Announcement – Interest Cover Breach Waiver

Wednesday, 17 February 2021 Announcement - QEX Logistics Limited (NZX: QEX) - Interest Cover Breach Waiver New Y Trading Limited (New Y Trading), the wholly owned subsidiary and trading company of QEX Logistics Limited, received notice from its first ranking security holder, Westpac, that it had breached its interest cover obligation to maintain an interest cover ratio of no less than 2.50x. New Y Trading's interest cover was calculated at negative 6.50x as at 31 December 2020. Westpac has formally waived its right to take action in respect of this breach. New Y Trading will continue to take steps to improve its trading position to rectify its interest cover levels. Ends End CA:00367745 For:QEX Type:GENERAL Time:2021-02-18 08:30:38