Cubic and Washington Metro Announce SmarTrip Card Sales
Have Exceeded 150,000

Washington D.C. and San Diego, Calif., March 27,. 2001 -- Cubic Transportation Systems, a subsidiary of San Diego-based Cubic Corporation (AMEX:CUB), and the Washington Metropolitan Area Transit Authority (WMATA) say sales of SmarTrip® contactless smart cards have exceeded 150,000.

The milestone coincides with the Metro's 25th birthday celebration this month.

The SmarTrip card revolutionized mass transit fare collection in the U.S. when it was integrated with Metro's magnetic stripe fare card nearly two years ago. It was the first contactless smart card to be introduced by a major mass transit system in the United States.

SmarTrip technology, developed by Cubic (which also developed WMATA's magnetic stripe ticketing system), allows Metro riders to use one card for trains and park-and-ride facilities. The latest Cubic fare collection contract will soon result in an interstate payment system allowing transit users to use their SmarTrip cards for WMATA buses, too.

Cubic is the world's largest supplier of integrated ticketing and automated fare collection systems for mass transit, as well as the technology developer behind the Nextfare™ Solution Suite, a package of advanced tools that can be integrated into any automatic fare collection system. An example is Nextfare Express - called SmartBenefits by WMATA - which enables employers to securely and conveniently deliver transit benefits to a customer's SmarTrip card.

On an annual basis, at least 10 billion passengers pay for their mass transit rides using Cubic-designed payment systems. In addition to Washington, D.C., the firm supplied the nation's second smart card-based mass transit fare collection system, which was rolled out by the Chicago Transit Authority in August last year. This new system is an intermodal, interagency program. Cubic has installed other intelligent fare collection systems in more than 40 major markets in five continents, including London, New York, Atlanta, Hong Kong, Guangzhou, Shanghai, San Francisco, Singapore, Miami and Sydney.