Fourth Quarter & Full Year Fiscal 2019 ResultsNovember 20, 2019

Bradley H. FeldmannChairman, President and Chief Executive Officer

Anshooman AgaExecutive Vice President and Chief Financial Officer

2Safe Harbor & DisclosuresThis presentation contains statements that relate to future events and expectations and as such constitute forward-looking statements withinthe meaning of the Private Securities Litigation Reform Act of 1995. 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. Thesestatements 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 thesewords or phrases. These statements involve risks, estimates, assumptions and uncertainties, including those discussed in “Risk Factors” in theCompany’s Form 10-K for the year ended September 30, 2019, that could cause actual results to differ materially from those expressed inthese 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. 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 toreflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, orcombination 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 measuressupplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. Reconciliations to the most directlycomparable GAAP financial measures can be found in the Appendix to this presentation. Cubic has not provided a reconciliation of forward-looking financial measures such as Adjusted EBITDA and Adjusted EPS to the most directly comparable financial measures prepared inaccordance with GAAP because Cubic is unable to quantify certain amounts that would be required to be included in the GAAP measureswithout unreasonable efforts, and Cubic believes such reconciliations would imply a degree of precision that would be confusing or misleadingto investors.

3

Record Q4 leads to a record year for Sales and Adj. EBITDA FY19 Sales increased 24% (27% constant FX), Adj. EBITDA increased 40% (44% constant FX) and

Adj. EPS increased 43% (49% constant FX) compared to FY18 FY19 Adjusted EBITDA margin improved 110 basis points to 9.8% (+120 bps constant FX) Results reflect robust, double-digit organic growth – driven by solid execution and investments in

innovation – and expansion from acquisitions Expect to deliver another year of strong growth in fiscal 2020

Record Fiscal Year Sales and Adjusted EBITDA; Exceeded FY19 Guidance Midpoint

$1,203

$1,496

$1,460

FY18 FY19 Guidancemidpoint

$1,522

Sales ($m)

$104.6

$146.6

$150.0

FY19FY18 Guidancemidpoint

$150.7

Adj. EBITDA ($m)

$2.19

$3.13

$3.18

FY18

$3.27

FY19 Guidancemidpoint

Adj. EPS

reported

constant currency

reportedreported

FX headwind

Achieved

FX headwind FX headwind

Achieved Achieved

constant currency constant currency

Fiscal 2019 Full Year Results & Comparison to Guidance

See appendix for reconciliations of non-GAAP financial measures, including Adj. EBITDA and Adj. EPS

4Pixia Enhances Cubic’s C2ISR Offering

Technology-driven• Provides high performance cloud-based solutions to

manage and access massive amounts of imagery data

Market-leading • Best-in-class technology to address big data

challenges for Intelligence Community

NextMission• Advances our real-time, battlefield cloud strategy to

process and disseminate information to the edge of the battlefield

• Extends C2ISR digital platform business beyond video to Wide Area Motion Imagery

• Adds extensive software capabilities and direct customer access

Meaningful upside• Expect continued double-digit growth driven by

customer demand for imagery products• Critical enabler to DoD Internet of Battlefield Things

(IoBT) and artificial intelligence strategy

Transaction Exercised option for $200m all cash investment for remaining 80%1

($250m valuation), funded with existing revolver• 11.6x CY2019 Adj. EBITDA• 10.7x CY2020 Adj. EBITDA

Expected to close by February 2020 Expected to be accretive to Adj. EPS beginning FY20 10%+ Adj. EBITDA CAGR (FY20-22P) with superior margins

1) $50m cash investment for 20% stake in June 2019

5

Technology-driven • Cloud-hosted, agency platform for scalability,

configurability and affordability

Market-leading • The TouchPass cloud-based, fare-collection-as-a-service solution

is the fastest, easiest and most affordable way for smaller agencies to provide passengers the convenience and benefits of full-featured electronic fare collection

• Winning larger deals (Lane Transit District, Omaha Metro, Go Triangle)

