
                                  Pittston Brink's Group Earns
                              $.55 Per Share in the Fourth Quarter

         Richmond,  VA - January 28, 1998 - Pittston  Brink's Group reported net
income of $21.2 million, or $.55 per share ($.54 diluted), in the fourth quarter
ended  December 31, 1997,  an 18% increase over the $18.0  million,  or $.47 per
share ($.46  diluted),  earned in the fourth  quarter of 1996.  Combined  fourth
quarter  revenues  of Brink's,  Incorporated  and Brink's  Home  Security,  Inc.
increased 24% to $301.2 million.  For the full year 1997, Pittston Brink's Group
net income  increased  23% to $73.6  million or $1.92 per share ($1.90  diluted)
compared to $59.7 million or $1.56 per share ($1.54  diluted) for the comparable
period  in 1996.  Combined  revenues  for the full year 1997 were up 21% to $1.1
billion.

Brink's, Incorporated (Brink's)

         Brink's worldwide consolidated revenues increased 26% to $254.1 million
in the quarter.  Operating  profits amounted to $25.8 million,  37% greater than
recorded in the prior  year's  quarter due to  improvements  in North  American,
European  and  Latin  American  operations.  For the  full  year  1997,  Brink's
worldwide  consolidated  revenues  increased 22% to a record $921.9  million and
operating  profits  climbed  44%  to a  record  $81.6  million,  the  thirteenth
consecutive year of improved operating profits.

         Revenues  from North  American  operations  (United  States and Canada)
amounted to $130.4  million in the  quarter,  18% higher than in the  comparable
period in 1996. Operating profits for the quarter increased 13% to $12.4 million
primarily  due to improved  results  achieved by armored car  operations,  which
include ATM services, and money processing  operations.  For the full year 1997,
North  American  revenues and  operating  profits were $482.2  million and $40.6
million, respectively,  representing increases of 15% and 18% over the full year
1996.

         Revenues and operating profits from European  operations and affiliates
amounted to $45.1 million and $5.0 million,  respectively,  in the quarter,  28%
and 82% higher than in the  comparable  1996 periods.  The increase in operating
profits reflects improved results from most operating units, particularly in the
Netherlands and France. For the full year 1997, revenues increased 14% to $146.5
million  and  operating  profits  increased  112%  to  $10.0  million.  Europe's
operating  profits  in 1997  were  much  improved  in most  countries  but  were
partially  offset by lower  results  from the 38%  owned  affiliate  in  France.
Yesterday, Brink's announced that its subsidiary had acquired, for payments over
three years totaling the equivalent of approximately US $39 million,  nearly all
of the  remaining  shares of its  affiliate  in France,  which had  revenues  of
approximately US $220 million in 1997.

         Revenues and  operating  profits  from Latin  American  operations  and
affiliates  amounted to $71.9  million and $7.8  million,  respectively,  in the
quarter, 45% and 98% higher  than in the  comparable  1996  periods.  The
increase  in  revenues reflects the acquisition,  in the first quarter of 1997,
of a majority  interest in  Brink's  Venezuelan  affiliate,  in  which  Brink's
previously  owned a 15% interest.  Brink's  now  owns  61% of this  company.  
The  improvement  in Latin American  operating  profits was also  attributable 
to the increased  ownership position in the Venezuelan  affiliate.  Interest and
minority  interest expenses associated with the acquisition  partially  offset
the profits  generated by the Venezuelan operations.

         Revenues and operating profits from Asia/Pacific operations and 
affiliates amounted to $6.6 million and $0.6 million, respectively, in the 
quarter.  Revenues were essentially unchanged over the comparable 1996 period 
and operating profits decreased $0.6 million.

Brink's Home Security, Inc. (BHS)

         Brink's Home  Security's  revenues  totaled $47.1 million in the fourth
quarter 1997, a 15% increase  over the year earlier  period.  Operating  profits
increased  23% to $13.4  million.  For the full year ended  December  31,  1997,
revenues and operating  profits increased 15% and 18%,  respectively,  to $179.6
million and $52.8 million.

