2018 Analyst and Investor Day

Safe Harbor 2 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 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.

Agenda 3

11:30 to 11:35 Welcome Ed Guiles

11:35 to 12:00 Strategy Brad Feldmann

12:00 to 12:50 Lunch & Product Demonstrations

12:50 to 1:20 Cubic Transportation Systems Matt Cole

1:20 to 1:50 Cubic Mission Solutions Mike Twyman

1:50 to 2:20 Cubic Global Defense Dave Buss

2:20 to 2:30 Break

2:30 to 2:50 Financial Outlook Anshooman Aga

2:50 to 3:10 Questions & Closing Remarks Brad Feldmann / Anshooman Aga

4:00 Closing Bell

4

Glossary CTS – Cubic Transportation Systems

CMS – Cubic Mission Solutions

CGD – Cubic Global Defense

GEM – Global Enterprise Management

PLM – Product Lifecycle Management

FRP – Full Rate Production

T2C2 – Transportable Tactical Command Communications

GATR – Ground Antenna Transmit & Receive

SWaP-C – Size, Weight, and Power - Cost

C4ISR – Command, Control, Communications, Computers,

Intelligence, Surveillance and Reconnaissance

C2 – Command and Control

AISR – Airborne ISR

PED – Processing, Exploitation and Dissemination

FMV – Full Motion Video

JALN – Joint Aerial Layer Network

DIL – Denied, Intermittent Low Bandwidth

USAF – United States Air Force

USN – United States Navy

USMC – United States Marine Corps

DHS – Department of Homeland Security

ACMI – Air Combat Maneuvering Instrumentation

LVC – Live, Virtual, Constructive

SLATE – Secure LVC Advanced Training Environment

ATD – Advanced Technology Demonstration

LTE – Long-Term Evolution

ASK – Assisted Service Kiosk

AFC – Automated Fare Collection

URM – Urban Revenue Management

NGTS – Next Generation Ticketing System

TMP – Transport Management Portal

UMBO – Urban Mobility Back Office

MTA – Metropolitan Transportation Authority

MBTA – Massachusetts Bay Transportation Authority

Welcome

Edwin A. Guiles

Lead Independent Director,

Cubic Corporation Board of Directors

6

Global Provider of Market-leading, Innovative Solutions

Transportation Systems

Leading integrator of payment

systems and intelligent

travel solutions

Mission Solutions

Leading provider

of expeditionary

communications solutions

Defense Training

Leading provider of

defense training systems

Sales $1.1 billion | 5,500 employees | Prime contractor on 90%+ of sales

Strong Leadership Team 7

Bradley H. Feldmann

Chairman, President and CEO 30 years’ experience leading strategic

and operational transformations

Anshooman Aga

EVP and CFO 20 years’ financial leadership experience

driving profitable growth and financial

discipline across businesses globally

David H. Buss, SVP and President

Cubic Global Defense

Brings deep expertise in military training;

Retired from the U.S. Navy as a

Vice Admiral after 36 years of service

Michael R. Twyman, SVP and President

Cubic Mission Solutions

Leader of Cubic’s C4ISR strategy and a

30-year veteran in the defense industry

Matthew J. Cole, SVP and President

Cubic Transportation Systems

Recognized industry thought leader

with 15+ years’ experience globally and

across most functions in the business

James R. Edwards

SVP and General Counsel Seasoned legal and compliance

executive with 40+ years’ experience in

defense and technology industries

Strategy Update

Bradley H. Feldmann

Chairman, President & Chief Executive Officer

Our Common Mission and Technologies 9

Cubic is a market-leading technology provider of integrated solutions that

increase situational understanding for transportation, defense C4ISR and training

customers worldwide to decrease urban congestion and improve the militaries’

effectiveness and operational readiness.

Cyber Management

Power Management

Cloud Computing Secure Network

Communications

Algorithms /

Simulation Data Visualization Instrumentation

52% 33%

15% Transportation

Defense Training

Mission Solutions

10

Strong, Global Portfolio Serving Attractive Markets

47%

20%

16%

10% 7%

U.S.

U.K.

