Cube Highways Trust has informed the Exchange regarding Disclosure of material issue

August 14, 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) Units: Mumbai - 400 051 Scrip Code: 543899 ISIN: INE0NR623014 Symbol: CUBEINVIT Non-convertible debentures: Scrip Code: 974936 ISIN: INE0NR607017 Scrip Code: 975770 ISIN: INE0NR607025 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 Sub: Valuation Report and Net Asset Value of Cube Highways Trust (“InvIT”) as at June 30, 2026 Dear Sir/Madam, We refer to our letter dated August 14, 2026, regarding the outcome of the Board meeting dated August 14, 2026, wherein the Board of Directors (“Board”) of Cube Highways Fund Advisors Private Limited, acting in the capacity of Investment Manager to Cube Highways Trust (“InvIT”), inter-alia, considered and noted the Valuation Report of the InvIT Assets as at June 30, 2026, issued by the Independent Valuer, M/s Ernst & Young Merchant Banking Services LLP (“Valuer”), having IBBI registration number IBBI/RV-E/05/2021/155. The Enterprise Value of the InvIT Assets (inclusive of financial assets) is INR 366,593 million and the Equity Value is INR 201,016 million as per the Valuation Report. Pursuant to Regulation 10(21) of the SEBI (Infrastructure Investment Trusts) Regulations, 2014, as amended from time to time, read with the circulars and guidelines issued thereunder, the NAV of the units of the InvIT as at June 30, 2026, as computed by the Investment Manager based on the Valuation Report issued by the Valuer, is as under: Particulars Total Units (Nos. in Mn) NAV per Unit (In INR) Total Outstanding Units as on June 30, 2026 1,344 149.56 Please take the same on record. Thanking you. For Cube Highways Fund Advisors Private Limited (acting in its capacity as Investment Manager to Cube Highways Trust) Richa Gupta Rohatgi Compliance Officer and Company Secretary Encl: Valuation Report 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 Ernst & Young Merchant Banking Services LLP Tel: +91 22 61920000 Registered Valuer Fax: +91 22 61920000 Registration No. IBBI/RV-E/05/2021/155 ey.com 14th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar West, Mumbai - 400 028, India 14 August 2026 Cube Highways Trust B-376, Nirman Vihar, Upper Ground Floor, New Delhi, 110092 Cube Highways Fund Advisors Private Limited B-376, Nirman Vihar, Upper Ground Floor, New Delhi, 110092 Re: Report on Enterprise Valuation of Specified Assets as per SEBI (Infrastructure Investment Trusts) Regulations, 2014, as amended (“SEBI InvIT Regulations”) as on 30 June 2026 Dear Sir/Madam, In accordance with instructions of Cube Highways Trust (“Client” or “you” or “CHT” or “InvIT” or “Trust”), Ernst & Young Merchant Banking Services LLP (“EYMBSLLP”) have performed the work set out in our Engagement Agreement dated 3 July 2026 (“Engagement Agreement”). We are pleased to present the following report (“Report”) in connection with the Enterprise Valuation of Specified Assets of Cube Highways Trust as at 30 June 2026 (“Valuation Date”). It may be noted that for carrying out the valuation, we have relied upon information provided by the Management of CHT (“Management”). We have been given to understand that the information provided is correct and accurate and that the Management was duly authorized to provide us the same. Purpose of our Report and restrictions on its use EYMBSLLP has been appointed by Cube Highways Trust as an independent valuer as per Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, as amended and the circulars, notifications and guidelines issued thereunder (“SEBI InvIT Regulations”), to undertake an independent Enterprise Valuation of Specified Assets (defined later) (“Specified Assets” or “InvIT Assets” or “SPVs”) as on 30 June 2026 for internal management analysis, disclosure to unit holders and regulatory filings under Chapter V Regulation 21 of the SEBI InvIT Regulations (“Purpose”). This Report was prepared solely for the above Purpose and should not be used or relied upon for any other purpose. We accept no responsibility or liability to any person other than to the Client, or to such party to whom we have agreed in writing to accept a duty of care in respect of the Report, and accordingly if such other persons choose to rely upon any of the contents of the Report, they do so at their own risk. Nature and scope of the services The nature and scope of the services, including the basis and limitations, are detailed in the Engagement Agreement. The contents of our Report have been reviewed by the Client, who have confirmed to us the factual accuracy of the Report. Whilst each part of our Report may address different aspects of the work we have agreed to perform, the entire Report should be read for a full understanding of our findings and advice. Please note that the Report must be read in conjunction with the Statement of limiting conditions contained in Section 4 of this Report. This letter, the Report and the summary of valuation included herein can be provided to Trust’s advisors and may be made available for the inspection to the public and with the SEBI, the stock exchanges and any other regulatory and supervisory authority, as may be required. The valuation analysis should not be construed as investment advice; specifically, EYMBSLLP does not express any opinion on the suitability or otherwise of entering into any financial or other transaction with the Trust. The valuation conclusion included here-in and the Report complies with the SEBI InvIT Regulations and guidelines, circular, notification, clarifications or guidance issued by the Securities and Exchange Board of India (“SEBI”) thereunder. This letter should be read in conjunction with the attached Report. Yours faithfully, Nilesh Jain Partner Membership No. IBBI/RV/05/2024/15540 Ernst & Young Merchant Banking Services LLP Registration No. IBBI/RV-E/05/2021/155 LLPIN: AAO-2287 Date: 14 August 2026 Report No. EYMBS/RV/2026-27/078 Page 2 of 185 Table of Contents I. Executive Summary 4 II. Valuation Analysis 8 III. Sources of Information 10 IV. Statement of Limiting Conditions 11 V. Industry Overview 13 VI. Background of the SPVs 19 VII. Procedures Adopted 55 VIII. Valuation Methodology 56 IX. Valuation Assumptions 63 X. Basis and Premise of Valuation 65 XI. Valuation Conclusion 66 Page 3 of 185 I. Executive Summary Cube Highways Trust is registered as an infrastructure investment trust with Securities and Exchange Board of India ("SEBI") pursuant to the SEBI (Infrastructure Investment Trusts) Regulations, 2014, as amended ("the SEBI InvlT Regulations"). It was registered on April 05, 2022 [Registration No.: IN/InvIT/22- 23/0022]. The Trust's Ordinary Units were initially listed on BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE) on April 19, 2023, as a privately listed InvIT. Subsequently, upon conversion to a publicly listed InvIT, the Ordinary Units were listed on BSE and NSE on July 31, 2026. The InvIT owns and operates a portfolio of 27 SPVs; of which 26 are involved in operating and managing road assets under concession agreements with NHAI and or [Showing first 8,000 characters — download PDF for full document]