Pearl Consortium Selected as Preferred Tenderer for Sydney’s New Smart Card System

SYDNEY, Australia – April 12, 2010 - The New South Wales Government has selected the Pearl Consortium as the preferred tenderer for a new smart card-based automated fare collection system for Sydney. The Government will now enter into contract negotiations with the consortium to determine terms, timing and execution.

The Pearl Consortium consists of the world leader in smart card ticketing systems for public transport, Cubic Transportation Systems, the transportation subsidiary of Cubic Corporation (NYSE: CUB); Australia’s largest bank – Commonwealth Bank of Australia; and Australia’s largest electrical engineering firm – Downer EDI.

“Our consortium submitted a strong bid for the project based on our unmatched and strong presence in Australia, proven technology, experience, financial position and depth of resources,” said Stephen Shewmaker, President of Cubic Transportation Systems, the leader of the Pearl Consortium. “We look forward to working with the New South Wales Government to deliver a world-class system for Sydney.”
Every year more than 10 billion trips are taken using Cubic ticketing technology. The new ticketing system for Sydney’s bus, train and ferry fleets will be based on the Cubic-developed London Oyster Card® system, the world’s largest and most complex smart card system for public transport. More than 28 million Oyster cards have been sold to date, and the Prestige/Oyster system has won five awards, including the RFID Implementation Award at the 7th RFID Networking Forum in 2006.

In Australia, Pearl Consortium members have installed two successful smart card ticketing systems in Brisbane and Perth.

Cubic Transportation Systems, Inc. is part of Cubic Corporation. Cubic Corporation is the parent company of three major business segments: Defense Systems, Mission Support Services and Transportation Systems. Cubic Defense Systems is a leading provider of realistic combat training systems and defense electronics. Mission Support Services is a leading provider of training, operations, maintenance, technical and other support services.

Transportation Systems 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 centre services, card management and distribution services, financial clearing and settlement, multi-application support and outsourcing services.

Every year, nearly 10 billion rides are taken worldwide using Cubic fare collection systems. Cubic has delivered over 400 projects in 40 major markets on five continents. Active projects include London; New York / New Jersey region; Washington, D.C. / Baltimore / Virginia region; Los Angeles region; San Diego region; San Francisco Bay Area; Minneapolis/St. Paul; Chicago; Atlanta; Miami; Vancouver and Edmonton, Canada; Brisbane, Australia; Scandinavia; Germany and India.