Technology-DrivenMarket-Leading SolutionsRaymond James 41st Annual Institutional Investors ConferenceMarch 2020

Safe Harbor and Disclosures2

This presentation contains statements that relate to future events and expectations and as such constitute forward-looking statements within 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,” “goal,” “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, 2019, 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. 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, 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 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 and Adjusted EPS to the most directly comparable financial measuresprepared in accordance with GAAP because Cubic is unable to quantify certain amounts that would be required to be included in theGAAP measures without unreasonable efforts, and Cubic believes such reconciliations would imply a degree of precision that would beconfusing or misleading to investors.

Strong Investment Thesis Supporting Near- and Long-term Profitable Growth3

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

0101

Strong Execution Against Goal 2020 Strategy and Company Transformation

0202

Large Addressable Market Provides Runway for Growth; Significant Wins Enabled by Innovation and Client-centricity

0303

Focused on Improving Free Cash Flow

0404

Focused on Disciplined Capital Allocation

0505

Technology-driven, Market-leading Solutions4

2019 Sales Employees Customers Prime Contractor Backlog$1.5B 6,200 >90% of Sales $3.4B

>2x FY19 Sales(Blue Chips)

Transportation Systems Mission Solutions Defense Training

57%of Sales

22%of Sales

21%of Sales

0101

Leading integrator of payment systemsand intelligent travel solutions

Leading provider of expeditionary communications solutions

Leading provider ofdefense training systems

SALES ADJ. EBITDA

Transportation Systems• Delivering large-scale transit fare

collection and intelligent transportation management systems

• One Account multimodal integration

$850M21% 3-yr. CAGR

$111M50% 3-yr. CAGR

Mission Solutions• Providing operational advantage in

the most demanding environments

• Improving size, weight and power (SWaP)

• Investing ahead of customer need (+$12.6M FY19 investments)

$329M40% 3-yr. CAGR

$34M55% 3-yr. CAGR

Global Defense Training• Enabling accelerated readiness by

delivering cost effective Live, Virtual and Constructive solutions

• Expect return to growth and FY20 book-to-bill >1.0x

$318M(5%) 3-yr. CAGR1

$33M2% 3-yr. CAGR1

57%30%

13% Ground TrainingAir TrainingVirtual Training

58%42% Products

Services

63%25%

12% Protected Comm.Rugged IoTC2ISR

Three Businesses Linked by Common Platforms and Technologies50101

Note: Figures as of Year End 2019. 1 2017 sales and Adj. EBITDA figures exclude $8M REA benefit.

Shared Platforms, Technologies and TalentAcross Our Portfolio

CTS: High growth business with ongoing transformation and recent acquisitions driving margins higher

CMS: High growth, high margin business with significant upside

CGD: In transition as technology shifts; well positioned for air and ground training market recapitalization

CTS: High growth business with ongoing transformation and recent acquisitions driving margins higher

CMS: High growth, high margin business with significant upside

CGD: In transition as technology shifts; well positioned for air and ground training market recapitalization

One Cubic Supporting Functions Procurement | Manufacturing | Product Lifecycle

Management | Accounting & Finance | HR | IT

One Cubic Supporting Functions Procurement | Manufacturing | Product Lifecycle

Management | Accounting & Finance | HR | IT

Instrumentation | Secure Networking | Cloud Computing | Algorithms/Simulation | Data Visualization

Instrumentation | Secure Networking | Cloud Computing | Algorithms/Simulation | Data Visualization

Common Technologies

Power Management

Cyber Resiliency

Unique Characteristics Driving our Competitive Advantage6

MARKETLEADERSHIP

FLEXIBLE & RELIABLE TECHNOLOGY HIGH BARRIERS TO ENTRY

0101

Note: LVC = Live, Virtual, Constructive.

