of
Virginia entered a final judgment in favor of certain of the Company's
subsidiaries, ruling that the FBLET is unconstitutional as applied to export
coal sales. A total of $0.8 million (including interest) was refunded in 1999
for the FBLET that those companies paid for the first quarter of 1997. The
Company sought refunds of the FBLET it paid on export coal sales for all open
statutory periods and received refunds of $23.4 million (including interest)
during the fourth quarter of 2001. During the fourth quarter of 2002, the
Company reached a settlement under which it will collect additional refunds of
$3.2 million.

The Company continues to pursue the refund of other FBLET payments. Due to
uncertainty as to the ultimate additional future amounts to be received, if any,
which could amount to as much as $18 million (before income taxes), as well as
the timing of any additional FBLET refunds, the Company has not currently
recorded receivables for such other FBLET refunds.

Environmental Remediation
The Company has agreed to pay 80% of the remediation costs arising from
hydrocarbon contamination at a formerly owned petroleum terminal facility
("Tankport") in Jersey City, New Jersey, which was sold in 1983. The Company is
in the process of remediating the site under an approved plan. The Company
estimates its portion of the actual remaining clean-up and operational and
maintenance costs, on an undiscounted basis, to be between $2.2 million and $4.3
million. The Company is in discussions with another potentially responsible
party to recover a portion of the amount paid and to be paid by the Company
related to this matter.

Litigation
The Company is defending potentially significant civil suits relating to its
former coal business. Although the Company is defending these cases vigorously
and believes that its defenses have merit, there exists the possibility that one
or more of these suits ultimately may be decided in favor of the plaintiffs. If
so, the Company expects that the ultimate amount of unaccrued losses could range
from $0 to $25 million.

                                      -25-

CAPITALIZATION

At December 31, 2002, the Company had 100 million shares of Pittston Common
Stock authorized and 54.3 million shares issued and outstanding. The Company has
the remaining authority to purchase up to 1.0 million shares of Pittston Common
Stock with an aggregate purchase price limitation of $19.1 million. The Company
made no such purchases during 2002.

The Company has the authority to issue up to 2.0 million shares of preferred
stock, par value $10 per share.

2000 ACCOUNTING CHANGE

Pursuant to guidance issued in Staff Accounting Bulletin No. 101, "Revenue
Recognition in Financial Statements," by the Securities and Exchange Commission
in December 1999, and a related interpretation issued in October 2000, BHS
changed its method of accounting for nonrefundable installation revenues and a
portion of the related direct costs of obtaining new subscribers (primarily
sales commissions). Under the new method, all of the nonrefundable installation
revenues and a portion of the new installation costs deemed to be direct costs
of subscriber acquisition are deferred and recognized in income over the
estimated term of the subscriber relationship. Prior to 2000, BHS charged
against earnings as incurred, all marketing and selling costs associated with
obtaining new subscribers and recognized as revenue all nonrefundable payments
received from such subscribers to the extent that costs exceeded such revenues.

The accounting change was implemented in 2000 and the Company reported a
noncash, after-tax charge of $52.0 million ($84.7 million pretax), to reflect
the cumulative effect of the accounting change on years prior to 2000. The
pretax cumulative effect charge of $84.7 million comprised a net deferral of
$121.1 million of revenues partially offset by $36.4 million of customer
acquisition costs. The change in accounting principle decreased operating profit
for 2000 by $2.3 million, reflecting a net decrease in revenues of $6.4 million
and a net decrease in operating expenses of $4.1 million. Net income for 2000
was reduced by $1.4 million ($0.03 per diluted share).

MARKET RISK EXPOSURES

The Company has activities in over 100 countries and a number of different
industries. These operations expose the Company to a variety of market risks,
including the effects of changes in foreign currency exchange rates and interest
rates. In addition, the Company consumes and sells certain commodities in its
businesses, exposing it to the effects of changes in the prices of such
commodities. These financial and commodity exposures are monitored and managed
by the Company as an integral part of its overall risk management program.

The Company utilizes various derivative and non-derivative hedging instruments,
as discussed below, to hedge its foreign currency, interest rate, and commodity
exposures when appropriate. The risk that counterparties to such instruments may
be unable to perform is minimized by limiting the counterparties used to major
financial institutions with investment grade credit ratings. Management of the
Company does not expect any losses due to such counterparty default.

The Company maintains a control system to monitor changes in interest rate,
foreign currency and commodity exposures that may adversely impact expected
future cash flows. The risk management control systems involve the use of
analytical techniques to estimate the expected impact of changes in interest
rates, foreign currency exchange rates and commodity prices on the Company's
future cash flows. The Company does not use derivative instruments for purposes
other than hedging.

The sensitivity analyses discussed below for the market risk exposures were
based on facts and circumstances in effect at December 31, 2002. Actual results
will be determined by a number of factors that are not under management's
control and could vary materially from those disclosed.

INTEREST RATE RISK

The Company uses both fixed and floating rate debt denominated primarily in U.S.
dollars to finance its operations. Floating rate debt obligations, including the
Company's U.S. bank credit facility, expose the Company to fluctuations in
interest expense due to changes in the general level of interest rates. To a
lesser extent, the Company uses debt denominated in foreign currencies,
primarily including euros and British pounds.

                                      -26-

In order to limit the variability of the interest expense on its debt, the
Company has converted the floating rate cash flows on a portion ($65.0 million
effective through September 2003 and $50.0 million effective September 2003
through August 2005) of its $350.0 million revolving credit facility to
fixed-rate cash flows by entering into interest rate swap agreements which
involve the exchange of floating rate interest payments for fixed rate interest
payments. The fair value liability of these interest swaps at December 31, 2002
was $2.4 million. In addition to the interest rate swaps, the Company also has
fixed rate debt, including the Company's Senior Notes. The fixed rate debt and
interest rate swaps are subject to fluctuations in their fair values as a result
of changes in interest rates.

Based on the effective interest rates on the floating rate debt outstanding at
December 31, 2002, a hypothetical 10% increase in these rates would increase
interest expense by approximately $0.5 million over a twelve-month period. (In
other words, the Company's weighted average interest rate on its floating rate
debt was 3.68% per annum at December 31, 2002. If that average rate were to
increase by 37 basis points to 4.05%, the interest expense associated with these
borrowings would increase by $0.5 million annually). The effect on the fair
value of fixed rate debt and interest rate swaps for a hypothetical 10% uniform
shift (as a percentage of market interest rates) in the yield curves for
interest rates in various countries from year-end 2002 levels is not material.

FOREIGN CURRENCY RISK

The Company, primarily through its Brink's and BAX Global operations, has
certain exposures to the effects of foreign exchange rate fluctuations on the
results of foreign operations which are reported in U.S. dollars.

The Company is exposed periodically to the foreign currency rate fluctuations
that affect transactions not denominated in the functional currency of domestic
and foreign operations. To mitigate these exposures, the Company, from time to
time, enters into foreign currency forward contracts.

The Company does not purchase derivative instruments to hedge investments in
foreign subsidiaries due to their long-term nature.

The effects of a hypothetical simultaneous 10% appreciation in the U.S. dollar
from year-end 2002 levels against all other currencies of countries in which the
Company operates were measured for their potential impact on, (i) translation of
earnings into U.S. dollars based on 2002 results, (ii) transactional exposures,
and (iii) translation of investments in foreign subsidiaries. The hypothetical
effects would be approximately (i) $3.6 million unfavorable for the translation
of net income into U.S. dollars, (ii) $2.6 million favorable net income effect
for transactional exposures, and (iii) $33.1 million unfavorable change to the
Company's cumulative translation adjustment (equity).

COMMODITIES PRICE RISK

The Company consumes and sells various commodities in the normal course of its
business and, from time to time, utilizes derivative instruments to minimize the
variability in forecasted cash flows due to price movements in these
commodities. The derivative contracts are entered into in accordance with
guidelines set forth in the Company's hedging policies.

The Company utilizes forward swap contracts for the purchase of jet fuel to fix
a portion of forecasted jet fuel costs at specific price levels and it utilizes
option strategies to hedge a portion of the remaining risk associated with jet
fuel. In most cases, the Company is able to adjust its pricing through the use
of surcharges on customers to partially offset large increases in the cost of
jet fuel.

The Company utilizes forward sales contracts and option strategies to hedge the
selling price on a portion of its forecasted natural gas and gold sales.

The following table represents the Company's outstanding commodity hedge
contracts as of December 31, 2002. Amounts presented as the fair value after a
hypothetical 10% change in commodity prices reflect a hypothetical 10% reduction
in the future price of jet fuel and a hypothetical 10% increase in the future
prices of gold and natural gas.

                                      -27-

                                                 Estimated Fair Value of
                                                   Assets (Liabilities)
                                                --------------------------
                                    Notional                  With 10%
(In millions, except as noted)       Amount        Actual   Price Change
- --------------------------------------------------------------------------------
Forward gold sale contracts (a)       89.0      $ (2.9)       (5.5)
Forward swap and option contracts:
   Jet fuel purchases (b)             19.0         2.3         0.8
   Natural gas sales (c)               0.6        (0.7)       (1.0)
- --------------------------------------------------------------------------------

(a) Notional amount in thousands of ounces of gold.  Excludes equity affiliates.
(b) Notional amount in millions of gallons of fuel.
(c) Notional amount in millions of MMBTUs.

APPLICATION OF CRITICAL ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS

The application of accounting principles requires the use of estimates and
judgments which are the responsibility of management. Management makes such
estimates and judgments based on, among other things, knowledge of operations,
markets, historical trends and likely future changes, similarly situated
businesses and, when appropriate, the opinions of advisors with knowledge and
experience in certain fields. Many assumptions, judgments and estimates are
straightforward. However, due to the nature of certain assets and liabilities,
there are uncertainties associated with some of the judgments, assumptions and
estimates which are required to be made. Reported results could have been
materially different under a different set of assumptions and estimates for
certain accounting principle applications.

Management has discussed the development and selection of the following critical
accounting estimates with the Audit and Ethics Committee of the Board of
Directors and the Audit and Ethics Committee has reviewed the Company's
disclosure relating to such estimates.

DEFERRED TAX ASSETS

It is common for companies to record expenses and accruals before such expenses
and costs are paid. In the U.S. and most other countries and tax jurisdictions,
many deductions for tax return purposes cannot be taken until the expenses are
paid.

Similarly, certain tax credits and tax loss carryforwards cannot be used until
future periods when sufficient taxable income is generated. In these
circumstances, under GAAP, companies accrue for the tax benefit expected to be
received in future years if, in the judgment of management, it is "more likely
than not" that the company will receive such benefits. Such benefits (deferred
tax assets) are often offset, in whole or in part, by the effects of deferred
tax liabilities which relate primarily to deductions available for tax return
purposes under existing tax laws and regulations before such expenses are
reported as expenses under GAAP.

As of December 31, 2002, the Company had in excess of $400 million of net
deferred tax assets on its consolidated balance sheet. For more details
associated with this net balance, see Note 17 to the accompanying Consolidated
Financial Statements.

Since there is no absolute assurance that these assets will be ultimately
realized, management periodically reviews the Company's deferred tax positions
to determine if it is more likely than not that such assets will be realized.
Such periodic reviews include, among other things, the nature and amount of the
tax income and expense items, the expected timing when certain assets will be
used or liabilities will be required to be reported and the reliability of
historical profitability of businesses expected to provide future earnings.
Furthermore, management considers tax-planning strategies it can employ in order
to increase the likelihood that the use of tax assets will be achieved. These
strategies are also considered in the periodic reviews. If after conducting such
a review, management determines that the realization of the tax asset does not
meet the "more-likely-than-not" criteria, an offsetting valuation reserve is
recorded thereby reducing net earnings and the deferred tax asset in that
period. For these reasons and since changes in estimates can materially effect
net earnings, management believes the accounting estimate related to deferred
tax asset valuation reserves is a "critical accounting estimate."

Of the net deferred tax assets at December 31, 2002, approximately 92% relates
to the Company's operations in the U.S., including individual state tax
jurisdictions.

                                      -28-

Because of its expectation that the historically reliable profitability of the
Company's U.S. portion of the Business and Security Services operations will
continue and the lengthy period over which certain of the recorded expenses will
become available for deduction on tax returns, management has concluded that it
is more likely than not that these net deferred tax assets will be realized.

For international operations, the Company has evaluated its ability to fully
utilize the net assets on an individual country basis and due to doubts in
certain countries about whether future operating performance will be profitable
enough to offset prior tax losses, the Company has recorded a $9.8 million
valuation allowance at December 31, 2002.

Should tax statutes, the timing of deductibility of expenses, or if expectations
for future performance change in the future, the Company could decide to record
additional valuation allowances, thereby increasing the tax provision.

GOODWILL AND PROPERTY AND EQUIPMENT VALUATIONS

At December 31, 2002, the Company has $871 million of property and equipment and
$228 million of goodwill, net of accumulated depreciation and amortization. The
Company reviews the assets for possible impairment using the guidance in SFAS
No. 142, "Goodwill and Other Intangible Assets," for goodwill and SFAS No. 144,
"Accounting for the Impairment or Disposal of Long-lived Assets," for property
and equipment. The review for impairment requires the use of significant
judgments about the future performance of the Company's operating subsidiaries.

Goodwill is reviewed for impairment at least annually. The Company estimates the
fair value of Brink's and BAX Global, the two reporting units that have
goodwill, primarily using estimates of future cash flows. The fair value of the
reporting unit is compared to its carrying value to determine if an impairment
exists. At December 31, 2002, net goodwill was $65 million at Brink's and $163
million at BAX Global.

To determine if an impairment exists of property and equipment, the Company
compares estimates of the future undiscounted net cash flows of the asset to its
carrying value when there is a triggering event for a review. For purposes of
assessing impairment, assets are grouped at the lowest level for which there are
identifiable cash flows that are largely independent of the cash flows of other
groups of assets.

Due to a history of profitability and cash flow, the carrying values of
long-lived assets of Brink's are believed to be appropriate.

Each quarter, when BHS customers disconnect their monitoring service, BHS
records an impairment charge related to the carrying value of the related home
security systems estimated to be permanently disconnected based on historical
reconnection experience. Such charge is included within the Recurring Services
component of operating profit. BHS makes estimates about future reconnection
experience in its estimate of impairment charges. Future reconnection experience
is estimated using historical data. Should the estimate of future reconnection
experience change, BHS's impairment charges would be affected.

                                      -29-

BAX Global had a profit in 2002 and losses in 2001 and 2000. Changes to the
Company's operations, resources used, and cost structure in 2000 resulted in a
trend of improved year-over-year operating results in each of the last two
years, despite a significant decline in revenue from 2000. In management's
opinion, the changes implemented at BAX Global plus a return to more normal
levels of global economic performance will result in substantial improvement in
operating performance and cash flow over time. Based on this judgment, the
Company prepared multi-year projections of operating performance for BAX Global,
which it used to estimate fair value and undiscounted cash flow, neither of
which indicated impairment.

Had the Company expected no long-term improvement in the performance of BAX
Global, or a worsening of conditions at the Company's other subsidiaries, the
Company may have concluded that its goodwill or fixed assets were impaired and,
in such circumstances, would have reduced the carrying values of such assets and
recognized a loss.

As required by SFAS No. 144, certain residual  long-lived assets associated with
the  Company's  former  coal  operations  were   reclassified   from  assets  of
discontinued  operations  to assets held and used at December  31,  2002.  These
assets  were  tested  for  impairment  on an  individual  property  basis with a
resulting net impairment loss of $14.1 million  recorded within operating profit
from continuing  operations.  Prior to December 2002, the Company's  expectation
was to sell the  majority of these  assets as a group and,  as such,  the assets
were not previously  considered to be impaired.  Different  estimates of the net
realizable value of the residual coal assets could have materially  affected the
net impairment loss recorded.

COAL-RELATED LEASE OBLIGATIONS

The Company has not accrued approximately $26 million of future minimum lease
and royalty payments related to the equipment and idle coal mines and reserves
which management believes will be sold. If the Company is unable to transfer its
commitments to buyers of these assets, the Company will recognize the
obligations as liabilities, with a charge to earnings.

WITHDRAWAL LIABILITIES

The Company recorded an estimate of the value of potential withdrawal
obligations for coal-related multi-employer pension plans in 2001 associated
with its exit from the coal business. During the fourth quarter of 2002, the
Company increased the estimated withdrawal liabilities to $35.0 million. The
withdrawal liabilities were estimated by the Company using a formula that
depends on the funded status of the multi-employer pension plans at the time
that the Company is deemed to have withdrawn from the plans.

                                      -30-

The $35 million for the estimated withdrawal liabilities is based on the funded
status of the plan as of June 30, 2002. The Company expects that its actual
withdrawal liability for each of the plans will be based on the funded status of
the plans as of June 30, 2003 or possibly later.

The estimate may change materially each year until the Company is deemed to have
withdrawn from the plan. Annual changes in this estimate will be recorded in
discontinued operations.

MULTI-YEAR EMPLOYEE AND RETIREE BENEFIT OBLIGATIONS

The Company provides its employees and retirees benefits arising from both
Company-sponsored plans (e.g. defined benefit pension plans) and statutory
requirements (e.g. medical benefits for otherwise ineligible former employees
and non employees under the Health Benefit Act). Certain of these benefit
obligations require payments to be made by the Company or by trusts funded by
the Company over long periods of time.

The primary benefits which require cash payments over an extended period of
years are:

o  Defined Benefit Pension
o  Postretirement Medical
o  Health Benefit Act Medical
o  Black Lung

As is normal for such benefits, cash payments will be made for periods ranging
from the current year to well over fifty years from now for certain benefits.
The amount of such payments and related expenses will be affected over time by
inflation, investment returns and market interest rates, changes in the numbers
of plan participants and changes in the benefit obligations and/or laws and
regulations covering the benefit obligations.

GAAP requires that the Company reevaluate all significant benefit obligations at
least annually, and as a result of such reevaluations, the Company records
increases or decreases in liabilities and associated expenses over time as
required under GAAP.

Below are the critical assumptions that determine the carrying values of such
liabilities and the resulting annual expense. The plans that are affected by the
assumptions discussed are identified parenthetically in the relevant title.

                                      -31-

Discount  Rate   (Pension   Plans,   Postretirement   Medical   Benefits   Under
Company-Sponsored  Plans and "Black Lung" Benefits)
The discount rate is used to determine the present value of future payments.
This rate reflects returns expected from high-quality bonds and will fluctuate
over time with market interest rates. In general, the Company's liability
changes in an inverse relationship to interest rates, i.e. the lower the
discount rate, the higher the associated liability for the noted benefit
obligations.

The Company selects a discount rate for its pension liabilities after reviewing
published long-term yield information for a small number of high quality fixed
income securities (Moody's AA bond yields), yields for the broader range of
long-term high quality securities and a calculated plan-specific rate of return
developed by its actuaries using long-term high quality bonds with similar
maturities to the liability. After considering the above, the Company selected a
discount rate of 6.75% for the valuation as of December 2002. A year ago, such
discount rate was 7.25%.

Calculations of net periodic pension expense are based on the assumptions used
for the previous year-end measurements of plan assets and obligations.
Accordingly, the discount rate selected at the end of each year affects the
pension expense in the following year. In general, the lower the discount rate,
the higher the calculated expense. If the discount rate were to decrease by 25
basis points, the related expense would increase by approximately $3 million
before tax in 2002.

Under government regulations, funding requirements for the Company's primary
U.S. pension plan are determined using a different set of assumptions than is
used for financial accounting purposes. Near term funding requirements would,
therefore, not be affected unless interest rates declined sharply.

Return on Assets (Pension Plan)
The Company's primary defined benefit pension plan had assets at December 31,
2002 of approximately $431 million. This pension plan's assets are invested
primarily using actively managed accounts with asset allocation targets of 70%
equities, which include a broad array of market cap sizes and investment styles
and international equities, and 30% fixed income securities. Among other
factors, the performance of asset groups and investment managers will affect the
long-term rate of return. Pension accounting principles require companies to use
estimates of expected asset returns over long periods of time. The Company
selects the expected long-term rate of return assumption using advice from its
investment advisor and its actuary considering the plan's asset allocation
targets and expected overall investment manager performance and a review of its
most recent ten year historical average compounded rate of return. After
following the above process, the Company selected 8.75% as its expected
long-term rate of return as of December 31, 2002. The expected long-term rate
was 10.0% as of December 31, 2001.

Because returns from global financial markets fluctuate, it is unlikely that in
any given year, the actual rate of return will be the same as the assumed
long-term rate of return. In general, if actual returns exceed the expected
long-term rate of return, future levels of expense will go down and vice-versa.
The Company's assumed long-term rate of return is 8.75% as of December 31, 2002.
Over the last ten years, the annual returns of the Company's primary pension
plan have fluctuated from a high of a 25% gain (1995) to a low of a 9% loss
(2002). During that time period there were six years in which returns exceeded
the assumed long-term rate of return and four years, including the last three
years, with returns below the assumed long-term rate of return.

                                      -32-

If the Company were to use a different long-term rate of return assumption, it
would affect annual pension expense but would have no immediate effect on
funding requirements. For every hypothetical change of 25 basis points in the
assumed long-term rate of return on plan assets, the Company's U.S. annual
pension plan expense in 2002 would increase or decrease by approximately $1.3
million before tax.

The Company calculates expected investment returns by applying the expected
long-term rate of return to the market-related value of plan assets. The
market-related value of plan assets is calculated by deferring and amortizing
investment gains or losses on a straight-line basis over five years. Investment
gain or loss for each year is the difference between the actual return and the
expected return calculated using the beginning market-related asset value less
non-investment expenses and the expected long-term rate of return. Each year's
gain or loss is then amortized over five years.

The Company has had significant investment losses in the last three years that
have not yet fully affected pension expense. The Company expects its pension
expense will increase in the next several years because of the amortization of
investment gains and losses.

The offset (or "credit") to expense associated with the assumed investment
return fluctuates based on the level of plan assets (over time, the higher the
level of assets, the higher the credit and vice versa) and the assumed rate of
return (the higher the rate, the higher the credit and vice versa). Plan assets
for the Company's primary defined benefit plan have declined by approximately
$28 million in 2002 and $122 million over the three years ended December 31,
2002 as a result of general investment market conditions. In addition, the plan
paid out approximately $25 million in benefits and the Company contributed $35
million to plan assets during the same time period. With the reduction in plan
assets in 2002 and the expected rate of return, the investment credit is
expected to decline by $8.5 million in 2003. This will have the effect of
increasing the Company's net pension expense.

Inflation Assumptions on Salary Levels (Pension Plan) and Medical Inflation
(Postretirement Medical Benefits, Health Benefit Act Medical Benefits)
Pension expense and liabilities will vary with the expected rate of salary
increases - the higher or lower the annual increase, the higher or lower the
liability and expense. The Company expects its salary increase assumption to
remain at or about 5.1%, assuming current rates of inflation.

Changes in medical inflation will affect liability and expense amounts
differently for the three plans noted. There is a direct link between medical
inflation and expected spending for postretirement medical benefits under the
Company's plan for 2003 and for later years. Future cash payments associated
with the Health Benefit Act will reflect some but not all of the effect of
medical inflation as a result of statutory limitations on premium growth.

With the increase in medical inflation seen over the last few years, the Company
raised the assumed level of inflation in its plans in 2001 and again in 2002.
Because of the volatility of medical inflation it is likely that there will be
future adjustments, although the direction and extent of such adjustments cannot
be predicted at the present time.

Numbers of Participants (All Plans)
The valuations of all of these benefit plans are affected by the life expectancy
of the participants. Accordingly, the Company relies on actuarial information to
predict the number and life expectancy of participants. Further, due to the
complexity of the contractual relationship with the United Mine Workers of
America ("UMWA") for postretirement medical benefits and the application of
regulations associated with the Health Benefit Act, the Company's related
liability and expense has and will continue to fluctuate as new participants are
made known to the Company and as the Company and others investigate such
applications. As a result, the Company's liabilities under its plans will vary
as the expected number and life expectancy of participants change.

                                      -33-

Changes in Laws
The Company's valuations of its liabilities are determined under existing laws
and regulations. Changes in laws and regulations which affect the ultimate level
of liabilities and expense are reflected once the changes are final and their
impact can be reasonably estimated. Recent changes in black lung regulations
could increase the Company's total liability. Future changes in laws directed at
reducing national levels of medical inflation or changing the funding available
for medical benefits (e.g. proposals for coverage of pharmaceuticals under
Medicare) could significantly reduce the Company's ultimate liability for
certain postretirement medical benefits.

WORKERS' COMPENSATION

Besides the effects of changes in medical costs, workers' compensation costs are
affected by the severity and types of injuries, changes in state and federal
regulations and their application and the quality of programs which assist an
employee's return to work. The Company's liability for future payments for
workers' compensation claims is evaluated annually with the assistance of its
actuary.

RECENT ACCOUNTING PRONOUNCEMENTS

SFAS No. 143, "Accounting for Asset Retirement Obligations," was issued in June
2001 and addresses financial accounting and reporting for obligations associated
with the retirement of tangible long-lived assets and the associated asset
retirement costs. SFAS No. 143 requires that the fair value of a liability for
an asset retirement obligation be recognized in the period in which it becomes
an obligation, if a reasonable estimate of fair value can be made. The Company
will adopt SFAS No. 143 in the first quarter of 2003. The implementation of the
new standard is not expected to have a material effect on the Company's results
of operations or financial position.

