Canaccord Genuity

37th Annual Growth Conference

Cubic Corporation Overview Bradley H. Feldmann President and Chief Executive Officer

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

Anshooman Aga Executive Vice President

August 9, 2017

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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, 2016, 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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Cubic Corporation Overview

Leading integrator of payment

systems and intelligent travel

solutions

Transportation Systems Defense Training

Global provider of systems and solutions that meet the most demanding requirements for the transportation and defense markets

Mission Solutions

Leading provider of defense

training systems and services

Leading provider of

expeditionary communications

solutions

Consolidated FY2016 sales of $1.462 billion by:

Customer Location

United States 57%

United Kingdom 17%

Australia 11%

Middle East and Far East 9%

Other 6%

Products & Services

Products 42%

Services 58%

NYSE: CUB

Complex systems and solutions

provider to the transportation

and defense markets

Public since 1959

Market cap $1.3 billion

8,500 employees in more than 26 countries

Prime contractor on over 90% of 2016 revenue

Globally diversified with sales in over 45 countries

2016 Backlog: $2.94 billion

Contract Type

Fixed Price 82%

Other 18%

Business Segment

Transportation Systems 40%

Defense Systems 33%

Defense Services 27%

Contract Type

Fixed Price 82%

Other 18%

Products & Services

Products 42%

Services 58%

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Strategic Priorities

Achieve $2 billion+ in sales with 10%+ EBITDA margin,

growing 10%+ year-on-year Establish market leading positions in higher growth and higher margin business areas

Drive productivity and efficiency - ERP implementation / Streamline SG&A / Optimize

supply chain to improve operating margin by 2-2.5%

Goal 2020

WINNING THE CUSTOMER

Provide superior solutions, spurred by innovation and ultimate customer focus

BUILDING NEXTCITY GLOBALLY

Expand from mass transit fare collection to smart mobility information & payments provider

GROWING C4ISR BUSINESS

Expand from secure communications to expeditionary communications leader

BUILDING NEXTTRAINING GLOBALLY

Provide innovative, integrated LVC-G solutions to enable performance-based training

LIVING ONE CUBIC

Rebuild infrastructure that is scalable, efficient and effective; share technology, processes and people

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Business Priorities

Transportation Systems

Expect decision in the fall for New York City fare payment system upgrade

Pursue open and mobile payment upgrades across our customer base

Move to product orientation to optimize reusability

Expand into adjacent markets

Toll

Parking

Surface transportation management

Mission Solutions

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

Move GATR T2C2 from low rate initial production into full rate production

Expand into international market

Pursue bolt on acquisitions

Defense Systems

Expand LVC-G training

Provide higher fidelity combat training centers

Provide performance based training

Expand role on F35

Win JRTC recompete

Prioritize non-LPTA work

Expand SOF/Intel pursuits

Defense Services

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Innovation | R&D

Cloud-based

solutions

NextBus 2.0 real time

passenger information

systems

New York City Fare

Payment System

Tolling

Solutions

Antennas for satellite

communications

Idea Spark is our social environment for ideas, new product creation and collaboration to drive innovation for our customers

Performance-based training and live, virtual,

constructive and gaming (LVC-G) training

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Acquisition Strategy

Transportation Mission Solutions Defense Systems

2013 Serco + Traffic management systems for monitoring and control of urban road networks in Europe

2013 Nextbus

+ Real time passenger information

2017 Vocality International + Optimizes communication paths and consolidates DTECH supply chain

2016 GATR Technologies + Inflatable and ultra-portable satellite communications antenna

2015 TeraLogics + Full motion video for the Defense Department, intelligence community and commercial customers

2014 DTECH Labs + Ruggedized modular networking and baseband communications equipment

2017 Deltenna Limited + Wireless tactical communications infrastructure including radio and

antenna solutions

2014 Intific + Software and game-based solutions in modeling and simulation, training and education, cyber warfare, and neuroscience

Our growth strategy is focused on acquisitions related to NextCity, C4ISR and NextTraining

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Cubic Market Dynamics

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2017 positions Cubic for accelerated growth with a focus on higher-growth, higher margins in our core markets

Mission Solutions

$12.0 billion

LVC-G Training

$2.5 - $3.0 billion

Mission Support & National Security Services

$6.5 - $11.0 billion

Expeditionary Communications

$2.0 billion+

NYC fare payment system upgrade award

Resulting demand across NY/NJ Region

Adoption/upgrades to Open Account, Mobile, Open Payment and Cloud Solutions

Focus on reusability – systems and products

Adjacent market entry – Tolling and surface transportation management

Re-entry into Asian markets

NextTraining /Expand LVC-G training

Provide higher fidelity, performance based training for readiness of U.S. forces

Expand role on F35

Build innovative training for increasing Navy fleet

Prioritize non-LPTA defense services work

U.S. Army Services contract opportunities

Next generation C4ISR offerings in:

Datalinks

Wide-band antennas

Tactical networking equipment

Portable SATCOM solutions

Private Cloud FMV PED

GATR T2C2 full rate production

Target new UAS platforms/Comms on the move

Expand into international market

7-10% growth driven by large replacement and upgrade cycle - NYC/Boston/Brisbane - new payment technologies being adopted across legacy installed base

