Chris Chant Named Managing Director of Cubic Transportation Systems Ltd.

Business Editors/High-Tech/Transportation Writers

SAN DIEGO & SALFORDS, United Kingdom--(BUSINESS WIRE)--Feb. 13, 2003

San Diego-based Cubic Corp. (AMEX:CUB) has named Chris Chant, 49, managing director for Cubic Transportation Systems Ltd. (CTSL), the European arm of Cubic's mass transit fare collection operation.

Chant will be based at CTSL's headquarters in Salfords, Surrey, United Kingdom.

"Chris brings a wealth of management experience to our business, having held managing director posts since 1996," said Richard Johnson, Cubic Transportation Systems chief operating officer. "He understands the challenges of running a complex business, and will help us take our business forward. Chris will be responsible for our entire European operations and will be tasked with expanding our presence across the Continent, where we see significant growth potential."

Chant began his career as an engineer and quickly rose through the ranks, serving in a variety of assignments, including sales, marketing, contracts, program management and manufacturing.

He held managing director posts at some of Europe's largest defense companies, beginning with the Dynamics Division of GEC Marconi in 1996. Chant's leadership led to that unit's award and successful execution of the (pounds)600 million Brimstone contract from the United Kingdom Ministry of Defence (MOD).

At the Integrated Systems Division of Alenia Marconi Systems, Chant managed a staff of 1,400 and implemented a new management team and business plan within six months, turning around a failing business unit.

As managing director of Astrium, a joint venture between European Aeronautic and Space Company and BAE Systems (formerly British Aerospace), Chant was responsible for 2,200 employees from four international satellite communications businesses in the U.K. and Europe. While at Astrium, Chant led the Paradigm business consortium to secure preferred bidder status for Skynet 5, one of the largest Private Finance Initiative projects undertaken by the UK MOD.

Cubic Transportation Systems is the world's leading supplier of integrated electronic payment systems for mass transit. Cubic's customers include transit systems in London, Washington, D.C., New York, Chicago, Germany, the Netherlands, Scandinavia, Hong Kong, Sydney and Singapore.

Every year, nearly 10 billion people use Cubic systems in more than 40 major markets in cities on five continents, including London, Washington, D.C., Hong Kong, Chicago, New York, Guangzhou, Shanghai, Atlanta, San Francisco, Singapore and Miami. As part of the TranSys consortium, Cubic supplied the entire automated fare collection system including smart cards for the London PRESTIGE project.

The corporation's other major segment, Cubic Defense Applications, provides instrumented air and ground combat training systems, battle command training, simulations and simulation support for U.S. and allied military forces. The group also produces high technology avionics, data links and communications products for government and commercial customers, and a wide range of technical and logistics services. For more information about Cubic, see the company' Web site at www.cubic.com.