First Quarter Fiscal Year 2018 Results February 6, 2018

Bradley H. Feldmann

President and Chief Executive Officer

Anshooman Aga

Executive Vice President and Chief Financial Officer

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Safe Harbor & Disclosures

This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as

amended, that are subject to the “safe harbor” created by those sections. Any statements about our expectations, beliefs, plans,

objectives, assumptions or future events or our future financial and/or operating performance are not historical and may be forward-

looking. These statements are often, but not always, made through the use of words or phrases such as “may,” “will,” “anticipate,”

“estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “predict,” “potential,” “opportunity” and similar words or

phrases or the negatives of these words or phrases. These statements involve estimates, assumptions and uncertainties, including those

discussed in “Risk Factors” in the Company’s annual report on Form 10-K for the year ended September 30, 2017, and throughout this

presentation that could cause actual results to differ materially from those expressed in these statements.

Because the risk factors referred to above could cause actual results or outcomes to differ materially from those expressed in any

forward-looking statements made by us or on our behalf, you should not place undue reliance on any forward-looking statements. In

addition, past financial and/or operating performance is not necessarily a reliable indicator of future performance and you should not use

our historical performance to anticipate results or future period trends. Further, any forward-looking statement speaks only as of the date

on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the

date on which the statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is

not possible for us to predict which factors will arise. In addition, we cannot assess the impact of each factor on our business or the extent

to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking

statements

This presentation also includes non-GAAP financial measures as that term is defined in Regulation G. Non-GAAP financial measures

supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. Reconciliations to the most

directly comparable GAAP financial measures can be found in the Appendix to this presentation.

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Q1FY18 Results

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$20.1 $17.0

Q1 '17 Q1 '18

$334.7 $340.7

Q1 '17 Q1 '18

Total $1.5B(3) major opportunities won in Q1:

– Transportation: New York New Fare Payment System ($554m), Massachusetts Bay Transportation Authority ($575m)

– CMS: Air Force Datalink Enterprise ID/IQ ($497m ceiling)

– Defense: Joint Readiness Training Center re-compete ($325m), OASIS-EUCOM Training & Exercises re-compete ($42m),

Training Support Systems Enterprise Mission Support Services II ID/IQ ($150m ceiling)

Highest total backlog $3.64B in company history and increasing

Sales $340.7m increased 2% over prior year; strong growth in transportation

Adjusted EBITDA $17.0m; in line with our expectations

R&D increase driven by investment in next generation communications solutions and innovative training technologies

Sales

($m)

Adjusted EBITDA

($m)

(2) Incl. $0.6m FX tailwinds; see appendix for additional information regarding non-GAAP financial measures

(1)

(2)

Strong execution on Winning the Customer drives record backlog

(1) Incl. $4.8m FX tailwinds

R&D

($m)

$9.2 $12.0

Q1 '17 Q1 '18

(3) Does not include ID/IQ contracts

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Strategy Update

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Recent Wins Demonstrate Investment Payoff

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Cements position as market leader

Confirms One Account strategy

Validates R&D investments and demonstrates

potential for long-term returns

Delivers cost savings and efficiencies to our customers

Award to continue support of US Army’s JRTC ($325m)

Follows $50m+ in recent awards: Asia-Pacific Combat

Training Center award ($26m) and LCS Immersive Virtual

Shipboard Environment orders ($29m)

Strong international pipeline

GATR: T2C2 full rate production decision

Next-generation expeditionary, Tri-Band satellite

communication solutions

Significant SWaP / bandwidth advantage

Initial procurement 800+ systems

T2C2 = Transportable Tactical Command Communications. LCS = Littoral Combat Ship.

JRTC = Joint Readiness Training Center. SWaP = size weight and power.

