Welcome to Cubic’s 2019 Annual Shareholder MeetingFebruary 18, 2019

2Safe Harbor & DisclosuresThis presentation contains statements that relate to future events and expectations and as such constitute forward-looking statementswithin the 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. 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 orphrases or the negatives of these words or phrases. These statements involve risks, estimates, assumptions and uncertainties, includingthose discussed in “Risk Factors” in the Company’s Form 10-K for the year ended September 30, 2018, that could cause actual results todiffer 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 anyforward-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 anyforward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence ofunanticipated events, or combination of factors, may cause actual results to differ materially from those contained in any forward-lookingstatements.

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 mostdirectly comparable GAAP financial measures can be found in the Appendix to this presentation. Cubic has not provided a reconciliationof forward-looking financial measures such as Adjusted EBITDA 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 GAAPmeasures without unreasonable efforts, and Cubic believes such reconciliations would imply a degree of precision that would beconfusing or misleading to investors.

Global Provider of Market-leading, Innovative Solutions3

Transportation SystemsLeading integrator of payment systems and

intelligent travel solutions

Mission SolutionsBest-in-class provider of

expeditionary C4ISR solutions

Defense TrainingTop provider of

defense training systems

56% of sales 17% of sales 27% of sales

Sales$1.2b

Employees5,600

Backlog90%+ of sales

Prime contractor$4.1b

>3x sales

CustomersBlue chip customers

Note: percentages based on FY2018 sales C4ISR = Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance

Cubic is a technology-driven, market-leading global provider of innovative, mission-critical solutions that reduce congestion and increase operational readiness and effectiveness through increased situational understanding.

Cloud ComputingSecure NetworkCommunications

Algorithms / Simulation

Data Visualization

Cyber Management

Power Management

Instrumentation

Our Common Mission and Technologies4

5Goal 2020 Growth Catalysts Achieved

Investments paying off with all six catalysts achieved in Fiscal 2018

$1.8B new business won (with ~$2B potential follow-on) while building growth platform

6

Vertical integration of intersection management enables Cubic to optimize arterial intersections and roads based on broader inbound regional traffic from highways and to give priority to shared modes

Trafficware brings:Fills technology gaps (e.g. PODs,

adaptive signal control, Infrastructure-2-VehicIe)Diverse U.S. customer base

(access to small/mid market)Vertically integrates Cubic into

intersections and arterial roads management

Significant Advancement on Operations & Analytics Pillar of Cubic’s NextCity strategy

• Intersection video detection

• Unmatched algorithm accuracy

• Tracks vehicles and cyclists through the intersection

• Fully integrated suite of intelligent intersection technology

• Most advanced offering

• Smart infrastructure for smart cars

• Regional / highways coordination and congestion management

• First of its kind ICMP (Sydney)

GRIDSMART brings:Fills technology gaps (e.g.

computer vision, traffic analytics) Best-of-breed for out-of-

pavement detection Unique customersInternational capability

Cubic brings:NextCity visionGlobal footprintLarge city presenceBroader transportation portfolioRegional transportation and

congestion management platform

Growth synergies across up-selling, cross-selling and international expansion in a global ITS market of ~$10 billion with a CAGR >20%

$560m

$900m

2018 2023P

The most advanced solution for intersection traffic detection and response

10% CAGRUS ITM market

Cities need smart infrastructure

solutions to manage congestion, improve safety on the road, and to prepare for a

more complex, connected world

Demand for intelligent solutions and concerted effort to connect vehicles to intersectionsDetection Adaptive Traffic Mgmt.

Traffic Planning

Delivering Strong Growth

Fiscal 2018: Record backlog at $4.1B (3.4x annual revenue), up $1.5B YoY

Fiscal 2018: Record Sales (increased 9%); Adj. EBITDA increased 20% YoY

Fiscal 2019P: Strong organic growth; enhanced with cash EPS accretive acquisitions

Raised $228m in public offering to de-lever and provide flexibility to support our strategy

FY17 FY18 FY19Guidance

FY17 FY18 FY19Guidance

Sales ($m) Adj. EBITDA ($m)

$1,203$1,108

$104.6$87.5

~$1,438

(at midpoint) (at midpoint)

~$150

Note: financial results reflect continuing operations

7

Goal 20208

1 2019P represents the midpoint of fiscal 2019 guidance.2 MTA = Metropolitan Transportation Authority, MBTA = Massachusetts Bay Transportation Authority, T2C2 = Transportable Tactical Command Communications, JALN = Joint Aerial Layer Network, SLATE = Secure Live, Virtual, Constructive Advanced Training Environment, LTE = Long-term evolution, ISR = Intelligence, Surveillance and Reconnaissance3 Adj. EBITDA is a non-GAAP financial measure. Reconciliations to the most directly comparable GAAP financial measurers can be found in the Appendix to this presentation

