ST Engineering Terminates Discussion with Cubic Corporation

Singapore - 31 March 2021

Further to the announcement made on 30 March 2021, Singapore Technologies Engineering Ltd ("ST Engineering") today updated that following the decision made by the Board of Directors of Cubic Corporation ("Cubic") (NYSE-CUB) to accept a revised proposal from Veritas Capital and Evergreen Coast Capital Corporation, ST Engineering has terminated acquisition discussions with Cubic.

ST Engineering noted that Cubic determined to accept an offer of US$75 per share in cash that is lower in value than ST Engineering's US$78 per share in cash offer, which we continue to believe is compelling.

"We appreciate the engagement of the Cubic Board and management team throughout this process. ST Engineering is well positioned for further value creation and will continue to execute on the many other opportunities we have to be a key Smart City solutions provider on the global stage. This offer demonstrated our steadfast focus in seeking opportunities for sustainable global growth, and we will continue to maintain a disciplined approach as we pursue our strategic objectives," said Vincent Chong, Group President & CEO of ST Engineering.

Update on Proposal to Acquire Cubic Corporation

Singapore - 30 March 2021

Further to the announcement made on 22 March 2021, Singapore Technologies Engineering Ltd ("ST Engineering"), updates that it has delivered to the Board of Directors of Cubic Corporation ("Cubic"), a revised proposal to acquire all of Cubic's outstanding stock for US$78 per share in cash.

No definitive terms or agreements have been agreed upon or executed. There is no certainty or assurance that ST Engineering's proposal will be successful or will materialise. ST Engineering will, in compliance with its obligations under SGX-ST Listing Manual, update shareholders and the investing public on any material developments.

Shareholders and potential investors are advised to exercise caution when dealing in the listed securities of ST Engineering, and should consult their stockbrokers, bank managers, solicitors or other professional advisers if they have any doubt about the actions they should take. ST Engineering shareholders do not need to take any action at this time.

Singapore Technologies Engineering Ltd. press release