Training Systems: 4-6% growth driven by higher U.S./Allied defense spending and new training platforms

Training Services: 3-5% U.S. DOD growth driven the need to improve readiness and increase in troop levels

10-15% growth due to

adoption of next generation technologies and replacement of aging equipment

Addressable Market Near Term Priorities Market Growth Profile

Transportation Systems

Defense Systems

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Goal 2020 Revenue and Profitability Objectives

Transportation

Defense Systems Training Systems Mission Solutions

Consolidated

Defense Services

7.0 - 10.0%

Training Systems

4.0 - 6.0%

Mission Solutions

10.0 - 15.0%

3.0 - 5.0%

$800 - $875

$650 - $725

$450 - $500

Expected Growth Rate

2020 Revenue ($M)

9.0 - 10.0% $1,900 - $2,100

$586

$484

$391

2016 Revenue

($M)

$1,462

2020 Adj. EBITDA Margin

13.0 – 15.0%

10.5 - 12.5%

4.0 -5.0%

10%+

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Investment Highlights

Leading positions across multiple global markets

Strategic priorities aligned with high growth, higher margin businesses

Strong management team focused on growth and execution

Culture of innovation delivering next generation solutions

Scalable infrastructure supports organic and inorganic growth

Favorable market dynamics in core markets

Positioned for growth and profitability improvements in FY2018 and beyond

Focused on continuing long-term track record of delivering superior shareholder returns

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Appendices

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

Nine Months Ended June 30, 2017 and 2016

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

GAAP to Non-GAAP Reconciliation Earnings before interest, taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA Nine Months Ended June 30, 2017

In Millions Consolidated CTS CGD Systems CGD Services

Nine Months Ended June 30, 2017 Net income attributable to Cubic $ (24.4) Provision for income taxes 5.7 Interest expense (income), net 11.5 Other non-operating expense (income), net (0.7) Operating Income (loss) $ (7.9) $ 16.6 $ 3.9 $ 4.8 Depreciation and amortization 38.2 6.8 25.4 2.4 Other non-operating expense (income), net 0.7 4.3 (1.2) - EBITDA $ 31.0 $ 27.7 $ 28.1 $ 7.2

Acquisition related expenses, excluding amortization 1 (0.8) (0.2) (0.7) -

ERP/Supply Chain Initiatives 23.6 - - -

Restructuring costs 1.9 0.4 1.1 0.3

Gain/Loss of sale of fixed assets 0.4 Other non-operating expense (income), net (0.7) (4.3) 1.2 -

Adjusted EBITDA $ 55.4 $ 23.6 $ 29.7 $ 7.5

EBITDA Margin 3.0% 6.8% 8.0% 2.6%

Adjusted EBITDA Margin 5.3% 5.8% 8.5% 2.7%

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GAAP to Non-GAAP Reconciliation Earnings before interest, taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA Nine Months Ended June 30, 2016

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

In Millions Consolidated CTS CGD Systems CGD Services

Nine Months Ended June 30, 2016 Net income attributable to Cubic $ 9.2 Provision for income taxes (20.3) Interest expense (income), net 6.3 Other non-operating expense (income), net 1.5 Operating Income (loss) $ (3.3) $ 43.9 $ (23.7) $ 9.3 Depreciation and amortization 31.9 5.4 19.7 4.8 Other non-operating expense (income), net (1.5) (0.5) - - EBITDA $ 27.1 $ 48.8 $ (4.0) $ 14.1

Acquisition related expenses, excluding amortization 1 27.7 0.6 27.0 -

ERP/Supply Chain Initiatives 24.4 - - -

Restructuring costs 1.6 1.0 0.1 0.5 Other non-operating expense (income), net 1.5 0.5 - -

Adjusted EBITDA $ 82.3 $ 50.9 $ 23.1 $ 14.6

EBITDA Margin 2.6% 11.3% -1.2% 4.8%

Adjusted EBITDA Margin 7.8% 11.8% 7.0% 5.0%

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CTS Investments & Opportunities

We are making substantial investments in our transportation business to drive strong organic growth and EBITDA expansion

$22.9 $23.6

$9.4

$6.6

$6.4 $3.6 $2.0

$50.9 $0.7

$0.0

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

YTD 2016 YOY R&DIncrease

NH Toll MarketEntry

NY Pre-ContractEngineering

Cost

FX YOY B&PIncrease

Other YTD 2017

CTS Incremental YOY Adjusted EBITDA ($m)

YOY R&D

Developing next generation solutions in mobile and fare collection (growing core fare collection business) and NextBus (growing passenger information business and entry into small/mid-market)

Increase speed to market and margins through re-use and product centricity

Transformation Investments – lower engineering and services cost to achieve 15%+ EBITDA

YOY Bid & Proposal – higher cost on large bid opportunities for NYC & Boston valued at $2b+

NYC Pre-Contract Engineering – reduce risk of delivery and progress core solution in readiness for NYC win