New York ($554m) Boston ($575m)

6 MotionDSP Investment Expands Video Capabilities

and Opens New Markets

NYSE: CUB

Silicon Valley-based artificial intelligence software

company specializing in real-time video enhancement

and computer vision analytics

Augments TeraLogics Full Motion Video (FMV) platform

with near real-time processing

Capabilities:

– Image processing: multi-algorithm, GPU-accelerated, real-time

video enhancement

– Computer Vision: computer-assisted redaction and detection and tracking

– 2D mapping and geospatial processing

– Deployable on laptops, workstations, and cloud architectures

Potentially opens new markets in law enforcement, medical services,

forensics, insurance and transportation security

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Significant Progress Across Growth Initiatives

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Los Angeles Metro Transit Access Pass (TAP) mobile contract. We now have 4 of top 5

U.S transit agency mobile contracts

Remain confident in our position on bids in Brisbane (mid-2018) and San Francisco Bay

Area (mid-2019). Boston and NY wins strengthen our advantage.

Strong potential pipeline of large city opportunities

Multiple NextBus, Tolling and ITS opportunities

Air Force Datalink Enterprise ID/IQ and datalink contracts (Joint Surveillance

Targeting and Reconnaissance System, Marine Corps Small Unmanned Air

System, Navy Sharklink System)

Halo maturation and expansion

Integrating enterprise solutions and machine learning to create Next-Generation

Processing, Exploitation and Dissemination

Secured new key stakeholder on Advanced Technology Demonstration with USN

participation and funding

Received additional Littoral Combat Ship courseware orders for Deck Operations,

Combat Systems, IT Maintenance

Received SCOPIC order for Year 3, Notice of award for Artillery training system

Significant training services ID/IQ wins

8

Successfully Living One Cubic

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Major ERP system implementation

milestones completed FY17; on track to

finish back-office H1FY18; implementing

collaboration tools for Engineering

Establishing Shared Service Centers

Employee Engagement Score improved in

2017 to above benchmark with superior

marks in fair treatment, respect and ethics

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Q1 Results In Line with Our Expectations

Adj. EBITDA of $17m is down $3m YoY driven by higher R&D spending

($3m) and timing and mix of Defense business

Record backlog with NY New Fare Payment System booking

Boston financial close and booking expected in fiscal 2Q

Free cash flow impacted by timing of collections in Middle East,

Defense Services AR, timing of mobilization payment for NY, and an

increase in Transportation inventory for upcoming deliveries

US Tax reform – No cash tax liability anticipated from deemed repatriation of foreign earnings

– Expected to benefit from lower corporate tax rate once past one-time investments

and delivering planned growth in U.S.

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Cubic Consolidated Financial Highlights Q1 Comparison

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1) Constant currency basis

1) Constant currency basis; Adjusted for FX tailwinds of $4.8M sales, $0.6M Adj EBITDA, $3.5M bookings and $5.1M backlog.

Unadjusted growth rates: sales +2%, Adj EBITDA -15%, bookings +307% and backlog +17% versus 1Q fiscal 2017.

2) Free cash flow, which is a non-GAAP financial measure, is defined as Net Cash Provided by Operating Activities minus capital expenditures. NYSE: CUB

20.1 17.0

Q1 FY17 Q1 FY18

Adj EBITDA

0.4

(33.3)

Q1 FY17 Q1 FY18

Free Cash Flow

334.7 340.7

Q1 FY17 Q1 FY18

Sales

$ in millions, except backlog and EPS

0%1)

-18%1)

-0.11-0.36

Q1 FY17 Q1 FY18

EPS ($)

204.3

832.5

Q1 FY17 Q1 FY18

Bookings

3.1 3.6

Q1 FY17 Q1 FY18

Backlog ($b)

+306%1)

+17%1)

20.1 17.0

Q1 FY17 Q1 FY18

Adj EBITDA

0.4

(33.3)

Q1 FY17 Q1 FY18

Free Cash Flow2

334.7 340.7

Q1 FY17 Q1 FY18

Sales

0%1)