         Brink's Home  Security's  subscriber  base increased by 15% in 1997 and
now exceeds  511,000  customers.  Installations  exceeded  105,000 in 1997, a 7%
increase  over the prior year.  In the fourth  quarter,  Brink's  Home  Security
installed  over 25,000 new  subscribers,  slightly less than a year  earlier.  A
major factor in the fourth quarter  decrease  was lower  responses  to  
advertising  early in the  quarter. Annualized recurring revenues increased 21% 
to $154.7 million as of December 31, 1997 due to a greater number of subscribers
and higher average  monitoring fees per subscriber.  Brink's Home Security's  
disconnect rate for the full year 1997 was 7.5%,  excluding  the  discontinuance
in the fourth  quarter of about 4,300 special, limited service contracts for a
large homeowners' association.

         Over  95% of  fourth  quarter  installations  included  up  front  cash
payments.  The company believes this cash commitment from the customer is key to
maintaining a low  disconnect  rate and  maximizing  long term  economic  value.
Efforts are  on-going to maximize  installation  revenues and reduce the already
industry low disconnect rate.

         Based on  demonstrated  retention of  customers,  Brink's Home Security
adjusted its annual depreciation rate for capitalized subscribers'  installation
costs  beginning  in 1997.  This change  more  accurately  matches  depreciation
expense with monthly recurring revenue generated from customers.  This change in
estimate reduced depreciation expense for capitalized installation costs for the
quarter and full year ended December 31, 1997 by approximately  $2.4 million and
$8.9 million, respectively.

         Brink's Home Security occupied a new state-of-the-art national
monitoring, customer service and corporate center in Irving, Texas, in November,
1997.  This 91,000 square foot facility  allowed  Brink's Home Security to  
consolidate  its operations from three buildings into one, which is expected to 
result in greater operating  efficiencies.  Brink's Home Security  opened  
operations in Salt Lake City and the New York metropolitan  area during the 
fourth quarter,  bringing to seven the total number of new markets opened in
1997.

Financial - Consolidated

         The Pittston Company (the "Company") reported  consolidated revenues of
$912.1  million in the fourth quarter ended December 31, 1997 compared to $820.5
million for the comparable period in 1996. Net income was $37.9 million compared
to  $31.1  million  in the  prior  year's  quarter.  For  the  full  year  1997,
consolidated  revenues  were $3.4 billion and net income was $110.2  million.  A
year ago, consolidated revenues for the full year 1996 were $3.1 billion and net
income was $104.2  million.  Consolidated  cash flow from  operating  activities
totaled $268.1 million for the full year ended December 31, 1997.  Total debt at
December 31, 1997 was $243.3 million.

         During  1997  the  Company  purchased  1,515  shares  of its  Series  C
Convertible  Preferred  Stock,  166,000 shares of Pittston  Brink's Group Common
Stock and 332,300  shares of Pittston  Burlington  Group Common Stock at a total
cost of $.6 million, $4.3 million and $7.4 million respectively.  As of December
31, 1997 the Company had  remaining  authority  to purchase  over time 1 million
shares of Pittston Minerals Group Common Stock, 1.1 million shares of Pittston 
Brink's Common Stock, 1.1 million shares of Pittston Burlington Group Common 
Stock and an additional $24.4 million of its Series C Convertible Preferred 
Stock.  The aggregate purchase price  limitation  for all common stock  
purchases was $24.9 million at December 31, 1997.

                                       * * * * * * * * * *

         Pittston  Brink's Group Common Stock  (NYSE-PZB),  Pittston  Burlington
Group  Common  Stock  (NYSE-PZX)  and  Pittston   Minerals  Group  Common  Stock
(NYSE-PZM)  represent the three classes of common stock of The Pittston Company,
a  diversified  company with  interests in security  services  through  Brink's,
Incorporated and Brink's Home Security,  Inc.  (Pittston Brink's Group),  global
freight transportation and logistics management services through BAX Global Inc.
(Pittston Burlington Group) and mining and minerals exploration through Pittston
Coal Company and Pittston Mineral Ventures (Pittston Minerals Group).  Copies of
the Pittston  Burlington Group and Pittston Minerals Group earnings releases are
available upon request.

