Cubic Receives Additional Order From BART, Adding Parking Function to Bay Area Commuters' Transit Tickets.

Business Editors/High-Tech Writers

SAN DIEGO--(BUSINESS WIRE)--May 21, 2003

Cubic Transportation Systems Inc., a subsidiary of San Diego-based Cubic Corp. (AMEX:CUB), has received an order from the San Francisco Bay Area Rapid Transit District (BART) to allow commuters to park with the same ticket they use for BART trains and buses.

The $2.2 million parking application is the latest of a series of systems upgrade options awarded by BART to Cubic since 1999, bringing the total order for the company's state-of-the-art, multi-application automated fare collection system to $56.5 million.

BART's advanced multi-application Cubic-developed fare collection system contains operating software, communications, fare gates, vending machines, add fare machines, and employs both smart cards and magnetic ticket media. It is equipped with the patented Cubic Tri-Reader(R) "open systems" architecture, accommodating all ticketing types, conforming to international standards. Cubic's technology will allow commuters to pay for parking with both magnetic tickets currently in use, and it also will support contactless and dual mode smart cards from any source meeting international standards.

The new parking application will make the commuting experience nearly seamless and hassle-free for patrons of BART. It will be installed at three of the stations set to open as part of the San Francisco International Airport Extension -- Millbrae, South San Francisco, and San Bruno -- and the existing Daly City and Colma stations.

Cubic will upgrade the add-fare machines that are being installed in BART's airport stations, allowing patrons to select "Parking Validation" from the ATM-style menu. The parking price will be deducted from the value of the entered ticket, and the patron will be asked to enter his or her parking space number.

This order is the latest involving similar multi-applications of the basic smart card ticket media. Cubic supplied a similar parking application for the Washington Metropolitan Area Transit Authority in Washington, D.C., which also has a Cubic supplied multi-application, multi-media AFC system. Cubic also recently received a multi-year contract to maintain and upgrade the parking system which it supplied several years ago to Los Angeles International, Ontario and Burbank airports in the L.A. metro region.

Cubic Transportation Systems is the world's largest provider of integrated electronic fare collection and revenue management systems. Every year, nearly 10 billion rides are taken worldwide using Cubic-designed payment 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, Monterrey, Sydney, Miami, Los Angeles, Baltimore, Jacksonville, Savannah, various Canadian cities, Sweden, Denmark and other cities around the world. Over the past 18 months, Cubic has received contracts to provide smart card-enabled ticketing technology to transit providers in Baltimore, Los Angeles, Minneapolis, New York, San Diego and Houston.

The corporation's other major segment, Cubic Defense Applications, 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.