Australia

Middle East / Far East

Canada / Other

Diversity of Sales: $1.108b (fiscal 2017) Market Tailwinds

Transportation Systems

• Urbanization

• Reduce congestion

• Reduce collection cost

• Improve operations and utilization

• Predictive, personalized and actionable traveler

Mission Solutions

• Insatiable appetite for

Full Motion Video

• Complex threat

• Size, Weight and Power (SWaP) advantage

Defense Training Systems

• Complex threat

• Refocus on training and readiness

• Home base training

~5%

5yr cagr $12b

market

~10%

5yr cagr $2.4b

market

~3.5%

5yr cagr $10.3b

market

62%

38%

Products

Services

Our Strategic Priorities 11

Pro Forma for Services Divestiture Goal 2020

Organic & Acquisition Potential

$m 2017

Pro-forma

Goal 2020

Organic

Sales (prior to divestiture) $1,486 $2,000

Less: Divestiture ($378) ($450 - $500)

Less: M&A (~$100)

Organic Sales $1,108 $1,400 -$1,450

Adj. EBITDA

Margin % (prior) 7% 10%

Adj. EBITDA

Margin % (new)1 8% 11% to 12.5%

Goal 2020 Revenue & Profitability On Track 12

T2C2 = Transportable Tactical Command Communications.

1) Goal 2020 adjusted for 4.5% adj. EBITDA margin on the CGD Services divestiture and $8m of corporate overhead previously allocated to the divested

business; Assumes adj. EBITDA margin on ~$100m of M&A of ~10%. See appendix for Goal 2020 revenue and projected profitability ranges by segment.

$1,108

2017 2020P

~ $1,550 to $2,000

$100 to

$550

Revenue $m

~10% CAGR

~ Top Organic Drivers

• New York

• Boston

• T2C2

• Brisbane

• FIRSTNET

• Network Convergence

~12-22% CAGR

$1,450 to $1,500

Organic

Potential M&A

13

Winning The Customer

Named ‘Supplier of the Year’ at the London Transport Awards

Providing mobile solutions for top five U.S. metro agencies

and AFC solutions to nine of the top ten

4C Strategies collaboration to provide scalable training

solutions focused on customer outcomes

Series of contracts to produce and enhance Air Combat

Maneuvering Instrumentation (ACMI) for the F-35

T2C2 Full Rate Production (FRP) milestone

Selected by ATT/Verizon for interoperability FIRSTNET solution

Joint Aerial Layer Network – selected for Joint Concept

Technology Demonstration

Living One Cubic 14

Talent rotation program, high potential

programs, and Cubic University

Quarterly employee engagement assessment

Talented People

Innovating Together

Better Systems

Talented “All In” employees

IdeaSpark – ideation and collaboration platform

IRAD focused on winning technologies

Culture of innovation and collaboration to

solve complex customer challenges

Critical and transformational investments

Consolidating systems using common processes

Eliminated 100+ disparate IT systems

Global team collaboration tool and competitive

intelligence repository

Scalable SAP platform (all data in one place)

Reduces supply chain costs, overhead

rates, and SG&A (~200 to 250 bps)