<TABLE>

                                                   Pittston Brink's Group
                                                 Supplemental Financial Data

                                                    BRINK'S, INCORPORATED
<CAPTION>

                                                                                  Three Months                Twelve Months
                                                                             Ended December 31            Ended December 31
(In thousands)                                                           1997           1996           1997            1996
------------------------------------------------------------------------------------------------------------------------------------
                                                                           (Unaudited)
OPERATING REVENUES
<S>                                                             <C>                  <C>           <C>             <C>    
North America (United States & Canada)                          $     130,430         110,670       482,182         418,941
Europe                                                                 45,133          35,253       146,464         128,848
Latin America                                                          71,923          49,657       266,445         182,481
Asia/Pacific                                                            6,612           6,675        26,760          23,741
------------------------------------------------------------------------------------------------------------------------------------
Total operating revenues                                        $     254,098         202,255       921,851         754,011
------------------------------------------------------------------------------------------------------------------------------------

OPERATING PROFIT
North America (United States & Canada)                          $      12,417          11,004        40,612          34,387
Europe                                                                  4,981           2,738        10,039           4,734
Latin America                                                           7,764           3,923        28,711          15,243
Asia/Pacific                                                              624           1,223         2,229           2,459
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
Total operating profit                                          $      25,786          18,888        81,591          56,823
------------------------------------------------------------------------------------------------------------------------------------
DEPRECIATION AND AMORTIZATION                                   $       5,990           6,072        30,758          24,293
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>


<TABLE>

                                                 BRINK'S HOME SECURITY, INC.
<CAPTION>

                                                                                  Three Months                Twelve Months
                                                                             Ended December 31            Ended December 31
(Dollars in thousands)                                                   1997           1996           1997            1996
------------------------------------------------------------------------------------------------------------------------------------
                                                                              (Unaudited)
<S>                                                             <C>                  <C>           <C>             <C>    
OPERATING REVENUES                                              $      47,102          40,921       179,583         155,802
------------------

OPERATING PROFIT                                                $      13,390          10,860        52,844          44,872
----------------

DEPRECIATION AND AMORTIZATION                                   $       8,682           8,032        30,344          30,115
-----------------------------
Annualized recurring revenues (a)                                                                   154,718         128,106

Number of Subscribers:
   Beginning of period                                                500,374         427,793       446,505         378,659
   Installations                                                       25,242          26,511       105,630          98,541
   Disconnects                                                         (9,803)         (7,799)      (36,322)        (30,695)
   Discontinued limited service
     contracts (b)                                                     (4,281)              -        (4,281)              -
------------------------------------------------------------------------------------------------------------------------------------
End of period                                                         511,532         446,505       511,532         446,505
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>


------------
(a)  Annualized  recurring  revenues  are  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  monitoring,  maintenance  and  related
services.

(b) Special limited service contracts for a large homeowners' association that
were discontinued as of December 31, 1997.

<TABLE>

                                              Pittston Brink's Group
                                             STATEMENTS OF OPERATIONS

<CAPTION>



                                                                    Three Months                   Twelve Months
(In thousands                                                  Ended December 31               Ended December 31
except per share amounts)                                  1997             1996            1997            1996
--------------------------------------------------------------------------------------------------------------------------------
                                                                (Unaudited)
<S>                                               <C>                   <C>           <C>               <C>    
Operating revenues                                $     301,200          243,176       1,101,434         909,813
--------------------------------------------------------------------------------------------------------------------------------