NextCity 2.0 • Scalable, account-based fare collection• Pivoting business to digital platforms,

bringing One Account to the small and mid-market

Meaningful upside• $200m+ expected small to mid-market procurements within North

America over the next five years• Cross-sell synergy opportunities with NextBus• Foundation for international expansion

Transaction Exercised option for $36.4m1 all cash investment for remaining

82.5% ($44m valuation), funded with existing revolver Expected to close December 2019 Expected to be dilutive to FY20 and neutral to FY21 Adj. EPS Outlook supported by 15+ customers and solid pipeline As-a-service economics with high margins at scale (30%+)

Delerrok Accelerates NextCity 2.0 with Platform Offering for Small to Mid-market

1) Cubic will pay $36.4m cash at closing, and a potential earn-out of up to $2.0 million if Delerrok achieves certain sales goals in the first 12 months after closing.

6Winning the Customer

CRADA = Cooperative Research and Development AgreementJASDF = Japan Air Support Defense Force

Mission Solutions conducted successful first flight and endurance testing of ISR One Unmanned Air Vehicle and signed CRADA with USSOCOM to mature capability

Defense training teammate recognized for 10 years of outstanding support by JASDF Air Material Command

Transportation’s Cubic Interactive collaboration with Miami-Dade transit – launching SaaS-based digital loyalty and advertising for the Super Bowl

7NextCity

New York deployment expansion imminent Strong progress on Boston restructure Launched regional pilot of new system in Queensland, our first

key milestone Awarded $377m five-year extension to upgrade Chicago’s

Ventra fare collection system Finalizing contract with San Francisco Muni for our NextBus

machine learning platform Collaboration with Google to integrate contactless transit

cards with Google Pay

8

Won USMC’s Next Generation Troposcatter program (ceiling value $325m)

Selected by Sigma Defense Systems (ID/IQ with ~$100m ceiling) to integrate its Atlas modular suite of baseband communication equipment as the core hardware and software within Sigma’s Stingray solution for the U.S. DoD

Won Air Force Research Lab Airborne network contract ($8m) to develop and demonstrate multi-link communication technology

Strong Q4 awards ($73m) across Protected Comms (T2C2, MH-60), C2ISR (UVDS extension, GCC ISR Tactical, Deployable Sensor Data Backhaul) and Rugged IoT

NextMission

9NextTraining

Won key Air Training international programs totaling $115m+

Well positioned for key programs, building off Live, Virtual, Constructive (LVC):

– Won LIVE OTA ($1.4m) – Phase 1 award, the future of ground-based training

– Won JSIL ($1.9m) – Initial task order continues SLATE, the future of ACMI, for the U.S. Navy

– Won Soldier Squad Virtual Trainer (SSVT) ($1.4m) – Phase 1 award, the future of marksmanship training

– Delivered Force-on-Force demo – the future of training for USMC

10Living One Cubic, Living Our Values

Partnered with Help.NGO to deploy GATR and Rugged Internet of Things (IoT) solutions to support hurricane Dorian recovery

New Board members, Denise Devine and Carolyn Flowers, bring unique skills and perspectives to Cubic

Hilary Hageman joins Cubic as SVP, General Counsel & Corporate Secretary

Developed Goal 2025 Diversity & Inclusion strategy to further enable an inclusive, innovative culture

Forbes 2019– America’s Best Large Employers– The Best Employers for Diversity

11Initial Digital Priorities Capitalize on Cubic’s Existing Software and Cloud-focused Solutions

NextCity 2.0 NextTrainingNextMission

Cloud-first portfolio

Mobile-first innovation

Cubic Interactive

Cubic NextApp

Digital and software platforms to improve human/machine performance

Existing platforms: SPEAR, Nexus, CATS

Game-based training

Multi-domain platform solutions

Scalable products built on platforms that generate recurring and as-a-service revenues with higher margins

