First Quarter Fiscal Year 2018 Results February 6, 2018 Bradley H. Feldmann President and Chief Executive Officer Anshooman Aga Executive Vice

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1 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

2 Safe Harbor & Disclosures 2 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 forwardlooking. 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.

3 Q1FY18 Results Sales ($m) $334.7 $340.7 (1) Adjusted EBITDA ($m) $20.1 $17.0 (2) $9.2 R&D ($m) $ Q1 '17 Q1 '18 Total $1.5B (3) major opportunities won in Q1: Q1 '17 Q1 '18 Q1 '17 Q1 '18 Strong execution on Winning the Customer drives record backlog 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 (1) Incl. $4.8m FX tailwinds (2) Incl. $0.6m FX tailwinds; see appendix for additional information regarding non-gaap financial measures (3) Does not include ID/IQ contracts

4 Strategy Update 4

5 Recent Wins Demonstrate Investment Payoff 5 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 New York ($554m) Boston ($575m) GATR: T2C2 full rate production decision Next-generation expeditionary, Tri-Band satellite communication solutions Significant SWaP / bandwidth advantage Initial procurement 800+ systems 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 T2C2 = Transportable Tactical Command Communications. LCS = Littoral Combat Ship. JRTC = Joint Readiness Training Center. SWaP = size weight and power.

6 MotionDSP Investment Expands Video Capabilities and Opens New Markets 6 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

7 Significant Progress Across Growth Initiatives 7 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 8 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

9 Q1 Results In Line with Our Expectations 9 9 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.

10 Cubic Consolidated Financial Highlights Q1 Comparison $ in millions, except backlog and EPS Bookings Backlog Bookings ($b) Backlog Sales($b) % 1) +306% +17% 1) 1) +17% 1) % 1) Sept Q1 30, FY Dec Q1 31, FY Adj EBITDA Adj EPS EBITDA ($) Free Cash EPS ($) Flow 2 Fre -18% 1) -18% 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 ) Free cash flow, which is a non-gaap financial measure, is defined as Net Cash Provided by Operating Activities minus capital expenditures (33.3) Q1 Q1 FY18 FY18

11 Cubic Transportation Systems Financial Highlights Q1 Comparison $m Bookings +11x 1) Sales +8% 1) Record bookings reflect NY New Fare Payment System award 57.1 Expect Boston booking in fiscal Q2 Adj EBITDA +6% 1) Adj EBITDA % +2 bps 9.1% 9.1% Strong sales growth primarily driven by system development work for NY 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 Adj. EBITDA % in line with prior year

12 Cubic Mission Solutions Financial Highlights Q1 Comparison $m Bookings -15% Sales -2% Performance in line with our expectations Bookings affected by timing of orders Adj EBITDA -145% No impact from currency Adj EBITDA % NM 11.2% -5.2% 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

13 Cubic Global Defense Systems Financial Highlights Q1 Comparison $m Bookings Sales -15% % 1) 68.8 Bookings down due to order delays; recovery planned in Q2 Adj EBITDA Adj EBITDA % Sales down YoY as a result of lower Air Ranges shipments % 1) % -163 bp 6.1% 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

14 Cubic Global Defense Services Financial Highlights Q1 Comparison $m Bookings Sales +24% +2% 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 Adj EBITDA +524% No impact from currency Adj EBITDA % +323bp 3.9% 0.6% Sales growth driven by additional JRTC training rotations Strong Adj. EBITDA due to solid performance and business realignment efficiencies

15 Confirming FY18 Guidance FY 18 Guidance Sales $1.51B - $1.56B (1) Adjusted EBITDA $110M - $135m (1) (1) Constant currency basis 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

16 Summary 16 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 Winning the Customer and technology investments driving growth

17 Appendix

18 GAAP to Non-GAAP Reconciliation Earnings before interest, taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA Three Months Ended December 31, 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 $ 0.4 Other non-operating (expense) income, net $ (0.4) Operating Income (loss) $ (7.0) $ 9.9 $ (8.9) $ 1.4 $ 2.9 Depreciation and amortization Other non-operating expense (income), net (0.1) (0.7) EBITDA $ 6.0 $ 12.4 $ (3.0) $ 3.9 $ 3.6 Acquisition related expenses, excluding amortization ERP/Supply Chain Initiatives 8.0 Restructuring costs Loss on sale of fixed assets - Other non-operating (expense) income, net (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% 1 Includes transaction costs, retention bonuses and earn out liability changes related to acquired businesses.

19 GAAP to Non-GAAP Reconciliation Earnings before interest, taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA Three Months Ended December 31, 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 Operating Income (loss) $ (4.1) $ 9.6 $ (3.8) $ 3.3 $ (0.4) Depreciation and amortization 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 ERP/Supply Chain Initiatives Restructuring costs Loss on sale of fixed assets Other non-operating (expense) income, net 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% 1 Includes transaction costs, retention bonuses and earn out liability changes related to acquired businesses.