Operating expenses                                      221,474          180,188         815,005         687,175
Selling, general and
   administrative expenses                               44,030           35,768         160,676         130,833
--------------------------------------------------------------------------------------------------------------------------------
Total costs and expenses                                265,504          215,956         975,681         818,008
--------------------------------------------------------------------------------------------------------------------------------
Other operating income, net                               1,670              955           1,811           2,433
--------------------------------------------------------------------------------------------------------------------------------
Operating profit                                         37,366           28,175         127,564          94,238
Interest income                                             915            1,037           2,760           2,745
Interest expense                                         (3,604)            (400)        (11,478)         (1,810)
Other expense, net                                       (2,044)          (1,773)         (5,571)         (5,407)
--------------------------------------------------------------------------------------------------------------------------------
Income before income taxes                               32,633           27,039         113,275          89,766
Provision for income taxes                               11,428            9,058          39,653          30,071
--------------------------------------------------------------------------------------------------------------------------------
Net income                                        $      21,205           17,981          73,622          59,695
--------------------------------------------------------------------------------------------------------------------------------
Net income per common share:
 Basic                                            $         .55              .47            1.92            1.56
 Diluted                                                    .54              .46            1.90            1.54
--------------------------------------------------------------------------------------------------------------------------------
Average common shares outstanding:
 Basic                                                   38,362           38,326          38,273          38,200
 Diluted                                                 38,963           38,784          38,791          38,682
--------------------------------------------------------------------------------------------------------------------------------



                                                SEGMENT INFORMATION

Operating revenues:
   Brink's                                        $     254,098          202,255         921,851         754,011
   BHS                                                   47,102           40,921         179,583         155,802
--------------------------------------------------------------------------------------------------------------------------------
Total operating revenues                          $     301,200          243,176       1,101,434         909,813
--------------------------------------------------------------------------------------------------------------------------------
Operating profit:
   Brink's                                        $      25,786           18,888          81,591          56,823
   BHS                                                   13,390           10,860          52,844          44,872
--------------------------------------------------------------------------------------------------------------------------------
Segment operating profit                                 39,176           29,748         134,435         101,695
General corporate expense                                (1,810)          (1,573)         (6,871)         (7,457)
--------------------------------------------------------------------------------------------------------------------------------
Total operating profit                            $      37,366           28,175         127,564          94,238
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>

See accompanying notes.

<TABLE>

                                              Pittston Brink's Group
                                             CONDENSED BALANCE SHEETS
<CAPTION>



                                                                             December 31            December 31
(In thousands)                                                                      1997                   1996
------------------------------------------------------------------------------------------------------------------------------------
Assets

Current assets:
<S>                                                                        <C>                        <C>   
Cash and cash equivalents                                                  $      37,694                 20,012
Accounts receivable, net of estimated amounts
  uncollectible                                                                  160,912                124,928
Inventories and other current assets                                              48,518                 45,117
------------------------------------------------------------------------------------------------------------------------------------
Total current assets                                                             247,124                190,057

Property, plant and equipment, at cost, net of
  accumulated depreciation and amortization                                      346,672                256,759
Intangibles, net of accumulated amortization                                      18,510                 28,162
Other assets                                                                      80,024                 76,687
------------------------------------------------------------------------------------------------------------------------------------
Total assets                                                               $     692,330                551,665
------------------------------------------------------------------------------------------------------------------------------------
Liabilities and Shareholder's Equity

Current liabilities                                                        $     178,348                139,392
Long-term debt, less current maturities                                           38,682                  5,542
Other liabilities                                                                 94,820                 93,353
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities                                                                311,850                238,287
Shareholder's equity                                                             380,480                313,378
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities and shareholder's equity                                 $     692,330                551,665
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

See accompanying notes.