Customer focus: Multi-Domain Operations through rapid and

continuous integration of information

Customer focus: Address policy makers’ key concerns relating to congestion,

access, equity and sustainability

Customer focus: Data insights,immersive visualizations and predicted

outcomes to inform readiness

SPEAR = Simplified. Planning. Execution. Analysis. Reconstruction

12Record Quarterly Sales and Adj. EBITDA Sales of $471.2m (+26% YoYconstant FX) driven by Transportation and Mission Solutions

– ASC 606 increased sales by $37.8m (incl. organic growth from Boston project and others); excluding Boston, ASC 606 impact was $13.9m

Adj. EBITDA of $76.6m (+59% YoYconstant FX) driven by CTS project ramp up, strong CMS shipments, impact of margin-accretive acquisitions and CGD cost management

Adj. EPS of $1.86 (+36% YoYconstant FX)

Free Cash Flow $37.1m1; Adj. FCF without Boston consolidation impact $52.1m1

Total Debt $395m; Net Debt-to-LTM Adj. EBITDA2 2.25x– Pro forma net leverage with Pixia and Delerrok ~3.4x

Backlog remains strong at >2X sales

12

See appendix for reconciliations of non-GAAP financial measures.1) Free Cash Flow, a non-GAAP financial measure, is defined as Operating Cash Flow (continuing operations) minus capex plus proceeds from the sale of fixed assets (proceeds from the

sale of real estate totaled $45m in FY19). Adjusted Free Cash Flow is Free Cash Flow minus Operating Cash Flow associated with the Boston SPV.2) LTM = Last Twelve Months. LTM Adjusted EBITDA = $146.6m. Net Debt reflects cash and equivalents of $65.8m.

13Q4 Fiscal 2019 Consolidated Financial HighlightsContinuing Operations

13

$ Millions, except backlog and EPS

4Q194Q18

$748.2

$250.5

-66%1

Bookings

$4.1$3.4

Sept 30, 2018 Sept 30, 2019

-14%1

Backlog ($b)

4Q19

$471.2

4Q18

$379.7

+26%1

Sales

4Q18 4Q19

$49.1

$76.6+59%1

Adj. EBITDA

4Q18 4Q19

$1.86

$1.40

+36%1Adj. EPS

$29.8FCF

$36.4

4Q18

$52.1

$37.1FCF

4Q19

Adj. Free Cash Flow

1) Growth rates reflect constant currency, adjusted for FX headwinds of $1.2m bookings, $7.2m sales, $1.5m Adj. EBITDA, $79.7m backlog and $0.05 Adj. EPS.

Boston SPV impact

14Full Year Fiscal 2019 Consolidated Financial HighlightsContinuing Operations

14

$ Millions, except backlog and EPS

FY19FY18

$2,780

$1,002

-64%1

Bookings

$4.1$3.4

Sept 30, 2018 Sept 30, 2019

-14%1

Backlog ($b)

FY18 FY19

$1,203$1,496

+27%1

Sales

$104.6

FY18 FY19

$146.6+44%1

Adj. EBITDA

FY19FY18

$3.13

$2.19

+49%1Adj. EPS

1) Growth rates reflect constant currency, adjusted for FX headwinds of $9.5m bookings, $25.3m sales, $4.1m Adj. EBITDA, $79.7m backlog and $0.14 Adj. EPS. 2) Proceeds from the sale of real estate totaled $45m in FY19.

FY18 FY19

Adj. Free Cash Flow2

($0.7)$14.1

($36.0)FCF2

Boston SPV impact

($23.1)FCF2

15Cubic Transportation SystemsQ4 Comparison ($m)

15

Prior year Q4 bookings included San Francisco Bay Area ($394m); FY18 also included NY, Boston and Brisbane (~$1.3b) Growth largely driven by NY, Boston, Brisbane, San Francisco Bay Area and ~$74m from Trafficware and GRIDSMART Margin increase for Q4 and FY primarily reflects higher volume, sales mix and the integration of accretive acquisitions

Full Year Comparison ($m)

1) Growth rates reflect constant currency basis, adjusted for FX headwinds of $0.1m bookings, $6.3m sales and $1.2m Adj. EBITDA. Unadjusted growth rates: Bookings -84%, Sales +32% and Adj. EBITDA +121% versus 4Q18.