SFAS No. 146, "Accounting for Costs Associated with Exit or Disposal Activities,
" was issued in June 2002 and applies to costs associated with an exit activity
(including restructuring) or with a disposal of long-lived assets. This
statement nullifies Emerging Issues Task Force Issue No. 94-3, "Liability
Recognition for Certain Employee Termination Benefits and Other Costs to
Exit an Activity (including Certain Costs Incurred in a Restructuring)."  Under
SFAS No. 146, a commitment to a plan to exit an activity or dispose of
long-lived assets will no longer be sufficient to record a charge for most
anticipated costs. Instead, a liability for costs associated
with an exit or disposal activity will be recorded when that liability is
incurred and can be measured at fair value. SFAS No. 146 also revises accounting
for specified employee and contract terminations that are part of restructuring
activities. SFAS No. 146 is effective for exit or disposal activities initiated
after December 31, 2002.

SFAS No. 148 "Accounting for Stock-Based Compensation - Transition and
Disclosure," was issued in December 2002 and provides alternative methods of
transition for a voluntary change to the fair value-based method of accounting
for stock-based compensation. It also amends the disclosure provisions of SFAS
No. 123 to require prominent disclosure in the "Summary of Significant
Accounting Policies" about the effects on reported net income of an entity's
accounting policy decisions with respect to stock-based employee compensation.
SFAS No. 148 requires disclosure as to the pro forma effects on interim
financial statements if stock-based compensation is accounted for under the
intrinsic value method prescribed in APB No. 25. The amendments to SFAS No. 123
as to transition alternatives and as to prominent disclosure are effective for
fiscal years ending after December 15, 2002. The amendment is effective for
interim periods beginning after December 15, 2002.

In November 2002, the Financial Accounting Standards Board ("FASB") issued FASB
Interpretation No. 45 ("FIN 45"), "Guarantor's Accounting and Disclosure
Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of
Others." FIN 45 requires that upon issuance of a guarantee, the guarantor must
recognize a liability for the fair value of the obligation it assumes under that
guarantee. FIN 45 also requires additional disclosures by a guarantor in its
interim and annual financial statements about the obligations associated with
guarantees issued. The required disclosures have been included in Notes 12, 14
and 21. The recognition and measurement provisions are effective on a
prospective basis to guarantees issued or modified after December 31, 2002. The
adoption of this interpretation is not expected to have a material effect on the
Company's Consolidated Financial Statements.

                                      -34-

In January 2003, the FASB issued FASB Interpretation No. 46 ("FIN 46"),
"Consolidation of Variable Interest Entities." FIN 46 provides guidance on the
identification of entities for which control is achieved through means other
than through voting rights, variable interest entities, and how to determine
when and which business enterprises should consolidate variable interest
entities. Variable interest entities created after January 31, 2003, if any,
will be assessed for consolidation using the new interpretation beginning in the
first quarter of 2003.

Variable interest entities in which the Company holds a variable interest that
it acquired before February 1, 2003 will be assessed for consolidation beginning
in the third quarter of 2003. The adoption of this interpretation is not
expected to have a material effect on the Company's Consolidated Financial
Statements.

FORWARD-LOOKING INFORMATION

Certain of the matters discussed herein, including statements regarding the
impact of difficult economic and operating conditions in South America on
Brink's performance in the first half of 2003, reductions in staffing levels by
Brink's in Europe in 2003 and related increases in severance expense, expected
increases in pension expenses and the adverse affect on Brink's, BHS' and BAX
Global's 2003 operating results of higher pension expense, the impact that the
refusal of police departments to respond to calls from alarm companies without
visual verification would have on BHS' results of operations, the impact of
increases in carrier rates and employee benefit health costs on BAX's costs in
2003, possible reductions in transportation costs resulting from aircraft lease
negotiations, the weakness of the European economy in 2003, payment by BAX
Global of contractual commitments for facilities by the end of 2007, the
retention of certain coal-related liabilities and related expenses and cash
outflows following completion of disposal, projected expenses related to legacy
liabilities of former coal operations (including estimated ranges of these
expenses), the significance in early 2003 of certain costs of assets expected to
be sold, the expectation that administrative and other costs related
to the former coal operations will be incurred more heavily in the early
quarters of 2003, the disposal of the Company's gold, timber and natural gas
operations, control of MPI following the exchange of the Company's interest in
gold mining joint ventures for additional shares of MPI and other consideration,
the impact on 2002 revenues, operating profit and pretax income if Venezuela had
not been treated as highly inflationary effective January 1, 2002 and the
possibility that Venezuela may be considered highly inflationary again, the
expectation that the Company will realize the benefit of its net deferred tax
assets, expenditures for aircraft heavy maintenance in 2003, capital
expenditures for continuing operations in 2003, estimated significant
contractual obligations for the next five years, required pension plan funding
after 2005, the replacement of some of the Company's surety bonds due to the
assumption of various reclamation obligations by purchasers of the Company's
former coal operations, the ability of the Company to provide letters of credit
or other collateral to replace any surety bonds that are not renewed in the
future, the timing of Combined Fund payments, the amount and timing of
additional FBLET refunds, if any, estimated remaining clean-up, operational and
maintenance costs for the Tankport matter and the possibility that the Company
will be able to recover a portion of the amount paid from another potentially
responsible party, the outcome of pending litigation, the likelihood of losses
due to non-performance by parties to hedging instruments, operating performance
of the Company's subsidiaries, the timing of and liability for withdrawal from
multi-employer pension plans associated with the exit from the coal business,
the sale of additional coal assets, expected decline in the pension plan
investment credit, changes in the assumed level of inflation for a number of the
Company's benefit plans, the impact of recent regulatory changes on the
Company's total black lung liability, and the impact of recent accounting
pronouncements on the Company's results of operations involve forward-looking
information which is subject to known and unknown risks, uncertainties, and
contingencies which could cause actual results, performance or achievements, to
differ materially from those which are anticipated.

                                      -35-

Such risks, uncertainties and contingencies, many of which are beyond the
control of the Company, include, but are not limited to, government reforms and
initiatives in South America, strategic decisions by Brink's competitors with
respect to their South American operations, the matching of staffing levels with
the demand for Brink's services in Europe, the ultimate amount of pension
expense, determinations made by police departments and municipalities regarding
responses to alarms, the willingness of BHS' customers to pay for private
response personnel or other alternatives to police responses to alarms, the size
and timing of rate and cost increases, the aircraft leasing market, the
satisfaction of contractual obligations by third parties, the willingness and
ability of purchasers of the remaining coal assets to assume liabilities, the
timing of any sale of remaining coal assets, the timing of the pass-through of
costs relating to the disposal of coal assets by third parties and governmental
authorities, the negotiation of definitive agreements with respect to the
Company's gold joint ventures and the satisfaction of any conditions contained
therein, actions taken by MPI to reduce the number of its outstanding shares,
changes in strategy or the allocation of resources, the market for the Company's
gold, timber and natural gas operations and the ability to negotiate and
conclude sales of those operations on mutually agreeable terms, the performance
of U.S. and international investment markets, the profitability of the Company
in the U.S. and abroad, the completion and processing of permit replacement
documentation and the ability of purchasers of coal assets to post the required
bonds, capacity for borrowing under the Company's U.S. credit facility, the
position taken by various governmental entities with respect to the claims for
FBLET refunds, changes in the scope or method of remediation or monitoring of
the Tankport property, the negotiation of a mutually acceptable agreement with
the potentially responsible party in the Tankport matter, the funding and
benefit levels of the multi-employer plans and pension plans, actual retirement
experience of the Company's coal employees, black lung claims incidence, the
number of dependents covered, coal industry turnover rates, actual medical and
legal costs relating to benefits, changes in inflation rates (including the
continued volatility of medical inflation), fluctuations in interest rates,
overall economic and business conditions, developing guidance with respect to
recent accounting pronouncements, foreign currency exchange rates, the impact of
continuing initiatives to control costs and increase profitability, pricing and
other competitive industry factors, fuel prices, new government regulations,
legislative initiatives, judicial decisions, variations in costs or expenses and
the ability of counterparties to perform.

                                      -36-

STATEMENT OF MANAGEMENT RESPONSIBILITY
- --------------------------------------------------------------------------------

The management of The Pittston Company (the "Company") is responsible for
preparing the accompanying Consolidated Financial Statements and for their
integrity and objectivity. The statements were prepared in accordance with
accounting principles generally accepted in the United States of America.
Management has also prepared the other information in the annual report and is
responsible for its accuracy.

In meeting our responsibility for the integrity of the Consolidated Financial
Statements, we maintain a system of internal controls designed to provide
reasonable assurance that assets are safeguarded, that transactions are executed
in accordance with management's authorization and that the accounting records
provide a reliable basis for the preparation of the Consolidated Financial
Statements. Qualified personnel throughout the organization maintain and monitor
these internal controls on an ongoing basis. In addition, the Company maintains
an internal audit department that systematically reviews and reports on the
adequacy and effectiveness of the controls, with management follow-up as
appropriate.

Management has also established a formal Business Code of Ethics for all
employees including its financial executives. We acknowledge our responsibility
to establish and preserve an environment in which all employees properly
understand the fundamental importance of high ethical standards in the conduct
of our business.

The Company's Consolidated Financial Statements have been audited by KPMG LLP,
independent auditors.

The Company's Board of Directors pursues its oversight role with respect to the
Company's Consolidated Financial Statements through the Audit and Ethics
Committee, which is composed solely of outside directors. The Committee meets
periodically with the independent auditors, internal auditors and management to
review the Company's control system and to ensure compliance with applicable
laws and the Company's Business Code of Ethics.

We believe that the policies and procedures described above are appropriate and
effective and enable us to meet our responsibility for the integrity of the
Company's Consolidated Financial Statements.

                                      -37-

INDEPENDENT AUDITORS' REPORT
- --------------------------------------------------------------------------------

The Board of Directors and Shareholders
The Pittston Company

We have audited the accompanying consolidated balance sheets of The Pittston
Company and subsidiaries (the "Company") as of December 31, 2002 and 2001, and
the related consolidated statements of operations, comprehensive loss,
shareholders' equity and cash flows for each of the years in the three-year
period ended December 31, 2002. These consolidated financial statements are the
responsibility of the Company's management. Our responsibility is to express an
opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the financial position of The Pittston Company
and subsidiaries as of December 31, 2002 and 2001, and the results of their
operations and their cash flows for each of the years in the three-year period
ended December 31, 2002, in conformity with accounting principles generally
accepted in the United States of America.

As discussed in Note 1 to the consolidated financial statements, effective
January 1, 2002, the Company adopted the provisions of Statement of Financial
Accounting Standards No. 142, "Goodwill and Other Intangible Assets." Also as
discussed in Note 1 to the consolidated financial statements, the Company
changed its method of accounting for nonrefundable installation revenues and the
related direct costs of acquiring new subscribers in 2000 as a result of the
implementation of Staff Accounting Bulletin No. 101, "Revenue Recognition in
Financial Statements."

/s/ KPMG LLP

KPMG LLP
Richmond, Virginia
February 10, 2003

                                      -38-

THE PITTSTON COMPANY AND ITS SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
- --------------------------------------------------------------------------------

                                                                                               December 31

(In millions, except per share amounts)                                                 2002              2001
- -----------------------------------------------------------------------------------------------------------------

ASSETS

Current assets:
                                                                                                     
Cash and cash equivalents                                                        $      102.3              86.7
Accounts receivable, (net of estimated uncollectible
   amounts: 2002 - $35.5; 2001 - $41.8)                                                 540.0             493.3
Prepaid expenses and other current assets                                                58.4              57.5
Deferred income taxes                                                                    81.3             103.1
Discontinued operations                                                                   -                19.9
- -----------------------------------------------------------------------------------------------------------------
Total current assets                                                                    782.0             760.5

Property and equipment, net                                                             871.2             818.1
Goodwill, net                                                                           227.9             224.8
Prepaid pension assets                                                                   23.8             109.0
Deferred income taxes                                                                   349.3             233.2
Other                                                                                   205.7             184.9
Discontinued operations                                                                   -                92.7
- -----------------------------------------------------------------------------------------------------------------

Total assets                                                                     $    2,459.9           2,423.2
- -----------------------------------------------------------------------------------------------------------------

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
Short-term borrowings                                                            $       41.8              27.8
Current maturities of long-term debt                                                     13.3              17.2
Accounts payable                                                                        244.0             256.6
Accrued liabilities                                                                     494.2             516.1
Discontinued operations                                                                   -                 3.3
- -----------------------------------------------------------------------------------------------------------------
Total current liabilities                                                               793.3             821.0

Long-term debt                                                                          304.2             252.9
Accrued pension costs                                                                   122.6              22.9
Postretirement benefits other than pensions                                             471.7             445.0
Deferred revenue                                                                        127.0             123.8
Deferred income taxes                                                                    28.4              20.7
Other                                                                                   231.5             231.2
Discontinued operations                                                                   -                29.6
- -----------------------------------------------------------------------------------------------------------------
Total liabilities                                                                     2,078.7           1,947.1

Commitments and contingent liabilities (Notes 5, 8, 12, 13, 14, 15, 17 and 21)

Shareholders' equity:
   Preferred stock, par value $10 per share,
     $31.25 Series C Cumulative Convertible Preferred Stock
     Authorized: 0.161 shares
     Issued and outstanding: 2001 - 0.021 shares                                          -                 0.2
   Common stock, par value $1 per share:
     Authorized: 100.0 shares
     Issued and outstanding: 2002 and 2001- 54.3 shares                                  54.3              54.3
   Capital in excess of par value                                                       383.0             400.1
   Retained earnings                                                                    213.1             193.3
   Employee benefits trust, at market value                                             (33.0)            (58.9)
   Accumulated other comprehensive loss:
      Minimum pension liabilities                                                      (137.2)             (6.5)
      Foreign currency translation                                                      (93.5)           (101.6)
      Deferred expense on cash flow hedges                                               (5.2)             (4.7)
      Unrealized losses on marketable securities                                         (0.3)             (0.1)
- -----------------------------------------------------------------------------------------------------------------
       Accumulated other comprehensive loss                                            (236.2)           (112.9)
- -----------------------------------------------------------------------------------------------------------------

Total shareholders' equity                                                              381.2             476.1
- -----------------------------------------------------------------------------------------------------------------
Total liabilities and shareholders' equity                                       $    2,459.9           2,423.2
- -----------------------------------------------------------------------------------------------------------------

See Accompanying Notes to Consolidated Financial Statements.

                                      -39-

THE PITTSTON COMPANY AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
- --------------------------------------------------------------------------------

                                                                                            Years Ended December 31
(In millions, except per share amounts)                                              2002            2001             2000
- ------------------------------------------------------------------------------------------------------------------------------

REVENUES                                                                        $   3,776.7         3,624.2          3,834.1

EXPENSES:
Operating expenses                                                                  3,164.0         3,090.6          3,264.2
Selling, general and administrative expenses                                          466.3           448.6            477.8
Impairment and other charges related to:
    Former coal operations                                                             19.2               -                -
    Gold operations                                                                     7.1               -                -
Restructuring charge                                                                      -            (0.2)            57.5
- ------------------------------------------------------------------------------------------------------------------------------
   Total expenses                                                                   3,656.6         3,539.0          3,799.5
Other operating income, net                                                            12.6            22.4             13.1
- ------------------------------------------------------------------------------------------------------------------------------

OPERATING PROFIT                                                                      132.7           107.6             47.7

Interest income                                                                         3.2             4.7              4.2
Interest expense                                                                      (23.1)          (32.4)           (43.4)
Other expense, net                                                                     (2.6)           (6.7)            (3.9)
- ------------------------------------------------------------------------------------------------------------------------------
   Income from continuing operations before income taxes
     and cumulative effect of change in accounting principle                          110.2            73.2              4.6
Provision for income taxes                                                             41.2            27.4              1.9
- ------------------------------------------------------------------------------------------------------------------------------

   INCOME FROM CONTINUING OPERATIONS BEFORE
     CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE                               69.0            45.8              2.7
- ------------------------------------------------------------------------------------------------------------------------------

Discontinued operations, net of income taxes:
     Loss from operations, net of $14.2 of income tax benefits                            -               -            (18.2)
     Estimated loss on disposition, net of
       income tax benefits of: $22.8 (2002), $25.1 (2001) and $105.1 (2000)           (42.9)          (29.2)          (189.1)
- ---------------------------------------------------------------------------------------------------------------------------------

     Loss from discontinued operations
       (Includes certain retained expenses of former coal operations which,
       beginning in 2003, will be recorded in continuing operations - such
       expenses (pretax) recorded in 2002, 2001 and 2000 were $2 million, $53
       million, and $48 million respectively.  See Note 5.)                           (42.9)          (29.2)          (207.3)
- ---------------------------------------------------------------------------------------------------------------------------------

   Income (loss) before cumulative effect of change
     in accounting principle                                                           26.1            16.6           (204.6)

Cumulative effect of change in accounting principle,
   net of $32.7 income tax benefit                                                      -              -               (52.0)
- ---------------------------------------------------------------------------------------------------------------------------------

NET INCOME (LOSS)                                                                      26.1            16.6           (256.6)

Preferred stock dividends, net                                                         (1.1)           (0.7)             0.8
- ---------------------------------------------------------------------------------------------------------------------------------

Net income (loss) attributed to common shares                                     $    25.0            15.9           (255.8)
- ---------------------------------------------------------------------------------------------------------------------------------

                                      -40-

THE PITTSTON COMPANY AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
- --------------------------------------------------------------------------------

                                                                             Years Ended December 31
(In millions, except per share amounts)                                 2002            2001           2000
- ---------------------------------------------------------------------------------------------------------------

NET INCOME (LOSS) PER COMMON SHARE

Basic:
                                                                                               
    Continuing operations                                       $      1.30             0.88            0.07
    Discontinued operations                                           (0.82)           (0.57)          (4.14)
    Cumulative effect of change in accounting principle                 -               -              (1.04)
- ---------------------------------------------------------------------------------------------------------------
                                                                $      0.48             0.31           (5.11)
- ---------------------------------------------------------------------------------------------------------------
Diluted:
    Continuing operations                                       $      1.30             0.88            0.05
    Discontinued operations                                           (0.82)           (0.57)          (4.13)
    Cumulative effect of change in accounting principle                 -               -              (1.04)
- ---------------------------------------------------------------------------------------------------------------
                                                                $      0.48             0.31           (5.12)
- ---------------------------------------------------------------------------------------------------------------

See Accompanying Notes to Consolidated Financial Statements.

                                      -41-

THE PITTSTON COMPANY AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
- --------------------------------------------------------------------------------

                                                                                                Years Ended December 31
(In millions)                                                                             2002            2001             2000
- ---------------------------------------------------------------------------------------------------------------------------------

Net income (loss)                                                                 $       26.1            16.6           (256.6)

Other comprehensive income (loss):
   Minimum pension liability adjustments:
      Adjustment to minimum pension liability                                           (210.8)           (9.9)             -
      Tax benefit related to minimum pension liability adjustment                         80.1             3.4              -
- ---------------------------------------------------------------------------------------------------------------------------------
      Minimum pension liability adjustments, net of tax                                 (130.7)           (6.5)             -
- ---------------------------------------------------------------------------------------------------------------------------------

    Foreign currency:
      Translation adjustments                                                              8.1           (28.4)           (14.1)
      Reclassification adjustment for loss included in net income (loss)                   -               0.5              -
- ---------------------------------------------------------------------------------------------------------------------------------
      Foreign currency translation adjustments                                             8.1           (27.9)           (14.1)
- ---------------------------------------------------------------------------------------------------------------------------------

    Cash flow hedges:
      Deferred benefit (expense) on cash flow hedges                                      (4.2)            2.4             (8.0)
      Tax benefit (expense) related to deferred benefit (expense)
        on cash flow hedges                                                                1.3            (1.0)             1.8
      Reclassification adjustment for cash flow hedge expense (benefits)
        realized in net income (loss)                                                      3.5             3.9             (7.7)
      Tax expense (benefit) related to cash flow hedge
        realized in net income (loss)                                                     (1.1)           (1.4)             2.8
- ---------------------------------------------------------------------------------------------------------------------------------
      Deferred benefit (expense) on cash flow hedges, net of tax                          (0.5)            3.9            (11.1)
- ---------------------------------------------------------------------------------------------------------------------------------

    Marketable securities:
      Unrealized net gains (losses) on marketable securities                               0.6             3.5             (0.1)
      Tax expense related to unrealized gains on marketable securities                    (0.2)           (1.2)             -
      Reclassification adjustment for gains realized in net income (loss)                 (0.8)           (4.0)            (0.3)
      Tax expense related to gains realized in net income (loss)                           0.2             1.4              0.1
- ---------------------------------------------------------------------------------------------------------------------------------
      Unrealized net gains (losses) on marketable securities, net of tax                  (0.2)           (0.3)            (0.3)
- ---------------------------------------------------------------------------------------------------------------------------------

Other comprehensive loss                                                                (123.3)          (30.8)           (25.5)
- ---------------------------------------------------------------------------------------------------------------------------------

Comprehensive loss                                                                $      (97.2)          (14.2)          (282.1)
- ---------------------------------------------------------------------------------------------------------------------------------

See Accompanying Notes to Consolidated Financial Statements.

                                      -42-

THE PITTSTON COMPANY AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
- --------------------------------------------------------------------------------

Years Ended December 31, 2002, 2001 and 2000

                                                                      Capital                           Accumulated
                                                                      in Excess              Employee     Other
                                              Preferred    Common      of Par    Retained    Benefits  Comprehensive
(In millions)                                   Stock      Stock       Value     Earnings      Trust       Loss       Total
- ---------------------------------------------------------------------------------------------------------------------------------
                                                                                               
Balance as of December 31, 1999 (a)            $  0.3       71.8       341.0       443.4      (50.3)      (56.6)      749.6

Net loss                                          -          -          -         (256.6)       -           -        (256.6)
Other comprehensive loss                          -          -          -           -           -         (25.5)      (25.5)
Dividends:
   Common stock                                   -          -          -           (5.0)       -           -          (5.0)
   Preferred stock                                -          -          -           (0.9)       -           -          (0.9)
Exchange of stock (b)                             -        (20.0)       20.2        -          (0.2)        -           -
Repurchase shares of Preferred stock             (0.1)       -          (3.8)        1.7        -           -          (2.2)
Employee benefits trust:
   Remeasurement                                  -          -          (8.3)       -           8.3         -           -
   Shares used for employee benefit programs      -          -          (0.4)       -          16.7         -          16.3
Tax benefit of stock options exercised            -          -           0.1        -           -           -           0.1
- ---------------------------------------------------------------------------------------------------------------------------------

Balance as of December 31, 2000                   0.2       51.8       348.8       182.6      (25.5)      (82.1)      475.8

Net income                                        -          -           -          16.6        -           -          16.6
Other comprehensive loss                          -          -           -           -          -         (30.8)      (30.8)
Dividends:
   Common stock                                   -          -           -          (5.1)       -           -          (5.1)
   Preferred stock                                -          -           -          (0.7)       -           -          (0.7)
Employee benefits trust:
   Shares issued to trust                         -          2.5        51.6         -        (54.1)        -           -
   Remeasurement                                  -          -           2.4         -         (2.4)        -           -
   Shares used for employee benefit programs      -          -          (2.7)        -         23.1         -          20.4
Tax benefit of stock options exercised            -          -           0.1         -          -           -           0.1
Other                                             -          -          (0.1)       (0.1)       -           -          (0.2)
- ---------------------------------------------------------------------------------------------------------------------------------

Balance as of December 31, 2001                   0.2       54.3       400.1       193.3      (58.9)     (112.9)      476.1

Net income                                        -          -           -          26.1        -           -          26.1
Other comprehensive loss                          -          -           -           -          -        (123.3)     (123.3)
Dividends:
   Common stock                                   -          -           -          (5.2)       -           -          (5.2)
   Preferred stock                                -          -           -          (0.5)       -           -          (0.5)
Repurchase shares of:
   Common stock                                   -          -          (0.3)        -          -           -          (0.3)
   Preferred stock                               (0.2)       -         (10.0)       (0.6)       -           -         (10.8)
Employee benefits trust:
   Remeasurement                                  -          -          (5.3)        -          5.3         -           -
   Shares used for employee benefit programs      -          -          (1.7)        -         20.6         -          18.9
Tax benefit of stock options exercised            -          -           0.2         -          -           -           0.2
- ---------------------------------------------------------------------------------------------------------------------------------

Balance as of December 31, 2002                $  -         54.3       383.0       213.1      (33.0)     (236.2)      381.2
- ---------------------------------------------------------------------------------------------------------------------------------

(a) Includes Brink's Group Common Stock - 40.9 shares; BAX Group Common Stock -
    20.8 shares and Minerals Group Common Stock - 10.1 shares.
(b) On January 14, 2000, the Company eliminated its tracking stock capital
    structure by an exchange of all outstanding shares of Minerals Group Common
    Stock and BAX Group Common Stock for shares of Brink's Group Common Stock.

See Accompanying Notes to Consolidated Financial Statements.