• 70% mass-transit ridership (U.K., Australia and North America); 61% of U.S. market committed to Cubic’s mobile solution

• Leading Full Motion Video platforms

• Market leader in Air Combat Maneuvering Instrumentation and Ground Live training solutions

• Only provider with joint USAF / Navy validated, flight-tested LVC solution

• Proven innovation platform driving faster breakthroughs

• Winning proposition based on: 1) technology leadership; 2). lower SWaP-C; 3) reuse; 4) optimized critical system performance; and 5) enhanced data-driven insights

• Leading technology resulting in first-mover advantage

• Large installed base

• Project scale and investment create high switching costs

• Program of record status in Defense

Record 2019 Financial Performance with Many Achievements7

EXECUTED STRATEGICACQUISITIONS

Trafficware and GRIDSMART: leadership in intelligent intersection management Nuvotronics: disruptive technology provider of advanced radio frequency devices enabling

supply chain synergies and growth potential in space, electronic warfare and 5G markets Pixia: advancing our battlefield cloud strategy Delerrok: expanding fare collections-as-a-service solutions to small- and mid-markets

DELIVEREDON OUR PRIORITIES

Successful launch of New York OMNY system Apple and Google collaboration to simplify how travelers pay Key franchise program wins in Mission Solutions Training positioned for growth with recent international and LVC awards Developed Diversity & Inclusion strategic plan

DROVESTRONGFINANCIAL RESULTS

Record sales of $1.5B, up 24% (27% CC), including organic growth of 20%1 CC Backlog of $3.4B representing >2x 2019 sales Record Adj. EBITDA of $146.6M with 110bps margin improvement Adj. EPS growth of 43% (49% CC)

0202

Note: Organic revenue is defined as GAAP revenues adjusted for the impact of acquisitions and foreign currency. CC = Constant Currency. 1 ASC 606 favorably impacted FY19 sales by $109M, including organic growth from Cubic’s next-generation fare payment system contract in Boston and other projects.

Strong Execution Against Goal 2020 Strategy8

• Deliver high-quality early• Ensure customer-centric innovation• Be more responsive• Win and grow the business• Serve our internal customers

• Master customer engagement• Leverage One Account• Lead mobile payment and customer experience• Expand into transportation operations and analytics• Transform the business and execute

• Grow Mission Solutions• Expand communication and network capabilities• Mature HALO• Grow our cloud business • Continue to innovate

• Provide performance-based training solutions• Deliver high-fidelity multi-domain training architectures• Integrate next-generation immersive training capabilities

• Improve structure and process• Continuously improve our culture and communication• Grow our talent• Align measures and rewards• Implement corporate service level agreements (SLAs)

Winning the Customer

BuildingNextCityGlobally

GrowingNextMissionGlobally

BuildingNextTrainingGlobally

LivingOne Cubic

35% 68%Sales Growth(2017-2019)

Adj. EBITDA Growth(2017-2019)

$3.4B 4.1ReportedBacklog

Defense CPAR, out of 5 (Contract Performance

Assessment Rating)

190bps 2XAdj. EBITDA

Margin Expansion(2017-2019)

Increase in 5-Yr Gross Pipeline

($38B FY20 vs $20B FY15)

93% +5%Adj. EPS Growth

(2017-2019)Employee Engagement

Score Improvement (over last 3 years)

ImpactOur Goals and Strategic Priorities

0202

Goal 20209

Sales ($M) Adj. EBITDA ($M) & Margin (%)

2017 2018 2019 2020 Guidance Goal 2020

$1,108$1,203

$1,610 $1,550-$1,600

$88 $105

$147 $165

$15

7.9%8.7%

9.8%11.2% 11%-12.5%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

2017 2018 2019 2020 Guidance Goal 2020

Key Organic Growth Drivers Margin Improvement Drivers

CTSCTS CMSCMS CGDCGD

• New York MTA• Boston MBTA• Brisbane• SF Bay Area• Intelligent Traffic Systems

• GATR (T2C2, Other)• Command Posts• Troposcatter• F-35 FMV

• Air and Ground LVC• Value add platforms for

performance assessment• International growth

(FY20 vs FY19)• Game-based training

Supply Chain SG&A Segment Examples

• Manufacturing consolidation

• Supplier reduction• Continuous

improvement

• Centralization of support functions

• Shared services• Benchmarks and

rationalization

• Discipline during bid and execution

• CTS Product model• Low-cost engineering

0202

$1,570$1,496

FY20 reflects incremental

R&D of ~$20M (incl. Delerrok

and Pixia)