$88.3

4Q18 4Q19

$550.0

Bookings

$20.9

4Q18 4Q19

$46.2

+127%1

Adj. EBITDA

Sales

Adj. EBITDA Margin %4Q18

$192.6

4Q19

$254.6

+35%1

10.9%

18.1%

4Q18 4Q19

+720 bps

1) Growth rates reflect constant currency basis, adjusted for FX headwinds of $6.2m bookings, $22.2m sales and $3.8m Adj. EBITDA. Unadjusted growth rates: Bookings -82%, Sales +27% and Adj. EBITDA +51% versus FY18.

FY18 FY19

$397.3

$2,239.0

Bookings

$73.3

FY18 FY19

$110.5

+56%1

Adj. EBITDA

Sales

Adj. EBITDA Margin %FY19

$670.7

FY18

$849.8

+30%1

10.9%13.0%

FY18 FY19

+210 bps

-84%1 -82%1

16Cubic Mission SolutionsQ4 Comparison ($m)

16

Outstanding Q4 and FY growth reflects robust sales across Protected Communications, Rugged IoT and C2ISR Q4 and FY19 margin primarily reflects increased R&D and other incremental investments in new technologies Full year includes $12.6m incremental investments: ISR systems (SG&A, R&D), accelerated investment on new protected

communications contracts (COGS) and additional investment in new technologies (R&D)

Full Year Comparison ($m)

4Q194Q18

$109.5

$72.9

-33%

Bookings

4Q18 4Q19

$24.5$25.0-2%

Adj. EBITDA

Sales

Adj. EBITDA Margin %4Q194Q18

$95.1$125.5

+32%

26.3%19.5%

4Q18 4Q19

-680 bps

FY18

$353.3

FY19

$213.4

+66%

Bookings

$26.2

FY19

$34.4

FY18

+31%

Adj. EBITDA

Sales

Adj. EBITDA Margin %FY18

$328.8

FY19

$207.0

+59%

12.7%10.5%

FY19FY18

-220 bps

17Cubic Global DefenseQ4 Comparison ($m)

17

Q4 bookings reflect international orders and key demonstration contracts Full year bookings and sales reflect completion of various programs and delayed international awards (~$115m air training

bookings received late Q4 and early Q1FY20) Margin improvements reflects strong project execution and benefits from cost management

Full Year Comparison ($m)

1) Growth rates reflect constant currency basis, adjusted for FX headwinds of $1.1m bookings, $0.9m sales and $0.3m Adj. EBITDA. Unadjusted growth rates: Bookings +1%, Sales -1% and Adj. EBITDA +132% versus 4Q18.

4Q194Q18

$88.7 $89.3+2%1

Bookings

4Q18 4Q19

$5.7

$13.2

+137%1

Adj. EBITDA

Sales

Adj. EBITDA Margin %4Q194Q18

$92.0 $91.10%1

6.2%

14.5%

4Q18 4Q191) Growth rates reflect constant currency basis, adjusted for FX headwinds of $3.3m bookings, $3.2m sales and $0.3m Adj.

EBITDA. Unadjusted growth rates: Bookings -23%, Sales -2% and Adj. EBITDA +25% versus FY18.

