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January 14, 2016

18th Annual Needham Growth Conference

Bradley H. Feldmann President and Chief Executive Officer John “Jay” D. Thomas Executive Vice President and Chief Financial Officer

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Safe Harbor

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, 2015, 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.

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OVER 450 OPERATORS SERVICED THROUGH 20 REGIONAL BACK

OFFICES

PRODUCTS AND SYSTEMS DELIVERED TO THE UNITED STATES

AND 35+ ALLIED NATIONS

COMPREHENSIVE RANGE OF EXERCISE AND TRAINING EVENTS

SUPPORTED WORLDWIDE

Cubic Transportation

Systems

Leading integrator of payment and

information technology and services for intelligent travel

solutions worldwide

Intelligent Travel 38 million travelers use Cubic’s

technology each day

24 billion transactions per year

7 billion passengers annually

$18 billion in revenues collected annually

Over 130,000 devices installed

Cubic Global

Defense

Leading provider of defense training

solutions and communications

technologies

Defense Training

Installed/delivered/fielded hundreds of thousands of pieces of training and instrumentation kits worldwide

Emerging market leader for immersive game-based training

Leading provider of highly specialized support services for military and security forces of the U.S. and allied nations

Communications & Networking

Key supplier of communications and signal intelligence equipment, data links, search and rescue avionics, ruggedized networks and full motion video

Cubic

We are a global provider of integrated systems and services that increase situational awareness and understanding for transportation and defense customers worldwide.

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Strategy

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Build NextCity Globally Expand into adjacent markets beyond fare collection such as toll,

intelligent transportation, parking and mobile

Grow C4ISR Business Expand from secure communications to network solutions and

SATCOM

Build NextTraining Globally Innovative, integrated LVC-G solutions for air, ground, sea and cyber

One Cubic Streamline operations to improve operating margins by 200-250

basis points by 2018

Goal 2020: Focus on higher growth and higher margin business areas in NextCity, C4ISR, and NextTraining markets while improving productivity and efficiency

Winning the Customer vision spurred by innovation to deliver superior solutions

Targeting 10%+ annual growth rate consistent with Cubic’s historical performance

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Consolidated Operating Highlights

Backlog strong at 2X annual revenues

FX headwinds impacted backlog ($155.9 million), sales ($52.1 million), operating income ($7.8 million) and EPS ($0.23)

FY15 Adjusted EBITDA, adjusted operating income and adjusted diluted EPS up compared to FY14

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Years ended September 30,

In Millions except EPS 2015 2014 % Change

Backlog $2,975.6 $3,180.2 -6.4%

Sales $1,431.0 $1,398.4 2.3%

Adjusted EBITDA* % to sales

$140.4 9.8%

$129.6 9.3%

8.3%

Adjusted operating Income* % to sales

$102.8 7.2%

$99.2 7.1%

3.6%

GAAP diluted EPS $0.85 $2.59 -67.2%

Adjusted diluted EPS* $2.79 $2.74 1.8%

Operating cash flows $89.7 $114.8 -21.9%

* See schedules in the appendix to this slide deck for detailed reconciliations of these non-GAAP financial measures to the directly comparable GAAP financial measures

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Sales Mix

Products and Services

Services 58%

Products 42%

Customer Location

United States 53%

United Kingdom 20%

Australia 11%

Far East/Middle East 9%

Other 7%

Business Segment

Transportation Systems 40%

Defense Systems 32%

Mission Support Services

28%

Contract Type

Fixed Price 82%

Other 18%

FY15 Consolidated Sales $1.431 Billion

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Diversified sales mix across multiple markets.

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Acquisition Update

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Transactions Cubic Corporation acquired TeraLogics LLC and announced the acquisition of GATR Technologies,

Inc. on December 21, 2015

Purchase Price

GATR Technologies, Inc. $232.5 million comprised of cash and earn out Annualized forward revenue of $75.0 - $85.0 million Valuation multiple of 12.5x - 13.0x annualized forward adj. EBITDA net of the present value of tax

benefits TeraLogics LLC $39.0 million comprised of cash and earn out Annualized forward revenue of $16.0 - $18.0 million Valuation multiple of 6.0x – 6.5x 2016 adjusted EBITDA net of the present value of tax benefits

Financing

Purchase price to be funded by borrowings under an amended and expanded revolving credit facility and fixed-rate long term debt

Financing commitments in place to complete transaction Expected pro forma Debt / LTM adjusted EBITDA of ~4.0x at close

Accretion Cubic’s investments in its C4ISR portfolio, including DTECH, GATR, and TeraLogics, are anticipated

to be EPS accretive in fiscal year 2017

Timetable GATR Technologies, Inc. closing expected in fiscal year Q2 2016 TeraLogics LLC closed on December 18, 2015