                                      -43-

THE PITTSTON COMPANY AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
- --------------------------------------------------------------------------------

                                                                                                    Years Ended December 31
(In millions)                                                                                    2002        2001      2000
- ---------------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
                                                                                                             
Net income (loss)                                                                         $      26.1        16.6     (256.6)
Adjustments to reconcile net income (loss) to net cash provided by continuing operations:
   Loss from discontinued operations, net of tax                                                 42.9        29.2      207.3
   Cumulative effect of change in accounting principle, net of tax                                -           -         52.0
   Depreciation and amortization                                                                154.8       160.6      158.8
   Impairment charges from subscriber disconnects                                                32.3        33.8       30.1
   Amortization of deferred revenue                                                             (23.9)      (23.9)     (20.6)
   Impairment of other long-lived assets                                                         21.5         1.6       47.8
   Aircraft heavy maintenance expense                                                            30.6        32.4       40.2
   Deferred income taxes                                                                         (0.8)       (6.7)     (28.1)
   Provision for uncollectible accounts receivable                                                3.2        12.0       22.9
   Other operating, net                                                                          23.7        10.9       12.4
   Pension expense, net of contributions                                                        (23.8)        8.5        9.3
   Change in operating assets and liabilities, net of effects of acquisitions:
     Accounts receivable                                                                        (14.2)       41.8       40.5
     Accounts payable and accrued liabilities                                                    17.4       (21.3)      11.9
     Deferred subscriber acquisition cost                                                       (17.7)      (14.9)     (14.0)
     Deferred revenue from new subscribers                                                       27.1        27.0       27.1
     Other, net                                                                                   8.7         5.6       (1.6)
- ---------------------------------------------------------------------------------------------------------------------------------
Net cash provided by continuing operations                                                      307.9       313.2      339.4
Net cash provided (used) by discontinued operations                                             (66.6)        6.9       30.4
- ---------------------------------------------------------------------------------------------------------------------------------
   Net cash provided by operating activities                                                    241.3       320.1      369.8
- ---------------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures                                                                           (204.2)     (193.1)    (214.4)
Aircraft heavy maintenance expenditures                                                         (31.0)      (15.5)     (50.5)
Cash proceeds from disposal of:
   Former coal operations                                                                        42.3         -           -
   Other property and equipment                                                                   5.7         2.0        4.1
   Other assets and investments                                                                   -           7.3         -
Acquisitions                                                                                     (0.1)       (8.4)      (3.9)
Discontinued operations, net                                                                    (19.7)      (11.1)      (7.4)
Other, net                                                                                       (1.4)       (6.3)      (1.6)
- ---------------------------------------------------------------------------------------------------------------------------------
   Net cash used by investing activities                                                       (208.4)     (225.1)    (273.7)
- ---------------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Long-term debt:
   Additions                                                                                    294.7       107.7      332.0
   Repayments                                                                                  (304.1)     (185.8)    (410.1)
Short-term borrowings (repayments), net                                                           9.1       (23.0)     (39.2)
Repurchase of stock                                                                             (11.1)        -         (2.2)
Dividends                                                                                        (5.3)       (5.4)      (5.6)
Other, net                                                                                        -           4.8        0.6
- ---------------------------------------------------------------------------------------------------------------------------------
   Net cash used by financing activities                                                        (16.7)     (101.7)    (124.5)
- ---------------------------------------------------------------------------------------------------------------------------------
Effect of exchange rate changes on cash                                                          (0.6)       (4.4)      (5.0)
Net increase (decrease) in cash and cash equivalents                                             15.6       (11.1)     (33.4)
Cash and cash equivalents at beginning of year                                                   86.7        97.8      131.2
- ---------------------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents at end of year                                                  $     102.3        86.7       97.8
- ---------------------------------------------------------------------------------------------------------------------------------

See Accompanying Notes to Consolidated Financial Statements.

                                      -44-

THE PITTSTON COMPANY AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
NOTE 1
SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES

BASIS OF PRESENTATION

The Pittston Company, a Virginia corporation, has three primary operating
segments within its "Business and Security Services" businesses: Brink's,
Incorporated ("Brink's"); Brink's Home Security, Inc. ("BHS"); and BAX Global
Inc. ("BAX Global").

The fourth operating segment is Other Operations, which consists of gold, timber
and natural gas operations. The Company also has significant assets and
liabilities associated with its former coal operations and expects to have
significant ongoing expenses and cash outflows related to former coal operations
in the future.

The Pittston Company and its subsidiaries are referred to herein as the
"Company." The Company's common stock trades on the New York Stock Exchange
under the symbol "PZB."

Prior to January 14, 2000, the Company had three classes of common stock, each
designed to track a segment of the Company's businesses: Pittston Brink's Group
Common Stock ("Brink's Stock"), Pittston BAX Group Common Stock ("BAX Stock")
and Pittston Minerals Group Common Stock ("Minerals Stock").

The Company eliminated its tracking stock capital structure on January 14, 2000
by exchanging all outstanding shares of Minerals Stock and BAX Stock for shares
of Brink's Stock (the "Exchange"). See Note 3 for additional information
concerning the Exchange.

PRINCIPLES OF CONSOLIDATION

The Consolidated Financial Statements include the accounts of The Pittston
Company and the subsidiaries it controls, including all subsidiaries that are
majority owned. The Company's interest in 20% to 50% owned companies are
accounted for using the equity method ("equity affiliates") unless control
exists, in which case, consolidation accounting is used. Undistributed earnings
of equity affiliates included in consolidated retained earnings approximated
$33.1 million at December 31, 2002. All material intercompany items and
transactions have been eliminated in consolidation.

REVENUE RECOGNITION

Brink's - Revenue is recognized when services are performed. Services related to
armored car transportation, including ATM servicing, cash logistics, coin
sorting and wrapping are performed in accordance with the terms of customer
contracts, which contract prices are fixed and determinable. Brink's assesses
the customer's ability to meet the terms of the contract, including payment
terms, before entering into contracts.

BHS - Monitoring revenues are recognized monthly as services are provided
pursuant to the terms of customer contracts, which contract prices are fixed and
determinable. BHS assesses the customer's ability to meet the terms of the
contract, including payment terms, before entering into contracts. Amounts
collected in advance as deposits from customers are deferred and recognized as
income over the applicable monitoring period, which is generally one year or
less. Beginning in 2000, nonrefundable installation revenues and a portion of
the related direct costs of acquiring new subscribers (primarily sales
commissions) are deferred and recognized over the estimated term of the
subscriber relationship, which is generally 15 years.

                                      -45-

When an installation is identified for disconnection, any unamortized deferred
revenues and deferred costs related to that installation are recognized at that
time. Prior to 2000, BHS charged against earnings as incurred, all marketing and
selling costs associated with obtaining new subscribers and recognized as
revenue all nonrefundable payments received from such subscribers to the extent
that costs exceeded such revenues.

BAX Global - Revenues related to transportation services are recognized,
together with related transportation costs, on the date shipments physically
depart from facilities en route to destination locations. BAX Global and its
customer agree to the terms of the shipment, including pricing, prior to
shipment. Pricing terms are fixed and determinable, and BAX Global only agrees
to shipments when it believes that collectibility is reasonably assured.
Revenues and operating results determined under existing recognition policies do
not materially differ from those which would result from an allocation of
revenue between reporting periods based on relative transit times in each
reporting period with expenses recognized as incurred.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents include cash on hand, demand deposits and investments
with original maturities of three months or less.

TRADE ACCOUNTS RECEIVABLE

Trade accounts receivable are recorded at the invoiced amount and do not bear
interest. The allowance for doubtful accounts is the Company's best estimate of
the amount of probable credit losses in the Company's existing accounts
receivable. The Company determines the allowance based on historical write-off
experience by industry and customer specific data. The Company reviews its
allowance for doubtful accounts quarterly. Account balances are charged off
against the allowance after all means of collection have been exhausted and the
potential for recovery is considered remote. The Company has an accounts
receivable securitization program described in Note 13.

PROPERTY AND EQUIPMENT

Property and equipment is accounted for at cost. Depreciation is calculated
principally on the straight-line method. Amortization of capitalized software is
calculated principally on the straight-line method.

Estimated Useful Lives                               Years
- -------------------------------------------------------------------------
Buildings                                         10 to 40
Home security systems                                   15
Vehicles                                           3 to 12
Capitalized software                                3 to 7
Other machinery and equipment                      3 to 20
- -------------------------------------------------------------------------

Expenditures for routine maintenance and repairs on property and equipment,
including aircraft, are charged to expense. Major renewals, betterments and
modifications are capitalized and amortized over the lesser of the remaining
life of the asset or, if applicable, lease term. Scheduled airframe and periodic
engine overhaul costs are capitalized, and reported within other assets, when
incurred and amortized over the flying time to the next scheduled major
maintenance or overhaul date, respectively.

BHS retains ownership of most home security systems installed at subscriber
locations. Costs for those systems are capitalized and depreciated over the
estimated lives of the assets. Costs capitalized as part of home security
systems include equipment and materials used in the installation process, direct
labor required to install the equipment at customer sites, and other costs
associated with the installation process. These other costs include the cost of
vehicles used for installation purposes and the portion of telecommunication,
facilities and administrative costs incurred primarily at BHS' branches that are
associated with the installation process. Direct labor and other costs represent
approximately 70% of the amounts capitalized, while equipment and materials
represent approximately 30% of amounts capitalized. In addition to regular
straight line depreciation expense each period, the Company charges to expense
the carrying value of security systems estimated to be permanently disconnected
based on each period's actual disconnects and historical reconnection
experience.

                                      -46-

The costs of computer software developed or obtained for internal use are
accounted for in accordance with AICPA Statement of Position ("SOP") No. 98-1,
"Accounting for the Costs of Computer Software Developed or Obtained for
Internal Use." SOP No. 98-1 requires that certain costs related to the
development or purchase of internal-use software be capitalized and amortized
over the estimated useful life of the software. Costs that are capitalized
include external direct costs of materials and services to develop or obtain the
software, and internal costs for employees directly associated with a software
development project, including payroll and other employee benefits. Amortization
of capitalized software costs was $19.8 million, $15.1 million and $14.6 million
in 2002, 2001 and 2000, respectively.

GOODWILL

Goodwill is recognized for the excess of the purchase price over the fair value
of tangible and identifiable intangible net assets of businesses acquired. Prior
to the adoption of Statement of Financial Accounting Standards ("SFAS") No. 142,
"Goodwill and Other Intangible Assets" in January 2002, goodwill was amortized
over the estimated period of benefit on a straight-line basis up to a maximum of
40 years, and was reviewed for impairment under the provisions of SFAS No. 121
"Accounting for the Impairment of Long-lived Assets and for Long-lived Assets to
be Disposed Of," for other long-lived assets. Since the adoption of SFAS No.
142, amortization of goodwill has been discontinued and goodwill is reviewed at
least annually for impairment. The Company completed the transitional and annual
goodwill impairment tests during 2002 with no impairment charges required. The
Company's goodwill amortization in each of 2001 and 2000 was approximately $9.5
million.

A reconciliation of net income (loss) and net income (loss) per share for the
three years ended December 31, 2002 as reported in the Company's Consolidated
Statements of Operations, to net income (loss) and net income (loss) per share
for the same periods, as adjusted to exclude goodwill amortization expense (net
of tax effects), is presented below:

(In millions, except              Years Ended December 31
per share amounts)                 2002     2001    2000
- ------------------------------------------------------------
Reported net income (loss)     $   26.1    16.6    (256.6)
Goodwill amortization,
   net of tax effects                -      8.3       8.2
- ------------------------------------------------------------
Net income (loss) as adjusted  $   26.1    24.9    (248.4)
- ------------------------------------------------------------
Reported diluted
   net income (loss) per share $  0.48      0.31    (5.12)
Goodwill amortization, net
   of tax effects                    -      0.16     0.16
- ------------------------------------------------------------
Diluted net income (loss)
   per share as adjusted       $  0.48      0.47    (4.96)
- ------------------------------------------------------------

IMPAIRMENT OF LONG-LIVED ASSETS

Long-lived assets that are deemed impaired are recorded at the lower of the
carrying amount or fair value in accordance with SFAS No. 142 for goodwill, as
noted above, and SFAS No. 144, "Accounting for the Impairment or Disposal of
Long-Lived Assets" for long-lived assets besides goodwill. Long-lived assets
besides goodwill are reviewed for impairment when circumstances indicate the
carrying value of an asset may not be recoverable. For assets that are to be
held and used, an impairment is recognized when the estimated undiscounted cash
flows associated with the asset or group of assets is less than their carrying
value. If impairment exists, an adjustment is made to write the asset down to
its fair value, and a loss is recorded as the difference between the carrying
value and fair value. Fair values are determined based on quoted market values,
discounted cash flows or internal and external appraisals, as applicable. Assets
held for sale are carried at the lower of carrying value or estimated net
realizable value. See Note 8.

STOCK-BASED COMPENSATION

The Company accounts for its stock-based compensation plans using the intrinsic
value method prescribed in Accounting Principles Board Opinion ("APB") No. 25,
"Accounting for Stock Issued to Employees" and related interpretations.
Accordingly, since options are granted with an exercise price equal to the
market price of the stock on the date of grant, the Company has not recognized
any compensation expense related to its stock option plans for the years ended
December 31, 2002, 2001 and 2000.  See Note 16.

                                      -47-

Had compensation costs for the Company's stock-based compensation plans been
determined based on the fair value of awards at the grant dates consistent with
the optional recognition provision of SFAS No. 123, "Accounting for Stock Based
Compensation," net income (loss) and net income (loss) per share would be the
pro forma amounts indicated below:

(In millions, except                Years Ended December 31
per share amounts)                   2002     2001    2000
- ------------------------------------------------------------------------

NET INCOME (LOSS)

   As reported                   $   26.1     16.6  (256.6)
   Less stock-based compensation
     expense determined under
     fair value method               (4.4)    (5.0)   (4.4)
- ------------------------------------------------------------------------
   Pro forma                     $   21.7     11.6  (261.0)
- ------------------------------------------------------------------------

NET INCOME (LOSS) PER COMMON SHARE

   Basic, as reported            $    0.48    0.31   (5.11)
   Basic, pro forma                   0.40    0.21   (5.21)
   Diluted, as reported          $    0.48    0.31   (5.12)
   Diluted, pro forma                 0.39    0.21   (5.21)
- ------------------------------------------------------------------------

The fair value of each stock option grant is estimated at the time of the grant
using the Black-Scholes option-pricing model. Pro forma net income (loss) and
net income (loss) per share disclosures are computed by amortizing the estimated
fair value of the grants over respective vesting periods. The weighted-average
assumptions used in the model for Pittston Common Stock and the resulting
weighted-average grant-date estimates of fair value are as follows:

                                      Years Ended December 31
                                     2002       2001      2000
- ---------------------------------------------------------------------
Assumptions:
   Expected dividend yield           0.5%       0.5%       0.4%
   Expected volatility                37%        38%        31%
   Risk-free interest rate           3.7%       4.8%       6.0%
   Expected term (in years)          4.0        4.6        4.5
Fair value estimates:
   In millions                  $     6.6        9.6        5.5
   Per share                    $    6.97       8.10       5.21
- ---------------------------------------------------------------------

POSTRETIREMENT BENEFITS OTHER THAN PENSIONS

Postretirement benefits other than pensions, except for those established
pursuant to the Coal Industry Retiree Health Benefit Act of 1992 (the "Health
Benefit Act"), are accounted for in accordance with SFAS No. 106, "Employers'
Accounting for Postretirement Benefits Other Than Pensions," which requires
employers to accrue the cost of such retirement benefits during the employees'
service with the Company. Actuarial gains and losses are deferred. The portion
of the deferred gains or losses that exceeds 10% of the accumulated
postretirement benefit obligation at the beginning of the year is amortized into
earnings generally over the average remaining life expectancy for inactive
participants.

Postretirement benefit obligations established by the Health Benefit Act are
recorded as a liability when they are probable and estimable in accordance with
Emerging Issues Task Force ("EITF") No. 92-13, "Accounting for Estimated
Payments in Connection with the Coal Industry Retiree Health Benefit Act of
1992." Prior to the Company's formal plan to exit the coal business in December
2000, the Company recognized expense when payments were made, similar to the
accounting for multi-employer plans, as provided in EITF 92-13.

INCOME TAXES

Deferred tax assets and liabilities are recognized for the expected future tax
consequences of events that have been included in the financial statements or
tax returns. Deferred tax assets and liabilities are determined based on the
difference between the financial statement and tax bases of assets and
liabilities using enacted tax rates in effect for the year in which these items
are expected to reverse.

                                      -48-

FOREIGN CURRENCY TRANSLATION

The Company's Consolidated Financial Statements are reported in U.S. dollars.
Assets and liabilities of foreign subsidiaries are translated using rates of
exchange at the balance sheet date and resulting cumulative translation
adjustments have been recorded as a separate component of accumulated other
comprehensive loss. Revenues and expenses are translated at rates of exchange in
effect during the year. Translation adjustments relating to subsidiaries in
countries with highly inflationary economies are included in net income, along
with all transaction gains and losses.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

All derivative instruments are recorded in the Consolidated Balance Sheet at
fair value. If the derivative has been designated as a cash flow hedge, changes
in the fair value of derivatives are recognized in other comprehensive loss
until the hedged transaction is recognized in earnings.

FORMER COAL OPERATIONS

The following accounting policies of the Company's former coal operations were
in effect through December 2002, at which point the Company completed its exit
of the coal business by either selling or shutting down its active coal
operations.

Revenue Recognition
Coal sales are generally recognized when coal is loaded onto transportation
vehicles for shipment to customers. For domestic sales, this generally occurs
when coal is loaded onto railcars at mine locations. For export sales, this
generally occurs when coal is loaded onto marine vessels at terminal facilities.
Coal sales are included as a component of the Company's loss from discontinued
operations in the Company's Consolidated Statements of Operations.

Property, Plant and Equipment
Depletion of bituminous coal lands is provided on the basis of tonnage mined in
relation to the estimated total of recoverable tonnage in the ground and is
included as a component of the Company's loss from discontinued operations in
the Company's Consolidated Statements of Operations.
Mine development costs are capitalized and amortized over the estimated useful
life of the mine. These costs include expenses incurred for site preparation and
development at the mines during the development stage. A mine is considered
under development until management determines that all planned production units
are in place and the mine is available for commercial operation and the mining
of coal. Capitalized mine development costs are included within noncurrent
assets (classified as part of discontinued operations at December 31, 2001) on
the Company's Consolidated Balance Sheets. The associated amortization is
included as a component of the Company's loss from discontinued operations in
the Company's Consolidated Statements of Operations.

Reclamation Costs
Expenditures relating to environmental regulatory requirements and reclamation
costs undertaken during mine operations are expensed as incurred. Estimated site
restoration and post closure reclamation costs are expensed using the units of
production method over the estimated recoverable tonnage at each mine. In each
case, such charges are included as a component of the Company's loss from
discontinued operations in the Company's Consolidated Statements of Operations.
Accrued reclamation costs are subject to review by management on a regular basis
and are revised when appropriate for changes in future estimated costs and/or
regulatory requirements. Accrued reclamation costs for mines are included in
either current or noncurrent liabilities (amounts expected to be assumed by
purchasers were classified as part of discontinued operations at December 31,
2001) in the Company's Consolidated Balance Sheets.

Inventories
Inventories are stated at cost (determined under the first-in, first-out or
average cost method) or market, whichever is lower. Inventory is recorded within
current assets (classified as part of discontinued operations at December 31,
2001) in the Company's Consolidated Balance Sheets.

                                      -49-

USE OF ESTIMATES

In accordance with accounting principles generally accepted in the U.S.,
management of the Company has made a number of estimates and assumptions
relating to the reporting of assets and liabilities and the disclosure of
contingent assets and liabilities to prepare these Consolidated Financial
Statements. Actual results could differ materially from those estimates. The
most significant estimates used by management are related to the accounting for
goodwill and property and equipment valuations, employee and retiree benefit
obligations, discontinued operations, and deferred tax assets.

RECLASSIFICATIONS

Certain prior year amounts have been reclassified to conform to the current
year's financial statement presentation.

ACCOUNTING CHANGE - 2000

Pursuant to guidance issued in Staff Accounting Bulletin ("SAB") No. 101,
"Revenue Recognition in Financial Statements," by the Securities and Exchange
Commission in December 1999, and a related interpretation issued in October
2000, BHS changed its method of accounting for nonrefundable installation
revenues and a portion of the related direct costs of obtaining new subscribers
(primarily sales commissions). Under the new method, all of the nonrefundable
installation revenues and a portion of the new installation costs deemed to be
direct costs of subscriber acquisition are deferred and recognized in income
over the estimated term of the subscriber relationship. Prior to 2000, BHS
charged against earnings as incurred, all marketing and selling costs associated
with obtaining new subscribers and recognized as revenue all nonrefundable
payments received from such subscribers to the extent that costs exceeded such
revenues.

The accounting change was implemented in 2000 and the Company reported a noncash
after-tax charge of $52.0 million ($84.7 million pretax), to reflect the
cumulative effect of the accounting change on years prior to 2000. The pretax
cumulative effect charge of $84.7 million comprised a net deferral of $121.1
million of revenues partially offset by $36.4 million of customer acquisition
costs. The change in accounting principle decreased operating profit for 2000 by
$2.3 million, reflecting a net decrease in revenues of $6.4 million and a net
decrease in operating expenses of $4.1 million. Net income for 2000 was reduced
by $1.4 million ($0.03 per diluted share).

RECENT ACCOUNTING PRONOUNCEMENTS

SFAS No. 143, "Accounting for Asset Retirement Obligations," was issued in June
2001 and addresses financial accounting and reporting for obligations associated
with the retirement of tangible long-lived assets and the associated asset
retirement costs. SFAS No. 143 requires that the fair value of a liability for
an asset retirement obligation be recognized in the period in which it becomes
an obligation, if a reasonable estimate of fair value can be made. The Company
will adopt SFAS No. 143 in the first quarter of 2003. The implementation of the
new standard is not expected to have a material effect on the Company's results
of operations or financial position.

SFAS No. 146, "Accounting for Costs Associated with Exit or Disposal
Activities," was issued in June 2002 and applies to costs associated with an
exit activity (including restructuring) or with a disposal of long-lived assets.
This statement nullifies Emerging Issues Task Force Issue No. 94-3, "Liability
Recognition for Certain Employee Termination Benefits and Other Costs to Exit an
Activity (including Certain Costs Incurred in a Restructuring)." Under SFAS No.
146, a commitment to a plan to exit an activity or dispose of long-lived assets
will no longer be sufficient to record a charge for most anticipated costs.
Instead, a liability for costs associated with an exit or disposal activity will
be recorded when that liability is incurred and can be measured at fair value.
SFAS No. 146 also revises accounting for specified employee and contract
terminations that are part of restructuring activities. SFAS No. 146 is
effective for exit or disposal activities initiated after December 31, 2002.

                                      -50-

SFAS No. 148 "Accounting for Stock-Based Compensation - Transition and
Disclosure," was issued in December 2002 and provides alternative methods of
transition for a voluntary change to the fair value-based method of accounting
for stock-based compensation. It also amends the disclosure provisions of SFAS
No. 123 to require prominent disclosure in the "Summary of Significant
Accounting Policies" about the effects on reported net income of an entity's
accounting policy decisions with respect to stock-based employee compensation.
SFAS No. 148 requires disclosure as to the pro forma effects on interim
financial statements if stock-based compensation is accounted for under the
intrinsic value method prescribed in APB No. 25. The amendments to SFAS No. 123
as to transition alternatives and as to prominent disclosure are effective for
fiscal years ending after December 15, 2002. The amendment is effective for
interim periods beginning after December 15, 2002.

In November 2002, the Financial Accounting Standards Board (the "FASB") issued
FASB Interpretation No. 45 ("FIN 45"), "Guarantor's Accounting and Disclosure
Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of
Others." FIN 45 requires that upon issuance of a guarantee, the guarantor must
recognize a liability for the fair value of the obligation it assumes under that
guarantee. FIN 45 also requires additional disclosures by a guarantor in its
interim and annual financial statements about the obligations associated with
guarantees issued. The required disclosures have been included in Notes 12, 14
and 21. The recognition and measurement provisions are effective on a
prospective basis to guarantees issued or modified after December 31, 2002. The
adoption of this interpretation is not expected to have a material effect on the
Company's Consolidated Financial Statements.

In January 2003, the FASB issued FASB Interpretation No. 46 ("FIN 46"),
"Consolidation of Variable Interest Entities." FIN 46 provides guidance on the
identification of entities for which control is achieved through means other
than through voting rights ("variable interest entities") and how to determine
when and which business enterprises should consolidate variable interest
entities. Variable interest entities created after January 31, 2003, if any,
will be assessed for consolidation using the new interpretation beginning in the
first quarter of 2003. Variable interest entities in which the Company holds a
variable interest that it acquired before February 1, 2003 will be assessed for
consolidation beginning in the third quarter of 2003. The adoption of this
interpretation is not expected to have a material effect on the Company's
Consolidated Financial Statements.

                                      -51-

NOTE 2
SEGMENT INFORMATION

The Company conducts business in four different operating segments: Brink's,
BHS, and BAX Global (collectively "Business and Security Services") and Other
Operations. These reportable segments are identified by the Company based on how
resources are allocated and how operating decisions are made. Management
evaluates performance and allocates resources based on operating profit or loss
excluding corporate allocations.