Increases efficiency; reduces time to market

Product Lifecycle Management tool will

standardize engineering

Stronger internal controls

M&A Strategy: NextCity, C4ISR and NextTraining 15

Serco - Traffic management systems for controlling

urban and interurban road networks

NextBus - Real-time passenger information

Transportation

Beatty1 - Secure, cloud operating systems technology

MotionDSP - Real-time video enhancement / analytics

Vocality - Optimizes communication paths and

consolidates DTECH supply chain

GATR - Inflatable, ultra-portable satellite

communications antenna

TeraLogics – Full motion video platform

DTECH - Ruggedized modular cloud-computing

C4ISR

Deltenna - Wireless tactical comms. infrastructure

Intific - Software and game-based solutions

Defense Training

Our Focus

Technology driven, market leading

Aligned with strategy

Meets financial hurdles

NextCity

mid-market solution

tolling / congestion management

C4ISR

exploitation of full motion video

command and control capabilities to further build

out Cubic’s mission chain

NextTraining

new technologies to deliver higher fidelity user

experience at lower cost

potential consolidation opportunities

1) Minority investment with purchase options

Our Transformation – Cubic 2.0

Strategy

Founder-centric conglomerate Market-leading, technology-driven

Relying on tradition Refreshed leadership, relying on metrics and performance

Few technology breakthroughs every decade Innovation drives the company

Business Model

Internally-focused Customer-centric

Delivering bespoke systems Information-rich, subscription-based platforms

London driving company profits Good margins and growth across portfolio

HR focused on transactions Developing talent

Infrastructure

Many silos poor communication One Cubic

Hodgepodge of IT systems Scalable SAP | GEM | Workday

Capital Allocation

Opportunistic Disciplined allocation of all discretionary spending

Low-cost acquisitions M&A aligned with strategy

$

FROM TO

-----

-----

-----

16

Better leadership and common systems

Incentives to drive execution

Trained and certified Program Managers

Delivering similar products versus

bespoke systems

Standardizing engineering

IRAD developing and proving out winning

technologies

Greatly improved estimating process based

on historical para-metrics

Earned value and metrics management

Tight requirements and scope management

Our Focus - Execution 17

Leadership

Business

Model

Discipline

Where We Go From Here

2018 2019 2020

Value

Longer term

Continue Transformation / Build Scale

From programs to platforms

From collecting data to helping customers make inferences / decisions

From delivering systems to subscription based pricing

Strategic investments to build market-leading, technology-driven businesses

Robust Long-Term Opportunities

CTS: NextCity 2.0

CMS: JALN, AISR, Network convergence

CGD: Air-Ground LVC Integration and

Training as a Service

18

Execution & Optimization

Deliver on record backlog

Brisbane and Bay Area

Divest CGD Services

Optimize SAP / PLM

Disciplined capital allocation

Strong Growth & Higher Margins

Continued execution

Benefit from ERP investments

Strong mid-term pipeline:

CTS: Customer upgrades, targeted new

cities, and adjacencies

CMS: FIRSTNET, Network convergence

CGD: F-35, Virtual, LTE on the move

2014 2015 2016 2017 2018

Our Compelling Company 19

Relative stock price performance, 6/30/14 close to 5/30/18

CUB +59% +39%

S&P 500 +39% +8%

Russell 2000 +38% +11%

6/30/14 to

5/30/18

Fiscal YTD

5/30/18

Winning

Innovations creating breakthroughs

One Cubic, scalable infrastructure driving efficiencies

Technology Demonstration Team 20

Paul Garzon

ATLAS with GATR

Andre Balta

Immersive Game-Base Courseware

Etienne Magnin

Bandit Board

John Dill

Jonathan Rohrer

Transport Management

Platform

Robert Sprogis

Mobile Suite

Validator

Cubic Transportation Systems

Matthew J. Cole

Senior Vice President, Cubic Corporation

President, Cubic Transportation Systems

22

Market Dynamics

Growing urbanization, rising consumer expectations and changing demographics, together with declining

traditional funding streams, are driving innovations and valuations in mobility technology

CTS Business Overview 23

NextCity

Sub-Businesses

24

Addressing Customer Needs with Core Competencies

Increase Operational Efficiency and

Reduce Revenue Collection Cost

Lower Cost Of Operations Leader

Scale from majority market share

combined with first mover advantage

Remove friction from planning,

paying and traveling

Increase Customer Convenience Innovator

Have led every evolution in transit

payments, including most recent to

account-based and mobile

Confidence in project delivery and

service availability

Proven and Reliable Partner Deliverer

Stronger delivery and service

performance than any competitor

Strengthening market

share by harnessing

and galvanizing

existing strengths

Increasing Market

Leadership

Proven, trusted partner with strong transportation and information system expertise and global scale

Investing In Core Competencies 25

New York ($554m) Boston ($510m)

Mobile wins Singapore - Assisted

Service Kiosk (ASK)

Cloud based (Miami,

Atlanta, Baltimore, Boston)

57% mkt share

Top 5 U.S.

agencies

Improve Scale Leverage and Execution

Product-centric and engineering, services and test

transformation – increase re-use between customers,

increase execution efficiency and reduce labor rate of

performance

Innovation

Advanced mobile payment and information systems

Cloud-based solutions to reduce customer lifetime cost

and as a stepping stone to platform

Advance self-service – better traveler experience and

lower agency customer service costs

Data analytics to provide data driven insights to

customers and end users (e.g. NextBus 2.0, Transport

Management Platform, Urban Insights)

