Cubic and EDS Team for Denmark's Rejsekort ``Smart'' Travel Card Project

SAN DIEGO--()--Feb. 9, 2004--Cubic Transportation Systems Limited, the European headquarters and subsidiary of San Diego, California-based Cubic Corp. (AMEX:CUB), and EDS (NYSE:EDS) have pre-qualified for a new system tender that will link all of Denmark's rail and bus operations to a "smart" national travel card. The bid will include system design, development, project management, delivery, installation, operation, maintenance, financing and additional business opportunities arising from the use of a single card in Denmark.

Cubic and EDS formed a new consortium specifically to bid on the system, and have added the Denmark-based division of Siemens to the team as a major subcontractor.

The Cubic, EDS and Siemens team is one of seven consortia to have been invited to tender for the upcoming smart card-based national fare collection system for Denmark. The issuer of the tender is Rejsekort A/S, the managing entity of the national travel card initiative, consisting of the Greater Copenhagen Authority, Danish State Railways (DSB), the Association of County Councils in Denmark and the 0restad Development Corp.

The Cubic, EDS and Siemens consortium has a solid experience record of more than 30 years in the development and operation of electronic ticket systems in Denmark and the rest of the world. Cubic and EDS are the two major shareholders in the TranSys consortium that delivered London's "Oyster" smart card project, the world's largest automatic fare collection implementation and operations contract for mass transit.

All three companies are strongly represented in Denmark with a total of nearly 3,000 employees. Cubic is the established leader in the Danish market for electronic ticket systems, having for 16 years successfully delivered and serviced its automated fare collection systems, including its proven back office central computer system.

"Cubic and EDS are very familiar with the significant demands and challenges facing transport operators today. Our experience comes from 30 years of delivering integrated solutions for transportation systems all over the world," said Nigel Bryant, managing director of Cubic Transportation Systems Limited. "We have the track record to deliver a successful system to Denmark. Our delivery of the Oyster Card system in London has involved the upgrading with smart card technology of one of the most complex ticketing and revenue collection systems in Europe. We are quite pleased to have this opportunity to offer the Danes a thoroughly tested solution, which is innovative without compromises on dependability and operational reliability," Bryant added.

Cubic is delivering similar systems to the Washington, D.C. region, Los Angeles, San Diego, Minneapolis, Houston, Atlanta and Brisbane, Australia.

Rejsekort A/S is expected to award the contract in 2005. The system will be put into operation gradually beginning in 2006 and is expected roll out nationally in 2009.

About Cubic Transportation Systems

Cubic Transportation Systems Inc. is the world's leading turnkey solution provider of automated fare collection systems for public transport including bus, bus rapid transit, light rail, commuter rail, heavy rail, ferry and parking. Cubic's solutions and services include system design, central computer systems, equipment design and manufacturing, device-level software, integration, test, installation, warranty, maintenance, computer hosting services, call center services, card management and distribution services, financial clearing and settlement, multi-application support and outsourcing services. Cubic has approximately 4,500 employees worldwide. Cubic Nordic has headquarters in Glostrup, Denmark with 40 employees.

Every year, nearly 10 billion rides are taken worldwide using Cubic fare collection systems, delivered over 400 projects in 40 major markets on 5 continents. Active projects include London, New York/New Jersey region, Washington, D.C./Baltimore/Virginia region, Los Angeles region, San Diego region, San Francisco, Minneapolis/St. Paul, Chicago, Houston, Atlanta, South Florida, Vancouver and Edmonton, Canada, Brisbane, Australia, Singapore, Bangkok, Thailand, and Scandinavia.

About EDS

EDS, a leading global outsourcing company, creates value for their customers through leading IT-services. EDS' core business includes outsourcing of IT and business procedures as well as IT services for company changes. EDS' two complementing businesses are in A.T. Kearney, one of the world's leading management consulting companies, and PLM Solutions, a leading company in product design and software for the handling of production lines. With a turnover of $21.5 billion in 2002, EDS ranks number 80 on Fortune's list of the 500 largest companies. EDS is listed on the stock exchanges in New York and London. In Denmark, EDS is involved in for instance DSB, Esko-Graphics and EDC, and as of 1st January 2004, EDS has approximately 180 representatives in Denmark.

About Siemens

The Siemens group in Denmark is part of the international Siemens group, which is one of the world's largest companies in electronics and electro-techniques with more than 416,000 employees in 190 countries. Siemens is active worldwide in eight business areas: Information and Communications, Automation and Control, Power, Medical, Transportation, Lightning, Household Appliances and Finance. Siemens has been present in Denmark since 1893 and has approximately 2,700 employees.


Cubic Corp., San Diego
Jae Lande, 858-505-2642


Cubic Corp., San Diego
Jae Lande, 858-505-2642