High-Speed Rail Break-Through in Florida - Fluor-Bombardier Win Bid in Sunshine State

High-speed rail in America got a significant boost today with the selection of the team Fluor-Bombardier to design, build, operate, maintain and finance the first phase of Florida's High-Speed Rail network that will speed people between the fast growing urban centers of Tampa and Orlando.

An extensive state-wide debate resulted in today's decision by the Florida High Speed Rail Authority (FHSRA) to select game-changing technology – the Bombardier JetTrain -- supported by the unparalleled expertise of Fluor to develop the infrastructure to support construction of the system

"This bid offers real risk sharing and equity from the private sector. Our bid clearly offers the best deal for the state of Florida," commented Fluor Executive Vice President David Gedney. "Congratulations to the Florida High Speed Rail Authority on their efforts, and we look forward to working with the state of Florida to deliver this exciting high-speed rail system."

Lecia Stewart, vice president, High-Speed Rail, Bombardier Transportation, explained "The time has come for high-speed rail in America. People are searching for choices to move around comfortably, safely and fast. We are excited about delivering to the citizens of Florida a new world class transportation system that will enhance Central Florida's position in the new world economy."

The Fluor-Bombardier bid includes JetTrain technology, the first non-electric, high-speed rail solution designed specifically for the American market. Powered by a jet engine, JetTrain equipment operates at 150 miles per hour and meets all American safety standards for high-speed rail. The JetTrain locomotive is the result of a public-private development partnership that began in 1998 between Bombardier Transportation and the Federal Railroad Administration (FRA) in the United States.

The Fluor-Bombardier bid team is a 50/50 partnership of two of the world's leading companies. Fluor's transportation unit has significant experience in developing public-private partnerships with states and national governments around the world to bring the benefit of private-sector management, expertise and financing to the delivery of public services. Projects recently completed or currently under way include the first high-speed rail project in The Netherlands and public-private partnerships with the states of Virginia, Texas, Colorado and South Carolina.

Consistently rated as one of the world's safest contractors, Fluor's primary objective is to develop, execute, and maintain capital projects on schedule, within budget, and with operational excellence.

Bombardier Transportation manufactures 20 different intercity and high-speed products, including seven different high-speed locomotives. It has participated in the development of many of the world's leading high-speed rail systems, including four different TGVs, the ICE trains used in Germany and the Netherlands, Italy's ETR 500, China's Xinshisu, Spain's AVE 102 and America's Acela.

Next steps for Fluor-Bombardier will be to begin negotiations to conclude the contract.
The system is expected to be operational by 2009.

Fluor Corporation, with headquarters in Aliso Viejo, California, is one of the world's largest publicly owned engineering, procurement, construction, operations, maintenance and project management companies. With a network of offices in more than 25 countries and total employment of more than 30,000, Fluor specializes in the design-build-finance-development-maintenance of rail or transit system, major highways and toll roads, airports and aviation systems, water treatment or port facilities around the world. Among its many worldwide projects, it is part of the team that is designing, building and will maintain the first high-speed rail system in the Netherlands, developed as a public-private partnership involving billions of dollars in private financing. Fluor (NYSE: FLR) is a Fortune 500 company with revenues of $10 billion US in 2002. For more information, visit www.fluor.com.

Bombardier Inc., a diversified manufacturing and services company, is a world-leading manufacturer of business jets, regional aircraft, rail transportation equipment and motorized recreational products. It also provides financial services and asset management in business areas aligned with its core expertise. Headquartered in Montréal, Canada, the Corporation has a workforce of some 75,000 people and manufacturing facilities in 25 countries throughout the Americas, Europe and Asia-Pacific. Its revenues for the fiscal year ended Jan. 31, 2003 stood at $23.7 billion Cdn. Bombardier shares are traded on the Toronto, Brussels and Frankfurt stock exchanges (BBD, BOM and BBDd.F).

For more information on the Fluor-Bombardier proposal, visit www.bombardier.com/fluor.


For information:
Cory Tilley or Courtney Whitis
+1 850 443-7476