Technology-Driven,Market-Leading

Brad FeldmannChairman, President & Chief Executive Officer

Safe Harbor & Disclosures

This presentation contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning ofthe Private Securities Litigation Reform Act of 1995. Any statements about our expectations, beliefs, plans, objectives, assumptions or future events or ourfuture financial and/or operating performance are not historical and may be forward-looking. These statements are often, but not always, made through theuse 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 risks, estimates, assumptionsand uncertainties, including those discussed in “Risk Factors” in the Company’s Form 10-K for the year ended September 30, 2018 and Form 10-Q for thequarter ended March 31, 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 statementsmade by us or on our behalf, you should not place undue reliance on any forward-looking statements. Further, any forward-looking statement speaks only asof 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 onwhich the statement is made or to reflect the occurrence of unanticipated events, or combination of factors, may cause actual results to differ materially fromthose 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 GAAPdisclosures and should not be considered an alternative to the GAAP measure. Reconciliations to the most directly comparable GAAP financial measures canbe found in the Appendix to this presentation. Cubic has not provided a reconciliation of forward-looking financial measures such as Adjusted EBITDA andAdjusted EPS to the most directly comparable financial measures prepared in accordance with GAAP because Cubic is unable to quantify certain amountsthat would be required to be included in the GAAP measures without unreasonable efforts, and Cubic believes such reconciliations would imply a degree ofprecision that would be confusing or misleading to investors.

2

Technology-driven, Market-leading Solutions

1Midpoint of FY2019 sales guidance.2Based on FY2018 sales. C4ISR = Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance

3

Transportation SystemsLeading integrator of payment systems

and intelligent travel solutions

56% of sales2

Mission SolutionsLeading provider of

expeditionary communications solutions

17% of sales2

Defense TrainingLeading provider of

defense training systems

27% of sales2

2019P Sales$1.44b1

Employees6,000 90%+ of sales

Prime contractorCustomersBlue chip customers

Backlog$3.8b

>3x sales2

Strategy Founder-centric conglomerate Technology-driven, market-leading 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 Product-orientated, information-rich, subscription 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 | Salesforce

Capital Allocation Opportunistic Disciplined allocation of all discretionary spending Low-cost acquisitions M&A aligned with strategy

4

Our Transformation – Cubic 2.0

FROM TO

5

Cubic is a technology-driven, market-leading global provider of innovative, mission-critical solutions that reduce congestion and increase operational

readiness and effectiveness through superior situational understanding.

Cyber Management

Power Management

Cloud ComputingSecure NetworkCommunications

Algorithms / Simulation Data VisualizationInstrumentation

Our Common Mission and Technologies

Our Strategic Priorities6

7

Goal 2020

1 2019P represents the midpoint of fiscal 2019 guidance.2 FY2017-FY2020 Sales CAGR is calculated on the mid point of Goal 2020 range ($1,575m), which includes $100m of acquisition revenue in fiscal 2020 ($74m in FY19). Organic CAGR based on fiscal 2020 sales of $1,475.3 FY2017-FY2020 Adj. EBITDA CAGR is calculated based on the midpoint of Goal 2020 Adj. EBITDA Margin midpoint of 11.75%. MTA = Metropolitan Transportation Authority, MBTA = Massachusetts Bay Transportation Authority, T2C2 = Transportable Tactical Command Communications, JALN = Joint Aerial Layer Network, SLATE = Secure Live, Virtual, Constructive Advanced Training Environment, IVSE = Immersive Virtual Shipboard Environment, ISR = Intelligence, Surveillance and Reconnaissance