Brink's operates in the U.S. and 49 international countries. Services offered by
Brink's include contract-carrier armored car, ATM servicing, air courier (global
services), coin wrapping and cash logistics.

BHS is engaged in the business of marketing, selling, installing, monitoring and
servicing electronic security systems, primarily in owner-occupied,
single-family residences.

BAX Global is a worldwide transportation and supply chain management company
offering multi-modal freight forwarding to business-to-business shippers through
a global network. In North America, BAX Global provides overnight, second day
and deferred freight delivery as well as supply chain management services.
Internationally, BAX Global is engaged in time-definite air and sea delivery,
freight forwarding, supply chain management services and international customs
brokerage.

The Company has no single customer that represents more than 10% of its total
revenue.

Other Operations consists of the Company's gold, timber and natural gas
businesses. The Company expects to ultimately exit these activities to focus
resources on its core Business and Security Services segments.

The Company also has significant assets and liabilities associated with its
former coal operations and expects to have significant ongoing expenses and cash
outflows related to former coal operations in the future.

- ---------------------------------------------------------------------------------------------------------------------------------

                                         Assets                            Revenues               Operating Profit (Loss)
- ---------------------------------------------------------------------------------------------------------------------------------
                                       December 31                 Years Ended December 31         Years Ended December 31
(In millions)                    2002     2001      2000           2002     2001     2000         2002      2001     2000
- ---------------------------------------------------------------------------------------------------------------------------------
BUSINESS SEGMENTS

Brink's                      $   851.4    801.7     764.9     $  1,579.9   1,536.3   1,462.9    $  96.1     92.0    108.5
BHS                              418.9    386.4     365.6          282.4     257.6     238.1       60.9     54.9     54.3
BAX Global (a)                   764.5    696.8     798.6        1,871.5   1,790.1   2,097.6       17.6    (27.6)   (99.6)
- ---------------------------------------------------------------------------------------------------------------------------------
  Business and Security
    Services                   2,034.8  1,884.9   1,929.1        3,733.8   3,584.0   3,798.6      174.6    119.3     63.2
Other Operations (b)              51.1     46.2      50.1           42.9      40.2      35.5        0.4      7.6      5.7
General corporate                 27.7     70.3      67.2            -         -         -        (23.1)   (19.3)   (21.2)
Former coal operations:
   Deferred tax assets           238.7    244.4     231.6            -         -         -          -        -        -
   Other (c)                     107.6    177.4     200.7            -         -         -        (19.2)     -        -
- ---------------------------------------------------------------------------------------------------------------------------------
                             $ 2,459.9  2,423.2   2,478.7     $  3,776.7   3,624.2   3,834.1     $132.7    107.6     47.7
- ---------------------------------------------------------------------------------------------------------------------------------

(a)  BAX Global's operating loss in 2000 includes restructuring charges of $57.5 million (see Note 20).
(b)  Other Operations operating profit in 2002 includes a $7.1 million of impairment and other charges.
(c)  Former coal operations operating loss in 2002 represents impairment and other charges.

                                      -52-

- ---------------------------------------------------------------------------------------------------------------------------------

                                                              Capital Expenditures              Depreciation and Amortization
- ---------------------------------------------------------------------------------------------------------------------------------
                                                             Years Ended December 31               Years Ended December 31
(In millions)                                              2002       2001       2000             2002       2001     2000
- ---------------------------------------------------------------------------------------------------------------------------------
BUSINESS SEGMENTS

Brink's                                               $    79.3       71.3       73.9         $   61.3       60.1     58.2
BHS                                                        86.9       81.3       74.5             37.3       31.0     26.7
BAX Global (a)                                             27.1       33.1       60.1             44.4       49.4     53.8
- --------------------------------------------------------------------------------------------------------------------------------
   Business and Security Services                         193.3      185.7      208.5            143.0      140.5    138.7
Other Operations                                           10.8        7.2        5.1              4.9        4.3      4.9
General corporate                                           0.1        0.2        0.8              0.3        0.5      0.4
- --------------------------------------------------------------------------------------------------------------------------------
   Property and equipment                                 204.2      193.1      214.4            148.2      145.3    144.0
Amortization of BHS deferred subscriber acquisition costs   -          -          -                6.6        5.8      5.3
Goodwill amortization:
   Brink's                                                  -          -          -                -          2.1      2.0
   BAX Global                                               -          -          -                -          7.4      7.5
- ---------------------------------------------------------------------------------------------------------------------------------
                                                            -          -          -                -          9.5      9.5
- ---------------------------------------------------------------------------------------------------------------------------------
Total                                                 $   204.2      193.1      214.4        $   154.8      160.6    158.8
- ---------------------------------------------------------------------------------------------------------------------------------

(a) Excludes aircraft heavy maintenance expenditures and amortization.

- ---------------------------------------------------------------------------------------------------------------------------------

                                                                                                   Years Ended December 31
(In millions)                                                                                     2002       2001     2000
- ---------------------------------------------------------------------------------------------------------------------------------
OTHER BHS INFORMATION

Impairment charges from subscriber disconnects                                               $    32.3       33.8     30.1
Amortization of deferred revenue                                                                 (23.9)     (23.9)   (20.6)
Deferred subscriber acquisition costs (current year payments)                                    (17.7)     (14.9)   (14.0)
Deferred revenue from new subscribers (current year receipts)                                     27.1       27.0     27.1
- ---------------------------------------------------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------------------------------------------------

                              Long-Lived Assets                     Revenues                       Operating Profit (Loss)
- ---------------------------------------------------------------------------------------------------------------------------------
                                 December 31                 Years Ended December 31                Years Ended December 31
(In millions)             2002      2001      2000         2002       2001       2000             2002       2001     2000
- ---------------------------------------------------------------------------------------------------------------------------------
GEOGRAPHIC

United States (a)   $    773.3     762.7     745.0   $  1,796.1    1,775.4    1,932.1        $    82.6       39.0    (28.3)
France                   134.7     102.7     101.3        375.6      326.0      297.0             21.3       25.3     20.9
Other international (a)  241.3     248.2     252.1      1,605.0    1,522.8    1,605.0             71.1       62.6     76.3
General corporate (b)      0.8       1.1       1.4          -          -          -              (23.1)     (19.3)   (21.2)
Former coal operations (b)31.5     113.4     119.4          -          -          -              (19.2)       -        -
- ---------------------------------------------------------------------------------------------------------------------------------
                    $  1,181.6   1,228.1   1,219.2   $  3,776.7    3,624.2    3,834.1        $   132.7      107.6     47.7
- ---------------------------------------------------------------------------------------------------------------------------------

(a) Operating profit (loss) in 2000 includes restructuring charges of $54.6
    million and $2.9 million in the U.S. and Other international, respectively,
   (see Note 20).
(b) U.S. based assets and expense.

                                      -53-

Brink's has investments in unconsolidated equity affiliates of $23.8 million,
$26.0 million and $22.1 million in 2002, 2001 and 2000, respectively. Brink's
equity interest in net income of unconsolidated equity affiliates was $1.3
million in 2002, $5.5 million in 2001 and $4.3 million in 2000.

Other operations has investments in unconsolidated equity affiliates of $3.4
million, $3.4 million and $4.4 million in 2002, 2001 and 2000, respectively.
Other operation's equity interest in net income (loss) of unconsolidated equity
affiliates was $0.1 million in 2002, ($0.6) million in 2001 and $0.4 million in
2000. The Company has an additional investment in an unconsolidated equity
affiliate of $8.3 million in 2002, $7.1 million in 2001 and $6.2 million in
2000.

Revenues are recorded in the country where the service is initiated/performed
with the exception of most of BAX Global's export freight service where revenue
is shared among the origin and destination countries. The Company's net assets
in non-U.S. subsidiaries were $377.8 million and $318.1 million at December 31,
2002 and 2001, respectively.

NOTE 3
CAPITAL STOCK

COMMON STOCK

On January 14, 2000, the Company eliminated its tracking stock capital structure
by exchanging all outstanding shares of Minerals Stock and BAX Stock for 10.9
million shares of Brink's Stock. The holders of Minerals Stock received 0.0817
share of Brink's Stock for each share of their Minerals Stock; and holders of
BAX Stock received 0.4848 share of Brink's Stock for each share of their BAX
Stock. The exchange ratios were derived using a shareholder-approved formula
that was based on the relative fair market values of each stock, as defined in
the Company's Articles of Incorporation.

After January 14, 2000, Brink's Stock became the only outstanding class of
common stock of the Company and is hereinafter referred to as "Pittston Common
Stock."

CONVERTIBLE PREFERRED STOCK

On August 15, 2002 the Company redeemed all 21,433 outstanding shares of the
$31.25 Series C Cumulative Preferred Stock (the "Convertible Preferred Stock")
for $10.8 million, or $506.25 per share.

At December 31, 2002, the Company has authority to issue up to 2.0 million
shares of preferred stock, par value $10 per share.

REPURCHASE PROGRAM

The Company has the remaining authority to purchase up to 1.0 million shares of
Pittston Common Stock under a share repurchase program authorized by the Board
of Directors, with an aggregate purchase price limitation of $19.1 million.

(Dollars in millions,              Years Ended December 31
shares in thousands)              2002       2001     2000
- -------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCK

Shares repurchased                21.4         -       8.1
Cash paid to repurchase        $  10.8         -       2.2
Premium on redemption of
    preferred stock (a)           (0.6)        -       -
Discount on repurchase of
    preferred stock (b)            -           -       1.7
- -------------------------------------------------------------------

(a) Represents the excess of cash paid to holders over the carrying value of the
    shares redeemed and is included within preferred dividends in the Company's
    Consolidated Statements of Operations.
(b) Represents the excess of carrying value over cash paid to holders of the
    shares repurchased and is included within preferred dividends in the
    Company's Consolidated Statements of Operations.

DIVIDENDS

During 2002, 2001 and 2000, the Company paid dividends of $5.2 million, $5.1
million and $5.0 million, respectively, on Pittston Common Stock. In 2002, 2001
and 2000, dividends paid on the Convertible Preferred Stock amounted to $0.5
million, $0.7 million, and $0.9 million, respectively.

Dividends distributed to employee benefit plans in the form of common stock were
$0.4 million, $0.4 million and $0.3 million for the years ended December 31,
2002, 2001 and 2000, respectively.

                                      -54-

In February 2003, the Board declared a cash dividend of $0.025 per share on
Pittston Common Stock payable on March 3, 2003 to shareholders of record on
February 18, 2003.

SERIES A PREFERRED STOCK RIGHTS AGREEMENT

Under the Amended and Restated Rights Agreement dated as of January 14, 2000, as
amended effective November 30, 2001, holders of Pittston Common Stock have
rights to purchase a new Series A Participating Cumulative Preferred Stock (the
"Series A Preferred Stock") of the Company at the rate of one right for each
share of Pittston Common Stock. Each right, if and when it becomes exercisable,
will entitle the holder to purchase one-thousandth of a share of Series A
Preferred Stock at a purchase price of $60.00, subject to adjustment.

Each fractional share of Series A Preferred Stock will be entitled to
participate in dividends and to vote on an equivalent basis with one whole share
of Pittston Common Stock. Each right will not be exercisable until after a third
party acquires more than 15% of the total voting rights of all outstanding
Pittston Common Stock or on such date as may be designated by the Board after
commencement of a tender offer or exchange offer by a third party for more than
15% of the total voting rights of all outstanding Pittston Common Stock.

If after the rights become exercisable, the Company is acquired in a merger or
other business combination, each right will entitle the holder to purchase, for
the purchase price, common stock of the surviving or acquiring company having a
market value of twice the purchase price. In the event a third party acquires
more than 15% of all outstanding Pittston Common Stock, the rights will entitle
each holder to purchase, at the purchase price, that number of fractional shares
of Series A Preferred Stock equivalent to the number of shares of common stock
which at the time of the triggering event would have a market value of twice the
purchase price. As an alternative to the purchase described in the previous
sentence, the Board may elect to exchange the rights for other forms of
consideration, including that number of shares of common stock obtained by
dividing the purchase price by the market price of the common stock at the time
of the exchange or for cash equal to the purchase price. The rights may be
redeemed by the Company at a price of $0.01 per right and expire on September
25, 2007.

EMPLOYEE BENEFITS TRUST

The Pittston Company Employee Benefits Trust (the "Trust") holds shares of
Pittston Common Stock to fund obligations under certain compensation and
employee benefit programs that provide for the issuance of stock. In 2001, the
Company issued an additional 2.5 million shares of Pittston Common Stock to the
Trust. In 2000, the Trust exchanged its BAX Stock and Minerals Stock for 0.7
million shares of Pittston Common Stock in the Exchange. As of December 31,
2002, 2001 and 2000, 1.8 million, 2.7 million and 1.3 million shares,
respectively, of Pittston Common Stock were held by the Trust. The fair value as
of the balance sheet date of the shares owned by the Trust are accounted for as
a reduction of shareholders' equity. Shares of Pittston Common Stock will be
voted by the trustee in the same proportion as those voted by the Company's
employees participating in the Company's Savings Investment Plan.

                                      -55-

NOTE 4
EARNINGS PER SHARE

The following is a reconciliation between the calculations of basic and diluted
income from continuing operations per common share:

                                    Years Ended December 31
(In millions)                         2002    2001   2000
- ------------------------------------------------------------------------
NUMERATOR

Income from continuing operations $   69.0    45.8    2.7
Preferred stock dividends             (0.5)   (0.7)  (0.9)
(Premium) discount on repurchase of
   preferred stock (a)                (0.6)    -      1.7
- ------------------------------------------------------------------------
Basic income from continuing
   operations                         67.9    45.1    3.5
Preferred stock dividends               -      -      0.9
Discount on repurchase of
   preferred stock                      -      -     (1.7)
- ------------------------------------------------------------------------
Diluted income from
   continuing operations         $    67.9    45.1    2.7
- ------------------------------------------------------------------------

DENOMINATOR

Basic weighted average
   common shares outstanding          52.1    51.2   50.1
Effect of dilutive
   stock options                       0.3     0.2    -
- ------------------------------------------------------------------------
Diluted weighted average
   common shares outstanding          52.4    51.4   50.1
- ------------------------------------------------------------------------

(a) See "Repurchase Program" in Note 3.

Unallocated shares of Pittston Common Stock held in the Pittston Company
Employee Benefits Trust (the "Trust"), a grantor trust, are treated as treasury
shares for earnings per share purposes. Accordingly, such shares are excluded
from the basic and diluted income per common share calculations. Shares held by
the Trust that were excluded were 1.8 million, 2.7 million and 1.3 million in
2002, 2001 and 2000, respectively.

The Company excludes the effect of antidilutive securities from the computations
of diluted income from continuing operations per common share. The equivalent
weighted average shares of common stock that were excluded were 1.2 million, 2.0
million and 2.8 million in 2002, 2001 and 2000, respectively.

NOTE 5
DISCONTINUED OPERATIONS

After completing the disposal of its coal business, the Company has retained
certain coal-related liabilities and related expenses. Retained liabilities
include obligations related to postretirement benefits for Company-sponsored
plans, black lung benefits, reclamation and other costs related to idle
(shut-down) mines which have been retained, Health Benefit Act, workers'
compensation claims and costs of withdrawal from multi-employer pension plans.
Expenses related to these liabilities have been reflected in the loss from
discontinued operations through the disposal date. Subsequent to the completion
of the disposal process (for the period beginning January 1, 2003), adjustments
to coal-related contingent liabilities will be reflected in discontinued
operations, and expenses related to Company-sponsored pension and postretirement
benefit obligations and black lung obligations will be reflected in continuing
operations. In addition, subsequent to the disposal date, the Company expects to
have certain ongoing costs related to the administration of the retained
liabilities and will report those costs in continuing operations.

The amounts to be recorded in future years will be dependent on many factors,
including inflation in health care and other costs, discount rates, the market
value of pension plan assets, the number of participants in various benefit
programs, the number of idle mine sites ultimately transferred and the timing of
such transfers, and the amount of administrative costs needed to manage the
retained liabilities.

Proceeds received from the sales transactions in 2002 approximated $88 million
including cash of $42 million, notes receivable of $8 million (six-month term),
$16 million representing the present value of royalties (five-year term, $20
million total payments), and liabilities assumed by the purchasers of
approximately $22 million.

The assets disposed of primarily included operations including coal reserves,
property, plant and equipment, the Company's economic interest in Dominion
Terminal Associates ("DTA") and inventory. Certain liabilities, primarily
reclamation costs related to properties disposed of, were assumed by the
purchasers.

                                      -56-

The losses from discontinued operations in the Company's Consolidated Statements
of Operations were as follows:

                                    Years Ended December 31
(In millions)                        2002    2001     2000
- ------------------------------------------------------------------------
Pretax loss from the operations of
   the discontinued segment      $     -       -       (32.4)
Income tax benefit                     -       -       (14.2)
- ------------------------------------------------------------------------
Loss from the operations of the
   discontinued segment, after tax     -       -       (18.2)
- ------------------------------------------------------------------------

Loss on the disposal                 13.2    (15.9)    (85.9)
Operating losses during
   the disposal period              (28.1)   (22.2)    (45.0)
Health Benefit Act liabilities and
   curtailment of benefit plans     (24.0)    (8.0)   (163.3)
Withdrawal liability                (26.8)    (8.2)      -
- ------------------------------------------------------------------------
Pretax loss on the disposal
   of the discontinued segment      (65.7)   (54.3)   (294.2)
Income tax benefit                  (22.8)   (25.1)   (105.1)
- ------------------------------------------------------------------------
Loss on the disposal of the
   discontinued segment, after tax  (42.9)   (29.2)   (189.1)
- ------------------------------------------------------------------------
Loss from discontinued
   operations                    $  (42.9)   (29.2)   (207.3)
- ------------------------------------------------------------------------

LOSS ON THE DISPOSAL

During 2000, an estimated loss of $85.9 million was recorded to reflect the
difference between expected proceeds and the carrying value of assets to be
sold. During 2001, an estimated additional net loss of $15.9 million was
recorded to reflect changes in expected proceeds to be received and changes in
the expected values of assets and liabilities through the anticipated dates of
sale or shutdown. A $13.2 million reversal of the previously estimated loss on
sale was recorded during 2002 to reflect the final adjustment based on the
actual proceeds and values of assets and liabilities at the dates of sale.

OPERATING LOSSES

Discontinued Operations accounting required the accrual of expenses expected to
be incurred through the end of the disposal period. Accordingly, operating
losses (including significant expenses the Company expects to retain and
classify in continuing operations subsequent to the disposal date related to
Company-sponsored pension and postretirement benefit obligations and black lung
obligations) were recognized within discontinued operations in different periods
than they would have been recorded if coal were a continuing operation. Total
recorded charges for Company-sponsored pension and postretirement benefit
obligations and black lung obligations, were approximately $2 million, $53
million and $48 million in 2002, 2001 and 2000, respectively. The year 2000
included expenses incurred in 2000 and those expected to be incurred in 2001,
while 2001 (which included expenses expected to be incurred in 2002) included
only one year of expenses. The amount in 2002 represents the difference between
the estimated amount of expenses relating to 2002 that were accrued in 2001 and
the amount actually incurred in 2002. The increase in the average amount of
annual expense for 2002 (recorded in 2001) versus prior years primarily resulted
from the effects of actuarial assumption changes on postretirement medical and
pension benefits.

Estimated operating losses, including the above employee expenses, through the
originally anticipated period of disposal of $45.0 million were recorded in
2000.

The Company increased the estimated operating losses in 2001 by $22.2 million.
The $22.2 million increase included the effect of extending the anticipated
period of disposal through the end of 2002, which resulted in $53 million of
additional postretirement, pension, and black lung benefit expenses. Also
included in the $22.2 million increase was a refund of $23.4 million (including
interest) of Federal Black Lung Excise Tax ("FBLET") received during 2001 and an
accrual of $9.5 million for litigation settlements that were paid during early
2002.

The Company recorded an additional $28.1 million of operating losses during
2002, primarily reflecting worse-than-expected price, volume and costs per ton
of coal as a result of adverse coal market conditions during the year, and the
sale of coal operations and reserves in 2002.

No interest expense has been allocated to discontinued operations.

                                      -57-

HEALTH BENEFIT ACT LIABILITIES AND CURTAILMENT OF BENEFIT PLANS

In 2000, the Company recorded a $161.7 million liability for its obligations
under the Coal Industry Retiree Health Benefit Act of 1992 (the "Health Benefit
Act"). In 2002 and 2001, the Company recorded additional charges of $24.0
million and $8.0 million, respectively, to reflect changes in the estimates of
the undiscounted liability. This liability will be adjusted in future periods as
assumptions change. See Note 15.

During 2000, the Company also recorded a net curtailment loss of $1.6 million,
comprising a $6.0 million net curtailment loss on the Company's medical benefit
plans and a $4.4 million net curtailment gain on the Company's pension plans.

WITHDRAWAL LIABILITY

The Company participates in the United Mine Workers of America ("UMWA") 1950 and
1974 pension plans at defined contribution rates, but expects to ultimately
withdraw from these plans. At December 31, 2001, the Company recorded $8.2
million of estimated withdrawal liabilities for these multi-employer pension
plans associated with its planned exit from the coal business. At December 31,
2002, the Company increased the estimated liabilities by $26.8 million to $35.0
million. The Company's estimate of the obligation in each year is based on the
funded status of the multi-employer plans at the most recent measurement date.

The actual withdrawal liability, if any, is subject to several factors,
including funding and benefit levels of the plans and the date that the Company
is determined to have completely withdrawn from the plans. Accordingly, the
ultimate obligation could change materially.

INCOME TAXES

Income tax benefits attributable to the loss on the disposal of the discontinued
segment include the benefits of percentage depletion generated from the active
operations during the sale period.

OPERATING PERFORMANCE OF FORMER COAL OPERATIONS

Since estimated operating losses from the measurement date to the date of
disposal of the former coal operations were recorded as part of the estimated
loss on the disposal, actual results of operations during the disposal period
are not included in Consolidated Statements of Operations in the period that
they are earned.

The following table shows selected financial information for former coal
operations during 2002, 2001 and 2000.

(In millions)                       2002     2001     2000
- ------------------------------------------------------------------------
Sales                           $   266.5    384.0     401.0
Operating loss                      (77.5)   (31.7)    (37.0)
Loss before income taxes            (75.6)   (29.5)    (32.4)
- ------------------------------------------------------------------------

NOTE 6
SUPPLEMENTAL CASH FLOW INFORMATION

                                    Years Ended December 31
(In millions)                        2002     2001     2000
- ------------------------------------------------------------------------
Cash payments for:
   Income taxes, net             $   14.8      20.1     28.2
   Interest                          22.7      31.1     44.8
- ------------------------------------------------------------------------

Noncash investing activities in connection with the disposal of the Company's
former coal operations were as follows:

                                                           Year Ended
                                                           December 31
(In millions)                                                 2002
- ------------------------------------------------------------------------
Fair market value of coal assets disposed                $    88.4
Liabilities assumed by purchasers as consideration           (22.1)
Notes receivable                                              (8.3)
Present value of royalties (a)                               (15.7)
- ------------------------------------------------------------------------
Net cash received                                        $    42.3
- ------------------------------------------------------------------------

(a) Five-year maximum term, with $20 million of total payments.

                                      -58-

NOTE 7
PROPERTY AND EQUIPMENT

The following table presents the Company's property and equipment that is
classified as held and used:

                                             December 31
(In millions)                             2002        2001
- ------------------------------------------------------------------------
Land                                 $    72.9        48.9
Buildings                                140.4       123.3
Leasehold improvements                   138.9       133.2
Vehicles                                 161.3       145.6
Aircraft and related assets               85.8        85.5
Home security systems                    527.0       455.9
Capitalized software                     131.7       111.7
Other machinery and equipment            456.1       395.9
- ------------------------------------------------------------------------
                                       1,714.1     1,500.0
Accumulated depreciation
   and amortization                      842.9       681.9
- ------------------------------------------------------------------------
Property and equipment, net          $   871.2       818.1
- ------------------------------------------------------------------------

NOTE 8
IMPAIRMENT OF LONG-LIVED ASSETS

Each quarter, the Company records impairment charges at BHS related to
disconnected home security systems as described in Note 1. Other impairment
charges are as follows:
                                    Years Ended December 31
(In millions)                       2002     2001     2000
- ------------------------------------------------------------------------
Former coal operations          $   14.1      -        -
Gold operations                      5.7      -        -
BAX Global restructuring             -        -       45.2
Other                                1.7      1.6      2.6
- ------------------------------------------------------------------------
Total                           $   21.5      1.6     47.8
- ------------------------------------------------------------------------

Approximately $43.3 million (original carrying value) of residual long-lived
coal assets were reclassified at December 31, 2002 from discontinued operations
to assets held and used. The assets held and used were reclassified individually
at the lower of their actual cost, adjusted for depreciation since the time
originally classified as held for sale, and their fair value at the date the
assets were reclassified to assets held and used. Fair value was estimated using
sales proceeds for similar assets during 2002 as well as estimates provided by
investment advisors. An impairment charge of $14.1 million was recognized as a
result of the reclassification.

In the fourth quarter of 2002, the Company entered into an agreement to
negotiate the transfer of its interests in its gold mining joint ventures to a
publicly traded equity affiliate in which it has a minority interest in exchange
for additional shares of the equity affiliate and other consideration. The
transfer is contingent upon various factors. The Company does not presently
control the equity affiliate and does not expect to control the affiliate after
the exchange.

