Update in relation to MAM Due Diligence Process

• Macquarie Asset Management has provided the required confirmation to continue the exclusivity period
• Further details on the MAM proposal were provided in a previous announcement
• No certainty the proposal will lead to a binding offer for Qube shareholders

Qube Holdings Limited (ASX:QUB) has provided an update on the due diligence process with Macquarie Asset Management ('MAM') in relation to a potential transaction. Qube notes that MAM has provided the confirmation required under the process and exclusivity deed ('Process Deed') entered into on 23 November 2025 in order for the exclusivity period under the Process Deed to continue. Further information regarding the terms of the MAM proposal was previously set out in Qube's ASX announcement on 24 November 2025. However, Qube has stated that there is no certainty that the proposal will lead to a binding proposal for consideration by Qube shareholders. Qube has stated it will provide further updates in relation to the proposal as required.