$180

1 1

1 Reflects the midpoint of FY20 guidance range.

Pixia and Delerrok acquisitionsPixia and Delerrok acquisitions

Large Addressable Global Markets with Favorable Dynamics10

Favorable Market Dynamics with Significant Market Expansion via Organic and Inorganic Investments

Transportation Mission Solutions Defense Training

Expanded Addressable Market (Annual)

TransportationReducing Congestion• Growing urbanization and rising consumer

expectations are driving innovation and demand for mobility management technologies

Mission SolutionsIncreasing Operational Effectiveness• Geopolitical global complexity is driving

the need for robust, secure, mobile situational surveillance solutions

Defense TrainingIncreasing Operational Readiness• Rise of near-peer adversaries demands

multi-domain readiness enabled by live, virtual and constructive solutions

~$9B

2015 20205-yr ProjectedMarket CAGRs

~5%

5%-10%

2%-3%

$3 $10 $2

$16

$4

$12

0303

Market Tailwinds

~$38BKey Additions (2020 vs 2015): • Surface Transport Management• Mid-market• C4ISR (Protected Comms, Rugged

IoT, C2 and ISR-as-a-Service)• LVC and Game-based training

Customer-Centric Innovation Driving Sustained Market Leadership 11

1 CRADA = Cooperative Research and Development Agreement. 2 Sales and R&D include Pixia and Delerrok acquisitions.

Innovation Process

$18.0

$32.0

$52.7 $52.4 $50.1

~$70.0

1.3% 2.2% 3.5% 4.4% 3.4% 4.3%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

$0

$10

$20

$30

$40

$50

$60

$70

$80

2015 2016 2017 2018 2019 2020E

R&D R&D as a % of Sales

R&D Investments ($M)

Recent Breakthrough Innovations

HALO Nuvotronics Pixia SLATEMulti-link communication

technologyPolystratatechnology

Massive imagerydata processing

Secure LVC Advanced Training Environment

ULTRA Cubic ICMP Cubic Interactive Tri-reader 4Non-laser based solution for ground-based training

Intelligent congestion management platform

SaaS-based digitalloyalty and advertising

Next-Generationvalidator

Customer Co-DevelopmentCo-development to fund and evolve solutions: example - prototype or demonstration contract, US Government CRADA1 or customer paid development

Optimize InvestmentNear- and long-term, incremental and game-changing spend assessment of progress and returns

Innovation Social SystemCreates successful connections and collaboration; facilitates the logistics and infrastructure of Cubic’s Innovation Program

Leadership engaged in process; integrators lead seconded, cross-functional teams to the best ideas

0303

2

4% - 5%LT target as a

% of Sales

$2.5 $2.8 $2.9

$4.8 $4.3

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

2015 2016 2017 2018 2019

Backlog + Key Sole Source IDIQs

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

2015 2016 2017 2018 2019

Historical Backlog ($B)

CTS CMS CGD

Strong Backlog Supported by Recent Wins and Franchise Programs 120303

Recent Wins and Accomplishments

• $377M extension to upgrade Chicago’s Ventra system• San Francisco Muni for NextBus machine learning platform• Google collaboration to integrate contactless transit cards• Moovit strategic partnership to add integrated platform offering travelers a seamless

mobile experience to journey planning and ticketing/fare collection

• $325M USMC’s Next Generation Troposcatter program• ~$100M Sigma Defense Systems to integrate Atlas modular suite as the core

Stingray solution for U.S. DoD• Multi-link comm. technology development and demonstration contract• Additional Franchise Programs: F-35 Lightning II Program, Boeing MQ-25

unmanned tanker for U.S. Navy and MH-60S multi-mission helicopter Naval Air Systems Command (combined 2023P sales of >$175M | >15% EBITDA margin)

• $115M+ in recent Air Training international programs• Won LIVE OTA: Phase 1, future of ground-based training• Won Soldier Squad Virtual Trainer (SSVT): Phase 1,

future of marksmanship training

$2.5 $2.4 $2.5

$4.1$3.4

$1.2

$2.8

$1.0

1.1x2.3x

0.7x ~1.0x >1.0x >1.0x

-3.5

-2.5

-1.5

-0.5

0.5

1.5

2.5

$0

$1

$1

$2

$2

$3

$3

$4

$4

2017 2018 2019 2020E 2021E 2022E Bookings ($B) Book-to-Bill Ratio

Trend in Book-to-Bill Ratio

NextCityNextCity

NextMissionNextMission

NextTrainingNextTraining

Note: STE = Synthetic Training Environment. FoF = Force-on-Force.