$251.8

FY19FY18

$327.5

-22%1Bookings

FY18 FY19

$26.3$32.8

+26%1

Adj. EBITDA

Sales

Adj. EBITDA Margin %

$317.9

FY18

$325.2

FY19

-1%1

8.1%10.3%

FY18 FY19

+220 bps+830 bps

18

Assumes defense budget passed by mid fiscal Q2 Pixia and Delerrok acquisitions expected to contribute ~$40m in Sales and

~$15m in Adj. EBITDA Continued investment in R&D Depreciation ~$28m Q1 Adj. EBITDA down YoY – Troposcatter investment and continuing resolution

timing impacts

Adj. EBITDA$170m to $190m

$180m midpoint$1,580m to $1,640m

$1,610m midpoint

Sales Adj. EPS$3.10 to $3.70

$3.40 midpoint

2020 Guidance – Continued Strong Growth

Fiscal Year 2020 Guidance(constant currency; includes Pixia and Delerrok)

19Fiscal Year 2019 Summary

Record Sales and Adj. EBITDA – Expect to achieve Goal 2020

Technology-driven, market-leading acquisitions advance our strategy and accelerate growth

Successful New York OMNY phase 1 launch and completion of Sydney and Miami contactless payment rollouts

Working with Apple and Google to simplify how travelers pay for their journeys

Outstanding growth and key franchise program wins in Mission Solutions

Positioned for Defense Training growth through recent international and LVC awards

Driving Growth with Continued Investments in Innovation

Appendix

21Use of Non-GAAP Financial MeasuresAdjusted EBITDA and Adjusted EPS We believe that these non-GAAP measures provide additional insight into our ongoing operations and underlying business trends, facilitate a comparison of our results between current

and prior periods, and facilitate the comparison of our operating results with the results of other public companies that provide non-GAAP measures. We use Adjusted EBITDA internally to evaluate the operating performance of our business, for strategic planning purposes, and as a factor in determining incentive compensation for certain employees. These non-GAAP measures facilitate company-to-company operating comparisons by excluding items that we believe are not part of our core operating performance.

Adjusted net income is defined as GAAP net income (loss) from continuing operations attributable to Cubic excluding amortization of purchased intangibles, restructuring costs, acquisition related expenses, strategic and IT system resource planning expenses, gains or losses on the disposal of fixed assets, other non-operating expense (income), tax impacts related to acquisitions, and the impact of US Tax Reform. Adjusted EPS is defined as adjusted net income on a per share basis using the weighted average diluted shares outstanding. Adjusted EBITDA is defined as GAAP net income (loss) from continuing operations attributable to Cubic before interest expense (income), income taxes, depreciation and amortization, other non-operating expense (income), acquisition related expenses, strategic and IT system resource planning expenses, restructuring costs, and gains or losses on the disposal of fixed assets. Strategic and IT system resource planning expenses consists of expenses incurred in the development of our ERP system and the redesign of our supply chain which include internal labor costs and external costs of materials and services that do not qualify for capitalization. Acquisition related expenses include business acquisition expenses including retention bonus expenses, due diligence and consulting costs incurred in connection with the acquisitions, and expenses recognized related to the change in the fair value of contingent consideration for acquisitions.

These non-GAAP measures are not measurements of financial performance under GAAP and should not be considered as measures of discretionary cash available to the company or as alternatives to net income as a measure of performance. In addition, other companies may define these non-GAAP measures differently and, as a result, our non-GAAP measures may not be directly comparable to the non-GAAP measures of other companies. Furthermore, non-GAAP financial measures have limitations as an analytical tool and you should not consider these measures in isolation, or as a substitute for analysis of our results as reported under GAAP. Investors are advised to carefully review our GAAP financial results that are disclosed in our SEC filings. With respect to our fiscal year 2020 Adjusted EBITDA and Adjusted EPS guidance, certain items that affect GAAP net income cannot be reasonably predicted as we are unable to quantify certain amounts that would be required to be included in the comparable forecasted GAAP measures without unreasonable effort. As such, we are unable to provide a reasonable estimate of GAAP net income or GAAP EPS, or a corresponding reconciliation of Adjusted EBITDA and Adjusted EPS guidance to GAAP net income or GAAP EPS for the full year. In addition, we believe such reconciliations would imply a degree of precision that would be confusing or misleading to investors.

We reconcile Adjusted EBITDA and Adjusted Net Income to Net Income, which we consider to be the most directly comparable GAAP financial measure. We reconcile Adjusted EPS to GAAP EPS, which we consider to be the most directly comparable GAAP financial measure.

