Process deed with MAM following indicative proposal

• Macquarie Asset Management submits conditional, non-binding proposal to acquire Qube at $5.20 cash per share
• Proposal represents a 27.8% premium to Qube's last closing share price
• Qube and MAM enter into a process and exclusivity deed to facilitate due diligence and negotiations

Qube Holdings Limited (ASX:QUB) ('Qube') announces that Macquarie Asset Management (including on behalf of its managed funds and clients) ('MAM') has submitted a conditional, non-binding and indicative proposal to acquire all of the shares on issue of Qube for consideration of $5.20 in cash per share by way of scheme of arrangement. The proposal price of $5.20 cash per share implies an enterprise valuation of approximately $11.6 billion and represents a 27.8% premium to Qube's last closing share price of $4.07 per share. On 23 November 2025, Qube and MAM entered into a process and exclusivity deed ('Process Deed') in relation to the proposal. The Process Deed grants MAM a period of exclusive due diligence access until 1 February 2026. The Qube Board has confirmed its intention to unanimously recommend the proposal to shareholders, subject to the entry into a binding implementation agreement and an independent expert concluding that the transaction is in the best interests of shareholders. The proposal is subject to various conditions, including satisfactory completion of due diligence, entry into a scheme implementation agreement, regulatory approvals, and no material adverse change to Qube.