► R&D led to major CTS wins FY18, driving record Backlog and Book-to-Bill ► FY17-19 book-to-bill 1.3x► Key FY20 Bookings: Chicago Ventra, Boston, GATR (T2C2 + CSS VSAT),

Troposcatter, Command Posts, USMC Force on Force, Air Training (Int’l)

>$300M 3-year pipeline (Army STE and USMC

FoF Next)

CGDCTS CMS

The “Next” Level: New Digital Platforms and Products13

$25M Cumulative Investment Over 3 Years Targeting EBITDA Margin Opportunities of 30%-50% by 2025

Target emerging, high growth markets aligned to Cubic innovation and domain expertise

11 Shift from fixed margin projects to digital products and platforms that deliver superior customer value at higher margins

22 Accelerate delivery of Digital offerings with incremental R&D funding33

NextCity 2.0NextCity 2.0 NextMissionNextMission NextTrainingNextTraining

0303

• Integrated fare collection, congestion management, transit policy and mobile vitality

• Secure video and data management to view, manage and understand real-time video

• Performance digital platform for human + machine assessment

• Game-based training for cost effective training at point of need

Expand defense training market leadership to commercial industry

• Transportation• First Responders• Manufacturing• Health Care

“Top Gun for Industry”

AgencyCloud:

Cubic Interactive: Transit Loyaltyand Advertising

MaaS Platform: Mobility Marketplace,and Transit Policy Engine

NextApp: Multi-modal Journeys with Mobile Ticketing

+“MaaS Platform for All Cities”

Pivot: Cubic Transportation Platforms Pivot: Multi-domain Video AnalyticsPivot: Performance Assessment and Game-

based Training Platforms

“Most Complete and Powerful Platform for FMV ”

Integration of multi-domain data sources to power advanced machine to machine video analytics

Focused on Improving Free Cash Flow Profile14

Average FCF Conversion Target: ~100% of GAAP Net Income Over 3-Year Period

Working Capital/Capex Initiatives• A/R – Reducing DSOs with focus on ‘unbilled’ AR

and collections of overdue receivables• A/P – Optimizing supplier relationships; addressing

payment terms

Ongoing Cost Savings• Savings of $20M+ in 2019• Supply Chain – Continued consolidation and

reduction in the number of suppliers • General & Administrative – Centralized and

streamlined function

ERP / IT Roadmap (Completed)• Critical One Cubic investments of $100M over last

three years to improve efficiency, collaboration, data insights and ability to scale

0404

23%

~100%

Adj. Free Cash Flow Conversion1

1 Adj. Free Cash Flow Conversion is defined as Adj. Free Cash Flow divided by GAAP net income from continuing operations; includes real estate sale proceeds of $44.9M in FY19.

2020-2022 3-Year Average

Target

Lower Capital Spend/ERP Completed

2018-20192-Year

Average

Working Capital

Improvement

Focused on Disciplined Capital Allocation15

FY2015-2019 Deployment$1.3B1

0505

60%16%

14%

8%3%

M&AR&DERP/IT RoadmapOther Capex excl. ERP/ITDividend

1 Gross allocation.

Dividend• Maintain consistent annual dividend

R&D• Focus on sustained market leadership through innovation

• Digital platforms: recurring high margin revenue / cash flow• Blend of near- and long-term opportunities• Blend of incremental and game-changer• Demonstration of payback

Leverage Ratio• Pro Forma (9/30/19) for Pixia and Delerrok: 3.4x• Long-term target of <3.0x

