Cube Highways Trust has informed the Exchange regarding Credit rating obtained on 21/09/2026

September 22, 2026 Listing Department Listing Department BSE Limited National Stock Exchange of India Limited 20th Floor, P. J. Towers Exchange Plaza, C-1, Block-G Dalal Street, Mumbai – 400 001 Bandra-Kurla Complex, Bandra (E) Mumbai - 400 051 Units: Scrip Code: 543899 ISIN: INE0NR623014 Symbol: CUBEINVIT Non-convertible debentures: Scrip Code: 974936 ISIN: INE0NR607017 Scrip Code: 976397 ISIN: INE0NR607033 Scrip Code: 976434 ISIN: INE0NR607041 Scrip Code: 976636 ISIN: INE0NR607058 Scrip Code: 976637 ISIN: INE0NR607066 Scrip Code: 977036 ISIN: INE0NR607074 Scrip Code: 977037 ISIN: INE0NR607082 Scrip Code: 977917 ISIN: INE0NR607090 Subject: Intimation regarding Credit Rating of Cube Highways Trust Dear Sir/Ma’am, Pursuant to the provisions of Regulation 23 of SEBI (Infrastructure Investment Trusts) Regulations, 2014, read with SEBI Master Circular no. SEBI/HO/DDHS-PoD-2/P/CIR/2025/102 dated July11, 2025 and Regulation 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that following credit rating(s) have been received: Sr. Name of Credit Particulars Size of the Ratings and Outlook No. Rating Agency issue (In Crore) 1. Long-term- Fund based- 10,450 ICRA AAA/Stable(reaffirmed) Term loan 2. Long-term- Non-fund based 500 ICRA AAA/Stable(reaffirmed) 3. Non-Convertible Debentures 1,030 ICRA AAA/Stable(reaffirmed) 4. ICRA Limited Non-Convertible Debentures 860 ICRA AAA/Stable(reaffirmed) 5. Non-Convertible Debentures 1,152 ICRA AAA/Stable(reaffirmed) 6. Non-Convertible Debentures 820 ICRA AAA/Stable(reaffirmed) 7. Proposed Non-Convertible 1,150 ICRA AAA Stable; reaffirmed Debentures and assigned* *reaffirmed for Rs. 1,000 crore and assigned for Rs. 150 crore We enclose herewith credit rating letter issued by rating agency for your information. Request to take the same on record. For Cube Highways Fund Advisors Private Limited (acting in its capacity as Investment Manager to Cube Highways Trust) Richa Gupta Rohatgi Company Secretary and Compliance Officer Enclosed as above CC to: Trustee to the InvIT Debt Security Trustee Axis Trustee Services Limited Catalyst Trusteeship Limited Axis House, P B Marg, Worli 901, 9th Floor, Tower-B Peninsula Mumbai, Maharashtra, India, 400025 Business Park, Senapati Bapat Marg Lower Parel(W), Mumbai, Maharashtra- 400013 CUBE HIGHWAYS FUND ADVISORS PRIVATE LIMITED CIN: U74999DL2021FTC379941 Regd. Office: B-376, UGF, Nirman Vihar, New Delhi - 110092 Corporate Office: Unit No. 1901, 19th Floor, Tower-B, World Trade Tower, Plot No. C-1, Sector-16, Noida, U.P-201301 E-mail: - compliance.officer@cubeinvit.com, Phone: +91-120-4868300 ICRA/Cube Highways Trust/21092026/1 Date: September 21, 2026 Mr. Saurabh Bansal Joint EVP – Capital Structure & Budgeting Cube Highways Fund Advisors Private Limited (Investment Manager of Cube Highways Trust) Dear Sir, Re: ICRA’s Credit Rating for below mentioned Instruments of Cube Highways Trust As per the Rating Agreement/Statement of Work executed with ICRA Limited, ICRA’s Rating Committee has taken the following rating actions for the mentioned instruments (details enclosed in Annexure) of your entity. Financial Rated Amount Instrument Rating Action1 Sector (Rs. crore) Regulator# Long-term – Fund-based – Term loan 10,450.0 [ICRA]AAA (Stable); reaffirmed RBI Long-term – Non-fund based 500.0 [ICRA]AAA (Stable); reaffirmed RBI Total bank facilities 10,950.0 Issuer ratings - [ICRA]AAA (Stable); reaffirmed -$ #SEBI’s grievance redressal/dispute resolution and SEBI investor protection mechanisms such as SCORES and ODR shall not be available for activities and instruments which fall under the regulatory purview of Financial Sector Regulators other than SEBI. $ Since no instrument is being rated, FSR is not applicable. The rating scale and definitions stipulated in SEBI Master Circular for CRAs are being followed The aforesaid rating(s) will become due for surveillance within one year from the date of rating communication