NextBus 2.0

26

Addressable Market and Key Opportunities

1. Queensland Next Generation Ticketing System (NGTS)

2. Metropolitan Transportation Commission – Clipper 2.0

3. Los Angeles County MTA – Maintenance Services

4. Sydney ICMP

5. Sydney RMS Tolling

6. San Diego MTS

7. Ohio Turnpike Back Office System

8. Paris OneAccount Back Office

9. Toronto AFC

10. Montreal AFC

0 1,000 2,000 3,000

NextBus

Tolling

Surface Tranport Management

Rail Ticketing

URM

Backlog US$m

0 1,000 2,000 3,000 4,000 5,000

NextBus

Tolling

Rail Ticketing

URM

Surface Tranport Management

Addressable Market US$m

Key Pipeline Opportunities

Strategic Priorities 27

Master Customer

Engagement Leverage

OneAccount

Lead Mobile

Payments and

Customer

Experience

Expand Into

Transportation

Operations and

Analytics

Transform the

Business and

Execute

Realize NextCity

Strategic Priorities

28

Strategy Execution

Realize NextCity

Revenue

Realize NextCity Innovation Master Customer Engagement Transform and Execute

Retain key contracts

Leverage customer footprint with upgrades

Gain market share in new cities

Leverage NextBus to access the small-mid market

Grow in adjacent markets of Congestion Management and Tolling

29

Strategy Execution

Realize NextCity

Innovation

Realize NextCity Revenue Master Customer Engagement Transform and Execute

Core Products

• AFC, OneAccount Back Office

New Solutions

• NextBus, TMP, Tolling, Mobile

Innovation

• CiBo, Virtual Ticket Agent, Gateless Gatelines

30

Strategy Execution

Master Customer

Engagement

Realize NextCity Revenue Realize NextCity Innovation Transform and Execute

Increase reputation advantage through new contract execution

Maximize market leadership through product orientation

Harness economies of scale by becoming a global team

Deliberate and interactive customer engagement program

Total customer responsiveness

31

Strategy Execution

Realize NextCity Revenue Realize NextCity Innovation Master Customer Engagement

Transform and Execute

Reduce risk through product orientation

Strict discipline and process around project execution and quality assurance

Integrated global engineering and growing lower-cost locations

Automating system testing, integrated global manual test organization

leveraging lower-cost locations

Global services organization with standard tools and process, leveraging

Global Operations Center

Total executive focus on delivery

Goal 2020 on Track

Goal 2020: summary for CTS 32

$579

2017 2020P

>$800

Revenue $m

8.4% margin

Adj. EBITDA Margin % New York

Boston

Brisbane, Bay Area

Mobile

Customer upgrades

Penetrate Tolling

Penetrate Congestion Management

Revenue Core Business Growth, Upsell to Cities, NextCity

Margin Transformation and Execution

Product orientation

Engineering

Test

Services

Avoid project

execution issues

13-15% margin

2017/2018 Highlights

LA Mobile

Bay Area extension

Vancouver completion

Chicago Mobile 2.0

WMATA/DC Mobile

New York win

Boston win

New Hampshire launch

London extension

ScotRail account-based

Singapore Thomson Line

Brisbane extension

Sydney open payments

22% increase in NPS

Execution readiness

33

NextCity 2.0

Before NextCity NextCity 1.0 NextCity 2.0

Agency 1

Agency 2

Agency 1

Agency 2

All agencies

on one instance

Connected with other city

infrastructure

Economies of scale

Payment Transaction Fees

Payment

Firm Fixed Price

Scope OneAccount, Cloud On Premise & Limited Connectivity

Delivery API & Cloud Solutions Proprietary Solutions

Partnerships & Collaboration COTS & Limited Vendors Platform

Succeed in NextCity 1.0 and

invest in the NextCity 2.0

platform to become the leading

provider of integrated payment

and information systems across

all modes of transport

Transformational

investments in

Product, Services

and Engineering

to improve ability

to scale, execution

performance and

to increase

efficiency in

operations

Well poised for

growth with 1.85

book-to-bill over

10 straight

quarters, record

backlog and more

key opportunities

in pipeline

Summary 34

NextCity

Execution Growth

Cubic Mission Solutions

Michael R. Twyman

Senior Vice President, Cubic Corporation

President, Cubic Mission Solutions

CUBIC

Datalinks

2015 2016

MotionDSP

Pre-2014 2018

2014 2016

CMS New Reporting Segment

2018

CMS Evolution 36

ISR

DISSEMINATION

& PED

TERALOGICS

Starting

from $49

9

Starting

from $19

9

TACTICAL

CLOUD

SOLUTIONS

DTECH LABS

Starting

from $29

9

HIGH-SPEED

SECURE

GUARDS

XD

Starting

from $39

9

IP

GATEWAYS

VOCALITY

Secure Networking

Starting

from $29

9

WIDEBAND

LINE-OF-SIGHT

COMMUNCATIONS

Cubic Comms

Starting

from $19

9

EXPEDITIONARY

SATELLITE

COMMUNICTIONS

GATR

TECHNOLOGIES

AI POWERED

COMPUTER

VISION

MotionDSP

Starting

from $49

9

Protected Communications C2ISR

Cubic Mission Solutions – Today

Differentiated Position in C4ISR Market

37

FY17 Customer Sales ($m)

FY17 Customer Sales ($m)

Strategy

Sensors

C2 & Intel

Effects

C4ISR

Cognitive

C2/ISR Rugged IoT

Autonomous Systems

Acquire and Grow Companies in High Demand C4ISR Markets

to Solve Our Customers’ Most Challenging Problems

Comm/Networks

38

Protected

Communications

39

Strategic Priorities

Grow C4ISR Globally:

Provide mission solutions for our customers’

most challenging problems with optimal

SWaP (size, weight, and power)

at market-based prices.