<TABLE>

                                              Pittston Brink's Group
                                             STATEMENTS OF CASH FLOWS

<CAPTION>


                                                                                Twelve Months Ended December 31
(In thousands)                                                                            1997             1996
------------------------------------------------------------------------------------------------------------------------------------
Cash flows from operating activities:
<S>                                                                              <C>                   <C>   
Net income                                                                       $      73,622           59,695
Adjustments to reconcile net income to net
   cash provided by operating activities:
   Depreciation and amortization                                                        61,766           54,566
   Other, net                                                                           19,359           10,877
   Changes in operating assets and  liabilities,  net of effects of acquisitions
     and dispositions:
     Increase in receivables                                                           (25,259)         (15,556)
     Increase in inventories and other current assets                                     (316)          (1,576)
     Increase in current liabilities                                                    19,341           12,989
     Other, net                                                                         (1,473)          (7,212)
------------------------------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities                                              147,040          113,783
------------------------------------------------------------------------------------------------------------------------------------
Cash flows from investing activities:
Additions to property, plant and equipment                                            (116,270)         (95,754)
Proceeds from disposal of property, plant
   and equipment                                                                         1,007            2,798
Acquisitions, net of cash acquired                                                     (55,349)             (90)
Other, net                                                                               5,455              933
------------------------------------------------------------------------------------------------------------------------------------
Net cash used by investing activities                                                 (165,157)         (92,113)
------------------------------------------------------------------------------------------------------------------------------------
Cash flows from financing activities:
Net additions to (reductions of) debt                                                   44,394           (7,533)
Payments to Minerals Group                                                              (2,977)          (6,082)
Share and other equity activity, net                                                    (5,618)         (10,020)
------------------------------------------------------------------------------------------------------------------------------------
Net cash provided (used) by financing activities                                        35,799          (23,635)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in cash and cash equivalents                                    17,682           (1,965)
Cash and cash equivalents at beginning of period                                        20,012           21,977
------------------------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents at end of period                                       $      37,694           20,012
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

See accompanying notes.


                                       The Pittston Company and Subsidiaries
                                              Pittston Brink's Group
                                          NOTES TO FINANCIAL INFORMATION


(1) The Pittston Company (the "Company") has three classes of common stock:
Pittston Brink's Group Common Stock ("Brink's Stock"), Pittston Burlington
Group Common Stock ("Burlington Stock") and Pittston Minerals Group Common
Stock ("Minerals Stock"), which were designed to provide shareholders with
separate securities reflecting the performance of the Pittston Brink's
Group (the "Brink's Group"), Pittston Burlington Group (the "Burlington
Group") and Pittston Minerals Group (the "Minerals Group"), respectively,
without diminishing the benefits of remaining a single corporation or
precluding future transactions affecting any of the Groups.

The financial information for the Brink's Group includes the results of
the  Company's  Brink's,  Incorporated  ("Brink's")  and  Brink's  Home
Security,  Inc.  ("BHS")  businesses.  It is prepared using the amounts
included   in  the   Company's   consolidated   financial   statements.
Accordingly,  the Company's  consolidated  financial statements must be
read in connection with the Brink's Group's financial data.

(2) In 1988, the trustees of certain pension and benefit trust funds (the
"Trust Funds") established under collective bargaining agreements with the
United Mine Workers of America ("UMWA") brought an action (the "Evergreen
Case") against the Company and a number of its coal subsidiaries, claiming
that the defendants were obligated to contribute to such Trust Funds in
accordance with the provisions of the 1988 and subsequent National
Bituminous Coal Wage Agreements, to which neither the Company nor any of
its subsidiaries were a signatory.  In 1993, the Company recognized in its
consolidated financial statements the potential liability that might have
resulted from an ultimate adverse judgement in the Evergreen Case.

