Cubic Defense Applications Promotes Three Executives to Top Posts.

Business Editors

SAN DIEGO--(BUSINESS WIRE)--April 22, 2003

Cubic Defense Applications (CDA), the defense segment of Cubic Corp. (AMEX:CUB), today announced promotions of three senior executives.

The moves are associated with the segment's recent surge in new orders.

Ray Barker has been named Senior Vice President and General Manager of the newly formed Training Systems Business Unit (TSBU). In this role, he has executive management responsibility for all of Cubic's combat training systems business, encompassing air and land combat instrumentation and tactical engagement simulation systems. In addition to operations in San Diego, the TSBU includes New Zealand-based subsidiary Oscmar International Ltd.

Prior to the new appointment, Barker had senior executive responsibility for CDA Business Development and the tactical engagement simulation (MILES) product line. Before joining Cubic in 1997, Barker was Group Vice President of Business Development for Tracor Flight Systems Inc., in Austin, Texas; and Director of Business Development for Loral Corp.'s Electro-Optical Systems Division.

Michael L. Kelly has been appointed to succeed Barker as Vice President, Strategic Development, responsible for providing overall leadership of marketing and strategic business development across Cubic's defense segment. Kelly previously was the segment's Director of International Marketing.

Prior to joining Cubic in 2002, Kelly held a variety of positions at SAIC, including General Manager of SAIC's joint venture company in Saudi Arabia. While in Saudi Arabia, he was also Vice President of Business Development for a Boeing/Northrop Grumman foreign affiliate focused on the manufacture of defense electronics and telecommunications equipment.

Kelly holds a master's degree from Schiller International University in Paris, France and an MBA from Loyola College in Baltimore, Md.

Richard M. Lober has been named Senior Vice President and General Manager of the newly formed Communications & Electronics Business Unit (CEBU). In this role, he has executive management responsibility for all of Cubic's communications products, including secure data links, wireless communications for military and civil markets, avionics and C4ISR (Command, Control, Communications, Computers, Intelligence, Surveillance & Reconnaissance) systems.

Prior to the integration of all CDA Communications and Electronics operations, Lober headed the group's communications and intelligence products business. He joined Cubic in 1998 from Watkins-Johnson Company in Gaithersburg, Md., where he held roles of increasing responsibility spanning design engineering, product line and P&L management and business development for both defense and commercial communications markets.

In announcing these appointments, Gerald Dinkel, President and CEO of Cubic Defense Applications, said, "We have been fortunate to experience a very high win rate on new business, and successful fulfillment of customer expectations is our top priority. These moves will increase top management focus on both execution of our contract obligations and sustainment of a high win rate on the significant number of new business opportunities still before us."

Since January 2003, Cubic Defense Applications has received several major contract awards, including training systems and services for Canada and Australia, for the U.S. Army in Korea, and a strategically significant U.S. Navy contract for development and production of a combat data link for major warships.

The Cubic Defense Applications group, one of Cubic's two major segments, provides realistic combat training systems for military forces as well as simulation, force modernization, educational services, operations & maintenance and manufacturing services. The group also supplies products and systems for C4ISR (Command, Control, Communications, Computers, Intelligence, Surveillance & Reconnaissance) applications, search and rescue avionics and radio communications for military and civil markets. The corporation's other major segment, Cubic Transportation Systems, designs and manufactures automatic fare collection systems for public mass transit authorities. For more information about Cubic, see the company's Web site at www.cubic.com.