Free Cash Flow and Adjusted Free Cash Flow Free Cash Flow is defined as Net cash provided by (used in) continuing operations minus capital expenditures plus proceeds from the sale of fixed assets. Management believes that

Free Cash Flow is meaningful to investors because management reviews cash flows generated from operations after taking into consideration capital expenditures, which are necessary to maintain and expand Cubic’s business. Adjusted Free Cash Flow is Free Cash Flow minus operating cash flow associated with the Boston Special Purpose Vehicle (SPV) in which Cubic has a 10% equity stake. The SPV has contracted with Cubic for the design-build and operations and maintenance phases of the next-generation fare collection system for the Massachusetts Bay Transit Authority (MBTA) and pays Cubic progress payments during the design-build phase of the project. These payments are primarily funded by non-recourse debt issued by the SPV. Management believes that Adjusted Free Cash Flow is meaningful to improving investors’ understanding of the underlying performance of and cash generated by the businesses. Additional information regarding the company’s Boston SPV can be found in our Annual Report on Form 10-K for the year ended September 30, 2019.

It is important to note that Free Cash Flow or Adjusted Free Cash Flow does not represent the residual cash flow available for discretionary expenditures since other non-discretionary expenditures are not deducted from the measure.

We reconcile Free Cash Flow and Adjusted Free Cash Flow to Net cash provided by (used in) continuing operations, which we consider to be the most directly comparable GAAP financial measure.

22Summary of Reportable Segment Results

Sales:

Cubic Transportation Systems $ 254.6 $ 192.6 $ 849.8 $ 670.7 Cubic Mission Solutions 125.5 95.1 328.8 207.0 Cubic Global Defense 91.1 92.0 317.9 325.2

Total sales $ 471.2 $ 379.7 $ 1,496.5 $ 1,202.9

Operating income:Cubic Transportation Systems $ 40.2 $ 17.7 $ 77.2 $ 60.4 Cubic Mission Solutions 19.9 17.1 7.8 (0.1) Cubic Global Defense 13.0 3.0 23.0 16.6 Unallocated corporate expenses (14.5) (10.1) (21.8) (52.5)

Total operating income $ 58.6 $ 27.7 $ 86.2 $ 24.4

Adjusted EBITDA:Cubic Transportation Systems $ 46.2 $ 20.9 $ 110.5 $ 73.3 Cubic Mission Solutions 24.5 25.0 34.4 26.2 Cubic Global Defense 13.2 5.7 32.8 26.3 Unallocated corporate expenses (7.3) (2.5) (31.1) (21.2)

Total Adjusted EBITDA $ 76.6 $ 49.1 $ 146.6 $ 104.6

(in mi l l ions)

September 30, September 30, Three Months Ended Year Ended

2019 2018 2019 2018

23GAAP Net Income to Adjusted EBITDA Reconciliation by SegmentContinuing Operations – Three Months and Year Ended September 30, 2019 and September 30, 2018

($ In Millions)Cubic Transportation Systems Sales $ 254.6 $ 192.6 $ 849.8 $ 670.7 Operating income $ 40.2 $ 17.7 $ 77.2 $ 60.4 Depreciation and amortization 6.6 2.9 30.7 12.0 Noncontrolling interest in income of VIE (3.1) - (8.9) - Acquisition related expenses, excluding amortization 1.5 0.5 8.3 0.5 Restructuring costs 1.0 (0.2) 3.2 0.4 Adjusted EBITDA $ 46.2 $ 20.9 $ 110.5 $ 73.3 Adjusted EBITDA margin 18.1% 10.9% 13.0% 10.9%