Conditions GATR Technologies, Inc. subject to customary regulatory approvals (Hart-Scott-Rodino)

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Leading provider of innovative SATCOM solutions with significantly reduced size, weight, power consumption (SWAP) and cost compared to competitors

Patented technology refined under Small Business Innovative Research program transitioned in Phase III

Strategic contract vehicles aligned with key Programs of Record

At growth inflection point with recent selection on Warfighter Information Network-Tactical (WIN-T) Transportable Tactical Command Communications (T2C2) http://www.army.mil/article/160186/

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Leading provider of real-time processing, exploitation, and dissemination of streaming or archived full motion video in the cloud

Company developed proprietary technology

Domain expertise in secure video delivery and exploitation

Important relationships on strategic Intelligence support programs

GATR Technologies TeraLogics

Illustrative Customers

Company Overviews

Complementary portfolio of capabilities, products and solutions with differentiated technology.

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Accelerating Growth in C4ISR

Near Term Strategic Goal: Build $200 million C4ISR business

– Critical mass achieved in C4ISR strategy

– Synergistic C4ISR portfolio focused on leading positions in expeditionary communications and ISR dissemination

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~$100m

~$200m+

C4ISR Annualized Revenue Profile

Expected adjusted EBITDA margins on the C4ISR portfolio are in the high teens.

Pre-Acquisition

Post-Acquisition

C4ISR Portfolio

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Cubic Transportation Systems’ NextCity Vision

Integrated Multimodal Travel

Real Time Passenger Information

Mobile Payment & Information Systems

Transport Analytics

Fare & Transportation Payments

>> Connecting journeys and information

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Cubic Global Defense Systems Business Areas

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Live Training

Closest experience to real

combat, essential for readiness Air combat training systems Laser engagement

simulation system Ground combat training

centers

Virtual Skills Training

A realistic operational

environment in a virtual scenario Small arms engagement

skills trainers Mine Resistant Ambush

Protected (MRAP) Vehicle Trainer

Game-Based Immersive Training

Cost-effective interactive education and training

Game-based courseware Mission Bay Trainer/Littoral

Combat Ships Interactive doctrine training

courseware

Future

NextTraining | SATCOM Solutions [GATR Technologies acquisition]

Stable global market Growing market for cost-efficient training

Credit: Northrop Grumman –"Fire Scout" unmanned helicopter

C4ISR

Niche solutions Secure wideband

data links Personnel locator

system SIGINT receivers Tactical networking Cross domain Full motion video

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Cubic Global Defense Services Business Areas

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Live, Virtual and Constructive Training

Exercises

Information Technology

and Cyber Solutions

Operations, Maintenance and Logistics

Engineering and Related Technical Support

Education and Leader Development

Operations and Analysis

Defense Modernization

Port Security

National Security and Intelligence

Special Operations Forces Training

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FY16 Business Segment Priorities

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Transportation Systems

Expect RFP in FY16 for New York City fare payment system upgrade

Win Melbourne’s Myki smart card ticketing system bid

Vancouver transitioning from design & build to the services phase

Pursue fare collection and toll opportunities in the Middle East

Expand mobile solution beyond Chicago

Defense Systems

Continue to grow C4ISR business and expand offerings to include cross domain and SATCOM solutions

Integrate recent acquisition of TeraLogics and GATR Technologies upon closing

Launch NextTraining initiative

Pursue new opportunities in the training market with KC-46 Aerial Tanker trainer bid

Defense Services

Win JRTC recompete

Prioritize non-LPTA work

Expand SOF/Intel pursuits

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Investment Highlights

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Leading positions across multiple global markets

FY16 is a pivotal year setting the foundation for higher growth and expanded profitability in FY17 and FY18

Strategy focused on high growth, higher margin businesses

Winning the Customer vision inspired by innovation to deliver superior solutions

New ERP system to improve productivity and efficiency and support scalable growth

Goal 2020: Sound strategy focused on high growth, higher margin businesses

Strong and stable financial position

Successful track record of delivering long-term returns to shareholders

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Appendix

FY 2015 Segment Summary – Cubic Transportation Systems

– Cubic Global Defense Systems

– Cubic Global Defense Services

GAAP to Non-GAAP Reconciliation EBITDA and Adjusted EBITDA

GAAP to Non-GAAP Reconciliation Adjusted Operating Income

GAAP to Non-GAAP Reconciliation Adjusted Diluted EPS

Key Balance Sheet and Cash Flow Data

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Cubic Transportation Systems

Backlog strong at 3X annual sales

Sales down primarily due to strong FX headwinds ($40 million)

Operating income improved in the U.S., somewhat offset by a decrease in U.K. and FX headwinds ($5.5 million)