letter. However, ICRA reserves the right to review and/or, revise the above rating(s) at any time based on new information becoming available, or the required information not being available, or other circumstances that ICRA believes could have an impact on the rating(s). Therefore, request the lenders and investors to visit ICRA website at www.icra.in for latest rating(s) of the entity. The rating(s) are specific to the terms and conditions of the instruments as indicated to us by you, and any change in the terms or size of the same would require a review of the rating(s) by us. In case there is any change in the terms and conditions or the size of the rated instrument, the same must be brought to our notice before the instrument is used by you. In the event such changes occur after the rating(s) have been assigned by us and their use has been confirmed by you, the rating(s) would be subject to our review, following which there could be a change in the rating(s) previously assigned. Notwithstanding the foregoing, any change in the over-all limit of the instrument from that specified in this letter, would constitute an enhancement that would not be covered by or under the said Rating Agreement. The rating(s) assigned must be understood solely as an opinion and should not be treated, or cause to be treated, as recommendation to buy, sell, or hold the rated instrument availed/issued by your entity. You are also requested to forthwith inform us about any default or delay in repayment of interest or principal amount of the instrument rated, as above, or any other debt instruments/ borrowing and keep us informed of any other developments which may have a direct or indirect impact on the debt servicing capability of the entity including any proposal for re-schedulement or postponement of the repayment programmes of the dues/ debts of the entity with 1 Complete definitions of the ratings assigned are available at www.icra.in. ICRA Limited Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001. Tel. +91-11-23357940-41 Building No. 8, 2nd floor, Tower A, DLF Cyber City, Phase II, Gurugram-122002 www.icra.in info@icraindia.com +91-93547-38909 +0124-4545300 CIN: L74999DL1991PLC042749 Sensitivity Label : Restricted any lender(s) / investor(s), or occurrence of any significant development that could impact the ability of the entity to raise funds such as restriction imposed by any authority from raising funds through issuance of debt securities through electronic bidding system. Further, you are requested to inform us immediately as and when the borrowing limit for the instrument rated, as above, or as prescribed by the regulatory authority(ies) is exceeded. We look forward to your communication and assure you of our best services. With kind regards, Yours sincerely, For ICRA Limited Valapreddy Anupama Reddy Vice President & Group Head anupama.reddy@icraindia.com Sensitivity Label : Restricted Annexure Details of Bank Limits Rated by ICRA (Rated on Long-Term Amount Rating Rating Assigned On Scale) (Rs. crore) Fund based - Term loan-I State Bank of India 6,100.00 Axis Bank Limited 450.00 HDFC Bank Limited 700.00 The National Bank for Financing Infrastructure and Development 1,500.00 Fund-based – Term loan-II HDFC Bank Limited 600.00 Axis Bank Limited 600.00 The National Bank for Financing Infrastructure and Development 500.00 [ICRA]AAA (Stable) September 18, 2026 Sub-total (A) 10,450.00 Non-fund based - Bank guarantee Axis Bank Limited 100.00 IndusInd Bank Limited 150.00 Sumitomo Mitsui Banking Corporation 250.00 Sub Total (B) 500.00 Total 10,950.00 Sensitivity Label : Restricted ICRA/Cube Highways Trust/21092026/2 Date: September 21, 2026 Mr. Saurabh Bansal Joint EVP – Capital Structure & Budgeting Cube Highways Fund Advisors Private Limited (Investment Manager of Cube Highways Trust) Dear Sir, Re: ICRA’s Credit Rating for below mentioned Instruments of Cube Highways Trust As per the Rating Agreement/Statement of [Showing first 8,000 characters — download PDF for full document]