The Company recognized a $5.7 million (pretax) impairment of its long-lived
assets and recognized $1.4 million (pretax) of previously deferred losses on
certain of its gold forward sales contracts that had been accounted for as
hedges now that the hedged transactions were no longer deemed probable as a
result of the potential transfer. See Note 19. Fair value was estimated using
projected weighted-average discounted cash flows.

In 2000, certain aircraft-related assets were written down to fair value
pursuant to BAX Global's restructuring plan (see Note 20).

NOTE 9
OTHER ASSETS

                                              December 31
(In millions)                                2002     2001
- ------------------------------------------------------------------------
Deferred subscriber acquisition costs   $    54.7     48.4
Long-term receivables                        40.7     28.4
Investment in equity affiliates              35.5     36.5
Aircraft heavy maintenance
   deferred charges                          27.8     29.1
Voluntary Employees'
   Beneficiary Association (see Note 15)     18.2     16.6
Other                                        28.8     25.9
- ------------------------------------------------------------------------
Other assets                            $   205.7    184.9
- ------------------------------------------------------------------------

                                      -59-

NOTE 10
ACCRUED LIABILITIES

                                             December 31
(In millions)                              2002      2001
- ------------------------------------------------------------------------
Payroll and other employee liabilities  $   107.5    104.0
Taxes                                       102.8     89.9
Workers' compensation and other claims       41.9     42.1
Postretirement benefits other than pensions  39.4     38.5
Reclamation and inactive mine costs           8.5     14.9
Accrued loss of discontinued operations       -       46.0
Other                                       194.1    180.7
- ------------------------------------------------------------------------
Accrued liabilities                     $   494.2    516.1
- ------------------------------------------------------------------------

NOTE 11
OTHER LIABILITIES

                                             December 31
(In millions)                               2002      2001
- ------------------------------------------------------------------------
Workers' compensation and other claims    $  52.7     38.7
Aircraft lease obligations                   42.1     53.0
Minority interest                            36.0     35.5
Withdrawal obligations for
   coal-related multi-employer
   pension plans (Note 5)                    35.0      -
Liability for DTA financing guarantee         -       43.2
Reclamation and inactive mine costs          13.0      9.8
Other                                        52.7     51.0
- ------------------------------------------------------------------------
Other liabilities                        $  231.5    231.2
- ------------------------------------------------------------------------

During 2002, in conjunction with the disposal of its coal operations, the
Company transferred its economic interest in Dominion Terminal Associates
("DTA"), a partnership with three coal companies that operates a leased coal
port terminal in Newport News, Virginia (the "Terminal"). Since the Company no
longer has an economic interest in DTA, its related $43.2 million guarantee of
underlying debt was reclassified to long-term debt as of December 31, 2002. See
Note 12 for a description of the terms of the underlying debt.

NOTE 12
LONG-TERM DEBT

(In millions, denominated                      December 31
in U.S. dollars unless noted)                2002      2001
- ------------------------------------------------------------------------
Senior Notes:
   Series A, 7.84%, due 2005-2007        $   55.0       55.0
   Series B, 8.02%, due 2008                 20.0       20.0
   Series C, 7.17%, due 2006-2008            20.0        -
- ------------------------------------------------------------------------
                                             95.0       75.0
- ------------------------------------------------------------------------
Bank credit facilities:
U.S. Revolving Bank Credit Facility
   (year-end weighted average rate
   2.27% in 2002 and 3.43% in 2001)         129.0      136.2
Euro-denominated credit facilities of
   French subsidiaries (year-end weighted
   average rate 4.35% in 2002 and
    5.28% in 2001)                           12.4       14.4
Venezuelan bolivar-denominated term loan
   (31.20% in 2001)                           -          6.6
Other various non-U.S. dollar denominated
   facilities (year-end weighted average rate
   9.88% in 2002 and 13.46% in 2001)         10.5       13.2
- ------------------------------------------------------------------------
                                            151.9      170.4
- ------------------------------------------------------------------------
DTA 7.375% bonds, due 2020                   43.2        -
Capital leases (average rates:
   5.37% in 2002 and 5.72% in 2001)          27.4       24.7
- ------------------------------------------------------------------------
Total long-term debt                        317.5      270.1
Current maturities of long-term debt:
   Bank credit facilities                     6.4       11.0
   Capital leases                             6.9        6.2
- ------------------------------------------------------------------------
Total current maturities of long-term debt   13.3       17.2
- ------------------------------------------------------------------------
Total long-term debt excluding
   current maturities                    $  304.2      252.9
- ------------------------------------------------------------------------

                                      -60-

The Company has an unsecured $350 million syndicated bank credit facility (the
"Facility") from which it may borrow on a revolving basis over a three-year term
ending September 2005. At December 31, 2002, $199.8 million was available for
borrowing under the Facility. The Company has the option to borrow based on a
Libor-based rate plus a margin, a prime rate plus a margin or a competitive bid
among the individual banks.

The margin is 0.825% for LIBOR based borrowings. The credit agreement provides
for margin increases, but does not accelerate payments should the Company's
credit rating be reduced. When borrowings and letters of credit under the
Facility are in excess of $175 million, the applicable interest rate is
increased by 0.125%. The Company also pays an annual fee on the Facility based
on the Company's credit rating. The fee, which can range from 0.125% to 0.400%,
was 0.175% as of December 31, 2002.

The Company has $55 million of 7.84% Senior Notes, Series A due 2005-2007 and
$20 million of 8.02% Senior Notes, Series B due in 2008. In April 2002, the
Company completed a $20.0 million private placement of 7.17% Senior Notes due
2006-2008, referred to herein as the Series C Notes. Proceeds from the Series C
Notes were used to repay borrowings under the U.S. revolving bank credit
facility. Interest on each series of the Notes is payable semiannually, and the
Company has the option to prepay all or a portion of the Notes prior to maturity
with a prepayment penalty. The Notes are unsecured.

The Company has three unsecured multi-currency revolving bank credit facilities
that total $110 million in available credit, of which $43.5 million was
available at December 31, 2002 for additional borrowing. Various foreign
subsidiaries maintain other secured and unsecured lines of credit and overdraft
facilities with a number of banks. Amounts outstanding under these agreements
are included in short-term borrowings.

Minimum repayments of long-term debt for years 2004 through 2007 total $14.4
million, $156.1 million, $29.6 million and $28.1 million, respectively.

The Peninsula Ports Authority of Virginia (the "Peninsula Authority") issued tax
exempt bonds in 1992 to refund bonds related to DTA, a partnership in which the
Company no longer has an economic interest. The Company continues to guarantee
payment of $43.2 million of the Peninsula Authority's bonds and has concluded it
is probable that it will have to fund the guarantee. The bonds bear a fixed
interest rate of 7.375%, and the interest on the bonds is not taxable to the
holders. The bonds may be redeemed beginning in June 2002.

The Company's Brink's, BHS, and BAX Global subsidiaries have guaranteed the U.S.
bank credit facility and Notes. The U.S. revolving bank credit agreement, the
agreement under which the Notes were issued and the multi-currency revolving
bank credit facilities each contain various financial and other covenants. The
financial covenants, among other things, limit the Company's total indebtedness,
provide for minimum coverage of interest costs, and require the Company to
maintain a minimum level of net worth. If the Company were not to comply with
the terms of its various loan agreements, the repayment terms could be
accelerated. An acceleration of the repayment terms under one agreement could
trigger the acceleration of the repayment terms under the other loan agreements.
The Company was in compliance with all financial covenants at December 31, 2002.

The Company entered into capital lease obligations of $2.7 million in 2002 and
$7.5 million in 2001.

At December 31, 2002, the Company had undrawn unsecured letters of credit
totaling $62.4 million. These letters of credit primarily support the Company's
obligations under various self-insurance programs, credit facilities and
aircraft lease obligations.

                                      -61-

NOTE 13
ACCOUNTS RECEIVABLE AND ASSET SECURITIZATION

                                             December 31
(In millions)                             2002        2001
- ------------------------------------------------------------------------
Trade                                 $  522.1       496.3
Other                                     53.4        38.8
- ------------------------------------------------------------------------
                                         575.5       535.1
Estimated uncollectible amounts           35.5        41.8
- ------------------------------------------------------------------------
Accounts receivable, net              $  540.0       493.3
- ------------------------------------------------------------------------

In December 2000, the Company entered into a five-year agreement to sell a
revolving interest in BAX Global's U.S. domestic accounts receivable through a
commercial paper conduit program. The primary purpose of the agreement was to
obtain access to a lower cost source of funds.

Qualifying accounts receivable of BAX Global's U.S. operations are sold on a
monthly basis, without recourse, to BAX Funding Corporation ("BAX Funding"), a
wholly owned, consolidated special-purpose subsidiary of BAX Global. BAX Funding
then sells an undivided interest in the entire pool of accounts receivable to a
bank-sponsored conduit entity. The conduit issues commercial paper to finance
the purchase of its interest in the receivables. Under the program, BAX Funding
may sell up to a $90.0 million interest in the receivables pool to the conduit.
During the term of the agreement, the conduit's interest in daily collections of
accounts receivable is reinvested in newly originated receivables.

BAX Funding's sale of the undivided interest in the accounts receivable pool to
the conduit is accounted for as a sale under SFAS No. 140, "Accounting for
Transfers and Servicing of Financial Assets and Extinguishments of Liabilities."
BAX Funding's retained interest is reported as accounts receivable in the
Consolidated Balance Sheet.

At the end of the five-year term, or in the event certain circumstances cause an
early termination of the program, the daily reinvestment will be discontinued
and collections will be used to pay down the conduit's interest in the
receivables pool. Early termination of the program may occur if certain ratios,
including ratios of delinquent and defaulted accounts, are exceeded. Early
termination may also be triggered if other events occur as described in the
agreement, including the acceleration of debt repayments of the Company's $350
million U.S. revolving bank credit facility.

The conduit has a priority collection interest in the entire pool of receivables
and, as a result, BAX Funding has retained credit risk to the extent the pool
exceeds the amount sold. BAX Funding sells its receivables to the conduit at a
discount. The amount of the discount is based on the conduit's borrowing cost
plus incremental fees. BAX Global is the designated servicer of the receivables
pool and is responsible for collections, reinvestment, and periodic reporting to
the conduit. The Pittston Company has guaranteed the performance of BAX Global
with respect to the agreement.

                                             December 31
(In millions)                             2002        2001
- ------------------------------------------------------------------------
Accounts receivable purchased by BAX Funding:
Total pool                              $ 93.3        81.8
Revolving interest sold to conduit       (72.0)      (69.0)
- ------------------------------------------------------------------------
Amount included in Consolidated
   Balance Sheets of the Company        $ 21.3        12.8
- ------------------------------------------------------------------------

The fair value of the Company's retained interest in the receivables
approximates its carrying value. The discount and related expenses of $1.6
million in 2002, $4.0 million in 2001 and $0.6 million in 2000 are reported as
other expense, net, in the Consolidated Statement of Operations. The Company has
not recorded a servicing asset or liability because it believes the servicing
compensation BAX Global receives is representative of market rates and because
the average servicing period for accounts receivable approximates one month.

                                      -62-

NOTE 14
OPERATING LEASES

The Company leases facilities, aircraft, vehicles, computers and other equipment
under long-term operating and capital leases with varying terms. Most of the
operating leases contain renewal and/or purchase options. Information relating
to capital leases is included in Note 12.

As of December 31, 2002, aggregate future minimum lease payments for continuing
operations under operating leases were as follows:

                                          Equipment
(In millions)     Facilities   Aircraft   and Other   Total
- ------------------------------------------------------------------------
2003              $     75.7       15.0       32.9      123.6
2004                    56.4       12.7       25.8       94.9
2005                    42.6        4.9       19.5       67.0
2006                    32.5        0.5       12.7       45.7
2007                    27.6        0.2        8.6       36.4
Later years            133.3         -        11.3      144.6
- ------------------------------------------------------------------------
                  $    368.1       33.3      110.8      512.2
- ------------------------------------------------------------------------

The above table includes amounts due under noncancellable leases with initial or
remaining lease terms in excess of one year, and excludes operating leases
associated with the Company's former coal operations. See Note 21 for a
description of the leases related to former coal operations.

The above table includes lease payments for the initial accounting lease term
and all renewal periods for certain vehicles used in Brink's and BHS'
operations. If the Company were to not renew these leases, it would be subject
to a residual value guarantee. The Company's maximum residual value guarantee
was $53 million at December 31, 2002. If the Company continues to renew the
leases and pays all of the lease payments for the vehicles that have been
included in the above table (which aggregate lease payments decline over eight
years), this residual guarantee will reduce to zero at the end of the final
renewal period.

The Company has leases on four facilities under each of which it has the option
to either renew the lease, purchase the facility at original cost, or pay a
guaranteed residual. At December 31, 2002, the maximum guaranteed residuals on
these four leases totaled $15.5 million.

Net rent expense amounted to $149.0 million in 2002, $142.3 million in 2001 and
$146.9 million in 2000.

NOTE 15
EMPLOYEE BENEFITS

The employee benefit plans and other liabilities described below cover employees
and retirees of both the Company's continuing operating units and former coal
operations. Accordingly, a portion of these benefit expenses have been included
in the results of discontinued operations for the years presented.

PENSION PLANS

The Company has noncontributory defined benefit pension plans covering
substantially all U.S. nonunion employees who meet certain minimum requirements.
The Company also has other contributory and noncontributory defined benefit
plans for eligible non-U.S. employees. Benefits under most of the plans are
based on salary (including commissions, bonuses, overtime and premium pay) and
years of service. The Company's policy is to fund at least the minimum
actuarially determined amounts necessary in accordance with applicable
regulations.

The Company's U.S. defined benefit pension plans represent 82% of Projected
Benefit Obligation ("PBO") and 81% of plan assets at December 31, 2002. The
assumptions used in determining the net pension expense and funded status for
the Company's U.S. pension plans were as follows:

                                     2002      2001      2000
- --------------------------------------------------------------
Discount rate:
  Expense                           7.25%     7.50%      7.50%
  Funded status                     6.75%     7.25%      7.50%

Expected long-term rate of
   return on assets :
    Expense                        10.00%    10.00%    10.00%
    Funded status                   8.75%    10.00%    10.00%

Average rate of increase in salaries (a):
     Expense                         4.0%      4.0%      4.0%
     Funded status                   5.1%      4.0%      4.0%
- --------------------------------------------------------------

(a) Salary scale assumptions vary by age and industry.

                                      -63-

The net pension expense (excluding curtailment gain) for 2002, 2001 and 2000 for
all plans is as follows:

                                    Years Ended December 31
(In millions)                       2002    2001      2000
- ------------------------------------------------------------------------
Service cost                    $   30.5     26.0     23.6
Interest cost on PBO                42.3     38.5     35.0
Return on assets - expected        (60.2)   (58.6)   (55.3)
Other amortization, net              1.4      0.5     (0.3)
- ------------------------------------------------------------------------
Net pension expense             $   14.0      6.4      3.0
- ------------------------------------------------------------------------

Pursuant to its formal plan to exit the coal business, the Company recorded a
curtailment gain during 2000 of $4.4 million comprising a $5.8 million reduction
in PBO, partially offset by reductions in unrecognized experience losses and
prior service costs.

Reconciliations of the PBO, plan assets, funded status and prepaid pension
expense at December 31, 2002 and 2001 for all of the Company's pension plans are
as follows:

                                               December 31
(In millions)                              2002       2001
- ------------------------------------------------------------------------
PBO at beginning of year                $   595.0    527.5
Service cost                                 30.5     26.0
Interest cost                                42.3     38.5
Plan participants' contributions              1.6      1.0
Benefits paid                               (24.6)   (24.0)
Actuarial loss                               60.1     30.5
Foreign currency exchange rate changes       10.8     (4.5)
- ------------------------------------------------------------------------
PBO at end of year                      $   715.7    595.0
- ------------------------------------------------------------------------
Fair value of plan assets at beginning
   of year                              $   554.3    621.3
Return on assets - actual                   (49.8)   (40.9)
Plan participants' contributions              1.6      1.0
Employer contributions                       40.0      2.3
Benefits paid                               (24.6)   (24.0)
Foreign currency exchange rate changes        8.4     (5.4)
- ------------------------------------------------------------------------
Fair value of plan assets
  at end of year                       $    529.9    554.3
- ------------------------------------------------------------------------
Funded status                          $   (185.8)   (40.7)
Unrecognized experience loss                294.9    135.3
Unrecognized prior service cost               1.6      1.7
Other                                         0.9     (0.5)
- ------------------------------------------------------------------------
Net pension assets                          111.6     95.8
- ------------------------------------------------------------------------
Current pension liabilities                   0.4      0.2
Noncurrent pension liabilities              122.6     22.9
Adjustments to minimum pension liabilities (210.8)    (9.9)
- ------------------------------------------------------------------------
Prepaid pension assets                  $    23.8    109.0
- ------------------------------------------------------------------------

Selected information for the above Company plans that have PBOs greater than
plan assets are aggregated below.

                                               December 31
(In millions)                                2002     2001
- ------------------------------------------------------------------------
Projected benefit obligations           $   683.0    555.0
Accumulated benefit obligations ("ABO")     610.2    489.4
Fair value of plan assets                   495.8    498.9
- ------------------------------------------------------------------------

The Company's unrecognized experience loss increased significantly in the last
two years primarily due to lower discount rate assumptions (which increased the
PBO) and worse than expected returns on plan assets. At December 31, 2002 and
2001, the Company recognized additional minimum pension liabilities for plans
that had ABOs in excess of the fair value of plan assets.

Expense included in continuing operations in 2002, 2001 and 2000 for
multi-employer pension plans (excluding coal-related plans) was $1.8 million,
$1.2 million and $0.9 million, respectively.

SAVINGS PLANS

The Company sponsors a 401(k) Savings-Investment Plan to assist eligible U.S.
employees in providing for retirement. Employee contributions are matched at
rates of between 50% to 100% for up to 5% of compensation (subject to certain
limitations). Contribution expense in continuing operations under the plan
aggregated $10.9 million in 2002, $9.8 million in 2001 and $8.4 million in 2000.
Contribution expense included in discontinued operations was $0.6 million in
2002 and $0.7 million in 2001 and 2000.

The Company sponsors other defined contribution benefit plans based on hours
worked or other measurable factors. Contributions under all of these plans
aggregated $3.8 million in 2002, $3.2 million in 2001 and $2.8 million in 2000.

                                      -64-

POSTRETIREMENT BENEFITS OTHER THAN PENSIONS

Company-Sponsored Plans
The Company provides certain postretirement health care and life insurance
benefits (the "Company-sponsored plans") for eligible active and retired
employees in the U.S. and Canada of the Company's current and former businesses,
including eligible participants of the former coal operations (the
"coal-related" plans). The components of net periodic postretirement costs
(excluding curtailment loss) related to Company-sponsored plans were as follows:

(In millions)                                             Coal-related plans                         Other plans
- ----------------------------------------------------------------------------------------------------------------------------
                                                        Years Ended December 31                 Years Ended December 31
                                                        2002     2001      2000                 2002     2001     2000
- ----------------------------------------------------------------------------------------------------------------------------
                                                                                                 
Service cost                                     $       0.4      0.2       0.2              $   0.8      0.7      0.6
Interest cost on accumulated
   postretirement benefit obligations ("APBO")          31.7     24.9      22.3                  1.4      1.5      1.5
Amortization of losses                                   9.7      3.7       3.6                  -        -        -
- ----------------------------------------------------------------------------------------------------------------------------
Net periodic postretirement costs                $      41.8     28.8      26.1              $   2.2      2.2      2.1
- ----------------------------------------------------------------------------------------------------------------------------

Pursuant to its formal plan to exit the coal business, the Company recorded a
curtailment loss during 2000 of $6.0 million.

Reconciliations of the APBO, funded status and accrued postretirement benefit
cost for Company-sponsored plans at December 31, 2002 and 2001 are as follows:

(In millions)                                           Coal-related plans                        Other plans
- ---------------------------------------------------------------------------------------------------------------------------
                                                            December 31                           December 31
                                                         2002         2001                    2002          2001
- ---------------------------------------------------------------------------------------------------------------------------
                                                                                                
APBO at beginning of year                          $     442.0       355.9               $     21.9         20.5
Service cost                                               0.4         0.2                      0.8          0.7
Interest cost                                             31.7        24.9                      1.4          1.5
Benefits paid                                            (28.3)      (26.0)                    (2.3)        (1.2)
Actuarial loss, net                                       72.5        87.0                      1.3          0.4
- ---------------------------------------------------------------------------------------------------------------------------
APBO and funded status at end of year                    518.3       442.0                     23.1         21.9
Unrecognized experience gain (loss)                     (250.6)     (187.8)                     0.8          2.1
- ---------------------------------------------------------------------------------------------------------------------------
Accrued postretirement benefit cost at end of year $     267.7       254.2               $     23.9         24.0
- ---------------------------------------------------------------------------------------------------------------------------

                                      -65-

The APBO for each of the plans was determined using the unit credit method and
an assumed discount rate of 6.75% in 2002 and 7.25% in 2001. For
Company-sponsored coal-related plans, the assumed health care cost trend rate
used in 2002 was 10% for 2003, declining 1% per year to 5% in 2008 and
thereafter. Other plans provide for fixed-dollar value coverage for eligible
participants and, accordingly, are not adjusted for inflation.

A one percentage point increase (decrease) each year in the assumed health care
cost trend rate used for 2002 would increase (decrease) the aggregate service
and interest components of expense for 2002, and increase (decrease) the APBO of
Company-sponsored plans at December 31, 2002 as follows:

                                    Effect of 1% Change in
                                   Health Care Trend Rates
                                  --------------------------
(In millions)                       Increase      Decrease
- ------------------------------------------------------------------------
Higher (lower):
Service and interest cost in 2002   $   4.2        (3.5)
APBO at December 31, 2002              65.9       (54.6)
- ------------------------------------------------------------------------

Health Benefit Act
In October 1992, the Coal Industry Retiree Health Benefit Act of 1992 (the
"Health Benefit Act") was enacted as part of the Energy Policy Act of 1992. The
Health Benefit Act established rules for the payment of future health care
benefits for thousands of retired union mine workers and their dependents. The
Health Benefit Act established a trust fund, The United Mine Workers of America
Combined Benefit Fund (the "Combined Fund"), to which "signatory operators" and
"related persons", including The Pittston Company and certain of its
subsidiaries (collectively, the "Pittston Companies"), are jointly and severally
liable to pay annual premiums for those beneficiaries directly assigned to a
signatory operator and its related persons, on the basis set forth in the Health
Benefit Act. In October 1993 and on an annual basis in subsequent years, the
Pittston Companies have received notices from the Social Security Administration
(the "SSA") with regard to the current number of assigned beneficiaries for
which the Pittston Companies are deemed responsible under the Health Benefit
Act.

In addition, the Health Benefit Act provides that assigned companies, including
the Pittston Companies, are required to fund, pro rata according to the total
number of assigned beneficiaries, a portion of the health benefits for
unassigned beneficiaries if not funded from other designated sources. To date,
the funding for unassigned beneficiaries has been provided from transfers from
the Abandoned Mine Reclamation Fund.

The Company's liability for Health Benefit Act obligations to the Combined Fund
is equal to the undiscounted estimated amount of future annual premiums the
Company expects to pay to the Combined Fund. The Company's estimated annual
premium is generally equal to the total number of beneficiaries (including
assigned beneficiaries and an allocated percentage of the total unassigned
beneficiaries) at October 1, the beginning of the plan year, multiplied by the
premiums per beneficiary for that year. The Company expects to pay annual
premiums over the next 70 or more years, but it expects these annual premiums to
gradually decline over time as the number of beneficiaries decreases. The
estimated liability at December 31, 2002 and 2001 assumes that the Company will
not be required to pay premiums for its pro rata allocation of the unassigned
beneficiaries until 2005 because these benefits are assumed to be funded with
contributions from the Abandoned Mine Reclamation Fund in accordance with the
existing statute. The Company's estimate of its liability for premiums for
unassigned beneficiaries could be materially changed in future periods depending
on the amount of future funding by the Abandoned Mine Reclamation Fund or other
sources. Moreover, the Company's share of unassigned beneficiaries could be
increased on a pro rata basis in the future if other responsible coal operators
become insolvent.

Information provided by the Combined Fund is as follows:

                                            December 31
                                         2002       2001
- ------------------------------------------------------------------------
Number of assigned beneficiaries
    at the beginning of the plan year   2,814      3,035
Health benefit premium per
    beneficiary                        $2,853      2,725
- ------------------------------------------------------------------------

                                      -66-

According to the Health Benefit Act, the rate of inflation for per-beneficiary
health care premiums is equal to the medical care component of the Consumer
Price Index. The U.S. Life 79-81 mortality table has been used to estimate a
gradual decline in the number of beneficiaries. The Company's estimate assumes
that there will be no additions to the Combined Fund unassigned beneficiary
group as a result of future coal operator insolvencies.

Other major assumptions used by the Company to estimate the liabilities at
December 31, 2002 and 2001 are described below.

                                            December 31
                                         2002       2001
- ------------------------------------------------------------------------
Percent of total unassigned beneficiaries
    allocated to the Company             6.7%       6.7%
- ------------------------------------------------------------------------

At December 31, 2002, annual inflation rates for per-beneficiary health care
premiums was assumed to be 5% declining to 4.5% over five years. At December 31,
2001, annual inflation was assumed to be 4.5%.