In March 1996, a settlement  was reached in the Evergreen  Case.  Under
the  terms of the  settlement,  the coal  subsidiaries  which  had been
signatories to earlier National  Bituminous Coal Wage Agreements agreed
to make various lump sum payments in full  satisfaction  of all amounts
allegedly due to the Trust Funds  through  January 31, 1996, to be paid
over time as follows: approximately $25.8 million upon dismissal of the
Evergreen Case and the remainder of $24 million in installments of $7.0
million in 1996 and $8.5  million  in each of 1997 and 1998.  The first
payment  was  entirely  funded  through  an escrow  account  previously
established  by the  Company.  The  second and third  payments  of $7.0
million and $8.5 million were paid in 1996 and 1997, respectively,  and
were funded from cash  provided by operating  activities.  In addition,
the coal subsidiaries  agreed to future  participation in the UMWA 1974
Pension Plan.

As a result of the  settlement of the Evergreen Case at an amount lower
than previously  accrued,  the Company  recorded a pretax gain of $35.7
million ($23.2  million  after-tax) in the first quarter of 1996 in its
consolidated financial statements.

(3)  In 1996, the Company adopted Statement of Financial Accounting Standards
("SFAS") No. 121, "Accounting for the Impairment of Long-Lived Assets and
for Long-Lived Assets to Be Disposed Of".  SFAS No. 121 requires companies
to review assets for impairment  whenever  circumstances  indicate that
the carrying amount of an asset may not be  recoverable.  SFAS No. 121,
resulted in a pretax  charge to  earnings in the first  quarter of 1996
for the Company and the Minerals  Group of $29.9 million ($19.5 million
after-tax),  of which $26.3  million was  included in cost of sales and
$3.6  million  was  included in  selling,  general  and  administrative
expenses. SFAS No. 121 had no impact on the Brink's Group.

(4)  Based on demonstrated retention of customers, BHS adjusted its annual
depreciation rate for capitalized subscribers' installation costs
beginning in 1997.  This change more accurately matches depreciation
expense with monthly recurring revenue generated from customers.  This
change in accounting estimate reduced depreciation expense for capitalized
installation costs by $2.4 million and $8.9 million in the quarter and
year ended December 31, 1997, respectively.

(5) Under the share repurchase program authorized by the Board of Directors
of the  Company  (the  "Board"),  the Company  purchased  shares in the
periods presented as follows:
<TABLE>
<CAPTION>

                                Quarter Ended        Quarter Ended      Year Ended         Year Ended
                                 December 31          December 31       December 31        December 31
                                    1997                 1996              1997               1996
--------------------------------------------------------------------------------------------------------------------------------
Brink's Stock:
<S>                             <C>                    <C>                <C>               <C>    
    Shares                               -              278,000            166,000           278,000
    Cost (in millions)           $       -                  6.9                4.3               6.9

Burlington Stock:
    Shares                               -               55,300            332,300            75,600
    Cost (in millions)           $       -                  1.0                7.4               1.4

Convertible Preferred Stock:
    Shares                               -                    -              1,515            20,920
    Cost (in millions)           $       -                    -                0.6               7.9
    Excess carrying
     amount (a)                  $       -                    -                0.1               2.1
</TABLE>

(a) The excess of the carrying  amount of the  Convertible  Preferred Stock over
the cash paid to holders for repurchases  made during the years.  This amount is
deducted from preferred dividends in the Company's Statement of Operations.

(6)  In the fourth quarter of 1997, the Company implemented a new accounting
standard, Statement of Financial Accounting Standards ("SFAS") No. 128,
"Earnings Per Share." SFAS No. 128 replaced the calculation of primary and
fully diluted net income per share with basic and diluted net income per
share. Unlike primary net income per share, basic net income per share
excludes any dilutive effects of options, warrants and convertible
securities. Diluted net income per share is very similar to the previous
fully diluted net income per share. All prior-period net income per share
data have been restated to conform with the provisions of SFAS No. 128.

(7)  Certain prior period amounts have been  reclassified  to conform to the
current period's financial statement presentation.

(8)  Financial  information  for the  Minerals  Group,  which  includes  the
results of the  Pittston  Coal Company and  Pittston  Mineral  Ventures
operations,  and the Burlington Group which includes the results of the
Company's BAX Global Inc. business, is available upon request.