$1,108$1,203

$1,438

Sales $m

2017 2018

Adj. EBITDA & Margin %

2019P1

$150

Goal 2020

$88$105

$150

7.9%8.7%

10.4%

$1,550 to$1,600

Potential M&ATrafficware + GRIDSMART acquisitions

$1,550 to$2,000

11.0% to

12.5%

Organic Growth Drivers

New York MTA Boston MBTA Brisbane Bay Area

T2C2 FIRSTNET JALN Airborne ISR

SLATE Ground LVC IVSE / Game-

Based Training

CTS CMS CGD

Margin Improvement DriversSupply Chain

Manufacturing consolidation

Reduction in suppliers Continuous improvement

Segment Examples Discipline during bid

and execution CTS Product model Low cost engineering

SG&A Centralization of

support functions Shared services Benchmarks and

rationalization

2017 2018 2019P1 Goal 2020

Optimizing ERP and Product Lifecycle Management systems and analytics

Driving supply chain and overhead savings

Investing in Innovation Social System with our customers to include:

– Mobile payment and applications– NextBus / Delerrok mid-market solution– GATR and HALO– Next-generation Air Combat Maneuvering

Instrumentation (ACMI)

Sharing technology, talent, processes, ERP, shared services and locations

Living One Cubic8

Winning the Customer - Recent Announcements

Successfully delivered first phase of New York MTA’s new OMNY system

Successful delivery of Mobile for Merchant App for LA Metro

Selected to deliver secure video data link solution for the F-35; follows other recent secure communications contracts for the MH-60 and MQ-25

Awarded Training contracts withIndo-Pacific customers for ACMI, MILES and services ($150m value)

9

OMNY = One Metro New YorkACMI = Air Combat Maneuvering InstrumentationMILES = Multiple Integrated Laser Engagement System

Leader in U.S. urban intelligent intersection management

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)

Applicable to road user charging adjacency

First cross-sale synergy in 2Q (Florida DOT)

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Intelligent Intersection Acquisitions Optimize Urban Mobility and Reduce Congestion

ATM = Arterial Traffic Management CAV = Connected and Autonomous Vehicle

Enhances Protected Communications business

Addresses high priority, dual-use technology markets (e.g. Space, 5G)

Supply chain benefits significantly de-risk transaction

Accelerates Cubic innovation initiatives

Differentiated, patented PolyStrata® manufacturing process

High-performance Reduced size, weight & power (SWaP) 10x to 100x advantage

Nuvotronics Acquisition Strengthens Cubic’s Protected Communications Offering

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Summary

Growing technology-driven, market-leading businesses

Strong backlog drives high revenue visibility

Successful phase 1 delivery of NY OMNY system; working with Apple to provide mobile transit payment solutions

Strategy supported by One Cubic initiatives

Remain highly focused on meeting our commitments

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Contactless usage

Shashi VermaDirector of Strategy and CTOTransport for London

JUNE 2019

Contactless transactions per day on rail

0

400,000

800,000

1,200,000

1,600,000

2,000,000

2,400,000

2,800,000

3,200,000

3,600,000

4,000,000

4,400,000

4,800,000

DailyWeekly averageMaxRecordLinear (Weekly average)

New Contactless devices per day

0

6,000,000

12,000,000

18,000,000

24,000,000

30,000,000

36,000,000

42,000,000

48,000,000

54,000,000

60,000,000

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

No. of CPCs used for the first timeWeekly averageCumulative No. of CPCs used for the first timeNo. of Active CPCs in the preceding 28 days

Cubic Transportation SystemsMatt ColeSenior Vice President, Cubic CorporationPresident, Cubic Transportation Systems

Initial launch at select subway stations/buses

Start acceptance of contactless open payments & new self-service options

18Monthsfrom NTP

1. Staged Initial Deployment

“Rolling this out in this manner is something that we decided was the right thing to do after conferring with our partners at Cubic. Cubic is the world leader on this type of technology. They have done it in London, Chicago and here in respect to the MetroCard and now with respect to OMNY“

Pat Foye – MTA Chairman

Complete roll out of contactless open payments on Subway/Bus

35months from NTP

2. Complete Contactless Open Payments Roll Out

Introduce contactless MTA Transit card & eTix 2.0

39months from NTP

Roll out new Retail Network

One Metro New York (OMNY) Update17

“I’m really glad we’re going with Cubic. Oyster is a Cubic product and it works really well, I’m really used to it, it’s really quick and in London it becomes second nature. Sydney, where I was working two jobs ago they have now got what’s called the ‘Opal Card’, again it’s based on Cubic technologies”