Prior to December 31, 2000, the Company accounted for its obligations under the
Health Benefit Act as a participant in a multi-employer benefit plan and thus,
recognized the annual cost of these obligations on a pay-as-you-go basis.
Pursuant to its formal plan to exit the coal business, the Company recorded its
estimated undiscounted liability relating to such obligations at December 31,
2000 as a $161.7 million charge to the net loss from discontinued operations.
The obligations at December 31, 2002 and 2001 were $174.1 million and $159.9
million, respectively.

The Company recorded $24.0 million of expense in its 2002 loss from discontinued
operations to reflect an increase in the estimated liabilities for Health
Benefit Act obligations to the Combined Fund. The increase primarily resulted
from the Company's being able to obtain and use Company-specific information
regarding the age of its beneficiaries covered by the Health Benefit Act rather
than using averages relating to the entire population of beneficiaries covered,
slightly higher per-beneficiary health care premiums, and slightly lower
mortality than was estimated at the end of 2001 for the plan year ended
September 30, 2002.

The Company recorded $8.0 million of additional expense in its 2001 loss from
discontinued operations related to changes in the estimated liabilities for
Health Benefit Act obligations to the Combined Fund. The higher amount of
expense was primarily the result of a 1.7% higher number of assigned
beneficiaries as of October 1, 2001 than was estimated at the end of 2000,
partially offset by a 0.5% lower number of total unassigned beneficiaries as of
October 1, 2001 than was estimated at the end of 2000. The Combined Fund premium
per beneficiary for the plan year beginning October 1, 2001 was essentially
equal to that estimated at the end of 2000.

For 2002, 2001 and 2000, annual cash payments under the Health Benefit Act were
approximately $9.8 million, $9.7 million and $9.0 million, respectively. The
Company currently estimates that the annual cash funding under the Health
Benefit Act for the Pittston Companies' assigned beneficiaries will continue at
about the same annual level for the next several years and should begin to
decline thereafter as the number of such assigned beneficiaries decreases.

Pneumoconiosis (Black Lung) Expense

                                               December 31
(In millions)                                2002     2001
- ------------------------------------------------------------------------
Actuarial present value of
   self-insured black lung benefits      $   60.0     58.7
Unrecognized loss                           (14.6)   (13.3)
- ------------------------------------------------------------------------
Accrued liabilities                      $   45.4     45.4
- ------------------------------------------------------------------------

The Company acts as self-insurer with respect to almost all black lung benefits.
Provision is made for estimated benefits based on annual reports prepared by
independent actuaries. Unrecognized losses, representing the excess of the
present value of expected future benefits over existing accrued liabilities, are
amortized over the average remaining life expectancy of participants
(approximately 10 years). Prior to December 31, 2000, assumptions used in the
calculation of the actuarial present value of black lung benefits were based on
actual retirement experience of the Company's coal employees, black lung claims
incidence, actual dependent information, industry turnover rates, actual medical
and legal cost experience and projected inflation rates.

                                      -67-

As of December 31, 2000, certain assumptions were modified to reflect the
planned sale of the Company's coal business. The amount of expense incurred for
annual black lung benefits was $7.3 million in 2002, $5.2 million for 2001 and
$5.3 million for 2000.

The following are the other key actuarial assumptions for the black lung
obligations:
                                              December 31
                                             2002     2001
- ------------------------------------------------------------------------
Discount rate:
   Expense                                  7.25%    7.50%
   Liability valuation                      6.75%    7.25%
Medical cost inflation                       8.0%     8.0%
- ------------------------------------------------------------------------

The 1959-1961 Mortality Table for U.S. White Males and Females is used.

The U.S. Department of Labor issued regulations in 2000 that are intended to
expand entitlement provisions and that may have the effect of limiting an
employer's ability to rebut claims. The regulation is being disputed by
companies in the coal industry. Due to the dispute and to the Company's judgment
that any additional amounts owed are not reasonably estimable, the Company has
not included any additional amounts related to the new regulations in the
actuarial present value of self-insured black lung benefits.

VEBA

The Company has established a Voluntary Employees' Beneficiary Association
("VEBA") which is intended to tax efficiently fund certain retiree medical
liabilities primarily for retired coal miners and their dependents. The Company
contributed $1.5 million to the VEBA in 2002. As of December 31, 2002, the
balance in the VEBA was $18.2 million and was included in other noncurrent
assets.

NOTE 16
STOCK-BASED COMPENSATION PLANS

The Company has stock and incentive plans related to employees which allow for
stock options, performance unit awards, stock appreciation rights and stock
awards.

STOCK OPTION PLANS

The Company grants options under its 1988 Stock Option Plan (the "1988 Plan") to
executives and key employees and under its Non-Employee Directors' Stock Option
Plan (the "Non-Employee Plan") to outside directors, to purchase common stock at
a price not less than the average quoted market value at the date of grant. All
grants under the 1988 Plan made in the last three years have a maximum term of
six years and substantially all of these grants either vest over three years
from the date of grant or vest 100% at the end of the third year. The
Non-Employee Plan options are granted with a maximum term of ten years vesting
in full at the end of six months. There are 1.3 million shares underlying
options for both plans that are authorized, but not yet granted.

As of January 14, 2000, with the elimination of the Company's tracking stock
capital structure, the 1988 Plan and Non-Employee Plan were amended to provide
that all future grants would be made solely in Pittston Common Stock and that
all outstanding options related to BAX Stock and Minerals Stock would be
converted into options to purchase Pittston Common Stock. On January 14, 2000,
options to purchase a total of 2.0 million shares of BAX Stock with an average
exercise price of $15.03 per share and 0.6 million shares of Minerals Stock with
an average exercise price of $7.77 per share were converted into options to
purchase 1.0 million shares of Pittston Common Stock.

                                      -68-

The table below summarizes the activity in all plans for options of Pittston
Common Stock for 2002, 2001 and 2000.
                                                      Per
                                                     Share
                                                    Weighted
                                                    Average
                                                    Exercise
(Shares in millions)                      Shares     Price
- ------------------------------------------------------------------------

Outstanding at December 31, 1999            1.8    $  27.01
Options converted in the Exchange           1.0       33.97
Granted                                     1.1       15.12
Exercised                                  (0.1)      10.68
Forfeited or expired                       (0.4)      26.07
- ------------------------------------------------------------------------

Outstanding at December 31, 2000            3.4       25.83
Granted                                     1.2       21.03
Exercised                                  (0.3)      16.15
Forfeited or expired                       (0.6)      32.88
- ------------------------------------------------------------------------

Outstanding at December 31, 2001            3.7       23.96
Granted                                     1.0       21.50
Exercised                                  (0.1)      17.17
Forfeited or expired                       (0.5)      25.80
- ------------------------------------------------------------------------

Outstanding at December 31, 2002            4.1    $  23.29
- ------------------------------------------------------------------------

Options exercisable at the end of 2002, 2001 and 2000 for Pittston Common Stock
were 2.1 million, 1.7 million, and 1.9 million, respectively.

The following table summarizes information about stock options outstanding as of
December 31, 2002.

                             Stock                 Stock
                             Options               Options
(Shares in millions)       Outstanding           Exercisable
- -------------------------------------------------------------------------
                        Weighted        Per              Per
                         Average      Share             Share
                        Remaining    Weighted         Weighted
                       Contractual    Average          Average
   Range of               Life       Exercise         Exercise
Exercise Prices   Shares (Years)       Price  Shares    Price
- -------------------------------------------------------------------------

$  10.55 to 14.13   0.6     3.6     $  13.64    0.3   $  13.63
   16.77 to 19.76   0.5     3.4        18.56    0.3      18.52
   20.05 to 21.48   1.0     5.1        21.36    0.1      20.42
   21.60 to 23.78   0.9     4.7        21.76    0.3      21.87
   26.69 to 30.60   0.4     2.8        27.21    0.4      27.21
   31.21 to 35.19   0.3     0.5        31.60    0.3      31.60
   37.47 to 315.06  0.4     1.4        43.06    0.4      43.06
- -------------------------------------------------------------------------
Total               4.1     3.7     $  23.29    2.1   $  26.40
- -------------------------------------------------------------------------

EMPLOYEE STOCK PURCHASE PLAN

Under the 1994 Employee Stock Purchase Plan (the "ESPP"), as amended, the
Company is authorized to issue up to 1.0 million shares of Pittston Common Stock
(of which 0.7 million shares had been issued as of December 31, 2002) to
eligible employees. The ESPP is a noncompensatory plan that allows eligible
employees to buy the Company's common stock at below market value. Under the
ESPP, the Company sold 0.1 million shares of Pittston Common Stock to employees
during each of 2002, 2001, and 2000.

                                      -69-

NOTE 17
INCOME TAXES

The provision (benefit) for income taxes from continuing operations consists of
the following:

(In millions)      U.S. Federal   Foreign   State     Total
- ------------------------------------------------------------------------
2002:
Current               $   13.5      25.4      3.1     42.0
Deferred                   3.0       0.3     (4.1)    (0.8)
- ------------------------------------------------------------------------
Total                 $   16.5      25.7     (1.0)    41.2
- ------------------------------------------------------------------------
2001:
Current               $    6.7      23.9      3.5     34.1
Deferred                   3.3      (5.9)    (4.1)    (6.7)
- ------------------------------------------------------------------------
Total                 $   10.0      18.0     (0.6)    27.4
- ------------------------------------------------------------------------
2000:
Current               $    0.6      25.7      3.7     30.0
Deferred                 (14.2)     (8.9)    (5.0)   (28.1)
- ------------------------------------------------------------------------
Total                 $  (13.6)     16.8     (1.3)     1.9
- ------------------------------------------------------------------------

The U.S. current federal income tax provision on continuing operations in all
years shown is offset by current tax benefits included in the loss from
discontinued operations.

The tax benefit for compensation expense related to the exercise of certain
employee stock options for tax purposes in excess of compensation expense for
financial reporting purposes is recognized as an adjustment to shareholders'
equity.

The components of the net deferred tax asset are as follows:

                                                 December 31
(In millions)                                   2002      2001
- ------------------------------------------------------------------------
DEFERRED TAX ASSETS

Accounts receivable                          $   10.9     11.2
Postretirement benefits other than pensions     164.3    153.0
Pension liabilities                              49.4      3.5
Multi-employer pension plans
   withdrawal liabilities                        12.2      2.9
Workers' compensation and other claims           45.9     41.2
Deferred revenue                                 54.4     55.4
Other assets and liabilities                    138.8    121.6
Estimated loss on coal operations                 -       30.3
Net operating loss carryforwards                 54.1     52.0
Alternative minimum tax credits                  52.5     40.1
Valuation allowance                              (9.8)   (10.3)
- ------------------------------------------------------------------------
Total deferred tax assets                       572.7    500.9
- ------------------------------------------------------------------------

DEFERRED TAX LIABILITIES

Property and equipment, net                      80.0     70.0
Prepaid assets                                   17.9     17.7
Prepaid pension assets                            3.8     35.9
Other assets                                     31.3     26.4
Investments in equity affiliates                  6.0      6.0
Miscellaneous                                    32.3     29.3
- ------------------------------------------------------------------------
Total deferred tax liabilities                  171.3    185.3
- ------------------------------------------------------------------------
Net deferred tax asset                       $  401.4    315.6
- ------------------------------------------------------------------------

                                      -70-

Approximately $0.8 million of deferred tax liabilities at December 31, 2002 were
recorded in accrued liabilities.

The valuation allowance relates to deferred tax assets in certain foreign
jurisdictions. Based on the Company's historical and expected future taxable
earnings, management believes it is more likely than not that the Company will
realize the benefit of the existing deferred tax assets, net of the valuation
allowance, at December 31, 2002.

The following table accounts for the difference between the actual tax provision
from continuing operations and the amounts obtained by applying the statutory
U.S. federal income tax rate of 35% in 2002, 2001 and 2000 to the income (loss)
from continuing operations before income taxes and cumulative effect of change
in accounting principle.
                                       Years Ended December 31
(In millions)                          2002      2001     2000
- --------------------------------------------------------------------------------
Income (loss) from continuing
   operations before income taxes
   and accounting change:
   United States                    $   54.7       3.2  (65.1)
   Foreign                              55.5      70.0   69.7
- --------------------------------------------------------------------------------
Total                               $  110.2      73.2    4.6
- --------------------------------------------------------------------------------

Tax provision computed at
   statutory rate                   $   38.6      25.6    1.6
Increases (reductions) in taxes due to:
State income taxes (net of federal
   tax benefit)                         (0.7)     (0.4)  (0.8)
Resolution of prior year
   tax contingencies                    (3.4)      -      -
Goodwill amortization                    -         2.1    2.1
Difference between total taxes on
   foreign income and the U.S.
   federal statutory rate                3.1      (1.5)  (2.7)
Adjustments to the valuation allowance
   for deferred tax assets               1.5       1.3    1.8
Miscellaneous                            2.1       0.3   (0.1)
- --------------------------------------------------------------------------------
Actual tax provision from
   continuing operations            $   41.2      27.4    1.9
- --------------------------------------------------------------------------------

As of December 31, 2002, the Company has not recorded U.S. deferred income taxes
on $142.3 million of undistributed earnings of its foreign subsidiaries and
equity affiliates. It is expected that these earnings will either be permanently
reinvested in operations outside the U.S. or, if repatriated, will be
substantially offset by tax credits. If such earnings were remitted to the U.S.
and no credits were available, additional U.S. tax expense of $49.8 million
would be recognized.

The Company's U.S. entities file a consolidated U.S. federal income tax return.

As of December 31, 2002, the Company had $52.5 million of alternative minimum
tax credits available to offset future U.S. federal income taxes and, under
current tax law, the carryforward period for such credits is unlimited.

The tax benefit of net operating loss carryforwards as of December 31, 2002 was
$54.1 million and related to U.S. federal and various state and foreign taxing
jurisdictions. The gross amount of such net operating losses was $227.6 million
as of December 31, 2002. The expiration periods primarily range from 5 years to
an unlimited period.

The Company and its subsidiaries are subject to tax examinations in various U.S.
and foreign jurisdictions. The Company believes that it has adequately provided
for all income tax liabilities and interest thereon and that final resolution of
any examinations will not have a material effect on the Company's financial
position or results of operations.

NOTE 18
OTHER EXPENSE, NET

                                     Years Ended December 31
(In millions)                        2002     2001    2000
- ------------------------------------------------------------------------
Minority interest                $   (3.3)    (6.9)   (3.7)
Discounts and other fees of
   accounts receivable
   securitization program            (1.6)    (4.0)   (0.6)
Stabilization Act compensation        5.9      -       -
Gain on sale of marketable
   securities                         -        3.9     -
Other                                (3.6)     0.3     0.4
- -------------------------------------------------------------------------
Total                            $   (2.6)    (6.7)   (3.9)
- ------------------------------------------------------------------------

                                      -71-

NOTE 19
RISK MANAGEMENT

The Company has risk management policies designed to manage, among other things,
its currency, commodity and interest rate risks. The Company's policies are
intended to reduce the effect of short-term market variability on the Company's
results of operations and cash flow.

The Company utilizes various hedging instruments to hedge a portion of its
foreign currency, interest rate, and commodity exposures. The Company does not
use derivative instruments for purposes other than hedging. The risk that
counterparties to such instruments may be unable to perform is minimized by
limiting the counterparties to major financial institutions with investment
grade credit ratings. The Company does not expect any losses due to counterparty
default.

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

Interest Rate Risk Management
The Company's risk management policy requires a balance to be maintained within
certain ranges between fixed and floating rate debt and the Company uses
interest rate swaps to assist in meeting this objective. The Company has
designated its interest rate hedges as cash flow hedges for accounting purposes.

The Company has entered into interest rate swaps that effectively change the
variable cash flows on a portion of the $350.0 million revolving credit
facility, to fixed cash flows. The swaps outstanding at December 31, 2002 fix
the interest rate on $65.0 million of debt at 5.5%, including the margin on the
revolving credit facility through September 2003 and fix the interest rate on
$50 million of debt at 4%, including the margin on the revolving credit
facility, from September 2003 through August 2005.

Changes in fair value on interest rate swaps are recorded in other comprehensive
loss and are subsequently reclassified to interest expense in the same period in
which the interest on the floating-rate debt obligations affects earnings.
During each of the three years ended December 31, 2002, the Company's interest
rate swaps were completely effective as defined under SFAS No. 133 and no
amounts were included in earnings as a result of the interest rate swaps being
ineffective, nor were any amounts excluded from the assessment of effectiveness.
At December 31, 2002, $1.9 million of unrecognized pretax loss was included in
accumulated other comprehensive loss and of this amount, $1.6 million is
expected to be recognized in earnings in 2003.

Commodities Risk Management
The Company consumes or sells various commodities in the normal course of its
business and utilizes derivative instruments to minimize the variability in
forecasted cash flows due to price movements in certain of these commodities.
Transactions involving commodities that are the subject of the Company's risk
management policy include:

o   purchases of jet fuel for BAX Global's North American fleet operations;
    and
o   revenues of the Company's gold and natural gas operations.

The Company enters into swap contracts and collars to hedge a portion of its
forecasted jet fuel purchases for use in the BAX Global aircraft operation.
Depending on market conditions, the Company has charged its customers a fuel
surcharge to offset the effects of high jet fuel prices. At December 31, 2002,
the outstanding notional amount of hedges for jet fuel totaled 19 million
gallons.

The Company enters into forward gold sales contracts to fix the Australian
dollar selling price on a portion of forecasted gold sales. At December 31,
2002, the notional amount of gold under forward sales contracts (excluding
hedges entered into by equity affiliates) was approximately 89,000 ounces,
representing approximately 57% of the Company's share of the gold operations'
proven and probable reserves.

The Company enters into swap contracts and collars to hedge a portion of its
forecasted natural gas sales. At December 31, 2002, the outstanding notional
amount of hedges was 0.6 million MMbtu.

The Company has designated its commodity hedges as cash flow hedges for
accounting purposes. Effectiveness is assessed based on the total changes in the
estimated

                                      -72-

present value of cash flows for its jet fuel and natural gas hedges. The
effectiveness of gold hedges is assessed based on changes in the spot rate of
gold and the Australian dollar exchange rate and other changes in expected cash
flows are excluded from the assessment.

For jet fuel, the changes in fair value are recorded in other comprehensive loss
and subsequently reclassified to earnings, as a component of operating expenses,
in the same period as the jet fuel is used. For gold contracts, the changes in
fair value are recorded in other accumulated comprehensive loss and subsequently
reclassified to earnings, as a component of either revenue or, if related to its
equity affiliate, other operating income, net in the same period as the gold is
sold. Amounts excluded in the assessment of effectiveness are included as a
component of other operating income, net. For natural gas contracts, the changes
in fair value are recorded in accumulated other comprehensive loss and
subsequently reclassified to earnings, as a component of either revenue or, if
related to royalty income, other operating income, net.

(In millions, except)              Jet      Natural
number of months)                 Fuel        Gas      Gold
- ------------------------------------------------------------------------
Amounts recognized in 2002 pretax earnings:
   Ineffective amounts          $   0.1        -       -
   Amounts excluded in
     assessment of effectiveness      -         -      0.8
   Amounts for which the forecasted
     transaction is not
     expected to occur (a)            -         -     (1.4)
Net gain (loss) in other comprehensive
   loss at December 31, 2002
   expected to be reclassified to
   earnings in 2003             $   1.4       (0.5)   (0.8)
Maximum number of months
   hedges outstanding               12          3       42
- ------------------------------------------------------------------------

(a)  See Note 8.

Foreign Currency Risk Management
The Company is exposed to foreign currency exchange fluctuations due to certain
transactions to which the Company is a party. Certain customers are billed for
BAX Global's services in currencies that are different than the functional
currency of the subsidiary that recognizes the sale. Certain transportation
costs incurred by BAX Global's non-U.S. subsidiaries are denominated in
currencies that are different than the subsidiaries' functional currency. The
Company's BAX Global operation has a wholly owned international subsidiary that
serves as a finance coordination center. The subsidiary has the U.S. dollar as
its functional currency, and has intercompany receivables and payables that are
not denominated in U.S. dollars.

The Company utilizes foreign currency forward contracts to minimize the
variability in cash flows due to foreign currency risks. The contracts have not
been designated for accounting purposes as hedges in accordance with SFAS No.
133 due to their short-term nature. Because the contracts are settled shortly
after they are entered into, any gains and losses that would be deferred at any
balance sheet date if the Company designated the instruments as hedges, would be
small. Accordingly, changes in the fair value of foreign currency forward
contracts are reported in earnings. The Company's foreign currency forward
contracts provide an economic hedge of the risk associated with the changes in
currency rates on the related assets and liabilities.

As of December 31, 2002, the maximum length of time over which the Company is
hedging its exposure to the variability in future cash flows associated with
foreign currency forecasted transactions is 18 months.

NON-DERIVATIVE FINANCIAL INSTRUMENTS

Non-derivative financial instruments, which potentially subject the Company to
concentrations of credit risk, consist principally of cash and cash equivalents
and trade receivables. The Company places its cash and cash equivalents with
high credit quality financial institutions and the Company limits the amount of
credit exposure to any one financial institution. Concentrations of credit risk
with respect to trade receivables are reduced as a result of the diversification
benefit provided by the large number of customers comprising the Company's
customer base, and their dispersion across many different industries and
geographic areas. Credit limits, ongoing credit evaluation and
account-monitoring procedures are utilized to minimize the risk of loss from
nonperformance on trade receivables.

                                      -73-

The carrying amounts of cash and cash equivalents, accounts receivable, accounts
payable and accrued liabilities approximate fair value because of the short-term
nature of these instruments.

The fair value of the Company's floating-rate short-term and long-term debt
approximates the carrying amount. The fair value of the Company's significant
fixed rate long-term debt is described below. Fair value is estimated by
discounting the future cash flows using rates for similar debt instruments at
the valuation date.

                                  December 31
                           2002                 2001
                       Fair    Carrying    Fair    Carrying
                       Value    Values     Value    Values
- ------------------------------------------------------------------------
Senior Notes       $   107.3      95.0       76.3     75.0
DTA bonds (a)           53.1      43.2       N/A       N/A
- ------------------------------------------------------------------------

(a) DTA was included in Other liabilities in 2001.

NOTE 20
RESTRUCTURING - 2000

During 2000, BAX Global finalized a restructuring plan aimed at reducing the
capacity and cost of its airlift capabilities in the U.S. as well as reducing
station operating expenses, sales, general and administrative expense in the
Americas and Atlantic regions. The actions taken included:

o  The removal of ten planes from the fleet, nine of which were dedicated to
   providing lift capacity in BAX Global's commercial cargo system.
o  The closure of nine operating stations and realignment of domestic
   operations.
o  The reduction of employee-related costs through the elimination of
   approximately 300 full-time positions including aircraft crew and station
   operating, sales and business unit overhead positions.

In addition, certain Atlantic region operations were streamlined in order to
reduce overhead costs and improve overall performance in that region. The
Atlantic region planned restructuring efforts involved severance costs and
station closing costs in the UK, Denmark, Italy and South Africa. Approximately
50 positions were eliminated, most of which were positions at or above manager
level.

The following is a summary of the 2000 restructuring charges:

                                 Americas   Atlantic    Total
(In millions)                     Region     Region  BAX Global
- ------------------------------------------------------------------------

Fleet related charges            $ 49.7        -       49.7
Severance costs                     1.1       1.2       2.3
Station and other closure costs     3.8       1.7       5.5
- ------------------------------------------------------------------------
Total restructuring charge       $ 54.6       2.9      57.5
- ------------------------------------------------------------------------

Approximately $45.2 million of the restructuring charge was noncash and
approximately $0.3 million of the charge was paid in 2000. The following
analyzes the changes in the remaining liabilities for such costs:

                                              Station
                         Fleet                  and
(In millions)           Charges  Severance    Other   Total
- ------------------------------------------------------------------------

December 31, 2000       $  6.6       2.0        3.4   12.0
Adjustments                0.6      (0.4)      (0.4)  (0.2)
Payments                  (5.1)     (1.5)      (0.9)  (7.5)
- ------------------------------------------------------------------------

December 31, 2001          2.1       0.1        2.1    4.3
Payments                  (2.1)     (0.1)      (0.6)  (2.8)
- ------------------------------------------------------------------------
December 31, 2002       $  -         -          1.5    1.5
- ------------------------------------------------------------------------
The remaining accrual includes contractual commitments for facilities and is
expected to be paid by the end of 2007. The Company decreased its accrual for
restructuring in 2001 by a net $0.2 million as a result of changes in the
estimate of certain liabilities.

                                      -74-

NOTE 21
COMMITMENTS AND CONTINGENCIES

ACMI AGREEMENTS

At December 31, 2002, the Company had aircraft, crew, maintenance and insurance
("ACMI") agreements with third parties to provide aircraft usage and services to
BAX Global, which expire in 2003 through 2004. The fixed and determinable
portion of the obligations under ACMI agreements aggregate approximately $32.5
million in 2003 and $6.6 million in 2004. Amounts purchased under these
arrangements, including any variable component based on hours of usage, were
$49.4 million in 2002, $63.4 million in 2001 and $84.2 million in 2000.