Cubic Mission Solutions Sales $ 125.5 $ 95.1 $ 328.8 $ 207.0 Operating income (loss) $ 19.9 $ 17.1 $ 7.8 $ (0.1) Depreciation and amortization 6.1 6.6 23.3 22.4 Acquisition related expenses, excluding amortization (1.5) 1.1 3.3 3.7 Restructuring costs - 0.2 - 0.2 Adjusted EBITDA $ 24.5 $ 25.0 $ 34.4 $ 26.2 Adjusted EBITDA margin 19.5% 26.3% 10.5% 12.7%

Cubic Global Defense Sales $ 91.1 $ 92.0 $ 317.9 $ 325.2 Operating income $ 13.0 $ 3.0 $ 23.0 $ 16.6 Depreciation and amortization 1.4 2.4 6.8 8.5 Acquisition related expenses, excluding amortization 0.5 - 1.7 (0.1) Gain on sale of fixed assets (2.3) - (2.0) - Restructuring costs 0.6 0.3 3.3 1.3 Adjusted EBITDA $ 13.2 $ 5.7 $ 32.8 $ 26.3 Adjusted EBITDA margin 14.5% 6.2% 10.3% 8.1%

Year Ended September 30,

2019 2018

Year Ended September 30,

2019 2018

Three Months Ended September 30,

Three Months Ended September 30,

2019 2018

Year Ended September 30,

2019 2018

2019 2018

Three Months Ended September 30,

2019 2018

24GAAP Net Income to Adjusted EBITDA ReconciliationContinuing Operations – Three Months and Year Ended September 30, 2019 and September 30, 2018

Note: The difference between consolidated amounts and segments represents Corporate. Amounts may not sum due to rounding.

($ In Millions)Cubic Consolidated Sales $ 471.2 $ 379.7 $ 1,496.5 $ 1,202.9 Net income from continuing operations attributable to Cubic $ 41.6 $ 22.0 $ 51.1 $ 8.1 Noncontrolling interest in loss of VIE (0.8) 1.6 (9.8) (0.3) Provision for income taxes 11.3 2.8 11.0 7.1 Interest expense, net 3.5 2.5 13.9 8.8 Other non-operating expense (income), net 3.0 (1.2) 20.0 0.7

Operating income $ 58.6 $ 27.7 $ 86.2 $ 24.4 Depreciation and amortization 15.8 12.5 64.7 46.6 Noncontrolling interest in EBITDA of VIE (3.1) - (8.9) - Acquisition related expenses, excluding amortization 0.1 2.0 13.4 4.5 Strategic and IT system resource planning expenses 2.0 5.3 8.3 24.1 (Gain) loss on sale of fixed assets 0.1 - (32.5) - Restructuring costs 3.1 1.6 15.4 5.0 Adjusted EBITDA $ 76.6 $ 49.1 $ 146.6 $ 104.6 Adjusted EBITDA margin 16.3% 12.9% 9.8% 8.7%

2019 20182019 2018

Year Ended September 30,

Three Months Ended September 30,

25GAAP Net Income to Adjusted Net Income Reconciliation and GAAP EPS to Adjusted EPS ReconciliationContinuing Operations – Three Months and Year Ended September 30, 2019 and September 30, 2018

Amounts may not sum due to rounding.

In $ Millions, except per share amounts 2019 2018 2019 2018GAAP EPS 1.33$ 0.80$ 1.67$ 0.29$ GAAP Net income from continuing operations attributable to Cubic 41.6$ 22.0$ 51.1$ 8.1$ Noncontrolling interest in the loss of the VIE (0.8) 1.6 (9.8) (0.3) Amortization of purchased intangibles 9.4 7.1 42.1 27.1 Gain on sale of fixed assets 0.1 — (32.5) — Restructuring costs 3.1 1.6 15.4 5.0 Acquisition related expenses, excluding amortization 0.1 2.0 13.4 4.5 Strategic and IT system resource planning expenses 2.0 5.3 8.3 24.1 Other non-operating expense (income), net 3.0 (1.2) 20.0 0.7 Noncontrolling interest in Adjusted Net Income of VIE (3.5) — (9.7) — Tax impact related to acquisitions1 0.9 — (6.6) (1.2) Impact of U.S. Tax Reform — 0.2 — (7.0) Tax impact related to non-GAAP adjustments2 2.5 (0.3) 3.9 (1.0) Adjusted Net Income 58.3$ 38.3$ 95.6$ 60.0$ Adjusted EPS 1.86$ 1.40$ 3.13$ 2.19$