Andy Byford – NYCT President

New Fare Payment System TimelinePhased Approach

Customers begin usingContactless openPayment media

Contactless open payment available on all busses and subways

Upon completion, retire MetroCard & current LIRR/MNR systems

5.Project

Complete

Removal of legacy sale equipment

69months from NTP

Jul 2023Mar 2022

Deploy new machines across NYCT, MNR and LIRR

52Monthsfrom NTP

4. In-System Sales

3. Expanded Payment Options Available

Feb 2021Oct 2020

May 2019

Market Dynamics18

Sustainability Rising customer expectations Space constraints Funding constraints Petrol/gas tax pressures Capitaless business models

Human connectivity Fuel efficient cars Processing power Big data + analytics Internet of things Cloud

Urbanization Population growth Aging population Millennials Congestion at peak

19CTS Business Overview

Sub-Businesses

Strategic Priorities20

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

OMNY Launch LA Merchant Launch LACMTA Maintenance Clipper 2.0 in Bay Area Trafficware Acquisition Gridsmart Acquisition Miami Easy Pay – Open

Payments – Coming Soon Singapore Thomson Line Sydney contactless

expansion Chicago/New York Apple

Partnership ScotRail Account-Based

Pilot Dublin Mobile Ticketing

$579

2017 2018 2020P

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Goal 2020: CTS Summary

Goal 2020 on Track

>$900

Revenue $m

8.4%margin

Adj. EBITDA Margin % New York Boston Brisbane Bay Area Mobile Customer upgrades ICMP Penetrate Congestion Management Trafficware and Gridsmart execution

RevenueCore Business Growth, Upsell to Cities, NextCity

MarginTransformation and Execution Product orientation Engineering Test Services

Avoid project execution issues

Digital Transformation

13-15%margin

10.9%margin

$671$800

Organic

~$100Acquisitions

FY19 Highlights

Backlog, Pipeline and Key Opportunities22

1. Ventra 3.02. Toronto AFC3. New York Road User Charging4. Vancouver Contract Extension & Upgrade5. BC Transit AFC6. SFMTA RTPI7. MTR Hong Kong AFC8. Singapore LTA AFC Operations9. Dublin NTA AFC Operations10. UK Transport for the North

Key Pipeline Opportunities

Backlog US$m

0 50 100 2,850

Urban Revenue Management

Surface Transport Management

Road User Charging

Pipeline US$m

0 1,000 2,000 3,000 4,000 5,000 6,000

Urban Revenue Management

Surface Transport Management

Road User Charging

NextCity®23

Eliminate uncertainty Reduce service costs New revenue opportunities

Integrated policy Reduced operations costs Enhanced customer experience

Identify unknown relationships Model + measure impact of

decisions + policy changes Benchmark + performance

measurements

How Trafficware and Gridsmart fit into NextCity24

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Mobile Leadership

Agency Ridership (000)

% of Market

Scope of Solution

New York MTA New York City Transit (MTA) 3,440 36% UMB

Traveler App

Boston Massachusetts Bay Transit Authority (MBTA) 383 4%

UMBTraveler AppInspection AppMerchant App

Chicago Chicago Transit Authority (CTA) 479 5% Traveler App

DCWashington Metropolitan Area Transit Authority (WMATA)

353 4% Traveler App

LALos Angeles County Metropolitan Transportation Authority (LACMTA) and regional partners

823 5% Traveler AppMerchant App

Bay Area Metropolitan Transportation Commission (MTC) 780 5%

UMBTraveler AppInspection AppMerchant App

Miami Miami-Dade Transit 163 2% Merchant App

6,421 61%London Transport for London (TfL) TfL App

Brisbane TransLink

UMBTraveler AppInspection AppMerchant App

MobileWallet

TravelerApp

InspectionApp

MerchantApp

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NextCity 2.0

Before NextCity NextCity 1.0 NextCity 2.0

Agency 1

Agency 2

Agency 1

Agency 2

All agencieson 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 SolutionsProprietary Solutions