39

Grow Mission

Solutions

Organically

Acquire

Communications

& C2 Capabilities

Mature

NEXGEN

Solutions

Grow Our

Mission Cloud

Business

Continue

to

Innovate

CMS Innovation

Achieved USA T2C2 FRP

Milestone

– Authorized procurement

of 800+ systems

Awarded Air Force Datalink

Enterprise ID/IQ (indefinite

delivery/indefinite quantity)

Chosen for FIRSTNET

Interoperability Solution

Selected for Joint Concept

Technology Demonstration

Protected Communications

Rugged IoT

Cognitive C2/ISR

Autonomous Systems

40

Record Orders in FY17 - $173m

Increased R&D ~ 5% Forward Sales

Outstanding Employee Engagement

Successful Integration of

Five Acquisitions

Achieved USA T2C2 FRP Milestone

GATR Production Expansion

May 2018

41

Strategic & Operational Highlights

FY17 Excellent results - >30% organic sales growth;

>50% nominal

Expanding Margins

FY18 YTD >10% YoY Growth

On track to Goal 2020 – Sales >$250m

– Adj. EBITDA margin ~14-16%

Financial Highlights

Metric $m

Bookings 172.7

Backlog 72.3

Sales 168.9

Adj. EBITDA 14.4

42

2017 FY

Acquisition Performance

Excellent Performance in Line with Expectations

43

Sales ($m)

Increasing ISR Airborne ISR Architecture

Modernization

2020 • Expanding installations globally

Trend Opportunity Timing Status

Contested &

Denied,

Intermittent Low

Bandwidth (DIL)

Communications

T2C2 Production 2018 • Achieved FRP Milestone

Multi-Domain Network

Convergence

2020 • Investing for expansion

Joint Aerial Networking 2021 • Selected for Joint Concept

Technology Demonstration

• Investing in NEXGEN capability

Secure Mission Cloud 2019 • Selected for multiple efforts,

positioning for others

Growth Drivers – Achieving Goal 2020

Mission Critical

Communications

FIRSTNET 2018 • Selected by ATT/Verizon for

Interoperability Solution

44

Strong Position in Selected Markets

Outstanding Leadership Team

High Growth/High Margin

C4ISR Portfolio

Summary

Multiple Options for Sustainable Value Creation

45

Situation

Understanding

Soldier

Network

Expeditionary

SATCOM

MH60 Search &

Rescue

Fire Scout

Datalink

Disaster Relief –

ST John, USVI

Cubic Global Defense

Vice Admiral (Retired) David H. Buss

Senior Vice President, Cubic Corporation

President, Cubic Global Defense

NextTraining™ Strategic Priorities:

Provide Performance-Based

Training Solutions

Deliver High-Fidelity Multi-Domain

Training Environments

Integrate Next-Generation Immersive

Training Capabilities

47

48

The World Remains a Dangerous Place

Re-emergence of a great power struggle akin to Cold War

New National Security and Military Strategy

Readiness being driven back toward the “high-end” fight

Multi-Domain Battle: capability need to address

Domestically – All About Readiness and Modernization

Service Chiefs: Readiness of their force; Procurement Reform

Combatant Commands: Strengthen alliances; attract new partners

Congress: Two-year Omnibus (YOY growth)

Internationally – Compelling Need to be Ready/Modernize for Tomorrow

Mature Cubic Franchises: Canada, UK, Australia, Saudi Arabia, Singapore

Emerging Opportunities: Taiwan, Japan and Eastern Europe

Strategic Security and Budget Environment: CGD Implications

Real world events are shaping tomorrow’s training investments

49

CGD Portfolio Overview

NextTraining™

Business Segment

Ground Combat Immersive Virtual Air Combat

$360m

Contract Type

Prime Subcontract

Key Customers

US Army

20%

USN / USMC

14%

USAF

8%

US Other

10%

International

47%

43%

29%

29%

77%

23%

50

Future of Air Combat Training Solutions for High-Fidelity Multi-Domain Environments > $3b Pipeline

High-Fidelity Multi-Domain Training

Air, cyber, space, maritime and land integration

Multilevel security

Meets 5th-gen requirements for air combat (F-35 JSF)

Domestic and International Opportunity – Driven by JSF

European and NATO focus on Regional interoperability

Asia focus on joint US operations in region

Middle East fighter aircraft procurement resurgence

CGD Well Positioned

USAF/USN SLATE ATD delivering Joint LVC solution

Exportable technology

Cubic P5 position on JSF with > 1000 units ordered/installed

51

Future of Ground Combat Training Synthetic Training Environment – Army Program > $1b Pipeline

