TranSys Completes Successful Transition of Prestige Contract

By Transys, PRNE
Monday, August 16, 2010

LONDON, August 17, 2010 - Transaction Systems Limited ("TranSys"), the consortium responsible for
designing, installing and managing the Oyster smartcard system in London on
behalf of Transport for London (TfL), has successfully transitioned its
service and contractual obligations to Cubic Transportation Systems Limited,
who will continue to deliver Oyster services to TfL, in accordance with
existing agreements.

Over the last twelve years TranSys has been a part of a successful
project working with TfL to achieve a world class smartcard ticketing system.
The final phase of this project has been to enable a seamless transition from
TranSys to Cubic Transportation Systems Limited.

John Stout, the TranSys Chief Executive, remarked that "The Prestige
Project including the design and implementation of the Oyster smartcard has
been an outstanding success. TranSys is very proud to have been involved in
this high profile project for the last twelve years, a project which has
improved the travelling experience for millions of Londoners and visitors to
the capital. Today marks the beginning of the next phase for the Oyster card.
Whilst this part of TranSys' activities has now ended, TranSys will continue
to manage ongoing advertising activities until 2015".

TranSys wishes TfL and Cubic Transportation Systems and its
subcontractors every success with the future of Oyster which has become a
part of London life for millions of people.

Notes to Editors:

    - The "Oyster" mark was created by TranSys and is now a
    registered trade mark of Transport for London

    - Oyster has been a huge success since its introduction across
    the Transport for London (TfL) network in 2003. There are now over
    seven million cards in regular use. 57 million journeys are now made
    with Oyster each week. Since its launch in 2003 Oyster has been extended
    to the London Overground network and Thames Clippers river services. On
    2 January 2010, Oyster pay as you go was extended to all 350 National
    Rail stations in London and was the biggest expansion of the Oyster
    network since it launched in 2003.

    - The system was originally created, and has been maintained,
    via a Public Finance Initiative (PFI) contract, known as PRESTIGE, held
    between TfL and TranSys, a consortium whose principal partners are Cubic
    Transportation Systems and HP Enterprise Services (formerly Electronic
    Data Systems). TranSys is responsible for developing, installing,
    managing and maintaining London's automated fare collection system
    including the Oyster card system, on behalf of Transport for London.

    - TranSys' shareholders are Cubic (UK) Limited and EDS
    International Ltd which is part of the Hewlett Packard group of
    companies. The PFI contract was put in place in 1998 for a term of 17
    years but with a natural break clause exercisable in 2008.

    - In August 2008, TfL exercised this break option in the
    contract bringing the PRESTIGE PFI contract to an end on 16 August 2010.
    A new arrangement with Cubic Transportation Systems Limited and HP
    Enterprise Services UK Limited will take over.

    - TranSys will continue to retain advertising rights on ticket
    gatelines and ticketing media until March 2015.

Please contact John Stout at john.stout at hp.com or +44(0)207-808-7108

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