M&A • Market-leading, technology-driven focus• Aligned with financial hurdles• Integrate and continue to drive growth and lower net leverage ratio

Current Priorities

Clear M&A Framework Guiding Decisions16

Leader in U.S. urban intelligent intersection management

Largest scale and fastest growing integrated ITS (Intelligent Transport Systems) portfolio

Has ~35,000 of the ~300,000 signalized U.S. intersections

Aligned with NextCity vision to link mobility payments to predictive, personalized information and regional congestion management

Largest CAV network in ATM (~3,000 connected intersections across 10 U.S. locations and growing)

Adj. EPS accretive year 1

Strategic Acquisition Filters

Technology-driven, Innovation-focus

Market Leadership, Potential

Aligned with Strategy

Financial Criteria

IRR > Risk Adj. WACC

Adj. EPS Accretive by Year 2

Spotlight on Recent Acquisitions

Note: ATM = Arterial Traffic Management. CAV = Connected and Autonomous Vehicle.

0505

CMS Acquisition Track RecordAcquisition Spend ~$390M FY15-FY192

Trafficware + GridsmartIntegration

NuvotronicsUpdate

• FY19 growth from core business and new customers• GRIDSMART closed largest deal in its history leveraging

Trafficware direct sales• Leveraging CTS for sales in APAC• Partnering with NextBus on surface transport and transit

opportunities• Leveraging Cubic purchasing power to reduce material

cost • Expect sales growth >20% FY20 and >10% CAGR

FY19-23

• Developing technology to improve GATR SWaP / capability

• Developing technology to integrate into recent Protected Communications franchise wins

• Completing investment in Fabrication and Manufacturing capabilities as well as security certification to handle both commercial and defense production orders

• Positioning for franchise opportunities in Space and Defense sectors

M&A Scorecard of Recent Acquisitions17

CLOSE DATE Oct. 2018 Jan. 2019 Mar. 2019 Jan. 2020 Jan. 2020

PRICE1 $237M $87M $67M $250M $44M

Technology-driven, Innovation-focus

Market Leadership, Potential

Aligned with Strategy

Projected IRR > Risk Adj. WACC

Adj. EPS Accretive by Year 2

0505

$112 $145

$187

$262

$24 $30 $39 $59

$-

$20

$40

$60

$80

$100

$120

$140

$0

$50

$100

$150

$200

$250

$300

FY16PF FY17 FY18 FY19 Sales Adj. EBITDA

1 Purchase prices reflect the acquisition-date fair value consideration and are not adjusted for expected cash tax benefits associated with NOLs and amortization deductions. 2 The graphs include the results of DTECH (Dec 2014), TeraLogics (Dec 2015), GATR (Feb 2016), Vocality (Nov 2016), MotionDSP (Feb 2018), and Shield Aviation (Jul 2018). FY16 is pro-forma assuming Cubic owned TeraLogics, GATR and Vocality for the entire fiscal year. Adj. EBITDA does not include corporate cost allocations of ~$4M FY16, ~$6M FY17, ~$8M FY18, and ~$16M FY19.

FY2020 Guidance

FY2020 Guidance(Unchanged)

Sales Adj. EBITDA Adj. EPS

$1,580M – $1,640M$1,610M Midpoint

$170M – $190M$180M Midpoint

$3.10 – $3.70$3.40 Midpoint

Source: February 5, 2020 Quarterly Earnings Presentation. Note: constant currency; includes Pixia and Delerrok acquisitions (closed January 2020)

Pixia and Delerrok acquisitions expected to contribute ~$40M in Sales and ~$15M in Adj. EBITDA

Depreciation ~$29M; Amortization ~$64M

Expect Q2 Adj. EBITDA to be roughly flat sequentially Expect Adj. EBITDA growth in Transportation and Defense Training; Mission Solutions expected to be similar to 1Q20 Impacted by timing of high-margin GATR shipments in Mission Solutions and reflects timing of Boston financial close

(expected in fiscal Q3) Expect tax expense in 2Q20 due to jurisdictional mix of earnings