Collective Virtual Training Capability

Marksmanship Training | LVC Exercises | Training Feedback

Cubic Technologies: Intelligent Tutor, Scopic, LTE, TOME

= Soldier / Squad Virtual Trainer (S/SVT)

Single Tool Suite Across all Training Domains

LVC Architecture | Big Data | Adaptive Learning

Cubic Technologies: CATS METRIX, Proteus, Synthetic “wrap”

= Training Simulation Software (TSS) & Training Management Tool (TMT)

Virtual & Live Training Across all Environments and Devices

Ground Live & Virtual Product Lines, Point-of-Need Training

Cubic Technologies: Mobile LTE (Deltenna), HERMES

= Enhanced Live Training Environment

Positioned to accelerate learning, increase throughput, improve retention and provide end-to-end assessment

CGD International Focus – Indo-Pacific Franchises 52

Indo-Pacific: Australia, Singapore, Taiwan

$700m+ pipeline

Cubic is globally deploying

innovative capabilities to

support live & simulated

training for air & ground

CGD International Focus – Western Europe/NATO Franchises 53

Western Europe: UK, Spain, Italy

$500m+ pipeline

CGD International Focus – Eastern Europe Franchises 54

Eastern Europe: Poland, Georgia, Ukraine,

Baltic States

$200m+ pipeline

CGD International Focus – Middle East Franchises 55

Middle East: Saudi Arabia, Qatar, UAE

$800m+ pipeline

Air and Ground Training

Advanced Digital Technologies

Predictive analytics and Real-time assessment

Machine learning powered adaptive tutor

Artificial intelligence driven constructive framework

56

2017/2018 Highlights

Goal 2020: From Instrumentation to Predictive Platform Provider

Goal 2020: On Track

Acquisition of Deltenna –

Mobile LTE Comms

Pivot to international markets

paying off – New CTC’s (Taiwan, Latvia,

Hungary, Georgia)

– Expanding franchises: Canada,

UK, UAE, Australia

Leading ACMI market – P5

interoperability across 4th & 5th

Gen aircraft

Growing position on JSF (F-35)

Leveraging LCS game based

immersive environment to

capture follow-on and new

Divestiture of low margin

Services unit, focus on higher

growth/margin markets

Revenue

Adj. EBITDA %

2017 2020P

$360m

>$400m

10.9%

9-11%

Evolving the Immersive Training Experience

AR/VR driven training solutions

Virtual-Synthetic wraps for live training

Biometrics across the training continuum

Information Network Ecosystem

LTE on the move

Cloud-based infrastructure for point-of-need training

Advanced Sensor Suite for Precision Tracking

External Environment and Adversarial Dangers Drive Changes

to Policy, Strategy and Ultimately Training

Improved Readiness Requires Ability to Train-to-Fight in

High-Fidelity Multi-Domain Environments

Technological Developments are Needed to Deliver Needed

Training Outcomes

Summary

CGD is poised for domestic, international growth

57

Financial Overview & Outlook

Anshooman Aga

Executive Vice President & Chief Financial Officer

Financial Priorities Aligned with Core Strategy 59

Focused on Long-Term Value Creation for Cubic’s Shareholders

Profitable

Growth

Capital

Allocation

Execution

-

-

-

Cash

Generation

$

60

Cubic 2.0 Transformation, Built for the Future

2018 2017 2016

Growth Investments &

Execution

Investment in Scalable Back Office

Portfolio Rationalization

& Financial

Improvements

Increased investments in R&D

Major ERP implementation

PLM tool

Services divestiture

Consolidated supply chain and manufacturing sites

Rationalized real estate

Shared services

Expanding low cost engineering

Going Forward

• Technology-driven,

leadership positions

• Backlog and program

of record visibility

driving organic growth

• Margin expansion

through SG&A and

supply chain reduction

• Strategic M&A

• Shift from

instrumentation to

Big Data platforms Tax planning

CMS reported as separate segment

Significant customer wins

Improved estimating and bid process

Focused M&A to build C4ISR business

Capital

Allocation

Execution

-

-

-

Profitable

Growth

ERP/IT Roadmap

29%

R&D 40%

M&A 15%

Dividend 6%

Other Capex 10%

Capital Allocation Priorities 1H Fiscal 2018 $65m

Disciplined Capital Allocation

61 Profitable

Growth

Capital

Allocation

Dividend

Consistently paid cash dividends

since 1971

M&A

Disciplined M&A in line with

financial hurdles

CMS acquisitions cash EPS

accretive 2nd year; forecasted to

meet hurdle rates

ERP/ IT Roadmap

Fix years of infrastructure

under-investment

Enabler for process/cost efficiencies

ERP significantly complete;