FORMER COAL OPERATIONS

The Company is continuing to market the residual assets of its former coal
operations, and expects purchasers to assume a portion of the Company's coal
equipment operating leases and advance minimum royalty obligations. Advance
royalty payments relate to the right to access and mine coal properties. These
advance royalty payments are recoverable against future production by purchasers
of the residual coal assets. Amounts paid by the Company's former coal
operations under these arrangements, including any variable component, were $6.6
million in 2002, $9.8 million in 2001, and $9.5 million in 2000. The variable
component is based on coal produced pursuant to the mineral lease agreements.
The Company has recorded a $14.7 million liability for the present value of
obligations (including $5.1 million accrued in continuing operations in 2002)
that are not expected to be assumed by purchasers.

Future minimum lease and royalty payments due under the agreements at December
31, 2002 were as follows:

                                          Advance Minimum
             Operating Leases           Royalty Agreements
(In millions) Expected to Be              Expected to Be
- ------------------------------------------------------------------
             Assumed   Retained        Assumed     Retained
- ------------------------------------------------------------------
2003     $     0.5        1.2        $    0.7         2.2
2004           0.2        -               1.1         2.9
2005           0.1        -               0.8         2.3
2006           -          -               0.8         1.1
2007           -          -               0.7         1.0
Later years    -          -              21.0        19.6
- ------------------------------------------------------------------
         $     0.8        1.2        $   25.1        29.1
- ------------------------------------------------------------------

In connection with the sale of certain assets and businesses of the former coal
operations, the Company subleased to Alpha Natural Resources, LLC, coal mining
equipment that has $2.6 million of remaining lease payments. The sublease has
substantially the same terms and conditions as the Company's leases. If Alpha
does not meet its sublease obligations, the Company would be required to pay any
remaining lease payments.

PURCHASE AGREEMENTS

At December 31, 2002, the Company had noncancelable commitments to purchase
$13.2 million of equipment and $12.0 million of computer processing and
consulting services.

FEDERAL BLACK LUNG EXCISE TAX ("FBLET")

On February 10, 1999, the U.S. District Court of the Eastern District of
Virginia entered a final judgment in favor of certain of the Company's
subsidiaries, ruling that the FBLET is unconstitutional as applied to export
coal sales. A total of $0.8 million (including interest) was

                                      -75-

refunded in 1999 for the FBLET that those companies paid for the first quarter
of 1997. The Company sought refunds of the FBLET it paid on export coal sales
for all open statutory periods and received refunds of $23.4 million (including
interest) during the fourth quarter of 2001. During the fourth quarter of 2002,
the Company reached a settlement under which it will collect additional refunds
of $3.2 million.

The Company continues to pursue the refund of other FBLET payments. Due to
uncertainty as to the ultimate additional future amounts to be received, if any,
which could amount to as much as $18 million (before income taxes), as well as
the timing of any additional FBLET refunds, the Company has not currently
recorded receivables for such additional FBLET refunds.

ENVIRONMENTAL REMEDIATION

The Company has agreed to pay 80% of the remediation costs arising from
hydrocarbon contamination at a formerly owned petroleum terminal facility
("Tankport") in Jersey City, New Jersey, which was sold in 1983. The Company is
in the process of remediating the site under an approved plan. The Company
estimates its portion of the actual remaining clean-up and operational and
maintenance costs, on an undiscounted basis, to be between $2.2 million and $4.3
million. The Company is in discussions with another potentially responsible
party to recover a portion of the amount paid and to be paid by the Company
related to this matter.

LITIGATION

The Company is defending potentially significant civil suits relating to its
former coal business. Although the Company is defending these cases vigorously
and believes that its defenses have merit, there exists the possibility that one
or more of these suits ultimately may be decided in favor of the plaintiffs. If
so, the Company expects that the ultimate amount of unaccrued losses could range
from $0 to $25 million.

SURETY BONDS

The Company is required by various state and federal laws to provide security
with regard to its obligations to pay workers' compensation, to reclaim lands
used for mining by the Company's former coal operations and to satisfy other
benefits. As of December 31, 2002, the Company had outstanding surety bonds with
third parties totaling approximately $235 million that it has arranged in order
to satisfy the various security requirements. Most of these bonds provide
financial security for previously recorded liabilities. Because some of the
Company's reclamation obligations have been assumed by purchasers of the
Company's former coal operations, $67 million of the Company's surety bonds are
expected to be replaced by purchasers' surety bonds. These bonds are typically
renewable on a yearly basis, however there can be no assurance the bonds will be
renewed or that premiums in the future will not increase. If the surety bonds
are not renewed, the Company believes that it has adequate available borrowing
capacity under its U.S. credit facility to provide letters of credit or other
collateral to secure its obligations.

                                      -76-

NOTE 22
SELECTED QUARTERLY FINANCIAL DATA
(UNAUDITED)

(In millions, except                                       2002 QUARTERS                             2001 Quarters
per share amounts)                              1ST        2ND       3RD     4TH            1st      2nd        3rd     4th
- ----------------------------------------------------------------------------------------------------------------------------------
                                                                                               
Revenues                                  $    899.5      919.1    953.7   1,004.4     $   908.3     884.5     884.3   947.1
Operating profit                                37.1       35.6     35.5      24.5          24.8      15.9      20.0    46.9
Depreciation and amortization                   36.6       37.8     39.0      41.4          39.2      39.5      40.5    41.4
Impairment charges for subscriber
   disconnects                                   7.3        8.1      9.4       7.5           7.5       8.7       9.2     8.4

Income from continuing operations         $     19.1       19.1     22.1       8.7     $     8.7       3.8       9.2    24.1
Loss from discontinued operations              (11.0)       -        -       (31.9)          -         -         -     (29.2)
- ----------------------------------------------------------------------------------------------------------------------------------
Net income (loss)                         $      8.1       19.1     22.1     (23.2)    $     8.7       3.8       9.2    (5.1)
- ----------------------------------------------------------------------------------------------------------------------------------

Net income (loss) per common share:

Basic:
   Continuing operations                  $      0.37       0.36     0.41      0.17    $     0.17      0.07      0.17    0.46
   Discontinued operations                      (0.22)      -        -        (0.61)         -         -         -      (0.56)
- ----------------------------------------------------------------------------------------------------------------------------------
Basic                                     $      0.15       0.36     0.41     (0.44)   $     0.17      0.07      0.17   (0.10)
- ----------------------------------------------------------------------------------------------------------------------------------

Diluted:
   Continuing operations                  $      0.37       0.36     0.41      0.17    $     0.17      0.07      0.17    0.46
   Discontinued operations                      (0.22)      -        -        (0.61)         -         -         -      (0.56)
- ----------------------------------------------------------------------------------------------------------------------------------
Diluted                                   $      0.15       0.36     0.41     (0.44)   $     0.17      0.07      0.17   (0.10)
- ----------------------------------------------------------------------------------------------------------------------------------

Dividends declared per common share       $      0.025      0.025    0.025   0.025     $     0.025     0.025    0.025   0.025
Stock prices:
   High                                   $      25.90      28.92    25.00   23.70     $     22.44     25.31    23.15   22.90
   Low                                           20.50      22.20    18.60   17.50           17.86     19.35    15.75   17.20
- ----------------------------------------------------------------------------------------------------------------------------------

Pittston Brink's Group Common Stock ("Pittston Common Stock") is the only
outstanding class of common stock of the Company and trades on the New York
Stock Exchange as "PZB." As of March 1, 2003, there were approximately 3,800
shareholders of record of Pittston Common Stock.

                                      -77-

SELECTED FINANCIAL DATA
- --------------------------------------------------------------------------------

FIVE YEARS IN REVIEW

(In millions, except per share amounts)                         2002             2001          2000          1999          1998
- ---------------------------------------------------------------------------------------------------------------------------------

REVENUES AND INCOME

Revenues                                                  $     3,776.7        3,624.2       3,834.1       3,709.7        3,251.6
Income from continuing operations before
   cumulative effect of change in accounting principle             69.0           45.8           2.7         108.0           61.2
Income (loss) from discontinued operations (a)                    (42.9)         (29.2)       (207.3)        (73.3)           4.9
Cumulative effect of change in accounting principle (b)             -              -           (52.0)          -              -
- ---------------------------------------------------------------------------------------------------------------------------------
Net income (loss)                                                  26.1           16.6        (256.6)         34.7           66.1
- ---------------------------------------------------------------------------------------------------------------------------------

FINANCIAL POSITION

Property and equipment, net                               $       871.2          915.5         925.8         930.4          849.9
Total assets                                                    2,459.9        2,423.2       2,478.7       2,459.7        2,331.1
Long-term debt, less current maturities                           304.2          257.4         313.6         395.1          323.3
Shareholders' equity                                              381.2          476.1         475.8         749.6          736.0
- ---------------------------------------------------------------------------------------------------------------------------------

PER PITTSTON COMMON SHARE (c)

Basic, net income (loss):
   Continuing operations                                  $       1.30             0.88          0.07         2.55           1.18
   Discontinued operations (a)                                   (0.82)           (0.57)        (4.14)       (1.49)          0.10
   Cumulative effect of change in accounting principle (b)         -                -           (1.04)         -              -
- ---------------------------------------------------------------------------------------------------------------------------------
Total basic                                               $       0.48             0.31         (5.11)        1.06           1.28
- ---------------------------------------------------------------------------------------------------------------------------------
Diluted, net income (loss):
   Continuing operations                                  $       1.30             0.88          0.05         2.19           1.17
   Discontinued operations (a)                                   (0.82)           (0.57)        (4.13)       (1.49)          0.10
   Cumulative effect of change in accounting principle (b)         -                -           (1.04)         -
- ---------------------------------------------------------------------------------------------------------------------------------
Total diluted                                             $       0.48             0.31         (5.12)        0.70           1.27
- ---------------------------------------------------------------------------------------------------------------------------------
Cash dividends                                            $       0.10             0.10          0.10          N/A            N/A
- ---------------------------------------------------------------------------------------------------------------------------------

PER PITTSTON COMMON SHARE, PRO FORMA FOR ACCOUNTING CHANGE (d)

Basic, income (loss) from:
   Continuing operations                                  $       1.30             0.88          0.07         2.46           1.04
   Discontinued operations                                       (0.82)           (0.57)        (4.14)       (1.49)          0.10
- ---------------------------------------------------------------------------------------------------------------------------------
Total basic, pro forma                                    $       0.48             0.31         (4.07)        0.97           1.14
- ---------------------------------------------------------------------------------------------------------------------------------
Diluted, income (loss) from:
   Continuing operations                                  $       1.30             0.88          0.05         2.09           1.03
   Discontinued operations                                       (0.82)           (0.57)        (4.13)       (1.49)          0.10
- ---------------------------------------------------------------------------------------------------------------------------------
Total diluted, pro forma                                  $       0.48             0.31         (4.08)        0.60           1.13
- ---------------------------------------------------------------------------------------------------------------------------------

WEIGHTED AVERAGE PITTSTON COMMON SHARES OUTSTANDING

Basic                                                            52.1             51.2          50.1          49.1           48.8
Diluted                                                          52.4             51.4          50.1          49.3           49.3
- ---------------------------------------------------------------------------------------------------------------------------------

                                      -78-

SELECTED FINANCIAL DATA (CONTINUED)
- --------------------------------------------------------------------------------

FIVE YEARS IN REVIEW

(In millions, except per share amounts)                          2002           2001          2000          1999          1998
- ---------------------------------------------------------------------------------------------------------------------------------
PER PITTSTON BRINK'S GROUP COMMON SHARE (c)

Basic net income                                                  N/A            N/A           N/A           2.16         2.04
Diluted net income                                                N/A            N/A           N/A           2.15         2.02
Pro forma basic (b)                                               N/A            N/A           N/A           2.03         1.87
Pro forma diluted (b)                                             N/A            N/A           N/A           2.03         1.85
Cash dividends                                                    N/A            N/A           N/A           0.10         0.10
- ---------------------------------------------------------------------------------------------------------------------------------

PER PITTSTON BAX GROUP COMMON SHARE (c)

Basic net income (loss)                                     $     N/A            N/A           N/A           1.73        (0.68)
Diluted net income (loss)                                         N/A            N/A           N/A           1.72        (0.68)
Cash dividends                                                    N/A            N/A           N/A           0.24         0.24
- ---------------------------------------------------------------------------------------------------------------------------------

PER PITTSTON MINERALS GROUP COMMON SHARE (c)

Basic net income (loss):
   Continuing operations                                    $     N/A            N/A           N/A           0.93        (1.01)
   Discontinued operations (a)                                    N/A            N/A           N/A          (8.26)        0.59
- ---------------------------------------------------------------------------------------------------------------------------------
Total basic                                                 $     N/A            N/A           N/A          (7.33)       (0.42)
- ---------------------------------------------------------------------------------------------------------------------------------
Diluted net income (loss):
   Continuing operations                                    $     N/A            N/A           N/A          (0.98)       (1.01)
   Discontinued operations (a)                                    N/A            N/A           N/A          (7.63)        0.59
- ---------------------------------------------------------------------------------------------------------------------------------
Total diluted                                               $     N/A            N/A           N/A          (8.61)       (0.42)
- ---------------------------------------------------------------------------------------------------------------------------------
Cash dividends                                              $     N/A            N/A           N/A           0.025        0.24
- ---------------------------------------------------------------------------------------------------------------------------------

(a) Income (loss) from discontinued operations reflects the operations and
    losses on disposal of the Company's former coal operations. Some of the
    expenses recorded within discontinued operations will continue after the
    disposition of the coal business is complete and will be recorded within
    continuing operations. The expenses that are expected to continue primarily
    consist of postretirement and other employee benefits associated with
    Company-sponsored plans and black lung obligations; reclamation and other
    costs for retained inactive operations, if any; and administrative and legal
    expenses to oversee residual assets and retained benefit obligations. See
    Note 5. In accordance with APB No. 30, the Company included these expenses
    within discontinued operations for all periods presented above. Beginning in
    2003, expenses related to our Company-sponsored pension and postretirement
    benefit obligations, black lung obligations and related administrative costs
    will be recorded as a component of continuing operations. The amount of
    expenses related to postretirement and other employee benefits associated
    with the Company-sponsored plans and black lung obligations that were
    charged to discontinued operations were $2 million, $53 million, and $48
    million for the years ended 2002, 2001, and 2000, respectively. As required
    by APB No. 30, expenses recorded in 2000 include both the actual expenses
    for that year plus an accrual of costs through the expected disposal period,
    which at the time was expected to be the end of 2001. Expenses recorded in
    2001 represent an estimate of costs for 2002 due to the extension of the
    expected disposal period to the end of 2002. Future adjustments to
    contingent liabilities will continue to be recorded within discontinued
    operations.
(b) The Company's results for 2000 include a noncash after-tax charge of $52.0
    million, or $1.04 per diluted share, to reflect the cumulative effect of a
    change in accounting principle pursuant to guidance issued in Staff
    Accounting Bulletin No. 101, "Revenue Recognition in Financial Statements,"
    by the Securities and Exchange Commission in December 1999 and a related
    interpretation issued in October 2000.
(c) Prior to January 14, 2000, the Company was comprised of three separate
    groups - Pittston Brink's Group, Pittston BAX Group, and Pittston Minerals
    Group. The Pittston Brink's Group included the Brink's and BHS operations of
    the Company. The Pittston BAX Group included the BAX Global operations of
    the Company. The Pittston Minerals Group included the Pittston Coal Company
    and Mineral Ventures operations of the Company. Also, prior to January 14,
    2000, the Company had three classes of common stock: Pittston Brink's Group
    Common Stock ("Brink's Stock"), Pittston BAX Group Common Stock ("BAX
    Stock") and Pittston Minerals Group Common Stock ("Minerals Stock"), which
    were designed to provide shareholders with separate securities reflecting
    the performance of the Brink's Group, the BAX Group and the Minerals Group,
    respectively. On December 6, 1999, the Company announced that its Board of
    Directors approved the elimination of the tracking stock capital structure
    by an exchange of all outstanding shares of Minerals Stock and BAX Stock for
    shares of Brink's Stock (the "Exchange"). The Exchange took place on January
    14, 2000.
(d) Pro forma income per share amounts prior to 2000 have been adjusted to show
    the effect of the change in accounting noted in (b) above as if it had been
    in effect all periods.

                                      -79-

               SUBSIDIARIES OF THE PITTSTON COMPANY
                      AS OF DECEMBER 31, 2002

   (Percentage of Voting Securities 100% unless otherwise noted)

                                                                                                  Jurisdiction
Company                                                                                          of Incorporation

The Pittston Company (Delaware)                                                                    Delaware
Glen Allen Development, Inc.                                                                       Delaware
Pittston Services Group, Inc.                                                                      Virginia
     Brink's Holding Company                                                                       Virginia
         Brink's Home Security, Inc.                                                               Delaware
              Brink's Guarding Services, Inc.                                                      Delaware
              Brink's Home Security Canada Limited                                                 Canada
         Brink's, Incorporated                                                                     Delaware
              Brellis Partners, L.P. (50% Partnership)                                             Virginia
              Brink's Antigua Ltd. (47%)                                                           Antigua
              Brink's Express Company                                                              Illinois
              Brink's (Liberia) Inc.                                                               Liberia
              Brink's Security International, Inc.                                                 Delaware
                  Brink's Brokerage Company, Inc.                                                  Delaware
                  Brink's C.l.S., Inc.                                                             Delaware
                  Brink's Diamond and Jewelry Services, Inc.                                       Delaware
                  Brink's Global Services, Inc.                                                    Delaware
                  Brink's Global Services KL, Inc.                                                 Delaware
                  Brink's International Management Group, Inc.                                     Delaware
                  Brink's Network, Incorporated                                                    Delaware
                  Brink's Vietnam, Inc.                                                            Delaware
                  Brink's Philippines, Inc.                                                        Delaware
                  Brink's Argentina S.A.                                                           Argentina

                  Brink's Asia Pacific Ltd.                                                        Hong Kong
                  Brink's Asia Pacific Pty Ltd.                                                    Australia
                  Brink's Australia Pty. Limited                                                   Australia
                  Brink's Diamond & Jewelry Services, N.V.                                         Belgium
                  Cavalier Insurance Company, Ltd.                                                 Bermuda
                  Brink's Bolivia S.A.                                                             Bolivia
                  Brink's Canada Limited                                                           Canada
                      Brink's Security Company, Limited                                            Canada
                  Brink's Chile S.A. (73.95%)                                                      Chile
                  Brink's de Colombia, S.A. (58%)                                                  Colombia
                      Domesa de Colombia S.A. (69.99%)                                             Colombia
                  Brink's Global Services FZE                                                      Dubai
                  Brink's France (99.98%)                                                          France
                      Brink's Antilles Guyanne, SARL (nominal interest                             Guadeloupe
                           held by Brink's Evolution)
                      Brink's Controle Securite, SARL (nominal interest                            France
                           held by Brink's Evolution)
                      Brink's Controle Securite Reunion, SARL (nominal                             Reunion
                           interest held by Brink's Evolution)
                      Brink's Evolution, SARL (nominal interest held by                            France
                           Brink's Guard)
                      Brink's Formation, SARL (nominal interest                                    France
                           held by Brink's Evolution)
                      Brink's Guard, SARL (nominal interest                                        France
                           held by Brink's Evolution)
                      Brink's Services SARL (nominal interest                                      Guadeloupe
                           held by Brink's Evolution)
                      Brink's Martinique, SARL (nominal interest                                   Martinique
                           held by Brink's Evolution)
                      Brink's Maroc (65%)                                                          Morocco
                      Brink's Protection Privee                                                    France
                      Brink's Reunion, SARL (nominal interest                                      Reunion
                           held by Brink's Evolution)
                      Brink's Recherche et Development (Paris)                                     France
                      Protecval SARL                                                               France
                      O.T.G.S. S.A.                                                                France
                  Brink's Beteiligungsgesellschaft mbH                                             Germany
                           Brink's Verwaltungsgesellschaft mbH                                     Germany
                      Brink's - Deutscheland GMBH (BBmbH 99.99%, BVmbH .01%)                       Germany
                           Brink's Sicherheit GmbH                                                 Germany
                           Security Consulting & Services GmbH                                     Germany
                  Brink's Far East Limited (99.9% Bl.1%)                                           Hong Kong
                  Brink's Arya India Private Ltd. (40%)                                            India
                  Brink's Allied Ltd. (50%)                                                        Ireland
                      Brink's Ireland Ltd.                                                         Ireland
                      Allied Couriers Ltd.                                                         Ireland
                  Brink's Israel, Ltd. (70%)                                                       Israel
                      Courier Services, Ltd. (99.9%)                                               Israel
                  Brink's Diamond & Jewelery Services (International) (1993) Ltd.
                  (99.9% Bl.1%)                                                                    Israel
                  Brink's Global Services, S.r.l.(99.9% Bl.1%)                                     Italy
                  Brink's Japan Limited (81%)                                                      Japan
                  Brink's Global Services Korea Ltd. (80%)                                         Korea
                  Brink's-Ziegler Luxemborg (100%)                                                 Luxemborg
                  Brink's Global Services, S.A. de C.V.                                            Mexico
                  Brink's Nederland B.V.                                                           Netherlands
                      Brink's Geldverwerking B.V.                                                  Netherlands
                  Centro Americana de Inversiones Balboa C.A.                                      Panama
                      Hermes Transport Blindados S.A. (31.038% by Centro, 4.9% BI)                 Peru
                  Brink's Poland S.p.z.o.                                                           Poland
                  Brink's Puerto Rico, Inc.                                                        Puerto Rico
                  Brink's International Holdings AG                                                Switzerland
                           Transpar - Brink's ATM Ltda.                                            Brazil
                      Brink's Valores Agregados Ltda.                                              Brazil
                      Brinks Seguranca e Transporte de Valores Ltda.                               Brazil
                           TGV Transportadora de Valores e Vigilancia Ltda.                        Brazil
                      BVA-Brink's Valores Agregados Ltda.                                          Brazil
                      Brink's-Belgium S.A.                                                         Belgium
                      Brink's-Hong Kong Limited (90%)                                              Hong Kong
                      Brink's Singapore Pte. Ltd. (60%)                                            Singapore
                      Brink's (Southern Africa) (Proprietary) Ltd.                                 South Africa
                      Brink's Zurcher Freilager A.G. (51%)                                         Switzerland
                  Brink's Taiwan Limited                                                           Taiwan
                  Brink's (Thailand) Ltd. (40%)                                                    Thailand
                  Brink's Panama S.A. (49%)                                                        Panama
                  Inmobiliaria Brink's Panama S.A. (49%)                                           Panama
                  Brink's Guvenlik Hezmetieri A.S.                                                 Turkey
                  Brink's Europe Ltd. (U.K.)                                                       U.K.
                  Brink's (UK) Ltd.                                                                U.K.
                      Brink's Commercial Services Ltd.                                             U.K.
                      Brink's Diamond & Jewellery Services Ltd.                                    U.K.
                      Brink's Limited                                                              U.K.
                           Brink's (Gibraltar) Limited                                             Gibraltar
                           Brink's Limited (Bahrain) EC                                            Bahrain
                           Brink's Security Limited                                                U.K.
                           Quarrycast Commercial Limited                                           U.K.
                  Brink's Global Services, Ltd.                                                    U.K.
                  Servicio de Panamericano de Proteccion, CA (60.95%)                              Venezuela
                           Aeropanamericano, C.A.                                                  Venezuela
                           Artes Graficas Avenzadas 98, C.A. (99%)                                 Venezuela
                           Blindados del Zulia Occidente, C.A.                                     Venezuela
                           Blindados de Oriente, S.A.                                              Venezuela
                           Blinadados Panamericanos, S.A.                                          Venezuela
                           Blindados Centro Occidente, S.A.                                        Venezuela
                           Bolivar Business, S.A.                                                  Panama
                                    Domesa Courier Corporation                                     Florida
                                    Panamerican Protective Service Sint Maarten, N.V.              Netherlands
                                                                                                   Antilles
                                    Pan American Protective Service, Inc.                          Florida
                                    Radio Llamadas Panama, S.A.                                    Panama
                                    Servicio Panamericano de Vigliancia Curacao, N.V.              Netherlands
                                                                                                   Antilles
                                            Domesa Curacao, N.V.                                   Netherlands
                                                                                                   Antilles
                                            Domesa Aruba, N.V.                                     Aruba           Servicio
                  Panamericano de ProteccionNetherlands
                                                Curacao, N.V.                                      Antilles
                           Documentos Mercantilles S.A.                                            Venezuela
                           Instituto Panamericano C.A.                                             Venezuela
                           Panamaericana de Vigliancia, S.A.                                       Venezuela
                           Transporte Expresos, C.A.                                               Venezuela
                           Grapho Formas Petare, C.A. (70%)                                        Venezuela
                                    Centro Americana de Inversiones La Restinga, C.A.              Panama
                  Hellinic Brink's Commercial Societe Anonyme of Provision
                  of Services of Information Technology                                            Greece
                           S.A. of Provision of Services in Transportation d/b/a/
                           Brink's Hermes (50.05%)                                                 Greece
              Brink's St. Lucia Ltd. (26.5% BI)                                                    St. Lucia
              Security Services (Brink's Jordan) Co. Ltd. (45% BI)                                 Jordan
              Servicio Pan Americano de Proteccian S.A. (20% BI)                                   Mexico
         Pittston Finance Company Inc.                                                             Delaware
     BAX Holding Company   Virginia
         BAX Finance Inc.  Delaware
         BAX Global Inc.                                                                           Delaware
              BAXAIR Inc.  Delaware
                  Air Transport International, L.L.C. (BAX 99%, BAXAIR 1%)                         Nevada
              BAX Global International Inc.                                                        Delaware
                  Burlington Air Express (Brazil) Inc.                                             Delaware
                  Burlington Air Express (Dubai) Inc.                                              Delaware
                  Burlington Air Express Services Inc.                                             Delaware
                  Burlington Network Inc.                                                          Delaware
                  BAX Global Holding Pty. Ltd.                                                     Australia
                      BAX Global Aust. Pty. Ltd.                                                   Australia
                      BAX Global Cartage Pty. Limited                                              Australia
                  BAX Global do Brazil Ltda.                                                       Brazil
                  BAX Global (Canada) Ltd.                                                         Canada
                      797726 Ontario Inc.                                                          Canada
                  BAX Global Services Chile Limitada                                               Chile
                  Xiamen BAX Global Warehousing Co. Ltd.                                           China
                  BAX Global A/S                                                                   Denmark
                  BAX Global SARL (France)                                                         France
                      BAX Global S.A. (France)                                                     France
                  BAX Global GmbH                                                                  Germany
                      BAX Global GmbH                                                              Austria
                      BAX Global Nemzetkozi Szallitmanyozo es Logisztikai                          Hungary
                Korlatolt Felelossegu Tarsasag (BAX Global Kft.)
                  BAX Global Limited (Hong Kong)                                                   Hong Kong
                      BAX Global Logistics Limitada                                                Macau
                  Indian Enterprises Inc.                                                          Delaware
                      Indian Associates Inc. (40%)                                                 Delaware
                           BAX Global India Private Limited (65%, BAXI 35%)                        India
                  BAX Express Limited (Ireland)                                                    Ireland
                  Pittston International Finance Company, Ltd.                                     Ireland
                  BAX Global S.r.l.                                                                Italy
                      CSC Customs and Management Services S.r.l.                                   Italy
                  BAX Global Japan K.K.                                                            Japan
                  BAX Global (Korea) Co. Ltd. (51%)                                                South Korea
                  BAX Global (Malaysia) Sdn. Bhd.                                                  Malaysia
                      BAX Global Imports (Malaysia) Sdn. Bhd. (40%)                                Malaysia
                  BAX Global, S.A. de C.V.                                                         Mexico
                  BAX Global Networks B.V.                                                         Netherlands
                      BAX Global B.V.                                                              Netherlands
                           BAX Global N.V./S.A.(Belgium)                                           Belgium
                           BAX Global Pte Ltd.(Singapore)                                          Singapore
                      J. Cleton & Co. Holding B.V.                                                 Netherlands
                           J. Cleton & Co. B.V.                                                    Netherlands
                           Logicenter, B.V.                                                        Netherlands
                           Chip Electronic Services B.V. (50%)                                     Netherlands
                  BAX Global (N.Z.) Ltd.                                                           New Zealand
                  Burlington-Transmaso Air Express Lda. (50%)                                      Portugal
                  BAX Global Transitarios Ltda.                                                    Portugal
                  Continental Freight (Pty) Ltd.                                                   South Africa
                      BAX Global Pty Ltd.                                                          South Africa
                      Traco Freight (Pty) Ltd.                                                     South Africa
                  BAX Global S.A.                                                                  Spain
                  BAX Global Holdings S.L.                                                         Spain
                      BAX Global Logistics (Shanghai) Co., Ltd.                                    China
                      BAX Global Logistics (Shenzhen) Co., Ltd.                                    China
                  BAX Global Aktiebolag                                                            Sweden
                  BAX Global AG                                                                    Switzerland
                  BAX Global (Taiwan) Ltd.                                                         Taiwan
                  BAX Global Limited                                                               Thailand
                  BAX Global (UK) Limited                                                          U.K.
                      Alltransport Holdings Limited                                                U.K.
                           Alltransport International Group Limited                                U.K.
                           Alltransport Warehousing Limited                                        U.K.
                           BAX Global Limited                                                      U.K.
                           BAX Global Ocean Services Limited                                       U.K.
                      WTC Air Freight (U.K.) Limited                                               U.K.
                      BAX Logistics, Ltd.                                                          U.K.
         BAX Funding Corporation                                                                   California
         Burlington Airline Express Inc.                                                           Delaware
         Burlington Land Trading Inc.                                                              Delaware
         Highway Merchandise Express, Inc.                                                         California
         WTC Airlines, Inc.                                                                        Delaware
         WTC SUB           California
     Pittston Administrative Services Inc.                                                         Delaware
Pittston Minerals Group Inc.                                                                       Virginia
     Pittston Coal Company Delaware
         American Eagle Coal Company                                                               Virginia
         Heartland Coal Company                                                                    Delaware
         Maxxim Rebuild Company, Inc.                                                              Delaware
         Mountain Forest Products, Inc.                                                            Virginia
         Pine Mountain Oil and Gas, Inc.                                                           Virginia
         Addington, Inc.                                                                           Kentucky
              Huff Creek Energy Company                                                            West Virginia
         Appalachian Land Company                                                                  West Virginia
         Appalachian Mining, Inc.                                                                  West Virginia
              Molloy Mining, Inc.                                                                  West Virginia
         Kanawha Development Corporation                                                           West Virginia
         Vandalia Resources, Inc.                                                                  West Virginia
         Pittston Coal Management Company                                                          Virginia
         Pittston Coal Sales Corp.                                                                 Virginia
         Pittston Coal Terminal Corporation                                                        Virginia
         Pyxis Resources Company                                                                   Virginia
              HICA Corporation                                                                     Kentucky
              Holston Mining, Inc.                                                                 West Virginia
              Motivation Coal Company                                                              Virginia
              Paramont Coal Corporation                                                            Delaware
         Sheridan-Wyoming Coal Company, Incorporated                                               Delaware
         Thames Development, Ltd.                                                                  Virginia
              Buffalo Mining Company                                                               West Virginia
              Clinchfield Coal Company                                                             Virginia
              Dante Coal Company                                                                   Virginia
              Eastern Coal Corporation                                                             West Virginia
              Elkay Mining Company                                                                 West Virginia
              Jewell Ridge Coal Corporation                                                        Virginia
              Kentland-Elkhorn Coal Corporation                                                    Kentucky
              Lorado Reclamation Company                                                           Virginia
              Meadow River Coal Company                                                            Kentucky
              Pittston Coal Group, Inc.                                                            Virginia
              Ranger Fuel Corporation                                                              West Virginia
              Sea "B" Mining Company                                                               Virginia
              Pittston Synfuel Company                                                             Virginia
         Pittston Mineral Ventures Company                                                         Delaware
              PMV Gold Company                                                                     Delaware
                  Pittston Nevada Gold Company (50%)
                  [50% by MPI Gold (USA) Ltd.]                                                     Delaware
              Stawell Gold Mines Pty. Limited (50% prorata consolidation)                          Australia
              Pittston Mineral Ventures International Ltd.                                         Delaware
              Pittston Mineral Ventures of Australia Pty Ltd.                                      Australia
                  Carbon Ventures Pty. Limited                                                     Australia
                      International Carbon (Aust.) Pty. Limited                                    Australia
                  Pittston Australasian Mineral Exploration Pty Limited                            Australia
                  Pittston Black Sands of Western Australia Pty Limited                            Australia