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Years ended September 30,

In Millions 2015 2014 % Change

Total backlog $1,894.3 $1,994.6 -5.0%

Sales $566.8 $599.7 -5.5%

Operating income % to sales

$75.9 13.4%

$65.9 11.0%

15.2%

Depreciation and Amortization $10.8 $11.5 -6.1%

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Cubic Global Defense Systems

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Years ended September 30,

In Millions 2015 2014 % Change

Total backlog $595.7 $569.6 4.6%

Sales $462.1 $400.6 15.4%

Operating income % to sales

$18.4 4.0%

$26.8 6.7%

-31.3%

Depreciation and Amortization $17.1 $7.4 131.1%

Backlog growth in air ranges, ground training and C4ISR

Sales increase from growth in C4ISR (DTech) and air ranges

Operating income lower due to cost growth on the LCS contract ($9.5 million), restructuring charge ($4.6 million), and FX headwinds ($2.2 million)

Divested Global Track product line which had losses in each of the last two years of $2.3 million

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Cubic Global Defense Services

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Years ended September 30,

In Millions 2015 2014 % Change

Total backlog $485.6 $616.0 -21.2%

Sales $402.1 $398.1 1.0%

Operating income % to sales

$6.6 1.6%

$7.8 2.0%

-15.4%

Depreciation and Amortization $8.5 $10.7 -20.6%

Backlog down due to runoff of multiyear JRTC contract and shorter multiyear awards

Expecting an upturn in sales from current levels

Operating profits were lower due to higher personnel cost, a restructuring charge and the impact of LPTA margin pressures

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GAAP to Non-GAAP Reconciliation EBITDA and Adjusted EBITDA

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Years Ended September 30,

In Millions 2015 2014

Net income attributable to Cubic $ 22.9 $ 69.5 Add:

Interest expense, net 2.6 2.7 Provision for income taxes 49.0 19.8 Depreciation and amortization 37.7 30.4 Noncontrolling interest in income of VIE - 0.1 EBITDA $ 112.2 $ 122.5

Acquisition related expenses, excluding amortization 1 7.9 5.6

ERP/Supply Chain Initiatives 13.2 -

Restructuring costs 6.3 1.1

Other non-operating expense, net 0.9 0.4

Adjusted EBITDA $ 140.4 $ 129.6

EBITDA Margin 7.8% 8.8%

Adjusted EBITDA Margin 9.8% 9.3%

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

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GAAP to Non-GAAP Reconciliation Adjusted Operating Income

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Years Ended September 30,

In Millions 2015 2014

Net income attributable to Cubic $ 22.9 $ 69.5 Add:

Provision for income taxes 49.0 19.8

Interest expense, net 2.6 2.7

Other non-operating expense, net 0.9 0.4

Noncontrolling interest in income of VIE - 0.1 Operating Income $ 75.4 $ 92.5

Acquisition related expenses 1 7.9 5.6

ERP/Supply Chain Initiatives 13.2 -

Restructuring costs 6.3 1.1

Adjusted Operating Income $ 102.8 $ 99.2

Operating Income Margin 5.3% 6.6%

Adjusted Operating Income Margin 7.2% 7.1%

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

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GAAP to Non-GAAP Reconciliation Adjusted Diluted EPS

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Years Ended September 30,

2015 2014

Diluted earnings per share attributable to Cubic $ 0.85 $ 2.59

Add:

Acquisition related expenses 1 0.18 0.13

ERP/Supply Chain Initiatives 1 0.29 -

Restructuring costs 1 0.14 0.02

U.S. deferred tax asset valuation reserve 1.33 -

Adjusted diluted earnings per share attributable to Cubic $ 2.79 $ 2.74

1 Net of applicable income taxes.

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Key Balance Sheet and Cash Flow Data

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Years ended September 30,

In Millions 2015 2014 Comments

Cash Restricted cash Marketable securities Total

$218.5 $69.2 $30.5

$318.3

$191.5 $69.1 $25.6

$286.2

$295.4 million is offshore

Gross accounts receivable, net of customer advances

$318.7 $318.4 Net A/R days was 69 in FY15 versus 74 days in FY14

Inventory $63.7 $38.8 Higher inventory on shift to book and ship products

Gross debt $186.7 $102.4 Capital deployment in the U.S. for acquisitions

Cash flow from operations $89.7 $114.8 Transportation strong cash flow in FY15

Capital expenditures ($22.2) ($16.6) New ERP system $16.0 million in FY15

Dividends paid ($7.3) ($6.4) Annual dividend increased to $0.27 from $0.24 cents per share, or 12.5%, in FY15

Cash paid for acquisitions ($92.2) ($83.5) Major acquisitions: DTech in FY15 and ITMS in FY14