PLM complete in 2019

R&D

Focus on market-leading innovation

Blend of near-term and long-term

Demonstration of payback

M&A Evaluation Criteria

62

Evaluation Criteria

Aligned with strategy

Potential market-leading position

Technology-driven

Returns > risk adj. WACC

Cash EPS accretive year 2

Case Study – GATR Technologies

C4ISR – critical to mission chain

Program of record

Significant SWaP advantage

Forecast IRR > 15%

Cash EPS accretive year 2

Profitable

Growth

Execution

-

-

-

63

Focused on Improving Cash Flow Cash

Generation

$

1 2 3

4 5 6

Improve profit

margins across Cubic

Wind down of

ERP / IT spend

More disciplined

project bidding

Weekly review

of receivables

Improving vendor

payment terms

Opportunities to

reduce Capex (e.g. real estate)

$1,108 $1,160

Organic (Pro Forma)

Potential M&A

$1,450

to

$1,500

$100 to

$550

~$1,550 to

$2,000

2017A 2018P 2020P

midpoint

New York MTA

Boston MBTA

Brisbane

Bay Area

Mobile and adjacencies

T2C2 FRP

FIRSTNET

JALN1

Airborne ISR

SLATE2

LTE on the move

Virtual training

Organic Drivers

CTS

CMS

CGD

Revenue $m

Goal 2020 Adjusted for Divestiture

Cubic Consolidated Sales $2,000m

Less: Services Divestiture (450m to 500m)

Less: M&A (100m)

Cubic Organic Sales $1,400 to $1,450m

~10% 3yr CAGR

Goal 2020 organic growth target increased

Goal 2020 On Track – Long Lead Catalysts Achieved 64

Profitable

Growth

Execution

-

-

-

1) JALN = Joint Aerial Layer Network

2) SLATE = Secure Live, Virtual, Constructive Advanced Training Environment

~12-22% 3yr CAGR

Goal 2020 – Significant Margin Improvement 65

Profitable

Growth

Cash

Generation

$

$88 $103

Organic (Pro Forma)

Potential M&AAdjusted EBITDA Margin %

Supply Chain

Consolidation of manufacturing

Reduction in # of suppliers

Continuous improvement

Segment

Examples

Discipline during bid and execution

Product model in CTS

Low cost engineering centers 2017A 2018P 2020P

$90 to

$116

~9% 8%

11% to

12.5%

Adj. EBITDA ($m) and Margin (%)

SG&A

Centralization of support functions

Shared Services implementation

Benchmarks and rationalization

~$170 to

$250

~$160 to

$188

2017($m)

Sales reflect defense spending environment and

growth from M&A

Adjusted EBITDA reflects incremental R&D

investment of $21m YoY to drive future growth

Sales $1,108

Adj. EBITDA $87.5

2018 Guidance ($m)

Strong Sales and Adj. EBITDA growth in

Transportation and Mission Solutions

Range YoY

(midpoint)

Sales $1,135 to $1,185 ~5%

Adj. EBITDA $90 to $116 ~18%

1) CGD Services 2018 forecast assumption:

Revenue: $375m, Adj. EBITDA: $11-12m (net of corp. overhead allocation), corporate overhead: $8m

See appendix for pro forma calculations and reconciliations of non-GAAP financial measures.

2017 Highlights and 2018 Outlook Continuing Operations, Pro Forma for Services Divestiture1

66

67

Summary Profitable

Growth

Capital

Allocation

Cash

Generation

$

Execution

-

-

-

Winning strategy – market-leading, technology-driven

Strong capital allocation decisions

Investments are paying off

Focus on execution

Clear path to Goal 2020

Financial priorities aligned with strategy and shareholder value creation

Appendix

Goal 2020 Revenue and Profitability Objectives 69

Transportation

Consolidated

Mission Solutions

>$800

>$250

2020 Revenue

$m

~ $1,550 - $2,000

$579

$169

2017 Revenue

$m

$1,108

2020 Adj. EBITDA Margin

13% – 15%

14% – 16%

11% – 12.5%

69

Defense Training >$400 $360 9% – 11%

Potential M&A $100 - $550

Cubic Corporation Historical Financials Continuing Operations Basis

70

In Millions FY16 FY17 Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18 Q2 FY18

Sales as Previously Reported 1,462$ 1,486$ 335$ 344$ 362$ 446$ 341$ 377$

CGD Services (391) (378) (90) (96) (96) (96) (92) (98)

Sales Continuing Operations 1,071$ 1,108$ 244$ 248$ 266$ 349$ 248$ 279$

Adjusted EBITDA as Previously Reported 118.0$ 105.6$ 20.1$ 16.8$ 18.5$ 50.2$ 17.0$ 22.4$