<TABLE>

                      The Pittston Company and Subsidiaries
                      CONSOLIDATED STATEMENTS OF OPERATIONS
<CAPTION>

                                                                                 Three Months                         Twelve Months
(In thousands, except                                                       Ended December 31                     Ended December 31
per share amounts)                                                    1997               1996               1997               1996
------------------------------------------------------------------------------------------------------------------------------------
                                                                             (Unaudited)
<S>                                                           <C>                    <C>             <C>               <C>    
Net sales                                                     $    162,933            173,798            630,626           696,513
Operating revenues                                                 749,186            646,709          2,763,772         2,394,682
------------------------------------------------------------------------------------------------------------------------------------
Net sales and operating revenues                                   912,119            820,507          3,394,398         3,091,195
------------------------------------------------------------------------------------------------------------------------------------
Cost of sales                                                      157,439            174,261            609,025           707,497
Operating expenses                                                 611,113            535,091          2,270,341         1,989,149
Restructuring and other credits,
   including litigation accrual                                     (3,104)            (9,541)            (3,104)          (47,299)
Selling, general and administrative
   expenses                                                         88,432             74,685            344,008           292,718
------------------------------------------------------------------------------------------------------------------------------------
Total costs and expenses                                           853,880            774,496          3,220,270         2,942,065
------------------------------------------------------------------------------------------------------------------------------------
Other operating income, net                                          4,651              3,635             14,000            17,377
------------------------------------------------------------------------------------------------------------------------------------
Operating profit                                                    62,890             49,646            188,128           166,507
Interest income                                                      1,317              1,271              4,394             3,487
Interest expense                                                    (7,851)            (3,541)           (27,119)          (14,074)
Other expense, net                                                  (2,050)            (2,312)            (7,148)           (9,224)
------------------------------------------------------------------------------------------------------------------------------------
Income before income taxes                                          54,306             45,064            158,255           146,696
Provision for income taxes                                          16,449             14,000             48,057            42,542
------------------------------------------------------------------------------------------------------------------------------------
Net income                                                          37,857             31,064            110,198           104,154
Preferred stock dividends, net                                        (889)              (902)            (3,481)           (1,675)
------------------------------------------------------------------------------------------------------------------------------------
Net income attributed to common shares                        $     36,968             30,162            106,717           102,479
------------------------------------------------------------------------------------------------------------------------------------

Pittston Brink's Group:
Net income attributed to common shares                        $     21,205             17,981             73,622            59,695
------------------------------------------------------------------------------------------------------------------------------------
Net income per common share:
 Basic                                                        $        .55                .47               1.92              1.56
 Diluted                                                               .54                .46               1.90              1.54
------------------------------------------------------------------------------------------------------------------------------------
Average common shares outstanding:
 Basic                                                              38,362             38,326             38,273            38,200
 Diluted                                                            38,963             38,784             38,791            38,682
------------------------------------------------------------------------------------------------------------------------------------

Pittston Burlington Group:
Net income attributed to common shares                        $     13,180             10,587             32,348            33,801
------------------------------------------------------------------------------------------------------------------------------------
Net income per common share:
 Basic                                                        $        .68                .55               1.66              1.76
 Diluted                                                               .66                .53               1.62              1.72
------------------------------------------------------------------------------------------------------------------------------------
Average common shares outstanding:
 Basic                                                              19,443             19,408             19,448            19,223
 Diluted                                                            20,054             19,828             19,993            19,681
------------------------------------------------------------------------------------------------------------------------------------

Pittston Minerals Group:
Net income attributed to common shares:                       $      2,583              1,594                747             8,983
------------------------------------------------------------------------------------------------------------------------------------
Net income per common share:
   Basic                                                      $        .32                .20                .09              1.14
   Diluted                                                             .32                .20                .09              1.08
------------------------------------------------------------------------------------------------------------------------------------
Average common shares outstanding:
   Basic                                                             8,136              7,970              8,076             7,897
   Diluted                                                           8,136              8,010              8,102             9,884
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

See accompanying notes.