Partnerships & CollaborationCOTS & Limited VendorsPlatform

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GAAP to Non-GAAP EBITDA & Adjusted EBITDA ReconciliationContinuing Operations – Twelve Months and Three Months Ended September 30, 2018 and September 30, 2017

($ In Millions)Cubic Consolidated 2018 2017 2018 2017Sales 1,202.9$ 1,107.7$ 379.7$ 349.1$ Net income (loss) from continuing operations attributable to Cubic 8.1$ (25.7)$ 22.0$ 9.6$ Noncontrolling interest in loss of VIE (0.3) - 1.6 - Provision for income taxes 7.1 14.6 2.8 8.7 Interest expense, net 8.8 14.1 2.5 2.6 Other non-operating expense (income), net 0.7 (0.4) (1.2) 0.3

Operating income 24.4 2.6 27.7 21.2 Depreciation and amortization 46.6 48.0 12.5 12.2 Other non-operating (expense) income, net (0.7) 0.4 1.2 (0.3) EBITDA 70.3 51.0 41.4 33.1 Acquisition related expenses, excluding amortization 4.5 (0.2) 2.0 0.6 ERP/Supply chain initiatives 24.1 34.4 5.3 10.8 Restructuring costs 5.0 2.3 1.6 0.7 Loss on sale of fixed assets - 0.4 - - Other non-operating expense (income), net 0.7 (0.4) (1.2) 0.3

Adjusted EBITDA 104.6$ 87.5$ 49.1$ 45.5$ Adjusted EBITDA margin 8.7% 7.9% 12.9% 13.0%

Twelve Months Ended September 30, Three Months Ended September 30,

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GAAP to Non-GAAP Adj. EBITDA Reconciliation by SegmentContinuing Operations – Twelve Months and Three Months Ended September 30, 2018 and September 30, 2017

($ In Millions)Cubic Transportation Systems 2018 2017 2018 2017Sales 670.7$ 578.6$ 192.6$ 170.7$ Operating income 60.4$ 39.8$ 17.7$ 23.3$ Depreciation and amortization 12.0 8.8 2.9 2.0 Acquisition related expenses, excluding amortization 0.5 (0.2) 0.5 - Restructuring costs 0.4 0.4 (0.2) - Adjusted EBITDA 73.3$ 48.8$ 20.9$ 25.3$ Adjusted EBITDA margin 10.9% 8.4% 10.9% 14.8%

Cubic Mission Solutions 2018 2017 2018 2017Sales 207.0$ 168.9$ 95.1$ 65.6$ Operating income (loss) (0.1)$ (9.3)$ 17.1$ 5.2$ Depreciation and amortization 22.4 23.8 6.6 5.7 Acquisition related expenses, excluding amortization 3.7 (0.1) 1.1 0.5 Restructuring costs 0.2 - 0.2 - Adjusted EBITDA 26.2$ 14.4$ 25.0$ 11.4$ Adjusted EBITDA margin 12.7% 8.5% 26.3% 17.4%

Cubic Global Defense 2018 2017 2018 2017Sales 325.2$ 360.2$ 92.0$ 112.8$ Operating income 16.6$ 28.1$ 3.0$ 9.7$ Depreciation and amortization 8.5 10.4 2.4 3.1 Acquisition related expenses, excluding amortization (0.1) - - - Restructuring costs 1.3 0.9 0.3 (0.3) Adjusted EBITDA 26.3$ 39.4$ 5.7$ 12.5$ Adjusted EBITDA margin 8.1% 10.9% 6.2% 11.1%

Twelve Months Ended September 30, Three Months Ended September 30,

Twelve Months Ended September 30, Three Months Ended September 30,

Twelve Months Ended September 30, Three Months Ended September 30,