CGD Services (16.9) (9.9) (0.6) (3.0) (3.9) (2.4) (3.6) (4.7)

Overhang (7.7) (8.2) (2.0) (2.0) (1.9) (2.3) (2.0) (1.9)

Adjusted EBITDA Continuing Operations 93.4$ 87.5$ 17.5$ 11.8$ 12.7$ 45.5$ 11.4$ 15.8$

GAAP to Non-GAAP Reconciliation Earnings before interest, taxes, depreciation and amortization

(EBITDA) and Adjusted EBITDA - Year Ended Sep 30, 2016

71

GAAP to Non-GAAP Reconciliation

Earnings before interest, taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA

Year Ended Sep 30, 2016

In Millions

Cubic As

Reported CGD Services

Allocated

corporate costs

Continuing

Operations

Year Ended Sep 30, 2016

Net income (loss) attributable to Cubic 1.7$ (15.1)$ (10.4)$ (23.8)$

Provision for income taxes (9.2) 3.9 2.7 (2.6)

Interest expense (income), net 9.7 - 9.7

Other non-operating (expense) income, net 5.0 - 5.0

Operating Income 7.2$ (11.2) (7.7) (11.7)

Depreciation and amortization 45.5 (5.2) 40.3

Other non-operating expense (income), net (5.0) - (5.0)

EBITDA 47.7$ (16.4)$ (7.7)$ 23.6$

Acquisition related expenses, excluding amortization 28.7 - 28.7

ERP/Supply Chain Initiatives 34.8 - 34.8

Restructuring costs 1.8 (0.5) 1.3

Other non-operating (expense) income, net 5.0 - 5.0

Adjusted EBITDA 118.0$ (16.9)$ (7.7)$ 93.4$

GAAP to Non-GAAP Reconciliation Earnings before interest, taxes, depreciation and amortization

(EBITDA) and Adjusted EBITDA - Year Ended Sep 30, 2017

72

In Millions

Cubic As

Reported CGD Services

Allocated

corporate costs

Continuing

Operations

Year Ended Sep 30, 2017

Net income (loss) attributable to Cubic (11.2)$ (9.1)$ (11.1)$ (31.4)$

Provision for income taxes 15.1 2.4 2.9 20.3

Interest expense (income), net 14.0 - 14.0

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

Operating Income 17.5 (6.7) (8.2) 2.6

Depreciation and amortization 51.1 (3.0) 48.1

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

EBITDA 69.0$ (9.7)$ (8.2)$ 51.1$

Acquisition related expenses, excluding amortization (0.3) - (0.3)

ERP/Supply Chain Initiatives 34.4 - 34.4

Restructuring costs 2.5 (0.2) 2.3

Gain/Loss on sale of fixed assets 0.4 - 0.4

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

Adjusted EBITDA 105.6$ (9.9)$ (8.2)$ 87.5$

GAAP to Non-GAAP Reconciliation By Segment Continuing Operations – Fiscal Year 2017

73

Consolidated GAAP to Non-GAAP Reconciliation Continuing Operations – Fiscal Year 2017

74

($ In Millions)

Cubic Consolidated Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 FY17

Sales 244.4$ 248.0$ 266.2$ 349.1$ 1,107.7$

Net income (loss) 1.0$ 41.9$ (78.2)$ 9.6$ (25.7)$

Provision for income taxes (10.5) (52.5) 68.9 8.7 14.6

Interest expense (income), net 3.3 4.1 4.1 2.6 14.1

Other non-operating (expense) income, net 0.5 0.4 (1.6) 0.3 (0.4)

Operating Income (5.7) (6.1) (6.8) 21.2 2.6

Depreciation and amortization 12.4 11.6 11.8 12.3 48.1

Other non-operating expense (income), net (0.5) (0.4) 1.6 (0.3) 0.4

EBITDA 6.2 5.1 6.6 33.2 51.1

Acquisition related expenses, excluding amortization 0.8 (0.1) (1.5) 0.5 (0.3)

ERP/Supply Chain Initiatives 8.7 6.0 8.9 10.8 34.4

Restructuring costs 0.9 0.4 0.3 0.7 2.3

Gain/Loss on sale of fixed assets 0.4 - - - 0.4

Other non-operating (expense) income, net 0.5 0.4 (1.6) 0.3 (0.4)

Adjusted EBITDA 17.5$ 11.8$ 12.7$ 45.5$ 87.5$

Adjusted EBITDA margin 7.2% 4.8% 4.8% 13.0% 7.9%

Note: The difference between consolidated amounts and segments represents Corporate