7.9%8.7%

~10.4%

11% to 12.5%

$1,108 $1,203

~$1,550 to$2,000

$1,450to

$1,500

Sales $mPotential M&A

2017 2018 Goal 2020

Adj. EBITDA3 Margin

Organic Growth Drivers

New York MTA2

Boston MBTA2

Brisbane Bay Area Mobile and

adjacencies

T2C22

FIRSTNET JALN2

Airborne ISR2

SLATE2

LTE2 on the move Virtual training

CTS CMS CGD

Margin Improvement DriversSupply Chain

Consolidation of manufacturing

Reduction in suppliers Continuous

improvement

Segment Examples

Discipline during bid and execution

Product model in CTS Low cost engineering

SG&A

Centralization of support functions

Shared Services Benchmarks and

rationalization

2019P1 2017 2018 Goal 20202019P1

$1,438

$150$1,364

Implied margin at midpoint

Trafficware + GRIDSMART acquisition impact 11% CAGR

organic+19%YoY

Enable US Army Network Transformation

Increase role in Airborne ISR

Cross domain and multi-modal training offering

Training as a Service

AI powered Adaptive Training Systems

Capitalize on AFC competitive position, expand in mid-market

Leverage mobile app launches to further monetize NextCity

Capture adjacencies of congestion management and charging

Next Wave of Value Creation

Establish key position in Joint Aerial Layer Network Architecture

Extend into new and attractive markets leveraging our core capabilities

Leverage new digitally enabled business models to drive top quartile returns

Expand leadership in core positions with a pivot to digital business models

Transform our business• From programs to digital platforms• From data collection to data-driven decisions• From one-time delivery to recurring revenue

Leverage One Cubic platforms

Going Forward

Building technology-driven, market-leading platforms

CTS

CMS

CGD

Mid-term

9

Key Investment Highlights10

Robust Growth Profile Supported by Significant Backlog and Recent Wins

Proven Management Team With Deep Industry and Operational Experience

Technology-driven, Market-leading Global Provider of Innovative, Mission-critical Solutions

Enhanced Portfolio and Disciplined Capital Allocation Position Cubic for Growth and Shareholder Value Creation

Enriching Products with Information & Analytics to Provide Keener Insights to Customers

Transformative Innovations and Acquisitions to Advance Strategic Priorities

Appendix

12GAAP to Non-GAAP Adjusted EBITDA Reconciliation by SegmentContinuing Operations – Twelve Months and Three Months Ended September 30, 2018 and September 30, 2017

($ In Millions)Cubic Transportation Systems 2018 2017Sales 670.7$ 578.6$ Operating income 60.4$ 39.8$ Depreciation and amortization 12.0 8.8 Acquisition related expenses, excluding amortization 0.5 (0.2) Restructuring costs 0.4 0.4 Adjusted EBITDA 73.3$ 48.8$ Adjusted EBITDA margin 10.9% 8.4%

Cubic Mission Solutions 2018 2017Sales 207.0$ 168.9$ Operating income (loss) (0.1)$ (9.3)$ Depreciation and amortization 22.4 23.8 Acquisition related expenses, excluding amortization 3.7 (0.1) Restructuring costs 0.2 - Adjusted EBITDA 26.2$ 14.4$ Adjusted EBITDA margin 12.7% 8.5%

Cubic Global Defense 2018 2017Sales 325.2$ 360.2$ Operating income 16.6$ 28.1$ Depreciation and amortization 8.5 10.4 Acquisition related expenses, excluding amortization (0.1) - Restructuring costs 1.3 0.9 Adjusted EBITDA 26.3$ 39.4$ Adjusted EBITDA margin 8.1% 10.9%

Twelve Months Ended September 30,

Twelve Months Ended September 30,

Twelve Months Ended September 30,

13GAAP to Non-GAAP EBITDA & Adjusted EBITDA ReconciliationContinuing Operations – Twelve Months and Three Months Ended September 30, 2018 and September 30, 2017

($ In Millions)Cubic Consolidated 2018 2017Sales 1,202.9$ 1,107.7$ Net income (loss) from continuing operations attributable to Cubic 8.1$ (25.7)$ Noncontrolling interest in loss of VIE (0.3) - Provision for income taxes 7.1 14.6 Interest expense, net 8.8 14.1 Other non-operating expense (income), net 0.7 (0.4)

Operating income 24.4 2.6 Depreciation and amortization 46.6 48.0 Other non-operating (expense) income, net (0.7) 0.4 EBITDA 70.3 51.0 Acquisition related expenses, excluding amortization 4.5 (0.2) ERP/Supply chain initiatives 24.1 34.4 Restructuring costs 5.0 2.3 Loss on sale of fixed assets - 0.4 Other non-operating expense (income), net 0.7 (0.4)

Adjusted EBITDA 104.6$ 87.5$ Adjusted EBITDA margin 8.7% 7.9%

Twelve Months Ended September 30,