NOTE: Subsidiaries that are not majority owned do not constitute  "Subsidiaries"
for the purposes of this Schedule.  They have been left on the Schedule so as to
make the ownership structure clear.

                          Independent Auditors' Consent

The Board of Directors
The Pittston Company:

We consent to the incorporation by reference in the registration statements
(Nos. 2-64258, 33-2039, 33-21393, 33-23333, 33-69040, 33-53565, 333-02219,
333-70758, 333-70762, 333-70766, 333-70772, 333-78631 and 333-78633) on Form S-8
of The Pittston Company of our reports dated February 10, 2003, with respect to
the Consolidated Financial Statements listed in the accompanying Index to
Financial Statements and Schedules in Item 15(a)1 included in the 2002 Annual
Report on Form 10-K of The Pittston Company, and the related financial statement
schedule, which reports appear in the 2002 Annual Report on Form 10-K of The
Pittston Company.

Our report covering the Consolidated Financial Statements refers to a change in
accounting for goodwill and other intangibles. Our report also refers to a
change in the method of accounting for nonrefundable installation revenues and
the related direct costs of acquiring new subscribers in 2000 as a result of the
implementation of Staff Accounting Bulletin No. 101, Revenue Recognition in
Financial Statements.

Richmond, Virginia
March 26, 2003

                              POWER OF ATTORNEY

         KNOW  ALL MEN BY  THESE  PRESENTS  that  the  undersigned  does  hereby
constitute and appoint Michael T. Dan, Austin F. Reed and Robert T. Ritter,  and
each  of  them  (with  full  power  of   substitution),   his  true  and  lawful
attorney-in-fact  and agent to do any and all acts and things and to execute any
and all instruments which, with the advice of counsel, any of said attorneys and
agents may deem  necessary  or  advisable  to enable  The  Pittston  Company,  a
Virginia corporation (the "Company"), to comply with the Securities Act of 1933,
as amended,  and the Securities Exchange Act of 1934, as amended, and any rules,
regulations  and  requirements  of the  Securities  and Exchange  Commission  in
respect thereof,  in connection with the preparation and filing of the Company's
annual  report on Form 10-K for the fiscal  year ended  December  31,  2002 (the
"Form  10-K"),  including  specifically,   but  without  limitation,  power  and
authority to sign his name as an officer and/or director of the Company,  as the
case may be, to the Form 10-K or any  amendments  thereto;  and the  undersigned
does hereby ratify and confirm all that said  attorneys  shall do or cause to be
done by virtue hereof.

IN WITNESS WHEREOF, I have hereunto set my hand this 14 day of March, 2003.

                                                     /s/ Roger G. Ackerman
                                                     ---------------------------
                                                     Roger G. Ackerman

                              POWER OF ATTORNEY

         KNOW  ALL MEN BY  THESE  PRESENTS  that  the  undersigned  does  hereby
constitute and appoint Michael T. Dan, Austin F. Reed and Robert T. Ritter,  and
each  of  them  (with  full  power  of   substitution),   his  true  and  lawful
attorney-in-fact  and agent to do any and all acts and things and to execute any
and all instruments which, with the advice of counsel, any of said attorneys and
agents may deem  necessary  or  advisable  to enable  The  Pittston  Company,  a
Virginia corporation (the "Company"), to comply with the Securities Act of 1933,
as amended,  and the Securities Exchange Act of 1934, as amended, and any rules,
regulations  and  requirements  of the  Securities  and Exchange  Commission  in
respect thereof,  in connection with the preparation and filing of the Company's
annual  report on Form 10-K for the fiscal  year ended  December  31,  2002 (the
"Form  10-K"),  including  specifically,   but  without  limitation,  power  and
authority to sign his name as an officer and/or director of the Company,  as the
case may be, to the Form 10-K or any  amendments  thereto;  and the  undersigned
does hereby ratify and confirm all that said  attorneys  shall do or cause to be
done by virtue hereof.

IN WITNESS WHEREOF, I have hereunto set my hand this 14 day of March, 2003.

                                                     /s/ Betty C. Alewine
                                                     ---------------------------
                                                     Betty C. Alewine

                              POWER OF ATTORNEY

         KNOW  ALL MEN BY  THESE  PRESENTS  that  the  undersigned  does  hereby
constitute and appoint Michael T. Dan, Austin F. Reed and Robert T. Ritter,  and
each  of  them  (with  full  power  of   substitution),   his  true  and  lawful
attorney-in-fact  and agent to do any and all acts and things and to execute any
and all instruments which, with the advice of counsel, any of said attorneys and
agents may deem  necessary  or  advisable  to enable  The  Pittston  Company,  a
Virginia corporation (the "Company"), to comply with the Securities Act of 1933,
as amended,  and the Securities Exchange Act of 1934, as amended, and any rules,
regulations  and  requirements  of the  Securities  and Exchange  Commission  in
respect thereof,  in connection with the preparation and filing of the Company's
annual  report on Form 10-K for the fiscal  year ended  December  31,  2002 (the
"Form  10-K"),  including  specifically,   but  without  limitation,  power  and
authority to sign his name as an officer and/or director of the Company,  as the
case may be, to the Form 10-K or any  amendments  thereto;  and the  undersigned
does hereby ratify and confirm all that said  attorneys  shall do or cause to be
done by virtue hereof.

IN WITNESS WHEREOF, I have hereunto set my hand this 14 day of March, 2003.

                                                     /s/ James R. Barker
                                                     ---------------------------
                                                     James R. Barker

                              POWER OF ATTORNEY

         KNOW  ALL MEN BY  THESE  PRESENTS  that  the  undersigned  does  hereby
constitute and appoint Michael T. Dan, Austin F. Reed and Robert T. Ritter,  and
each  of  them  (with  full  power  of   substitution),   his  true  and  lawful
attorney-in-fact  and agent to do any and all acts and things and to execute any
and all instruments which, with the advice of counsel, any of said attorneys and
agents may deem  necessary  or  advisable  to enable  The  Pittston  Company,  a
Virginia corporation (the "Company"), to comply with the Securities Act of 1933,
as amended,  and the Securities Exchange Act of 1934, as amended, and any rules,
regulations  and  requirements  of the  Securities  and Exchange  Commission  in
respect thereof,  in connection with the preparation and filing of the Company's
annual  report on Form 10-K for the fiscal  year ended  December  31,  2002 (the
"Form  10-K"),  including  specifically,   but  without  limitation,  power  and
authority to sign his name as an officer and/or director of the Company,  as the
case may be, to the Form 10-K or any  amendments  thereto;  and the  undersigned
does hereby ratify and confirm all that said  attorneys  shall do or cause to be
done by virtue hereof.

IN WITNESS WHEREOF, I have hereunto set my hand this 13 day of March, 2003.

                                                     /s/ Marc C. Breslawsky
                                                     ---------------------------
                                                      Marc C. Breslawsky

                              POWER OF ATTORNEY

         KNOW  ALL MEN BY  THESE  PRESENTS  that  the  undersigned  does  hereby
constitute and appoint Michael T. Dan, Austin F. Reed and Robert T. Ritter,  and
each  of  them  (with  full  power  of   substitution),   his  true  and  lawful
attorney-in-fact  and agent to do any and all acts and things and to execute any
and all instruments which, with the advice of counsel, any of said attorneys and
agents may deem  necessary  or  advisable  to enable  The  Pittston  Company,  a
Virginia corporation (the "Company"), to comply with the Securities Act of 1933,
as amended,  and the Securities Exchange Act of 1934, as amended, and any rules,
regulations  and  requirements  of the  Securities  and Exchange  Commission  in
respect thereof,  in connection with the preparation and filing of the Company's
annual  report on Form 10-K for the fiscal  year ended  December  31,  2002 (the
"Form  10-K"),  including  specifically,   but  without  limitation,  power  and
authority to sign his name as an officer and/or director of the Company,  as the
case may be, to the Form 10-K or any  amendments  thereto;  and the  undersigned
does hereby ratify and confirm all that said  attorneys  shall do or cause to be
done by virtue hereof.

IN WITNESS WHEREOF, I have hereunto set my hand this 10 day of March, 2003.

                                                     /s/ James L. Broadhead
                                                     ---------------------------
                                                      James L. Broadhead

                              POWER OF ATTORNEY

         KNOW  ALL MEN BY  THESE  PRESENTS  that  the  undersigned  does  hereby
constitute and appoint Michael T. Dan, Austin F. Reed and Robert T. Ritter,  and
each  of  them  (with  full  power  of   substitution),   his  true  and  lawful
attorney-in-fact  and agent to do any and all acts and things and to execute any
and all instruments which, with the advice of counsel, any of said attorneys and
agents may deem  necessary  or  advisable  to enable  The  Pittston  Company,  a
Virginia corporation (the "Company"), to comply with the Securities Act of 1933,
as amended,  and the Securities Exchange Act of 1934, as amended, and any rules,
regulations  and  requirements  of the  Securities  and Exchange  Commission  in
respect thereof,  in connection with the preparation and filing of the Company's
annual  report on Form 10-K for the fiscal  year ended  December  31,  2002 (the
"Form  10-K"),  including  specifically,   but  without  limitation,  power  and
authority to sign his name as an officer and/or director of the Company,  as the
case may be, to the Form 10-K or any  amendments  thereto;  and the  undersigned
does hereby ratify and confirm all that said  attorneys  shall do or cause to be
done by virtue hereof.

IN WITNESS WHEREOF, I have hereunto set my hand this 11 day of March, 2003.

                                                     /s/ William F. Craig
                                                     ---------------------------
                                                     William F. Craig

                              POWER OF ATTORNEY

         KNOW  ALL MEN BY  THESE  PRESENTS  that  the  undersigned  does  hereby
constitute and appoint Michael T. Dan, Austin F. Reed and Robert T. Ritter,  and
each  of  them  (with  full  power  of   substitution),   his  true  and  lawful
attorney-in-fact  and agent to do any and all acts and things and to execute any
and all instruments which, with the advice of counsel, any of said attorneys and
agents may deem  necessary  or  advisable  to enable  The  Pittston  Company,  a
Virginia corporation (the "Company"), to comply with the Securities Act of 1933,
as amended,  and the Securities Exchange Act of 1934, as amended, and any rules,
regulations  and  requirements  of the  Securities  and Exchange  Commission  in
respect thereof,  in connection with the preparation and filing of the Company's
annual  report on Form 10-K for the fiscal  year ended  December  31,  2002 (the
"Form  10-K"),  including  specifically,   but  without  limitation,  power  and
authority to sign his name as an officer and/or director of the Company,  as the
case may be, to the Form 10-K or any  amendments  thereto;  and the  undersigned
does hereby ratify and confirm all that said  attorneys  shall do or cause to be
done by virtue hereof.

IN WITNESS WHEREOF, I have hereunto set my hand this 13 day of March, 2003.

                                                     /s/ Michael L. Grimes
                                                     ---------------------------
                                                       Michael L. Grimes

                              POWER OF ATTORNEY

         KNOW  ALL MEN BY  THESE  PRESENTS  that  the  undersigned  does  hereby
constitute and appoint Michael T. Dan, Austin F. Reed and Robert T. Ritter,  and
each  of  them  (with  full  power  of   substitution),   his  true  and  lawful
attorney-in-fact  and agent to do any and all acts and things and to execute any
and all instruments which, with the advice of counsel, any of said attorneys and
agents may deem  necessary  or  advisable  to enable  The  Pittston  Company,  a
Virginia corporation (the "Company"), to comply with the Securities Act of 1933,
as amended,  and the Securities Exchange Act of 1934, as amended, and any rules,
regulations  and  requirements  of the  Securities  and Exchange  Commission  in
respect thereof,  in connection with the preparation and filing of the Company's
annual  report on Form 10-K for the fiscal  year ended  December  31,  2002 (the
"Form  10-K"),  including  specifically,   but  without  limitation,  power  and
authority to sign his name as an officer and/or director of the Company,  as the
case may be, to the Form 10-K or any  amendments  thereto;  and the  undersigned
does hereby ratify and confirm all that said  attorneys  shall do or cause to be
done by virtue hereof.

IN WITNESS WHEREOF, I have hereunto set my hand this 13 day of March, 2003.

                                                     /s/ Gerald Grinstein
                                                     ---------------------------
                                                      Gerald Grinstein

                              POWER OF ATTORNEY

         KNOW  ALL MEN BY  THESE  PRESENTS  that  the  undersigned  does  hereby
constitute and appoint Michael T. Dan, Austin F. Reed and Robert T. Ritter,  and
each  of  them  (with  full  power  of   substitution),   his  true  and  lawful
attorney-in-fact  and agent to do any and all acts and things and to execute any
and all instruments which, with the advice of counsel, any of said attorneys and
agents may deem  necessary  or  advisable  to enable  The  Pittston  Company,  a
Virginia corporation (the "Company"), to comply with the Securities Act of 1933,
as amended,  and the Securities Exchange Act of 1934, as amended, and any rules,
regulations  and  requirements  of the  Securities  and Exchange  Commission  in
respect thereof,  in connection with the preparation and filing of the Company's
annual  report on Form 10-K for the fiscal  year ended  December  31,  2002 (the
"Form  10-K"),  including  specifically,   but  without  limitation,  power  and
authority to sign his name as an officer and/or director of the Company,  as the
case may be, to the Form 10-K or any  amendments  thereto;  and the  undersigned
does hereby ratify and confirm all that said  attorneys  shall do or cause to be
done by virtue hereof.

IN WITNESS WHEREOF, I have hereunto set my hand this 14 day of March, 2003.

                                                     /s/ Ronald M. Gross
                                                     ---------------------------
                                                      Ronald M. Gross

                              POWER OF ATTORNEY

         KNOW  ALL MEN BY  THESE  PRESENTS  that  the  undersigned  does  hereby
constitute and appoint Michael T. Dan, Austin F. Reed and Robert T. Ritter,  and
each  of  them  (with  full  power  of   substitution),   his  true  and  lawful
attorney-in-fact  and agent to do any and all acts and things and to execute any
and all instruments which, with the advice of counsel, any of said attorneys and
agents may deem  necessary  or  advisable  to enable  The  Pittston  Company,  a
Virginia corporation (the "Company"), to comply with the Securities Act of 1933,
as amended,  and the Securities Exchange Act of 1934, as amended, and any rules,
regulations  and  requirements  of the  Securities  and Exchange  Commission  in
respect thereof,  in connection with the preparation and filing of the Company's
annual  report on Form 10-K for the fiscal  year ended  December  31,  2002 (the
"Form  10-K"),  including  specifically,   but  without  limitation,  power  and
authority to sign his name as an officer and/or director of the Company,  as the
case may be, to the Form 10-K or any  amendments  thereto;  and the  undersigned
does hereby ratify and confirm all that said  attorneys  shall do or cause to be
done by virtue hereof.

IN WITNESS WHEREOF, I have hereunto set my hand this 14 day of March, 2003.

                                                     /s/ Carl S. Sloane
                                                     ---------------------------
                                                      Carl S. Sloane

                              POWER OF ATTORNEY

         KNOW  ALL MEN BY  THESE  PRESENTS  that  the  undersigned  does  hereby
constitute and appoint Michael T. Dan, Austin F. Reed and Robert T. Ritter,  and
each  of  them  (with  full  power  of   substitution),   his  true  and  lawful
attorney-in-fact  and agent to do any and all acts and things and to execute any
and all instruments which, with the advice of counsel, any of said attorneys and
agents may deem  necessary  or  advisable  to enable  The  Pittston  Company,  a
Virginia corporation (the "Company"), to comply with the Securities Act of 1933,
as amended,  and the Securities Exchange Act of 1934, as amended, and any rules,
regulations  and  requirements  of the  Securities  and Exchange  Commission  in
respect thereof,  in connection with the preparation and filing of the Company's
annual  report on Form 10-K for the fiscal  year ended  December  31,  2002 (the
"Form  10-K"),  including  specifically,   but  without  limitation,  power  and
authority to sign his name as an officer and/or director of the Company,  as the
case may be, to the Form 10-K or any  amendments  thereto;  and the  undersigned
does hereby ratify and confirm all that said  attorneys  shall do or cause to be
done by virtue hereof.

IN WITNESS WHEREOF, I have hereunto set my hand this 14 day of March, 2003.

                                                     /s/ Ronald L. Turner
                                                     ---------------------------
                                                      Ronald L. Turner

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
  In connection with the Annual Report on Form 10-K of The Pittston Company (the
"Company") for the period ending December 31, 2002 as filed
  with the Securities and Exchange Commission on the date hereof (the "Report"),
  I, Michael T. Dan, Chief Executive Officer of the Company, certify, pursuant
  to 18 U.S.C. ss. 1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley
  Act of 2002, that:
  (1) the Report fully complies with the requirements of Section 13(a) or 15(d)
  of the Securities Exchange Act of 1934; and (2) the information contained in
  the Report fairly presents, in all material respects, the financial condition
  and results of operations of the Company.

   /s/ Michael T. Dan
- ------------------------------------
Michael T. Dan
Chief Executive Officer
March 26, 2003

A signed original of this written statement required by Section 906 has been
provided to The Pittston Company and will be retained by The Pittston Company
and furnished to the Securities and Exchange Commission or its staff upon
request.

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
  In connection with the Annual Report on Form 10-K of The Pittston Company (the
"Company") for the period ending December 31, 2002 as filed
  with the Securities and Exchange Commission on the date hereof (the "Report"),
  I, Robert T. Ritter, Chief Financial Officer of the Company, certify, pursuant
  to 18 U.S.C. ss. 1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley
  Act of 2002, that:
  (1) the Report fully complies with the requirements of Section 13(a) or 15(d)
  of the Securities Exchange Act of 1934; and (2) the information contained in
  the Report fairly presents, in all material respects, the financial condition
  and results of operations of the Company.

   /s/ Robert T. Ritter
- ------------------------------------
Robert T. Ritter
Chief Financial Officer
March 26, 2003

A signed original of this written statement required by Section 906 has been
provided to The Pittston Company and will be retained by The Pittston Company
and furnished to the Securities and Exchange Commission or its staff upon
request.