Weighted Average Diluted Shares Outstanding (in thousands) 31,427 27,433 30,606 27,351

1 Represents the tax accounting impact of significant discrete items recorded at the time of acquisition.2 The tax effect of the non-GAAP adjustments is generally based on the statutory tax rate of the jurisdiction of the event.

Three Months Ended September 30, Year Ended September 30,

26Adjusted EBITDA to Adjusted Net Income ReconciliationContinuing Operations – Three Months and Year Ended September 30, 2019 and September 30, 2018

Amounts may not sum due to rounding.

In $ Millions 2019 2018 2019 2018Adjusted EBITDA 76.6$ 49.1$ 146.6$ 104.6$ Depreciation Expense (6.4) (5.4) (22.6) (19.5) Interest Expense (3.5) (2.5) (13.9) (8.8) Income tax expense (11.3) (2.8) (11.0) (7.1) Tax impact related to acquisitions1 0.9 — (6.6) (1.2) Impact of U.S. Tax Reform — 0.2 — (7.0) Tax impact related to non-GAAP adjustments2 2.5 (0.3) 3.9 (1.0) Noncontrolling interest in EBITDA of VIE 3.1 — 8.9 — Noncontrolling interest in Adjusted Net Income of VIE (3.5) — (9.7) — Adjusted Net Income 58.3$ 38.3$ 95.6$ 60.0$

1 Represents the tax accounting impact of significant discrete items recorded at the time of acquisition.2 The tax effect of the non-GAAP adjustments is generally based on the statutory tax rate of the jurisdiction of the event.

Three Months Ended September 30, Year Ended September 30,

27GAAP to Non-GAAP Reconciliation: Free Cash Flow and Adjusted Free Cash FlowContinuing Operations – Three Months and Year Ended September 30, 2019 and September 30, 2018

($ In Millions)Cubic Consolidated Net cash provided by (used in) continuing operating activities $ 50.8 $ 40.4 $ (31.9) $ 8.6 Capital expenditures (13.8) (10.6) (49.1) (31.7) Proceeds from sale of property, plant and equipment — — 44.9 — Free Cash Flow 37.1 29.8 (36.0) (23.1) Less: operating cash flow associated with SPV (15.1) (6.6) (50.2) (22.4) Adjusted Free Cash Flow $ 52.1 $ 36.4 $ 14.1 $ (0.7)

2019 2018 2019 2018

Three Months Ended Year Ended September 30, September 30,

Amounts may not sum due to rounding.

28Impact of New Revenue Recognition Standard By SegmentContinuing Operations – Three Months Ended September 30, 2019

We adopted ASU 606 effective October 1, 2018 using the modified retrospective transition method. In accordance with the modified retrospective transition method, the quarter ended September 30, 2019 is presented under ASC 606, while the quarter ended September 30, 2018 is presented under ASC 605. The cumulative effect of the change in accounting for periods prior to October 1, 2018 was recognized through retained earnings at the date of adoption.

The table below quantifies the impact of adopting ASC 606 on net sales and operating income for the three months ended September 30, 2019:

29Impact of New Revenue Recognition Standard By SegmentContinuing Operations – Year Ended September 30, 2019

We adopted ASU 606 effective October 1, 2018 using the modified retrospective transition method. In accordance with the modified retrospective transition method, the year ended September 30, 2019 is presented under ASC 606, while the year ended September 30, 2018 is presented under ASC 605. The cumulative effect of the change in accounting for periods prior to October 1, 2018 was recognized through retained earnings at the date of adoption. The

table below quantifies the impact of adopting ASC 606 on net sales and operating income for the year ended September 30, 2019: