Cubic's New One-Ticket-To-Ride Fare Collection System for JFK International Airport AirTrain Rolls Out for Service.

Business Editors/High-Tech Writers

SAN DIEGO--(BUSINESS WIRE)--Jan. 9, 2004

The Port Authority of New York & New Jersey's AirTrain JFK(TM) light rail airport access system to John F. Kennedy International Airport, which opened for service last month, features a one-ticket-to-ride public transit fare collection ticketing and revenue management system developed and implemented by Cubic Transportation Systems, a subsidiary of Cubic Corp. (AMEX:CUB). The new equipment, including smart-card-compatible turnstiles, is immediately interoperable with the Cubic-developed MetroCard(SM) system, allowing AirTrain JFK customers to seamlessly transfer at two rail stations that serve as hubs for the new service to destinations throughout the five boroughs and Long Island.

Cubic's open system technology is laying the groundwork for an integrated regional public transportation system throughout the New York-New Jersey area, which will ultimately allow commuters to travel among various transit operators' rail, bus or subway systems using one single fare card.

"Regional interoperability for convenient, seamless travel is key to the success of this new system, and we are proud that the Port Authority and New York City Transit selected Cubic to be the system integrator in this major step forward in public transit ticketing integration in the New York region," said Richard Johnson, president and chief executive officer of Cubic Transportation Systems Inc.

The AirTrain JFK connects travelers to and from the airport to the New York City subway station at the Howard Beach and the Long Island Railroad's Jamaica Stations, which serve subway, bus and Long Island Rail Road customers. Commuters using public transportation to access AirTrain JFK, and airline terminals and airport parking facilities will pay their fares using the MetroCard(SM) magnetic stripe ticketing system that Cubic first delivered to New York City Transit a decade ago.

"AirTrain JFK is the new choice for getting to, from and around John F. Kennedy International Airport, providing greater access, speed and comfort to approximately 31 million passengers who use this global gateway each year," Johnson said. AirTrain JFK also offers free rail service for passengers and airport employees traveling between Kennedy's passenger terminals, long-term parking lots and rental car facilities.

Cubic built its new AirTrain JFK fare collection system-which consists of computers, software, faregates, the familiar MetroCard Vending Machines already in use in New York, and customer service terminals-under a contract with Bombardier, an AirTrain JFK project contractor.

MetroCard transactions will be processed through the MTA New York City Transit's (NYCT) central computing system designed by Cubic to accommodate additional services, such as AirTrain JFK, over time. Today the central system performs transactional clearing and revenue settlement for nine separate agencies in the New York metropolitan region including NYCT, Long Island Bus, and seven private bus lines under contract to the New York City Department of Transportation.

Cubic has delivered airport access, ticketing, and revenue management systems to many of the world's busiest airports, including San Francisco International Airport, Washington, D.C.'s Reagan National, Chicago's O'Hare, London's Heathrow, the Sydney Airport and Hong Kong International Airport.

Cubic Transportation Systems is the world's largest provider of integrated electronic ticketing systems and has smart card contracts for public transit systems in North America, Europe and Asia. 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 also 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's Web site at www.cubic.com.