On October 13, 2008 independent director Robert T. Monagan, age 88, retired from Cubic’s Board of Directors due to health reasons.  Mr. Monagan did not serve on any committees.  He was a director of Cubic in excess of 22 years.

                Concurrently, on October 13, 2008 Cubic’s Board elected Edwin A. Guiles as a director.  Mr. Guiles is currently Executive Vice President of Corporate Development with Sempra Energy.  From 2000 to 2006, Mr. Guiles was Chairman and CEO of Sempra Energy's utilities, San Diego Gas & Electric and Southern California Gas Company.  Mr. Guiles has held a variety of management positions since he was hired by San Diego Gas & Electric in 1972.  Mr. Guiles has been appointed to Cubic’s Audit and Compliance Committee.  Mr. Guiles will receive Cubic’s standard director fees and a grant of an option to purchase 4,500 shares of its common stock, in a form identical to that granted to other independent directors.  Mr. Guiles has not had, and is not expected to have, any transaction with the Company which is reportable under Item 404(a) of SEC Regulation S-K.