<TABLE>

                                       The Pittston Company and Subsidiaries
                                       CONDENSED CONSOLIDATED BALANCE SHEETS

<CAPTION>

                                                                                  December 31        December 31
(In thousands)                                                                           1997               1996
------------------------------------------------------------------------------------------------------------------------------------

Assets

Current assets:
<S>                                                                         <C>                        <C>   
Cash and cash equivalents                                                   $          69,878             41,217
Accounts receivable, net of estimated
   amounts uncollectible                                                              531,317            475,859
Inventories and other current assets                                                  125,610            121,338
------------------------------------------------------------------------------------------------------------------------------------
Total current assets                                                                  726,805            638,414

Property, plant and equipment, at cost, net of
   accumulated depreciation, depletion
   and amortization                                                                   647,642            540,851
Intangibles, net of accumulated amortization                                          301,395            317,062
Other assets                                                                          320,102            336,276
------------------------------------------------------------------------------------------------------------------------------------
Total assets                                                                $       1,995,944          1,832,603
------------------------------------------------------------------------------------------------------------------------------------

Liabilities and Shareholders' Equity
Current liabilities                                                         $         643,673            588,691
Long-term debt, less current maturities                                               191,812            158,837
Postretirement benefits other than pensions                                           231,452            226,697
Workers' compensation and other claims                                                106,377            116,893
Other liabilities                                                                     137,012            134,778
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities                                                                   1,310,326          1,225,896
Shareholders' equity                                                                  685,618            606,707
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities and shareholders' equity                                  $       1,995,944          1,832,603
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

See accompanying notes.

<TABLE>

                                       The Pittston Company and Subsidiaries
                                       CONSOLIDATED STATEMENTS OF CASH FLOWS

<CAPTION>
                                                                                 Twelve Months Ended December 31
(In thousands)                                                                            1997              1996
------------------------------------------------------------------------------------------------------------------------------------
Cash flows from operating activities:
<S>                                                                          <C>                      <C>    
Net income                                                                   $        110,198            104,154
Adjustments to reconcile net income to net cash
   provided by operating activities:
   Noncash charges and other write-offs                                                   830             29,948
   Depreciation, depletion and amortization                                           129,186            114,617
   Provision for aircraft heavy maintenance                                            34,057             32,057
   Provision for deferred income taxes                                                 10,611             19,320
   Other, net                                                                          21,750             14,972
   Changes in operating assets and liabilities
     net of effects of acquisitions and dispositions:
     Increase in receivables                                                          (39,697)           (53,885)
     (Increase) decrease in inventories and
       other current assets                                                            (2,638)             7,402
     Increase in current liabilities                                                   32,562                382
     Other, net                                                                       (28,750)           (72,296)
------------------------------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities                                             268,109            196,671
------------------------------------------------------------------------------------------------------------------------------------
Cash flows from investing activities:
Additions to property, plant and equipment                                           (173,768)          (180,651)
Proceeds from disposal of property,
   plant and equipment                                                                  4,064             11,309
Aircraft heavy maintenance                                                            (29,748)           (23,373)
Acquisitions and related contingent payments,
   net of cash acquired                                                               (65,494)            (4,168)
Other, net                                                                              7,589              5,272
------------------------------------------------------------------------------------------------------------------------------------
Net cash used by investing activities                                                (257,357)          (191,611)
------------------------------------------------------------------------------------------------------------------------------------
Cash flows from financing activities:
Net additions to debt                                                                  41,991             14,000
Share and other equity activity, net                                                  (24,082)           (30,666)
------------------------------------------------------------------------------------------------------------------------------------
Net cash provided (used) by financing activities                                       17,909            (16,666)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in cash and cash equivalents                                   28,661            (11,606)
Cash and cash equivalents at beginning of period                                       41,217             52,823
------------------------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents at end of period                                   $         69,878             41,217
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

See accompanying notes.

