Cubic Awarded $39 Million Contract to Provide Equipment for New York Metropolitan Transportation Authority's New Fare Payment System

Cubic Corporation (NYSE:CUB) today announced its Cubic Transportation Systems (CTS) business division was awarded a contract option worth $39 million by the New York Metropolitan Transportation Authority (MTA) to upgrade the fare payment system for Long Island Rail Road and Metro-North Railroad. This contract expands phase four of the OMNY contract with MTA to upgrade legacy systems to a new account-based contactless fare payment system for New York City transit, MTA bus and railroads.

"We are excited to continue our partnership with MTA and begin the work to deliver a contactless fare payment system for all riders on Long Island Rail Road and Metro-North Railroad," said Steve Brunner, senior vice president and general manager of North America, East for Cubic Transportation Systems.

For phase four, Cubic will install vending machines and ticket office machines for the sale of fare media to travel on Long Island Rail Road and Metro-North Railroad. Once deployed, riders on Long Island Rail Road and Metro-North Railroad will have access to an account-based, fare payment system allowing customers to leverage the diverse payment options associated with OMNY, such as a mobile app, digital wallets (e.g., Apple Pay, Google Pay, and Samsung Pay), contactless bank cards and MTA-issued contactless transit cards.

When completed, OMNY will provide customers with multiple 24/7 self-service options for managing their accounts and options to purchase and reload fare media online, at local retailers and at the railroads and NYC transit stations. Cubic was selected in 2017 to design and build the OMNY system for MTA.

About Cubic Corporation

Cubic is a technology-driven, market-leading provider of integrated solutions that increase situational understanding for transportation, defense C4ISR and training customers worldwide to decrease urban congestion and improve the militaries' effectiveness and operational readiness. Our teams innovate to make a positive difference in people's lives. We simplify their daily journeys. We promote mission success and safety for those who serve their nation. For more information about Cubic, please visit www.cubic.com or on Twitter @CubicCorp.