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Cubic Board Names CEO; Makes Changes to Its Executive Management Team

SAN DIEGO, CA -- (Marketwire) -- 02/01/13 -- Cubic Corporation (NYSE: CUB) announced today that its Board of Directors named William W. Boyle as Chief Executive Officer. Mr. Boyle, formerly the Executive Vice President and Chief Financial Officer, had also been serving as Interim President and CEO since the passing of the company's founder and former CEO, Walter J. Zable, in June 2012. Mr. Boyle joined Cubic Corporation as Chief Financial Officer in 1983.

The Board also appointed Bradley H. Feldmann to the newly created position of President and Chief Operating Officer, promoted John "Jay" D. Thomas to the position of Executive Vice President and Chief Financial Officer, and appointed Stephen O. Shewmaker, President of the company's Transportation Systems segment, to the additional role as an Executive Vice President of the corporation, effective immediately.

"Maintaining the continuity of the management team, preserving the unique culture of Cubic and achieving continued growth of the corporation were important to the Board as the leadership changes were carefully considered over the past number of months," said Walter C. Zable, Executive Chairman of the Board. "We reviewed a variety of alternatives and are pleased with the results," he added.

Executive Biographies

William W. Boyle

Mr. Boyle, 78, has been Cubic's Interim President and Chief Executive Officer and Executive Vice President since June 2012, and Chief Financial Officer since 1983. He has served as a Director since 1995. Previously, Mr. Boyle held financial management positions with General Electric, Occidental Petroleum, and the Wickes Corporation.

Bradley H. Feldmann

Mr. Feldmann, 51, has been the President of Cubic's Defense Systems (CDS) segment since 2008. CDS is our defense systems and products business, which employs approximately 1,600 people in over 13 countries. From 1989 to 1999, he held progressively responsible positions with CDS including Senior Vice President and Chief Operating Officer (COO). From 1999 to 2000, Mr. Feldmann served as Senior Corporate Vice President and COO at Comptek Research Inc., a public company defense operation with 1,200 employees focused in electronic warfare, systems and services. From 2000 to 2004, he served as Executive Corporate Vice President and President of ManTech International Information Technology Group, a technology services company. From 2005 to 2006, Mr. Feldmann was President and CEO of U.S. Protect Corporation, and from 2006 to 2008, he served as COO of OMNIPLEX World Services Corporation, 1,200-person operation focused on force protection, physical security, and personnel security services.

John D. Thomas

Mr. Thomas, 59, has been our Senior Vice President Finance and Corporate Development since June 2012. Mr. Thomas has played a critical role in helping to build Cubic through multiple acquisitions that have significantly diversified the company and have been instrumental in helping to make the company a leader in its three main operating business units, Mission Support Services, Transportation Systems and Defense Systems. In addition, he was instrumental in structuring and negotiating the largest contract in the company's history for the Prestige project and the Oyster Card™ in London. He was Vice President Finance since 1994 and also Vice President Corporate Development since 2008. He has held a variety of corporate management positions with the Company since 1980. Prior to joining the company he held positions with Aramark Corporation and Crocker Bank.

Stephen O. Shewmaker

Mr. Shewmaker, 62, has been the President of the companies comprising the Cubic Transportation Systems (CTS) segment since 2008, a segment with a recent history of strong growth. He is a recognized international transit executive who has over 21 years of experience in the mass transit ticketing industry. He has worked with Cubic's Defense Systems and Transportation Systems segments from 1982 to 2002 and 2006 to the present. Mr. Shewmaker was Chairman of TranSys, Ltd., a joint venture in the U.K. which managed the Prestige (Oyster) smart card ticketing contract with Transport for London and other partners. From 2003 to 2006, Mr. Shewmaker was Senior Vice President for Thales Transportation Systems.

About Cubic Corporation

Cubic Corporation is the parent company of three major business segments: Defense Systems, Mission Support Services and Transportation Systems. Cubic Defense Systems is a leading provider of realistic combat training systems, cyber technologies, asset tracking solutions, and defense electronics. Mission Support Services is a leading provider of training, operations, maintenance, technical and other support services to the U.S. and allied nations. Cubic Transportation Systems is the world's leading provider of automated fare collection systems and services for public transit authorities. For more information about Cubic, see the company's web site at www.cubic.com.

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