Strong visibility: >80% of CTS and CGD FY20 sales in backlog

Expect strong 2H20 with >50% of FY20 Adj. EBITDA in Q4

18

Cubic Mission Solutions H2FY20 Funding Confidence19

Cubic Product Line Program Confidence Rationale

GATRTransportable Tactical Command Communications (T2C2)

• Program funded $99M in FY20 defense appropriations• Anticipate Full Rate Production order in fiscal Q3• GATR quantities: 78 lite units, 63 heavy units, plus spares

DTECH Edge Networking and Computing

• Programs funded ~$625M in FY20 defense appropriations• Confirmed funding with spend plan under approval by Government Customer• Ongoing technology refresh or capital equipment replacement cycles • Solution defined with fielding plans under customer review

PIXIA Multiple Sensitive Programs

• Sole provider of these solutions• Track record of consistent renewal• Mission critical operations depend on PIXIA software• Contract vehicles between the Government and PIXIA are in place

20

Quarter 1 Fiscal Year 2020 Quarter 2 Fiscal Year 2020 Quarter 3 Fiscal Year 2020 Quarter 4 Fiscal Year 2020OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP

Budget Released Monitor Execution Monitor Execution Monitor Execution

Monitor Execution

Monitor Execution

Monitor Execution

ACTIVITIESMonitor executionPerformance reviewTransfer authority approval for reprogramming

ACTIVITIESMonitor executionPerformance reviewIdentify “sweep up” funds from under-executing programs; shift to other programs (within flex limits)End of year closeout

ACTIVITIES

Budget Authority released by Office of Management and Budget (OMB)to Office of the Secretary of Defense (OSD), then from Undersecretary of Defense Comptroller (USDC) to Service Comptroller, to lower echelon comptrollers and then to Program Managers (PMs)

ACTIVITIES

Monitor execution (obligation and expenditure rates, emerging “fact-of-life” issues)Performance reviewConduct Mid-Year Review (all echelons) in Feb-Mar timeframe

TRADITIONAL TIMELINE

Continuing Resolution resulted in delays, leading to back-end weighted year

Budget Flow Down To Programs

Budget Flow Down To Programs

Continuing Resolution

Budget Released

FY20 Budget Execution

Key Takeaways21

Technology-Driven, Market-Leading Solutions

Mission Solutions continues to invest in SWaP-C advantage, solving our customers’ hardest problems, leading to significant growth

Mission Solutions continues to invest in SWaP-C advantage, solving our customers’ hardest problems, leading to significant growth

02

Defense Training leverages our LVC technology, performance assessment and game-based training platform to improve readiness for militaries and commercial customers

Defense Training leverages our LVC technology, performance assessment and game-based training platform to improve readiness for militaries and commercial customers

03

Transportation Systems continues to leverage our market leadership advantage with significant partnerships to deliver the future, Mobility-as-a-Service

Transportation Systems continues to leverage our market leadership advantage with significant partnerships to deliver the future, Mobility-as-a-Service

01

AppendixNon-GAAP to GAAP Reconciliation Tables

GAAP Net Income to Adj. EBITDA Reconciliation23

Cubic Consolidated ($M) 2019 2018 2017Sales $ 1,496.5 $ 1,202.9 $ 1,107.7 Net income (loss) from continuing operations attributable to Cubic $ 51.1 $ 8.1 $ (25.7) Noncontrolling interest in loss of VIE (9.8) (0.3) - Provision for income taxes 11.0 7.1 14.6 Interest expense, net 13.9 8.8 14.1 Other non-operating expense (income), net 20.0 0.7 (0.4)

Operating income $ 86.2 $ 24.4 $ 2.6 Depreciation and amortization 64.7 46.6 48.0 Noncontrolling interest in EBITDA of VIE (8.9) - - Acquisition related expenses, excluding amortization 13.4 4.5 (0.2) Strategic and IT system resource planning expenses 8.3 24.1 34.4 (Gain) loss on sale of fixed assets (32.5) - 0.4 Restructuring costs 15.4 5.0 2.3 Adj. EBITDA $ 146.6 $ 104.6 $ 87.5 Adj. EBITDA Margin 9.8% 8.7% 7.9%