-18%1)

-0.11-0.36

Q1 FY17 Q1 FY18

EPS ($)

204.3

832.5

Q1 FY17 Q1 FY18

Bookings

3.1 3.6

Sept 30, 2017 Dec 31, 2017

Backlog ($b)

+306%1)

+17%1)

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Cubic Transportation Systems Financial Highlights Q1 Comparison

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Record bookings reflect

NY New Fare Payment

System award

Expect Boston booking in

fiscal Q2

Strong sales growth

primarily driven by system

development work for NY

Adj. EBITDA % in line with

prior year 1) Constant currency basis; Adjusted for FX tailwinds of $3.5M bookings, $4.6M sales and

$0.7M Adj EBITDA. Unadjusted growth rates: Bookings ~12x or 1,090%, Sales +11%

and Adj EBITDA +11% versus 1Q fiscal 2017

57.1

679.4

Q1 FY17 Q1 FY18

Bookings

131.9146.5

Q1 FY17 Q1 FY18

Sales

12.0 13.4

Q1 FY17 Q1 FY18

Adj EBITDA

9.1% 9.1%

Q1 FY17 Q1 FY18

Adj EBITDA %

$m

+11x1)

+2 bps

+8%1)

+6%1)

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Cubic Mission Solutions Financial Highlights Q1 Comparison

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Performance in line with our

expectations

Bookings affected by timing

of orders

Adj EBITDA and margin reflects

higher YoY R&D expense

($3.5m) and change in mix due to

timing of GATR sales

T2C2 full rate production

expected to drive YoY

improvement in all key line items

in FY18 No impact from currency

23.3 19.8

Q1 FY17 Q1 FY18

Bookings

33.9 33.1

Q1 FY17 Q1 FY18

Sales

3.8

-1.7

Q1 FY17 Q1 FY18

Adj EBITDA

11.2%

-5.2%Q1 FY17 Q1 FY18

Adj EBITDA %

$m

-15%-2%

-145%NM

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Cubic Global Defense Systems Financial Highlights Q1 Comparison

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Bookings down due to

order delays; recovery planned

in Q2

Sales down YoY as a result of

lower Air Ranges shipments

Adj EBITDA and margin reflects

higher YoY R&D and reduction

in sales

1) Constant currency basis; Adjusted for FX tailwinds $0.1M sales and headwinds of $0.1M Adj EBITDA.

Unadjusted growth rates: Sales -12% and Adj EBITDA -31% year-on-year

52.3 44.2

Q1 FY17 Q1 FY18

Bookings

78.668.8

Q1 FY17 Q1 FY18

Sales

6.14.2

Q1 FY17 Q1 FY18

Adj EBITDA

7.8%6.1%

Q1 FY17 Q1 FY18

Adj EBITDA %

$m

-163 bp

-15%-13%1)

-29%1)

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Cubic Global Defense Services Financial Highlights Q1 Comparison

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YoY improvement in all key metrics

Strong bookings based on several

key wins with US Army to include

Joint Readiness Training Center

(JRTC) Bridge program

Sales growth driven by additional

JRTC training rotations

Strong Adj. EBITDA due to solid

performance and business

realignment efficiencies

No impact from currency

71.689.0

Q1 FY17 Q1 FY18

Bookings$m

90.3 92.3

Q1 FY17 Q1 FY18

Sales

0.6

3.6

Q1 FY17 Q1 FY18

Adj EBITDA

+524%

0.6%

3.9%

Q1 FY17 Q1 FY18

Adj EBITDA %

+24% +2%

+323bp

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Confirming FY18 Guidance

FY 18 Guidance

Sales $1.51B - $1.56B(1)

Adjusted EBITDA $110M - $135m(1)

