Company Press Release

Singapore Transit Authority Awards Cubic Transportation Systems $23.6 Million Contract for Smart Card Ticketing Machines

SAN DIEGO--(BUSINESS WIRE)--April 22, 1999--The Singapore Land Transport Authority (LTA) has awarded Cubic Transportation Systems Inc. (CTS), a subsidiary of San Diego-based Cubic Corp. (AMEX:CUB - news), a $23.6 million contract to provide smart card-vending ticketing machines for use at all LTA rail and bus stations, the company announced today.

CTS will design, build and deliver 370 advanced ticketing units called the General Ticketing Machine (GTM). Cubic was the contractor for the original Singapore Mass Rapid Transit Corp. fare collection system that was installed in 1987.

The new ticketing machine integrates advanced contactless smart card technology, including the capability to vend, revalue, retrieve, and recycle smart cards. At the same time passengers return cards for recycling, the GTMs will refund passenger deposits which are required at the time of purchase.

Other features include an interactive touchscreen display, a multi-language application including English, Tamil, Malay and Chinese, and credit/debit card payment capability.

The Cubic-designed ticketing machines will be installed in various rail stations providing service to more than 100km of rail lines as well as the majority of bus routes.

Stations with and without LTA ticket agents will be equipped with the GTMs. For staffed stations, the machines will reduce queueing at booking offices.

``The LTA award is significant, allowing us to showcase a new generation of ticketing machines, as well as ensuring the company's continuing active presence in Singapore until the year 2003,'' said John Lincoln, president and chief executive officer of CTS. ``The contract reaffirms a working relationship with one of our most important customers, and means Cubic will be part of Singapore's 21st century transit solution, which will be based on smart cards.''

CTS is currently working in Singapore on installations for the Bukit Panjan Light Rail Line. The design and engineering team will include employees from Cubic facilities in Singapore, Hong Kong, and San Diego, while production will be provided by the company's Tullahoma, Tenn. plant. Delivery of the first 100 GTMs is scheduled for October 2000.

Cubic Transportation Systems Inc., a world leader in automatic fare collection systems for mass transit, has installed turnkey AFC systems in major cities throughout the world, including London, New York, Chicago, Washington, D.C., Hong Kong, Kuala Lumpur, Sydney, and two leading cities in China, Guangzhou and Shanghai.

     Cubic Corp.
     Gerry Reeves, 619/505-2330

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E: [email protected]

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