Investor Presentaiton

Approach to Acquisitions CLEAR, MEASURABLE RETURN HURDLES FOR POTENTIAL NEW INVESTMENTS WITH A FOCUS ON ROACE OF AT LEAST 10% QUBE • • Qube has a strong track record of identifying and completing accretive acquisitions consistent with our strategy, financial hurdles and risk profile. Typically, acquisitions are initiated from within the business units, and frequently negotiated bilaterally in a non-competitive process. Some opportunities take years of engagement before a transaction evolves. Clear, measurable return hurdles for potential new investments with a focus on ROACE of at least 10% and a post-tax IRR above Qube's WACC (currently circa 8.5 - 9.0%). Other investment decision factors include EPS accretion, ESG, synergy opportunities (cost and revenue) and key employee experience and our ability to retain. Focus is on achieving sustainable, long term returns consistent with the risk profile (even if investment has a short-term negative impact on returns). Timing of opportunities is hard to predict and will be lumpy. Meanwhile, Qube will continue to have a disciplined, patient approach to M&A. . Qube undertakes significant due diligence using internal and external resources and develops robust integration plans. Qube undertakes post investment reviews and shares key learnings across the organisation and up to the Board. 88

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