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Strong increase in FY18 Adjusted EBITDA (16% at mid point) driven by

growth in transportation and CMS business

Profit seasonality to be somewhat in line with FY17

– CR’s / timing of discretionary govt. spend impacts C4ISR business

– NY contract ramp up

Q2 Adj. EBITDA expected to reflect gradual sequential improvement over Q1

(1) Constant currency basis

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Summary

Strong start to FY18 with major transportation wins in New York and Boston,

mission support Air Force Datalinks ID/IQ award, and defense training JRTC

CMS revenue increases expected due to T2C2 full-rate production decision

Investments will drive growth and margin expansion in FY18+

Capital allocation focused on technologies that support our strategy and meet

financial hurdles

ERP on track for FY18H1 completion, resulting in efficiency / savings in supply

chain and SG&A spend; Investment in Engineering collaboration tools following

NYSE: CUB

Winning the Customer and technology investments driving growth

Appendix

18 GAAP to Non-GAAP Reconciliation Earnings before interest, taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA

Three Months Ended December 31, 2017

1 Includes transaction costs, retention bonuses and earn out liability changes related to acquired businesses.

NYSE: CUB

In Millions Consolidated CTS CMS CGD Systems CGD Services

Three Months Ended Dec 31, 2017

Net income (loss) attributable to Cubic (9.8)$ 7.6$ (8.9)$ 1.4$ 2.9$

Provision for income taxes 0.5 1.9$

Interest expense (income), net 2.2 - 0.4$

Other non-operating (expense) income, net 0.1 0.7 (0.4)$

Operating Income (loss) (7.0)$ 9.9$ (8.9)$ 1.4$ 2.9$

Depreciation and amortization 13.1 3.2 5.9 2.1 0.7

Other non-operating expense (income), net (0.1) (0.7) - 0.4 -

EBITDA 6.0$ 12.4$ (3.0)$ 3.9$ 3.6$

Acquisition related expenses, excluding amortization 1 1.4 1.3 0.1

ERP/Supply Chain Initiatives 8.0

Restructuring costs 1.5 0.3 0.6

Loss on sale of fixed assets -

Other non-operating (expense) income, net 0.1 0.7 - (0.4) -

Adjusted EBITDA 17.0$ 13.4$ (1.7)$ 4.2$ 3.6$

EBITDA Margin 1.8% 8.4% -9.2% 5.8% 3.9%

Adjusted EBITDA Margin 5.0% 9.1% -5.2% 6.1% 3.9%

19 GAAP to Non-GAAP Reconciliation Earnings before interest, taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA

Three Months Ended December 31, 2016

1 Includes transaction costs, retention bonuses and earn out liability changes related to acquired businesses.

NYSE: CUB

In Millions Consolidated CTS CMS CGD Systems CGD Services

Three Months Ended Dec 31, 2016

Net income (loss) attributable to Cubic (2.8)$ -$ -$ -$ -$

Provision for income taxes (5.1) - - - -

Interest expense (income), net 3.3 (0.3) - - -

Other non-operating (expense) income, net 0.5 0.4 - 1.2 -

Operating Income (loss) (4.1)$ 9.6$ (3.8)$ 3.3$ (0.4)$

Depreciation and amortization 13.4 2.4 6.8 2.0 1.0

Other non-operating expense (income), net (0.5) (0.4) - (1.2) -

EBITDA 8.8$ 11.6$ 3.0$ 4.1$ 0.6$

Acquisition related expenses, excluding amortization 1 0.8 - 0.8 - -

ERP/Supply Chain Initiatives 8.7 - - - -

Restructuring costs 0.9 - - 0.8 -

Loss on sale of fixed assets 0.4 - - - -

Other non-operating (expense) income, net 0.5 0.4 - 1.2 -

Adjusted EBITDA 20.1$ 12.0$ 3.8$ 6.1$ 0.6$

EBITDA Margin 2.6% 8.8% 8.9% 5.2% 0.7%

Adjusted EBITDA Margin 6.0% 9.1% 11.2% 7.8% 0.7%