Years Ended September 30,

Continuing Operations – Years Ended September 30, 2019, September 30, 2018, and September 30, 2017

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

GAAP to Adj. EBITDA Reconciliation by Segment24

($M)Cubic Transportation Systems 2019 2018 2017Sales $ 849.8 $ 670.7 $ 578.6 Operating income $ 77.2 $ 60.4 $ 39.8 Depreciation and amortization 30.7 12.0 8.8 Noncontrolling interest in income of VIE (8.9) - - Acquisition related expenses, excluding amortization 8.3 0.5 (0.2) Restructuring costs 3.2 0.4 0.4 Adj. EBITDA $ 110.5 $ 73.3 $ 48.8 Adj. EBITDA Margin 13.0% 10.9% 8.4%

Cubic Mission Solutions 2019 2018 2017Sales $ 328.8 $ 207.0 $ 168.9 Operating income (loss) $ 7.8 $ (0.1) $ (9.3) Depreciation and amortization 23.3 22.4 23.8 Acquisition related expenses, excluding amortization 3.3 3.7 (0.1) Restructuring costs - 0.2 - Adj. EBITDA $ 34.4 $ 26.2 $ 14.4 Adj. EBITDA Margin 10.5% 12.7% 8.5%

Cubic Global Defense 2019 2018 2017Sales $ 317.9 $ 325.2 $ 360.2 Operating income $ 23.0 $ 16.6 $ 28.1 Depreciation and amortization 6.8 8.5 10.4 Acquisition related expenses, excluding amortization 1.7 (0.1) - Gain on sale of fixed assets (2.0) - - Restructuring costs 3.3 1.3 0.9 Adj. EBITDA $ 32.8 $ 26.3 $ 39.4 Adj. EBITDA Margin 10.3% 8.1% 10.9%

Years Ended September 30,

Years Ended September 30,

Years Ended September 30,

Continuing Operations – Years Ended September 30, 2019, September 30, 2018, and September 30, 2017

GAAP Net Income to Adj. Net Income Reconciliation and GAAP EPS to Adj. EPS Reconciliation

25

($M, except per share data) GAAP EPS $ 1.67 $ 0.29 $ (0.95) GAAP Net income (loss) from continuing operations attributable to Cubic $ 51.1 $ 8.1 $ (25.7) Noncontrolling interest in the loss of the VIE (9.8) (0.3) — Amortization of purchased intangibles 42.1 27.1 30.2 Gain on sale of fixed assets (32.5) — 0.4 Restructuring costs 15.4 5.0 2.3 Acquisition related expenses, excluding amortization 13.4 4.5 (0.2) Strategic and IT system resource planning expenses 8.3 24.1 34.4 Other non-operating expense (income), net 20.0 0.7 (0.4) Noncontrolling interest in Adjusted Net Income of VIE (9.7) — — Tax impact related to acquisitions1 (6.6) (1.2) (0.1) Impact of US Tax Reform — (7.0) — Tax impact related to non-GAAP adjustments2 3.9 (1.0) 3.0 Adj. Net income $ 95.6 $ 60.0 $ 43.9 Adj. EPS $ 3.13 $ 2.19 $ 1.62

Weighted Average Diluted Shares Outstanding (in thousands) 30,606 27,351 27,173

1 Represents the tax accounting impact of significant discrete items recorded at the time of acquisition.

Years Ended September 30,20172019 2018

Continuing Operations – Years Ended September 30, 2019, September 30, 2018, and September 30, 2017

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

GAAP to Non-GAAP Reconciliation: FCF and Adj. FCF26

($M)Cubic Consolidated Net cash provided by (used in) continuing operating activities $ (31.9) $ 8.6 Capital expenditures (49.1) (31.7) Proceeds from sale of property, plant and equipment 44.9 — Free Cash Flow (36.0) (23.1) Less: operating cash flow associated with SPV (50.2) (22.4) Adj. Free Cash Flow $ 14.1 $ (0.7)

2019 2018

Year Ended September 30,

Continuing Operations – Years Ended September 30, 2019 and September 30, 2018

Note: Amounts may not sum due to rounding.